TCR_Public/151127.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, November 27, 2015, Vol. 19, No. 331

                            Headlines

30DC INC: Delays First Quarter Form 10-Q for Review
33 PECK: Obeid Seeks Lift Stay to Pursue Derivative Claims
401 LASALLE LENDERS: Section 341(a) Meeting Set for Jan. 5
ADVANTAGE SALES: S&P Affirms 'B' CCR, Outlook Remains Stable
AFFINITY GAMING: Moody's Affirms 'B2' Corporate Family Rating

ALPHA NATURAL: Court Approves Appointment of Retiree Committee
ALPHA NATURAL: Court Approves Jan. 27 Auction for Assets
ALPHA NATURAL: Creditor Hires Spilman Thomas as Legal Counsel
ALPHA NATURAL: Creditors Committee Balks at Increase in DIP Loan
ALPHA NATURAL: Ronald Page Files Rule 2019 Statement

AMERICAN APPAREL: Allowed to Poll Creditors on Chapter 11 Plan
APOLLO MEDICAL: Reports $531,000 Net Loss for Second Quarter
ATNA RESOURCES: Gets Interim OK for Equity Transfer Procedures
ATNA RESOURCES: Hires Squire Patton as Legal Counsel
ATNA RESOURCES: Proposes Upshot as Claims and Noticing Agent

ATP OIL: To Pay $41M to Settle Gulf of Mexico Pollution Claims
AXION INTERNATIONAL: Incurs $4.27-Mil. Net Loss in Third Quarter
BECK & BECK: Case Summary & 12 Largest Unsecured Creditors
BERNARD L. MADOFF: Rivals Say Bankruptcy Court Out in Fee Fight
BERRY PLASTICS: Announces New Business Structure

BG MEDICINE: Incurs $2.62 Million Net Loss in Third Quarter
BGM PASADENA: Section 341(a) Meeting Scheduled for Dec. 17
BIOFUELS POWER: Delays Third Quarter Form 10-Q for Review
BLACK ELK: Court Approves Wind Down of Certain Subsidiaries
BMB MUNAI: Incurs $32K Net Loss in Second Quarter

BOULDER BRANDS: S&P Puts 'B' CCR on CreditWatch Positive
BRANDON DORTCH: Case Summary & 20 Largest Unsecured Creditors
BROWARD COUNTY: Moody's Confirms Ba2 Rating on Senior 2007 Debt
CAESARS ENTERTAINMENT: Creditors Say Staying Suits Is Baseless
CATASYS INC: Reports Third Quarter 2015 Financial Results

CDW LLC: S&P Raises Corp. Credit Rating to 'BB+'
CHINA INFORMATION: Receives Nasdaq Listing Non-Compliance Notice
CHINA SHIANYUN: Posts $1.45 Million Net Income for Third Quarter
CICERO INC: Reports $1.57 Million Net Loss for Third Quarter
CLIPPER ACQUISITIONS: Moody's Affirms 'Ba1' Corporate Family Rating

COCRYSTAL PHARMA: Incurs $508,000 Net Loss in Third Quarter
COMMUNICATION INTELLIGENCE: Incurs $1.67 Million Net Loss in Q3
COMPUCOM SYSTEMS: S&P Lowers CCR to 'B-', Outlook Stable
CONGREGATION BIRCHOS: No Objection to TD's Amended Plan Outline
CONSUMER LAW: Case Summary & 14 Largest Unsecured Creditors

CORD BLOOD: Reports $228,000 Net Income for Third Quarter
CRYOPORT INC: Incurs $2.66 Million Net Loss in Second Quarter
CUE & LOPEZ: Modifications to Confirmed Plan Unopposed
CURTIS JAMES JACKSON: Attorneys Accused of Running Up Hotel Bill
DEERFIELD RANCH: Plan Confirmation Deadline Moved to Jan. 31

DEERFIELD RANCH: To Seek Approval of Consensual Plan Dec. 18
DEL MONTE FOODS: S&P Lowers CCR to 'B-', Outlook Negative
DIAMONDHEAD CASINO: Incurs $736K Net Loss in Third Quarter
DIGITAL DOMAIN: Forbearance Period Extended to Dec. 18
DOLPHIN DIGITAL: Delays Third Quarter Form 10-Q Filing

DORAL FINANCIAL: Seeks Joint Administration of Cases
DORAL FINANCIAL: Unit's Case Summary & 24 Largest Unsec. Creditors
ELEPHANT TALK: Incurs $4.15 Million Net Loss in Third Quarter
ENERGY & EXPLORATION: Involuntary Chapter 11 Case Summary
ENERGYSOLUTIONS LLC: Moody's Puts B3 CFR on Review for Downgrade

EV ENERGY: Moody's Cuts Corporate Family Rating to B2
FAMILY CHRISTIAN: Now Known as FKA FC
FINJAN HOLDINGS: Signs Licensing Agreement with Avast Software
FOREVERGREEN WORLDWIDE: Incurs $371K Net Loss in Third Quarter
FUSION TELECOMMUNICATIONS: Incurs $5.23 Million Net Loss in Q3

GAMCO INVESTORS: Moody's Cuts Senior Note Rating to 'Ba1'
GAS-MART USA: CBIZ, Mayer Hoffman to Provide Accounting Services
GAS-MART USA: Court Approves Levy Craig as Panel's Local Counsel
GENERAC POWER: S&P Affirms 'BB-' Corp. Credit Rating
GENWORTH MORTGAGE: S&P Affirms 'BB+' CCR, Outlook Stable

GLYECO INC: Incurs $736K Net Loss in Third Quarter
GREAT LAKES: Moody's Changes Outlook to Stable & Affirms B3 CFR
GREENSHIFT CORP: Needs More Time to File Q3 Form 10-Q
GT ADVANCED: Has Until Nov. 30 to file Chapter 11 Plan
HARI AUM LLC: Case Summary & 7 Largest Unsecured Creditors

HUTCHESON MEDICAL: Ch.11 Trustee May Tap HMED as Special Counsel
HUTCHESON MEDICAL: Trustee Retains Guggenheim as Investment Banker
IMAGEWARE SYSTEMS: Incurs $2.16 Million Net Loss in 3rd Quarter
INDEPENDENCE TAX II: Incurs $166K Net Loss in Third Quarter
INTERNATIONAL TECHNICAL: Gets Interim Order to Use Cash Collateral

INVENTIV HEALTH: Incurs $6.68 Million Net Loss in Third Quarter
IRVINGTON, NJ: Moody's Affirms Ba1 Rating, Outlook Stable
JACOBS ENTERTAINMENT: Moody's Hikes Corporate Family Rating to B2
JAMES RIVER: Ronald Page Files Rule 2019 Statement
KONECRANES TEREX: S&P Assigns 'BB' CCR & Rates $900MM Loan 'BB+'

LINN ENERGY: Moody's Raises Probability of Default Rating to Caa2
LONESTAR GEOPHYSICAL: To Seek Plan Confirmation on Dec. 22
LUZERNE COUNTY: S&P Lowers GO Debt Rating to 'BB+'
M/I HOMES: Fitch Rates New $300MM Unsecured Notes 'BB-/RR3'
M/I HOMES: S&P Rates New $300MM Sr. Unsecured Notes 'B+'

MARINA BIOTECH: Posts $769K Net Income for Third Quarter
MARION ENERGY: Chapter 11 Case Dismissed
MCS AMS: S&P Affirms 'B' CCR, Outlook Remains Negative
MEDIACOM COMMUNICATIONS: S&P Lowers Secured Debt Ratings to 'BB'
MEMORIAL RESOURCE: S&P Revises Outlook to Pos. & Affirms 'B' CCR

MOBILE MINI: Moody's Affirms B1 CFR & Revises Outlook to Stable
MOUNTAIN PROVINCE: Incurs C$26.6 Million Net Loss in Q3
NEOVIA LOGISTICS: Moody's Lowers CFR to Caa1, Outlook Stable
NET TALK.COM: Delays Third Quarter Form 10-Q Filing
NEW DAWN ASSISTED: Subsidiary's Voluntary Chapter 11 Case Summary

NEW MEDIA: S&P Revises Outlook to Positive & Affirms 'B' CCR
OPTIMUMBANK HOLDINGS: Posts $46,000 Net Earnings for 3rd Quarter
OW BUNKER: U.S. Trustee Amends Committee of Unsecured Creditors
PACIFIC RECYCLING: Banner Wants Automatic Stay Relief
PACIFIC RECYCLING: Files Rule 2015.3 Periodic Report

PACIFIC RECYCLING: GE Wants Adequate Protection for Shredder
PACIFIC RECYCLING: Wants to Pay GE $5K, Not $20K Per Week
PENN VIRGINIA: Moody's Lowers CFR to Caa3, Outlook Negative
PETCO HOLDINGS: S&P Puts 'B' CCR on CreditWatch Negative
PGI INCORPORATED: Incurs $2.19 Million Net Loss in Third Quarter

PINNACLE FOODS: Moody's Puts Ba3 CFR Under Review for Downgrade
PINNACLE FOODS: S&P Affirms 'BB-' CCR on Boulder Brands Deal
PLAZE INC: Moody's Affirms 'B2' CFR Over Loan Upsize Plans
PLY GEM HOLDINGS: Number of Directors Increased to 9
PLY GEM HOLDINGS: Steven Lefkowitz Quits as Director

PLZ AEROSCIENCE: S&P Affirms 'B' CCR, Outlook Stable
PRECISION DRILLING: S&P Revises Outlook to Neg. & Affirms BB+ CCR
PRESTIGE BRANDS: Moody's Affirms 'B2' Corp. Family Rating
PROGRESSIVE SOLUTIONS: S&P Affirms 'B' Corporate Credit Rating
PROQUEST LLC: Moody's Confirms 'B2' Corporate Family Rating

QUANTUM FUEL: Incurs $4.83 Million Net Loss in Third Quarter
REICHHOLD HOLDINGS: Judge Okays $250K Sale of Tuscaloosa Property
REICHHOLD HOLDINGS: Judge Okays Retired Workers Settlement
RESPONSE BIOMEDICAL: Announces Q3 2015 Financial Results
ROOFING SUPPLY: S&P Withdraws BB- Corp. Credit Rating

SCHWAB INDUSTRIES: Time to Respond to Sanctions Bid Extended
SCIENTIFIC GAMES: Chief Financial Officer to Retire Next Year
SEALAUNCH LLC: Energia CEO Counters Boeing's $111 Million Claims
SENTINEL MANAGEMENT: Ex-CEO Banned from Commodity Futures Trading
SERTA SIMMONS: S&P Affirms 'B' CCR, Outlook Stable

SOLAR POWER: Incurs $30.9 Million Net Loss in Third Quarter
SORENSON COMMUNICATIONS: S&P Affirms 'CCC+' CCR, Outlook Positive
SOUTHEASTHEALTH: Fitch Keeps B 2007 Bonds Rating on Watch Evolving
SPANISH BROADCASTING: Incurs $7.69 Million Net Loss in 3rd Quarter
SPENDSMART NETWORKS: Incurs $2.81 Million Net Loss in 3rd Quarter

SPIRIT REALTY: S&P Raises CCR to 'BB+', Outlook Positive
TAXACT INC: S&P Assigns 'BB-' Issuer Credit Rating
TELESIS CENTER: S&P Lowers 2013 Bonds' Rating to 'B'
TEMPEL STEEL: S&P Withdraws 'CCC+' Corp. Credit Rating
TERRAFORM AP: Moody's Lowers Rating on Sr. Sec. Debt to Ba3

TERVITA CORP: Moody's Lowers CFR to Caa2, Outlook Negative
TIBCO SOFTWARE: S&P Affirms 'B-' CCR, Outlook Stable
TORQUED-UP ENERGY: Hires Simmons and Company as Sales Agent
TORQUED-UP ENERGY: Section 341 Meeting Scheduled for Jan. 6
TORQUED-UP ENERGY: Seeks Administrative Consolidation of Cases

TORQUED-UP ENERGY: Seeks Permission to Continue Using Credit Card
TORQUED-UP ENERGY: Taps Searcy & Searcy and Ireland Carroll
TORQUED-UP ENERGY: Wants to Use Lenders' Cash Collateral
TRAFALGAR POWER: Suit vs. Algonquin, et al., Dismissed
TRANS-LUX CORP: Reports Profitable Third Quarter

TRANSGENOMIC INC: Incurs $7.63 Million Net Loss in Third Quarter
TRISTAR WELLNESS: Incurs $771K Net Loss in Third Quarter
TRUMP ENTERTAINMENT: Wants Court to Approve Increase in DIP Loan
UNITED AIRLINES: Retired Pilot Ordered to Return $17K Tax Refund
UNITED BANCSHARES: Delays Q3 Form 10-Q Filing

UPPER IOWA UNIV.: Fitch Affirms 'BB' Rating on $64.6MM Rev. Bonds
VECTOR GROUP: S&P Affirms 'B' CCR, Outlook Stable
VERNUS GROUP: Case Summary & 19 Largest Unsecured Creditors
VERTICAL COMPUTER: Incur $458,000 Net Loss in Third Quarter
WALBERT TRUCKING: Postpetition Claim Not Entitled to Admin Status

WALTER ENERGY: 'Challenge' Period Extended to Dec. 2
WESTMORELAND COAL: S&P Affirms 'B' CCR & Rates $295MM Loan 'B'
YAHOO! INC: S&P Revises Outlook to Neg. & Affirms 'BB+' CCR
ZAYO GROUP: Moody's to Retain B2 CFR on Acquisition Plans
ZERGA PHIN-KER: Section 341(a) Meeting Set for Dec. 18

[^] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles

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30DC INC: Delays First Quarter Form 10-Q for Review
---------------------------------------------------
30DC, Inc., notified the Securities and Exchange Commission it was
unable to prepare its accounting  records and schedules in
sufficient time to allow its accountants to complete their review
of the Company's financial statements for the period ended
Sept. 30, 2015, before the required filing date for the subject
Quarterly Report on Form 10-Q.  The Company intends to file the
subject Quarterly Report on Form 10-Q on or before the 30th
calendar day following the prescribed due date.
  
