TCR_Public/150812.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Wednesday, August 12, 2015, Vol. 19, No. 224

                            Headlines

ADVANCED ROOFING: Case Summary & 20 Largest Unsecured Creditors
AEMETIS INC: Reports Second Quarter 2015 Financial Results
AFFIRMATIVE INSURANCE: President & Chief Operating Officer Quits
ALLIED SYSTEMS: Aug. 31 Deadline for Filing Admin Expense Request
ALPHA NATURAL: Has Until Oct. 2 to File Schedules

AMSCO STEEL: Case Summary & 20 Largest Unsecured Creditors
ANACOR PHARMACEUTICALS: To Issue 1.8M Shares Under Stock Plans
ANCESTRY.COM HOLDINGS: S&P Affirms 'B' CCR, Outlook Stable
ANNA'S LINENS: Creditors' Panel Hires EisnerAmper as Advisor
ANNA'S LINENS: Taps Estrella LLC as Special Counsel in Puerto Rico

ARAMID ENTERTAINMENT: Has Until Oct. 23 to File Plan
ARCHDIOCESE OF MILWAUKEE: Creditors Challenge $21M Settlement
ARRAY BIOPHARMA: Reports Financial Results for Q4 & Full Year 2015
ASSOCIATED WHOLESALERS: Needs Until Oct. 26 to File Plan
BEST BUY: S&P Raises Corp. Credit Rating to 'BB+', Outlook Stable

BIOLIFE SOLUTIONS: Reports $1.1-Mil. Net Loss for Second Quarter
BOOMERANG TUBE: Judge to Rule on Evading High Court Decision
BTB CORPORATION: Files Bankruptcy Rule 2015.3 Report
BULLIONDIRECT INC: Customers Told Gold Not in Segregated Accounts
CANDAX ENERGY: Obtains Waiver Extension on Facility Agreement

CENTRAL PLATTE VALLEY: Fitch Affirms BB Rating on Series 2014 Bonds
CHRISTOPHER TOWNSEND: Court Dismisses FDCPA Class Suit
CLIFFS NATURAL: Receives $160 Million Cash Tax Refund
CRYOPORT INC: Posts $6.6 Million Net Loss for June 30 Quarter
DAIRY FARMERS: S&P Assigns 'BB+' Rating on $75MM Securities

DRD TECHNOLOGIES: Order Setting Deadline for Filing Plan Vacated
ELEPHANT TALK: Appoints Carl Stevens Audit Committee Chairman
EMMAUS LIFE: Names Scott Gottlieb as Director
ENERGY FUTURE: Ch. 11 Plan Draws Criticisms from Creditors
ENERGY FUTURE: TCEH Noteholders Unveil REIT Reorganization Terms

ENERGY FUTURE: To Pursue Merger, Spin-Off Under Ch. 11 Plan
EQUITY COMMONWEALTH: S&P Raises Corp Credit Rating From 'BB+'
FILMED ENTERTAINMENT: Files Chapter 11 Petition to Facilitate Sale
FILMED ENTERTAINMENT: Files for Ch. 11, In Talks With Buyer
FILMED ENTERTAINMENT: Seeks to Use Cash Collateral

FILMED ENTERTAINMENT: Wants 2 More Weeks to File Schedules
FINJAN HOLDINGS: Jury Finds 5 of 6 Finjan's Patents Infringed
FOUR OAKS: Announces Release from 2011 Written Agreement
FRAC SPECIALISTS: Gets Final Approval to Use Cash Collateral
FRAC SPECIALISTS: Palmer & Manuel Files Rule 2019 Statement

FUSION TELECOMMUNICATIONS: Appoints Principal Accounting Officer
GLYECO INC: John Lorenz Quits as Director
GOLD HORSES: Case Summary & 16 Largest Unsecured Creditors
GOLD RIVER: Directed to Make Disclosures re Pasadena Property
IDERA PHARMACEUTICALS: Posts $12.7 Million Net Loss for 2nd Qtr.

ISLE OF CAPRI CASINOS: Moody's Alters Ratings Outlook to Positive
ISTAR FINANCIAL: Reports $31 Million Net Loss for 2nd Quarter
JBS USA: Moody's Assigns Ba1 Rating on New $1.2BB Sr. Secured Loan
KOPPERS HOLDINGS: 2nd Qtr Results Evidence Maintaining Moody's CFR
LEO MOTORS: Launches Major Joint Venture in China

LIQUIDMETAL TECHNOLOGIES: Posts $2.1 Million Net Loss for Q2
MCCLATCHY CO: Incurs $297 Million Net Loss in June 30 Quarter
MEDICURE INC: To Hold Second Quarter Conference Call on Aug. 11
MERCY MEDICAL: Fitch Affirms 'BB+' Rating on Revenue Bonds
MESTENIO LTD: S&P Retains 'BB-' Rating on $488.35MM Notes

MIDATLANTIC POSTAL: Voluntary Chapter 11 Case Summary
MIDCONTINENT COMMUNICATIONS: Moody's Affirms B1 Corp Family Rating
MIDCONTINENT COMMUNICATIONS: S&P Raises Corp. Credit Rating to BB-
MILAGRO HOLDINGS: Hires Young Conaway as Bankruptcy Counsel
MILAGRO HOLDINGS: Taps Porter Hedges as Bankruptcy Co-counsel

MILAGRO HOLDINGS: Wants Prime Clerk as Administrative Advisor
MILAGRO HOLDINGS: Zolfo Cooper's Scott Winn to Serve as CRO
MOLYCORP INC: Committee, UST Balk at Certain Motions
MOLYCORP INC: Prime Clerk Approved as Administrative Advisor
MOLYCORP INC: Taps Young Conaway as Bankruptcy Co-Counsel

MOLYCORP: Wants to Hire Jones Day as Bankruptcy Counsel
MSCI INC: Moody's Assigns Ba2 Rating on $500MM Notes Due 2025
MSCI INC: S&P Assigns 'BB+' Rating on New Unsecured Notes Due 2025
NAKED BRAND: Effects 1-for-40 Reverse Stock Split
NATIONAL CINEMEDIA: Posts $10.1-Mil. Net Income for 2nd Quarter

NATIONAL CINEMEDIA: President and CEO Kurt Hall to Retire
NEOMEDIA TECHNOLOGIES: Extends Debenture Maturity Date to 2016
NEONODE INC: Incurs Net Loss of $1.7 Million in Second Quarter
NESCO LLC: Moody's Lowers CFR to Caa1, Outlook Negative
NIRVANA INC: Bottled Water Biz Set for Oct. 14 Auction

NN INC: S&P Raises Rating on $350MM Term Loan Due 2021 to 'BB'
NORTHERN NEW ENGLAND: 2nd Circ. Make Rules for Extinguishing Lien
PARKVIEW ADVENTIST: Files Schedules of Assets and Liabilities
PARKVIEW ADVENTIST: Has Admin Services Agreement with HPHC
PARKVIEW ADVENTIST: Has Interim Authority to Use Cash Collateral

PARKVIEW ADVENTIST: Has New Administrators for Health Benefit Plan
PENNSYLVANIA NAT'L: Moody's Cuts Surplus Notes Rating to Ba1(hyb)
PERRY KOPLIK: Judge Stretches Notions of Jurisdiction to Sue Wife
PLASTIC2OIL INC: Incurs $1.2 Million Net Loss in Second Quarter
POST HOLDINGS: Moody's Assigns B3 Rating on $1.2BB Sr. Unsec. Notes

POST HOLDINGS: S&P Raises Rating on Existing Sr. Notes to 'B'
POWERTEAM SERVICES: S&P Retains 'B+' Rating on 1st Lien Term Loan
RADIOSHACK CORP: Seeks Nov. 2 Extension of Action Removal Period
REGENCY CENTERS: Fitch Keeps 'BB+' Preferred Stock Rating
RESPONSE GENETICS: Files Chapter 11 Petition to Facilitate Sale

SANUWAVE HEALTH: Appoints Lisa Sundstrom Interim CFO
SARATOGA RESOURCES: Provides Information on Reserve Estimates
SERVICE CORP: Moody's Rates Proposed $300MM Sr. Unsecured Notes Ba3
THERAPEUTICSMD INC: Incurs $27.2 Million Net Loss in 2nd Quarter
THERAPEUTICSMD INC: Reports Second Quarter 2015 Financial Results

THORNTON & CO: Case Summary & 20 Largest Unsecured Creditors
THORNTON & CO: Files for Chapter 11 to Sell Assets
THORNTON & COMPANY: Files Chapter 11 Bankruptcy Petition
TRANS ENERGY: Unit Amends Credit Agreement with Morgan Stanley
UNITED CRANE: Case Summary & 20 Largest Unsecured Creditors

UNIVERSAL COOPERATIVES: Needs Until Oct. 6 to File Plan
VEREIT INC: S&P Affirms 'BB' CCR & Revises Outlook to Stable
VIGGLE INC: Signs Forbearance Agreement with AmossyKlein Family
WAFERGEN BIO-SYSTEMS: Incurs $3.8-Mil. Net Loss in Second Quarter
WESTMORELAND COAL: Completes Contribution of Kemmerer Mine

[*] Small Biz. Owners Upbeat Amid Decreasing Economic Confidence

                            *********

ADVANCED ROOFING: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Advanced Roofing & Woodworking, Inc.
        29W225 North Avenue
        West Chicago, IL 60185

Case No.: 15-27325

Chapter 11 Petition Date: August 10, 2015

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

Judge: Hon. Jack B. Schmetterer

Debtor's Counsel: Teresa L. Einarson, Esq.
                  THOMAS & EINARSON LTD.
                  1200 E Roosevelt Rd, Suite 150
                  Glen Ellyn, IL 60137
                  Tel: 630 562-2280
                  Fax: 630-953-1972
                  Email: teresaleinarson@outlook.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Charles Hankins, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ilnb15-27325.pdf


AEMETIS INC: Reports Second Quarter 2015 Financial Results
----------------------------------------------------------
Aemetis, Inc. reported a net loss of $6.3 million on $38 million of
revenues for the three months ended June 30, 2015, compared to net
income of $2.7 million on $57.2 million of revenues for the same
period during the prior year.

For the six months ended June 30, 2015, the Company reported a net
loss of $14.9 million on $72.8 million of revenues compared to net
income of $10.4 million on $117.8 million of revenues for the same
period in 2014.

As of June 30, 2015, the Company had $91.1 million in total assets,
$114.8 million in total liabilities and a $23.6 million
stockholders' deficit.

"Our US ethanol business delivered sequential improvement in
profitability and revenue," stated Eric McAfee, chairman and CEO of
Aemetis.  "Our India biodiesel business grew 161% sequentially
through the development of a sustainable domestic customer base,
which was made possible by key government policy changes earlier in
the year.  Continuation of this rapid customer acceptance and
adoption places us on a strong path to year over year revenue
growth."

"Importantly, we received an additional $2.5 million of EB-5
subordinated debt funding during the second quarter.  As of
July 30, 2015, escrow account holds $11.5 million of EB-5 funding
and an additional $3.0 million to be received into escrow later
this year.  This 3% interest rate funding will redeem higher rate
senior debt," said McAfee.

Cash at the end of the second quarter of $3.3 million compared
favorably to $0.3 million at the close of 2014.

A copy of the press release is available at http://is.gd/0x10rv

                           About Aemetis

Cupertino, Calif.-based Aemetis, Inc., is an international
renewable fuels and specialty chemical company focused on the
production of advanced fuels and chemicals and the acquisition,
development and commercialization of innovative technologies that
replace traditional petroleum-based products and convert first-
generation ethanol and biodiesel plants into advanced
biorefineries.


AFFIRMATIVE INSURANCE: President & Chief Operating Officer Quits
----------------------------------------------------------------
Joseph G. Fisher tendered his resignation as president & chief
operating officer of Affirmative Insurance Holdings, Inc., to be
effective Aug. 28, 2015, according to a document filed with the
Securities and Exchange Commission.  Mr. Fisher's duties and
responsibilities were assumed on Aug. 3, 2015 (on an interim basis)
by the Company's chief executive officer, Michael J. McClure.

                     About Affirmative Insurance

Addison, Tex.-based Affirmative Insurance Holdings, Inc., is a
distributor and producer of non-standard personal automobile
insurance policies for individual consumers in targeted geographic
markets.  Non-standard personal automobile insurance policies
provide coverage to drivers who find it difficult to obtain
insurance from standard automobile insurance companies due to
their lack of prior insurance, age, driving record, limited
financial resources or other factors.  Non-standard personal
automobile insurance policies generally require higher premiums
than standard automobile insurance policies for comparable
coverage.

Affirmative Insurance reported a net loss of $32.2 million in 2014,
compared to net income of $30.7 million in 2013.

As of March 31, 2015, the Company had $312 million in total assets,
$448 million in total liabilities and a $136 million total
stockholders' deficit.

KPMG LLP, in Dallas, Texas, issued a "going concern" qualification
in its report on the consolidated financial statements for the year
ended Dec. 31, 2014.  The accounting firm noted that the Company's
recent history of recurring losses from operations, its failure to
comply with certain financial covenants in the senior secured and
subordinated credit facilities, its need to meet debt repayment
requirements and its failure to comply with the Illinois Department
of Insurance minimum risk-based capital requirements raise
substantial doubt about its ability to continue as a going
concern.


ALLIED SYSTEMS: Aug. 31 Deadline for Filing Admin Expense Request
-----------------------------------------------------------------
U.S. Bankruptcy Judge Christopher Sontchi approved the deadline
proposed by ASHINC Corp. for filing requests for allowance of
administrative expenses.

The bankruptcy judge's order set an Aug. 31, 2015 deadline for
filing requests for allowance of administrative expenses that arose
during the period May 17, 2012 to July 31, 2015.

The U.S. trustee and the professionals hired by ASHINC and its
official committee of unsecured creditors in connection with the
company's bankruptcy are not required to file requests by the Aug.
31 deadline.  Also not required by the court order are holders of
administrative expense claims previously paid by the company or
allowed by the bankruptcy court.

                   About Allied Systems Holdings

BDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, and
Black Diamond CLO 2005-1 Adviser L.L.C., filed involuntary
petitions for Allied Systems Holdings Inc. and Allied Systems Ltd.
(Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012.
The signatories of the involuntary petitions assert claims of at
least $52.8 million for loan defaults by the two companies.

Allied Systems, through its subsidiaries, provides logistics,
distribution, and transportation services for the automotive
industry in North America.

Allied Holdings Inc. first filed for chapter 11 protection (Bankr.
N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31, 2005.
Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represented the
Debtors in the 2005 case.  Allied won confirmation of a
reorganization plan and emerged from bankruptcy in May 2007 with
$265 million in first-lien debt and $50 million in second-lien
debt.

The petitioning creditors said Allied defaulted on payments of
$57.4 million on the first lien debt and $9.6 million on the
second.  They hold $47.9 million, or about 20% of the first-lien
debt, and about $5 million, or 17%, of the second-lien obligation.
They are represented by Adam G. Landis, Esq., and Kerri K. Mumford,
Esq., at Landis Rath & Cobb LLP; and Adam C. Harris, Esq., and
Robert J. Ward, Esq., at Schulte Roth & Zabel LLP.

Allied Systems Holdings Inc. formally put itself and 18
subsidiaries into bankruptcy reorganization June 10, 2012,
following the filing of the involuntary Chapter 11 petition.

The Company is being advised by Mark D. Collins, Esq., at
Richards, Layton & Finger, P.A., and Jeffrey W. Kelley, Esq., at
Troutman Sanders, Gowling Lafleur Henderson.

The bankruptcy court process does not include captive insurance
company Haul Insurance Limited or any of the Company's Mexican or
Bermudan subsidiaries.  The Company also announced that it intends
to seek foreign recognition of its Chapter 11 cases in Canada.

An official committee of unsecured creditors has been appointed in
the case.  The Committee consists of Pension Benefit Guaranty
Corporation, Central States Pension Fund, Teamsters National
Automobile Transporters Industry Negotiating Committee, and General
Motors LLC.  The Committee is represented by Sidley Austin LLP.

In January 2014, the U.S. Trustee for Region 3 appointed a
three-member Official Committee of Retirees.

Yucaipa Cos. has 55% of the senior debt and took the position it
had the right to control actions the indenture trustee would take
on behalf of debt holders.  The state court ruled in March 2013
that the loan documents didn't allow Yucaipa to vote.

In March 2013, the bankruptcy court gave the official creditors'
committee authority to sue Yucaipa.  The suit includes claims that
the debt held by Yucaipa should be treated as equity or
subordinated so everyone else is paid before the Los Angeles-based
owner. The judge allowed Black Diamond to participate in the
lawsuit against Yucaipa and Allied directors.

Yucaipa American Alliance Fund I, L.P., Yucaipa American Alliance
(Parallel) Fund I, L.P., Yucaipa American Alliance Fund II, L.P.,
Yucaipa American Alliance (Parallel) Fund II, L.P., represented by
Michael R. Nestor, Esq., and Edmund L. Morton, Esq., at Young
Conaway Stargatt & Taylor, LLP; and Robert A. Klyman, Esq., at
Gibson, Dunn & Crutcher LLP.

First Lien Agent, Black Diamond Commercial Finance, L.L.C.,
represented by Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at
Landis Rath & Cobb LLP; and Adam C. Harris, Esq., Robert J. Ward,
Esq., and David M. Hillman, Esq., at Schulte Roth & Zabel LLP.

Allied Systems Holdings, Inc., has changed its name to ASHINC
Corporation.

                          *     *     *

ASHINC Corporation, f/k/a Allied Systems Holdings, Inc., and its
debtor affiliates filed with the U.S. Bankruptcy Court for the
District of Delaware a joint Chapter 11 plan of reorganization,
co-proposed by the Committee and the first lien agents.

The Plan provides that certain of the Debtors' assets, the
Litigation Trust Assets, will vest in the Allied Litigation Trust,
and the remainder of the Debtors' assets, including the proceeds
from the sale of substantially all of the Debtors' assets, will
either revest in the Reorganized Debtors or be distributed to the
Debtors' creditors.



ALPHA NATURAL: Has Until Oct. 2 to File Schedules
-------------------------------------------------
Judge Kevin R. Huennekens of the U.S. Bankruptcy Court for the
Eastern District of Virginia, Richmond Division, extended the time
within which Alpha Natural Resources, Inc., et al., must file their
schedules of assets and liabilities, schedules of executory
contracts and unexpired leases, and statements of financial affairs
until Oct. 2, 2015.

The Debtors are also granted an extension until Sept. 17, 2015, to
file their initial 2015.3 Reports or to file a motion seeking a
modification of those reporting requirements, for cause, without
prejudice to the Debtors' right to seek further extensions of that
date.

                      About Alpha Natural

Alpha Natural -- http://www.alphanr.com-- is a coal supplier,   
ranked second largest among publicly traded U.S. coal producers as
measured by 2014 consolidated revenues of $4.3 billion.  

Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896)
and its affiliates filed separate Chapter 11 bankruptcy petitions
on Aug. 3, 2015, listing $9.9 billion in total assets as of June
30, 2015, and $7.3 billion in total liabilities as of June 30,
2015.  The petition was signed by Richard H. Verheij, executive
vice president, general counsel and corporate secretary.

Judge Kevin R. Huennekens presides over the case.

David G. Heiman, Esq., Carl E. Black, Esq., and Thomas A. Wilson,
Esq., at Jones Day serve as the Debtors' general counsel.

Tyler P. Brown, Esq., J.R. Smith, Esq., Henry P. (Toby) Long, III,
Esq., and Justin F. Paget, Esq., serve as the Debtors' local
counsel.  Rothschild Group is the Debtors' financial advisor.
Alvarez & Marshal Holdings, LLC, is the Debtors' investment banker.
Kurtzman Carson Consultants, LLC, is the Debtors' claims and
noticing agent.


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

      Debtor                                     Case No.
      ------                                     --------
      AMSCO Steel Company, LLC                   15-43239
      3430 McCart Street
      Fort Worth, TX 76110

      Pyndus Steel & Aluminum Co., Inc.          15-43240     
      2707 Castroville Road
      San Antonio, TX 78237

Type of Business: The Debtors are suppliers and processors of
                  steel products for a wide variety of customers
                  throughout the United States and Mexico.

Chapter 11 Petition Date: August 10, 2015

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

Judge: Hon. Russell F. Nelms

Debtors' Counsel: J. Robert Forshey, Esq.
                  Matthew G. Maben, Esq.
                  FORSHEY & PROSTOK, LLP
                  777 Main St., Suite 1290
                  Ft. Worth, TX 76102
                  Tel: 817-877-8855
                  Email: jrf@forsheyprostok.com
                         mmaben@forsheyprostok.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Stephen Sikes, member.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Minmetals, Inc.                      Trade Debt        $874,087
1200 Harbor Blvd., Floor 8
Weehawken, NJ 07086

Delaware Steel Co. of                Trade Debt        $809,542
Pennsylvania
535-102 Pennsylvania Ave.
Fort Washington, PA 19034-3408

California Steel Industries          Trade Debt        $644,542
PO Box 840096
Los Angeles, CA 90084-0096

Kane Steel & Iron, LLC               Trade Debt        $363,483
PO Box 381985
Los Angeles, CA 90074

USS-Posco Industries                 Trade Debt        $302,247
PO Box 742362
Los Angeles, CA 90074

Sumitomo Corporation                 Trade Debt        $290,178
91021 Collections Center Dr.
Chicago, IL 60693

Cressaty Metals, Inc.                Trade Debt        $271,505
PO Box 158837
Nashville, TN 37215

Ahmsa International Inc.             Trade Debt        $181,107

Metallia USA LLC                     Trade Debt        $140,345

Steelscape                           Trade Debt        $137,776

AM/NS Calvert LLC                    Trade Debt         $98,072

Marubeni-itochu Steel America        Trade Debt         $91,502

Ternium International USA Corp.      Trade Debt         $83,626

Toyota Tsusho America, Inc.          Trade Debt         $70,752

Advance Steel Co.                    Trade Debt         $61,729

ASKO, Inc.                           Trade debt         $60,317

Haynes and Boone LLP                 Legal Fees         $58,212

Cargill Steel & Wire                 Trade Debt         $57,712

First Insurance Funding Co.                             $52,282

Health Care Service Corporation                         $51,815


ANACOR PHARMACEUTICALS: To Issue 1.8M Shares Under Stock Plans
--------------------------------------------------------------
Anacor Pharmaceuticals, Inc. filed with the Securities and Exchange
Commission a Form S-8 registration statement to register an
additional:

   (i) 1,730,952 shares of its Common Stock, par value $0.001 per
       share issuable to eligible persons under the Company's 2010
       Equity Incentive Plan, which shares of Common Stock are in
       addition to the shares of Common Stock registered on the
       Company's Registration Statements on Form S-8 filed with
       the SEC on Dec. 17, 2010, May 26, 2011, March 15, 2012,
       March 18, 2013, and June 4, 2014; and

  (ii) 80,000 shares of Common Stock issuable to eligible persons
       under the Company's 2010 Employee Stock Purchase Plan,
       which shares of Common Stock are in addition to the shares
       of Common Stock registered on the Company's Registration
       Statements on Form S-8 filed with the SEC on Dec. 17, 2010,

       March 15, 2012, March 18, 2013, and June 4, 2014.

A full-text copy of the Form S-8 prospectus is available at:

                        http://is.gd/3ZUqcx

                   About Anacor Pharmaceuticals

Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is a
biopharmaceutical company focused on discovering, developing and
commercializing novel small-molecule therapeutics derived from its
boron chemistry platform.  Anacor has discovered eight compounds
that are currently in development.  Its two lead product
candidates are topically administered dermatologic compounds -
tavaborole, an antifungal for the treatment of onychomycosis, and
AN2728, an anti-inflammatory PDE-4 inhibitor for the treatment of
atopic dermatitis and psoriasis.

Anacor reported a net loss of $87.1 million on $20.7 million of
total revenues for the year ended Dec. 31, 2014, compared with net
income of $84.8 million on $17.2 million of total revenues for the
year ended Dec. 31, 2013.

As of June 30, 2015, the Company had $195.7 million in total
assets, $125.5 million in total liabilities, $4.9 million in
redeemable common stock and $65.2 million in total stockholders'
equity.


ANCESTRY.COM HOLDINGS: S&P Affirms 'B' CCR, Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
corporate credit rating on Provo, Utah-based Ancestry.com Holdings
LLC.  The outlook remains stable.

At the same time, S&P affirmed its 'CCC+' issue-level and '6'
recovery ratings on the company's $300 million senior unsecured
notes due 2020.  The '6' recovery rating indicates S&P's
expectation for negligible recovery (0%-10%) of principal in the
event of a payment default.

S&P also assigned its 'B' issue-level and '3' recovery ratings to
Ancestry.com's proposed first-lien secured credit facility, which
consists of a $100 million revolving credit facility due 2020 and a
$735 million term loan due 2022.  The '3' recovery rating indicates
S&P's expectation for meaningful recovery (50%-70%; upper half of
the range) of principal in the event of a payment default.

"The 'B' corporate credit rating reflects Ancestry.com's
'aggressive' financial policy and narrow business focus," said
Standard & Poor's credit analyst Elton Cerda.  S&P views the
company's business risk profile as "weak" due to its reliance on
one website for most of its revenue and EBITDA, and its need to
replenish its customer base.  These weaknesses are partially offset
by the company's leading market position in this niche market and
its solid EBITDA margin.  Pro forma for the transaction,
lease-adjusted leverage is high, at 7.2x (S&P's calculation of
EBITDA does not add back content amortization) as of June 30, 2015.
Adjusted EBITDA coverage of interest was 2x as of June 30, 2015.
S&P believes the company's financial risk profile is "highly
leveraged."  As a private equity owned firm, Ancestry.com has an
"aggressive" financial policy and a history of debt-financed
dividends.

Ancestry.com is the global leader in the consumer market for online
family history research, even though it has prominent competitors
that offer genealogical content at no charge.  The company's main
website, Ancestry.com, has more than two million subscribers and
accounts for approximately 86% of its revenue. Ancestry.com has a
modest degree of geographic diversity, generating about 75% of its
subscription revenue from the U.S., 11% from the U.K., and the
remainder primarily from Australia, Canada, and Sweden.  Key risk
factors for the company are the highly discretionary nature of its
product and its need to keep its customers engaged with new
content.  The company has been aggressively acquiring new content,
and S&P expects content spending to decrease slightly in 2015.
Although content spending will lower discretionary cash flow,
additional content could provide an incentive for current
subscribers to continue using the service and could also provide
the foundation for Ancestry.com to launch new services in
additional countries.  S&P views the company's collection of
records as a meaningful barrier to entry to the business.

"The stable outlook reflects our expectation that Ancestry.com's
leverage will steadily decline but remain above 6x, and the company
will generate positive discretionary cash flow in 2015 and beyond
while maintaining 'adequate' liquidity," said Mr. Cerda.

S&P could lower the rating over the next two years if revenue
growth slows to the low-single-digit percent area and adjusted
EBITDA margin contracts to the mid-20% area.  This could result
from stagnation in the core subscriber business because of
increasing competition or saturation of the company's addressable
market, coupled with marketing cost pressure.  This scenario could
result in discretionary cash flow to debt falling below 2%,
adjusted EBITDA coverage of interest declining below 1.5x, and
adjusted leverage rising above 7.75x.  S&P believes that these
pressures would begin to make the capital structure unsustainable.


Given the company's private equity ownership, S&P views an upgrade
as unlikely during the next two years.  Nevertheless, an upgrade
could occur if the company demonstrates continued operating
momentum, generates an EBITDA margin above 30%, grows and
profitably broadens its scale of operations, and commits to a "less
aggressive" financial policy, which S&P views as a low
probability.



ANNA'S LINENS: Creditors' Panel Hires EisnerAmper as Advisor
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Anna's Linens Inc.
seeks authorization from the Hon. Theodor C. Albert of the U.S.
Bankruptcy Court for the Central District of California to retain
EisnerAmper LLP as financial advisor to the Committee, effective
June 30, 2015.

The Committee requires EisnerAmper LLP to:

   (a) assist, advise and represent the Committee in analyzing the

       Debtor's assets and liabilities, investigating the extent
       and validity of liens and participating in and reviewing
       any proposed asset sales, and any asset dispositions or
       proceedings;

   (b) review of inventory accumulation and reconciliation process

       and analyses;

   (c) review and prepare analyses relating to various motions by
       the Debtor relating to the payment of sales taxes,
       warehouse/carrier liens, and other expenditures;

   (d) assist in the monitoring of the sales and disbursements and

       other transactions relating to the Debtor's going out of
       business sale;

   (e) assist the Committee in investigating the acts, conduct,
       assets, liabilities and the Debtor's financial condition,
       business operations and the desirability of the continuance

       of any portion of the business, and any other matters
       relevant to this case or to the formulation of a plan;

   (f) assist in the preparation of analyses to assess proposed
       Debtor-in-Possession financing;

   (g) assist in the review and monitoring of any asset sale
       process, including but not limited to an assessment of the
       adequacy of the marketing process, completeness of any
       buyer lists, review and quantifications of any bids;

   (h) assist in the review of the claims reconciliation and
       estimation process;

   (i) assist in the review of other financial information
       prepared by the Debtor, including, but not limited to, cash

       flow projections and budgets, cash receipts and
       disbursements analyses, asset and liability analysis, and
       the economic analysis of proposed transactions for which
       Court approval is sought;

   (j) attend at meetings and assistance in discussions with the
       Debtor, potential buyers, secured lender, the Committee in
       these chapter 11 proceedings, the U.S. Trustee, other
       parties in interest and professionals hired by the same, as

       requested;

   (k) assist in the review and prepare of information and
       analyses necessary for the confirmation of a plan and
       related disclosure statement in this Chapter 11 proceeding;

   (l) assist in the evaluation and analyses of claims and any
       litigation matters, including avoidance actions;

   (m) assist in the prosecution of Committee responses/objections

       to the Debtor's motions, including attendance at
       depositions and provision of expert reports/testimony on
       case issues as required by the Committee; and

   (n) render such other general business consulting or such other

       assistance as the Committee or its counsel may deem
       necessary that are consistent with the role of a financial
       advisor and not duplicative of services provided by other
       professionals in this proceeding.

EisnerAmper LLP will be paid at these hourly rates:

       Directors/Partners             $475-$550
       Managers/Senior Managers       $275-$475
       Paraprofessionals/Staff        $125-$275

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

Anthony R. Calascibetta, partner of EisnerAmper LLP, 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.
EisnerAmper LLP can be reached at:

       Anthony R. Calascibetta, Esq.
       EISNERAMPER LLP
       111 Wood Ave S Ste 600
       Iselin, NJ 08830-2700
       Tel: (732) 243-7000
       Fax: (732) 951-7589
       E-mail: anthony.calascibetta@eisneramper.com

                        About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

Salus Capital Partners, LLC, as administrative agent for a
consortium of lenders, agreed to provide a DIP Facility of up to
approximately $20 million in excess of the outstanding secured
debt to Salus and other prepetition secured lenders.

The U.S. trustee appointed seven creditors to serve on the
official committee of unsecured creditors.


ANNA'S LINENS: Taps Estrella LLC as Special Counsel in Puerto Rico
------------------------------------------------------------------
Anna's Linens, Inc. asks for authorization from the U.S. Bankruptcy
Court for the Central District of California to employ Estrella LLC
as special Puerto Rico counsel, effective June 14, 2015.

The Debtor anticipates that issues may arise in connection with its
Puerto Rico operations and business and requires the services of
Estrella to attend to those issues. The Debtor seeks to employ
Estrella as special counsel solely to address issues of Puerto Rico
law in connection with its operations and business in Puerto Rico.
Estrella will not be involved in the administration of the Chapter
11 Case.

The Debtor has 4 stores in Puerto Rico. These stores have a total
of 53 employees.

Estrella will be paid at these hourly rates:

       Partners            $250
       Associates          $200
       Paralegals          $100

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

Albert G. Estrella, managing member of Estrella, 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.

Estrella can be reached at:

       Albert G. Estrella, Esq.
       ESTRELLA, LLC
       150 Calle Tetuan
       San Juan, PR 00901
       Tel: (787) 977-5050
       Fax: (787) 977-5090

                        About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

Salus Capital Partners, LLC, as administrative agent for a
consortium of lenders, agreed to provide a DIP Facility of up to
approximately $20 million in excess of the outstanding secured
debt to Salus and other prepetition secured lenders.

The U.S. trustee appointed seven creditors to serve on the
official committee of unsecured creditors.


ARAMID ENTERTAINMENT: Has Until Oct. 23 to File Plan
----------------------------------------------------
Judge Sean H. Lane of the  U.S. Bankruptcy Court for the Southern
District of New York, at the behest of Aramid Entertainment Fund
Limited, et al., extended the Debtors' exclusive period to file a
plan of reorganization through and including October 23, 2015, and
their exclusive period to obtain acceptances of that plan through
and including January 4, 2016.

In support of their extension request, James C. McCarroll, Esq., at
Reed Smith LLP, in New York, told the Court that the Debtors seek
an extension of the Exclusive Periods to allow them to work towards
proposing a consensual, confirmable plan and proceeding towards
confirmation as quickly and efficiently as possible.

                        About Aramid Entertainment

Aramid Entertainment Fund Limited has been engaged in the
businesses of providing short and medium term liquidity to
producers and distributors of film, television and other media and
entertainment content by way of loans and equity investments.

On May 7, 2014, Geoffrey Varga and Jess Shakespeare of Kinetic
Partners (Cayman) Limited were appointed under Cayman law as the
joint voluntary liquidators ("JVLs") of AEF and two affiliates.

On June 13, 2014, the JVLs authorized AEF and two affiliates to
file for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead
Case No. 14-11802) in Manhattan on June 13, 2014.

The Debtors have tapped James C. McCarroll, Esq., Jordan W. Siev,
Esq., Richard A. Robinson, Esq., and Michael J. Venditto, Esq. of
Reed Smith, LLP, in New York, as counsel and Kinetic Partners
(Cayman) Limited as crisis managers.

AEF estimated at least $100 million in assets and between $10
million to $50 million in liabilities.


ARCHDIOCESE OF MILWAUKEE: Creditors Challenge $21M Settlement
-------------------------------------------------------------
Annysa Johnson, writing for the Milwaukee Journal Sentinel,
reported that the Catholic Archdiocese of Milwaukee, the creditors
committee in the Archdiocese of Milwaukee bankruptcy is challenging
the terms of the $21 million settlement announced by Archbishop
Jerome Listecki, saying the church excluded about 73 victims who
committee members believed would be compensated when they agreed to
the deal, its chairman said.

According to the report, Charles Linneman, who heads the
five-member committee, said members understood that the only
survivors who would not be compensated were those who had received
prior cash settlements from the church -- about 84 people.  That
contradicts the statement issued by the archdiocese that 157
individuals would not be compensated, the report pointed out.

              About the Archdiocese of Milwaukee

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

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

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

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

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

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


ARRAY BIOPHARMA: Reports Financial Results for Q4 & Full Year 2015
------------------------------------------------------------------
Array BioPharma Inc. reported a net loss of $12.7 million on $12.3
million of total revenue for the three months ended June 30, 2015,
compared to a net loss of $28.2 million on $6 million of total
revenue for the same period last year.

For the year ended June 30, 2015, the Company reported net income
of $9.3 million on $51.9 million of total revenue compared to a net
loss of $85.2 million on $42 million of total revenue for the year
ended June 30, 2014.