On July 30, 2015, the Company divested a portfolio of Internet
marketing assets, including Market Pro Max, in two separate
transactions, in exchange for a total of 16,743,681 shares of the
Company's common stock.  Ten million shares were redeemed from
Marillion Partnership which owns more than 10% of the Company's
outstanding shares and was a contractor to the Company including
the services of Edward Dale as chief executive officer of the
Company.  6,743,681 shares were redeemed from Netbloo Media. Ltd.
which owns more than 10% of the Company's outstanding shares and is
a contractor to the Company.  After these transactions, both
Marillion and Netbloo remain shareholders and each owns in excess
of 10% of the Company's outstanding common stock.  Results of the
Internet marketing assets for the period prior to the divestiture
will be included in results of discontinued operations for all
periods presented in the Sept. 30, 2015 Form 10Q.

On July 30, 2015, Marillion Partnership's contractor agreement with
the Company was terminated, this had included Edward Dale serving
as chief executive officer of the Company.  Henry Pinskier, Chair
of 30DC, Inc.'s Board of Directors was elected by the board as
interim chief executive officer of the Company.  Mr. Dale remains a
director of the Company.

On July 30, 2015, Netbloo Media, Ltd.'s existing contractor
agreement with the Company was superseded by a new contractor
agreement with an effective date of May 15, 2015.  The new
contractor agreement reduces annual compensation from $300,000 to
$150,000 per year and reduces the services Netbloo will provide to
the Company's which is now focused on the MagCast Publishing
Platform.

Due to the above changes, the Company expects a significant
decrease in revenues and operating expenses for the period ending
Sept. 30, 2015, compared to the Sept. 30, 2014, reporting period.

                         About 30DC Inc.

New York-based 30DC, Inc., provides Internet marketing services
and related training to help Internet companies in operating their
businesses.  It operates in two divisions, 30 Day Challenge and
Immediate Edge.

As of March 31, 2015, the Company had $2.49 million in total
assets, $2.24 million in total liabilities and $252,000 in total
stockholders' equity.

MaloneBailey, LLP, in Houston, Texas, 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 accumulated losses from operations since
inception and has a working capital deficit as of June 30, 2014.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.


33 PECK: Obeid Seeks Lift Stay to Pursue Derivative Claims
----------------------------------------------------------
William T. Obeid asks the U.S. Bankruptcy Court for the Southern
District of New York for relief from the automatic stay in order to
pursue pending derivative claims on behalf of debtors 33 Peck Slip
Acquisition LLC, et. al., in the United States District Court for
the Southern District of New York.

Mr. Obeid is one of three equal Member-Managers of Gemini Real
Estate Advisors, LLC which, together with its subsidiaries and
affiliates, including the Debtors Entities, operate as a single
family of closely-held entities under the brand "Gemini."

Mr. Obeid's derivative claims seek to recover damages on behalf of
the Gemini entities and their equity investors against La Mack,
Massaro, Elevation and the Bridgeton Defendants.  Mr. Obeid has
alleged that, in contravention of their fiduciary duties owed to
Gemini and himself, La Mack and Massaro have usurped Gemini's
pipeline of retail development projects and diverted them to
Elevation without any consideration being paid to Gemini in return.
Among other things, Mr. Obeid's derivative claims seek to recover
Gemini's damages from La Mack and Massaro's misappropriation of
Gemini resources used in furtherance of their personal business
interests as well as damages in the form of lost profits.  Mr.
Obeid has also asserted derivative claims against La Mack, Massaro
and the Bridgeton Defendants in effectuating the transfer of
Gemini's entire hospitality business to the Bridgeton Defendants
for no consideration.

Mr. Obeid tells the Court that he seeks stay relief to prosecute
claims for the benefit of the Debtor Entities.  He further tells
the Court that the Debtor Entities are only nominal defendants, and
any successful claims by him on behalf of the Debtor Entities would
inure to the benefit of the Debtors' Estates.  Mr. Obeid asserts
that the purpose of the automatic stay -- to protect the assets of
the Debtor's estate from and provide the debtor with a breathing
spell to conduct either a reorganization or a liquidation -- is not
undermined by the continued prosecution of Obeid's derivative
claims for the benefit of the Debtor entities.

William T. Obeid is represented by:

          Stephen B. Meister, Esq.
          Christopher J. Major, Esq.
          Alexander D. Pencu, Esq.
          Remy J. Stocks, Esq.
          MEISTER SEELIG & FEIN LLP
          125 Park Avenue, 7th Floor
          New York, NY 10017
          Telephone: (212)655-3500
          E-mail: sbm@msf-law.com
                 cjm@msf-law.com
                 adp@msf-law.com
                 rjs@msf-law.com

                        About 33 Peck Slip

Owners of four New York City hotel properties, namely 33 Peck Slip
Acquisition LLC, Gemini 37 West 24th Street MT, LLC, 36 West 38th
Street LLC and 52 West 13th P, LLC, have sought Chapter 11
bankruptcy protection, intending to auction off their assets in
connection with a Chapter 11 plan.  The Debtors are affiliated
with
Gemini Real Estate Advisors.

As of the bankruptcy filing, the Debtors owned:

   * the Best Western Seaport Hotel, at 33 Peck Slip in the South
Street Seaport Historic District on the Lower Manhattan waterfront
in New York City, New York;

   * the Wyndham Flatiron Hotel, at 37 West 24th Street in the
Flatiron district of New York City, New York;

   * the Jade Greenwich Village Hotel at 52 West 13th Street in
Greenwich Village in Lower Manhattan in New York City, New York;
and

   * the Bryant Park Development Site, a development lot that is
approved for development as a 114-room boutique hotel at 34-36
West
38th Street in the Bryant Park district of New York City, New
York.

33 Peck Slip Acquisition LLC, et al., sought Chapter 11 bankruptcy
petition (Bankr. S.D.N.Y. Case Nos. 15-12479 to 15-12482) on Sept.
3, 2015.

The Debtors reported total assets of $205.8 million and total
liabilities of $135.6 million.

The Debtors tapped Robins Kaplan LLP as attorneys; and Robert
Douglas as real estate advisor.



401 LASALLE LENDERS: Section 341(a) Meeting Set for Jan. 5
----------------------------------------------------------
A meeting of creditors in the bankruptcy case of 401 LaSalle
Lenders LLC will be held on Jan. 5, 2016, at 1:30 p.m. at 219 South
Dearborn, Office of the U.S. Trustee, 8th Floor, Room 802, Chicago,
Illinois 60604.

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

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

                      About 401 LaSalle

401 LaSalle Lenders LLC filed sought for Chapter 11 bankruptcy
protection (Bankr. N.D. Ill.) Case No. 15-39922) on Nov. 23, 2015.
First Chicago Financial, LLC signed the petition as manager.  The
Debtor estimated both assets and liabilities in the range of $10
million to $50 million.  Porter Law Network acts as the Debtor's
counsel.  Judge Jacqueline P. Cox has been assigned the case.


ADVANTAGE SALES: S&P Affirms 'B' CCR, Outlook Remains Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
corporate credit rating on Irvine, Calif.-based Advantage Sales &
Marketing Inc.  The rating outlook remains stable.

At the same time, S&P affirmed its 'B' issue-level ratings on the
company's $200 million first-lien revolving credit facility due in
2019 and $2.01 billion first-lien term loan due in 2021.  The
recovery ratings are unchanged at '3', though S&P revised the
recovery band to the upper half of the range from the lower half.
The '3' recovery ratings indicate S&P's expectation for meaningful
recovery (50%-70%; upper half of the range) of principal in the
event of a payment default.

S&P also affirmed its 'CCC+' issue-level rating on the company's
$760 million second-lien debt due in 2022.  The '6' recovery rating
is unchanged, indicating S&P's expectation for negligible recovery
(0%-10%) of principal in the event of a payment default. S&P
forecasts $2.6 billion debt outstanding as of Dec. 31, 2015.

"The rating affirmations reflect our view that ASM will continue to
perform in line with our expectations, with low-single-digit
organic revenue growth supplemented by bolt-on acquisitions," said
Standard & Poor's credit analyst Katherine Heng.  "However, we
expect ASM's credit measures to remain weak under its financial
sponsor ownership and its leverage to improve modestly to the
mid-7x area, driven by modest sales and profit growth."

S&P's corporate credit rating on ASM incorporates ASM and Acosta's
dominance of the outsourced sales and marketing industry, with
CROSSMARK being a meaningful, though struggling player.  The
remainder of the industry is highly fragmented.  S&P believes ASM
and Acosta will be able to grow their market share because having
national sale forces to service large accounts gives them a
competitive advantage over smaller players.

S&P's rating also reflects its expectation that ASM's credit
metrics will remain weak, and the company's financial policy will
remain very aggressive.  Because ASM is owned by a sponsor and has
operated with a significant debt burden for several years, S&P
believes additional debt issuance for acquisitions or dividends
could offset any significant credit metric improvement from sales
and profit growth.

The stable rating outlook reflects S&P's expectation that ASM's
credit measures will remain weak under its financial sponsor
ownership, even though S&P expects continued sales and profit
growth.  S&P also forecasts leverage improving modestly to the
mid-7x area over the next 12 months, driven by low-single-digit
organic revenue growth, supplemented by bolt-on acquisitions.

Although unlikely over the next 12 months, S&P could consider an
upgrade if ASM's leverage declines to the 6x-area on a sustained
basis.  S&P estimates that EBITDA growth of about 35% or debt
reduction about $750 million would be necessary for leverage to
reach 6x.  This could occur if ASM's customers accelerate
outsourcing or if the company's financial policy becomes less
aggressive.  An upgrade would likely require a substantial
reduction in financial sponsor control.

Although a remote possibility over the next 12 months, S&P could
lower the rating if ASM's operating performance weakens due to
significant customer losses from continued consolidation of
consumer product companies, heightened pressure from retailers due
to reduced consumer spending, or escalating competition resulting
in decreased market share.  S&P could also lower the rating if the
company's financial policy becomes more aggressive, with
significant debt-financed acquisitions or dividends resulting in
weakened liquidity and EBITDA interest coverage declining below
2x-area.  S&P estimates that EBITDA would have to decline by more
than 25% for this to occur.



AFFINITY GAMING: Moody's Affirms 'B2' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service revised Affinity Gaming Corporation's
rating outlook to stable from negative. At the same time, Moody's
affirmed Affinity's B2 Corporate Family Rating, B2-PD Probability
of Default Rating, Ba2 senior secured priority revolver rating, Ba3
senior secured term loan, and Caa1 senior notes rating.

The outlook revision to stable from negative reflects Affinity's
strong earnings improvement for the year-to-date period ended
September 30, 2015 compared to the prior year -- EBITDA increased
32% to about $52 million for this period. Affinity's improved
earnings came despite modest revenue growth of about 2% for the
time period. Earnings improvement has been driven by the company's
efforts to cut costs and manage promotional spending and marketing
programs. For the year-to-date period ended September 30, 2015,
promotional spending has been reduced to 11% of gross gaming
revenue from 13% for the prior year and the company's EBITDA margin
increased 400 bps to 17% from 13%. These improvements have reduced
Affinity's debt/EBITDA (including Moody's standard adjustments) to
6.5 times for the 12-month period ended September 30, 2015, down
from about 8.0 times for the fiscal-year end December 31, 2014. We
expect leverage to be between 5.5 times - 6.0 times by fiscal-year
end 2016 as a result of modest EBITDA improvement and debt
reduction. The company has estimated an approximate $13 million
required excess cash flow sweep that will be paid in April 2016.

Ratings affirmed:

Corporate Family Rating at B2

Probability of Default Rating at B2-PD

$35 million senior secured priority revolving
credit facility expiring May 2017 at Ba2 (LGD 1)

$183 million (outstanding) senior secured term loan
due November 2017 at Ba3 (LGD 2)

$200 million 9% senior notes due May 2018 at Caa1 (LGD 5)

Rating assigned:

Speculative Grade Liquidity rating at SGL-2

Outlook Change:

Outlook changed to Stable from Negative

RATINGS RATIONALE

Affinity's B2 Corporate Family Rating considers the company's small
size in terms of earnings and cash flow relative to similarly rated
peers, and its high leverage -- debt/EBITDA for the 12-month period
ending September 30, 2015 was about 6.5 times (including Moody's
standard adjustments). We expect leverage will improve to between
5.5 times - 6.0 times for the fiscal year-end 2016. Positive rating
factors include our expectation that Affinity will continue to
benefit from its improved operating leverage as gaming revenue
trends improve within the markets that Affinity operates and the
company's good liquidity profile.

The stable rating outlook is based on our expectation that stable
regional gaming trends will allow Affinity to continue to benefit
from a more efficient cost structure which will result in
debt/EBITDA of between 5.5 times - 6.0 times the end of 2016. Also
considered is the company's good liquidity profile. Our ratings and
outlook do not take into consideration the possible acquisition of
Affinity by Z Capital. Z Capital has made an offer to purchase the
shares of Affinity it does not currently own using an as of yet
unannounced mix of debt and equity.

Affinity's Speculative Grade Liquidity rating is SGL-2, reflecting
good liquidity. We expect Affinity will generate positive free cash
flow of about $15 million over the next 12 months after its
required excess cash flow sweep. Cash balances at September 30,
2015 were $167 million. Affinity is subject to leverage and
coverage maintenance financial covenants and we expect the company
will maintain adequate cushion with respect to these covenants.

A higher rating would require debt/EBITDA sustained below 5.0 times
and would also require that the company is making progress in
refinancing its senior secured term loan which matures in November
2017. Ratings could be lowered if gaming demand trends show signs
of a material weakening from current levels and/or if Affinity's
debt/EBITDA remains over 6.5 times for an extended period of time.

Affinity Gaming Corporation owns and operates casinos in Nevada,
Missouri, Iowa and Colorado. Net revenue for the latest 12-month
period ended September 30, 2015 was $395 million.



ALPHA NATURAL: Court Approves Appointment of Retiree Committee
--------------------------------------------------------------
BankruptcyData reported that the U.S. Bankruptcy Court approved
Alpha Natural Resources' moving retirees' motion for the
appointment of an official retiree committee.  As previously
reported, "In the Retiree Benefits Termination Motion, the Debtors
proclaim that the 'termination of the Non-Pension Retiree Benefits
does not require approval under -- and is not subject to the
procedures otherwise mandated by -- section 1114 of the Bankruptcy
Code.' This, as well as other items provided for in the Retiree
Benefits Termination Motion, must be immediately vetted, analyzed,
and determined within an appropriate timeframe that provides for
all parties to adequately present their positions to this Court,
and the rights of retirees must be properly protected. Furthermore,
Section 5.17 of the Credit Agreement provides for numerous case
milestones, many (if not all) involving retiree benefits.  There is
clearly a need for a Retiree Committee....Clearly, the appointment
of a Retiree Committee is appropriate and warranted under the
current circumstances.

The Debtors are seeking in the Retiree Benefit Termination Motion
to terminate non-pension retiree benefits.  Furthermore, Section
5.17 of the Credit Agreement provides for numerous case milestones,
many (if not all) involving retiree benefits."

                       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.  As of Dec.
31, 2014, the Company operated 60 mines and 22 coal preparation
plants in Northern and Central Appalachia and the Powder River
Basin, with approximately 8,900 employees.

Alpha Natural Resources, Inc. and certain of its wholly-owned
subsidiaries filed voluntary petitions (Bankr. E.D. Va. Lead Case
No. 15-33896) on Aug. 3, 2015.  The petition was signed by Richard
H. Verheij, executive vice president, general counsel and corporate
secretary.

Jones Day serves as general counsel to the Debtors.  Hunton &
Williams LLP acts as the Debtors' local counsel.  Rothschild Group
represents as the Debtors' financial advisor.  The Debtors'
investment banker is Alvarez & Marsal Holdings, LLC.  Kurtzman
Carson Consultants serves as the Debtors' claims and noticing
agent.


ALPHA NATURAL: Court Approves Jan. 27 Auction for Assets
--------------------------------------------------------
Alpha Natural Resources, Inc., and its affiliated debtors sought
and obtained from Judge Kevin R. Huennekens of the U.S. Bankruptcy
Court for the Eastern District of Virginia, Richmond Division, the
approval of their proposed bidding procedures and the sale of
certain of their mining properties, assets and related
infrastructure, free and clear of any and all liens, claims,
interests and encumbrances.

The Debtors related that they are in the process of developing and
implementing a comprehensive long term business plan to address the
unprecedented market challenges affecting them.  The Debtors
further related that in connection with the preparation of the
Business Plan, they are developing a list of certain mining
properties and related assets that they will seek to dispose of in
connection with their reorganization.  The Debtors told the Court
that they have identified the Assets relating to inactive mines
that are not generating revenue for their businesses but impose
reclamation, maintenance and other costs on their estates.

The bidding procedures contain, among others, the following terms:

     (a) Bid Deadline: Jan. 20, 2016 at 5:00 p.m.
     (b) Auction: Jan. 27, 2016 at 10:00 a.m.
     (c) Sale Hearing: Jan. 20, 2016

                        Limited Objections

The United Mine Workers of America ("UMWA"), which represent the
interests of both active and laid-off employees at the Debtors'
mining complexes and various retirees and dependents, tells the
Court that certain of the Debtors' mining properties, reserves and
related preparation plants listed on the Bidding Procedures Asset
Schedule currently employ or previously employed individuals
subject to collective bargaining agreements between the Debtors and
the UMWA (“UMWA Mines”).  UMWA further tells the Court that it
has requested to be included as a Consultation Party with respect
to any UMWA Mines. However, the Debtors have not yet confirmed that
they will agree to include the UMWA as a Consultation Party with
respect to any UMWA Mines.  UMWA asserts that given that the UMWA
is an important constituency and has significant interest in the
outcome of any proposed sale of a UMWA Mine, it should be
designated as a Consultation Party with respect to the proposed
sale of any such mine.

The United Mine Workers of America 1974 Pension Plan and Trust, et.
al., contend that the Debtors should not suggest without
qualification that any of their assets could be sold "free and
clear" of any obligation.  Karen M. Crowley, Esq., at Crowley,
Liberatore, Ryan & Brogan, P.C., in Norfolk, Virginia, tells the
Court that the Debtors cannot sell assets free and clear of their
collectively bargained obligations to the United Mine Workers of
America 1974 Pension Plan and Trust, the United Mine Workers of
America 1993 Benefit Plan and Trust, the United Mine Workers of
America 2012 Retiree Bonus Account Plan and the United Mine Workers
of America Cash Deferred Savings Plan of 1988, without following
the procedure set out in sections 1113 and 1114 of the Bankruptcy
Code.  She further tells the Court that the Debtors have not at
this time sought such relief from the Court, nor have the Debtors
addressed how they intend to comply with their non-negotiable
statutory Coal Act obligations, which cannot be modified through
section 1114 of the Bankruptcy Code.

Alpha Natural Resources, Inc. and its affiliated Debtors are
represented by:

          David G. Heiman, Esq.
          Carl E. Black, Esq.
          Thomas A. Wilson, Esq.
          JONES DAY
          North Point
          901 Lakeside Avenue
          Cleveland, OH 44114
          Telephone: (216)586-3939
          Facsimile: (216)579-0212
          E-mail: dgheiman@jonesday.com
                 ceblack@jonesday.com
                 tawilson@jonesday.com

                - and -

          Tyler P. Brown, Esq.
          J.R. Smith, Esq.
          Henry P. (Toby) Long, III, Esq.
          Justin F. Paget, Esq.
          HUNTON & WILLIAMS LLP
          Riverfront Plaza, East Tower
          951 East Byrd Street
          Richmond, VA 23219
          Telephone: (804)788-8200
          Facsimile: (804)788-8218
          E-mail: tpbrown@hunton.com
                  jrsmith@hunton.com
                  hlong@hunton.com
                  jpaget@hunton.com

The United Mine Workers of America is represented by:

          Sharon L. Levine, Esq.
          Paul Kizel, Esq.
          Philip J. Gross, Esq.
          Nicole M. Brown, Esq.
          LOWENSTEIN SANDLER LLP
          65 Livingston Avenue
          Roseland, NJ 07068
          Telephone: (973)597-2500
          E-mail: slevine@lowenstein.com
                  pkizel@lowenstein.com
                  pgross@lowenstein.com
                  nbrown@lowenstein.com

                - and -

          Troy Savenko, Esq.
          KAPLAN VOEKLER CUNNINGHAM & FRANK, PLC
          1401 East Cary Street
          Richmond, VA 23219
          Tel: (804)823-4000
          E-mail: tsavenko@kv-legal.com

The United Mine Workers of America 1974 Pension Plan and Trust, et.
al., are represented by:

          Karen M. Crowley, Esq.
          Ann B. Brogan, Esq.
          CROWLEY, LIBERATORE, RYAN &
          BROGAN, P.C.
          150 Boush Street, Suite 300
          Norfolk, VA 23510
          Telephone: (757)333-4500
          Facsimile: (757)333-4501
          E-mail: kcrowley@clrbfirm.com
                  abrogan@clrbfirm.com

                - and -

          Paul A. Green, Esq.
          John R. Mooney, Esq.
          MOONEY, GREEN, SAINDON, MURPHY
          & WELCH, P.C.
          1920 L Street, N.W., Suite 400
          Washington, D.C. 20036
          Telephone: (202)783-0010
          Facsimile: (202)783-6088
          E-mail: pgreen@mooneygreen.com
                  jmooney@mooneygreen.com

                - and -

          John C. Goodchild, III, Esq.
          MORGAN, LEWIS & BOCKIUS LLP
          1701 Market St.
          Philadelphia, PA 19103-2921
          Telephone: (215)963-5000
          Facsimile: (215)963-5001
          E-mail: jgoodchild@morganlewis.com

                - and -

          Julia Frost-Davies, Esq.
          Amelia C. Joiner, Esq.
          MORGAN, LEWIS & BOCKIUS LLP
          One Federal St.
          Boston, MA 02110-1726
          Telephone: (617)341-7700
          Facsimile: (617)341-7701
          E-mail: julia.frost-davies@morganlewis.com
                 amelia.joiner@morganlewis.com

                   About Alpha Natural Resources

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.  As of
Dec.
31, 2014, the Company operated 60 mines and 22 coal preparation
plants in Northern and Central Appalachia and the Powder River
Basin, with approximately 8,900 employees.

Alpha Natural Resources, Inc. and certain of its wholly-owned
subsidiaries filed voluntary petitions (Bankr. E.D. Va. Lead Case
No. 15-33896) on Aug. 3, 2015.  The petition was signed by Richard
H. Verheij, executive vice president, general counsel and
corporate
secretary.

Jones Day serves as general counsel to the Debtors.  Hunton &
Williams LLP acts as the Debtors' local counsel.  Rothschild Group
represents as the Debtors' financial advisor.  The Debtors'
investment banker is Alvarez & Marsal Holdings, LLC.  Kurtzman
Carson Consultants serves as the Debtors' claims and noticing
agent.



ALPHA NATURAL: Creditor Hires Spilman Thomas as Legal Counsel
-------------------------------------------------------------
Spilman Thomas & Battle PLLC disclosed in a court filing that it
was hired by Donald Blankenship as legal counsel in connection with
the Chapter 11 cases of Alpha Natural Resources Inc. and its
affiliates.

The firm previously disclosed that it serves as legal counsel for
five other creditors of the companies.  They are Penn Virginia
Operating Co. LLC, McCreery Coal Land Co., Pardee Minerals LLC, JRY
Natural Resources LLC, and The David J. Pierce Trust.

Spilman Thomas made the disclosure pursuant to Rule 2019 of the
Federal Rules of Bankruptcy Procedure.

                       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. and its affiliates filed separate
Chapter 11 bankruptcy petitions (Bankr. E.D. Va. Lead Case No.
15-33896) 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 petitions were signed by Richard H. Verheij,
executive vice president, general counsel and corporate secretary.

Judge Kevin R. Huennekens presides over the cases.

The Debtors tapped David G. Heiman, Esq., Carl E. Black, Esq., and
Thomas A. Wilson, Esq., at Jones Day, as general counsel.  The
Debtors tapped Tyler P. Brown, Esq., J.R. Smith, Esq., Henry P.
(Toby) Long, III, Esq., and Justin F. Paget, Esq., at Hunton &
Williams LLP, as 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.

The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural to serve on the official committee of unsecured creditors.
Sands Anderson PC, and Milbank, Tweed, Hadley & Mccloy LLP, were
retained by the Committee as counsel; Jefferies LLC, serves as
investment banker; and Protiviti Inc., serves as financial advisor.