As of June 30, 2015, the Company had $198.2 million in total
assets, $107.3 million of total long-term debt and $42.6 million in
total stockholders' equity.

Ron Squarer, chief executive officer of Array, noted, "Binimetinib
and encorafenib, two innovative oncology products in Phase 3, are
on track for regulatory submissions in 2016.  Additional data
shared over the summer in BRAF-mutant melanoma and BRAF-mutant
colorectal cancer further validate the value of these programs by
showing the potential for differentiation compared to other
approaches.  Binimetinib and encorafenib have accelerated our path
to commercialization and provide us with opportunities to test
these broadly active products across a number of indications."

Array ended the quarter with $185.1 million in cash, cash
equivalents, marketable securities and accounts receivable.
Accounts receivable as of June 30, 2015, primarily consists of
current receivables expected to be repaid by Novartis within three
months.

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

                       http://is.gd/RvJI4O

                     About Array Biopharma

Boulder, Colo.-based Array BioPharma Inc. is a biopharmaceutical
company focused on the discovery, development and
commercialization of targeted small-molecule drugs to treat
patients afflicted with cancer and inflammatory diseases.  Array
has four core proprietary clinical programs: ARRY-614 for
myelodysplastic syndromes, ARRY-520 for multiple myeloma, ARRY-797
for pain and ARRY-502 for asthma.  In addition, Array has 10
partner-funded clinical programs including two MEK inhibitors in
Phase 2: selumetinib with AstraZeneca and MEK162 with Novartis.

Array Biopharma incurred a net loss of $85.3 million for the year
ended June 30, 2014, a net loss of $61.9 million for the year
ended June 30, 2013, and a net loss of $23.6 million for the year
ended June 30, 2012.

As of March 31, 2015, the Company had $208 million in total assets,
$158 million in total liabilities, and $50.2 million in total
stockholders' equity.

"If we are unable to generate enough revenue from our existing or
new collaboration and license agreements when needed or to secure
additional sources of funding, it may be necessary to
significantly reduce the current rate of spending through further
reductions in staff and delaying, scaling back, or stopping
certain research and development programs, including more costly
Phase 2 and Phase 3 clinical trials on our wholly-owned or co-
development programs as these programs progress into later stage
development.  Insufficient liquidity may also require us to
relinquish greater rights to product candidates at an earlier
stage of development or on less favorable terms to us and our
stockholders than we would otherwise choose in order to obtain up-
front license fees needed to fund operations.  These events could
prevent us from successfully executing our operating plan and, in
the future, could raise substantial doubt about our ability to
continue as a going concern," according to the quarterly report
for the period ended Sept. 30, 2014.


ASSOCIATED WHOLESALERS: Needs Until Oct. 26 to File Plan
--------------------------------------------------------
ADI Liquidation, Inc., f/k/a AWI Delaware, Inc., et. al., ask the
U.S. Bankruptcy Court for the District of Delaware to extend their
exclusive period to file a plan of reorganization through and
including October 26, 2015, and their exclusive period to obtain
acceptances of that plan through and including December 21, 2015.

To ensure that the Chapter 11 Cases continue to progress in an
effective and efficient manner, the Debtors seek the requested
extensions so that they can work towards a consensual Chapter 11
plan and, at the same time, continue to work to resolve issues
arising with respect to disputes with the Purchaser of the Debtors'
assets and the reconciliation of significant claims asserted
against the Debtors' estates, liquidate remaining assets and
address other pressing case issues.

The Debtors are represented by:

          Mark Minuti, Esq.
          SAUL EWING LLP
          222 Delaware Avenue, Suite 1200
          P.O. Box 1266
          Wilmington, DE 19899
          Tel: (302) 421-6840
          Fax: (302) 421-5873
          mminuti@saul.com

              -- and --

          Jeffrey C. Hampton, Esq.
          Monique B. DiSabatino, Esq.
          SAUL EWING LLP
          Centre Square West
          1500 Market Street, 38th Floor
          Philadelphia, PA 19102
          Tel: (215) 972-7777
          Fax: (215) 972-7725
          jhampton@saul.com
          mdisabatino@saul.com

                   About Associated Wholesalers

Founded in 1962 and headquartered in Robesonia, Pennsylvania,
Associated Wholesalers Inc. serviced 800 supermarkets, specialty
stores, convenience stores and superettes with grocery, meat,
produce, dairy, frozen foods and general merchandise/health and
beauty care products.  AWI, with distribution facilities in
Robesonia, Pennsylvania, and York, Pennsylvania, served the
mid-Atlantic United States.  AWI is owned by its 500 retail
members, who in turn operate supermarkets.  AWI had 1,459
employees.

White Rose Inc. is a food wholesaler and distributor serving the
greater New York metropolitan area.  The company traces its
origins
to 1886, when brothers Joseph and Sigel Seeman founded Seeman
Brothers & Doremus to provide grocery deliveries throughout New
York City.  White Rose carries out its operations through three
leased warehouse and distribution centers, two of which are
located
in Carteret, New Jersey, and one in Woodbridge, New Jersey.  White
Rose has 777 employees.

Associated Wholesalers and its affiliates sought Chapter 11
bankruptcy protection on Sept. 9, 2014, to sell their assets under
11 U.S.C. Sec. 363 to C&S Wholesale Grocers, absent higher and
better offers.  The Debtors were granted joint administration of
their Chapter 11 cases for procedural purposes, under the lead
case
of AWI Delaware, Inc., Bankr. D. Del. Case No. 14-12092.

As of the Petition Date, the Debtors owe the Bank Group
(consisting
of lenders, Bank of America, N.A., Bank of American Securities LLC
as sole lead arranger and joint book runner, Wells Fargo Capital
Finance, LLC as joint book runner and syndication agent, and RBS
Capita, as documentation agent) an aggregate principal amount of
not less than $131,857,966 (inclusive of outstanding letters of
credit), plus accrued interest.  The Debtors estimate trade debt
of
$72 million.  AWI Delaware disclosed $11,440 in assets and
$125,112,386 in liabilities as of the Chapter 11 filing.

Saul Ewing LLP and Rhoads & Sinon LLP are serving as legal
advisors
to the Debtors, Lazard Middle Market is serving as financial
advisor, and Carl Marks Advisors is serving as restructuring
advisor to AWI.  Carl Marks' Douglas A. Booth has been tapped as
chief restructuring officer.  Epiq Systems serves as the claims
agent.

The Official Committee of Unsecured Creditors tapped to retain
Hahn
& Hessen LLP as its lead counsel; Pepper Hamilton LLP as its
co-counsel; and Capstone Advisory Group, LLC, together with its
wholly-owned subsidiary Capstone Valuation Services, LLC, as its
financial advisors.

The Troubled Company Reporter, on Nov. 5, 2014, reported that the
Bankruptcy Court authorized Associated Wholesalers, which changed
its name to AWI Delaware, Inc., prior to the approval of the sale,
to sell substantially all of its assets, including their White
Rose
grocery distribution business, to C&S Wholesale Grocers, Inc.

The C&S purchase price consists of the lesser of the amount of the
bank debt, which totals about $18.1 million and $152 million, plus
other liabilities, which amount is valued at $194 million.  C&S,
according to Bill Rochelle and Sherri Toub, bankruptcy columnists
for Bloomberg News, ended up paying $86.5 million more cash to be
anointed as the winner at the auction.

AWI Delaware notified the Bankruptcy Court on Nov. 12, 2014, that
closing occurred in connection with the sale of their assets to
C&S.  AWI Delaware subsequently changed its name to ADI
Liquidation, Inc., following the closing of the sale.


BEST BUY: S&P Raises Corp. Credit Rating to 'BB+', Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Minneapolis-based electronics retailer Best Buy Co. Inc.
to 'BB+' from 'BB'.  The outlook is stable.

At the same time, S&P raised the issue-level rating on the
company's senior unsecured debt to 'BB+' from 'BB'.  The recovery
rating on the notes remains '3', indicating S&P's expectations of
meaningful recovery in the event of a default at the higer end of
the 50% to 70% range.

"The upgrade reflects stabilization in Best Buy's top line
performance, which we think resulted from its "renew blue"
initiatives implemented in 2013 (including expanded vendor
relationships) and supported by some strengthening in the U.S.
economy," said credit analyst Andy Sookram.  "Best Buy reported
improving comparable same-store sales in the past three quarters,
and we anticipate this positive momentum to uphold in the near term
as the company derives benefits from its operational initiatives.
As a result, we revised its business risk profile to "fair" from
"weak".  In our ratings assumptions, we expect the financial risk
profile and credit metrics to remain stable as we believe the
company will reinvest cost savings from profit improvement program
into selling prices, improved customer experience, and other
initiatives, which should increase customer traffic both in-store
and online."

The stable rating outlook on Best Buy incorporates S&P's
expectation that Best Buy's performance should remain stable, with
flat to slightly positive same-store comparisons in the next year.
S&P thinks the company will continue to execute its "renew blue"
operational initiatives, and a competitive sales pricing strategy
will offset the benefits from reduces costs.  In S&P's base-case
assumptions, it sees good sales performance for this year’s
holiday season, continued generation of good cash flows, and no
material debt-funded shareholder remunerations or acquisitions.

"We could consider a downgrade if the company has difficulties
extending the progress of its operational initiatives or if
comparable same-store sales and profits decline meaningfully as a
result of intense industry competition and company missteps.  Under
the downside scenario, comparable sales would remain negative for a
few consecutive quarters and EBITDA margins would fall about 100
basis points.  In this scenario with impaired performance, we would
reassess our view of the company’s competitive strengths,
profitability, and any resulting weaker credit metrics," S&P said.

"An upgrade could occur if Best Buy wraps up a sound execution of
its "renew blue" initiatives and incurs consistent growth in sales
comparisons and profitability.  We think an upgrade, if any, could
occur in the next one to two years.  For a higher rating, we would
anticipate profit margins improve from current levels, with EBITDA
margins rising between 8% and 9% annually from robust top line
growth and cost leverage.  This could lead us to potentially
reassess its business risk profile to "satisfactory" or apply
one-notch positive adjustment to the anchor score using comparable
rating analysis if we think performance metrics are more in line
with a higher rating.  We would also need to see renewed commitment
to a financial policy that supports an investment-grade rating,"
S&P noted.



BIOLIFE SOLUTIONS: Reports $1.1-Mil. Net Loss for Second Quarter
----------------------------------------------------------------
BioLife Solutions, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $1.1 million on $1.5 million of product sales for the three
months ended June 30, 2015, compared to a net loss of $883,356 on
$1.2 million of product sales for the same period in 2014.

For the six months ended June 30, 2015, the Company reported a net
loss of $2.3 million on $2.9 million of product sales compared to a
net loss of $1.4 million on $3.3 million of product sales for the
same period last year.

As of June 30, 2015, the Company had $13.8 million in total assets,
$1.9 million in total liabilities and $11.8 million in total
shareholders' equity.

On June 30, 2015, the Company had $6.9 million in cash, cash
equivalents and short term investments, compared to cash and cash
equivalents and short term investments of $9.9 million at Dec. 31,
2014.

Mike Rice, BioLife's president & CEO, said, "The revenue growth in
Q2 reflects our focus on executing our strategic plan to increase
sales in the regenerative medicine market, which represents our
most significant growth opportunity.  Our CryoStor and
HypoThermosol product lines experienced continued growth driven by
increased adoption by clinical centers and companies conducting
clinical studies of cellular immunotherapy candidates including
CAR-T cells."

Rice continued, "We also made significant progress this quarter
toward the commercial launch of our biologistex cloud-based cold
chain management service, with a family of GPS and cellular enabled
smart shippers and our simple to use but extremely powerful
subscription based logistics software.  We are on track to begin
deployment of the service during the third quarter.  Our timing is
well aligned with anticipated growth in the regenerative medicine
market and we look forward to providing more value to our
customers."

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

                       http://is.gd/4Ia6Hw

                      About BioLife Solutions

Bothell, Washington-based BioLife Solutions, Inc., develops and
markets patented hypothermic storage and cryo-preservation
solutions for cells, tissues, and organs, and provides contracted
research and development and consulting services related to
optimization of biopreservation processes and protocols.

BioLife Solutions reported a net loss of $3.30 million on $6.19
million of total revenue for the year ended Dec. 31, 2014, compared
with a net loss of $1.08 million on $8.94 million of total revenue
during the prior year.


BOOMERANG TUBE: Judge to Rule on Evading High Court Decision
------------------------------------------------------------
Bill Rochelle, a bankruptcy columnist for Bloomberg News, reported
that U.S. Bankruptcy Judge Mary F. Walrath in Delaware, in the
Chapter 11 case of Boomerang Tube, LLC, is slated to decide whether
she, as bankruptcy judge, can circumvent a decision by the U.S.
Supreme Court holding 6-3 that lawyers in bankruptcy cases can't be
paid for successfully defending their fee requests.

According to Mr. Rochelle, Judge Walrath's decision is important
because Delaware is home to more important bankruptcies than any
other district.  Although her ruling won't be binding on other
bankruptcy judges in Delaware, they often discuss significant
questions in advance with colleagues on the bench, Mr. Rochelle
pointed out.

The U.S. Trustee objected to a request by Boomerang's creditors'
professionals that court authorization to hire their firms
specifically allow compensation for successful defense of fees.
The Justice Department's bankruptcy watchdog argued in an Aug. 3
filing that a firm can't "circumvent" Baker Botts by "having the
same fees approved as a term or condition of its employment."

                      About Boomerang Tube

Boomerang Tube, LLC, is a manufacturer of welded Oil Country
Tubular Goods ("OCTG") in the United States.  OCTG are used by
drillers in exploration and production of oil and natural gas and
consist of drill pipe, casing and tubing.  Boomerang has corporate
offices in Chesterfield, Missouri and manufacturing facilities in
Liberty, Texas, strategically located near major steel production
centers and end-user markets.  With a 487,000 square foot plant
that houses two mills and heat treat lines and a contingent 119
acres, these facilities constitute the second largest alloy OCTG
mill in North America.  Access Tubulars, LLC, owns 81% of the
equity interests in Boomerang.

Boomerang Tube and its subsidiaries BTCSP LLC and BT Financing
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
15-11247) on June 9, 2015, with a deal with lenders on a balance
sheet restructuring that would convert $214 million of debt to
100%
of the common stock of the reorganized company. The cases are
assigned to Judge Mary F. Walrath.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as
attorneys; Lazard Freres & Co. LLC, as financial advisor; and
Donlin, Recano & Co., Inc., as claims and noticing agent.


BTB CORPORATION: Files Bankruptcy Rule 2015.3 Report
----------------------------------------------------
BTB Corp. filed a report with the U.S. Bankruptcy Court for the
District of Puerto Rico, disclosing that it holds a substantial or
controlling interest in these companies:

   Companies                              Interest of Estate  
   ---------                              ------------------  
   Asphalt Solutions Hatillo LLC            80% Common Stock
   The Placco Company of Puerto Rico Inc.   100% Common Stock
   BTB Milling & Equipment LLC              100% Common Stock

The company filed the report pursuant to Bankruptcy Rule 2015.3.
The report dated July 20, 2015, is available for free at
http://is.gd/ClHkc2

                       About BTB Corporation

BTB Corporation sought Chapter 11 protection (Bankr. D.P.R. Case
No. 15-03681) in Old San Juan, Puerto Rico, on May 17, 2015.
Samuel Lizardi signed the petition as interim president.  The
Debtor disclosed total assets of $16.5 million and total
liabilities of $13.2 million.

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

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


BULLIONDIRECT INC: Customers Told Gold Not in Segregated Accounts
-----------------------------------------------------------------
Bill Rochelle, a bankruptcy columnist for Bloomberg News, reported
that the turnaround manager appointed as chief executive officer of
BullionDirect Inc. related in court that customer agreement said
purchases of precious metals over the Internet would be held "on a
fungible basis," giving each customer "an undivided share" of
metals in the vault.

Mr. Rochelle pointed out that, according to a court filing, the
agreement said BullionDirect had the right to use the customers'
precious metals -- possibly resulting "in gains or losses, which
will inure solely to the benefit of" the company.  In other words,
Mr. Rochelle explains, the customers were agreeing to make
unsecured loans to the company, a dangerous proposition if the
price of gold were to decline, which it did.

BullionDirect, Inc. filed a Chapter 11 bankruptcy petition (Bankr.

W.D. Tex. Case No. 15-10940) on July 20, 2015.  Dan Bensimon
signed
the petition as president.  The Debtor estimated assets of $10
million to $50 million and liabilities of at least $10 million.
Joseph D. Martinec, Esq., at Martinec, Winn & Vickers, P.C.,
represents the Debtor as counsel.  Judge Tony M. Davis presides
over the case.


CANDAX ENERGY: Obtains Waiver Extension on Facility Agreement
-------------------------------------------------------------
Candax Energy Inc., a company with mature oil & gas field
developments in Tunisia, on Aug. 11 disclosed that it has obtained
from Geofinance NV, major debtholder and shareholder of the
Company, a further extension of 8 days on the waiver with respect
to terms of the facility agreement entered into by the parties.

The extension will extend the waiver until August 18, 2015.  As a
result, Geofinance NV has agreed not to seek any remedy under the
facility agreement in respect of the $3.5 million unpaid amount
until
August 18, 2015, except in case of specific circumstances.  A copy
of the amendment and waiver letter will be filed publicly by the
Company and available on SEDAR.

The Company is in advanced discussions regarding financial
alternatives and needs more time to continue these discussions.

                          About Candax

Candax is an international energy company with offices in Toronto
and Tunis.  The Candax group is engaged in exploration and the
production of oil and gas in Tunisia and holds a royalty interest
in an exploration permit in Madagascar.


CENTRAL PLATTE VALLEY: Fitch Affirms BB Rating on Series 2014 Bonds
-------------------------------------------------------------------
Fitch Ratings has affirmed its ratings on the following Central
Platte Valley Metropolitan District, CO's general obligation (GO)
bonds:

-- $43 million GO refunding bonds, series 2013A at 'BBB-';
-- $22.3 million GO refunding bonds, series 2014 at 'BB'.

The Rating Outlook is Stable.

SECURITY

The 2013A bonds are payable from an unlimited annual property tax
levy on all property located within the original boundaries of the
district. The 2014 bonds are payable from an unlimited annual
property tax levy on all property located within the current
boundaries of the district.

KEY RATING DRIVERS

HIGH CONCENTRATION; LIMITED BASE: The district's tax base is highly
concentrated. Ongoing construction and future development is not
projected to reduce concentration due to the small geographic size
of the district.

TAX BASE DIFFERENTIALS/CONCENTRATION: The tax base that secures the
2014 bonds (the operating district) is a subset of the larger
original district that secures the 2013A bonds. The lower rating on
the operating district's 2014 bonds reflects a much higher tax
payer concentration.

DOWNTOWN DEVELOPMENT BOOM: The district encompasses one of Denver's
major redevelopment efforts. Its strategic downtown location is
fueling rapid growth in apartments, condominiums, and commercial
office buildings, aided by the concurrent development of the
Regional Transportation District's (RTD) bus and rail transit hub
on adjacent property. The district has more than recouped
recessionary assessed value (AV) losses. Recent and ongoing
building activity should ensure a positive trajectory for the
district's taxable values for the next several years.

MANAGEABLE TAX INCREASES ASSUMED: Fitch believes development in the
district is likely to continue, but the agency's base case includes
only the value of existing properties. Total operating district tax
rate increases needed to meet level debt service in this scenario,
assuming no substantial further tax base declines, are of a
magnitude Fitch believes would be manageable.

HIGH DEBT; LEVEL DEBT SERVICE: Overall debt is very high relative
to market value and is amortized slowly. The completion of all
infrastructure and lack of future debt plans should allow these
metrics to improve slowly over time assuming at least modest tax
base growth.

RATING SENSITIVITIES

SUSTAINED TAX BASE LOSSES: Large and sustained tax base losses
could lead to negative rating pressure.

CONCENTRATION LIMITS UPWARD MOVEMENT: The very high tax base
concentration limits the ratings to their current level.

CREDIT PROFILE

The Central Platte Valley Metropolitan District is located in lower
downtown Denver and is in close proximity to Denver Union Station.


PARTIALLY DISTINCT TAX BASES

District bonds are secured by two distinct tax bases. The original
63 acre district secures the 2013A GO bonds. A smaller 38 acre
subset of the original, the operating district, secures the 2014 GO
bonds.

CONCENTRATION OVERRIDES STRONG GROWTH

The tax base composition of the district's original taxing area is
balanced evenly between residential (45% of 2015 AV) and commercial
(47% of AV). AV growth has more than recouped a 13.7% recessionary
decline with strong gains of 28.4% and 14.6% increases in 2014 and
2015, respectively. The 2015 AV hike is due entirely to new
construction. Additional building activity will be reflected in the
2016 AV along with potential reassessment gains.

The smaller operating district is comprised primarily of commercial
office buildings, accounting for a high 84% of 2015 AV. Nearly all
other properties are vacant land parcels which are zoned mixed-use,
although many of these parcels are now under construction and will
be reclassified in 2016. The operating district is adjacent to the
historic Denver Union Station and the new hub of RTD's rail and bus
operations.

Tax base concentration remains very high with the top 10 tax payers
accounting for 61% and 90% of total AV for the original taxing area
and the operating district, respectively. The smaller geographic
size of the operating district results in higher tax base
concentration that is not expected to diminish even at build-out.

Within the original tax area, top taxpayers are led by Commons 19
LLC, a large apartment and office building owner, accounting for
15% of total AV. The headquarters for DaVita Healthcare Partners
comprises 12% of the district's AV. Legacy Plaza, a commercial
property, is the second largest taxpayer at 9% and is fully leased
as the Gates Rubber Company headquarters. Within the operating
district, the largest tax payer (Commons 19 LLC) accounts for 28%
of 2015 AV.

HIGH DEBT BUT NO ANTICIPATED FUTURE NEEDS

Overall debt to market value metrics for the original taxing area
and the operating district are very high at 11% and 23%,
respectively, which are not unusual for a limited purpose special
district. Fitch notes that all infrastructure is in place for
future development, precluding the need for any future debt.
Additionally, the district does not owe developers for any advances
or reimbursements, enhancing its operating flexibility.

Aggregate debt service ascends for the next two years and remains
level thereafter. Payout is structured very slowly with only 21% of
principal retired in 10 years.

ANALYSIS DOES NOT ASSUME FUTURE AV GROWTH

It's the district's goal to maintain or reduce mill rates for debt
service for the first several years to provide sum sufficient
coverage of higher annual debt service. Such a goal would require
continued large AV gains, which Fitch considers aggressive.
However, substantial development is currently underway throughout
the district.

Properties completed in time for the 2015 collection year include
three large residential apartment complexes and two commercial
projects. As a result, 2015 AV for the original taxing area and the
operating district posted gains of 14.6% and 28%, respectively,
over the year prior. Based on projects currently under
construction, the district projects another large AV gain in 2016
although preliminary figures are not yet available. Although 2016
is a reassessment year, Fitch believes reappraisal losses are
unlikely given the reported results of recent property transactions
on which market values are based.

Projecting future tax base and development trends beyond the
projects that have been completed is difficult. Fitch's base case
assumes AV remains flat at the 2015 level. The total operating
district debt service millage rate, to support MADS (in 2030) for
the operating and the original district's debt service, would need
to increase by a large 38% from the current level of 34 mills to 47
mills. Although this represents a steep increase, it's comparable
to past debt service mill levy rates.

The district has no employees and therefore no obligations for
pension or other post-employment benefits (OPEB). The debt service
fund balance currently totals $5.7 million in reserves pledged to
the bonds, including a cash-funded debt reserve equal to 50% of
average annual debt service, which Fitch considers positively given
the district's moderate stage of development.



CHRISTOPHER TOWNSEND: Court Dismisses FDCPA Class Suit
------------------------------------------------------
Bill Rochelle, a bankruptcy columnist for Bloomberg News, reported
that U.S. District Judge Brian J. Davis in Jacksonville, Florida,
ruled that a creditor doesn't violate the federal Fair Debt
Collection Practices Act, or FDCPA, by filing a legitimate claim
against a bankrupt consumer when the creditor hasn'r registered
with the state as a debt collector.

According to the report, Judge Davis dismissed a class action
lawsuit aimed at expanding the 2014 Crawford decision by the U.S.
Court of Appeals for the 11th Circuit in Atlanta.  The class action
aimed at engrafting all of the FDCPA into the bankruptcy
claims-filing process.

The case is Townsend v. Quantum3 Group LLC, 14-cv-1301, 2015 BL
243157, U.S. District Court, Middle District of Florida
(Jacksonville).


CLIFFS NATURAL: Receives $160 Million Cash Tax Refund
-----------------------------------------------------
Cliffs Natural Resources Inc. received cash tax refund of
approximately $160 million on Aug. 5, 2015, according to a Form 8-K
report filed with the Securities and Exchange Commission.

Cliffs Natural issued a news release on July 29, 2015, announcing
second-quarter financial results for the quarter ended June 30,
2015, in which Cliffs stated that it anticipated receiving a cash
tax refund during the third quarter of 2015.      

                About Cliffs Natural Resources

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

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

The Company reported a net loss of $8.31 billion in 2014 following
net income of $362 million in 2013.

As of June 30, 2015, the Company had $2.60 billion in total assets,
$4.30 billion in total liabilities and a $1.70 billion total
deficit.

                          *    *     *

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

The TCR reported in March 2015 that Moody's Investors Service
downgraded Cliffs Natural Resources Inc. Corporate Family Rating
and Probability of Default Rating to 'B1' and 'B1-PD'
respectively.  "The downgrade in the CFR to 'B1' reflects
expectations for a weaker performance in the Asia Pacific iron ore
(APIO) segment, which has a greater exposure to the movement of
iron ore prices in the seaborne market," said Carol Cowan, Moody's
senior vice president.


CRYOPORT INC: Posts $6.6 Million Net Loss for June 30 Quarter
-------------------------------------------------------------
Cryoport, Inc. filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss
attributable to common stockholders of $6.6 million on $1.4 million
of revenues for the three months ended June 30, 2015, compared to a
net loss attributable to common stockholders of $3 million on
$936,588 of revenues for the same period in 2014.

As of June 30, 2015, the Company had $4 million in total assets,
$1.9 million in total liabilities and $2 million in total
stockholders' equity.

As of June 30, 2015, the Company had cash and cash equivalents of
$2.4 million and working capital of $1.5 million.  Historically,
the Company has financed its operations primarily through sales of
the Company's debt and equity securities.

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

                        http://is.gd/dzhZNd

                           About Cryoport

Lake Forest, Calif.-based CryoPort, Inc. (OTC BB: CYRX) provides
comprehensive solutions for frozen cold chain logistics, primarily
in the life science industries.  Its solutions afford new and
reliable alternatives to currently existing products and services
utilized for bio-pharmaceuticals and biologics, including in-vitro
fertilization, cell lines, vaccines, tissue and other commodities
requiring a reliable frozen solution.

Cryoport reported a net loss attributable to common stockholders of
$12.2 million for the year ended March 31, 2015, compared to a net
loss attributable to common stockholders of $19.6 million for the
year ended March 31, 2014.  As of March 31, 2015, Cryoport had $2.6
million in total assets, $3.02 million in total liabilities and a
$416,000 total stockholders' deficit.

KMJ Corbin & Company LLP, in Costa Mesa, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended March 31, 2015, citing that the
Company has incurred recurring operating losses and has had
negative cash flows from operations since inception.  Although the
Company has cash and cash equivalents of $1.4 million at March 31,
2015, management has estimated that cash on hand, which include
proceeds from Class B convertible preferred stock received
subsequent to the fourth quarter of fiscal 2015, will only be
sufficient to allow the Company to continue its operations into the
third quarter of fiscal 2016.  These matters raise substantial
doubt about the Company's ability to continue as a going concern.


DAIRY FARMERS: S&P Assigns 'BB+' Rating on $75MM Securities
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' rating to
Kansas City, Mo.-based Dairy Farmers of America Inc.'s (DFA's)
proposed $75 million series B cumulative preferred equity
securities.  The preferred stock will rank senior to the members'
capital accounts and the company's common stock, and will be given
50% equity treatment when calculating financial ratios, given the
security's subordination to other debt instruments, lack of
maturity date, and fixed nature of its dividend.  The company will
use proceeds of the share issuance for general corporate and
business purposes.

S&P continues to believe DFA benefits from good regional geographic
diversity, significant economies of scale, and extensive
distribution capabilities, with an ability to pass through price
increases.  Although DFA has exposure to volatile commodity costs
and has some customer concentration, it benefits from a
well-established manufacturing and distribution footprint across
several key sourcing regions, strong market positions, and a
product portfolio with value-added features and services.  DFA's
strong membership retention allows the cooperative to
cost-effectively manage its commodity supply needs and affords the
cooperative flexibility over the amount and timing of its member
payments.  S&P expects leverage to be close to 4.0x and funds from
operations to debt to be between 18% and 24% over the next two
years, compared with 2.6x and 31%, respectively, in 2014.  

RATINGS LIST

Dairy Farmers of America Inc.
Corporate credit rating               BBB/Stable/A-2

Rating assigned
Dairy Farmers of America Inc.
Preferred stock
  $75 mil. Series B Cumulative
  Redeemable Preferred Stock           BB+



DRD TECHNOLOGIES: Order Setting Deadline for Filing Plan Vacated
----------------------------------------------------------------
U.S. Bankruptcy Judge Clifton Jessup, Jr. has issued an order
vacating his earlier decision that required DRD Technologies Inc.
to file a bankruptcy plan on or before Sept. 16, 2015.

The decision issued on June 5, 2015, provided that the company's
bankruptcy case would be dismissed without further notice if it
failed to file a plan, according to court filings.

                      About DRD Technologies

Huntsville, Alabama-based logistics provider DRD Technologies,
Inc., sought Chapter 11 protection (Bankr. N.D. Ala. Case No.
15-81366) on May 19, 2015, to halt efforts by creditor ServisFirst
Bank to appoint a receiver.

The Debtor tapped Stuart M. Maples, Esq., at Maples Law Firm, PC,
as counsel.

The Debtor disclosed $205,849,965 in assets and $4,289,268 in
liabilities as of the Chapter 11 filing.


ELEPHANT TALK: Appoints Carl Stevens Audit Committee Chairman
-------------------------------------------------------------
Elephant Talk Communications Corp. announced the appointment of
Carl Stevens, a member of the Board of Directors, Audit Committee,
Nominating Committee and Compensation Committees, to serve as the
Chairman of the Audit Committee.

Mr. Stevens is replacing Mr. Geoffrey Leland who resigned from the
Board of Directors for personal reasons on July 31, 2015.  At the
time of his resignation, Mr. Leland was also a member of the
Compensation Committee.  Mr. Leland did not resign as a result of
any disagreement with the Company on any matter relating to the
Company's operations, policies or practices.  On Aug. 3, 2015, the
Board unanimously appointed Mr. Carl Stevens to serve as the
Chairman of the Audit Committee.  In connection with that
appointment, Dr. Francisco Ros replaced Mr. Stevens as the Chairman
of the Compensation Committee.

Mr. Steven van der Velden, Chairman and CEO of Elephant Talk,
stated, "Our Company is very grateful for the many valuable
contributions Geoffrey made during his time on the Board.  We
respect his personal decision and wish him the best."

                        About Elephant Talk

Lutz, Fla.-based Elephant Talk Communications, Inc. (OTC BB: ETAK)
-- http://www.elephanttalk.com/-- is an international provider of
business software and services to the telecommunications and
financial services industry.

Elephant Talk reported a net loss of $21.9 million in 2014, a net
loss of $25.5 million in 2013 and a net loss of $23.1 million in
2012.

As of March 31, 2015, the Company had $43.1 million in total
assets, $35.5 million in total liabilities and $7.61 million in
total stockholders' equity.


EMMAUS LIFE: Names Scott Gottlieb as Director
---------------------------------------------
The Board of Directors of Emmaus Life Sciences, Inc., appointed
Scott Gottlieb, MD, to serve as a director of the Company,
effective Aug. 3, 2015.  

Dr. Gottlieb was not appointed as a member of any board of
directors committees in connection with his appointment, although
the Board is continuing to evaluate whether Dr. Gottlieb may be
appointed to a board committee in the future.  Dr. Gottlieb was
selected as a director pursuant to that certain agreement, dated as
of Sept. 11, 2013, pursuant to which T.R. Winston & Company, LLC
has the right to designate a member of the Board.

Dr. Gottlieb is eligible to participate in all benefit plans or
compensatory arrangements from time to time in effect for the
Company's other board members.

Dr. Gottlieb, 42, has been a managing director at TRW since 2013.
He also has served as a venture partner and member of the
healthcare team of New Enterprise Associates since 2007.  In
addition, Dr. Gottlieb has served as the Deputy Commissioner for
Medical and Scientific Affairs with the U.S. Food and Drug
Administration and as a senior advisor to the administrator of the
Centers for Medicare and Medicaid Services.  Dr. Gottlieb is a
member of the board of directors of CombiMatrix Corp., and
previously served as a director of Molecular Insight
Pharmaceuticals.

Simultaneous with the appointment of Dr. Gottlieb, the resignation
of Mr. Phillip M. Satow from the Board became effective.  Mr. Satow
tendered his resignation on June 15, 2015.

                        About Emmaus Life

Emmaus Life Sciences, Inc., is engaged in the discovery,
development, and commercialization of treatments and therapies
primarily for rare and orphan diseases.  This biopharmaceutical
company's headquarters is in Torrance, California.

Emmaus Life reported a net loss of $20.8 million on $500,700 of net
revenues for the year ended Dec. 31, 2014, compared to a net loss
of $14.06 million on $391,000 of net revenues for the year ended
Dec. 31, 2013.

As of March 31, 2015, the Company had $2.2 million in total assets,
$24.3 million in total liabilities and a $22.1 million total
stockholders' deficit.

KPMG LLP, in San Diego, California, issued a "going Concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014.  The independent auditors noted that
the Company has suffered recurring losses from operations, has
significant amounts of debt due within a year, and has a net
capital deficiency that raise substantial doubt about its ability
to continue as a going concern.


ENERGY FUTURE: Ch. 11 Plan Draws Criticisms from Creditors
----------------------------------------------------------
Peg Brickley, writing for Dow Jones' Daily Bankruptcy Review,
reported that Energy Future Holdings Corp.'s deal to get out of
bankruptcy fast was met with a barrage of criticism from creditors
who say they'll be left holding the bag if the deal at the heart of
the turnaround falls through.

On August 10, 2015, the Debtors filed a Third Amended Plan and an
amended Disclosure Statement.  The Court scheduled a hearing for
August 11 at which time the Debtors intend to discuss with the
Court modifications to the Scheduling Order to reflect certain
modified Disclosure Statement Scheduling Dates.

In line with the filing of the Third Amended Plan, the Debtors seek
authority from the Court to enter into and perform under a plan
support agreement.

A fundamental premise of the Plan is that TCEH will spin off from
EFH on a tax-free basis.  The spin-off, according to the Debtors,
avoids potentially material deconsolidation taxes and facilitates
the merger transaction while still using the Debtors' net operating
losses to deliver a substantial "step-up" in the tax basis of
TCEH's assets.  The Plan also provides for an injection of
approximately $7.1 billion of equity capital and approximately $5.1
billion of debt to finance a tax-free merger of reorganized EFH
Corp.  The new capital would be used to pay off all allowed E-side
claims in full in cash.  In connection with consummation of the
merger, Oncor would be restructured to permit the surviving company
to convert to a REIT.

The Settlement Agreement and PSA, the Debtors assert, are thus key
elements of the negotiated solution.  First, under the Settlement
Agreement, each of the Settlement Parties agrees to settle and
release nearly all claims against: (a) the Debtors, (b) the TCEH
First Lien Creditors, and (c) the Sponsors, and (d) the Debtors’
directors and officers.  Critically, the Settlement Agreement will
take effect, and most of the claims will be released, immediately
upon approval by the Court, regardless of the success or failure of
the transactions contemplated by the Plan, thus preserving the
peace negotiated by, and avoiding litigation among, the Settlement
Parties even if an alternative restructuring must be pursued.

Second, the PSA requires the PSA Parties to support the Plan and to
refrain from acting in any way that would impede its success, while
also maintaining flexibility to pivot to an alternative
restructuring should the transactions contemplated by the Plan
prove unsuccessful.  Specifically, the PSA allows the PSA Parties,
subject to certain restrictions, to continue negotiations around
alternative restructuring structures, and generally requires the
TCEH unsecured creditors not to object or interfere with an
alternative restructuring should the transactions contemplated by
the Plan fail to close, so long as the alternative restructuring
affords the TCEH creditors certain minimum treatment as set forth
in the Settlement Agreement.  The PSA also includes a robust
fiduciary out for the Debtors.

           About Energy Future Holdings Corp.

Energy Future Holdings Corp., formerly known as TXU Corp., is
aprivately held diversified energy holding company with a
portfolioof competitive and regulated energy businesses in
Texas.  Oncor,an 80 percent-owned entity within the EFH group,
is the largestregulated transmission and distribution utility in
Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth.  EFH Corp. was created
inOctober 2007 in a $45 billion leverage buyout of Texas
powercompany TXU in a deal led by private-equity companies
KohlbergKravis Roberts & Co. and TPG Inc.

On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D.
Del.Lead Case No. 14-10979) after reaching a deal with some
keyfinancial stakeholders to keep its businesses operating
whilereducing its roughly $40 billion in debt.

The Debtors' cases have been assigned to Judge Christopher
S.Sontchi (CSS).  The Debtors are seeking to have their
casesjointly administered for procedural purposes.

As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in
book value and liabilities of $49.7 billion.  The Debtors have
$42 billion of funded indebtedness.

EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal.  The TCEH first lien
lenders supporting the restructuring agreement are represented
by Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal
advisor, and Millstein & Co., LLC, as financial advisor.

The EFIH unsecured creditors supporting the restructuring
agreement are represented by Akin Gump Strauss Hauer & Feld LLP,
as legal advisor, and Centerview Partners, as financial advisor.
The EFH equity holders supporting the restructuring agreement
are represented by Wachtell, Lipton, Rosen & Katz, as legal
advisor, and Blackstone Advisory Partners LP, as financial
advisor.  Epiq Systems is the claims agent.

Wilmington Savings Fund Society, FSB, the successor trustee
forthe second-lien noteholders owed about $1.6 billion, is
represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and
Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S.
Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle,
Esq., Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq.

An Official Committee of Unsecured Creditors has been appointed
inthe case.  The Committee represents the interests of the
unsecured creditors of ONLY of Energy Future Competitive
Holdings Company LLC; EFCH's direct subsidiary, Texas
Competitive Electric Holdings Company LLC; and EFH Corporate
Services Company, and of no other debtors.  The Committee has
selected Morrison & Foerster LLP and Polsinelli PC for
representation in this high-profile energyrestructuring.  The
lawyers working on the case are James M. Peck, Esq., Brett H.
Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison &
Foerster LLP; and Christopher A. Ward, Esq., Justin K. Edelson,
Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at
Polsinelli PC.


ENERGY FUTURE: TCEH Noteholders Unveil REIT Reorganization Terms
----------------------------------------------------------------
Earlier on Aug. 10, Energy Future Holdings Corp. ("EFH"), Energy
Future Competitive Holdings Company LLC and Energy Future
Intermediate Holding Company LLC filed a Current Report on Form 8-K
with the Securities and Exchange Commission (the "EFH 8-K")
disclosing certain material agreements in connection with a
proposed plan of reorganization for EFH and its debtor
subsidiaries, including Texas Competitive Electric Holdings Company
LLC ("TCEH"), pursuant to Chapter 11 of the U.S. Bankruptcy Code.

In connection therewith and as described in the EFH 8-K, the Ad Hoc
Group of TCEH Unsecured Noteholders that are part of the Investor
Group referenced in the EFH 8-K are providing certain additional
information in connection with the terms and conditions of the
proposed real estate investment trust ("REIT") reorganization to be
implemented through the Merger and Plan described below.

A copy of the Summary of Certain Principal Terms of the REIT
Reorganization is available for free at:

                       http://is.gd/tXThAC

                About Energy Future Holdings Corp.

Energy Future Holdings Corp., formerly known as TXU Corp., is
aprivately held diversified energy holding company with a
portfolioof competitive and regulated energy businesses in Texas.
Oncor,an 80 percent-owned entity within the EFH group, is the
largestregulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth.  EFH Corp. was created
inOctober 2007 in a $45 billion leverage buyout of Texas
powercompany TXU in a deal led by private-equity companies
KohlbergKravis Roberts & Co. and TPG Inc.

On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D.
Del.Lead Case No. 14-10979) after reaching a deal with some
keyfinancial stakeholders to keep its businesses operating
whilereducing its roughly $40 billion in debt.

The Debtors' cases have been assigned to Judge Christopher
S.Sontchi (CSS).  The Debtors are seeking to have their
casesjointly administered for procedural purposes.

As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in
book value and liabilities of $49.7 billion.  The Debtors have $42
billion of funded indebtedness.

EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal.  The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor, and
Millstein & Co., LLC, as financial advisor.

The EFIH unsecured creditors supporting the restructuring agreement
are represented by Akin Gump Strauss Hauer & Feld LLP, as legal
advisor, and Centerview Partners, as financial advisor.  The EFH
equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor.  Epiq
Systems is the claims agent.

Wilmington Savings Fund Society, FSB, the successor trustee forthe
second-lien noteholders owed about $1.6 billion, is represented by
Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A.
Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq.,
Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey,
Esq., and Howard L. Siegel, Esq.

An Official Committee of Unsecured Creditors has been appointed
inthe case.  The Committee represents the interests of the
unsecured creditors of ONLY of Energy Future Competitive Holdings
Company LLC; EFCH's direct subsidiary, Texas Competitive Electric
Holdings Company LLC; and EFH Corporate Services Company, and of no
other debtors.  The Committee has selected Morrison & Foerster LLP
and Polsinelli PC for representation in this high-profile
energyrestructuring.  The lawyers working on the case are James M.
Peck, Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at
Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.
Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at
Polsinelli


ENERGY FUTURE: To Pursue Merger, Spin-Off Under Ch. 11 Plan
-----------------------------------------------------------
Energy Future Holdings Corp., et al., filed with the U.S.
Bankruptcy Court for the District of Delaware a third amended joint
plan of reorganization and accompanying disclosure statement,
stating that the Debtors ultimately determined to pursue two
aspects of the EFH/EFIH Transaction alternatives: (a) a merger and
investment structure in which certain investors would provide a
new-money contribution that would be used to provide a full
recovery to Allowed Claims against EFH and EFIH, in cash, excluding
Makewhole Claims; and (b) the Spin-Off.

The Merger would be funded through equity investments.

Peg Brickley, writing for The Wall Street Journal, reported that
under the plan, Energy Future's 80% stake in Oncor is to be taken
over by a consortium of investors from inside and outside the
massive bankruptcy proceeding, including an affiliate of Hunt
Consolidated Inc., Anchorage Capital Group, Arrowgrass Capital
Partners, BlackRock, Centerbridge Partners, the Blackstone
Group’s GSO Capital Partners LP, Avenue Capital Group and the
Teacher Retirement System of Texas.

In a release, Hunt Consolidated Energy Chief Executive Hunter L.
Hunt called the new Energy Future plan "a significant step forward
in helping to ensure that Oncor has the resources and Texas-based
management required to continue meeting the needs of its customers
and its communities," the Journal cited.

A blacklined version of the Disclosure Statement dated Aug. 10,
2015, is available at http://bankrupt.com/misc/EFHds0810.pdf

           About Energy Future Holdings Corp.

Energy Future Holdings Corp., formerly known as TXU Corp., is
aprivately held diversified energy holding company with a
portfolioof competitive and regulated energy businesses in
Texas.  Oncor,an 80 percent-owned entity within the EFH group,
is the largestregulated transmission and distribution utility in
Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth.  EFH Corp. was created
inOctober 2007 in a $45 billion leverage buyout of Texas
powercompany TXU in a deal led by private-equity companies
KohlbergKravis Roberts & Co. and TPG Inc.

On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D.
Del.Lead Case No. 14-10979) after reaching a deal with some
keyfinancial stakeholders to keep its businesses operating
whilereducing its roughly $40 billion in debt.

The Debtors' cases have been assigned to Judge Christopher
S.Sontchi (CSS).  The Debtors are seeking to have their
casesjointly administered for procedural purposes.

As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in
book value and liabilities of $49.7 billion.  The Debtors have
$42 billion of funded indebtedness.

EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal.  The TCEH first lien
lenders supporting the restructuring agreement are represented
by Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal
advisor, and Millstein & Co., LLC, as financial advisor.

The EFIH unsecured creditors supporting the restructuring
agreement are represented by Akin Gump Strauss Hauer & Feld LLP,
as legal advisor, and Centerview Partners, as financial advisor.
The EFH equity holders supporting the restructuring agreement
are represented by Wachtell, Lipton, Rosen & Katz, as legal
advisor, and Blackstone Advisory Partners LP, as financial
advisor.  Epiq Systems is the claims agent.

Wilmington Savings Fund Society, FSB, the successor trustee
forthe second-lien noteholders owed about $1.6 billion, is
represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and
Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S.
Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle,
Esq., Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq.

An Official Committee of Unsecured Creditors has been appointed
inthe case.  The Committee represents the interests of the
unsecured creditors of ONLY of Energy Future Competitive
Holdings Company LLC; EFCH's direct subsidiary, Texas
Competitive Electric Holdings Company LLC; and EFH Corporate
Services Company, and of no other debtors.  The Committee has
selected Morrison & Foerster LLP and Polsinelli PC for
representation in this high-profile energyrestructuring.  The
lawyers working on the case are James M. Peck, Esq., Brett H.
Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison &
Foerster LLP; and Christopher A. Ward, Esq., Justin K. Edelson,
Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at
Polsinelli PC.


EQUITY COMMONWEALTH: S&P Raises Corp Credit Rating From 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Equity Commonwealth to 'BBB-' from 'BB+'.  The outlook is
stable.  S&P also affirmed its 'BBB-' rating on the company's
senior unsecured debt.

"We raised the rating to reflect asset sales and planned debt
reduction that occurred at a faster pace than we anticipated in our
prior base-case forecast," said credit analyst Jaime Gitler. "This
has resulted in a buildup of significant amounts of unrestricted
cash that we believe the company will use for debt reduction and
potentially investments in higher barrier markets."

The outlook is stable.  S&P expects the company will continue to
sell assets and use proceeds to deleverage and pursue a more
focused strategy going forward by acquiring stronger and more
durable assets in target markets.

S&P could raise the ratings if Equity Commonwealth continues to
reposition the portfolio, the remaining assets perform well, and
the company capably demonstrates a competitive niche within the new
geographies to which it has pivoted.  This could result in a
revised business risk profile to "satisfactory".

S&P could lower the ratings if the company experiences meaningful
portfolio distress or if it committed to a largely debt financed
M&A deal.  S&P could also lower the ratings if leverage rises, such
that debt to undepreciated capital rises above 40% for a sustained
period of time.  S&P considers this scenario as unlikely at this
time.



FILMED ENTERTAINMENT: Files Chapter 11 Petition to Facilitate Sale
------------------------------------------------------------------
Filmed Entertainment Inc. on Aug. 10 disclosed that the Company has
filed a petition for relief under Chapter 11 of the U.S. Bankruptcy
Code to pursue an orderly sale of its Columbia House DVD Club
business, a direct-to-customer distributor of movies and television
series in the United States.  The Company was historically active
in the musical compact disc business, but exited the music business
in 2010.

The business has been in decline for approximately two decades,
driven by the advent of digital media and resulting declines in the
recorded music business and the home-entertainment segment of the
film business.  Columbia House's revenues peaked in 1996 at
approximately $1.4 billion and declined in almost every year since
then.  In 2014, the Company's net revenues were $17 million.

After careful consideration, and with recognition of the continued
decline in the physical DVD market, the Company has determined that
the best course forward to maximize value is to sell the business
through an open auction process under section 363 of the U.S.
Bankruptcy Code.  Since late 2014, PriceWaterhouse Coopers, the
Company's financial and restructuring advisor, has conducted a
process of identifying and contacting potential purchasers and
investors.

All operations are expected to continue throughout the process, and
the Company will continue to service its members and sell DVDs.

The Chapter 11 petition was filed in the U.S. Bankruptcy Court for
the Southern District of New York (Manhattan).  

                 About Filmed Entertainment Inc.

Filmed Entertainment Inc. is the owner of Columbia House DVD Club,
a direct-to-consumer distributor of movies and television series in
the United States.


FILMED ENTERTAINMENT: Files for Ch. 11, In Talks With Buyer
-----------------------------------------------------------
Filmed Entertainment Inc., owner of the Columbia House DVD Club,
has sought Chapter 11 protection to pursue a sale of its business.

Previously a top seller of vinyl records and then musical compact
discs, the Columbia House at present distributes movies and
television series titles to 110,000 club members.  The business has
been in decline for approximately two decades, driven by the advent
of digital media and resulting declines in the recorded music
business and the home-entertainment segment of the film business.
The Columbia House business peaked in 1996, when revenues were
approximately $1.4 billion.  By 2005, when Debtor acquired Columbia
House, Columbia House revenues had declined precipitously to $522
million.  In 2014, revenues were $17 million.

The Debtor currently does not have any employees.  Over the last
several years, the Company has outsourced its operational functions
to third-party vendors under service agreements.

                     Prepetition Indebtedness

The Debtor does not have any institutional financial debt. The
Debtor has a secured obligation of $800,000 as of Aug. 7, 2015
stemming from a settlement agreement with HCL America, Inc., and a
related confession of judgment.

In addition, the Debtor has $7 million in unsecured current
liabilities, including trade payables and royalty licensing amounts
due to movie studios, and $56 million in legacy liabilities
reflected on its balance sheet.  The Debtor's actuarial consultants
have advised that, as of May 2015, the Debtor has $20.1 million of
long-term qualified pension liability.  There is also $10.2 million
of long-term nonqualified pension liability.

                          Sale Process

Glenn Langberg, independent director of FEI, explains that
notwithstanding major cost reduction efforts, and efforts to
streamline the Company to make it more nimble and operationally
efficient, given adverse market conditions, sales have continued to
decline for many years.  The Debtor is continuing to lose cash at a
rate that would require it to cease operations at some point if it
is unable to consummate the sale of its assets in a Court
supervised transaction.

In May 2013, the Debtor engaged the restructuring group of PwC to
advise it with respect to a range of operational and financial
initiatives.  In October 2014, with the assistance of PwC, the
Debtor began a process to explore strategic alternatives, including
for instance a sale of the business; minority and majority
investments (either via debt, equity or both); refinancing; and
joint venture arrangements.  Strategic parties contacted included
physical and digital media companies.  Financial parties contacted
included private equity firms, hedge funds, traditional lending
institutions and specialty lenders. After an extensive analysis of
these alternatives, the Debtor, through PwC, contacted
approximately 130 strategic and financial parties that they
believed would be potentially interested in consummating one of the
restructuring transactions.

PwC sent "teasers" and non-disclosure agreements to 130 parties.
Of the 130 parties, approximately 20 expressed interest and signed
non-disclosure agreements.  The Interested Parties were provided
access to a comprehensive data room, containing the Debtor's key
financial and operational information, and all of its relevant
organizational and corporate documents.  One party -- Potential
Buyer 1 -- engaged in specific negotiations with respect to
entering into a transaction with the Debtor -- specifically,
investment and a going concern acquisition of substantially all of
the Debtor's assets.

Accordingly, in November 2014, the Debtor and Potential Buyer 1
began negotiating the terms of a going concern sale, with the
parties exchanging term sheets outlining the prospective terms and
conditions of an investment/acquisition.  The parties, however,
were unable to reach an agreement regarding a transaction.  In
addition to Potential Buyer 1, the Debtor has been in active
discussions with another party -- Potential Buyer 2 -- regarding
its potential acquisition of the Debtor's assets.  These
discussions with Potential Buyer 2 remain ongoing as of the
Petition Date.

The Debtor continues to actively market its assets, and intends to
recontact all of the Interested Parties, among others.  The Debtor
will seek authority from the Bankruptcy Court to continue such
marketing and to conduct a sale of its assets pursuant to a
court-supervised process -- including approval of, among other
things, bidding and auction procedures and ultimately approval of
the Debtor's asset sale.

Given the Debtor's continuing cash burn and considerable
prepetition marketing of its assets, the Debtor will be proposing,
in the short term, an expedited sale process.  The Debtor believes
an expedited timeline is appropriate to effectuate a prompt, yet
court supervised sale of the Debtor's assets as a going concern,
and to maximize the value of the Debtor's assets for all parties in
interest in this case.  It is logical and beneficial to creditors
to continue to operate the business while a potential sale is
concluded, Mr. Langberg tells the Court.

The valuable assets owned by the Debtor include, for instance, the
trade name which has much goodwill associated with it, the current
member base, the list of prior members, content Licenses, and
inventory of DVDs in the warehouse.

                       First Day Motions

The Debtor has filed a number of first day pleadings that they say
are (a) vital to enable the Debtor to make the transition to, and
operate in, chapter 11 with minimum interruption or disruption to
its business or loss of going concern value, and (b) constitute a
critical element in the Debtor achieving a successful sale and an
orderly wind-down of its business.

The Debtor is seeking approval to:

  -- extend the time to file schedules and SOFAs;
  -- tap Prime Clerk LLC as claims and noticing agent;
  -- maintain its cash management system;
  -- pay state and local sales and use tax liabilities;
  -- confirm the protections of the automatic stay;
  -- grant administrative expense status to postpetition goods;
  -- continue its customer programs; and
  -- use cash collateral.

A copy of the affidavit in support of the first day motions is
available for free at:

     http://bankrupt.com/misc/FEI_1st_Day_Affidavit.pdf

                    About Filmed Entertainment

Filmed Entertainment Inc. owns and operates the "Columbia House DVD
Club," a direct-to-customer distributor of movies and television
series in the United States.  FEI conducts its business through
physical catalogues and through the http://www.columbiahouse.com/
Web site.  FEI was historically active in the musical compact disc
business, but exited the music business in 2010.  Founded in 1955
as a division of CBS Inc. to sell vinyl records and cassette tapes,
FEI is a unit of Pride Tree Holdings, Inc., which acquired FEI in
December 2012.

On Aug. 10, 2015 FEI filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y.
Case No. 15-12244) in Manhattan, New York.  The case IS pending
before the Honorable Shelley C. Chapman.

The Debtor tapped Griffin Hamersky P.C. as counsel, and Prime Clerk
LLC as claims and noticing agent.

The Debtor estimated assets of $1 million to $10 million and debt
of $50 million to $100 million.


FILMED ENTERTAINMENT: Seeks to Use Cash Collateral
--------------------------------------------------
Filmed Entertainment Inc. is asking the U.S. Bankruptcy Court for
the Southern District of New York for approval to use cash
collateral and grant adequate protection to secured party HCL
America, Inc.

On Oct. 15, 2013, HCL America, Inc., commenced an action against
the Debtor in the Supreme Court of the State of New York, County of
New York, seeking, inter alia, payment of outstanding invoices of
approximately $4.6 million, plus interest, attorney's fees, and
collection costs.   The Debtor asserted counterclaims in the amount
in excess of $5 million.

On July 22, 2014, the Debtor, then known as Direct Brands, Inc.,
and HCL entered into a certain stipulation of settlement, as
amended on Aug. 15, 2014, relating to, inter alia, the settlement
and dismissal of certain state court litigation.  The Settlement
Agreement obligated the Debtor, in part, to remit $3 million to HCL
over a period of 21 months.  Payment of the Settlement Amount was
secured by all assets of the Debtor.  As of the Petition Date, the
Debtor's outstanding obligation to HCL is $800,000.

The Debtor intends to use HCL's cash collateral to pay operating
costs and expenses -- including, but not limited to, management
fees -- fees owed to the United States Trustee, and restructuring
expenses.

The proposed interim order submitted by the Debtor contemplates the
use of cash collateral through the week ending Nov. 6, 2015.

Subject to a carve-out for professional fees and terms of any
postpetition financing approved in the case, the Debtor will grant
HCL:

     (i) allowed senior administrative expense claims with priority
over any and all other claims against the Debtor, now existing or
hereafter arising, of any kind whatsoever, as provided under
Section 507(b) of the Bankruptcy Code; and

    (ii) adequate protection liens, including replacement liens,
liens on certain unencumbered property, provided that unencumbered
property will not include avoidance actions under Chapter 5 of the
Bankruptcy Code or the proceeds thereof.

                    About Filmed Entertainment

Filmed Entertainment Inc. owns and operates the "Columbia House DVD
Club," a direct-to-customer distributor of movies and television
series in the United States.  FEI conducts its business through
physical catalogues and through the http://www.columbiahouse.com/
Web site.  FEI was historically active in the musical compact disc
business, but exited the music business in 2010.  Founded in 1955
as a division of CBS Inc. to sell vinyl records and cassette tapes,
FEI is a unit of Pride Tree Holdings, Inc., which acquired FEI in
December 2012.

On Aug. 10, 2015 FEI filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y.
Case No. 15-12244) in Manhattan, New York.  The case is pending
before the Honorable Shelley C. Chapman.

The Debtor tapped Griffin Hamersky P.C. as counsel, and Prime Clerk
LLC as claims and noticing agent.

The Debtor estimated assets of $1 million to $10 million and debt
of $50 million to $100 million.


FILMED ENTERTAINMENT: Wants 2 More Weeks to File Schedules
----------------------------------------------------------
Filmed Entertainment Inc. is asking the U.S. Bankruptcy Court for
the Southern District of New York to extend by 14 days the deadline
to file its statements of financial affairs and schedules of assets
and liabilities.

The Debtor says it will coordinate with the United States Trustee,
and any official committee appointed in the Chapter 11 Case, to
ensure that an initial section 341 meeting of creditors is timely
held, by making sufficient financial data and creditor information
available.

The Debtor has begun compiling the information that will be
required to complete the Schedules and Statements.  However, the
Debtor has not yet finished this process, as it does not have
employees of its own, but instead is working with Bookspan LLC, its
affiliate, who maintains and controls substantially all of the
Debtor's books and records pursuant to a services agreement between
the parties.

                    About Filmed Entertainment

Filmed Entertainment Inc. owns and operates the "Columbia House DVD
Club," a direct-to-customer distributor of movies and television
series in the United States.  FEI conducts its business through
physical catalogues and through the http://www.columbiahouse.com/
Web site.  FEI was historically active in the musical compact disc
business, but exited the music business in 2010.  Founded in 1955
as a division of CBS Inc. to sell vinyl records and cassette tapes,
FEI is a unit of Pride Tree Holdings, Inc., which acquired FEI in
December 2012.

On Aug. 10, 2015 FEI filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y.
Case No. 15-12244) in Manhattan, New York.  The case IS pending
before the Honorable Shelley C. Chapman.

The Debtor tapped Griffin Hamersky P.C. as counsel, and Prime Clerk
LLC as claims and noticing agent.

The Debtor estimated assets of $1 million to $10 million and debt
of $50 million to $100 million.


FINJAN HOLDINGS: Jury Finds 5 of 6 Finjan's Patents Infringed
-------------------------------------------------------------
Finjan Holdings, Inc., announced that the jury in Finjan, Inc. v.
Blue Coat Systems Inc. (5:13-cv-03999-BLF) returned a unanimous
verdict that Finjan's U.S. Patent Nos. 6,154,844, 6,804,780,
6,965,968, and the 7,418,731 were literally infringed by Blue Coat.
Further, the jury found that U.S. Patent No. 7,647,633 was
infringed by Blue Coat under the Doctrine of Equivalents. Moreover,
the jury found each of Finjan's asserted patents valid.  The
verdict, reached on Aug. 4, 2015, followed a two-week trial before
the Honorable Beth Labson Freeman of the U.S. District Court for
the Northern District of California.

Finjan alleged that Blue Coat's products or combination of
products, namely, WebPulse, ProxySG, CAS (or Content Analysis
System), MAA (or Malware Analysis Appliance), and ProxyAG infringed
one or more of the asserted claims of the asserted patents.

The jury also decided that Finjan was entitled to $39,528,487
damages as reasonable royalties for Blue Coat's infringement.

"We are both grateful and gratified with the jury's verdict," said
Julie Mar-Spinola, Finjan's chief intellectual property officer and
VP, Legal.  "As we have stated in our earlier Litigation Updates,
we are committed to our licensing best practices and will present
our patent infringement claims credibly and convincingly to
establish the merits of our case, in and outside of the courtroom.
Additionally, we were confident in the merits of our patent claims
against Blue Coat.  It is significant that the jury unanimously
agreed with us on all but one."

Finjan is well-represented by Paul Andre, Lisa Kobialka, James
Hannah, Hannah Lee, and Kris Kastens, and many other significant
contributors from the law offices of Kramer Levin Naftalis &
Frankel in Menlo Park, CA.

Finjan has also 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.  This matter has
also been assigned to Judge Freeman.





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.  The
court dockets for the foregoing cases are publicly available on the
Public Access to Court Electronic Records (PACER) website,
www.pacer.gov, which is operated by the Administrative Office of
the U.S. Courts.

                            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.


FOUR OAKS: Announces Release from 2011 Written Agreement
--------------------------------------------------------
Four Oaks Fincorp, Inc., the holding company for Four Oaks Bank &
Trust Company, announced that the Company and Bank have been
released from the Written Agreement dated May 24, 2011, with the
Federal Reserve Bank of Richmond and the North Carolina Office of
the Commissioner of Banks.

Working closely with its regulatory partners, the Company has been
able to demonstrate substantial business and risk management
progress and was deemed in compliance with the twenty point Written
Agreement.  The Company's 2014 capital raise, continued asset
quality improvements, and implementation of the asset resolution
plan were critical to the Bank's ability to demonstrate the
required compliance.  At the same time, the Bank has entered into a
more narrow, three point Written Agreement only with the Federal
Reserve Bank of Richmond that is unrelated to the Bank's financial
condition.  This agreement covers the preparation and
implementation of programs related to board oversight, review of
new products and services, and ongoing customer monitoring.  The
Bank has already made strides in improving these areas and believes
that it will be able to demonstrate full compliance with this
agreement in the future.

President and Chief Executive Officer David H. Rupp stated, "This
has been an important quarter for our Bank.  Following the
announcement of record earnings, we were able to reach agreement
with our regulatory partners to lift the Written Agreement from
2011.  This action reflects improvements in our capital position,
asset quality, and governance.  We will continue to work diligently
to improve the Bank across all areas.  We are very thankful for the
support of our customers, our communities and our fine team members
who have remained loyal to the Bank as we have worked through these
changes."

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

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

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

   * review and revise the Bank's current policy regarding the    
     Bank's allowance for loan and lease losses and maintain a
     program for the maintenance of an adequate allowance.

                         About Four Oaks

With $722 million in total assets as of June 30, 2015, Four Oaks
Bank & Trust Company, through its wholly-owned subsidiary, Four
Oaks Bank & Trust Company, offers a broad range of financial
services through its sixteen offices in Four Oaks, Clayton,
Smithfield, Garner, Benson, Fuquay-Varina, Wallace, Holly Springs,
Harrells, Zebulon, Dunn, Raleigh (LPO), Apex (LPO) and Southern
Pines (LPO), North Carolina.  Four Oaks Fincorp, Inc. trades
through its market makers under the symbol of FOFN.

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


FRAC SPECIALISTS: Gets Final Approval to Use Cash Collateral
------------------------------------------------------------
Frac Specialists LLC received final approval to use the cash
collateral of its lender Capital One N.A.

Pursuant to the court order, Capital One, which is owed more than
$7 million, will be granted security interests and liens in the
properties owned by Frac Specialists and its affiliates as
"adequate protection."

Frac Specialists will also pay the bank $2.1 million through funds
it will receive from Encana Oil & Gas (USA) Inc.

Capital One will get a "superpriority administrative expense claim"
if the $2.1 million payment and liens granted to it are not enough
to protect the bank, court filings show.

The final order was signed by Judge D. Michael Lynn of U.S.
Bankruptcy Court for the Northern District of Texas.

                       About Frac Specialists

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

The Companies sought Chapter 11 bankruptcy protection (Bankr. N.D.
Tex. Lead Case No. 15-41974), on May 17, 2015.  Larry P. Noble
signed the petitions as manager.

On May 27, 2015, the Court directed the joint administration of the
cases.  The Debtors estimated assets and debts of $50 million to
$100 million.

Judge Michael Lynn presides over the cases.  The Debtors tapped
Lynda L. Lankford, Esq., and Jeff P. Prostok,Esq., at Forshey &
Prostok, LLP, as their counsel.

The U.S. Trustee appointed five creditors to serve on an official
committee of unsecured creditors.


FRAC SPECIALISTS: Palmer & Manuel Files Rule 2019 Statement
-----------------------------------------------------------
Larry Chek, Esq., at Palmer & Manuel LLP, in Dallas, Texas,
disclosed in a court filing that his firm represents these
creditors in the Chapter 11 cases of Frac Specialists LLC and its
affiliates:

     (1) Wells Fargo Equipment Finance, Inc.
         733 Marquette Ave., Suite 700
         MAC N9306-070
         Minneapolis, MN 55402

      (2) First National Capital, LLC
          27051 Towne Centre Dr., 260
          Foothill Ranch, CA 92610

Mr. Chek made the disclosure pursuant to Rule 2019 of the Federal
Rules of Bankruptcy Procedure.

                       About Frac Specialists

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

The Companies sought Chapter 11 bankruptcy protection (Bankr. N.D.
Tex. Lead Case No. 15-41974), on May 17, 2015.  Larry P. Noble
signed the petitions as manager.

On May 27, 2015, the Court directed the joint administration of the
cases.  The Debtors estimated assets and debts of $50 million to
$100 million.

Judge Michael Lynn presides over the cases.  The Debtors tapped
Lynda L. Lankford, Esq., and Jeff P. Prostok,Esq., at Forshey &
Prostok, LLP, as their counsel.

The U.S. Trustee appointed five creditors to serve on an official
committee of unsecured creditors.


FUSION TELECOMMUNICATIONS: Appoints Principal Accounting Officer
----------------------------------------------------------------
The Board of Directors appointed Lisa Taranto as the principal
accounting officer of Fusion Telecommunications International, Inc.
and its subsidiaries.

Ms. Taranto has served as vice president, accounting and finance
since January 2014.  Prior to joining the Company, Ms. Taranto
served as vice president, finance and accounting for Broadvox, LLC
and from January 2006 to January 2011 served as vice president,
accounting and financial operations to Cypress Communications.
From May 2003 to April 2005, Ms. Taranto held senior financial
management roles at AirGate PCS (a Sprint Company), where she built
the company's settlements operations organization and held a
position on that company's external controls and disclosures
committee.  Ms. Taranto has over 25 years of financial management
experience in the communications industry.  Earlier in her career,
Ms. Taranto held executive management roles at MCI/Verizon
Business, where she led the Global Financial Operations and IT
Revenue Systems organizations.  Ms. Taranto holds a B.A from
William Patterson University.

                   About Fusion Telecommunications

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

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

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


GLYECO INC: John Lorenz Quits as Director
-----------------------------------------
John Lorenz tendered his resignation as a director of GlyEco, Inc.,
effective Aug. 5, 2015, according to a document filed with the
Securities and Exchange Commission.  Mr. Lorenz's resignation was
not the result of any disagreement with the Company on any matter
relating to its operations, policies, or practices.

"The Board of Directors would like to thank Mr. Lorenz for his
dedication, leadership, and lasting contributions to the Company
throughout his many years of service, and it wishes him well in all
of his future endeavors."   

                         About GlyEco, Inc.

Phoenix, Ariz.-based GlyEco, Inc., is a green chemistry company
formed to roll-out its proprietary and patent pending glycol
recycling technology that transforms waste glycols, a hazardous
material, into profitable green products.

As of March 31, 2015, the Company had $16.6 million in total
assets, $2.48 million in total liabilities and $14.09 million in
total stockholders' equity.

Glyeco reported a net loss attributable to common shareholders of
$8.73 million on $5.89 million of net sales for the year ended Dec.
31, 2014, compared with a net loss of $4 million on $5.53 million
of net sales for the year ended Dec. 31, 2013.

Semple, Marchal & Cooper, LLP, in Phoenix, Arizona, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has yet to
achieve profitable operations and is dependent on its ability to
raise capital from stockholders or other sources to sustain
operations and to ultimately achieve viable operations. These
factors raise substantial doubt about the Company's ability to
continue as a going concern.


GOLD HORSES: Case Summary & 16 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Gold Horses LLC
           dba Del Cielo Home Care Services LLC
        1807 Alta Vista Street
        Alice, TX 78332

Case No.: 15-20313

Nature of Business: Health Care

Chapter 11 Petition Date: August 10, 2015

Court: United States Bankruptcy Court
       Southern District of Texas (Corpus Christi)

Debtor's Counsel: Lynn Hamilton Butler, Esq.
                  HUSCH BLACKWELL LLP
                  111 Congress Ave, Ste 1400
                  Austin, TX 78701-4043
                  Tel: (512) 479-9758
                  Fax: (512) 226-7318
                  Email: lynn.butler@huschblackwell.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Andres Elizondo, II, director.

A list of the Debtor's 16 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txsb15-20313.pdf


GOLD RIVER: Directed to Make Disclosures re Pasadena Property
-------------------------------------------------------------
The United States Bankruptcy Court for the Central District of
California, Los Angeles Division, ordered Gold River Valley, LLC,
to provide all disclosures related to the real property known as
650-652 S. Lake Avenue, in Pasadena, California, to its secured
creditor, Lone Oak Fund, LLC.

Lone Oak sought the disclosures, including (a) copies of all
marketing materials related to and/or which refer to the sale of
the Property; (b) copies of all communications which identify any
expressions of interest and/or offers to purchase the Property; (c)
copies of all communications which identify or refer to any
counteroffers made or submitted for the sale/purchase of the
Property; (d) copies of all communications which identify or refer
to any expressions of interest of any potential stalking horse
bidder(s) for the Property; and (e) copies of all communications
which identify or refer to any inquires received by Debtor and/or
the Broker related to the Property; having not received said
disclosures, and good cause otherwise appearing therefor.

Lone Oak Fund, LLC, is represented by:

          Simon Aron
          Elsa Horowitz
          WOLF, RIFKIN, SHAPIRO, SCHULMAN & RABKIN, LLP
          11400 West Olympic Boulevard, 9th Floor
          Los Angeles, California 90064-1582
          Tel: (310) 478-4100
          Fax: (310) 479-1422
          Email: saron@wrslawyers.com
                 ehorowitz@wrslawyers.com

                   About Gold River Valley, LLC

Gold River Valley, LLC, sought Chapter 11 bankruptcy protection
(Bankr. C.D. Cal. Case No. 15-10691) in Los Angeles, on Jan. 16,
2015.  