ALPHA NATURAL: Creditors Committee Balks at Increase in DIP Loan
----------------------------------------------------------------
BankruptcyData reported that Alpha Natural Resources' official
committee of unsecured creditors filed with the U.S. Bankruptcy
Court an objection to the Debtors' (i) motion for a supplemental
order, pursuant to 11 U.S.C. Sections 105, 363 and 364, authorizing
an amendment to its D.I.P. credit agreement for increased letter of
credit commitments and payment of related fees and (ii) motion for
an order extending the exclusive periods to file a Chapter 11 plan
and solicit acceptances thereof.

The objection explains, "The Committee's concern is twofold. First,
the Debtors have agreed to pay fees that are disproportionately
large in relation to the $5 million increase in Term L/C Cap.
Second, and more troubling, the Debtors have agreed to include a
number of additional DIP Milestones, such as the brand new RSA
Milestone, and make various other modifications to the DIP Credit
Agreement that, permit the DIP Lenders and Prepetition Secured
Parties, permit the DIP Lenders to exert even more control and
expedite the result that they desire, even though the DIP Credit
Agreement already requires that the DIP Lenders be paid in full in
cash and that the lenders under the Existing Credit Agreement be
paid in cash in full on their secured and unsecured claims.  Given
the increase in the Debtors' cash position since the Petition Date,
the DIP Lenders are over-secured by hundreds of millions of dollars
in cash alone."

                       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.  As of Dec.
31, 2014, the Company operated 60 mines and 22 coal preparation
plants in Northern and Central Appalachia and the Powder River
Basin, with approximately 8,900 employees.

Alpha Natural Resources, Inc. and certain of its wholly-owned
subsidiaries filed voluntary petitions (Bankr. E.D. Va. Lead Case
No. 15-33896) on Aug. 3, 2015.  The petition was signed by Richard
H. Verheij, executive vice president, general counsel and corporate
secretary.

Jones Day serves as general counsel to the Debtors.  Hunton &
Williams LLP acts as the Debtors' local counsel.  Rothschild Group
represents as the Debtors' financial advisor.  The Debtors'
investment banker is Alvarez & Marsal Holdings, LLC.  Kurtzman
Carson Consultants serves as the Debtors' claims and noticing
agent.


ALPHA NATURAL: Ronald Page Files Rule 2019 Statement
----------------------------------------------------
Ronald Page PLC disclosed in a court filing that it represents
these companies in the Chapter 11 cases of Alpha Natural Resources
Inc. and its affiliates:

     (1) AAA Mine Services Inc.
         18 Mountain View Drive
         Hazard, KY 41701

     (2) Ecko Inc.
         P.O. Box 448, North Tazewell
         VA 24630

     (3) Marsico Brothers Inc.
         1220 Fayette Pike W.
         Montgomery, WV 25136

Each of the companies may hold claims "arising out of applicable
agreements, law or equity pursuant to their respective
relationships" with Alpha, according to the filing.

Ronald Page made the disclosure pursuant to Rule 2019 of the
Federal Rules of Bankruptcy Procedure.

The firm can be reached at:

     Ronald Page PLC
     Ronald A. Page, Jr.
     P.O. Box 73524
     Richmond, Virginia 23235
     Phone: (804) 562-8704
     Fax: (804) 482-2427
     Email: rpage@rpagelaw.com
     Web Site: www.rpagelaw.com

                       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. and its affiliates filed separate
Chapter 11 bankruptcy petitions (Bankr. E.D. Va. Lead Case No.
15-33896) 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 petitions were signed by Richard H. Verheij,
executive vice president, general counsel and corporate secretary.

Judge Kevin R. Huennekens presides over the cases.

The Debtors tapped David G. Heiman, Esq., Carl E. Black, Esq., and
Thomas A. Wilson, Esq., at Jones Day, as general counsel.  The
Debtors tapped Tyler P. Brown, Esq., J.R. Smith, Esq., Henry P.
(Toby) Long, III, Esq., and Justin F. Paget, Esq., at Hunton &
Williams LLP, as 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.

The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural to serve on the official committee of unsecured creditors.
Sands Anderson PC, and Milbank, Tweed, Hadley & Mccloy LLP, were
retained by the Committee as counsel; Jefferies LLC, serves as
investment banker; and Protiviti Inc., serves as financial advisor.


AMERICAN APPAREL: Allowed to Poll Creditors on Chapter 11 Plan
--------------------------------------------------------------
Matt Chiappardi at Bankruptcy Law360 reported that a Delaware
bankruptcy judge gave American Apparel the go-ahead on Nov. 19,
2015, to solicit creditors on its Chapter 11 plan despite protests
from ousted CEO Dov Charney that the disclosure statement contains
"inflammatory" language about him that could scare away investors
if he decided to raise money to buy the company.

During a hearing in Wilmington, U.S. Bankruptcy Judge Brendan L.
Shannon would not allow Mr. Charney to add a letter to American
Apparel's disclosure statement.

                      About American Apparel

American Apparel, Inc., American Apparel (USA), LLC,  American
Apparel Retail, Inc., American Apparel Dyeing & Finishing, Inc.,
KCL Knitting, LLC and Fresh Air Freight, Inc. sought Chapter 11
bankruptcy protection (Bankr. D. Del. Proposed Lead Case No.
15-12055) on Oct. 5, 2015.  The petition was signed by Hassan
Natha as chief financial officer.

The Debtors reported total assets of $199,360,934 and total
liabilities of $397,576,744.

The Debtors and their non-debtor affiliates operate a vertically
integrated manufacturing, distribution, and retail business
focused
on branded fashion-basic apparel, employing approximately 8,500
employees across six manufacturing facilities and approximately
230
retail stores in the United States and 17 other countries
worldwide.

The Debtors have engaged Jones Day as restructuring counsel,
Pachulski Stang Ziehl & Jones LLP as local counsel, Moelis &
Company as investment banker, FTI Consulting, Inc. as financial
advisor, DJM Real Estate as real estate consultant and Garden City
Group, LLC as claims and noticing agent.


APOLLO MEDICAL: Reports $531,000 Net Loss for Second Quarter
------------------------------------------------------------
Apollo Medical Holdings, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss attributable to the Company of $531,366 on $11.36 million
of net revenues for the three months ended Sept. 30, 2015, compared
to net income attributable to the Company of $1.37 million on
$11.66 million of net revenues for the same period during the prior
year.

For the six months ended Sept. 30, 2015, the Company reported a net
loss attributable to the Company of $3.01 million on $21.57 million
of net revenues compared to a net loss attributable to the Company
of $301,431 on $15.75 million of net revenues for the same period a
year ago.

As of Sept. 30, 2015, the Company had $13.64 million in total
assets, $17.60 million in total liabilities and a total
stockholders' deficit of $3.95 million.

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

                       http://is.gd/CN0kx1

                       About Apollo Medical

Glendale, Calif.-based Apollo Medical Holdings, Inc., provides
hospitalist services in the Greater Los Angeles, California area.
Hospitalist medicine is organized around the admission and care of
patients in an inpatient facility such as a hospital or skilled
nursing facility and is focused on providing, managing and
coordinating the care of hospitalized patients.

Apollo Medical reported a net loss attributable to the Company of
$1.8 million on $32.9 million of net revenues for the year ended
March 31, 2015, compared to a net loss attributable to the Company
of $5 million on $10.5 million of net revenues for the year ended
Jan. 31, 2014.


ATNA RESOURCES: Gets Interim OK for Equity Transfer Procedures
--------------------------------------------------------------
Atna Resources Inc. and its debtor affiliates sought and obtained
interim authority from the Bankruptcy Court to establish
notification and hearing procedures for transfers of certain of
their equity securities in order to preserve the value of their
federal income tax net operating losses.

The Court held that any purchase, sale, disposition or other
transfer of Equity Securities in Atna Canada or of any beneficial
interest therein in violation of the procedures will be null and
void ab initio.

The Debtors have experienced recent and historic losses from the
operation of their business.  As a result, the Debtors estimate
that, as of the Petition Date, their NOLs are in the amount of
approximately US$35.90 million for the Debtors incorporated in the
United States and approximately US$1.5 million for the only Debtor
incorporated in Canada, Atna Canada, both as of Sept. 30, 2015.

According to the Debtors, in the event of a change in ownership of
more than fifty percent of the stock of Atna Canada, the parent of
Canyon Resources Corporation, a US Debtor, the utilization of the
US$35.90 million of their NOLs will be severely restricted for U.S.
federal income tax purposes pursuant to Section 382 of the Internal
Revenue Code, and accordingly, the value of those NOLs would be
substantially reduced.  Thus, any change of control relating to the
common stock of Atna Canada, the Canadian parent, will impact the
value of the NOLs of Canyon and the other Debtors incorporated in
the United States.

Pursuant to Section 172(b) of the IRC and the United States
Department of Treasury Regulations promulgated thereunder, the
Debtors may be able to carry back and then forward NOLs, tax
credits, and other tax attributes to offset future taxable income
and tax liability, thus improving their liquidity in the future.
The Debtors' NOLs consist of losses generated in individual tax
years, each of which can be "carried forward" for up to 20
subsequent tax years to offset the Debtors' future taxable income,
thereby reducing future aggregate tax obligations.

The Debtors currently estimate that these NOLs could translate into
future reductions of their federal income tax liabilities of at
least US$14.36 million assuming an overall corporate income tax
rate of 40%.  These tax savings could substantially enhance the
Debtors' cash position and value for the benefit of parties in
interest and contribute to the Debtors' efforts to maximize value
for the benefit of their stakeholders, the Debtors maintain.

                        Approved Procedures

Prior to effectuating any transfer or disposition of, or exchange
or conversion into, shares of Equity Securities that would result
in an increase in the amount of shares beneficially owned by any
Entity who is a Substantial Shareholder, that would result in an
increase in the amount of shares of Equity Securities of which a
Substantial Shareholder has Beneficial Ownership or that would
result in an Entity becoming a Substantial Shareholder, such Entity
or Substantial Shareholder shall file with the Court, and
serve upon the Debtors and Debtors' counsel, an advance written
declaration of the intended transfer of Equity Securities
specifically and in detail describing the proposed transaction in
which shares of Equity Securities would be acquired.

Prior to effectuating any transfer or disposition of shares of
Equity Securities that would result in a decrease in the amount of
shares of Equity Securities of which a Substantial Shareholder has
Beneficial Ownership or would result in an Entity ceasing to be a
Substantial Shareholder, such Substantial Shareholder must file
with the Court, and serve upon counsel to the Debtors, an advance
written declaration of the intended transfer of Equity Securities.

The Debtors will have 15 calendar days after receipt of a
Declaration of Proposed Transfer to file with the Court and serve
on such Substantial Shareholder an objection to any proposed
transfer or disposition of shares of Equity Securities described in
the Declaration of Proposed Transfer on the grounds that such
transfer or disposition might adversely affect the Debtors' ability
to utilize their Tax Attributes.  If the Debtors file an objection,
such proposed transfer or disposition would not be effective unless
such objection is withdrawn by the Debtors, as the case may be, or
such proposed transfer or disposition is approved by a final order
of the Court that becomes nonappealable.  If the Debtors do not
object within such 15-day period, such proposed transfer or
disposition could proceed solely as set forth in the Declaration of
Proposed Transfer.

A hearing to consider the entry of a final order granting the
relief requested in the Motion will be held on Jan. 14, 2016, at
9:30 a.m. (Mountain Time) in Courtroom D, U.S. Bankruptcy Court,
U.S. Custom House, 721 19th Street, in Denver, Colorado.

                      About Atna Resources

Atna Resources, Inc., et al., filed Chapter 11 bankruptcy petitions
(Bankr. D. Colo. Proposed Lead Case No. 15-22848) on Nov. 18, 2015.
The petition was signed by Rodney D. Gloss as vice president &
chief financial officer.  The Debtors estimated assets in the range
of $10 million to $50 million and liabilities of $50 million to
$100 million.  Squire Patton Boggs (US) LLP represents the Debtors
as counsel.

The Company's business is to explore, acquire, develop, and mine
precious metals, uranium and other mineral properties.


ATNA RESOURCES: Hires Squire Patton as Legal Counsel
----------------------------------------------------
Atna Resources, Inc. and debtor affiliates seek permission from the
bankruptcy court to employ Squire Patton Boggs (US) LLP as their
legal counsel.

The Debtors anticipate that Squire will:

   (a) advise the Debtors with respect to their powers and duties
       as debtors-in-possession in the continued management and
       operation of their businesses and property;

   (b) attend meetings and negotiate with representatives of
       creditors and other parties-in-interest and advise and
       consult on the conduct of the cases, including all of the
       legal and administrative requirements of operating in
       chapter 11;

   (c) assist the Debtors with the preparation of their schedules
       of assets and liabilities and statements of financial
       affairs;

   (d) advise the Debtors in connection with any contemplated
       sales of assets or business combinations, including
       negotiating agreements, formulating and implementing
       appropriate bidding, auction and other procedures with
       respect to the closing of any such transactions, conducting
       an auction and obtaining necessary court approvals in
       connection with such transactions, and otherwise counseling

       the Debtors in connection with those transactions;

   (e) advise the Debtors in connection with any necessary cash
       collateral and post-petition financing arrangements and
       negotiate and draft documents relating thereto;

   (f) advise the Debtors on matters relating to the evaluation of
       the assumption, rejection or assignment of unexpired leases
       and executory contracts;

   (g) advise the Debtors with respect to legal issues arising in
       or relating to the Debtors' ordinary course of business,
       including attending senior management meetings, and
       meetings of the board of directors;

   (h) take all necessary action to protect and preserve the
       Debtors' estates, including the prosecution of actions on
       their behalf, the defense of actions commenced against
       them, negotiations concerning all litigation in which the
       Debtors are involved and evaluating and objecting to claims
       filed against the Debtors' estates;

   (i) prepare, on the Debtors' behalf, all motions, applications,
       answers, orders, reports and papers necessary to the
       administration of the estates;

   (j) negotiate and prepare, on the Debtors' behalf, a plan or
       plans of reorganization, disclosure statement and all
       related agreements and/or documents and taking any
       necessary action on behalf of the Debtors to obtain
       confirmation of such plan or plans;

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

   (l) appear before the Court, any appellate courts and protect
       the interests of the Debtors' estates before such courts;

   (m) assist and represent the interests of the Debtors with
       respect to all matters involving the Office of the United
       States Trustee; and

   (n) perform all other necessary legal services and provide all
       other necessary legal advice to the Debtors in connection
       with the cases.

Prior to the Petition Date, Squire received a total of $250,000 as
retainer.  As of the Petition Date, $6,154 of the Retainer remained
and will be held and  applied by Squire going forward.

For professional services, Squire's hourly rates for associates,
partners and non-attorney personnel currently range from $130 for
new associates to $1,150 or higher for the most senior partners and
from $80 for new project assistants to $420 for experienced senior
paralegals, with most non-attorney billing rates falling within the
range of $180 to $315 per hour.

The following are the current rates for certain of the
attorneys expected to work on these cases: Stephen D. Lerner, $970;
Nava Hazan, $750; Elliot M. Smith, $545; Aaron Boschee, $540;
Andrew M. Simon, $490; Peter Morrison, $400 and Dante Marinucci,
$250.  Squire agreed to discount Mr. Lerner's hourly
rate for this engagement by $100 to $870.

Squire will charge the Debtors for services provided and for other
expenses and disbursements incurred.  These expenses and
disbursements include, among other things, costs for telephone
usage, photocopying, travel, business meals, computerized research,
messengers, couriers, postage, witness fees and other fees related
to trials and hearings, in each case, subject to the requirements
and restrictions set forth by the United States Trustee Fee
Guidelines.

The Debtors believe that Squire does not hold or represent an
interest adverse to their estates and is a "disinterested person,"
as that term is defined in Bankruptcy Code Section 101(14) as
modified by Bankruptcy Code Section 1107(b), with respect to the
matters for which it is to be retained.

                     About Atna Resources

Atna Resources, Inc., et al., filed Chapter 11 bankruptcy petitions
(Bankr. D. Colo. Proposed Lead Case No. 15-22848) on Nov. 18, 2015.
The petition was signed by Rodney D. Gloss as vice president &
chief financial officer.  The Debtors estimated assets in the range
of $10 million to $50 million and liabilities of $50 million to
$100 million.  Squire Patton Boggs (US) LLP represents the Debtors
as counsel.

The Company's business is to explore, acquire, develop, and mine
precious metals, uranium and other mineral properties.


ATNA RESOURCES: Proposes Upshot as Claims and Noticing Agent
------------------------------------------------------------
Atna Resources Inc. and its affiliated debtors seek authority from
the bankruptcy court to appoint Upshot Services LLC as their
claims, noticing and balloting agent.

The Debtors have determined that they will have to provide certain
notices to approximately 600 entities, many of whom may file
claims.  In view of the number of anticipated claimants and the
complexity of their businesses, the Debtors assert that the
appointment of a claims, noticing and balloting agent is otherwise
in the best interests of both their estates and their creditors.

"By appointing UpShot as the claims, noticing and balloting agent
in these chapter 11 cases, the distribution of notices and the
processing of claims will be expedited and the Office of the Clerk
of the Court will be relieved of the administrative burden of
processing what may be a large number of claims.  Further, the
Debtors will be relieved of heavy administrative and other burdens
that over hundreds of creditors and parties in interest may
impose during these chapter 11 cases," says Stephen D. Lerner,
Esq., at Squire Patton Boggs (US) LLP, attorney for the Debtors.

UpShot's services for its work in the Chapter 11 cases will be
charged at the following hourly rates:


            Clerical                 $25.00 per hour
            Case Assistant           $45.00 per hour
            IT Manager               $80.00 per hour
            Case Consultant          $90.00 per hour
            Case Director            $125.00 per hour

UpShot will seek reimbursement for reasonable and necessary
expenses incurred in connection with the Chapter 11 cases,
including transportation costs, lodging, food, telephone, copying
and messenger services.

Prior to the Petition Date, the Debtors provided UpShot a retainer
in the amount of $10,000.  UpShot may apply its retainer to all
prepetition invoices, which retainer will be replenished to the
original retainer amount, and thereafter, UpShot may hold its
retainer under the Services Agreement during the chapter 11 cases
as security for the payment of fees and expenses incurred under the
Services Agreement.

The Debtors request that the undisputed fees and expenses incurred
by UpShot be treated as administrative expenses of their estates
and be paid in the ordinary course of business without further
application to or order of the Court.

To the best of the Debtors' knowledge, UpShot neither holds nor
represents any interest materially adverse to their estates in
connection with any matter on which it would be employed.

The Debtors have agreed, among other things, to indemnify,
hold harmless and defend UpShot, its affiliates, parent and each
such entity's officers, members, directors, and other parties under
certain circumstances.

                       About Atna Resources

Atna Resources, Inc., et al., filed Chapter 11 bankruptcy petitions
(Bankr. D. Colo. Proposed Lead Case No. 15-22848) on Nov. 18, 2015.
The petition was signed by Rodney D. Gloss as vice president &
chief financial officer.  The Debtors estimated assets in the range
of $10 million to $50 million and liabilities of $50 million to
$100 million.  Squire Patton Boggs (US) LLP represents the Debtors
as counsel.

The Company's business is to explore, acquire, develop, and mine
precious metals, uranium and other mineral properties.


ATP OIL: To Pay $41M to Settle Gulf of Mexico Pollution Claims
--------------------------------------------------------------
Juan Carlos Rodriguez at Bankruptcy Law360 reported that bankrupt
energy player ATP Oil & Gas Corp. on Nov. 19, 2015, agreed to a $41
million settlement that will end the federal government's lawsuit
against the company over its alleged unauthorized discharges of oil
and chemicals into the Gulf of Mexico.

The U.S. Department of the Interior's Bureau of Safety and
Environmental Enforcement and the U.S. Environmental Protection
Agency accused ATP of violating the Clean Water Act and the Outer
Continental Shelf Lands Act by improperly releasing pollutants from
a floating oil and gas production.

                            About ATP Oil

Houston, Texas-based ATP Oil & Gas Corporation is an international
offshore oil and gas development and production company focused in
the Gulf of Mexico, Mediterranean Sea and North Sea.

ATP Oil & Gas filed a Chapter 11 petition (Bankr. S.D. Tex. Case
No. 12-36187) on Aug. 17, 2012.  Attorneys at Mayer Brown LLP,
serve as bankruptcy counsel.  Munsch Hardt Kopf & Harr, P.C., is
the conflicts counsel.  Motley Rice LLC and Fayard & Honeycutt,
APC serve as special counsel.  Opportune LLP is the financial
advisor
and Jefferies & Company is the investment banker.

Kurtzman Carson Consultants LLC is the claims and notice agent.

ATP disclosed assets of $3.6 billion and $3.5 billion of
liabilities as of March 31, 2012.  Debt includes $365 million on a
first-lien loan where Credit Suisse AG serves as agent.  There is
$1.5 billion on second-lien notes with Bank of New York
MellonTrust Co. as agent.  ATP's other debt includes $35 million
on
convertible notes and $23.4 million owing to third parties for
their shares of
production revenue.  Trade suppliers have claims for $147 million,
ATP said in a court filing.

An official committee of unsecured creditors has been appointed in
the case.  Evan R. Fleck, Esq., at Milbank, Tweed, Hadley &
McCloy, in New York, represents the Creditors Committee as
counsel.

A seven-member panel of equity security holders has also been
appointed in the case.  Kyung S. Lee, Esq., and Charles M. Rubio,
Esq. of Diamond McCarthy LLP, in Houston, Texas, serve as counsel
to the Equity Committee.

Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern
District of Texas, Houston Division, issued an order on June 26,
2014, converting ATP Oil & Gas Corporation's Chapter 11 case to
one under Chapter 7 of the Bankruptcy Code.


AXION INTERNATIONAL: Incurs $4.27-Mil. Net Loss in Third Quarter
----------------------------------------------------------------
Axion International Holdings, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss attributable to common shareholders of $4.27 million on
$3.53 million of revenue for the three months ended Sept. 30, 2015,
compared to net income attributable to common shareholders of $2.56
million on $3.12 million of revenue for the same period during the
prior year.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss attributable to common shareholders of $11.02 million on
$9.30 million of revenue compared to a net loss attributable to
common shareholders of $14.9 million on $12.02 million of revenue
for the same period a year ago.

As of Sept. 30, 2015, the Company had $15.5 million in total
assets, $40.2 million in total liabilities, $6.82 million in 10%
convertible preferred stock, and a total stockholders' deficit of
$31.5 million.

                        Bankruptcy Warning

"Subsequent to September 30, 2015, we entered into an agreement
with certain debt holders and investors whereby the investors
agreed to sell back to us an aggregate of $19.7 million at a
nominal price to facilitate our ability to restructure our balance
sheet and raise additional capital.  After this debt cancellation,
$2.4 million of our 12% secured notes and $0.3 million of our 12%
convertible promissory notes, were due on June 30, 2015 and are due
upon demand by the noteholders (see Note 6).  Our recurring losses
from operations, negative operating cash flows and working capital
deficits, raise substantial doubt about our ability to continue as
a going concern.  In view of these matters, realization of certain
of the assets in the accompanying balance sheet is dependent upon
our ability to meet our financing requirements, either by raising
additional capital or the success of our business plan and future
operations.  We are actively seeking additional capital to take us
through our current phase of growth, and consequently, we have
adjusted our capacity expansion projects, engaged in discussions
with our industry partners, realigned manufacturing activities with
existing customer obligations, and continue to actively manage our
inventory to meet customer expectations and commitments.  Over the
past six months, we have engaged strategic, financial and legal
advisors to assist us in raising additional capital.  As of the
date of this Form 10-Q, there are no probable options available to
us for such capital and our sole source of cash is from operations
which is insufficient to maintain our operations and meet our
obligations.  For this reason, we soon may be forced to further
curtail manufacturing activities and/or file for bankruptcy
protection," the Company states in the report.

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

                      http://is.gd/BUlar6

                   About Axion International

New Providence, N.J.-based Axion International Holdings, Inc. (OTC
BB: AXIH) - http://www.axionintl.com/-- is the exclusive licensee
of patented and patent-pending technologies developed for the
production of structural plastic products such as railroad
crossties, pilings, I-beams, T-Beams, and various size boards
including a tongue and groove design that are utilized in multiple
engineered design solutions such as rail track, rail and tank
bridges (heavy load), pedestrian/park and recreation bridges,
marinas, boardwalks and bulk heading to name a few.

Axion International reported a net loss attributable to common
shareholders of $17.2 million on $14.4 million of revenue for the
year ended Dec. 31, 2014, compared with a net loss attributable to
common shareholders of $25.8 million on $6.62 million of revenue
for the same period in 2013.

BDO USA, LLP, in New York, New York, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, noting that Company has suffered recurring
losses from operations and has working capital and net capital
deficiencies that raise substantial doubt about its ability to
continue as a going concern.


BECK & BECK: Case Summary & 12 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Beck & Beck Enterprise Inc.
        20831 N. Scottsdale Rd #103
        Scottsdale, AZ 85255

Case No.: 15-15092

Chapter 11 Petition Date: November 25, 2015

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Hon. Madeleine C. Wanslee

Debtor's Counsel: Bert L Roos, Esq.
                  GERTELL & ROOS, PLLC
                  5045 N. 12th St, Suite B
                  Phoenix, AZ 85014
                  Tel: 602-242-7869
                  Fax: 602-242-5975
                  Email: blrpc85015@msn.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Bo Beck, president.