David B. Golubchik, Esq., and Jeffrey S. Kwong, Esq., at Levene,
Neale, Bender, Yoo & Brill L.L.P., represents the Debtor as
counsel.

The Debtor disclosed $12,000,000 in assets and $8,720,911 in
liabilities as of the Chapter 11 filing.


IDERA PHARMACEUTICALS: Posts $12.7 Million Net Loss for 2nd Qtr.
----------------------------------------------------------------
Idera Pharmaceuticals, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $12.7 million on $5,000 of alliance revenue for the three months
ended June 30, 2015, compared to a net loss of $8.3 million on
$38,000 of alliance revenue for the same period during the prior
year.

For the six months ended June 30, 2015, the Company reported a net
loss of $25.2 million on $39,000 of alliance revenue compared to a
net loss of $17.2 million on $41,000 of alliance revenue for the
same period a year ago.

As of June 30, 2015, the Company had $109.8 million in total
assets, $7.3 million in total liabilities and $102.5 million in
total stockholders' equity.

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

                        http://is.gd/rcewFv

                            About Idera

Cambridge, Massachusetts-based Idera Pharmaceuticals, Inc., is a
clinical stage biotechnology company engaged in the discovery and
development of novel synthetic DNA- and RNA-based drug candidates
that are designed to modulate immune responses mediated through
Toll-like Receptors, or TLRs.  The Company has two drug
candidates, IMO-3100, a TLR7 and TLR9 antagonist, and IMO-8400, a
TLR7, TLR8, and TLR9 antagonist, in clinical development for the
treatment of autoimmune and inflammatory diseases.

Idera Pharmaceuticals reported a net loss attributable to common
stockholders of $39.2 million in 2014, a net loss applicable to
common stockholders of $21.09 million in 2013 and a net loss
applicable to common stockholders of $22.5 million in 2012.


ISLE OF CAPRI CASINOS: Moody's Alters Ratings Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service revised Isle of Capri's Casinos rating
outlook to positive from stable.  The company's existing ratings,
including its B2 Corporate Family Rating, were affirmed.

Ratings Affirmed:

  Corporate Family Rating, at B2

  Probability of Default Rating, at B2-PD

  $300 million senior secured revolver due 2018, at Ba2 (LGD1)

  $500 million 5.875% senior unsecured notes due 2021, at B2
   (LGD3)

  $350 million 8.875% senior subordinated notes due 2021, at Caa1
   (LGD5)

Isle owns or operates 15 gaming and entertainment facilities in
Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri and
Pennsylvania.  Net revenue for the company's fiscal year-ended
April 26, 2015 was $996.3 million.

RATINGS RATIONALE

The outlook revision to positive reflects the improvement and
stability in Isle's gaming revenue that has occurred in the past
few months.  This, combined with a lower and more efficient cost
structure, provides Moody's with a higher level of confidence that
Isle will be able to maintain lease-adjusted debt/EBITDA below 5.0
times, the current leverage trigger required for a higher rating.
Isle's lease-adjusted debt/EBITDA was 5.0 times for the fiscal
year-ended April 26, 2015.

Moody's currently estimates that Isle will generate discretionary
cash flow of between $85 million and $95 million in both fiscal
2016 and in fiscal 2017, and that about $100 million of that amount
will be applied toward debt reduction.  Isle has already reduced
its total debt about 10% in the last two years, and Moody's expects
it to drop by another 10% through the end of fiscal 2017.  This
absolute debt reduction along with some modest EBITDA growth is
expected to improve debt/EBITDA to near 4.5 times in fiscal 2016.
Although some of the discretionary cash flow generated through
fiscal 2017 will be used for development capital expenditure,
including the development of a single level land-based casino in
Bettendorf, Iowa that will replace Isle's existing riverboat casino
in that market, we consider the company's development plans to be
relatively modest, and important in terms of maintaining its
customer base in Bettendorf, Iowa.

In addition to Moody's expectation of further debt reduction, the
B2 Corporate Family Rating considers Isle's geographically diverse
portfolio of casino assets which reduces Isle's reliability on any
one particular gaming jurisdiction and/or gaming market.  Positive
rating consideration is also given to Moody's stable US gaming
industry outlook.  Moody's revised its US gaming industry sector
outlook (ISO) to stable from negative on July 14 based on Moody's
view that the sector's EBITDA has improved.

Despite recent improvements in gaming revenue demand, Isle, along
with other U.S. regional gaming operators face fundamental
long-term challenges.  In addition to casino oversupply conditions
and the resulting cannibalization of customer dollars that is
occurring throughout many US gaming markets, US population
demographics continue to move in a direction that doesn't favor
casino gaming.  As a result, the continued heavy reliance on slots
and table games puts "bricks and mortar" regional casinos like Isle
at risk.  Projected population demographics point to a more
significant shift in age distribution of the US population to
people aged 65 years and older.  An aging population implies both
lower labor force participation and savings rates, and raises the
concern of slowing economic growth.  This in turn raises concerns
about the amount of discretionary income that will be available in
the future to spend on highly discretionary leisure activities like
casino gaming.  At the same time, the younger generation may not be
spending as much time playing casino-style games at regional
casinos as previous generations did.  This younger demographic has
a much larger, more diverse, more sophisticated and more mobile
type of entertainment options to spend their discretionary income
on, compared to previous generations.

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



ISTAR FINANCIAL: Reports $31 Million Net Loss for 2nd Quarter
-------------------------------------------------------------
iStar Financial Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
allocable to common shareholders of $30.9 million on $109.2 million
of total revenues for the three months ended June 30, 2015,
compared to a net loss allocable to common shareholders of $16.2
million on $129.8 million of total revenues for the same period in
2014.

For the six months ended June 30, 2015, the Company reported a net
loss allocable to common shareholders of $53.5 million on $222
million of total revenues compared to a net loss allocable to
common shareholders of $42.7 million on $238.6 million of total
revenues for the same period during the prior year.

As of June 30, 2015, iStar Financial had $5.6 billion in total
assets, $4.4 billion in total liabilities, $12.6 million in
redeemable noncontrolling interests, and $1.1 billion in total
equity.

                        Board of Directors

The Board of Directors has elected Clifford De Souza as a new
director of the Company effective July 28, 2015.  This expands the
total number of directors to seven, six of which are independent.
Mr. De Souza will serve on the Company's audit committee.

Most recently, Mr. De Souza was Head of International Business at
Mitsubishi UFJ Holdings (Japan) from 2012 to 2014 where he was
responsible for all securities and investment banking activity,
primary and secondary, outside of Japan.  In this capacity he also
served as Chairman of the Board of the US, Hong Kong and Singapore
subsidiaries and on the board of its London entity.  He also served
as CEO of the London subsidiary from 2008 to 2012.  Prior to this
he held a number of senior capital market positions in various
global institutions.  He holds a B.A. in Physics from the
University of Cambridge and a Ph.D. in Theoretical Physics from the
University of Maryland.

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

                         http://is.gd/7m0zgV

                         About iStar Financial

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

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

                            *     *     *

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

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

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


JBS USA: Moody's Assigns Ba1 Rating on New $1.2BB Sr. Secured Loan
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to JBS USA
LLC's proposed $1.2 billion 7-year senior secured term loan.  Net
proceeds from the offering would be used to fund a portion of the
previously announced $1.45 billion acquisition of Cargill
Incorporated's ("Cargill", A2 stable) pork operations.  The rating
is subject to successful completion of the offering and final
documentation.  The rating outlook is stable.

On July 1, JBS S.A. (Ba2 stable) announced the acquisition of
Cargill's US pork assets for USD1.45 billion.  The acquisition is
pending approval from the US antitrust authorities and the final
purchase price is subject to working capital adjustments.  JBS
plans to complete the transaction in the first quarter of 2016.

RATINGS RATIONALE

JBS USA's ratings are driven primarily by the Corporate Family
Rating of JBS S.A. (Ba2, stable), which controls JBS USA Holdings
and its wholly-owned subsidiary JBS USA LLC in all material
respects.  Thus, Moody's expects any future changes to JBS USA's
ratings to mirror changes to JBS S.A.'s Corporate Family Rating.
Please refer to JBS S.A.'s credit opinion on moodys.com for the
factors that could lead to a change in JBS S.A.'s ratings.

JBS S.A's Ba2 Corporate Family Rating incorporates the strength of
its global operations as one of the world's largest protein
producers and its good diversification of protein products, raw
material sourcing and sales.  These strengths are balanced against
inherent industry risks such as animal protein cycles, diseases and
trade restrictions.  The ratings are also constrained by JBS's
track record of aggressive acquisitions, and a high degree of
uncertainty regarding its future growth strategy.  For example, the
company has stated that organic growth would be priority for 2015;
yet, the company has announced two separate major acquisitions this
year: a $1.5 billion deal to purchase UK poultry processor Moy Park
on June 29, and days later, the $1.45 billion Cargill pork deal.

Rating assigned:

JBS USA, LLC

Proposed $1.2 billion Term loan B due May 2022 at Ba1.

The outlook is stable.

JBS USA currently has two senior secured term loans outstanding
under a master term loan agreement: $408 million due 2018 and $493
million due 2020.  The existing term loans and the proposed $1.2
billion senior secured term loan (to be issued under the same
master term loan agreement) would all be rated Ba1, one notch above
the Ba2 Corporate Family Rating of JBS S.A., reflecting the assets
pledged to the term loan lenders and the term loans' senior
position to $3.5 billion of senior unsecured debt in the capital
structure.  The term loans are effectively subordinate to a $900
million asset-based revolving line that is secured by JBS USA's
most liquid assets — accounts receivable, finished goods and
supply inventories.  The asset-based revolver, the secured term
loans and nearly all of the unsecured notes have downstream
guarantees from the ultimate parent JBS S.A., as well as from
intermediate holding company, JBS Holdings.  JBS USA provides an
upstream guarantee of JBS S.A.'s 2016 senior notes.  JBS Five
Rivers, an unrestricted cattle feeding subsidiary of JBS USA, is
not a guarantor.

JBS USA operates the US beef and pork segments and the Australian
beef and lamb operations of Brazil-based JBS S.A., the largest
protein processor in the world.  JBS USA is owned directly by an
intermediate holding company, JBS USA Holdings, which also owns a
75.5% controlling equity interest in US-based Pilgrim's Pride
Corporation, the second largest poultry processor in the world.
Reported net sales for JBS S.A., Holdings, and Pilgrims for the
twelve months ended December 2014 were approximately BRL 120.5
billion (USD 39.7 billion) and $8.6 billion, respectively, while
JBS USA reported net sales of $20.4 billion for the twelve-month
period ended March 31, 2015.

The principal methodology used in this rating was Global Protein
and Agriculture Industry published in May 2013.



KOPPERS HOLDINGS: 2nd Qtr Results Evidence Maintaining Moody's CFR
------------------------------------------------------------------
Koppers Holdings, Inc.'s second quarter results and updated debt
reduction targets are credit-positive developments that evidence
management's commitment to Moody's Ba3 Corporate Family Rating.

Headquartered in Pittsburgh, Pa., Koppers Holdings Inc. produces
carbon compounds and treated wood products used in the aluminum,
chemical, railroad, residential lumber, and steel industries.



LEO MOTORS: Launches Major Joint Venture in China
-------------------------------------------------
Leo Motors Inc. has signed a joint venture agreement with Fushun
Jinyuan Technology Machinery Manufacturing Co., Ltd. to set up a
Joint Venture Company in Fushun City in Liaoning Province of China
to develop, manufacture and sell electric cars for Chinese and
international markets.  The initial investment of the JVC is
411,600,000 Chinese Yuan or US$66 million.

LEO's proprietary technologies will be utilized in electric cars
manufactured by the JVC, which will be sold to both government
offices and private companies in three Northeastern Provinces of
China (Liaoning, Jilin and Heilongjiang) encompassing eastern Inner
Mongolia, beginning in 2016.

China has mandated that by 2016 30% of all new government vehicle
purchases are to be electric powered in order to fight pollution
and cut energy use.  The mandate is facilitated by an exemption
from sales tax.

In spite of the central government's mandate, there are very few
electric vehicles in three Northeastern Provinces because of the
extremely cold winters, at times dropping below -22 degrees
Fahrenheit.  In such cold temperatures traditional batteries do not
function, making electric vehicles useless.

LEO has solved the cold region problem with its recently invented
electric vehicle battery power pack using Nano Carbon Technology
which works and supplies full power in low temperatures (under -22
degrees Fahrenheit) without any capacity or power loss.

LEO was invited to participate in this new business venture by the
city government of Fushun.  Fushun city officers introduced Leo to
Jinyuan, the largest private company in Fushun City.  Because of
their role in facilitating the new venture all important Fushun
City officials including the mayor, deputy mayor, and major
directors and managers attended the agreement signing ceremony.

In the interview with local press at the signing ceremony, Mr. Si
Guicheng, the chairman of Jinyuan, stated, "The government projects
the demand for electric vehicles from the three Northeastern
Provinces exceed one million units including electric buses,
garbage trucks, city cleaning trucks, fire engines, and official or
public business cars.  The JVC is expected to supply 30,000
electric vehicles to the government within the first year of
manufacturing as we monopolize the regional electric vehicle market
based on LEO's CNT battery power pack technology. Sales are
expected to exceed 10 billion Chinese Yuan (approx. $1.67 billion
USD) per year."

Dr. Shi Chul (Robert) Kang, CEO of Leo stated, "LEO's sales are
expected to reach 4 billion Yuan (approx. $643 million USD)
annually based on our priority rights to  supply power trains
including motors, controllers and battery power packs for the
electric vehicles manufactured by the JVC."  He also said, "From
the foundation of our experience in the Northeast China, we will
aggressively expand our business into the electric vehicle markets
of all extreme cold regions in the world, including Russia, Alaska,
Norway, Finland, etc.  Our CNT battery power pack is the ultimate
marketing edge for electric vehicles in extremely cold regions in
the world."

It is important to note that LEO will receive 10% of the JVC gross
profit for ten years as a technology transfer fee.

Leo has the exclusive right to market and sell electric vehicles
manufactured by the JVT outside China.  Dr. Kang added, "We have
recently invented additional major new technologies which make
electric vehicles more sustainable including an  electromagnetic
prevention circuit, a handy and low cost battery swap system, a
circuit breakage prevention system, cartridge batteries, and "cloud
based" computer-connected electric power trains.  These
technologies are essential to increase electric vehicles' safety
and sustainability in all of the climates and will change the
world's concept of electric vehicles versatility and reliability."


                          About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million.  During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.

Leo Motors incurred a net loss of $4.5 million on $693,000 of
revenues for the year ended Dec. 31, 2014, compared to a net loss
of $1.24 million on $0 of revenues for the year ended Dec. 31,
2013.

As of March 31, 2015, the Company had $5.77 million in total
assets, $4.87 million in total liabilities and $904,500 in total
equity.

John Scrudato CPA, in Califon, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has incurred
significant accumulated deficits, recurring operating losses and a
negative working capital.  This and other factors raise substantial
doubt about the Company's ability to continue as a going concern.


LIQUIDMETAL TECHNOLOGIES: Posts $2.1 Million Net Loss for Q2
------------------------------------------------------------
Liquidmetal Technologies, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $2.1 million on $39,000 of total revenue for the
three months ended June 30, 2015, compared to a net loss of $2.5
million on $153,000 of total revenue for the same period during the
prior year.

For the six months ended June 30, 2015, the Company reported a net
loss of $4.5 million on $65,000 of total revenue compared to a net
loss of $6.4 million on $313,000 of total revenue for the same
period a year ago.

As of June 30, 2015, the Company had $9.5 million in total assets,
$3.9 million in total liabilities and $5.5 million in total
stockholders' equity.

"We anticipate that our current capital resources, when considering
expected losses from operations, will be sufficient to fund our
operations through the middle of 2016.  We have a relatively
limited history of producing bulk amorphous alloy components and
products on a mass-production scale.  Furthermore, the ability of
future contract manufacturers to produce our products in desired
quantities and at commercially reasonable prices is uncertain and
is dependent on a variety of factors that are outside of our
control, including the nature and design of the component, the
customer's specifications, and required delivery timelines.  These
factors will likely require that we make further equity sales under
the 2014 Purchase Agreement, raise additional funds by other means,
or pursue other strategic initiatives to support our operations
beyond the middle of 2016.  There is no assurance that we will be
able to make equity sales under the 2014 Purchase Agreement or
raise additional funds by other means on acceptable terms, if at
all.  If we were to make equity sales under the 2014 Purchase
Agreement or to raise additional funds through other means by
issuing securities, existing stockholders may be diluted.  If
funding is insufficient at any time in the future, we may be
required to alter or reduce the scope of our operations or to cease
operations entirely.  Uncertainty as to the outcome of these
factors raises substantial doubt about our ability to continue as a
going concern."

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

                       http://is.gd/ItiU1g

                  About Liquidmetal Technologies

Based in Rancho Santa Margarita, Cal., Liquidmetal Technologies,
Inc., and its subsidiaries are in the business of developing,
manufacturing, and marketing products made from amorphous alloys.
Liquidmetal Technologies markets and sells Liquidmetal(R) alloy
industrial coatings and also manufactures, markets and sells
products and components from bulk Liquidmetal alloys that can be
incorporated into the finished goods of its customers across a
variety of industries.  The Company also partners with third-
party licensees and distributors to develop and commercialize
Liquidmetal alloy products.

Liquidmetal Technologies reported a net loss and comprehensive loss
of of $6.55 million on $603,000 of total revenues for the year
ended Dec. 31, 2014, compared to a net loss and comprehensive loss
of $14.2 million on $1.02 million of total revenue in 2013.

SingerLewak LLP, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that the Company has suffered recurring losses from
operations, has negative cash flows from operations and has an
accumulated deficit.  This raises substantial doubt about the
Company's ability to continue as a going concern.


MCCLATCHY CO: Incurs $297 Million Net Loss in June 30 Quarter
-------------------------------------------------------------
The McClatchy Company filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $296.5 million on $262.3 million of net revenues for the quarter
ended June 28, 2015, compared to net income of $89.9 million on
$287.4 million of net revenues for the quarter ended June 29,
2014.

For the six months ended June 28, 2015, the Company reported a net
loss of $307.8 million on $519.5 million of net revenues compared
to net income of $74.1 million on $563.5 million of net revenues
for the quarter ended June 29, 2014.

As of June 28, 2015, the Company had $1.9 billion in total assets,
$1.7 billion in total liabilities and $201.9 million in
stockholders' equity.

The Company's cash and cash equivalents were $32.1 million as of
June 28, 2015, compared to $265.3 million of cash at June 29, 2014,
and $220.9 million as of Dec. 28, 2014.  The decrease in cash and
cash equivalents in the quarter and six months ended
June 28, 2015, compared to Dec. 28, 2014, was primarily due to the
repurchase of $41.3 million in notes during the quarter ended
June 28, 2015, and the $186.9 million in cash payments for income
taxes (primarily related to the gain on the sale of Classified
Ventures, LLC in the fourth quarter of 2014) during the quarter and
six months ended June 28, 2015.   

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

                       http://is.gd/Pz8pEN

                    About The McClatchy Company

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

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

                           *     *     *

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

As reported by the TCR on April 2, 2014, Standard & Poor's Ratings
Services affirmed all ratings on U.S. newspaper company The
McClatchy Co., including the 'B-' corporate credit rating, and
revised the rating outlook to stable from positive.  The outlook
revision to stable reflects S&P's expectation that the
timeframe for a potential upgrade lies beyond the next 12 months,
and could also depend on the company realizing value from its
digital minority interests.


MEDICURE INC: To Hold Second Quarter Conference Call on Aug. 11
---------------------------------------------------------------
Medicure Inc. announced that it will release financial results for
the second quarter after market close on Tuesday Aug. 11, 2015.
Medicure will hold a conference call regarding the results on
Wednesday Aug. 12, 2015, at 8:00 am, Central Time. (9:00 am,
Eastern Time)

                         About Medicure Inc.

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

Ernst & Young LLP expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company has
experienced losses and has accumulated a deficit of C$127 million
since incorporation and has a working capital deficiency of
C$503,000 as at Dec. 31, 2014.

The Company reported net income of C$1.2 million on C$5.26 million
in revenue for the year ended Dec. 31, 2014.

As of March 31, 2015, the Company had C$7.76 million in total
assets, C$10.3 million in total liabilities and a C$2.53 million
total deficiency.


MERCY MEDICAL: Fitch Affirms 'BB+' Rating on Revenue Bonds
----------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' rating on $68,405,000 Cuyahoga
County (OH) hospital facilities revenue bonds, series 2000
(UHHS/CSAHS - Cuyahoga, Inc. and CSAHS/UHHS - Canton, Inc.
Projects).

The Rating Outlook is Stable.

SECURITY

The bonds are secured by a pledge of the gross revenues of Mercy
Medical Center (MMC; formerly known as UHHS/CSAHS Cuyahoga, Inc.
and CSAHS/UHHS Canton, Inc.) obligated group, a first lien mortgage
of hospital property and a debt service reserve fund.

KEY RATING DRIVERS

STEADY FINANCIAL RECOVERY: Continued improvement in core operations
in fiscal 2014 (Dec. 31 year-end) generated positive operating
income of $3.6 million (1.2% operating margin)for the first time
since posting a $17.3 million loss (negative 7% operating margin)
in 2010. Improved results continued through the 2015 interim period
and were supported by recovering patient volume and realization of
cost control initiatives.

WEAK LIQUIDITY: At March 31, 2015, MMC's $59.4 million in
unrestricted cash and investments equated to 75 days cash on hand,
5.3x cushion ratio, and 68.1% cash-to-debt. While approximately 10%
improved year-over-year, liquidity indicators remain weak against
investment-grade category medians.

IMPROVED DEBT SERVICE COVERAGE: Recovered cash flows produced
significantly better maximum annual debt service (MADS) coverage in
fiscal 2014 at 2.5x, compared to 1.9x in 2013 and below 0.7x from
2010-2012. Through the six-month interim period, sustained
profitability generated 3x MADS coverage. Additionally, the master
trust indenture (MTI) calculates MADS coverage only on the 2000
bonds (excludes intercompany debt, leases, and other obligations).
Per the MTI, MADS coverage was a solid 3.9x in 2014 and 4.7x in the
interim period.

SPONSOR SUPPORT: Sisters of Charity of Health System (SCHS) is the
sole corporate member of MMC. Fitch views the close relationship
with, and financial strength of, SCHS as a credit strength in
support of the rating. However, SCHS does not guarantee and is not
obligated to pay debt service on MMC's obligations and the system's
liquidity strength is not a key factor in MMC's rating.

RATING SENSITIVITIES

IMPROVED STABILITY EXPECTED: Fitch expects Mercy Medical Center to
stabilize its operating and financial performance at levels
consistent with 2014 and year-to date 2015 results. Sustained
generation of sufficient cash flows to fund capital expenditures
and gradual rebuild of its balance sheet in the next 12-24 months
would lead to positive rating movement.

CREDIT PROFILE

Mercy Medical Center, located in Canton, Ohio, is a teaching
hospital with 393 licensed beds, of which, 329 are staffed. Total
operating revenues were $301.1 million in fiscal 2014.
Headquartered in Cleveland, OH, Sisters of Charity Health System is
the sole corporate member of MMC and two additional hospitals in
Ohio and South Carolina.

Improving Core Operations

MMC's financial and operating results improved and exceeded targets
in 2014, posting a gain for the first time since 2009. Operating
margin improved to 1.2% in 2014 from negative 0.7% in 2013 and
negative 6% in both 2012 and 2011. Similarly, operating EBITDA
margin rebounded to 8.9% in 2014 compared to 7.3% the prior year.
Financial improvements were sustained through the six-month interim
period with operating and operating EBITDA margins of 3.1% and
10.5%, respectively. Fitch notes that the interim period was aided
by a $1.7 million net benefit from a Medicare rural floor
adjustment. Excluding this, operating and operating EBITDA margins
would be 2% and 9.6%, respectively, still a marked improvement from
historical results.

Management attributed the recovering profitability to better
patient volume and realization of performance improvement
initiatives focusing on revenue growth and expense control. In
particular, MMC's CORE project with Berkeley Research Group
generated nearly $20 million of improvements in addition to supply
chain and other savings initiatives. Additionally, Ohio's Medicaid
expansion has led to steady to slightly growing utilization and a
considerable shift from self-pay to Medicaid, also contributing to
the overall improvement. Budgeted net income for fiscal 2014 is
$5.4 million, which management expects to exceed.

Support of Sponsor
Sisters of Charity Health System is the sole corporate member of
MMC and MMC is included in SCHS's consolidated financial
statements. Although SCHS is not legally obligated on MMC's bonds,
Fitch views the close relationship to SCHS and the financial
strength of SCHS as a credit strength in support of the rating.
SCHS has been deeply involved in hospital operations and provides
support services including information technology, billing,
executive compensation, contracting, treasury services and supply
chain management.

At March 31, 2015, SCHS had $422.5 million of unrestricted cash and
investments which equates to 195 days of cash on hand and 165% cash
to long-term debt (including MMC's series 2000 bonds). However,
system liquidity is pledged to guarantee outstanding bonds of
another subsidiary, Sisters of Charity Providence Hospitals
(revenue bonds rated 'A'; Stable Outlook) under a guaranty that
includes a cash to debt ratio requirement.

Improved Debt Service Coverage
Supported by improved profitability and cash flow, MADS coverage
was a sound 2.5x in 2014 and 3x in the interim period. Fitch uses a
MADS of $11.3 million, which includes all bonds, notes, and
capitalized leases. As calculated under the MTI, MMC covered the
$7.8 million MADS on the series 2000 bonds by 3.9x in 2014. Debt
burden has moderated with MADS equating to 3.7% of 2014 revenues
and 3.3x debt-to-EBITDA.

Gradual Liquidity Growth Expected
At June 30, 2015, MMC reported $59.4 million in unrestricted cash
and investments, up 10% from 53.9 million one year prior. Days cash
on hand of 75, cushion ratio of 5.3x (based on MADS of $11.3
million) and 68.1% cash-to-debt remain low, but reflect a moderate
improvement supported by better cash flow generation. Capital plans
are modest and are budgeted around $15 million annually. Fitch
expects MMC's liquidity to grow, and approach a level consistent
with an investment grade rating in the near- to medium-term.

DEBT PROFILE

MMC has one series of bonds outstanding (series 2000) totaling
$68.4 million which generates $7.8 million in annual debt service
and is the only debt under the MTI. A sizable amount of capital
leases and other debt remain, and including these additional
obligations, long-term debt totaled $87.2 million at June 30, 2015
and generated a MADS of $11.3 million.

DISCLOSURE

MMC covenants to provide annual disclosure within 120 days of each
fiscal year end, and quarterly disclosure within 45 days of quarter
end through the Municipal Securities Rulemaking Board's EMMA
system.



MESTENIO LTD: S&P Retains 'BB-' Rating on $488.35MM Notes
---------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB-' rating on
Mestenio Ltd.'s $488.35 million pass-through notes series 1 due
2020 is unaffected following the finalized US$176,666,667.00 upsize
that will be consolidated to form a single series with the
outstanding series issued on Dec. 2, 2014.  This upsize reflects
the inclusion of four additional promissory notes into the trust
with an original aggregate face value of US$200,000,000.00.  The
aggregate outstanding principal amount will now total
US$608,042,500.00, since the first issuance's outstanding principal
amount is US$431,375,833.00.

S&P's assessment follows the rating agency confirmation (RAC) it
provided for Mestenio Ltd.'s series 1 notes on July 30, 2015, which
stated that Mestenio Ltd. would issue up to US$176,666,668.00,
depending on the number of additional promissory notes ultimately
included in the structure.



MIDATLANTIC POSTAL: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: MidAtlantic Postal Properties, Inc.
        P.O. Box 10395
        Alexandria, VA 22310

Case No.: 15-12775

Chapter 11 Petition Date: August 10, 2015

Court: United States Bankruptcy Court
       Eastern District of Virginia (Alexandria)

Judge: Hon. Brian F. Kenney

Debtor's Counsel: Ronald J. Aiani, Esq.
                  RONALD J. AIANI, P.C.
                  86 East Lee St.
                  Warrenton, VA 20186-3328
                  Tel: (540) 347-5295
                  Email: raiani@aianilaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Timothy S. Tedrick, president.

The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.


MIDCONTINENT COMMUNICATIONS: Moody's Affirms B1 Corp Family Rating
------------------------------------------------------------------
Moody's Investors Service affirmed Midcontinent Communications' B1
Corporate Family Rating and B1-PD Probability of Default Rating
(PDR) following the announcement that the company plans to raise
incremental debt to fund a sizable distribution to Midcontinent's
partnership shareholders.  Concurrent with this rating action,
Moody's assigned a B3 rating to Midcontinent's new $300 million
senior notes due 2023.  Moody's also affirmed the B3 rating on the
$250 million senior notes due 2021 and upgraded the ratings on the
existing first-lien bank credit facilities (comprised of a $125
million revolving credit facility, $123 million outstanding Term
Loan A and $221 million outstanding Term Loan B) to Ba2 from Ba3.
The rating outlook is stable.

The credit facilities' ratings were upgraded by one notch due to
the increased junior debt (i.e., unsecured high-yield notes) in the
capital structure, which will now absorb more of the losses in a
distressed scenario under Moody's Loss Given Default (LGD)
Methodology.  Proceeds will be used to fund an approximate $300
million distribution to the partnership, which will be split 50/50
between shareholders: (i) Messrs.  Patrick McAdaragh, Steven
Grosser and Richard Busch; and (ii) Comcast Corporation (to
maintain its 50% indirect common ownership in Midcontinent).  This
represents the partnership's second distribution following a $354
million payout in 2010 that was made in connection with the
settlement of the estate of a former founding partner.  With
respect to the 2015 distribution, the partners have agreed to
eliminate the October 2016 and October 2018 mutual buy/sell options
in the existing partnership agreement and reset the next buy/sell
option to October 2020.

Rating Assigned:

Issuers: Midcontinent Communications and Midcontinent Finance
Corporation

  $300 Million Senior Unsecured Notes due 2023 -- B3 (LGD-5)

Ratings Affirmed:

Issuer: Midcontinent Communications

  Corporate Family Rating -- B1
  Probability of Default Rating -- B1-PD

Issuers: Midcontinent Communications and Midcontinent Finance
  Corporation

  $250.0 Million Senior Unsecured Notes due 2021 -- B3 (LGD-5)

Ratings Upgraded:

Issuer: Midcontinent Communications

  $125.0 Million Senior Secured First-Lien Revolver due 2018 to
   Ba2 (LGD-2) from Ba3 (LGD-3)

  $122.7 Million (originally $125 Million) Senior Secured First-
   Lien Term Loan A due 2018 to Ba2 (LGD-2) from Ba3 (LGD-3)

  $221.1 Million (originally $225 Million) Senior Secured First-
   Lien Term Loan B due 2020 to Ba2 (LGD-2) from Ba3 (LGD-3)

The assigned rating is subject to review of final documentation and
no material change in the size, terms and conditions of the
transaction as advised to Moody's.

RATINGS RATIONALE

Although the debt-financed distribution will weaken Midcontinent's
debt protection measures and elevate Moody's adjusted pro forma
total debt to EBITDA leverage to about 5.0x from 3.3x (as of March
2015 including Moody's standard adjustments), the company has
enough capacity at the B1 rating level to absorb this incremental
debt.  Pro forma for the $300 million notes issuance, Midcontinent
will be weakly positioned in the B1 rating category due to reduced
financial flexibility, negative free cash flow generation and our
expectation for diminished liquidity at a time when business risk
is increasing.  Nonetheless, Moody's projects EBITDA growth to
gradually reduce leverage to around 4.7x (Moody's adjusted) by the
end of this year and 4.6x by year end 2016.  Moody's expects free
cash flow to be negative through 2016 due to higher capital
expenditures for ongoing greenfield expansion projects in Fargo and
Dickinson, North Dakota, and higher-than-average partner tax
distributions, with cash levels projected to decline to around $10
million by year end 2016.  Moody's anticipates a return to solid
positive free cash flow in 2017 as expansionary investments decline
and new markets contribute EBITDA.

Lack of scale constrains Midcontinent's rating at the B1 level.
Nonetheless, the rating gives Midcontinent enough flexibility to
fund potentially higher-than-anticipated capital expenditures for
new projects that are currently in the bidding pipeline (and it
could win) and provides cushion for unexpected setbacks or project
delays.  The rating also captures discretionary spend for modest
acquisitions and the potential for an economic slowdown in North
Dakota's economy to the extent oil prices remain low.  Given its
small size, we believe minor disruptions to the business or events
outside the control of the company could have a meaningful impact
on the credit profile.

Under the amended terms of the partnership agreement, Midcontinent
and Comcast have agreed to relinquish their rights to exercise the
October 2016 and October 2018 buy/sell provisions, and effectively
reset the next buy/sell option to October 1 through 31 of 2020,
with the earliest possible exit date occurring in the second
quarter of 2021, closer to the partnership's December 2021
termination date.  If no buy/sell occurs, the partnership will
continue without change.  However, any sale proceeds waterfall
would be applied to repayment of the credit facilities and senior
unsecured notes on a first priority basis.

Moody's views the amendment positively because it eliminates the
risk of Comcast exiting the partnership over the next five years,
essentially extending the next buy/sell option to within a few
quarters prior to the partnership's termination.  This ensures an
efficient operating cost structure as the company acquires most of
its programming at Comcast's more attractive rates given its bigger
size.  Without the partnership, Midcontinent's programming expenses
would increase considerably, pressuring EBITDA margins.
Historically, Moody's viewed Comcast's prior optionality to exit
the partnership early as a credit negative that constrained the
rating, despite credit protection measures that were strong for the
rating, because such an event would likely have resulted in an
increase in leverage to buy out Comcast's stake, as well as future
margin erosion because Midcontinent would lose the partnership's
cost benefits.

Though the B1 CFR factored in a potential re-leveraging event, we
note that it is occurring when Midcontinent is experiencing: (i)
negative residential video subscriber growth trends; (ii)
increasing competition from a growing number of video streaming
entrants offering competitively priced online content; and (iii) an
extended period of incremental capital expenditures to expand the
network, resulting in negative free cash flow and weakened
liquidity.  Additionally, there is some concern surrounding the
sustainability of high single-digit revenue growth given the
potential negative impact of lower oil prices on the North Dakota
economy over the near-to-medium term.  Midcontinent's commercial
business (roughly 20% of revenue) has historically exhibited strong
revenue growth from small and medium-sized businesses (SMBs),
however SMBs tend to be more vulnerable during periods of economic
stress.

Midcontinent does not overlap with FiOS or uVerse but does compete
with overbuilders, primarily Vast Broadband, in about one-third of
its market, and also faces formidable competition for its mature,
core video product from direct broadcast satellite (DBS) operators
and a proliferation of video streaming entrants, and from local
exchange carrier (LEC) CenturyLink, for its broadband offering.
Nevertheless, the less urban markets insulate the cable operator
somewhat from both video and high quality broadband competition
from telecom operators.  Relative to market rivals, the company
provides one of the most advanced fiber-based networks with a full
suite of triple play services.  Moody's expects Midcontinent's
high-speed data subscriber base to continue to expand, which, along
with growth in the commercial business, should facilitate continued
organic EBITDA growth.

Rating Outlook

The stable rating outlook incorporates expectations for positive
free cash flow excluding the incremental organic growth investment
for the Fargo and Dickinson expansions and for EBITDA margins to
remain above 35%.  Moody's also expects management to remain
committed to debt reduction, though the B1 rating could tolerate
higher-than-anticipated capex, project delays, weaker-than-expected
subscriber trends and acquisitions consistent with the company's
historic pattern.

What Could Change the Rating -- UP

Lack of scale somewhat limits upward ratings momentum.  However,
Moody's would consider positive ratings pressure based on
expectations for improved scale, sustained high single-digit
revenue growth, positive free cash flow to debt in the high
single-digit range (Moody's adjusted), financial leverage sustained
at or below 3.5x total debt to EBITDA (Moody's adjusted), and
maintenance of good liquidity.  An upgrade would also require
expectations for subscriber trends to remain in line with or better
than peers and commitment to maintaining a solid credit profile.

What Could Change the Rating -- DOWN

Moody's would consider a downgrade based on expectations for
leverage sustained above 5.5x total debt to EBITDA (Moody's
adjusted) or free cash flow to adjusted debt sustained below 2%
beyond 2016, whether due to deteriorating operating performance,
higher programming costs or incurrence of incremental debt to fund
higher-than-expected capital expenditures.  Weakened liquidity
and/or evidence of a shift in the competitive landscape such that
Moody's anticipates a deterioration in Midcontinent's subscriber
penetration levels could also prompt a negative rating action.

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

Headquartered in Sioux Falls, South Dakota, Midcontinent
Communications provides video, high speed data, and voice services
to residential and commercial customers in the states of North
Dakota, South Dakota, Minnesota and Wisconsin.  Comcast Corporation
owns a 50% indirect common equity interest in Midcontinent.
Revenue was approximately $458 million for the twelve months ended
March 31, 2015.



MIDCONTINENT COMMUNICATIONS: S&P Raises Corp. Credit Rating to BB-
------------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Midcontinent Communications to 'BB-' from 'B+'.
The outlook is stable.

At the same time, S&P assigned a 'B' issue-level rating and '6'
recovery rating to the proposed $300 million of senior notes due
2023.  The '6' recovery rating indicates S&P's expectation for
negligible (0%-10%) recovery in the event of payment default.
Proceeds of this issuance will be used to fund distributions of
$150 million to each the Midcontinent owners and its 50% partner
Comcast.

S&P also raised its issue-level rating on the company's senior
secured first-lien debt to 'BB' from 'BB-'.  The '2' recovery
rating is unchanged and indicates S&P's expectation for substantial
recovery (70%-90%; upper end of the range) for lenders in the event
of a payment default.  S&P raised its issue-level rating on the
existing unsecured debt to 'B' from 'B-'.  The '6' recovery rating
is unchanged.

"Notwithstanding the increase in leverage to around 5x from 3x
because of the debt-financed distribution to the partnership, the
ratings upgrade is based on our view that the agreement between
Comcast and Midcontinent to waive their buy-sell provisions until
2020 removes the potential risk that Midcontinent could buy
Comcast's stake in the near term," said Standard & Poor's credit
analyst Eric Nietsch.

S&P expects that such an event could push leverage to 6.0x or
higher.  While S&P believes the company has good prospects to
reduce leverage longer term from EBITDA growth and modest debt
repayment from free operating cash flow (FOCF), the potential for a
material leveraging event constrains any further ratings upside.

The ratings on Midcontinent continue to reflect the company's small
scale and low system densities, S&P's expectation for declining
video subscribers due to mature product conditions, and competitive
pressures from satellite TV providers and cable over builders.
These business risk factors partly offset its position as the
dominant provider of pay-TV services, growth potential from
broadband and commercial services, and cost benefits from its
partnership with Comcast.

S&P's outlook on Midcontinent Communications is stable.  S&P
believes Midcontinent will benefit from solid growth from HSD and
commercial services in the near term, and that competitive dynamics
in its territories will remain favorable relative to other larger
incumbent cable operators, such that leverage remains below 5x.

S&P could lower the ratings if video subscriber losses accelerate
due to increased satellite competition or increase take rates of
over-the-top video services.  More specifically, S&P could lower
the ratings if a more competitive environment depressed the EBITDA
margin to the mid-30% area, resulting in debt leverage sustained
above 5.0x, with little sign of improvement.

Although it's unlikely over the next 12 months, S&P could raise the
ratings if Midcontinent's leverage remained below 3.5x and S&P was
confident that financial policy considerations, including a
potential buyout of the Comcast stake, would not lead to higher
leverage.



MILAGRO HOLDINGS: Hires Young Conaway as Bankruptcy Counsel
-----------------------------------------------------------
Milagro Holdings, LLC and its debtor-affiliates seek authorization
from the U.S. Bankruptcy Court for the District of Delaware to
employ Young Conaway Stargatt & Taylor, LLP as bankruptcy counsel,
effective July 15, 2015 petition date.

The Debtors require Young Conaway to:

   -- provide legal advice with respect to the Debtors' powers and

      duties as debtors-in-possession in the continued operation
      of their businesses, management of their properties, and the

      potential sale of their assets;

   -- prepare and pursue confirmation of a plan and approval of a
      disclosure statement;

   -- prepare, on behalf of the Debtors, necessary applications,
      motions, answers, orders, reports, and other legal papers;

   -- appear in Court and protecting the interests of the Debtors
      before the Court; and

   -- perform all other legal services for the Debtors that may be

      necessary and proper in these proceedings.

Young Conaway will be paid at these hourly rates:

       M. Blake Cleary              $695
       Joel A. Waite                $795
       Ryan M. Bartley              $420
       Justin P. Duda               $400
       Ian J. Bambrick              $350
       Michael Girello, paralegal   $250

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

M. Blake Cleary, partner of Young Conaway, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

The Court for the District of Delaware will hold a hearing on the
motion on Aug. 21, 2015, at 11:00 a.m.

Consistent with the United States Trustees' Appendix B - Guidelines
for Reviewing Applications for Compensation and Reimbursement of
Expenses Filed Under 11 U.S.C. section 330 by Attorneys in Larger
Chapter 11 Cases, which became effective on Nov. 1, 2013, Young
Conaway stated:

  -- Young Conaway has not agreed to a variation of its standard
     or customary billing arrangements for this engagement;

  -- None of the Firm's professionals included in this engagement
     have varied their rate based on the geographic location of
     the Chapter 11 Cases;

  -- Young Conaway was retained by the Debtors pursuant to the
     Engagement Agreement dated as of March 20, 2014. The billing
     rates and material terms of the prepetition engagement are
     the same as the rates and terms described in the Application,

     except with respect to annual adjustments made as of
     Jan. 1, 2015; and

  -- The Debtors will be approving a prospective budget and
     staffing plan for Young Conaway's engagement for the post-
     petition period as appropriate. The budget may be amended as
     necessary to reflect changed or unanticipated developments.

Young Conaway can be reached at:

      M. Blake Cleary, Esq.
      YOUNG CONAWAY STARGATT & TAYLOR, LLP
      Rodney Square
      1000 North King Street
      Wilmington, DE 19801
      Tel: (302) 571-6714
      Fax: (302) 576-3287
      E-mail: mbcleary@ycst.com

                         About Milagro Oil

Based in Houston, Texas, Milagro Oil & Gas, Inc. is an independent
oil and gas companies 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.  Milagro generated revenues of $153.1 million and
$23.5 million during the fiscal year ended Dec. 31, 2014 and the
three month period ended March 31, 2015, 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.


MILAGRO HOLDINGS: Taps Porter Hedges as Bankruptcy Co-counsel
-------------------------------------------------------------
Milagro Holdings, LLC and its debtor-affiliates seek authorization
from the U.S. Bankruptcy Court for the District of Delaware to
employ Porter Hedges LLP as bankruptcy co-counsel and special
corporate and litigation counsel for the Debtors, effective July
15, 2015 petition date.

The professional services that Porter Hedges will render to the
Debtors as bankruptcy co-counsel include, but shall not be limited
to:

  -- providing legal advice with respect to the Debtors' powers
     and duties as debtors-in-possession in the continued
     operation of their businesses, management of their
     properties, and the potential sale of their assets;

  -- negotiating and obtaining Court approval of debtor-in-
     possession financing, and preparing and reviewing related
     documents;

  -- assisting Young Conaway in the preparation and prosecution of

     a plan and approval of a disclosure statement;

  -- preparing, on behalf of the Debtors, necessary applications,
     motions, answers, orders, reports, and other legal papers, as

     necessary;

  -- appearing in Court and protecting the interests of the
     Debtors before the Court, as necessary; and

  -- performing any other legal services for the Debtors that may
     be necessary and proper in these proceedings.

The professional services that Porter Hedges will render to the
Debtors as special counsel include, but shall not be limited to:

  -- advising on pending litigation; and

  -- advising on general corporate issues, including but not
     limited to advising in connection with the Debtors' proposed
     restructuring transaction and related transactions.

As bankruptcy co-counsel in the Chapter 11 Cases, Porter Hedges
will be paid at these hourly rates:

       John F. Higgins          $610
       Eric M. English          $420
       Neal M. Kaminsky         $575
       Matthew D. Lee           $425
       Kim D. Steverson         $210

As special litigation and corporate counsel, the firm will be paid
at these hourly rates:

       Eugene M. Nettles        $650
       M. Harris Stamey         $425
       Kevin J. Poli            $515

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

Porter Hedges received a retainer in the amount of $150,000 on June
6, 2014 in connection with the Present Restructuring Engagement. On
June 9, 2014, Porter Hedges received an additional $100,000 to
supplement the Retainer. On July 15, 2015, Porter Hedges received
another $40,000 to supplement the Retainer. The total amount Porter
Hedges has received in connection with the Present Restructuring
Engagement is $802,778.97.

John F. Higgins, partner of Porter Hedges, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

The Court for the District of Delaware will hold a hearing on the
motion on Aug. 21, 2015, at 11:00 a.m.

Consistent with the United States Trustees' Appendix B –
Guidelines for Reviewing Applications for Compensation and
Reimbursement of Expenses Filed Under 11 U.S.C. section 330 by
Attorneys in Larger Chapter 11 Cases, which became effective on
Nov. 1, 2013, Porter Hedges stated:

  -- Porter Hedges has not agreed to a variation of its standard  

     or customary billing arrangements for the Chapter 11 Cases or

     for its services as Special Counsel;

  -- None of the Firm's professionals included in the Chapter 11
     Cases or as Special Counsel have varied their rate based on
     the geographic location of the Chapter 11 Cases;

  -- Porter Hedges was retained by the Debtors to assist in the
     Present Restructuring Engagement and the Chapter 11 Cases in
     June 2014.  Except for periodic rate adjustments, the billing

     rates and material terms of the prepetition engagement are
     the same as the rates and terms described in the Application;

     and

  -- The Debtors will be approving a prospective budget and
     staffing plan for Porter Hedges' engagement for the post-
     petition period as appropriate. The budget may be amended as
     necessary to reflect changed or unanticipated developments.

Porter Hedges can be reached at:

       John F. Higgins, Esq.
       PORTER HEDGES LLP
       1000 Main Street, 36th Floor
       Houston, TX 77002
       Tel: (713) 226-6687
       Fax: (713) 226-6287

                         About Milagro Oil

Based in Houston, Texas, Milagro Oil & Gas, Inc. is an independent
oil and gas companies 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.  Milagro generated revenues of $153.1 million and
$23.5 million during the fiscal year ended Dec. 31, 2014 and the
three month period ended March 31, 2015, 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.


MILAGRO HOLDINGS: Wants Prime Clerk as Administrative Advisor
-------------------------------------------------------------
Milagro Holdings, LLC and its debtor-affiliates seek authorization
from the U.S. Bankruptcy Court for the District of Delaware to
employ Prime Clerk LLC as administrative advisor, effective July
15, 2015 petition date.

The Debtors require Prime Clerk to:

   (a) assist with, among other things, solicitation, balloting
       and tabulation of votes, and prepare any related reports,
       as required in support of confirmation of a chapter 11
       plan, and in connection with such services, process
       requests for documents from parties in interest, including,

       if applicable, brokerage firms, bank back-offices and
       institutional holders;

   (b) prepare an official ballot certification and, if necessary,

       testify in support of the ballot tabulation results;

   (c) assist with the preparation of the Debtors' schedules of
       assets and liabilities and statements of financial affairs
       and gather data in conjunction therewith;

   (d) provide a confidential data room, if requested;

   (e) manage and coordinate any distributions pursuant to a
       chapter 11 plan; and

   (f) provide such other processing, solicitation, balloting and
       other administrative services described in the Engagement
       Agreement, but not included in the Section 156(c)
       Application, as may be requested from time to time by the
       Debtors, the Court or the Office of the Clerk of the
       Bankruptcy Court.

Prime Clerk will be paid at these hourly rates:

       Analyst                   $45
       Technology Consultant     $100
       Consultant                $140
       Senior Consultant         $170
       Director                  $195
       Solicitation Consultant   $195
       Director of Solicitation  $210

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

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

Michael J. Frishberg, co-president and chief operating officer of
Prime Clerk, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their estates.

The Court for the District of Delaware will hold a hearing on the
motion on Aug. 21, 2015, at 11:00 a.m.

Prime Clerk can be reached at:

       Shai Waisman
       PRIME CLERK LLC
       830 3rd Avenue, 9th Floor
       New York, NY 10022
       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 companies 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.  Milagro generated revenues of $153.1 million and
$23.5 million during the fiscal year ended Dec. 31, 2014 and the
three month period ended March 31, 2015, 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.


MILAGRO HOLDINGS: Zolfo Cooper's Scott Winn to Serve as CRO
-----------------------------------------------------------
Milagro Holdings, LLC and its debtor-affiliates seek authorization
from the U.S. Bankruptcy Court for the District of Delaware to
employ Zolfo Cooper Management, LLC to provide interim management
services and designate Scott W. Winn as chief restructuring
officer, nunc pro tunc to the July 15, 2015 petition date.

Mr. Winn will continue to serve as the Debtors' CRO and Zolfo
Cooper will assign Associate Directors to perform other services as
needed pursuant to the Agreement. Zolfo Cooper and Mr. Winn will
lead the Debtors' restructuring efforts as directed by the Debtors'
Board of Directors. Zolfo Cooper and Mr. Winn shall be authorized
to make decisions related to restructuring initiatives, and such
other areas as Mr. Winn may identify, in such a manner as he deems
necessary or appropriate in his sole discretion in a manner
consistent with the business judgment rule, subject to reporting
to, and review and oversight by, the Debtors' Board of Directors.

The compensation of Zolfo Cooper, Mr. Winn, and the Associate
Directors will consist of:

   (a) Standard Hourly Rates. The billing rates for professionals
       who may be assigned to this engagement in effect as of
       July 1, 2015, are as follows:

       Managing Directors            $775-$925
       Professional Staff            $265-$770
       Support Personnel             $60-$310

   (b) Expenses – Reimbursement of Mr. Winn, Associate Directors,

       and Zolfo Cooper's reasonable out-of-pocket expenses
       including, but not limited to, costs of travel,
       reproduction, any applicable state sales or excise tax, and
       other direct expenses.

   (c) Advance Payments – The Debtors provided pre-petition
       advance payments throughout the course of the pre-petition
       engagement. Zolfo Cooper applied pre-petition fees and
       expenses against the advance payments.

   (d) Retainer – The Debtors provided a pre-petition retainer of

       $350,000.

Scott W. Winn, senior 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.

The Court for the District of Delaware will hold a hearing on the
motion on Aug. 21, 2015, at 11:00 a.m.

Zolfo Cooper can be reached at:

       Elizabeth S. Kardos
       ZOLFO COOPER MANAGEMENT, LLC
       101 Eisenhower Parkway, 3rd Floor
       Roseland, NJ 07068
       Tel: (212) 561-4030
       Fax: (212) 213-1749
       E-mail: swinn@zolfocooper.com

                         About Milagro Oil

Based in Houston, Texas, Milagro Oil & Gas, Inc. is an independent
oil and gas companies 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.  Milagro generated revenues of $153.1 million and
$23.5 million during the fiscal year ended Dec. 31, 2014 and the
three month period ended March 31, 2015, 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.


MOLYCORP INC: Committee, UST Balk at Certain Motions
----------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
cases of Molycorp, Inc, et al., filed a reservation of rights and
limited objection with respect to:

   a) certain first day orders entered by the Bankruptcy Court on
June 26, 2015; and

   b) certain proposed final orders.

According to the Committee, certain of its concern remain
unresolved with respect to the wages order and the cash management
order.  The Committee will work diligently to resolve the
remaining issues prior to the hearing on the matter.

In this connection, the Committee requested that the Court deny
entry of the wages order and the cash management order unless the
Debtors modify the orders.

In a separate filing, Andrew R. Vara, the Acting U.S. Trustee for
Region 3, filed a limited omnibus objection to the Debtors'
application to employ:
   
   1. Jones Day as counsel;
   2. Young Conaway Stargatt & Taylor, LLP as attorneys;
   3. Miller Buckfire & Co., LLC as investment banker;
   4. Alixpartners, LLP as financial advisor.

All applications requested for employment nunc pro tunc to the
Petition Date.

The U.S. Trustee said that the Court should deny the applications
because the applicants have not shown that they meet or satisfy any
of the Insilco factors.  The U.S. Trustee does not concede (1)
whether terms of an engagement agreement reflect normal business
terms in the marketplace; (2) the relationship between the Debtor
and the professionals, i.e., whether the parties involved are
sophisticated business entities with equal bargaining power who
engaged in an arms-length negotiation; (3) whether the retention,
as proposed, is in the best interests of the estate; (4) whether
there is creditor opposition to the retention and retainer
provisions but merely argues and alleges that the applicants and
the Debtors have not made a prima facia showing as to these
specific factors.

                        About Molycorp

Molycorp Inc. -- http://www.molycorp.com/-- is a global rare  
earths and rare metals producer.  Molycorp owns several prominent
rare earth processing facilities around the world.  It has a
workforce of 2,530 employees at locations on three continents.
Molycorp's Mountain Pass Rare Earth Facility in San Bernadino
County, California, is home to one of the world's largest and
richest deposits of rare earths.

Molycorp has corporate offices in the United States, Canada and
China.  CEO Geoffrey R. Bedford, and other senior management
members are located in Molycorp's corporate offices in Toronto,
Canada.  Other senior manageemnt members are located at its U.S.
corporate headquarters in Greendwood Village, Colorado.

Molycorp reported a net loss of $623 million in 2014, a net loss
of
$377 million in 2013 and a net loss of $475 million in 2012.

As of March 31, 2015, the Company had $2.49 billion in total
assets, $1.78 billion in total liabilities and $709 million in
total stockholders' equity.

Molycorp and its North American subsidiaries, together with
certain
of its non-operating subsidiaries outside of North America, filed
Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead
Case No. 15-11357) on June 25, 2015, after reaching agreement with
a group of lenders on a financial restructuring.  The Chapter 11
cases of Molycorp and 20 affiliated debts are pending before Judge
Christopher S. Sontchi.

The agreement provides for a financial restructuring of the
Company's $1.7 billion in debt and provides up to $225 million in
gross proceeds in new financing to support operations while the
Company completes negotiations with creditors.

The Company's operations outside of North America, with the
exception of non-operating companies in Luxembourg and Barbados,
are excluded from the filings.  Molycorp Rare Metals (Oklahoma),
LLC, with operations in Quapaw, Oklahoma, also is excluded from
the
filings as it is not 100% owned by the Company.

Molycorp is being advised by the investment banking firm of Miller
Buckfire & Co. and is receiving financial advice from AlixPartners,
LLP.  Jones Day and Young, Conaway, Stargatt & Taylor LLP act as
legal counsel to the Company in this process.  Prime Clerk serves
as claims and noticing agent.

Secured creditor Oaktree Capital Management L.P., consented to the
use of cash collateral and to extend postpetition financing.

On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of
Molycorp Inc. appointed eight creditors of the company to serve on
the official committee of unsecured creditors.



MOLYCORP INC: Prime Clerk Approved as Administrative Advisor
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Molycorp, Inc., et al., to employ Prime Clerk LLC as administrative
advisor, nunc pro tunc to the Petition Date.

The Court earlier authorized the Debtor to appoint Prime Clerk as
claims and noticing agent.

The Debtors stated that their selection of Prime Clerk to act as
the claims and noticing agent satisfied the Claims Agent Protocol
in that the Debtors have obtained and reviewed engagement proposals
from at least two other court-approved claims and noticing agents
to ensure selection through a competitive process.

Prior to the Petition Date, the Debtors provided Prime Clerk a
retainer in the amount of $25,000.

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

                                    Hourly Rate
                                    -----------
     Analyst                        $30 to $45
     Technology Consultant          $80 to $100
     Consultant                     $95 to $135
     Senior Consultant             $140 to $165
     Director                      $170 to $190

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

                                    Hourly Rate
                                    -----------
     Solicitation Consultant          $185
     Director of Solicitation         $205

The firm will charge $0.09 per page for printing and $0.10 per page
for fax noticing, but won't charge anything for e-mail noticing.
Hosting of the case Web site is free of charge and updating the
case docket and claims register 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.

                        About Molycorp

Molycorp Inc. -- http://www.molycorp.com/-- is a global rare  
earths and rare metals producer.  Molycorp owns several prominent
rare earth processing facilities around the world.  It has a
workforce of 2,530 employees at locations on three continents.
Molycorp's Mountain Pass Rare Earth Facility in San Bernadino
County, California, is home to one of the world's largest and
richest deposits of rare earths.

Molycorp has corporate offices in the United States, Canada and
China.  CEO Geoffrey R. Bedford, and other senior management
members are located in Molycorp's corporate offices in Toronto,
Canada.  Other senior manageemnt members are located at its U.S.
corporate headquarters in Greendwood Village, Colorado.

Molycorp reported a net loss of $623 million in 2014, a net loss
of
$377 million in 2013 and a net loss of $475 million in 2012.

As of March 31, 2015, the Company had $2.49 billion in total
assets, $1.78 billion in total liabilities and $709 million in
total stockholders' equity.

Molycorp and its North American subsidiaries, together with
certain
of its non-operating subsidiaries outside of North America, filed
Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead
Case No. 15-11357) on June 25, 2015, after reaching agreement with
a group of lenders on a financial restructuring.  The Chapter 11
cases of Molycorp and 20 affiliated debts are pending before Judge
Christopher S. Sontchi.

The agreement provides for a financial restructuring of the
Company's $1.7 billion in debt and provides up to $225 million in
gross proceeds in new financing to support operations while the
Company completes negotiations with creditors.

The Company's operations outside of North America, with the
exception of non-operating companies in Luxembourg and Barbados,
are excluded from the filings.  Molycorp Rare Metals (Oklahoma),
LLC, with operations in Quapaw, Oklahoma, also is excluded from
the
filings as it is not 100% owned by the Company.

Molycorp is being advised by the investment banking firm of Miller
Buckfire & Co. and is receiving financial advice from AlixPartners,
LLP.  Jones Day and Young, Conaway, Stargatt & Taylor LLP act as
legal counsel to the Company in this process.  Prime Clerk serves
as claims and noticing agent.

Secured creditor Oaktree Capital Management L.P., consented to the
use of cash collateral and to extend postpetition financing.

On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of
Molycorp Inc. appointed eight creditors of the company to serve on
the official committee of unsecured creditors.



MOLYCORP INC: Taps Young Conaway as Bankruptcy Co-Counsel
---------------------------------------------------------
Molycorp, Inc., et al., sought and obtained approval from the U.S.
Bankruptcy Court for the District of Delaware for permission to
employ Young Conaway Stargatt & Taylor, LLP, as bankruptcy
co-counsel, nunc pro tunc to the Petition Date.

The Debtors agreed to pay the firm its standard hourly rates:

         Billing Category                    U.S. Range
         ----------------                    ----------
         Partners                            $465 - $1,050
         Counsel                             $465 - $560
         Associates                          $290 - $460
         Paralegals                          $175 - $255

The principal attorneys and paralegal designated to represent the
Debtors, and their current standard hourly rates are:

         M. Blake Cleary                        $695
         Edmon L. Morton                        $650
         Justin H. Rucki                        $400
         Ashley E. Jacobs                       $335
         Melissa Romano, paralegal              $215

Young Conway received a retainer in the amount of $100,000 on April
16, 2015.  The retainer was supplemented with $100,000 on June 11,
2015.

A copy of the application and the statement on U.S. Trustee
Guidelines is available for free at:

http://bankrupt.com/misc/Molycorp_117_app_employYoung_July1.pdf

                        About Molycorp

Molycorp Inc. -- http://www.molycorp.com/-- is a global rare  
earths and rare metals producer.  Molycorp owns several prominent
rare earth processing facilities around the world.  It has a
workforce of 2,530 employees at locations on three continents.
Molycorp's Mountain Pass Rare Earth Facility in San Bernadino
County, California, is home to one of the world's largest and
richest deposits of rare earths.

Molycorp has corporate offices in the United States, Canada and
China.  CEO Geoffrey R. Bedford, and other senior management
members are located in Molycorp's corporate offices in Toronto,
Canada.  Other senior manageemnt members are located at its U.S.
corporate headquarters in Greendwood Village, Colorado.

Molycorp reported a net loss of $623 million in 2014, a net loss
of
$377 million in 2013 and a net loss of $475 million in 2012.

As of March 31, 2015, the Company had $2.49 billion in total
assets, $1.78 billion in total liabilities and $709 million in
total stockholders' equity.

Molycorp and its North American subsidiaries, together with
certain
of its non-operating subsidiaries outside of North America, filed
Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead
Case No. 15-11357) on June 25, 2015, after reaching agreement with
a group of lenders on a financial restructuring.  The Chapter 11
cases of Molycorp and 20 affiliated debts are pending before Judge
Christopher S. Sontchi.

The agreement provides for a financial restructuring of the
Company's $1.7 billion in debt and provides up to $225 million in
gross proceeds in new financing to support operations while the
Company completes negotiations with creditors.

The Company's operations outside of North America, with the
exception of non-operating companies in Luxembourg and Barbados,
are excluded from the filings.  Molycorp Rare Metals (Oklahoma),
LLC, with operations in Quapaw, Oklahoma, also is excluded from
the
filings as it is not 100% owned by the Company.

Molycorp is being advised by the investment banking firm of Miller
Buckfire & Co. and is receiving financial advice from AlixPartners,
LLP.  Jones Day and Young, Conaway, Stargatt & Taylor LLP act as
legal counsel to the Company in this process.  Prime Clerk serves
as claims and noticing agent.

Secured creditor Oaktree Capital Management L.P., consented to the
use of cash collateral and to extend postpetition financing.

On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of
Molycorp Inc. appointed eight creditors of the company to serve on
the official committee of unsecured creditors.



MOLYCORP: Wants to Hire Jones Day as Bankruptcy Counsel
-------------------------------------------------------
Molycorp, Inc., et al., are asking the U.S. Bankruptcy Court for
the District of Delaware for permission to employ Jones Day as
counsel, nunc pro tunc to the Petition Date.

Jones Day will be compensated at its standard hourly rates, which
are based on the professionals' level of experience, less a 10%
discount.

         Billing Category                          U.S. Range
         ----------------                          ----------
         Partners                                $575 - $1,200
         Counsel                                 $575 - $1,050
         Associates                              $300 - $850
         Paralegals                              $200 - $375

On March 16, 2015, the Debtors provided Jones Day with an advance
payment of $750,000 to establish a retainer for professional
services to be rendered and expenses to be incurred by Jones Day.
Thereafter, the retainer was reduced to pay certain invoices and
replenished by additional payments.

In the one year period preceding the Petition Date, Jones Day
received payments from the Debtors, including from the retainer,
totaling $4,595,045.  In addition, Jones Day received $217,103 from
an insurance company in connection with Jones Day's representation
of certain current and former officers and directors of Molycorp,
Inc. in securities litigation matters.  

           Statement Regarding U.S. Trustee Guidelines

Jones Day intends to apply for compensation for professional
services rendered and reimbursement of expenses incurred in
connection with the chapter 11 cases in compliance with applicable
provisions of the Bankruptcy Code, Bankruptcy Rules, Local
Bankruptcy Rules, and any other applicable procedures and orders of
the Court.

These information is provided in response to the request for
additional information set forth in Paragraph D.1. of the U.S.
Trustee Guidelines:

Question:               Did you agree to any variations from, or
                        alternatives to, your standard or
                        customary billing arrangements for this
                        engagement?

Response:               Yes. Jones Day has agreed to bill its fees

                        for all matters for which Jones Day is
                        performing services for the Debtors at a
                        10% percent discount from its standard
                        hourly rates.  The hourly rates Jones Day
                        will bill for this engagement are
                        consistent with the rates that Jones Day
                        charges other comparable chapter 11
                        clients, and the rate structure provided
                        by Jones Day is appropriate and is not
                        significantly different from (a) the rates

                        that Jones Day charges in other non-
                        bankruptcy representations or (b) the
                        rates of other comparably skilled
                        professionals for similar engagements.

Question:               Do any of the professionals included in
                        this engagement vary their rate based on
                        the geographic location of the bankruptcy
                        case?

Response:               No.

Question:               If you represented the client in the 12
                        months prepetition, disclose your billing
                        rates and material financial terms for the

                        prepetition engagement, including any
                        adjustments during the 12 months
                        prepetition.  If your billing rates and
                        material financial terms have changed
                        postpetition, explain the difference and
                        the reasons for the difference.

Response:               Jones Day represented the Debtors during
                        the 12-month period prior to the Petition
                        Date. Prior to Feb. 1, 2015, the standard
                        rates charged by Jones Day to the Debtors
                        for certain matters were subject to a
                        discount of 10% for annual billings up to
                        $1,000,000; 12.5% for billings between
                        $1,000,000 and $2,500,000 and 15% for
                        billings at or in excess of $2,500,000.  
                        In addition, Jones Day provided securities

                        law advice to the Debtors for a fixed
                        $50,000 annual fee, prorated monthly.
                        Beginning Feb. 1, 2015, however, the
                        standard rates charged by Jones Day to the

                        Debtors were subject to a 10% discount for

                        all matters without regard to volume or
                        type of representation.  At that time, all

                        fixed fee arrangements were discontinued.

Question:               Has your client approved your prospective
                        budget and staffing plan, and, if so for
                        what budget period?
                       
Response:               The Debtors, Jones Day and Young Conaway
                        Stargatt & Taylor LLP expect to develop a
                        prospective budget and staffing plan to
                        comply with the U.S. Trustee's requests
                        for information and additional
                        disclosures, recognizing that in the
                        course of these large chapter 11 cases,
                        there may be unforeseeable fees and
                        expenses that will need to be addressed
                        by the Debtors, Jones Day and Young
                        Conaway Stargatt & Taylor LLP.

                        About Molycorp

Molycorp Inc. -- http://www.molycorp.com/-- is a global rare  
earths and rare metals producer.  Molycorp owns several prominent
rare earth processing facilities around the world.  It has a
workforce of 2,530 employees at locations on three continents.
Molycorp's Mountain Pass Rare Earth Facility in San Bernadino
County, California, is home to one of the world's largest and
richest deposits of rare earths.

Molycorp has corporate offices in the United States, Canada and
China.  CEO Geoffrey R. Bedford, and other senior management
members are located in Molycorp's corporate offices in Toronto,
Canada.  Other senior manageemnt members are located at its U.S.
corporate headquarters in Greendwood Village, Colorado.

Molycorp reported a net loss of $623 million in 2014, a net loss of
$377 million in 2013 and a net loss of $475 million in 2012.

As of March 31, 2015, the Company had $2.49 billion in total
assets, $1.78 billion in total liabilities and $709 million in
total stockholders' equity.

Molycorp and its North American subsidiaries, together with certain
of its non-operating subsidiaries outside of North America, filed
Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead
Case No. 15-11357) on June 25, 2015, after reaching agreement with
a group of lenders on a financial restructuring.  The Chapter 11
cases of Molycorp and 20 affiliated debts are pending before Judge
Christopher S. Sontchi.

The agreement provides for a financial restructuring of the
Company's $1.7 billion in debt and provides up to $225 million in
gross proceeds in new financing to support operations while the
Company completes negotiations with creditors.

The Company's operations outside of North America, with the
exception of non-operating companies in Luxembourg and Barbados,
are excluded from the filings.  Molycorp Rare Metals (Oklahoma),
LLC, with operations in Quapaw, Oklahoma, also is excluded from
the
filings as it is not 100% owned by the Company.

Molycorp is being advised by the investment banking firm of Miller
Buckfire & Co. and is receiving financial advice from AlixPartners,
LLP.  Jones Day and Young, Conaway, Stargatt & Taylor LLP act as
legal counsel to the Company in this process.  Prime Clerk serves
as claims and noticing agent.

Secured creditor Oaktree Capital Management L.P., consented to the
use of cash collateral and to extend postpetition financing.

On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of
Molycorp Inc. appointed eight creditors of the company to serve on
the official committee of unsecured creditors.



MSCI INC: Moody's Assigns Ba2 Rating on $500MM Notes Due 2025
-------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to MSCI Inc.'s
proposed $500 million notes due 2025.

The net proceeds of the new senior notes will be used for general
corporate purposes and to repurchase its stock during the remainder
of 2015 and perhaps into 2016.

Assignments:

Issuer: MSCI Inc.

  Senior Unsecured Regular Bond/Debenture, Assigned Ba2, LGD4

RATINGS RATIONALE

The Ba2 CFR reflects expectations for solid revenue and
profitability growth and a stable, recurring subscription base of
investment risk management, decision support tools and equity index
products.  EBITA margins should grow from the high 30s% to near 40%
as a result of ongoing expense management initiatives. Moody's
expects revenues and EBITDA should rise to about $1.1 billion and
over $500 million, respectively, in 2016 driven by the growth of
equity exchange traded funds (ETFs) and international (especially
emerging market) equity indices, growing demand for its risk
management products and aggregate subscriber retention rates above
90%.  Liquidity is considered very good, reflecting Moody's
expectations for at least $250 million of cash and equivalents,
free cash flow of about $150 million and full availability of the
$200 million revolver.

All financial metrics reflect Moody's standard adjustments.

The stable outlook reflects Moody's expectations for 8% to 10%
revenue growth, increasing rates of profitability driven by ongoing
expense management initiatives and debt to EBITDA to remain around
3.5 times.  The ratings could be lowered if Moody's notes a
meaningful increase in competition, MSCI's client retention rates
deteriorate or a more difficult pricing environment evolves.
Moody's could downgrade the ratings if it anticipates low revenue
growth or an erosion in profitability and free cash flow, resulting
in expectations for debt to EBITDA and free cash flow to debt to be
sustained above 4 times and under 5%, respectively.  The ratings
could be raised if financial policies are revised to emphasize
lower debt levels such that Moody's comes to expect debt to EBITDA
will remain around 3 times and free cash flow to debt will stay
above 10%.

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

MSCI Inc. is a global provider of investment risk and decision
support tools, including indices and portfolio risk and performance
analytics products and services.



MSCI INC: S&P Assigns 'BB+' Rating on New Unsecured Notes Due 2025
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue-level
rating and '3' recovery rating to New York City-based financial
data and analytics provider MSCI Inc.'s proposed unsecured notes
due 2025.  The 'BB+' rating is the same as the ratings on MSCI's
existing unsecured debt.  The '3' recovery rating indicates S&P's
expectation for meaningful recovery (50% to 70%; upper half of the
range) in the event of payment default.  The company will use the
proceeds for general corporate purposes, including shareholder
returns.