A list of the Debtor's 12 largest unsecured creditors is available
for free at http://bankrupt.com/misc/azb15-15092.pdf


BERNARD L. MADOFF: Rivals Say Bankruptcy Court Out in Fee Fight
---------------------------------------------------------------
Dani Meyer at Bankruptcy Law360 reported that Conrad & Scherer LLP
and Kozyak Tropin & Throckmorton LLP called for sanctions on Nov.
17, 2015, against Segall Gordich PA for allegedly trying to get a
Florida bankruptcy court involved in a fee dispute connected to
Scott Rothstein's $1.2 billion Ponzi scheme, claiming the firm
isn't involved in the underlying suit.

The firms blasted Segall Gordich's bid to remove their motion,
filed with the Bounds Law Offices, from state court to bankruptcy
court, arguing that Segall Gordich was never a party to the state
court suit.

                    About Bernard L. Madoff

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

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

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).  The Chapter 15 case was later
transferred to Manhattan.  In June 2009, Judge Lifland approved
the consolidation of the Madoff SIPA proceedings and the
bankruptcy
case.

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

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


BERRY PLASTICS: Announces New Business Structure
------------------------------------------------
Berry Plastics Group, Inc., announced a new streamlined business
structure which organizes the Company into three market-focused
divisions, designed to allow the Company to best serve its
customers, drive future growth, and maximize shareholder value.
The new divisions are:  Health, Hygiene, and Specialties; Consumer
Packaging; and Engineered Materials.

"I am extremely excited about the transformation taking place at
Berry Plastics.  The new organization streamlines the Company while
aligning our businesses closely with the markets that we serve,"
said Jon Rich, Berry Plastics' Chairman and CEO.  "I am confident
that this new structure will allow us to best integrate the newly
acquired AVINTIV business into Berry Plastics and accelerate the
strategic growth of the Company, while strengthening the service we
provide to our customers and the value we create for our
shareholders."

The new business structure will be led by experienced leaders from
the heritage Berry Plastics and AVINTIV organizations.  The
divisions and leaders in the new structure are:

  * Health, Hygiene, and Specialties - The Health, Hygiene, and
    Specialties Division will consist of the newly acquired
    AVINTIV business, in addition to Berry Plastics' heritage
    flexible packaging personal care and medical product lines
    that were previously part of the Company's Flexible Packaging
    Division.  The Health, Hygiene and Specialties Division will
    be led by Scott Tracey, currently AVINTIV's North America
    President.  Tracey joined PGI in 2004 and served as AVINTIV's
    Europe/Mideast/Africa President from 2012-2014.

  * Consumer Packaging - The Consumer Packaging Division combines
    Berry Plastics' heritage Rigid Open Top and Rigid Closed Top
    divisions, the flexible packaging food and consumer product
    lines that were formerly part of the Company's Flexible
    Packaging Division, and the shrink film product lines that
    were formerly part of Berry Plastics' Engineered Materials
    Division.  Tom Salmon, currently president of the Rigid Closed
    Top Division, will now lead the Consumer Packaging Division.  
    Salmon joined Covalence, a predecessor company of Berry, in
    2006 and served as President of Berry Plastics' Engineered   
    Materials Division from 2006-2014.

  * Engineered Materials - The Engineered Materials Division
    combines Berry Plastics' historical Engineered Materials
    Division and its Flexible Packaging converter product line,
    except for the shrink film products that are moving to
    Consumer Packaging.  Curt Begle will continue in his role as
    president of Engineered Materials.  Begle began his career
    with Berry Plastics in 1999 and served as President of the
    Company's Rigid Closed Top Division from 2009-2014.

As a result of the new streamlined business structure, effective
Nov. 30, 2015, several positions are no longer executive officer
positions of the Company for securities law purposes, including the
President - Open Top Division, who was a named executive officer in
the Company's last proxy statement and will continue with the
Company in a role that is not an executive officer position for
securities law purposes.

With the announcement of Berry Plastics' new business structure,
current AVINTIV President and CEO, Joel Hackney has chosen to leave
Berry Plastics to pursue other opportunities.  The Company thanks
him for his strong leadership and significant accomplishments in
building AVINTIV and wish him well in the future.

Berry Plastics completed its acquisition of AVINTIV Inc. on
Oct. 1, 2015.

                      About Berry Plastics

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

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

As of Sept. 26, 2015, $5.02 billion in total assets, $5.08 billion
in total liabilities, $12 million in redeemable non-controlling
interest and a stockholders' deficit of $65 million.

                           *     *     *

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

The TCR reported on Sept. 11, 2015, that Standard & Poor's Ratings
Services said it affirmed its 'B+' corporate credit rating on
Evansville, Ind.-based Berry Plastics Group Inc.

"The corporate credit rating affirmation reflects our view that the
AVINTIV acquisition enhances Berry's operations enough to offset
the additional debt incurred to fund the transaction, resulting in
a neutral effect on credit quality," said Standard & Poor's credit
analyst James Siahaan.


BG MEDICINE: Incurs $2.62 Million Net Loss in Third Quarter
-----------------------------------------------------------
BG Medicine, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
attributable to common shareholders of $2.62 million on $334,000 of
total revenues for the three months ended Sept. 30, 2015, compared
to a net loss attributable to common shareholders of $2.39 million
on $695,000 of total revenues for the same period in 2014.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss attributable to common shareholders of $6 million on $1.27
million of total revenues compared to a net loss attributable to
common shareholders of $6.74 million on $2.23 million of total
revenues for the same period a year ago.

As of Sept. 30, 2015, the Company had $3.35 million in total
assets, $2.03 million in total liabilities, $2.59 million in
convertible preferred stock, and a total stockholders' deficit of
$1.27 million.

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

                      http://is.gd/Gvb5RG

                        About BG Medicine

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

BG Medicine reported a net loss of $8.06 million in 2014, a
net loss of $15.8 million in 2013 and a net loss of $23.8 million
in 2012.

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


BGM PASADENA: Section 341(a) Meeting Scheduled for Dec. 17
----------------------------------------------------------
A meeting of creditors in the bankruptcy case of BGM Pasadena, LLC
will be held on Dec. 17, 2015, at 2:15 p.m. at RM 5, 915 Wilshire
Blvd., 10th Floor, Los Angeles, CA 90017.

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

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

                      About BGM Pasadena

BGM Pasadena, LLC, a single asset real estate, filed Chapter 11
bankruptcy petition (Bankr. C.D. Calif. Case No. 15-27833) on Nov.
20, 2015.  Greg Galletly, signed the petition as manager.  The
Debtor estimated assets in the range of $10 million to $50 million
and liabilities of at least $1 million.  Tiemstra Law Group PC
represents the Debtor as counsel.  Judge Richard M Neiter has been
assigned the case.

Proofs of claim are due by March 16, 2016.


BIOFUELS POWER: Delays Third Quarter Form 10-Q for Review
---------------------------------------------------------
Biofuels Power Corp. notified the Securities and Exchange
Commission its financial statements for the quarter ended
Sept. 30, 2015, are not yet ready for distribution as a result of
recent measures the Company has taken with regard to efforts to
sign operating agreements which will effect subsequent events at
the balance sheet date and awaiting auditors review.

                          Biofuels Power

Humble, Tex.-based Biofuels Power Corporation is a distributed
energy company that is pioneering the use of biodiesel to fuel
small electric generating facilities that are located in close
proximity to end-users.  BPC's first power plant is currently
located near Houston, Texas in the city of Oak Ridge North.

Biofuels Power reported a net loss of $1.08 million on $0 of sales
for the year ended Dec. 31, 2014, compared with a net loss of
$607,000 on $0 of sales for the year ended Dec. 31, 2013.

As of June 30, 2015, the Company had $2.3 million in total assets,
$8 million in total liabilities and a $5.7 million total
stockholders' deficit.

Clay Thomas, P.C., in Abilene, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has suffered
significant losses and will require additional capital to develop
its business until the Company either (1) achieves a level of
revenues adequate to generate sufficient cash flows from
operations; or (2) obtains additional financing necessary to
support its working capital requirements.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


BLACK ELK: Court Approves Wind Down of Certain Subsidiaries
-----------------------------------------------------------
BankruptcyData reported that the U.S. Bankruptcy Court approved
Black Elk Energy Offshore Operations' motion for authority to wind
down certain of its subsidiaries (Black Elk Energy Finance and
Black Elk Energy Land Operations) and for a related order
authorizing the Debtors to enter into agreements for indenture
trustee succession for its 13-3/4% Senior Secured Notes.

As previously reported, "After the filing of the petition and entry
of an Order for Relief, the noteholders sought to replace The Bank
of New York as the Indenture Trustee with WSFS Bank. However, in
order to complete the change of trustee, the Noteholders needed the
consent of the co-issuer, Black Elk Energy Finance.  It appears
that there are no officers, directors or managers of this limited
liability company remaining to sign the documents allowing the
change of trustee.  After investigation as to the ownership of
Black Elk Energy Finance, the Debtor discovered that Black Elk
Energy Finance Corp.'s governing documents indicated that it was
owned by Black Elk Energy Land Operations, LLC and there are no
assets at the Black Elk Subsidiaries."

                          About Black Elk

Black Elk Energy Offshore Operations, LLC, is a Houston, Texas
based privately held limited liability company engaged in the
acquisition, exploitation, development and production of oil and
natural gas properties primarily in the shallow waters of the Gulf
of Mexico near the coast of Louisiana and Texas.

Black Elk had total assets of $339.7 million and total debt of
$432.3 million as of Sept. 30, 2014.

Judge Letitia Z. Paul of the U.S. Bankruptcy Court in the Southern
District of Texas placed Black Elk under Chapter 11 bankruptcy
protection on Sept. 1, 2015, converting an involuntary Chapter 7
bankruptcy petition by its creditors.  Thereafter, the Company
filed with the Court a voluntary Chapter 11 petition (Bankr. S.D.
Tex. Case No. 15-34287) on Sept. 10, 2015.  

Judge Paul later recused herself from the case and the matter was
given to Judge Marvin Isgur, according to information posted on
the case docket on Sept. 14.

The Debtor is represented by Elizabeth E. Green of Baker &
Hostetler.  Blackhill Partners' Jeff Jones is the Debtor's Chief
Restructuring Officer.


BMB MUNAI: Incurs $32K Net Loss in Second Quarter
-------------------------------------------------
BMB Munai, Inc., filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss of $32,703
on $0 of revenues for the three months ended Sept. 30, 2015,
compared to a net loss of $14,208 on $0 of revenues for the same
period in 2014.

For the six months ended Sept. 30, 2015, the Company reported a net
loss of $43,183 on $0 of revenues compared to a net loss of $42,909
on $0 of revenues for the same period during the prior year.

As of Sept. 30, 2015, the Company had $8.59 million in total
assets, $8.67 million in total liabilities, all current, and a
total shareholders' deficit of $81,267.

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

                      http://is.gd/liuLVy

                        About BMB Munai

BMB Munai, Inc., is engaged in oil and natural gas exploration and
production through Emir Oil LLP, which was sold to a third party
entity in 2011.  The Company has been focused on satisfying its
post-closing undertakings in connection with the sale of Emir Oil,
winding down its operations in Kazakhstan and exploring oil and
gas opportunities.

BMB Munai reported a net loss of $18,800 on $0 of revenues for the
year ended March 31, 2015, compared with a net loss of $1.6 million
on $0 of revenues for the year ended March 31, 2014.

Eide Bailly LLP, in Salt Lake City, Utah, issued a "going concern"
qualification on the consolidated financial statements for the year
ended March 31, 2015, citing that BMB Munai, Inc. has no continuing
operations that result in positive cash flow.  This situation
raises substantial doubt about its ability to continue as a going
concern.


BOULDER BRANDS: S&P Puts 'B' CCR on CreditWatch Positive
--------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
its 'B' corporate credit rating, on Boulder Brands Inc. on
CreditWatch with positive implications, meaning that S&P could
either raise or affirm the ratings following the completion of its
review.

"The CreditWatch placement follows Pinnacle's announcement that it
will be acquiring Boulder Brands," said Standard & Poor's credit
analyst Amanda Cusumano.

S&P believes that Boulder's credit profile will improve with the
acquisition by the higher-rated Pinnacle Foods Inc.
(BB-/Stable/--).  S&P also believes that Boulder will benefit from
Pinnacle's operating scale, innovation expertise, and lean
operations, and from being part of a larger and financially
stronger company.

S&P will resolve the CreditWatch listing following the close of the
transaction.  The ratings for Boulder Brands could potentially be
raised as high as Pinnacle's ratings.  Subsequently, S&P will
withdraw the ratings on Boulder Brands' debt after it is repaid,
which is expected at the close of the transaction.

As of Sept. 30, 2015, the company's lease-adjusted debt outstanding
was approximately $317 million.