S&P's 'BB+' corporate credit rating on MSCI and stable outlook
remain unchanged.  The rating reflects leverage that S&P expects to
remain below 3x as the company returns cash to shareholders through
2016, as well as its leading market position, highly recurring
revenue model, and high profit margins.  Partly offsetting these
strengths are MSCI's narrow product focus, with revenues mostly
tied to the health of the investment management industry, and some
customer concentration with Blackrock, which represented over 10%
of 2014 revenues.  S&P could lower the rating if acquisitions or
additional shareholder returns result in leverage sustained above
the mid-3x area.

RECOVERY ANALYSIS

Key Analytical Factors

   -- S&P's simulated default scenario assumes a default in 2020,
      driven by cash flow and liquidity issues that stem from a
      significant deterioration in financial markets conditions,
      major customer losses, and competitive factors.

   -- S&P believes that in the event of a default, the company
      would reorganize to maximize value to creditors, given its
      embedded position in the financial markets, strong brand
      recognition, and critical index and risk-related products.

   -- S&P has valued the company as a going concern applying a 7x
      multiple to its assumed $150 million emergence EBITDA to
      derive an estimate of gross recovery value of $1.05 billion.

Simulated Default Assumptions

   -- Simulated year of default: 2020
   -- EBITDA at emergence: $150 million
   -- EBITDA multiple: 7x

Simplified Waterfall

   -- Net enterprise value (after 3% administrative costs):
      $1.02 billion
   -- Total value available to unsecured claims: $1.02 billion
   -- Senior unsecured debt and pari-passu claims: $1.53 billion
      --Recovery expectations: 50% to 70% (upper half of the
      range)

Notes: All debt amounts include six months of pre-petition
interest.

RATINGS LIST

MSCI Inc.
Corporate Credit Rating                BB+/Stable/--

New Rating

MSCI Inc.
Unsecured notes due 2025               BB+
  Recovery Rating                       3H



NAKED BRAND: Effects 1-for-40 Reverse Stock Split
-------------------------------------------------
As disclosed in the current report on Form 8-K filed by Naked Brand
Group Inc. with the Securities and Exchange Commission on Aug. 6,
2015, the Board of Directors of the Company approved a reverse
stock split of the Company's authorized, issued and outstanding
shares of common stock at a ratio of 1-for-40.

On Aug. 7, 2015, the Financial Industry Regulatory Authority
notified the Company that the reverse stock split will take effect
at the open of business on Aug. 10, 2015.  On the Effective Date,
the trading symbol for the Company's common stock changed to
"NAKDD" for a period of 20 business days, after which the "D" will
be removed from the Company's trading symbol, which will revert to
"NAKD."  In connection with the reverse stock split, the CUSIP
number for the Company's common stock will change to 629839200.

The Board approved the reverse stock split as part of the Company's
pursuit of listing of its common stock on a national securities
exchange.  The Company has not yet submitted a listing application
with any national securities exchange and, at present, the Company
does not meet all of the initial listing requirements of any
national securities exchange.  The Company can make no assurance
that it will meet the requirements to file a listing application
with a national securities exchange or that, if such an application
is filed, that such listing will be approved.

Stockholders holding paper certificates may (but are not required
to) send the certificates to the Company's transfer agent and
registrar, Standard Registrar & Transfer Co. Inc., at the address
set forth below.  Standard Registrar will issue a new stock
certificate reflecting the reverse stock split to each requesting
stockholder.  Standard Registrar can be contacted at (801)
571-8844.

Standard Registrar & Transfer Co. Inc.
12528 South 1840 East
Draper, UT 84020

The Company effected the reverse stock split pursuant to the
Company's filing of a Certificate of Change with the Secretary of
State of the State of Nevada on Aug. 7, 2015, in accordance with
Nevada Revised Statutes Section 78.209.  The Certificate will
become effective at 12:01 a.m. Eastern Time on the Effective Date.
Under Nevada law, no amendment to the Company's articles of
incorporation is required in connection with the reverse stock
split.

Immediately after the reverse stock split, each stockholder's
percentage ownership interest in the Company and proportional
voting power will remain unchanged, except for minor changes and
adjustments that will result from the treatment of fractional
shares.  The rights and privileges of the holders of shares of
company stock will be substantially unaffected by the reverse stock
split.

                         About Naked Brand

Naked Brand Group Inc. designs, manufactures, and sells men's
innerwear and lounge apparel products in the United States and
Canada.  It offers various innerwear products, including trunks,
briefs, boxer briefs, undershirts, T-shirts, and lounge pants
under the Naked brand, as well as under the NKD sub-brand for men.
The company sells its products to consumers and retailers through
wholesale relationships and direct-to-consumer channel, which
consists of an online e-commerce store, thenakedshop.com.  Naked
Brand Group Inc. is based in New York, New York.

Naked Brand reported a net loss of $21.07 million for the year
ended Jan. 31, 2015, compared to a net loss of $4.23 million for
the year ended Jan. 31, 2014.

As of April 30, 2015, the Company had $1.70 million in total
assets, $1.30 million in total liabilities and $436,000 in total
stockholders' equity.

BDO USA, LLP, in New York, NY, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Jan. 31, 2015, citing that the Company incurred a net loss of
$21,078,265 for the year ended Jan. 31, 2015, had a capital deficit
of $2,224,180 at Jan. 31, 2015, and the Company expects to incur
further losses in the development of its business.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


NATIONAL CINEMEDIA: Posts $10.1-Mil. Net Income for 2nd Quarter
---------------------------------------------------------------
National Cinemedia, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
attributable to the Company of $10.1 million on $121.5 million of
advertising revenue for the three months ended July 2, 2015,
compared to net income attributable to the Company of $3.6 million
on $99.9 million of advertising revenue for the three months ended
June 26, 2014.

For the six months ended July 2, 2015, the Company reported net
income attributable to the Company of $1.1 million on $198.4
million of advertising revenue compared to net income attributable
to the Company of $500,000 on $170.1 million of advertising revenue
for the six months ended June 26, 2014.

As of July 2, 2015, the Company had $1 billion in total assets,
$1.2 billion in total liabilities and a $221.6 million total
deficit.

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

                       http://is.gd/4BBtvO

                     About National CineMedia

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

                            *     *     *

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


NATIONAL CINEMEDIA: President and CEO Kurt Hall to Retire
---------------------------------------------------------
National CineMedia, Inc., the managing member and owner of 45.2% of
National CineMedia, LLC, announced that it will implement its
Chairman and CEO succession plan.  Kurt C. Hall, who helped found
the Company in 2005 with the three leading cinema operators AMC,
Cinemark and Regal, will retire as chairman, president and chief
executive officer upon the appointment of his CEO successor.  The
Board of Directors has retained executive search firm Heidrick &
Struggles to identify a new CEO to succeed Mr. Hall.  Upon the
appointment of a new CEO, Scott N. Schneider, currently Lead
Director of the Company's Board of Directors, will succeed Mr. Hall
as Chairman of the Board and Mr. Hall will continue in a 24-month
consulting role as an advisor to the Board and CEO to facilitate a
seamless transition and consult on other business matters.

"It has been an honor and a privilege to lead NCM's talented and
dedicated team from start-up through an exciting period of growth,"
said Kurt Hall, NCM's chairman, president and CEO.  "Since our
initial public offering in 2007, we have consistently returned
value to our shareholders as we have expanded the Company into a
leading video advertising network through the creation of the
world's largest cinema digital distribution network and formation
of an expanding theatre circuit and advertising client relationship
base.  Given NCM's recent strong financial performance and
strengthening market position, now seemed like the right time to
transition to the next generation of leadership.  It is also
important to me to reduce my day-to-day participation with our
company so that I can spend more time with my family after recovery
from some recent health issues. With a meaningful investment in the
Company, I look forward to continuing to work with the Company's
Board and leadership team to ensure a seamless transition and
strong growth and shareholder value creation for many years to
come."

"On behalf of the NCM board, I want to thank Kurt for his
commitment and many years of contributions to our company," said
Scott N. Schneider, lead director of the NCM board.  "Under his
leadership, NCM has driven continued geographic expansion through
additional theatre circuit agreements, improved our advertising
products and significantly increased advertising revenue for our
theatre circuit partners and dividends for our shareholders.  Kurt
has set the tone for our company for over 10 years, founding a
structure that has provided enormous value to our shareholders,
employees and affiliated theatres, and leading the Company to
compete aggressively in the challenging video advertising
marketplace.  I am confident that the Company has a strong
foundation in place and will continue to strengthen our offerings
to drive growth and shareholder value under new leadership."

                      About National CineMedia

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

As of July 2, 2015, the Company had $1 billion in total assets,
$1.2 billion in total liabilities and a $221.6 million total
deficit.

                            *     *     *

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


NEOMEDIA TECHNOLOGIES: Extends Debenture Maturity Date to 2016
--------------------------------------------------------------
NeoMedia Technologies, Inc., entered into a debenture extension
agreement with YA Global Investments, LP f/k/a Cornell Capital
Partners, to extend the maturity dates of certain convertible
debentures to Feb. 5, 2016, subject to the conditions outlined in
the Agreement.  These conditions include:

   (a) this is a one-time extension for the specific period
       indicated; and

   (b) such extension will not be deemed to constitute (i) an
       agreement to provide any further extension of the maturity
       dates of the Debentures, or (ii) a waiver of any existing
       Events of Default, whether known or unknown, or of any the
       provisions of the Debentures or of the other Financing
       Documents.

The Debentures are secured by certain pledges made with respect to
the assets of the Company and its subsidiaries as set forth in the
Agreement, and that certain Security Agreement and Patent Security
Agreement, both dated July 29, 2008, and filed with the SEC on
Aug. 4, 2008, by and among the Company, each of the Company's
subsidiaries made a party thereto and YA, that remain in effect.

                    About NeoMedia Technologies

Atlanta, Ga.-based NeoMedia Technologies provides mobile barcode
scanning solutions.  The Company's technology allows mobile
devices with cameras to read 1D and 2D barcodes and provide "one
click" access to mobile content.

NeoMedia reported a net loss of $2.46 million on $3.51 million of
revenues for the year ended Dec. 31, 2014, compared to net income
of $28.46 million on $4.29 million of revenues in 2013.

As of June 30, 2015, the Company had $1.1 million in total assets,
$42.1 million in total liabilities, all current, $4.3 million in
series C convertible preferred stock, $348,000 in series D
convertible preferred stock and a $45.6 million total shareholders'
deficit.

StarkSchenkein, LLP, in Denver, CO, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014.  The independent auditors noted that the
Company has suffered recurring losses from operations, has
significant working capital and shareholder deficits and may have
ongoing requirements for additional capital investment.  These
factors, the auditors noted, raise substantial doubt about the
Company's ability to continue as a going concern.


NEONODE INC: Incurs Net Loss of $1.7 Million in Second Quarter
--------------------------------------------------------------
Neonode, Inc. filed with the Securities and Exchange Commission its
quarterly report on Form 10-Q disclosing a net loss of $1.7 million
on $2.7 million of net revenues for the three months ended June 30,
2015, compared to a net loss of $3.8 million on $865,000 of net
revenues for the same period during the prior year.

For the six months ended June 30, 2015, the Company reported a net
loss of $3.6 million on $5 million of net revenues compared to a
net loss of $7.8 million on $1.8 million of net revenues for the
same period a year ago.

As of June 30, 2015, the Company had $5.6 million in total assets,
$5.5 million in total liabilities and $131,000 in total
stockholders' equity.

"The second quarter of 2015 has been a period of satisfying
achievements and milestones throughout the company.  We saw
significant increases in our revenues as customers increased or
initiated product shipments using our touch technology.  During the
quarter we released new technologies ideally suited for the PC and
printer markets and we officially passed all the Microsoft Windows
10 technology certification tests.  We believe we are well
positioned to take advantage of the many opportunities that are
presenting themselves across our three core markets which are
Automotive, PC and Printer," said Neonode CEO Thomas Eriksson.

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

                     http://is.gd/gP2jqs

                      About Neonode Inc.

Lafayette, Calif.-based Neonode Inc. (OTC BB: NEON)
-- http://www.neonode.com/-- provides optical touch screen
solutions for hand-held and small to midsize devices.

Neonode reported a net loss of $14.2 million in 2014, a net loss of
$13.08 million in 2013 and a net loss of $9.28 million in 2012.


NESCO LLC: Moody's Lowers CFR to Caa1, Outlook Negative
-------------------------------------------------------
Moody's Investors Service downgraded NESCO, LLC's Corporate Family
Rating to Caa1 from B3, Probability of Default Rating to Caa1-PD
from B3-PD, and its senior secured second lien notes rating to Caa2
from Caa1.  The ratings downgrade reflects Moody's expectation for
low free cash flow available to repay debt. Moreover, the company
has relied on its ABL revolver to fund operations leading to weaker
credit metrics that are likely to remain reflective of a Caa1
rating level over the intermediate term.  The rating outlook has
been changed to negative.

These rating actions were taken:

Issuer: NESCO, LLC

  Corporate Family Rating, downgraded to Caa1 from B3;

  Probability of Default Rating, downgraded to Caa1-PD from B3-PD;

  Senior Secured Second Lien Notes due 2021, downgraded to Caa2
   (LGD4) from Caa1 (LGD4).

Outlook actions:

  Outlook, Changed to Negative from Stable.

RATINGS RATIONALE

NESCO's Caa1 CFR reflects Moody's expectation of continued weak
profitability due to lower than anticipated demand from contractors
serving utilities and expectations for ongoing weak demand for 2015
and into 2016.  Moody's anticipates NESCO's debt / EBITDA at above
8 times (all figures inclusive of Moody's standard adjustments) for
2015.  The company's capital expenditure program is expected to be
meaningfully curtailed in 2015 and possibly for 2016 if demand
prospects remains weak.  Long term prospects are supported by
certain industry dynamics including an aging power infrastructure
requiring investment and the potential for increased outsourcing to
contractors (which represents the vast majority of the company's
customer base) by electric utilities.

Moody's considers the company's liquidity profile to be adequate,
supported primarily by availability under the $250 million ABL
revolver which we expect NESCO will continue to rely on to fund
operations and support growth initiatives.  The company is expected
to generate breakeven to positive free cash flow over the next 12
months as the company scales back on its large capital expenditures
program.  NESCO has some flexibility to reign in capital spending
given the young age of its rental fleet allowing it to preserve
free cash flow for the purposes of repaying debt.

The negative outlook reflects the expectation for continued
weakness in the company's operating performance due to weak
transmission and distribution end markets.  Moreover, Moody's
anticipate the company's weakened margins to significantly slow its
ability to deleverage the balance sheet.  Moody's notes that
NESCO's decision to cut back its capital expenditures should help
conserve cash that may be redirected toward debt repayment.
Although the company may be able to sell assets to reduce debt, it
has more debt on the balance sheet than equipment thereby limiting
the value of equipment sales to significantly deleverage its
balance sheet.  Nevertheless, it may sell additional assets to
right-size its equipment portfolio.

The ratings could be downgraded if the company fails to show
progress towards deleveraging and if revolver availability were to
decline towards $25 million.  A further decline in EBITDA margins
could also result in downwards rating pressure.

The ratings would be considered for an upgrade if the company's
operating outlook and liquidity position were to meaningfully
improve, if debt / EBITDA were to decline and remain sustained
below 7 times on a Moody's adjusted basis, while improving EBITDA
margins.

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

NESCO, LLC based in Fort Wayne, Indiana, rents and sells a range of
new and used equipment for the electric power T&D industry,
including on- and off-highway, overhead and underground equipment,
arbor equipment, sign erection and maintenance equipment. Customers
include utility contractors and utilities in the United States and
Canada that are performing installation, maintenance, upgrades and
repairs to T&D infrastructure.  During 2012, the company completed
two significant acquisitions that grew its fleet.  In August 2012,
NESCO purchased the utility equipment fleet and related assets from
Penske Truck Leasing Co., L.P. and in December 2012 it purchased
Utility Equipment Leasing Corporation.  LTM revenues for the period
ended March 31, 2015 were almost $200 million.



NIRVANA INC: Bottled Water Biz Set for Oct. 14 Auction
------------------------------------------------------
Bill Rochelle, a bankruptcy columnist for Bloomberg News, reported
that Nirvana Inc. obtained authority from a bankruptcy judge to
proceed with the Oct. 14 auction of its assets, including its
bottled water business, some 1,600 acres where the water-bottling
business is operated, and the names "Nirvana" and "Nirvana Spring
Water."

The Debtors said the Assets have an estimated aggregate
value of approximately $20,000,000.

Interested parties must submit their bids on or before October 9,
2015.  If one or more Qualified Bids are
timely received by the Debtors, an Auction will be held on October
14, 2015 at 10:00 a.m. at the offices of Bond, Schoeneck & King,
PLLC, in New York.  The hearing to consider approval of the sale is
slated for October 20, 2015.

Camille W. Hill, Esq., at Bond, Shoeneck & King, PLLC, in Syracuse,
New York, told the Court that the Debtors have determined that it
is in the best interests of their estates, their creditors, their
employees and other parties-in-interest to sell the Assets.  Ms.
Hill asserted that the Debtors' management believes that the
approval of the sale is critical to preserving their value for the
benefit of all creditors and employees, and it is necessary to
provide Nirvana's customers assurance that their contracts will be
honored.  She further told the Court that the proposed Asset Sale
will be subject to highest and best offer and the approval of the
Court, and will include the assumption and assignment of executory
contracts and unexpired leases to the Successful Bidder.

                         About Nirvana Inc.

Nirvana Inc. is a manufacturer and bottler of spring water that
is captured from four natural springs on 1,600 acres of
property located in the foothills of the Adirondack Mountains
at Forestport, New York. Nirvana says its water is exceptionally
pure and flows naturally to the surface at a temperature of 42
degrees Fahrenheit.  

Nirvana is a closely-held New York corporation with a
principal office located at One Nirvana Plaza, Forestport, New
York. Nirvana was formed on June 2, 1995 by Mozafar Rafizadeh and
his brother, Mansur Rafizadeh.  

Nirvana, Inc., and three affiliates -- Nirvana Transport,
Inc., Nirvana Warehousing, Inc. and Millers Wood Development
Corp. -- sought Chapter 11 bankruptcy protection (Bankr. N.D.N.Y.
Lead Case No. 15-60823) in Utica, New York, on June 3, 2015. The
cases are assigned to Judge Diane Davis.  

According to the docket, the Debtors' Chapter 11 plan
and disclosure statement are due Oct. 1, 2015. The deadline
for filing claims by governmental units is Nov. 30, 2015.  

The Debtors tapped Bond, Schoeneck & King, PLLC, as
general counsel, and Teitelbaum & Baskin, LLC, as special
counsel.


NN INC: S&P Raises Rating on $350MM Term Loan Due 2021 to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its issue-level rating on
NN Inc.'s $350 million term loan due 2021 to 'BB' from 'B+' and
revised the recovery rating on the loan to '1' from '3' following
the company's $130 million paydown using the proceeds from its
recent equity offering.  The '1' recovery rating indicates our
expectation of very high recovery (90%-100%) in a simulated default
scenario.

In July 2015, NN Inc. raised approximately $173 million in net
proceeds via a public equity offering.  The company used about $149
million of the proceeds to repay a portion of its term loan and
some of the debt outstanding on its asset-based lending (ABL)
revolver, and kept the remainder as cash on its balance sheet.
Given the sizable reduction in the balance on the term loan, as
well as the ongoing 5% annual amortization of the loan, its
recovery prospects have improved in a hypothetical default
scenario.

S&P's 'B+' corporate credit rating and stable outlook on NN Inc.
remain unchanged.

RATINGS LIST

NN Inc.
Corporate Credit Rating          B+/Stable/--

Rating Raised; Recovery Rating Revised
                                 To                From
NN Inc.
$350 Mil. Term Loan Due 2021    BB                B+
  Recovery Rating                1                 3H



NORTHERN NEW ENGLAND: 2nd Circ. Make Rules for Extinguishing Lien
-----------------------------------------------------------------
Bill Rochelle, a bankruptcy columnist for Bloomberg News, reported
that the U.S. Court of Appeals in Manhattan, on Aug. 4, in a case
involving a tax lien in which a city had filed a claim for some,
but not all, real estate taxes, ruled that a lien can be
extinguished in Chapter 11 as long as a four-part test has been
met.

According to the report, in the opinion, the Second Circuit quoted
the Supreme Court's 1992 opinion in Dewsnup v. Timm, which
explained that "liens passed through bankruptcy" before the
adoption of the Bankruptcy Code in 1978.  The rule was changed by
Section 1141(c) of the code, which says that plan confirmation
makes property free and clear of all claims and interests that were
"dealt with by the plan," the report said.

The report added that the Second Circuit said that statute imposes
three requirements for eradicating a lien: (1) the plan does not
preserve the lien, (2) the plan is confirmed and (3) the property
is dealt with by the plan.  As in sister circuits, the Second
Circuit adopted a fourth requirement not within the language of the
statute: The lienholder must participate in the bankruptcy.  The
Second Circuit ruled that all the requirements were met.

The case is City of Concord v. Northern New England Telephone
Operations LLC (In re Northern New England Telephone Operations
LLC), 14-3381, U.S. Court of Appeals for the Second Circuit.


PARKVIEW ADVENTIST: Files Schedules of Assets and Liabilities
-------------------------------------------------------------
Parkview Adventist Medical Center filed with the U.S. Bankruptcy
Court for the District of Maine its schedules of assets and
liabilities, disclosing:

Name of Schedule              Assets         Liabilities
----------------            -----------      -----------
A. Real Property            $8,800,234
B. Personal Property        $9,671,369
C. Property Claimed as
     Exempt
D. Creditors Holding
   Secured Claims                             $14,620,299
E. Creditors Holding
   Unsecured Priority
   Claims                                              $0
F. Creditors Holding
   Unsecured Non-priority
   Claims                                     $10,499,572
                             ------------     -----------
        TOTAL                 $18,471,603     $25,069,871

                        About Parkview Adventist

Parkview Adventist Medical Center, a Maine non-profit corporation,
operates the Parkview Hospital, a faith-based acute care community
hospital located in Brunswick, Maine, affiliated with the Seventh
Day Adventist Church.  Its mission is to provide services
supporting the physical, emotional and spiritual wellness of its
patients.

Parkview sought Chapter 11 protection (Bankr. D. Maine Case No.
15-20442) in Portland, Maine, on June 16, 2015.  The case is
assigned to Judge Peter G Cary.

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

The deadline for filing claims is Oct. 7, 2015.  The Debtor's plan
and disclosure statement are due Oct. 14, 2015.

The Debtor is represented by George J. Marcus, Esq., at Marcus,
Clegg & Mistretta, PA, in Portlane, Maine.


PARKVIEW ADVENTIST: Has Admin Services Agreement with HPHC
----------------------------------------------------------
The Parkview Adventist Medical Center seeks authority from the U.S.
Bankruptcy Court for the District of Maine to enter into an
administrative services agreement with HPHC Insurance Company, Inc.
and Health Plans, Inc.

Pursuant to the ASA, HPIC will administer the Debtor's self-insured
employee health benefit plan for its eligible members and any
eligible dependents of those members, for claims incurred under the
Plan from and after July 1, 2015, and upon and subject to the terms
and conditions contained in the ASA.

The agreement is conditioned upon the following: (a) the Court
enter its order approving the terms and conditions of the ASA on or
before the Effective Date July 1, 2015; (b) the Debtor establishes
and maintains a separate bank account in its name to be used solely
for the payments of amounts due under the Plan and the ASA; (c) the
Debtor pays into the Funding Account, on or before the Effective
Date, the sum of $324,481; (d) the Debtor prepay into the Funding
Account every three months starting with the quarter beginning on
October 1, 2015, sums equal to the estimated total of the
per-employee per month fees which HPIC will invoice the Debtor for;
(e)  in the event that the balance in the Funding Account is less
than $100,000 at any time, ensure that additional funds are added
thereto within three business days of notice of the balance
insufficiency to bring the balance to $100,000.

The Debtor believes that it has articulated a reasonable and
legitimate business rationale for entering into the ASA.  Multiple
options for a Plan administrator has been explored and HPIC is the
only realistic option given that July 1st is rapidly approaching
and there cannot be a lapse in Plan administration, the Debtor
adds.

The Debtor is represented by:

          George J. Marcus, Esq.
          Jennie L. Clegg, Esq.
          David C. Johnson, Esq.
          Andrew C. Helman, Esq.
          MARCUS, CLEGG & MISTRETTA, P.A.
          One Canal Plaza, Suite 600
          Portland, ME 04101
          Tel: (207) 828-8000
          Fax: (207)-773-3210
          Email: gmarcus@mcm-law.com
                 Jclegg@mcm-law.com
                 djohnson@mcm-law.com
                 ahelman@mcm-law.com

                          About Parkview Adventist

Parkview Adventist Medical Center, a Maine non-profit corporation,
operates the Parkview Hospital, a faith-based acute care community
hospital located in Brunswick, Maine, affiliated with the Seventh
Day Adventist Church.  Its mission is to provide services
supporting the physical, emotional and spiritual wellness of its
patients.

Parkview sought Chapter 11 protection (Bankr. D. Maine Case No.
15-20442) in Portland, Maine, on June 16, 2015.  The case is
assigned to Judge Peter G Cary.

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

The deadline for filing claims is Oct. 7, 2015.  The Debtor's plan
and disclosure statement are due Oct. 14, 2015.

The Debtor is represented by George J. Marcus, Esq., at Marcus,
Clegg & Mistretta, PA, in Portlane, Maine.


PARKVIEW ADVENTIST: Has Interim Authority to Use Cash Collateral
----------------------------------------------------------------
Parkview Adventist Medical Center sought and obtained interim
authority from the U.S. Bankruptcy Court for the District of Maine
to use cash collateral securing its prepetition indebtedness.

The Debtor was given interim authority to use cash collateral
during the period of July 1, 2015 through July 27, 2015.  The Court
will hold a final hearing to determine whether any of the Debtor's
assets constitute Cash Collateral and, if so, whether the Debtor is
authorized to continue to use Cash Collateral through October 31,
2015.

Central Maine Healthcare Corporation objected to the Debtor's cash
collateral request.  The Court directed CMHC to provide the Debtor
and the United States Trustee with weekly reports.  Should the
Weekly Reports demonstrate that actual patient volume numbers for
each of two consecutive weeks fall below 75% of the volumes for
those weeks estimated in the Projections, then CMHC will be
entitled to seek a Court order on an expedited basis revoking the
temporary authorization to use of Cash Collateral.  In the event
that CMHC makes a request, the Debtor's right to object to said
course of action on any and all grounds is expressly preserved.

                        About Parkview Adventist

Parkview Adventist Medical Center, a Maine non-profit corporation,
operates the Parkview Hospital, a faith-based acute care community
hospital located in Brunswick, Maine, affiliated with the Seventh
Day Adventist Church.  Its mission is to provide services
supporting the physical, emotional and spiritual wellness of its
patients.

Parkview sought Chapter 11 protection (Bankr. D. Maine Case No.
15-20442) in Portland, Maine, on June 16, 2015.  The case is
assigned to Judge Peter G Cary.

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

According to the docket, the appointment of a health care
ombudsman
is due by July 16, 2015.  The deadline for filing claims is Oct.
7,
2015.  The Debtor's plan and disclosure statement are due Oct. 14,
2015.

The meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for
July 9, 2015 at 1:00 p.m.

The Debtor is represented by George J. Marcus, Esq., at Marcus,
Clegg & Mistretta, PA, in Portlane, Maine.


PARKVIEW ADVENTIST: Has New Administrators for Health Benefit Plan
------------------------------------------------------------------
HPHC Insurance Company, Inc., and Health Plans, Inc., are the new
administrators of Parkview Adventist Medical Center's self-insured
employee health benefit plan, according to court filings.

Parkview Adventist tapped the companies to administer the plan for
claims incurred from and after July 1.  

The move came after its contract with Group Benefit Services, Inc.
expired on June 30, court filings show.

Under the agreement, Parkview Adventist is required to make an
advance payment of $324,481 for administration fees, carrier
premiums and initial charges to be incurred under the plan for the
period July 1 to Sept. 30, 2015.

U.S. Bankruptcy Judge Peter Cary approved the companies as new
administrators of the plan early last month.

                     About Parkview Adventist

Parkview Adventist Medical Center, a Maine non-profit corporation,
operates the Parkview Hospital, a faith-based acute care community
hospital located in Brunswick, Maine, affiliated with the Seventh
Day Adventist Church.  Its mission is to provide services
supporting the physical, emotional and spiritual wellness of its
patients.

Parkview sought Chapter 11 protection (Bankr. D. Maine Case No.
15-20442) in Portland, Maine, on June 16, 2015.  The case is
assigned to Judge Peter G Cary.

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

The deadline for filing claims is Oct. 7, 2015.  The Debtor's plan
and disclosure statement are due Oct. 14, 2015.

The Debtor is represented by George J. Marcus, Esq., at Marcus,
Clegg & Mistretta, PA, in Portlane, Maine.


PENNSYLVANIA NAT'L: Moody's Cuts Surplus Notes Rating to Ba1(hyb)
-----------------------------------------------------------------
Moody's Investors Service has downgraded the surplus notes issued
by Pennsylvania National Mutual Casualty Insurance Company to Ba1
(hyb) from Baa3 (hyb) and the insurance financial strength (IFS)
ratings of Penn National Insurance Group's (Penn National)
operating subsidiaries to Baa1 from A3.  The downgrade reflects
continued uncertainty with regards to legacy lead paint claims
including potential challenges in collecting reinsurance
recoverables on lead paint claims, and low operating profitability.
The outlook for the ratings is stable.

RATINGS RATIONALE

"While Penn National's earnings have improved due to relatively
stable accident year combined ratios and lower catastrophe and
weather-related losses, the company still faces uncertainty
surrounding its legacy lead paint claims, which could pressure
future earnings," said Jasper Cooper, Moody's Assistant Vice
President.  "In addition, we have concerns about the company's
reinsurance recoverables related to multi line reinsurance policies
from the 1990s, which we believe are subject to greater collection
risk given the nature of the liabilities."

Penn National's ratings reflect the group's established position in
its regional independent agency markets, low operating leverage,
and a high quality investment portfolio.  The company continues to
take a number of steps to improve results in its core business,
including: implementing rate increases, tightening underwriting
standards, and increasing reinsurance protection. These actions
have led to moderate ex-catastrophe earnings improvement, although
a softening pricing environment could partially hinder the
company's efforts.  These strengths are partly offset by
uncertainty surrounding legacy lead paint claims including
potential challenges in collecting reinsurance recoverables,
exposure to catastrophes leading to some earnings volatility,
significant geographic concentration as about 40% of premiums come
from Pennsylvania, as well as the company's modest scale, which
limits its operating and financial flexibility.

RATING DRIVERS

Moody's noted that following factors could lead to an upgrade of
the ratings: 1) absence of meaningful adverse loss reserve
development related to lead-paint claims and/or core loss reserves;
2) collection of reinsurance recoverables related to the company's
lead paint claims; 3) stable operating profitability, with combined
ratios consistently below 103% and EBIT coverage of interest above
4x; and, 4) sustained debt leverage at or below 25%.  Conversely,
these factors could lead to a downgrade of the ratings: 1) failure
to collect reinsurance recoverables related to lead paint claims;
2) significant additions to lead paint reserves; 3) combined ratios
consistently greater than 108% with EBIT coverage of interest below
2x; 4) decline in capitalization of 15% or more over a one-year
period resulting from catastrophe losses and/or adverse loss
reserve development; and, 5) adjusted debt leverage above 35%.

LIST OF RATING ACTIONS

These ratings have been downgraded with a stable outlook:

Pennsylvania National Mutual Casualty Insurance Company. -- surplus
notes to Ba1 (hyb) from Baa3 (hyb), insurance financial strength to
Baa1 from A3;

Penn National Security Insurance Company -- insurance financial
strength to Baa1 from A3.

Penn National, based in Harrisburg, Pennsylvania, is a mutual
property/casualty insurance group that underwrites small and middle
market commercial and personal lines insurance through independent
agents.  For 2014, the group reported statutory net written
premiums of $667 million and statutory net income of $43 million.
Statutory surplus for Penn National Insurance was $567 million as
of Dec. 31, 2014.

The principal methodology used in these ratings was Global Property
and Casualty Insurers published in August 2014.



PERRY KOPLIK: Judge Stretches Notions of Jurisdiction to Sue Wife
-----------------------------------------------------------------
Bill Rochelle, a bankruptcy columnist at Bloomberg News, reported
that U.S. District Judge in Katherine B. Forrest Manhattan allowed
a lawsuit against a husband and wife to proceed, relying on a 2001
Manhattan U.S. Court of Appeals decision called Epperson for the
proposition that a federal court has jurisdiction over recipients
of a fraudulent transfer even though they were not parties to the
original suit.

A litigation trustee under a Chapter 11 plan sued a husband and
wife for receipt of a fraudulent transfer because the husband
conveyed a home he owned in his own name to himself and his wife as
tenants by the entireties, the report related.  The trustee filed a
second suit against the husband, eventually winning a $9.5 million
judgment for violation of fiduciary duties, the report further
related.  The husband and wife moved to dismiss the first-filed
suit, saying there was no federal jurisdiction following the
judgment in the second suit, the report added.

According to the report, Judge Forrest said ancillary jurisdiction
remained over the husband because the trustee was seeking to
collect a judgment.  The court had ancillary jurisdiction over the
wife, although she wasn't a party to the other suit, because the
trustee wasn't attempting to hold her liable for the judgment in
the first suit, rather, the trustee was seeking to recover for her
receipt of a fraudulent transfer to assure collection of the prior
judgment, the report related.

The case is Fox v. Koplik (In re Perry H. Koplik & Sons Inc.),
15-cv-4002, 2015 BL 245659, U.S. District Court, Southern District
of New York (Manhattan).


PLASTIC2OIL INC: Incurs $1.2 Million Net Loss in Second Quarter
---------------------------------------------------------------
Plastic2Oil, Inc. filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss
attributable to common shareholders of $1.2 million on $10,397 of
total sales for the three months ended June 30, 2015, compared to a
net loss attributable to common shareholders of $1.8 million on
$6,355 of total sales for the same period during the prior year.

For the six months ended June 30, 2015, the Company reported a net
loss attributable to common shareholders of $2.1 million on $10,397
of total sales compared to a net loss attributable to common
shareholders of $4.5 million on $25,073 of total sales for the same
period a year ago.

As of June 30, 2015, the Company had $6.6 million in total assets,
$9.6 million in total liabilities and a total stockholders' deficit
of $3.1 million.

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

                      http://is.gd/4TKFXs

                       About Plastic2Oil

Plastic2Oil, Inc., formerly JBI Inc., is a North American fuel
company that transforms unsorted, unwashed waste plastic into
ultra-clean, ultra-low sulphur fuel without the need for
refinement.  The Company's Plastic2Oil (P2O) is a process designed
to provide immediate economic benefit for industry, communities
and government organizations with waste plastic recycling
challenges.  It is also focused on the creation of green
employment opportunities and a reduction in the cost of plastic
recycling programs for municipalities and business.  The Company's
fuel products include No. 6 Fuel, No. 2 Fuel (diesel, petroleum
distillate), Naphtha, Petcoke (carbon black) and Off-Gases. No. 6
Fuel is heavy fuel used in industrial boilers and ships. No. 2
Fuel is a mid-range fuel known as furnace oil or diesel.  Naphtha
is a light fuel that is used as a cut feedstock for ethanol or as
white gasoline in high and regular grade road certified fuels.

Plastic2Oil reported a net loss attributable to common shareholders
of $8.51 million on $59,000 of sales for the year ended Dec. 31,
2014, compared to a net loss attributable to common shareholders of
$16.8 million on $693,000 of sales for the year ended Dec. 31,
2013.

MNP LLP, in Toronto, Canada, issued a "going concern" qualification
on the consolidated financial statements for the year ended Dec.
31, 2014, citing that the Company has experienced negative cash
flows from operations since inception and has accumulated a
significant deficit which raises substantial doubt about its
ability to continue as a going concern.


POST HOLDINGS: Moody's Assigns B3 Rating on $1.2BB Sr. Unsec. Notes
-------------------------------------------------------------------
Moody's Investors Service, Inc. has assigned B3 ratings to $1.2
billion of senior unsecured notes that Post Holdings, Inc.
announced it intends to offer.  Moody's also affirmed the company's
B3 senior unsecured debt ratings and Ba2 senior secured debt
ratings.

The new senior unsecured notes will be offered in two tranches:
$600 million notes due 2024 and $600 million notes due 2026.   Net
proceeds from the issuance will be used to pay down the majority of
Post's approximate $1.6 billion senior secured Term Loan B debt.
Moody's has revised the Loss Given Default ratings to reflect the
proposed shift in debt capitalization.

Post also announced that, concurrent with the senior unsecured
notes offering, it intends to sell $275 million of common stock.
Net proceeds from the stock offering will initially be added to
cash balances, but could be used later to fund acquisitions.

RATINGS RATIONALE

The B2 Corporate Family Rating reflects Post's investment holding
company profile, characterized by high financial leverage and a
serial pace of acquisitions.  Moody's expects that Post's future
financial policy will be driven substantially by its access to
acquisition financing.  The rating agency anticipates that future
financings will continue to include a combination of debt and
equity capital, but that acquisitions likely will keep debt/EBITDA
above 6.0 times.  Moody's has taken into consideration the added
sales diversification that recent acquisitions have provided, but
this benefit is offset by an unfavorable portfolio mix shift toward
newly-acquired businesses with higher earnings volatility,
including Mom Brands and Michael Foods.  Post's ratings are
supported by the relatively high margins and cash flow generated in
its ready-to-eat (RTE) cereal business along with its strong North
American market position in egg products.

Post Holdings, Inc.

Ratings assigned:

$1.2 billion of senior unsecured notes due 2024 and 2026 at B3 (LGD
4).

Ratings affirmed and Loss Given Default (LGD) ratings revised:

  Corporate Family Rating at B2;

  Probability of Default Rating at B2-PD;

  Senior secured debt at Ba2, LGD rating revised to LGD 1 from LGD

   2;

  Senior unsecured debt to B3, LGD rating revised to LGD 4 from
   LGD 5;

  Speculative grade liquidity rating at SGL-2.

The rating outlook is stable.

A rating downgrade could occur if operational challenges or a
leveraged acquisition causes debt/EBITDA to likely be sustained
above 7.0x, or if the company fails to generate free cash flow.  A
rating upgrade is unlikely until the pace of acquisitions slows and
operating profit margin in the company's core RTE cereal business
has stabilized.  However, the ratings could eventually be upgraded
if Post sustains debt/EBITDA below 5.75 times.

Post Holdings, based in St. Louis Missouri, is a manufacturer of
shelf-stable center-of-the-store cereal, active nutrition and
private label food products.  Through the recent Michael Foods
acquisition, Post also is a producer and distributor of egg
products, cheese and other dairy-case and potato products.  Sales
for the LTM period ended June 30, 2015 were about $4.4 billion.

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



POST HOLDINGS: S&P Raises Rating on Existing Sr. Notes to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
issue-level ratings on the Post Holdings Inc.'s existing senior
unsecured notes to 'B' from 'B-' and revised the recovery ratings
to '4'.  This reflects the repayment of senior secured debt that
has priority claims on the company's assets.  All other ratings
remain unchanged, including the 'B' corporate credit rating.  In
addition, Standard & Poor's assigned its 'B' senior unsecured debt
ratings to the company's proposed $1.2 billion notes ($600 million
due in 8.5 years and $600 million due in 10 years).  The recovery
rating is '4', indicating S&P's r expectations of average recovery
(30% to 50%), at the upper end of the range, in the event of a
payment default.  Concurrent with this offering, the company is
issuing roughly $275 million in new common equity.

The company expects to use the net proceeds of this offering to
repay $1.2 billion of the its existing senior secured debt.  After
this transaction, $375 million will remain outstanding.  The
company expects to use common equity proceeds to finance future
acquisition opportunities, working capital, and capital
expenditures.  As of June 30, 2015, we estimate the company had
roughly $4.5 billion in reported debt and $5 billion in adjusted
debt outstanding (including S&P's standard adjustments, preferred
stock, and tangible equity units).  S&P estimates that pro forma
debt to EBITDA for the 12 months ended June 30, 2015 was roughly
7x, including S&P's adjustments for debt and excluding unrealized
synergies from the MOM Brands acquisition.  S&P estimates that Post
will remain highly leveraged during the next 12 to 24 months
despite recently improved operating results, as S&P anticipates
that the company will continue to make acquisitions.

Post is a holding company with operating companies that
manufacture, market, and distribute branded and private-label ready
to eat cereals, snacks, refrigerated items, and active nutrition
products.  Post has shifted its strategy from being a pure-play
cereal manufacturer to a holding company that has diversified its
business mix with several acquisitions.  S&P expects the company
will continue to diversify as it makes additional acquisitions.
Geographic diversification is limited, with more than 90% of sales
generated in the U.S. and the majority of the remainder in Canada.
S&P believes that, similar to other packaged-food companies, Post
is exposed to commodity cost volatility, which impacts
profitability.

The ratings on the company's existing senior secured revolver and
remaining balance on the term loan remains 'BB-'.  The recovery
rating on the senior secured facilities remains '1', indicating
S&P's expectations for very high (90% to 100%) recovery in the
event of a payment default.  S&P raised its issue-level ratings on
the company's senior unsecured notes to 'B' from 'B-' and the
recovery rating on the notes to '4', indicating S&P's expectations
of average recovery (30% to 50%), at the upper end of the range, in
the event of a payment default, from '5.'

Simulated default and valuation assumptions:

   -- Year of default: 2018
   -- EBITDA at emergence: $482 million
   -- Implied enterprise value (EV) multiple: 6x

Simplified waterfall:

   -- Net EV (after 5% administrative expenses): $2.7 billion
   -- Secured first-lien claims: $728 million
      -- Recovery expectations: Greater than 100% Total value
      available to unsecured claims: $2 billion
   -- Unsecured and pari-passu claims: $4.3 billion
      -- Recovery expectations: 30% to 50% (upper half of range)
*All debt amounts include six months of prepetition interest.

RATING LIST

Ratings Affirmed

Post Holdings Inc.
Corporate credit rating        B/Stable/--
Sr sec revolving credit fac
  due 2019                      BB-
  Recovery rating               1
Sr sec term loan B due 2021    BB-
  Recovery rating               1
    

Ratings Raised
                                TO                FROM
Sr unsec 6.75% nts due 2021    B                 B-
  Recovery rating               4H                5H
Sr unsec 7.375% nts due 2022   B                 B-
  Recovery rating               4H                5H
Sr unsec 6% nts due 20212      B                 B-
  Recovery rating               4H                5H

New Ratings
$600 mil. sr unsec nts due
  2024                          B
   Recovery rating              4H
$600 mil. sr unsec nts due
  2025                          B
   Recovery rating              4H  



POWERTEAM SERVICES: S&P Retains 'B+' Rating on 1st Lien Term Loan
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B+' issue-level
rating and '2' recovery rating on U.S.-based utility maintenance
and infrastructure services provider PowerTeam Services LLC's
first-lien term loan due 2020 are not affected by the company's
proposed $40 million add-on to the loan.  The company's existing
first-lien credit facilities include a $60 million revolving credit
facility due 2018 and $453 million (including the proposed add-on)
in term loans due 2020.  The '2' recovery rating on the first-lien
debt indicates S&P's expectation of substantial (70%-90%; upper
half of the range) recovery in the event of a default. This add-on
will be an amendment to the company's existing first-lien term loan
and will be used in connection with a proposed acquisition by
PowerTeam.

All of S&P's other ratings on PowerTeam, including S&P's 'B'
corporate credit rating, are unchanged.

S&P's ratings on PowerTeam reflect the company's high debt leverage
(with an adjusted debt-to-EBITDA metric of over 5x), S&P's belief
that the firm will generate positive free cash flow in 2015 (given
the relatively favorable trends in the company's electric and gas
utility maintenance outsourcing markets), and its track record of
maintaining healthy EBITDA margins.

RECOVERY ANALYSIS

Simulated default and valuation assumptions
   -- Simulated year of default: 2018
   -- EBITDA at emergence: $80 million
   -- EBITDA multiple: 5.5x

Simplified waterfall
   -- Net enterprise value (after 5% admin. costs): $418 million
   -- Valuation split (obligors/non-obligors): 100%/0%
   -- Priority claims: $7 million
   -- Collateral value available to secured creditors: $411
      million
   -- Secured first-lien debt claims: $496 million
      --Recovery expectations: 70%-90% (upper half of the range)
   -- Secured second-lien debt claims: $173 million
      --Recovery expectations: 0%-10%

Note: All debt amounts include six months of prepetition interest.
Collateral value equals asset pledge from obligors after priority
claims plus equity pledge from nonobligors after nonobligor debt.

RATINGS LIST

Ratings Unchanged

PowerTeam Services LLC
Corporate Credit Rating            B/Stable/--
  $440 Mil. Term Loan Due 2020      B+
   Recovery Rating                  2H



RADIOSHACK CORP: Seeks Nov. 2 Extension of Action Removal Period
----------------------------------------------------------------
RS Legacy Corporation, f/k/a RadioShack Corporation, et al., ask
the United States Bankruptcy Court for District of Delaware for a
second time for an order extending the period during which they may
seek to remove actions to federal court under section 1452 of the
Judicial Code and Rule 9027 of the Federal Rules of Bankruptcy
Procedure through and including November 2, 2015.

The Debtors explained that they seek an extension of the current
deadline to protect their right to remove those civil actions for
which they may determine that removal is appropriate.  The
extension sought will afford the Debtors additional time to
determine whether to remove any pending civil action and will
ensure that the Debtors do not forfeit valuable rights under
Section 1452 of the Judicial Code.  The rights of other parties to
the relevant litigation will not be prejudiced by the extension,
because any party to an action that is removed may seek to have it
remanded to the state court.

The Court will convene a hearing on August 26, 2015 at 11:00 a.m.
Objections are due August 19.

The Debtors are represented by:

          David M. Fournier, Esq.
          Evelyn J. Meltzer, Esq.
          Michael J. Custer, Esq.
          PEPPER HAMILTON LLP
          Hercules Plaza, Suite 5100
          1313 N. Market Street
          P.O. Box 1709
          Wilmington, DE 19899-1709
          Telephone: (302)777- 6500
          Facsimile: (302)421-8390
          Email: fournierd@pepperlaw.com
                 meltzere@pepperlaw.com
                 custerm@pepperlaw.com

             -- and --

          David G. Heiman, Esq.
          JONES DAY
          901 Lakeside Avenue
          Cleveland, OH 44114
          Telephone: (216)586-3939
          Facsimile: (216)579-0212
          Email: dgheiman@jonesday.com

             -- and --

          Gregory M. Gordon, Esq.
          Dan B. Prieto, Esq.
          JONES DAY
          2727 N. Harwood Street
          Dallas, TX 75201
          Telephone: (214)220-3939
          Facsimile: (214)969-5100
          Email: gmgordon@jonesday.com
                 dbprieto@jonesday.com

             -- and --

          Thomas A. Howley, Esq.
          Paul M. Green, Esq.
          JONES DAY
          717 Texas Suite 3300
          Houston, TX 77002
          Telephone: (832)239-3939
          Facsimile: (832)239-3600
          Email: tahowley@jonesday.com

                 About RadioShack Corporation

Headquartered in Fort Worth, Texas, RadioShack is a retailer of
mobile technology products and services, as well as products
related to personal and home technology and power supply needs.
RadioShack's retail network includes more than 4,300
company-operated stores in the United States, 270 company-operated
stores in Mexico, and approximately 1,000 dealer and other outlets
worldwide.

RadioShack Corporation and affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 15-10197) on Feb. 5, 2015. Judge
Kevin J. Carey presides over the case.

David G. Heiman, Esq., Greg M. Gordon, Esq., Amanda M. Suzuki,
Esq., Jonathan M. Fisher, Esq., Thomas A. Howley, Esq., and Paul M.
Green, Esq., at Jones Day serve as the Debtors' bankruptcy
counsel.

David M. Fournier, Esq., Evelyn J. Meltzer, Esq., and John H.
Schanne, II, Esq., at Pepper Hamilton LLP serve as co-counsel.
Carlin Adrianopoli at FTI Consulting, Inc., is the Debtors'
restructuring advisor. Maeva Group, LLC, is the Debtors' Turnaround
advisor. Lazard Freres & Co. LLC is the Debtors' investment banker.
  A&G Realty Partners is the Debtors' real estate advisor.  Prime
Clerk is the Debtors' claims and noticing agent.

In their Petitions, the Debtors disclosed total assets of $1.2
billion, versus total debts of $1.3 billion.

Quinn Emanuel Urquhart & Sullivan, LLP and Cooley LLP represent the
Official Committee of Unsecured Creditors as co-counsel.  Houlihan
Lokey Capital, Inc., serves as financial advisor and investment
banker.  The bankruptcy case is assigned to Judge Brendan L.
Shannon.


REGENCY CENTERS: Fitch Keeps 'BB+' Preferred Stock Rating
---------------------------------------------------------
Fitch Ratings has assigned a 'BBB' credit rating to the $250
million unsecured notes issued by Regency Centers L.P., a
subsidiary of Regency Centers Corp. (NYSE: REG). The 2025 notes
were priced at 99.264% of par, or at 3.989%, a 175 basis point
spread to the benchmark treasury.

REG expects to use the net proceeds to pay amounts outstanding on
the Company's line of credit.

KEY RATING DRIVERS

The rating is based on consistent operating fundamentals, the
improvement in leverage and fixed charge coverage metrics and
Fitch's expectations that metrics will continue to improve,
surpassing both positive sensitivities as early as late 2015. The
Positive Outlook as opposed to an upgrade endeavors to avoid a
pro-cyclical rating action and allow for REG to demonstrate its
willingness and ability to operate with leverage in the 5.0x-5.5x
range as compared to 5.5x-6.8x (2008-2014).

POSITIVE MOMENTUM FOR CREDIT METRICS

REG's pro-rata leverage (defined as net debt divided by recurring
operating EBITDA) was 5.6x for the trailing 12 months (TTM) ended
June 30, 2015, level from year-end 2014 and 2013, and down from
6.1x at year-end 2012. Fitch projects the company's leverage will
decline to the low 5.0x's and sustain at that level through 2017.

REG's pro-rata fixed-charge coverage ratio (defined as recurring
operating EBITDA less straight-line rents, leasing commissions and
tenant and building improvements, divided by total interest
incurred and preferred stock dividends) was 2.3x for the TTM ended
June 30, 2015, up from 2.2x in 2014 and 2.1x 2013. Fitch projects
REG's fixed-charge coverage will reach 2.5x and sustain in the high
2x's through 2017.

STABLE FUNDAMENTALS

Pro-rata same-store property net operating income (SSNOI) has grown
4.4% YTD 2015, after growth of 4% in each full year during
2012-2014, driven in part by consistently increasing occupancy
levels with total percent leased at 95.8% as of June 30, 2015, an
80-basis point (bps) increase from a year prior. Rent growth has
been strong across both new leases and renewals in recent years and
was especially strong in 2014. Fitch expects that SSNOI will
continue to grow in the low single digits through 2017 with the
company maintaining its current occupancy rate. Additionally, the
company's lease expiration schedule is manageable, with no year
representing more than 13.8% of expiring pro-rata minimum base
rent, further improving the durability of rental cash flows.

STRONG UA / NET UD; UNEVEN DEBT MATURITY PROFILE

REG's implied unencumbered asset value covered its net unsecured
debt by 2.6x for TTM ended June 30, 2015 when applying an 8%
stressed capitalization rate to unencumbered NOI. This ratio is
strong for the 'BBB' rating. REG has some unevenness in its debt
maturity schedule, prior to considering use of proceeds for the
issuance, with large unsecured bond maturities contributing to 15%
of debt maturing in 2015 and 21.9% maturing in 2017. However,
refinancing risk is mitigated by the company's strong unencumbered
asset pool and demonstrated access to the unsecured debt and equity
markets.

LIMITED DEVELOPMENT RISK

Although REG was a prolific developer during the last real estate
cycle, the company is now taking a more measured approach. REG's
development pipeline increased in 2014 over the previous year to
$232 million from $158 million, but well below the $1.05 billion
invested in 2007. At June 30, 2015, the total development pipeline
cost was at $178 million. The company's net cost to complete
in-progress developments was 1.3% of its gross undepreciated assets
as of June 30, 2015, compared with 12.7% in 2007. The size of the
overall development pipeline has decreased materially since that
time, reflective of an overall de-risking of the company's
strategy. Fitch expects the company to gradually increase its
development pipeline by starting approximately $150 million of
annual developments and redevelopments in 2015 and 2016, a level
that should not place pressure on the company's metrics.

APPROPRIATE LIQUIDITY

For the period July 1, 2015 to Dec. 31, 2016, REG's sources of
liquidity (cash, availability under its unsecured revolving credit
facility and projected retained cash flows from operating
activities after dividends), including expected net proceeds of
$248 million from the unsecured issuance, exceed uses of liquidity
(pro-rata debt maturities, amortization, projected recurring
capital expenditures and development) by 1.6x. The base case
assumes development costs of $64.2 million which is the
cost-to-complete of on-going development projects and assumes no
new development starts.

Under a scenario whereby development continues at its current
trajectory, the company's liquidity coverage would decrease to
1.5x. Under the assumption that REG refinances 80% of pro-rata
secured debt with new secured debt, liquidity coverage would
improve to 1.9x. The company has demonstrated strong access to
various forms of capital over the past few years, mitigating
near-term refinance risk.

CONSISTENT AFFO PAYOUT RATIO

REG's dividend payout ratio ranged between 83% and 92% of adjusted
funds from operations (AFFO) in the period of 2009-2013. The payout
ratio in first-half 2015 was 75% due to the strong rent growth but
Fitch believes the company's dividend coverage will sustain in the
upper 80% range over the next three years.

MODERATE GEOGRAPHIC CONCENTRATION

REG's community and neighborhood shopping center portfolio has
moderate geographic and anchor tenant concentrations. REG's top 10
core-based statistical areas (CBSAs) by annualized base rent (ABR)
account for 54.3% of total ABR. However, the company is exposed to
various markets within the U.S. Although REG's three largest
tenants by ABR represent 11.2% (10.6% in 2014) of YTD 2015 annual
base rents, this tenant concentration is offset somewhat by the
fact that Fitch rates REG's top tenant investment grade. The
company's three largest tenants are The Kroger Co. (4.5%, IDR of
'BBB' by Fitch), Publix Super Markets Inc. (3.7%) and Safeway Inc.
(3%).

PRO-RATA RATIONALE

Fitch looks at REG's property portfolio profile, credit statistics,
debt maturities, and liquidity position based on combining its
wholly-owned properties and its pro-rata share of co-investment
partnerships, to analyze the company as if each of the
co-investment partnerships was dissolved via distribution-in-kind.

Several of REG's co-investment partnerships provide for unilateral
dissolution. Most of these co-investment partnerships provide for a
distribution in kind in the event of a dissolution, whereby REG and
its limited partner unwind the partnership by distributing the
underlying properties (and related property-level debt, if any) to
each partner based on each partner's respective ownership
percentage. Further, the company has supported its co-investment
partnerships in the past by raising common equity to repay or
refinance its share of secured debt, demonstrating its willingness
to de-lever these partnerships.

Fitch views REG's partnership platform positively as it provides
REG with broader market insights and incremental fee and property
income. Via common equity follow-on offerings, the company has also
reduced leverage in its partnerships to levels consistent with
leverage on the wholly-owned consolidated portfolio.

POSITIVE OUTLOOK

The Positive Outlook centers on Fitch's expectation that REG's
credit profile will remain consistent with a higher rating through
the cycle, supported by management's commitment to maintaining
credit metrics.

KEY ASSUMPTIONS

-- Same-store revenue growth of 2.3% in 2015 and 2016, and 2.6%
    in 2017;
-- Acquisitions of $45 million at a 5.5% yield in 2015 and none
    in 2016-2017;
-- Dispositions of $90 million in 2015, and $60 million in both
    2016 and 2017 all at a 7% yield;
-- Additional (re)development spending of $200 million, $130
    million, and $160 million in 2015 to 2017, respectively;
-- AFFO payout ratio expected to remain stable within the 80%-90%

    range.

RATING SENSITIVITIES

The following factors may have a positive impact on Regency's
rating and/or Outlook:

-- Fitch's expectation of pro-rata leverage sustaining below 5.5x

    for several quarters (pro-rata leverage was 5.6x as of June
    30, 2015);
-- Fitch's expectation of pro-rata fixed-charge coverage
    sustaining   above 2.3x for several quarters (pro-rata
    coverage was 2.3x for TTM ended June 30, 2015).

The following factors may have a negative impact on REG's rating
and/or Outlook:

-- Fitch's expectation of leverage sustaining above 7x for
    several quarters;
-- Fitch's expectation of fixed-charge coverage sustaining below
    1.8x for several quarters.

Fitch currently rates Regency as follows:

Regency Centers Corporation

-- Issuer Default Rating (IDR) 'BBB';
-- Preferred stock 'BB+'.

Regency Centers, L.P.

-- IDR 'BBB';
-- Unsecured revolving facilities 'BBB';
-- Senior unsecured term loan 'BBB';
-- Senior unsecured notes 'BBB'.

The Rating Outlook is Positive.



RESPONSE GENETICS: Files Chapter 11 Petition to Facilitate Sale
---------------------------------------------------------------
Response Genetics, Inc., a company focused on the development and
sale of molecular diagnostic tests that help determine a patient's
response to cancer therapy, on Aug. 10 disclosed that it has
executed an asset purchase agreement with Cancer Genetics, Inc., an
emerging leader in DNA-based cancer diagnostics, as a "stalking
horse" bidder to acquire substantially all of the Company's assets.
To facilitate the sale, the Company filed a voluntary petition
under chapter 11 of the Bankruptcy Code in the Delaware Bankruptcy
Court to, among other things, seek approval to implement sale and
bidding procedures.

During this process, the Company expects that its day-to-day
operations will continue uninterrupted.  To this end, the Company
is seeking approval to maintain its current employee benefits and
payroll programs in addition to other matters that will enable the
Company to operate in the ordinary course of business.

To fund operations, SWK Funding, LLC has agreed to provide the
Company up to $3 million in financing (the "DIP Financing").

As part of the sale process, the Cancer Genetics, Inc. stalking
horse bid is subject to higher or better offers as other interested
parties will have an opportunity to submit competing bids.  The
final highest or best bid will then require Court approval.  The
Company anticipates the sale will be completed within 60 days.

"We took this action [Mon]day with the goal of securing Response
Genetics' future," said
Thomas Bologna, Response Genetics CEO.  "The Company has
implemented various strategic initiatives and considered numerous
options.  We believe that this process is the best and most
efficient course of action to serve our customers."

Pachulski, Stang, Zeihl & Jones LLP is serving as the Company's
legal advisor, Conway MacKenzie is serving as the Company's
restructuring advisor, and Canaccord Genuity, Inc. is the Company's
investment banker.

For access to Court documents and other general information about
the Company's chapter 11 case, please visit:
www.omnimgt.com/responsegenetics

                   About Response Genetics

Response Genetics, Inc. (otcqb:RGDX) --
http://www.responsegenetics.com-- is a CLIA-certified clinical
laboratory focused on the development and sale of molecular
diagnostic testing services for cancer.  The Company's technologies
enable extraction and analysis of genetic information derived from
tumor cells stored as formalin-fixed and paraffin-embedded
specimens.  The Company's principal customers include oncologists
and pathologists.  In addition to diagnostic testing services, the
Company generates revenue from the sale of its proprietary
analytical pharmacogenomic testing services of clinical trial
specimens to the pharmaceutical industry.  The Company's
headquarters is located in Los Angeles, California.



SANUWAVE HEALTH: Appoints Lisa Sundstrom Interim CFO
----------------------------------------------------
The Board of Directors of Sanuwave Health, Inc. has appointed Lisa
E. Sundstrom to serve as the interim chief financial officer of the
Company effective July 31, 2015.  Ms. Sundstrom, age 45, joined the
Company as the controller in October 2006.  Ms. Sundstrom has over
23 years of finance and accounting experience most recently with
ADP.  Ms. Sundstrom received a Bachelor of Science degree in
Accounting from The State University of New York at Geneseo.

Ms. Sundstrom has no family relationships with any executive
officer or director of the Company.

Pursuant to her arrangement with the Company, Ms. Sundstrom is
entitled to an annual base salary of $115,000 for the fiscal year
2015, after which time such compensation may be adjusted as
determined by the Board.  In addition, with respect to each full
fiscal year, Ms. Sundstrom is eligible to earn an annual bonus
award as determined by the Board, at the Board’s discretion.

Ms. Sundstrom is also entitled to participate in the Company's
employee benefit plans.

The other terms and conditions of Ms. Sundstrom's employment will
not change as a result of her appointment as interim chief
financial officer.

                       About SANUWAVE Health

Alpharetta, Ga.-based SANUWAVE Health, Inc., is an emerging global
regenerative medicine company focused on the development and
commercialization of noninvasive, biological response activating
devices for the repair and regeneration of tissue, musculoskeletal
and vascular structures.

SANUWAVE Health reported a net loss of $5.97 million on $847,000 of
revenues for the year ended Dec. 31, 2014, compared with a net loss
of $11.3 million on $800,000 of revenues in 2013.

As of March 31, 2015, the Company had $3.49 million in total
assets, $6.18 million in total liabilities, and a $2.69 million
total stockholders' deficit.


SARATOGA RESOURCES: Provides Information on Reserve Estimates
-------------------------------------------------------------
Saratoga Resources, Inc., on Aug. 10 announced updated reserve
information as of June 1, 2015.  The updated reserve totals reflect
management's internal estimates and incorporate updated audited
reserves associated with the Company's 100% operated Breton Sound
Block 32 and Main Pass Block 25 fields, both located in Plaquemines
Parish, Louisiana.

In Breton Sound Block 32 and Main Pass Block 25 fields, combined,
total proved reserves have increased by 1,206 thousand barrels of
oil equivalent ("MBOE"), a 66% increase over January 1, 2015
estimates, and proved plus probable plus possible reserves ("3P")
have increased by 12,221 MBOE, a 407% increase over January 1, 2015
estimates.  In both cases, reserves were audited by Netherland,
Sewell & Associates, Inc. ("NSAI"), one of the world's premier
independent oil and gas reserves auditors.

The Company's internal estimate of total proved reserves for all
fields, as of June 1, 2015, are 12.4 million barrels of oil and
natural gas liquids ("MMBO") plus 68.0 billion cubic feet of gas
("BCF"), or 23.7 million barrels of oil equivalent ("MMBOE"),
including 4.8 MMBO plus 38.8 BCF, or 11.2 MMBOE of probable P90
reserves, with net present value discounted at ten percent ("PV10")
of $328 million, based on June 1, 2015 strip pricing starting at
$66.09 oil, $2.83 gas, adjusted for quality, transportation fees
and market differentials.  Probable P90 reserves are proven
undeveloped ("PUD") reserves that have been re-categorized to
probable reserves due to the Securities and Exchange Commission
("SEC") five-year PUD reserves re-categorization.  Total probable
reserves, excluding the probable P90 reserves, are 13.7 MMBO plus
59.6 BCF, or 23.6 MMBOE with PV10 of $452 million and total
possible reserves are 31.4 MMBO plus 150.4 BCF, or 56.4 MMBOE with
PV10 of $1,060 million, giving total proved plus probable plus
possible ("3P") reserves of 103.8 MMBOE with PV10 of $1.82
billion.

                        Reserve Additions

Reserve additions identified in Breton Sound Block 32 Field reflect
NSAI audited totals as of April 1, 2015 as compared to December 31,
2014 totals as audited by Collarini Associates, which totals have
been rolled forward to June 1, 2015 in preparing management's
internal estimates.  At Breton Sound Block 32 Field, the Company
had proved reserves, as of April 1, 2015, of 1.5 MMBO plus 1.6 BCF,
or 1.7 MMBOE with PV10 of $25.3 million, using April 1, 2015 strip
pricing starting at $66.58 oil, $2.70 gas, adjusted for quality,
transportation fees and market differentials.  These proved
reserves are a 3% increase over January 1, 2015 estimates. Of these
proved reserves, 820 thousand barrels of oil ("MBO") plus 205
million cubic feet of gas ("MMCF"), or 854 thousand barrels of oil
equivalent ("MBOE"), are proved developed producing ("PDP"), 3 MBO
plus 121 MMCF, or 23 MBOE, are proved developed non-producing
("PDNP") and 654 MBO plus 1,297 MMCF, or 870 MBOE are proved
undeveloped ("PUD").  In addition, as of April 1, 2015, there are
probable reserves of 4,318 MBO plus 2,557 MMCF, or 4,744 MBOE, with
PV10 of $129.2 million, and possible reserves of 5,461 MBO plus
2,799 MMCF, or 5,928 MBOE, with PV10 of $123.8 million.  Total 3P
reserves, as of April 1, 2015, are 12,420 MBOE with PV10 of $278.2
million, a 326% increase over earlier estimates by Collarini
Associates from December 31, 2014.

Reserve additions identified in Main Pass Block 25 Field reflect
NSAI audited totals as of June 1, 2015 as compared to December 31,
2014 totals as audited by Collarini Associates.  At Main Pass Block
25 Field, the Company had proved reserves, as of June 1, 2015, of
1,005 MBO plus 1,627 MMCF, or 1,277 MBOE with PV10 of $23.4
million, using June 1, 2015 strip pricing.  These proved reserves
are a 964% increase over January 1, 2015 estimates. Of these proved
reserves, 235 MBO plus 219 MMCF, or 272 MBOE, are PDP, 28 MBO plus
312 MMCF, or 80 MBOE, are PDNP and 742 MBO plus 1,096 MMCF, or 925
MBOE are PUD.  In addition, as of June 1, 2015, there are probable
reserves of 804 MBO plus 785 MMCF, or 955 MBOE, with PV10 of $32.0
million, and possible reserves of 783 MBO plus 933 MMCF, or 939
MBOE, with PV10 of $23.0 million.  Total 3P reserves are 3,171 MBOE
with PV10 of $78.3 million, a 1,733% increase over earlier
estimates by Collarini Associates from December 31, 2014.

                      Valuation Estimates

Each year, the Society of Petroleum Evaluation Engineers ("SPEE")
conducts a survey of oil and gas industry producers, energy banking
and finance professionals, private equity specialists and
consultants relating to parameters used in property evaluation.
SPEE has 558 members and poses a large number of questions in order
to compile and summarize the methods and procedures used by
respondents in performing valuations for acquisition and
divestiture, calculating fair market value, or estimating loan
value.  A total of 168 respondents participated in the 34th Annual
Survey, dated June 1, 2015, as it relates to valuation
methodologies and criteria.  By far the most common method of
evaluation used by respondents is the discounted cash flow ("DCF")
method, which was ranked #1 by 80% of the respondents.  As stated
within the SPEE Annual Survey, an important variable within DCF
analysis is the use of a prescribed discount rate and the SEC
regulations requires that DCFs be calculated and reported using a
10% discount rate.  The unrisked discount rate is a rate used to
calculate the unrisked present value of a future cash flow profile.
The median discount rate most commonly used is 10%.  Most
evaluations of oil and gas reserves are initially performed in an
unrisked manner, with reserve categorizations (proved, probable and
possible) and reserve status (producing, non-producing/behind pipe
and undeveloped) serving as the only indicators of relative risk,
although these indicators are qualitative at best.  In order to
develop a value from unrisked DCF models, risk factors are usually
applied.  Two of the most common methods of incorporating risk into
DCF models include risking the reserves, such as application of
Reserve Adjustment Factors ("RAF") and Risk Adjusted Discount Rate
("RADR").  RAFs were identified as the most common method of
incorporating risk with 42% of respondents indicating that they use
this method exclusively and another 25% indicating that they use
this method in conjunction with some additional adjustment in
discount rates and 28% of respondents indicated that they used
RADRs exclusively.

The median, or P50, RAFs most commonly used by respondents are 100%
for PDP, 85% for proved developed shut-in ("PDSI"), 75% for proved
developed behind-pipe ("PDBP"), 50% for PUD, 50% for probable
producing, 32.5% for probable shut-in, 35% for probable
behind-pipe, 25% for probable undeveloped reserves and 10% for
possible reserves.  Slightly higher RAFs are commonly used in the
case of unconventional reserves.  The median, or P50, RADRs most
commonly used by respondents are 10% for PDP, 15% for PDNP, 21% for
PUD, 25% for probable reserves and 27.5% for possible reserves.

Using the June 1, 2015 internal unrisked reserve numbers, the
Company calculates its RAF value as $342 million and its RADR value
as $794 million.  These numbers compare with the Company's unrisked
Proved PV10 value of $328 million.

                     About Saratoga Resources

Saratoga Resources -- http://www.saratogaresources.com-- is an
independent exploration and production company with offices in
Houston, Texas and Covington, Louisiana.  Principal holdings cover
approximately 51,500 gross/net acres, mostly held by production,
located in the transitional coastline and protected in-bay
environment on parish and state leases of south Louisiana and in
the shallow Gulf of Mexico Shelf.  Most of the company's large
drilling inventory has multiple pay objectives that range from as
shallow as 1,000 feet to the ultra-deep prospects below 20,000 feet
in water depths ranging from less than 10 feet to a maximum of
approximately 80 feet.

Saratoga Resources, Inc., Harvest Oil & Gas, LLC, and their
affiliated debtors sought protection under Chapter 11 of the
Bankruptcy Code on June 18, 2015.  The lead case is In re Harvest
Oil & Gas, LLC, Case No. 15-50748 (Bankr. W.D. La.).

The Debtors are represented by William H. Patrick, III, Esq., at
Heller, Draper, Patrick, Horn & Dabney, LLC, in New Orleans,
Louisiana.


SERVICE CORP: Moody's Rates Proposed $300MM Sr. Unsecured Notes Ba3
-------------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Service
Corporation International's (SCI) proposed $300 million senior
unsecured notes, upgraded the Speculative Grade Liquidity Rating
(SGL) to SGL-1 from SGL-2 and affirmed the Ba2 Corporate Family,
Ba2-PD Probability of Default, Baa3 senior unsecured guaranteed and
Ba3 senior unsecured ratings.  The ratings outlook remains stable.

The proceeds of the proposed notes will be used to repay the $197
million of senior unsecured notes due 2016, reduce revolving credit
facility loans outstanding and pay related premiums, fees and
expenses.  Ratings on the notes due 2016 will be withdrawn once
they are repaid.