BRANDON DORTCH: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Brandon Dortch Farms, LLC
        50970 US Hwy 31
        Bay Minette, AL 36507

Case No.: 15-03885

Nature of Business: Farming

Chapter 11 Petition Date: November 25, 2015

Court: United States Bankruptcy Court
       Southern District of Alabama (Mobile)

Judge: Hon. Henry A. Callaway

Debtor's Counsel: Lawrence B. Voit, Esq.
                  SILVER, VOIT & THOMPSON P.C.
                  4317-A Midmost Dr.
                  Mobile, AL 36609-5507
                  Tel: (251) 343-0800
                  Email: lvoit@silvervoit.com

Total Assets: $4.55 million

Total Liabilities: $8.23 million

The petition was signed by Timothy Brandon Dortch, managing
member.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/alsb15-03885.pdf


BROWARD COUNTY: Moody's Confirms Ba2 Rating on Senior 2007 Debt
---------------------------------------------------------------
Moody's Investors Service has confirmed the Ba2 rating on
$4,650,000 of Broward County HFA, Single Family Senior 2007 A&B,
and the B2 rating on $300,000 of subordinate bond series 2007C.
This action concludes Moody's review.

SUMMARY RATING RATIONALE

The rating is being confirmed based on the financial position of
the program, as reported in recently received information from the
trustee and servicers, as well as cashflow projections that show
the possibility of cash shortfall on all series under certain
scenarios.



CAESARS ENTERTAINMENT: Creditors Say Staying Suits Is Baseless
--------------------------------------------------------------
Jessica Corso at Bankruptcy Law360 reported that a group of junior
noteholders struck back on Nov. 18, 2015, against complaints by
Caesars Entertainment Operating Co. that four creditor suits
pending against its nondebtor parent threaten to sink
reorganization efforts, telling the Seventh Circuit the Debtor's
call to stay the suits is baseless and outside the scope of
bankruptcy protections.

Led by Wilmington Savings Fund Society FSB, the noteholders urged
the appeals court to uphold both a bankruptcy judge's and a
district court judge's rulings that they could proceed with the
suits.

In a separate report, Tracy Rucinski at Reuters reported that
Bankruptcy Judge Benjamin Goldgar agreed to delay a crucial hearing
to review the Debtor's chapter 11 plan until an Richard Davis, an
independent examiner completes his probe into the casino operator's
pre-bankruptcy transactions.

The decision comes after junior creditor groups and a U.S.
bankruptcy watchdog asked the court to reject a request from
Caesars, the bankrupt operating unit of Caesars Entertainment Corp,
to hold the hearing in late January.

In another report, Jessica Corso at Bankruptcy Law360 said that
Kirkland & Ellis LLP will almost certainly continue to helm Caesars
Entertainment Operating Co.'s Chapter 11 bankruptcy after an
Illinois federal judge on Nov. 18, 2015, called evidence of
potential bias by a leading partner "pretty thin" and noted that he
was likely to dismiss a creditor committee's challenge to the
firm's retention.

U.S. Bankruptcy Judge Benjamin Goldgar said he would allow a
limited amount of discovery in the dispute but called out junior
bondholders for assertions that partner James Sprayregen lied about
his past involvement in Caesars litigation.

                   About Caesars Entertainment

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

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

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

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

Delaware Bankruptcy Judge Kevin Gross entered a ruling that the
bankruptcy proceedings will proceed in the U.S. Bankruptcy Court
for the Northern District of Illinois.

Kirkland & Ellis serves as the Debtors' counsel.  AlixPartners is
the Debtors' restructuring advisors.  Prime Clerk LLC acts as the
Debtors' notice and claims agent.  Judge Benjamin Goldgar presides
over the cases.

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

The U.S. Trustee appointed Richard S. Davis as Chapter 11
examiner.

On February 5, 2015, U.S. Trustee Patrick Layng appointed nine
creditors to the Debtors' official committee of unsecured
creditors.  Two of these creditors -- the Board of Levee
Commissioners for the Yazoo Mississippi Delta and MeehanCombs
Global Credit Opportunities Master Fund LP -- resigned from the
committee following their appointment.  They were replaced by the
National Retirement Fund and Relative Value-Long/Short Debt, a
Series of Underlying Funds Trust.


CATASYS INC: Reports Third Quarter 2015 Financial Results
---------------------------------------------------------
Catasys, Inc. reported financial results for the third quarter
ended Sept. 30, 2015.

"We have made significant advancements rolling out and expanding
our network over the past few quarters, which increased revenue by
45% for the three months ended September 30, 2015 from the same
period in the prior year and deferred revenue by 82% from June 30,
2015 to September 30, 2015.  We believe that this is just the
beginning of what is expected to be a significant period of growth
for the Company as we increase the number of Commercial Equivalent
Lives under contract and enroll members into our OnTrak program
from newly launched programs over the next few quarters," said Rick
Anderson, president and COO.

Third Quarter 2015 Financial Highlights

* Enrollment increased by 230% and 128% for the three and the
   nine month periods ended Sept. 30, 2015, respectively.

* Total revenues were $538,000, an increase of 45% compared to
   $370,000 in the third quarter of 2014.  This increase was  
   primarily driven by an expansion of health plan populations
   covered under our program and increasing enrollment in OnTrak
   programs.

* Deferred revenue was $1.6 million at Sept. 30, 2015, an
   increase of $701,000, or 82% over the amount at June 30, 2015.
   When fees are received in advance, deferred revenue is
   recognized over the period the member is enrolled.  Any fees
   subject to performance guarantees are deferred until such time
   as those performance standards are met; generally calculated
   annually.  Catasys has historically been able to record its
   deferred revenue as actual revenue during the course of the
   business cycle, except for limited cases where members
   terminated from the program early.

* Net loss was $(7.5) million, or $(0.16) per basic and diluted
   share in the third quarter of 2015, compared to a net loss of
   $(210,000), or $(0.01) per basic and diluted share in the third

   quarter of 2014.

* Total operating expenses were $2.7 million in the third quarter

   of 2015, an increase of 38% compared to $2.0 million in the
   third quarter of 2014.  This increase was primarily due to a
   $2.0 million increase in general and administrative expenses
   and to the higher cost of healthcare services based on     
   increasing enrollment and non-cash general and administrative
   expenses.


  * General and administrative expenses were $2.0 million in the
    third quarter of 2015, an increase of 23% compared to $1.6
    million in the third quarter of 2014.  This increase was
    primarily due to non-cash compensation expense for stock
    option grants to the members of the board of directors.

  * Cash and cash equivalents were $225,000 as of Sept. 30, 2015.

                         About Catasys Inc.

Based in Los Angeles, California, Hythiam, Inc., n/k/a Catasys,
Inc., is a healthcare services management company, providing
through its Catasys(R) subsidiary specialized behavioral health
management services for substance abuse to health plans.

Catasys reported a loss of $27.3 million on $2.03 million of
healthcare services revenues for the 12 months ended Dec. 31, 2014,
compared to a loss of $4.67 million on $754,000 of healthcare
services revenues for the 12 months ended Dec. 31, 2013.

Rose, Snyder & Jacobs LLP, in Encino, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has continued
to incur significant operating losses and negative cash flows from
operations during the year ended Dec. 31, 2014.  These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.

As of Sept. 30, 2015, the Company had $1.92 million in total
assets, $14.02 million in total liabilities and total stockholders'
deficit of $12.09 million.

                        Bankruptcy Warning

"[W]e currently expend cash at a rate of approximately $450,000 per
month, excluding non-current accrued liability payments.  We also
anticipate cash inflow to increase during 2015 as we continue to
service our executed contracts and sign new contracts.  We expect
our current cash resources to cover our operations through the
first quarter of 2015; however delays in cash collections, revenue,
or unforeseen expenditures could impact this estimate.  We are in
need of additional capital, however, there is no assurance that
additional capital can be timely raised in an amount which is
sufficient for us or on terms favorable to us and our stockholders,
if at all.  If we do not obtain additional capital, there is a
significant doubt as to whether we can continue to operate as a
going concern and we will need to curtail or cease operations or
seek bankruptcy relief.  If we discontinue operations, we may not
have sufficient funds to pay any amounts to our stockholders," the
Company states in its quarterly report for the period ended Sept.
30, 2015.


CDW LLC: S&P Raises Corp. Credit Rating to 'BB+'
------------------------------------------------
Standard & Poor's raised its corporate credit rating on Vernon
Hills, Ill.-based CDW LLC to 'BB+' from 'BB'.  The outlook is
stable.

At the same time, S&P raised its issue-level rating on the
company's senior secured term loan to 'BBB-' from 'BB+'.  The
recovery rating remains '2', reflecting S&P's expectation for
substantial recovery (70% to 90%; upper end of the range) in the
event of payment default.  S&P also raised its issue-level rating
on CDW's unsecured notes to 'BB-' from 'B+'.  The recovery rating
remains '6', indicating S&P's expectation for negligible recovery
(0% to 10%) in the event of payment default.

"The upgrade reflects our view of CDW's continued strong operating
performance during 2015," said Standard & Poor's credit analyst
Christian Frank.

The stable outlook reflects S&P's expectation that over the next 12
months CDW will leverage its market position to drive revenue and
EBITDA growth, and that it will manage its acquisitions and share
repurchases such that it maintains leverage consistent with current
levels.



CHINA INFORMATION: Receives Nasdaq Listing Non-Compliance Notice
----------------------------------------------------------------
China Information Technology, Inc., a provider of internet-based
platforms, products and services in China, on Nov. 25 said that on
November 23, 2015 it received written notice from the Nasdaq Stock
Market stating that the company is no longer in compliance with the
$1.00 minimum closing bid price requirement set forth in Nasdaq
Listing Rule 5450(a)(1) for continued listing on The Nasdaq Global
Select Market.

The notice has no immediate effect on the listing of CNIT's
ordinary shares, which will continue to trade on The Nasdaq Global
Select Market under the symbol "CNIT" at this time.  In accordance
with Nasdaq Listing Rule 5810(c)(3)(A), the company has a grace
period of 180 calendar days, or until
May 23, 2016, to regain compliance with the minimum closing bid
price requirement.  To regain compliance, the closing bid price of
the company's ordinary shares must meet or exceed $1.00 per share
for at least ten consecutive business days during this 180-day
compliance period.

In the event the company does not regain compliance with the
minimum closing bid price requirement by May 23, 2016, Nasdaq may
provide the company an additional 180-day period to regain
compliance, subject to the company, at that time, transferring its
securities to The Nasdaq Capital Market and satisfying certain
other requirements.  However, if Nasdaq determines that the company
will not be able to cure the deficiency, or should the company
determine not to submit a transfer application or make the required
representation, Nasdaq will notify the company that its securities
will be subject to delisting.

The company will actively monitor the closing bid price of its
ordinary shares between now and May 23, 2016 and intends to
consider the various options available to regain compliance.

            About China Information Technology, Inc.

China Information Technology, Inc. (Nasdaq: CNIT) --
http://www.chinacnit.com-- is an Internet service company that
makes advertising accessible and affordable for businesses of all
sizes.  CNIT provides cloud-based platform, exchange, and big data
solutions enabling innovation and smart living in the education,
health care, new media, finance and transportation sectors.
Through continuous innovation, CNIT is aiming to leverage its
proprietary Cloud-Application-Terminal technology to level the
competitive landscape in the new media industry and deliver value
for its shareholders, employees, customers, and the community.


CHINA SHIANYUN: Posts $1.45 Million Net Income for Third Quarter
----------------------------------------------------------------
China Shianyun Group Corp., Ltd., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $1.45 million on $725,000 of revenues for the three
months ended Sept. 30, 2015, compared to a net loss of $245,000 on
$48,700 of revenues for the same period in 2014.

For the nine months ended Sept. 30, 2015, the Company reported net
income of $2.56 million on $1.53 million of revenues compared to a
net loss of $1.19 million on $207,000 of revenues for the same
period last year.

As of Sept. 30, 2015, the Company had $7.76 million in total
assets, $7.40 million in total liabilities and $362,000 in total
stockholders' equity.

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

                        http://is.gd/DjSica

                        About China Shianyun

China Shianyun Group Corp., Ltd, formerly known as China Green
Creative, Inc., develops and distributes consumer goods, including
herbal teas, health liquors, meal replacement products, and cured
meat using ecological breeding methods in China.  The Company is
based in Shenzhen Guandong Province, China.

China Shianyun reported a net loss of $1.33 million on $210,000 of
revenues for the year ended Dec. 31, 2014, compared to a net loss
of $382,000 on $2 million of revenues for the year ended Dec. 31,
2013.

AWC (CPA) Limited, in Hong Kong, China, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, noting that the Company has a significant
accumulated deficits and negative working capital. These factors
raise substantial doubt about the Company's ability to continue as
a going concern.


CICERO INC: Reports $1.57 Million Net Loss for Third Quarter
------------------------------------------------------------
Cicero, Inc., filed with the Securities and Exchange Commission its
quarterly report on Form 10-Q disclosing a net loss applicable to
common stockholders of $1.57 million on $542,000 of total operating
revenue for the three months ended Sept. 30, 2015, compared to a
net loss applicable to common stockholders of $825,000 on $383,000
of total operating revenue for the same period in 2014.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss applicable to common stockholders of $3.16 million on
$1.51 million of total operating revenue compared to a net loss
applicable to common stockholders of $2.26 million on $1.47 million
of total operating revenue for the same period a year ago.