Issuer: Service Corporation International

Upgrade:
  Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2

Assignments:
  Senior Unsecured Bond due 2024, Assigned Ba3 (LGD4)

Affirmations:
  Corporate Family Rating, Affirmed Ba2
  Probability of Default Rating, Affirmed Ba2-PD
  Senior Unsecured Bank Credit Facility, Affirmed Baa3 (LGD2)
  Senior Unsecured Bonds, Affirmed Ba3 (LGD4)

Outlook:
  Outlook, Remains Stable

RATINGS RATIONALE

The upgrade of the SGL to SGL-1 reflects reduced near term required
loan amortization following the repayment of the notes due 2016 and
Moody's expectations for at least $300 million of the company's
$500 million revolving credit facility (matures 2018) will be
available over the next 12 to 18 months.  Moody's expectations for
over $100 million of cash and about $200 million of free cash flow
provide further support to the very good liquidity profile.

The Ba2 Corporate Family rating reflects Moody's expectation of
modest 2% to 4% same-store revenue growth, debt to EBITDA in a
range of about 3.7 to 4.0 times, peaking perhaps above 4 when SCI
makes acquisitions, solid EBITA margins of over 20% and free cash
flow to debt of about 6% to 8%.  SCI's position as the leading
death care provider in North America, supported by a broadly
diversified portfolio of funeral service locations and cemetery
properties, unique scale advantages, an over $9 billion revenue
backlog and assets including real estate holdings, investment
trusts and insurance contracts that provide tangible coverage of
debt and other liabilities.  Moody's anticipates free cash flow
available to reduce debt will be limited by the need to invest in
infrastructure leading to over $150 million of annual capital
expenditures, the regular quarterly dividend of about $80 million a
year and Moody's expectations that SCI will be a full cash tax
payer by 2016.  (All financial metrics reflect Moody's standard
adjustments.)

The stable ratings outlook reflects Moody's expectations for
limited debt reduction as most free cash flow will be applied
toward acquisitions and shareholder returns.  The ratings could be
upgraded if profitable revenue growth can be maintained above 4%
per year and Moody's expects sustained debt to EBITDA around 3
times and free cash flow to debt above 10%.  Lower ratings are
possible if Moody's expects 1) lower revenue growth; 2)
profitability as measured by EBITA margins will remain below 17%;
3) increasingly shareholder friendly financial policies; or 4) less
than good liquidity.  If Moody's anticipates debt to EBITDA will be
maintained above 4.5 times or free cash flow to debt will remain
below 6%, lower ratings are possible.

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

SCI is North America's largest provider of funeral, cemetery and
cremation products and services.  The company operates an
industry-leading network of 1,550 funeral service locations and 467
cemeteries, which includes 262 funeral service/cemetery combination
locations.  Moody's anticipates revenue of about $3 billion in
2015.



THERAPEUTICSMD INC: Incurs $27.2 Million Net Loss in 2nd Quarter
----------------------------------------------------------------
TherapeuticsMD, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $27.2 million on $4.8 million of net revenues for the three
months ended June 30, 2015, compared to a net loss of $10.9 million
on $3.7 million of net revenues for the same period in 2014.

For the six months ended June 30, 2015, the Company reported a net
loss of $48.1 million on $9.3 million of net revenues compared to a
net loss of $20.1 million on $6.6 million of net revenues for the
same period during the prior year.

As of June 30, 2015, the Company had $75.6 million in total assets,
$12.6 million in total liabilities and $63 million in total
stockholders' equity.

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

                       http://is.gd/gXgJf8

                       About TherapeuticsMD

Boca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is a
women's healthcare product company focused on creating and
commercializing products targeted exclusively for women.  The
Company currently manufactures and distributes branded and generic
prescription prenatal vitamins as well as over-the-counter
vitamins and cosmetics.  The Company is currently focused on
conducting the clinical trials necessary for regulatory approval
and commercialization of advanced hormone therapy pharmaceutical
products designed to alleviate the symptoms of and reduce the
health risks resulting from menopause-related hormone
deficiencies.

TherapeuticsMD reported a net loss of $54.2 million on $15.02
million of net revenues for the year ended Dec. 31, 2014, compared
with a net loss of $28.4 million on $8.77 million of net revenues
for the year ended Dec. 31, 2013.


THERAPEUTICSMD INC: Reports Second Quarter 2015 Financial Results
-----------------------------------------------------------------
TherapeuticsMD, Inc. reported a net loss of $27.2 million on $4.8
million of net revenues for the three months ended June 30, 2015,
compared to a net loss of $10.8 million on $3.7 million of net
revenues for the same period in 2014.

For the six months ended June 30, 2015, the Company incurred a net
loss of $48.1 million on $9.3 million of net revenues compared to a
net loss of $20.1 million on $6.6 million of net revenues for the
same period during the prior year.

As of June 30, 2015, the Company had $75.6 million in total assets,
$12.6 million in total liabilities and $63 million in total
stockholders' equity.

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

                       http://is.gd/8yUf5n

                      About TherapeuticsMD

Boca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is a
women's healthcare product company focused on creating and
commercializing products targeted exclusively for women.  The
Company currently manufactures and distributes branded and generic
prescription prenatal vitamins as well as over-the-counter
vitamins and cosmetics.  The Company is currently focused on
conducting the clinical trials necessary for regulatory approval
and commercialization of advanced hormone therapy pharmaceutical
products designed to alleviate the symptoms of and reduce the
health risks resulting from menopause-related hormone
deficiencies.

TherapeuticsMD reported a net loss of $54.2 million on $15.02
million of net revenues for the year ended Dec. 31, 2014, compared
with a net loss of $28.4 million on $8.77 million of net revenues
for the year ended Dec. 31, 2013.


THORNTON & CO: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Thornton & Co., Inc.
        132 Main Street, #3
        Southington, CT 06489

Case No.: 15-21416

Type of Business: Distributor, trader and wholesaler of plastic
                  resins, providing a full offering of
                  polyethylene and polypropylene products.

Chapter 11 Petition Date: August 10, 2015

Court: United States Bankruptcy Court
       District of Connecticut (Hartford)

Judge: Hon. Ann M. Nevins

Debtor's Counsel: Nicholas W. Quesenberry, Esq.
                  GREEN & SKLARZ LLC
                  700 State Street, Suite 304
                  New Haven, CT 06511
                  Tel: 203-285-8545
                  Fax: 203-823-4546
                  Email: nquesenberry@gs-lawfirm.com

                    - and -

                  Jeffrey M. Sklarz, Esq.
                  GREEN & SKLARZ LLC
                  700 State Street, Suite 100
                  New Haven, CT 06511
                  Tel: 203-285-8545
                  Fax: 203-823-4546
                  Email: jsklarz@gs-lawfirm.com

Debtor's          GORDIAN GROUP, LLC
Investment
Banker:

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by J. Paul Thornton, Jr., president.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Formosa Plastics                     Trade Debt       $2,060,563
Corporation
16025 Collections Center Drive
Attn. Pres sec or Manager
Chicago, IL 60693

Equistar Chemicals, LP               Trade Debt       $1,341,209
P.O Box 301673
Attn. Pres Sec or Manager
Dallas, TX 75303

Westlake Petrochemicals LLC          Trade Debt       $1,154,957
P.O Box 198240
Attn. Pres. Sec or Manager
Atlanta, GA 30384

Westlake Longview Corporation        Trade Debt       $1,079,223
PO Box 28188
Attn. Pres, Sec pr Manager
Atlanta, GA 30384

Chevron Phillips Chemical Co.        Trade Debt         $984,177
4358 Collections Center Drive
Attn. Pres. Sec or Manager
Chicago, IL 60693

The DOW Chemical Company             Trade Debt         $430,000
P.O. Box 281760
Attn. Pres., Sec or Manager
Atlanta, GA 30384

Phillips 66 Company                  Trade Debt         $313,713
21064 Network Place
Attn. Pres., Sec or Manager
Chicago, IL 60673

Montachem International              Trade Debt         $272,163
Suite 200
Attn. Pres, Sec or Manager
Houston, TX 77027

Matrix Polymers Inc                  Trade Debt         $258,463
P.O. Box 30004
Attn. Pres., Sec or Manager
New York, NY 10087

BA/CH Polymers                       Trade Debt         $231,336

Asia Chemical Corp., Inc             Trade Debt         $171,738

Celanese Performance Polymers        Trade Debt         $138,550

Revenue Quebec                                          $135,395

DOW Chemical Canada ULC              Trade Debt         $130,459

Mass Polymers                        Trade Debt         $121,799

Polymer Distribution Inc             Trade Debt         $111,421

John Grant Haulage Ltd               Trade Debt         $108,237

Luckey Logistics LLC                 Trade Debt         $107,829

Sunteck Transport Co., Inc           Trade Debt         $107,059

Flint Hills                          Trade Debt         $103,631


THORNTON & CO: Files for Chapter 11 to Sell Assets
--------------------------------------------------
Plastic resins distributor Thornton & Co., Inc., has sought Chapter
11 bankruptcy protection to implement an orderly liquidation of its
business and assets for the benefit of all creditors.

William J. Zeronsa, the company's CFO, explains in a court filing
that recently, the plastic resin market was impacted by volatile
crude oil commodity prices.  The substantial drop in crude oil
prices that occurred during 2014 caused TCI to experience an
erosion of the sale price it could receive for stockpiled
inventory.

Despite the recovery of prices, positive market trends and TCI
taking measures to return to profitability, TCI's secured lender,
People's United Bank ("PUB"), while being oversecured, reduced
availability on TCI's credit line and took further steps to render
it difficult for TCI to maintain operations.

For the past several months, the Debtor has been unable to maintain
the necessary level of purchasing and, accordingly, has seen a
decrease in inventory, which has eroded its borrowing base. While
the Debtor is effectively selling its inventory and collecting
accounts receivable, the Debtor has insufficient capital or
borrowing ability to rebuild its inventory stock.

Therefore, the Debtor has elected to resolve its financial affairs
in an orderly fashion under the protection of Chapter 11. This
process will consist first of an effort to sell TCI (or its assets)
as a going concern, followed by a liquidation of remaining assets,
if necessary.

                        Capital Structure

J. Paul Thornton, Jr., is the controlling shareholder of TCI. J.
Paul Thornton, III, and Nathan DeAngelis are the majority owners of
TCI, but hold only non-voting stock.

In April 2011, TCI and PUB entered into a $30 million revolving
loan and credit facility (the "PUB Loan").  By way of multiple
amendments and restatements, the PUB Loan was ultimately increased
to a $40 million revolving credit facility.  Beginning in 2014, PUB
began requesting modification to the PUB Loan, including: requiring
personal guarantees, posting of collateral, modification of
borrowing base requirements, etc.  At this time, PUB is owed
approximately $21 million.  The approximate market value TCI's
inventory and accounts receivable are currently approximately $28
million.

Paul, Jake and Nate have personally guaranteed the PUB Loan and
pledged certain collateral to secure the over-advances.  Paul's
guarantee is limited to $5 million.

In the ordinary course of operations, the Debtor purchases
hydrocarbon resin from numerous suppliers. The Debtor also
purchases goods and services for use in normal operations.  As of
the Petition Date, the Debtor owed general unsecured creditors
approximately $10.6 million.

                        First Day Motions

TCI filed several so-called "first day" motions together with its
bankruptcy petition.  These motions include:

   a. Motion For Preliminary And Final Orders Authorizing Use Of
Cash Collateral And Providing Adequate Protection To Secured
Creditors;

   b. Motion For Entry Of An Order Pursuant To 11 U.S.C. Sec. 105
And 362 For (1) Authority To Maintain Pre-Petition Accounts And
Cash Management Systems And (2) Directing Customer Payments To
Debtor In Possession Account;

   c. Debtor's Motion For Authority To Pay Pre-Petition Employee
Wages, Salaries, And Related Items; To Pay Pre-Petition Health
Insurance Premiums; To Reimburse Pre-Petition Employee Business
Expenses; And To Make Payments For Which Pre-Petition Payroll
Deductions Were Made;

   d. Debtor's Motion For Authority To Make Payment On Pre-Petition
Claims Of Critical Vendors;

   e. Debtor's Motion For Order Establishing Procedures For Making
Claims Pursuant To 11 U.S.C. Sec. 502(b)(9); and

   f. Debtor's Application to Retain Gordian Group as Financial
Advisor and Investment Banker.

The relief sought in the First Day Motions is consistent with the
Debtor's restructuring goals, and will permit the Debtor to operate
effectively and efficiently within chapter 11 and minimize
potential adverse consequences of the bankruptcy filing.  The First
Day Motions are aimed at ensuring the Debtor maintains vital
customer relationships.  At the same time, the First Day Motions
ensure that secured creditors are adequately protected.  Similarly,
the First Day Motions make sure that employee wage and benefit
obligations are paid to maintain the cohesiveness of TCI's work
force.

                       About Thornton & Co.

Thornton & Co., Inc. is an international distributor, trader and
wholesaler of plastic resins, providing a full offering of
polyethylene and polypropylene products.  J. Paul Thornton, Jr.
founded TCI in 1994.  As of Aug. 1, 2015, TCI had 20 employees,
consisting of 12 people at its Southington, Connecticut
headquarters, and 8 sales representatives who work in various
locations.

Thornton & Co. sought Chapter 11 protection (Bankr. D. Conn. Case
No. 15-21416) on Aug. 10, 2015, in Hartford, Connecticut.  Judge
Ann M. Nevins presides over the case.

Nicholas W. Quesenberry, Esq., at Green & Sklarz LLC, serves as
counsel to the Debtor.

There's a meeting of creditors under 11 U.S.C. Sec. 341(a) on Sept.
4, 2015.  Proofs of claim are due by Dec. 3, 2015.


THORNTON & COMPANY: Files Chapter 11 Bankruptcy Petition
--------------------------------------------------------
Thornton & Company, Inc. on Aug. 10 filed for bankruptcy protection
under Chapter 11 in Hartford, Connecticut.

"We have decided that the best way to try and repay our creditors
as much money as possible is under bankruptcy protection," said J.
Paul Thornton, Jr., President of TCI.  "We proposed a plan to our
banking group, led by Peoples United Bank, which would have let us
stay in business and recover from certain market events, but they
rejected it," said Mr. Thornton.

TCI will now likely undertake at least a partial orderly
liquidation through the Chapter 11 process.  "We are filing this
case to try and bring value to our suppliers who have so generously
supported us and worked with us.  If we just do as Peoples Bank
asks, our suppliers will get nothing."  TCI has retained Gordian
Group LLC as its financial advisor and investment banker and is
currently soliciting offers to purchase the Company as a going
concern, as well as seeking refinancing opportunities, and the
Company is open to considering equity investment as well.

With a comprehensive network of 49 warehouse locations throughout
the US and Canada, TCI had unique capabilities to fulfill and
deliver on customer requirements.  J. Paul Thornton, Jr. founded
TCI in 1994.  Since its founding TCI has grown into a major player
in the plastics market through building close relationships with
customers and suppliers.  Over the past several years, TCI has
expanded the scope of its operations internationally by expanding
its sales force and developing proprietary products, which are
industry leaders.  TCI's 2014 sales were approximately $200
million.

Among other things, due to its over leveraged capital structure and
a significant drop in petrochemical prices over the past 12 months
or so that that saw prices decline over 20%, TCI needed to deal
with its financial pressure by selling inventory on hand at a
significant loss.  TCI presented a going concern plan to repay
suppliers and resolve its financial problems to Peoples United Bank
in mid-July.  Peoples United Bank (and it partner bank Farmington
Savings Bank) rejected that plan necessitating the bankruptcy
filing.

TCI is represented by Jeffrey M. Sklarz of Green & Sklarz LLC as
legal counsel.  Any interested parties should contact Liam Ahearn
or Thomas McCarthy at Gordian Group LLC at (212) 486- 3600 or by
email at: lda@gordiangroup.com or tcm@gordiangroup.com

For more information contact:

          Jeffrey M. Sklarz, Esq.
          Telephone: (203) 285-8545
          E-mail: jsklarz@gs-lawfirm.com

Thornton & Company, Inc. is an international distributor, trader
and wholesaler of plastic resins, providing a full offering of
polyethylene and polypropylene products, based in Southington,
Connecticut.


TRANS ENERGY: Unit Amends Credit Agreement with Morgan Stanley
--------------------------------------------------------------
Trans Energy, Inc.'s wholly owned subsidiary, American Shale
Development, Inc. (the "Borrower") entered into an amendment and
waiver that amended the credit agreement dated May 21, 2014, and
the associated NPI agreement by and among the Borrower, several
other financial institutions parties thereto as lenders, and Morgan
Stanley Capital Group Inc. as the administrative agent. Under the
terms of the First Amendment and Waiver, the parties agreed to:

  * Increase the Applicable Margin to 12% in the event that
    interest is paid in cash, and 14% if paid in kind (which
    represents a change in the 9% Applicable Margin currently
    payable in cash);

  * Change the Maturity Date to Dec. 31, 2016;

  * Remove the Leverage Ratio covenant;

  * Add a covenant requiring the PV-9 of the Borrower's proved
    reserves to be greater than 1.5 times the net debt, with a
    minimum PDP component of proved reserves that increases over
    time;

  * Eliminate the make-whole premium and any other prepayment
    penalties related to debt paydowns;

  * Require the Borrower to limit its capital expenditures and    
    other monthly expenditures to amounts agreed upon in the First

    Amendment and Waiver;

  * Require the Borrower to close the sale of assets in Wetzel
    County and pay down at least $30 million of debt by Sept. 30,
    2015;

  * Allow the Borrower to use the next $17 million of proceeds
    from the Wetzel County sale, plus 50% of any proceeds
    thereafter, primarily for expenditures in connection with an
    approved plan of development;

  * Begin a process to refinance the debt facility, or otherwise
    effect its paydown through a sale of assets, during the first
    quarter of 2016;

  * Defer any payment related to the NPI on the Wetzel County
    assets until the loans are repaid in full;

  * Increase the NPI on the assets remaining after the Wetzel
    County sale by 2%, to approximately 11%;

  * Pay total fees to the administrative agent of $4 million, of
    which $1 million was added to the loan balance upon execution
    of the First Amendment and Waiver.  The remainder is to be
    added to the loan balance upon the closing of the sale of the
    Wetzel County assets.

                        About Trans Energy

St. Mary's, West Virginia-based Trans Energy, Inc. (OTC BB: TENG)
-- http://www.transenergyinc.com/-- is an independent energy
company engaged in the acquisition, exploration, development,
exploitation and production of oil and natural gas.  Its operations
are presently focused in the State of West Virginia.

Trans Energy reported a net loss of $12.5 million on $27.2 million
of total operating revenues for the year ended Dec. 31, 2014,
compared with a net loss of $17.7 million on $18.4 million of total
operating revenues for the year ended Dec. 31, 2013.

As of March 31, 2015, the Company had $123 million in total assets,
$139 million in total liabilities, and a $15.4 million total
stockholders' deficit.


UNITED CRANE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: United Crane Rentals, Inc.
        111 North Michigan Avenue
        PO Box 8
        Kenilworth, NJ 07033-0008

Case No.: 15-25024

Chapter 11 Petition Date: August 10, 2015

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

Judge: Hon. Rosemary Gambardella

Debtor's Counsel: Timothy P. Neumann, Esq.
                  BROEGE, NEUMANN, FISCHER & SHAVER
                  25 Abe Voorhees Drive
                  Manasquan, NJ 08736
                  Tel: 732-223-8484
                  Fax: 732-223-2416
                  Email: timothy.neumann25@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Timothy H. Shinn, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/njb15-25024.pdf


UNIVERSAL COOPERATIVES: Needs Until Oct. 6 to File Plan
-------------------------------------------------------
Universal Cooperatives, Inc., and its affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to extend their
exclusive period to file a plan of reorganization through and
including October 6, 2015, and their exclusive period to obtain
acceptances of that plan through and including December 4, 2015.

This is the Debtors' fifth extension request and they have been
working cooperatively with the Official Committee of Unsecured
Creditors to prosecute the amended Plan and respond to inquiries
thereto.  Although the amended Plan has been filed and solicited,
and the Plan Proponents will seek its confirmation at the hearing
currently scheduled for September 3, 2015, the Debtors seek the
extension requested to preserve their exclusivity in the event that
the amended Plan is not confirmed and unexpected issues or
objections arise in connection therewith.  Unless extended, the
Debtors' Plan Period and Solicitation Period will expire on August
7, 2015, and October 5, 2015, respectively.

The Debtors are represented by:

          Robert S. Brady, Esq.
          Andrew L. Magaziner, Esq.
          Travis G. Buchanan, Esq.
          YOUNG CONAWAY STARGATT & TAYLOR, LLP  
          Rodney Square 1000 North King Street
          Wilmington, Delaware 19801
          Tel: (302) 571-6600
          Fax: (302) 571-1253
          Email: rbrady@ycst.com
                 amagaziner@ycst.com
                 tbuchanan@ycst.com

             -- and --

          Mark L. Prager, Esq.
          Michael J. Small, Esq.
          Emil P. Khatchatourian, Esq.
          FOLEY & LARDNER LLP
          321 North Clark Street, Suite 2800
          Chicago, IL 60654-5313
          Tel: (312) 832-4500
          Fax: (312) 832-4700
          Email: mprager@foley.com
                 msmall@foley.com
                 ekhatchatourian@foley.com

                      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.


VEREIT INC: S&P Affirms 'BB' CCR & Revises Outlook to Stable
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit and 'BB+' issue-level ratings on VEREIT Inc. and its
operating partnership, ARC Properties Operating Partnership L.P. We
revised our outlook on the company to stable from negative.

"Our outlook revision follows the company's second-quarter earnings
release and business plan update. VEREIT released a four-pronged
strategy with a focus on portfolio enhancement, restoring the brand
value of Cole Capital, reducing debt and improving the balance
sheet, and establishing a sustainable dividend," Jaime Gitler.  "We
believe the new management team is taking appropriate steps to
stabilize a volatile situation and restore the confidence of market
participants."

The outlook is stable.  VEREIT has laid out a plan to regain the
market's trust and confidence.  Significant items have already been
accomplished (including the presentation of the strategic business
plan, improved corporate governance, and further changes to the
composition of the board of directors) but the company will now
turn to portfolio enhancements and debt reduction in order to
further stabilize the situation and move away from former
management's strategy.  S&P expects the company to operate with
Debt (including preferred) to adjusted EBITDA (net of straight line
rents) in the mid-8.0x range over the next 18 months.

S&P could raise the rating if the company executes on its business
plan by selling assets to materially reduce debt.  S&P would also
want to see progress and additional clarity surrounding the
litigation overhang, and a resolution of the material weaknesses in
internal controls.

S&P could lower the rating if the VEREIT's strategic initiatives
stumble, if the company experiences issues with liquidity, possibly
because of higher litigation costs, or if S& believes
leverage/financial policy will be sustained with debt to EBITDA
above 9.5x and FCC below 1.7x.  



VIGGLE INC: Signs Forbearance Agreement with AmossyKlein Family
---------------------------------------------------------------
Viggle Inc. on July 31, 2015, entered into a forbearance agreement
with AmossyKlein Family Holdings, LLLP, as representative of the
former shareholders of Choose Digital Inc., according to a document
filed with the Securities and Exchange Commission.

The Forbearance Agreement provides that the Company will make
monthly installment payments to the Stockholders, beginning on July
31, 2015, and ending on Jan. 29, 2016.  Specifically, the Company
agreed to pay $668,445 on July 31, 2015; $532,422 on
Aug. 31, 2015; $527,678 on Sept. 30, 2015; $523,979 on Oct. 31,
2015; $520,956 on Nov. 30, 2015; $517,134 on Dec. 31, 2015; and
$1,754,128 on Jan. 29, 2016.  The Company agreed to deliver an
affidavit of confession of judgment to be held in escrow by
AmossyKlein's counsel in the event the Company does not make such
installment payments.

A copy of the Forbearance Agreement is available at:

                       http://is.gd/oG9kt4

As previously disclosed by the Company in a Form 8-K filed on
June 12, 2015, Sillerman Investment Company IV, LLC., an affiliate
of Robert F.X. Sillerman, the Company's executive chairman and
chief executive officer of the Company, agreed to provide a Line of
Credit to the Company of up to $10,000,000.  On July 31, 2015, the
Company borrowed an additional $1,000,000 under the Line of
Credit.

                      Appoints Lead Director

On Aug. 4, 2015, the Company's Board of Directors determined that
it was in the best interest of the Company and its shareholders to
designate an independent director to serve in a lead capacity.  The
Board appointed Peter Horan as Lead Director, The Lead Director's
responsibilities shall include, but are not limited to:

   (i) reviewing Board meeting agendas to ensure that topics
       deemed important by the independent directors are included
       in Board discussions;

  (ii) calling meetings of the independent directors;

(iii) serving as chairman of the executive sessions of the
       Board's independent directors;

  (iv) serving as principal liaison between the independent
       directors and the Company's Executive Chairman or Company
       management on sensitive issues; and

   (v) performing such other duties as the Board may determine.

                           About Viggle

New York City-based Viggle Inc. is a loyalty marketing company.
The Company has developed a loyalty program for television that
gives people real rewards for checking into the television shows
they are watching on most mobile operating system.  Viggle users
can redeem their points in the app's rewards catalog for items
such as movie tickets, music, or gift cards.

Viggle reported a net loss of $68.4 million on $18 million of
revenues for the year ended June 30, 2014, compared with a net
loss of $91.4 million on $13.9 million of revenues for the year
ended June 30, 2013.

The Company's balance sheet at March 31, 2015, showed $70.9 million
in total assets, $54.6 million in total liabilities, $11.4 million
in series C convertible redeemable preferred stock, and
stockholders' equity of $4.88 million.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2014.  The independent auditors noted that the Company
has suffered recurring losses from operations and at June 30,
2014, has a deficiency in working capital that raises substantial
doubt about its ability to continue as a going concern.


WAFERGEN BIO-SYSTEMS: Incurs $3.8-Mil. Net Loss in Second Quarter
-----------------------------------------------------------------
WaferGen Bio-systems, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $3.8 million on $1.6 million of total revenue for the three
months ended June 30, 2015, compared to a net loss of $2.1 million
on $1.7 million of total revenue for the same period in 2014.

For the six months ended June 30, 2015, the Company reported a net
loss of $8.6 million on $2.7 million of total revenue compared to a
net loss of $4.6 million on $3.1 million of total revenue for the
same period during the prior year.

As of June 30, 2015, the Company had $13.2 million in total assets,
$6.9 million in total liabilities and $6.3 million in total
stockholders' equity.

As of June 30, 2015, the Company's principal source of liquidity
was $7.4 million in cash and cash equivalents.  The Company had
working capital of $6.1 million.  The Company's funding has
primarily been generated by the issuance of equity securities,
which includes $18.0 million and $13.4 million raised, net of
offering costs, in 2014 and 2013, respectively.  The Company also
had, as of June 30, 2015, Notes with a principal amount of $5.2
million owing to MTDC, repayable in August 2020.

A copy of the Form 10-Q is available at http://is.gd/Ono0EF

                     About WaferGen Bio-systems

Fremont, California-based WaferGen Bio-systems, Inc., engages in
the development of systems for gene expression quantification,
genotyping and stem cell research.  Since 2008, the Company's
primary focus has been on the development, manufacture and
marketing of its SmartChip System, a genetic analysis platform
used for profiling and validating molecular biomarkers in the life
sciences and pharmaceutical drug discovery industries.

WaferGen Bio-systems reported a net loss of $10.7 million in 2014,
a net loss of $16.3 million in 2013 and a net loss of $8.97 million
in 2012.


WESTMORELAND COAL: Completes Contribution of Kemmerer Mine
----------------------------------------------------------
Westmoreland Coal Company and Westmoreland Resource Partners, LP
announced that Westmoreland's contribution of Westmoreland Kemmerer
LLC, which owns and operates the Kemmerer Mine in Wyoming, to WMLP
was completed on Aug. 1, 2015.  Westmoreland contributed 100% of
the outstanding equity interests in Kemmerer to WMLP in exchange
for $115 million of cash and $115 million of new WMLP Series A
Convertible Units at a price of $7.54 per unit.

Immediately following the issuance of Series A Units to
Westmoreland, the Company will own approximately 19.8M shares in
WMLP, representing a 93% ownership.

"The drop down of the Kemmerer mine is an important first step in
our previously articulated MLP strategy," said Keith E. Alessi, CEO
of Westmoreland and WMLP.  "The timing of the transaction was
consistent with our plans to do a drop down in 2015, availability
of the delayed draw facility at WMLP, and attractive valuation of
the WMLP units.  We feel that the units are a good investment for
our shareholders and represent a pool of future liquidity."

"We're pleased to finance the drop of the Kemmerer Mine with the
additional funding available in WMLP's current term debt," said
Kevin Paprzycki, CFO of Westmoreland and WMLP.  "This facility
represented an attractive source of financing relative to today's
challenging markets, and we thank the lending group for their
continued support."

The Series A Units will receive distributions at a rate that
mirrors distributions to the common units, payable at WMLP's
discretion in either cash or Paid in Kind distributions.  In
addition, the Series A Units are subject to conversion into common
units, on a one-for-one basis, upon the earlier of either (i) WMLP
paying a quarterly distribution of $0.22/unit to its common
unitholders, a 10% increase to the current distribution of
$0.20/unit, or (ii) a change of control.

The transaction was approved by the Board of Directors of the
general partner of WMLP and by the Conflicts Committee of the Board
of Directors, which consists entirely of independent directors.
The Conflicts Committee engaged Robert W. Baird & Co. to act as its
independent financial advisor and to render a fairness opinion, and
Akin Gump Strauss Hauer & Feld LLP to act as its legal advisor.
BMO Capital Markets and Holland & Hart LLP acted as financial
advisors and legal advisors, respectively, to Westmoreland.

                       About Westmoreland Coal

Colorado Springs, Colo.-based Westmoreland Coal Company (NYSE
AMEX: WLB) -- http://www.westmoreland.com/-- is the oldest    
independent coal company in the United States.  The Company's coal
operations include coal mining in the Powder River Basin in
Montana and lignite mining operations in Montana, North Dakota and
Texas.  Its power operations include ownership of the two-unit
ROVA coal-fired power plant in North Carolina.

Westmoreland Coal Company reported a net loss applicable to common
shareholders of $173 million in 2014, a net loss applicable to
common shareholders of $6.05 million in 2013 and a net loss
applicable to common shareholders of $8.58 million in 2012.

                            *     *     *

As reported by the TCR on Nov. 20, 2014, Standard & Poor's Rating
Services raised its corporate credit rating on Westmoreland Coal
Co. one-notch to 'B' from 'B-'.  "The stable outlook is supported
by Westmoreland's committed sales position over the next year,
which should result in stable cash flows," said Standard & Poor's
credit analyst Chiza Vitta.

Moody's upgraded the corporate family rating (CFR) of Westmoreland
Coal Company to 'B3' from 'Caa1', and assigned 'Caa1' rating to
the company's proposed new $300 million First Lien Term Loan, the
TCR reported on Nov. 20, 2014.  The upgrade of the CFR reflects the
company's successful integration of the Canadian mines acquired in
April 2014, and Moody's expectation that the company's Debt/ EBITDA
will track at around 5x in 2015 and 2016 and that the
company will be break-even to modestly free cash flow positive
over the same time period.


[*] Small Biz. Owners Upbeat Amid Decreasing Economic Confidence
----------------------------------------------------------------
ShopKeep, the cloud-based technology provider used by more than
18,000 retail shops, restaurants, and other organizations, on Aug.
4 announced the release of the Q2 2015 ShopKeep Small Business
Index (SSBI).  The SSBI, which draws upon insights gathered from a
survey of 1,260 ShopKeep merchants as well as second quarter
same-store sales data, reveals unprecedented growth for ShopKeep
merchants and confidence in the future of their businesses, despite
decreasing optimism in the strength of the national economy as a
whole.

This quarter, survey respondents reported their highest revenue and
optimism to date.  Ninety-six percent of business owners are
confident about the current state of their businesses and 98% of
respondents expressed optimism about the success of their
businesses one year from now.  Notably, 79% of small business
owners surveyed reported an increase in revenue over the past six
months and 92% expect an increase over the next six months.

Other noteworthy economic findings include:

ShopKeep same-store sales data has shown positive growth within all
business categories, including quick service restaurants, bars and
retail.  The SSBI identified an average of 23.1% year-over-year
increase in sales revenue, a staggering 11% increase from Q1 2015
and more than six times higher than the forecasted national average
of 3.5%.

Coupled with a 15.4% year-over-year increase in sales transactions,
the SSBI identified a correlation in revenue increases with
business owners opting to implement sustainable growth strategies
as opposed to merchants simply raising prices.

Despite strong profits, ShopKeep merchants expressed a decrease in
confidence when asked about the national economy.  Specifically,
confidence in the U.S. economy has decreased 5% from the previous
quarter to 75%; though still a favorable number, only 39% of
respondents believe the economy is stronger today compared to one
year ago.

"The goal of ShopKeep's Quarterly Small Business Index is to
provide a pulse on the state of small business and to deduce the
national matters that impact the health of growing businesses
across the United States," said ShopKeep President and CEO Norm
Merritt.  "While it is encouraging to track the increasing optimism
independent merchants express about the future of their businesses,
it is just as important to recognize the areas small business
owners are still struggling with, from economic policies to a lack
of education about emerging technology.  Main Street is the
backbone of our economy and ensuring small business owners have the
tools needed to run smartly and efficiently in today's changing
business landscape remains a key priority in the present and future
of ShopKeep."

This quarter, ShopKeep merchants were asked to provide insight into
key factors that could contribute to the dip in optimism, including
trends in hiring, wages and public policy that impact the health
and survival of their businesses.  Sixty-one percent of merchants
surveyed expressed concern about tax and regulatory policies,
followed by concerns of attracting and retaining a quality
workforce (50%), cost and availability of health insurance for
workers (32%), and information stolen through a security breach
(29%).

National trends in unemployment and minimum wage remain hot topics
that impact the health of independent merchants.  Fifty percent of
owners have identified finding and retaining a quality workforce as
a concern for their business operations, an interesting development
as the national unemployment rate continues to decline.  SMBs
indicated an average wage of $10.83, which is slightly above the
$10.29 national average and 49% above the $7.25 U.S. minimum wage.
In addition, 80% of small business owners don't feel pressured to
raise employee wages in order to compete with national retail chain
wage policies.

"The small business economy consistently contributes nearly half of
the country's GDP, but year after year we see lawmakers creating
and enforcing policies that do not support the growth and health of
independent merchants," explained Norm Merritt.  "As campaign
season ramps up, no question we'll see numerous candidates claiming
to be the small business president.  We'll be keeping a keen eye on
the candidates that do have the best interests of the small
business owner in mind and will enforce policies that will truly
benefit independent merchants across the country."

                         About ShopKeep

Everything ShopKeep -- http://www.shopkeep.com-- does is about
supporting growing and independent businesses.  Founded by a
successful business owner who had a point of sale system that was
not meeting his needs, ShopKeep provides an intuitive, secure,
iPad-based point-of-sale system.  ShopKeep empowers growing
business owners to run smarter businesses by optimizing staffing,
regulating inventory and accessing sales reports and customer
information on one seamless, cloud-based platform.  ShopKeep
already has more than 18,000 registers in use at businesses in the
United States and Canada.  Business owners can set-up their
registers in minutes, accept cash and credit cards with their
choice of processor, view real-time sales on their smartphone and
easily track inventory and staff.  Most importantly, ShopKeep's
award-winning customer care team is available to help 24/7 and
provide a robust support network for growing business owners.
ShopKeep was founded in 2008 and is headquartered in New York.



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
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firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
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                   *** End of Transmission ***