As of Sept. 30, 2015, the Company had $3.07 million in total
assets, $9.99 million in total liabilities and a total
stockholders' deficit of $6.91 million.

Cash and cash equivalents increased to $1.05 million at Sept. 30,
2015, from $20,000 at Dec. 31, 2014, an increase of $1.03 million.
The increase is primarily attributable to the equity issuance
related to the $1 million equity financing in July 2015,
collections of accounts receivable from year end, revenue generated
in the first nine months of 2015 and short term borrowings.

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

                       http://is.gd/QeumsX

                         About Cicero Inc.

Cary, N.C.-based Cicero, Inc., provides business integration
software solutions and also provides technical support, training
and consulting services as part of its commitment to providing
customers with industry-leading solutions.

The Company focuses on the customer experience management market
with emphasis on desktop integration and business process
automation with its Cicero XM(TM) products.  Cicero XM enables the
flow of data between different applications, regardless of the
type and source of the application, eliminating redundant entry
and costly mistakes.

The Company has extended the maturity dates of several debt
obligations that were due in 2011 to 2012, to assist with
liquidity and may attempt to extend these maturities again if
necessary.  Despite the recent additions of several new clients,
the Company continues to struggle to gain additional sources of
liquidity on terms that are acceptable to the Company.

Cicero reported a net loss applicable to common stockholders of
$4.05 million on $1.9 million of total operating revenue for the
year ended Dec. 31, 2014, compared to a net loss applicable to
common stockholders of $3.33 million on $2.19 million of total
operating revenue in 2013.

Cherry Bekaert LLP, in Raleigh, North Carolina, issued a "going
concern" in its report on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has suffered
recurring losses from operations and has a working capital
deficiency as of Dec. 31, 2014.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


CLIPPER ACQUISITIONS: Moody's Affirms 'Ba1' Corporate Family Rating
-------------------------------------------------------------------
Moody's Investors Service has changed the outlook on Clipper
Acquisitions Corp.)to positive from stable. At the same time,
Moody's has affirmed all ratings at Clipper, namely the Ba1
corporate family rating (CFR), the Ba1 secured term loan rating,
and the Ba1 rating on the company's revolving credit facility. The
change in outlook to positive is driven by the company's improving
operating performance including strong organic asset growth,
reduction in financial leverage and improving profitability. The
firm has also made great strides in strengthening firm culture and
further institutionalizing its operating platform by investing in
key system and infrastructure enhancements and bolstering its
senior leadership team.

RATINGS RATIONALE

The change in outlook to positive reflects the improvement in TCW's
credit metrics over the last 12 -- 24 months, which has been driven
by significant growth in core assets under management (AUM), up $51
billion or 40% since 31 December 2013. TCW experienced
extraordinary AUM growth from 3Q 2014 to 1Q 2015 as the company was
one of the biggest beneficiaries of outflows from PIMCO following
Bill Gross's departure. The substantive increase in scale has
enhanced the company's earnings capacity, giving rise to improved
cash flow generation and a materially stronger balance sheet from
when the firm was first rated following the buyout of TCW by
investment funds affiliated with Carlyle and TCW management.
Further, margin improvements also reflect management's ability to
realize identified cost saving opportunities and implement a new
compensation structure that better aligns pay with performance.

TCW's ratings remain somewhat constrained by concentration in the
company's AUM mix to fixed income and within fixed income to a
single fund, the MetWest Total Return Fund. Atypical net inflows
into the MetWest Total Return Fund over the last year have
contributed to an even more lopsided AUM mix. TCW's concentration
in fixed income is a risk because it increases the company's
sensitivity to changes in demand for fixed-income assets relative
to peers with more balanced AUM. Nonetheless, in and of itself, the
fixed income concentration does not preclude the company's ability
to be rated investment grade.

TCW management is reinvesting excess cash flow in the business to
improve AUM diversity, but material improvement may be difficult to
achieve through organic growth alone. Therefore, Moody's believes
this increases the likelihood that management may pursue an
acquisition to accelerate growth outside of fixed income. A
prudently financed, complementary deal would be credit positive.
However, a deal that entailed significant leverage could result in
downward rating pressure.

The future ownership strategy of private equity sponsor Carlyle,
TCW's largest shareholder, will also influence the trajectory of
TCW's ratings. Moody's believes the likelihood of another levered
recapitalization of TCW is falling due to the significant growth in
firm AUM and the risk that an aggressively levered transaction
would be viewed negatively by TCW's key institutional clients and
intermediary distribution partners. The other two exit options -- a
corporate acquisition or initial public offering -- would likely
have credit positive implications on the company's ratings.

Upward ratings pressure could emerge if TCW maintains its improved
financial profile over the next 12-18 months, such that (1) Moody's
Debt/EBITDA remains below 2x; (2) equity and international business
return to positive net flows or assets are acquired through a
complementary transaction; and (3) new retail alternative products
gain market traction.

A ratings downgrade is unlikely given the positive ratings outlook.
However, the outlook could revert to stable if (1) TCW's credit
metrics deteriorate due to a decline in the company's fixed income
performance; (2) if it undertakes a sizable acquisition, such that
its credit metrics do not improve to levels appropriate for a
ratings upgrade and/or (3) Carlyle articulates an exit strategy
that would have negative implications for TCW's creditors.

The TCW Group, Inc. is a private independent investment manager.
Founded in 1971 and based in Los Angeles, The TCW Group, Inc. is an
asset management firm offering U.S. equities, fixed income,
international and alternative strategies with approximately $180
billion in assets under management as of 30 September 2015.



COCRYSTAL PHARMA: Incurs $508,000 Net Loss in Third Quarter
-----------------------------------------------------------
Cocrystal Pharma, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $508,000 on $24,000 of grant revenues for the three months ended
Sept. 30, 2015, compared to a net loss of $2.54 million on $0 of
grant revenues for the same period a year ago.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss of $19.67 million on $78,000 of grant revenues compared to
net income of $1.80 million on $0 of grant revenues for the same
period during the prior year.

As of Sept. 30, 2015, the Company had $266 million in total assets,
$69.4 million in total liabilities and $197 million in total
stockholders' equity.

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

                     http://is.gd/NpPgZR

                    About Cocrystal Pharma

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

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

Cocrystal Pharma reported a net loss of $99,000 in 2014 following a
net loss of $3.8 million in 2013.


COMMUNICATION INTELLIGENCE: Incurs $1.67 Million Net Loss in Q3
---------------------------------------------------------------
Communication Intelligence Corporation filed with the Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss attributable to common stockholders of $1.67
million on $351,000 of total revenue for the three months ended
Sept. 30, 2015, compared to a net loss attributable to common
stockholders of $1.79 million on $285,000 of total revenue for the
same period a year ago.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss attributable to common stockholders of $5.74 million on
$1.16 million of total revenue compared to a net loss attributable
to common stockholders of $5.73 million on $1.05 million of total
revenue for the same period during the prior year.

As of Sept. 30, 2015, the Company had $1.36 million in total
assets, $2.28 million in total liabilities and a $924,000 total
deficit.

At Sept. 30, 2015, cash and cash equivalents totaled $358,000
compared to cash and cash equivalents of $775,000 at Dec. 31, 2014.


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

                       http://is.gd/ToiPbO

                 About Communication Intelligence
  
Redwood Shores, California-based Communication Intelligence
Corporation is a supplier of electronic signature products and the
recognized leader in biometric signature verification.


COMPUCOM SYSTEMS: S&P Lowers CCR to 'B-', Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Dallas-based CompuCom Systems Inc. to 'B-' from 'B'.  The
outlook is stable.

At the same time, S&P is lowering its issue-level rating on the
company's $580 million senior secured term loan, maturing in 2020,
to 'B-' from 'B'.  The recovery rating on the term loan remains
'3', indicating S&P's expectations for meaningful (50% to 70%,
lower half of the range) recovery in the event of a default.  S&P
is also lowering its issue-level rating on the company's $250
million senior unsecured notes, maturing in 2021, to 'CCC' from
'CCC+'.  The recovery rating on the notes remains '6', indicating
S&P's expectations for negligible (0% to 10%) recovery in the event
of a default.

"The rating action reflects our view of the company's recent
operating performance, which is meaningfully below our forecast,
and our expectation that the company's credit measures will remain
weak for the next 12 to 18 months," said Standard & Poor's credit
analyst Minesh Shilotri.

The stable outlook reflects S&P's expectation that the company will
stabilize revenues near current levels and modestly improve EBITDA
margins going forward, as it moves away from the effects of its
large unprofitable contract.



CONGREGATION BIRCHOS: No Objection to TD's Amended Plan Outline
---------------------------------------------------------------
McCarter & English, representing TD Bank, N.A., in early November,
wrote a letter asking Judge Robert D. Drain to approve the First
Amended Disclosure Statement explaining TD Bank's Chapter 11 plan
for Congregation Birchos Yosef.

Joseph Lubertazzi, Jr., Esq., explained that in its present form,
the Disclosure Statement addresses the issues that the Court raised
during the Sept. 10, 2015 hearing, along with the Debtor's
disclosure-statement-related objections to the original version of
the Disclosure Statement. Further, as TD Bank stated in its Oct. 16
letter, the Disclosure Statement and Plan are being modified to
reflect the selection of Sean C. Southard, Esq. to serve as the
"Independent Seller" and oversee and conduct the Sale Procedures of
the Debtor's real property.

The Debtor's deadline to file an objection to the Disclosure
Statement was Oct. 30, 2015.  TD Bank has not received any comments
from the Debtor concerning the Disclosure Statement, and no
objection has been filed.

Mr. Lubertazzi points out:

   * July 9, 2015: TD Bank files the original versions of its
Disclosure Statement and related Plan.

   * July 2015: The Debtor did not file a competing plan of
reorganization, as it represented it would do in its letter dated
July 10, 2015.  As is evident, no Debtor plan of reorganization has
been filed to date.

   * Sept. 9, 2015: The Debtor files an objection to the original
version of the Disclosure Statement.  The Debtor represents in its
objection, among other things, that (i) it has engaged
professionals to secure refinancing and pay TD Bank and all
creditors in full, and (ii) it received a $5,000,000 purchase offer
for certain real property.  There has been no outward evidence of
progress on the foregoing.

   * Sept. 10, 2015: The Court holds a hearing to consider approval
of the original version of the Disclosure Statement and raises the
following four issues that TD Bank has since addressed in the
Disclosure Statement:

       (i) the Court will determine the validity and amount of the
Allowed Proponent Fee Claim, which will be made payable on a pro
rata basis as the other Professional Fee Claims;

      (ii) the Independent Seller will make business decisions to
accept or reject purchase offers for the Debtor's real property;

     (iii) purchase agreements for the sale of the Debtor's real
property are subject to the Court's approval; and

      (iv) sales of the Debtor's real property will be in
accordance with New York Not-for-Profit law.

   * Oct. 4, 2015: The Debtor sends TD Bank a letter that purports
to outline a proposal for the submission of a joint plan, to which
TD Bank responds.  The specifics of that letter is not set forth
herein, as the Debtor may view it in the nature of a settlement
communication.  TD Bank has no objection if both letters are
presented to the Court.  However, the Debtor does indicate it will
retain a real estate broker no later than Oct. 30, 2015.  No such
application has been filed.

   * Oct. 6, 2015: TD Bank submits its Statement in Support of the
First Amended Disclosure Statement, which identifies the changes
made in the Disclosure Statement, addresses the state of the
Debtor's reorganization efforts and the Debtor's October 4th letter
and highlights the substantial increase of claims against the
Debtor's estate with each passing month.

   * Oct. 7, 2015: TD Bank responds to the Debtor's October 4th
letter. No further discussions were held in this regard.

   * Oct. 13, 2015: Your Honor holds a status conference.

   * Oct. 14 and 15, 2015: TD Bank serves notice of the continued
hearing to consider approval of the Disclosure Statement and the
October 30th deadline to object to the Disclosure Statement.

   * Oct. 16 and 17, 2015: TD Bank submits a letter to the Court,
the Debtor, and the U.S. Trustee advising that, rather than having
the U.S. Trustee appoint the Independent Seller, TD Bank has
selected Sean C. Southard, Esq. to serve as the Independent
Seller.

   * Present Day: Other than the Debtor's Sept. 9, 2015 objection
and October 4th letter, the Debtor has not provided TD Bank with
any comments to the Disclosure Statement, the Plan or the Sale
Procedures.  The Debtor has not sought to retain a real estate
broker, there is no evidence that the Debtor is obtaining
financing, TD Bank has not been presented with any formal offers
for the purchase of any real property, including the referenced
$5,000,000 offer that the Debtor had supposedly received, and in
summary there is no indication the Debtor is in the process of
reorganizing in this case begun in late February 2015.

   * The Delay is Costly: The Debtor's estate is diminishing in the
amount of approximately $100,000 per month due to accruing interest
on the TD Secured Claim and the IRS Secured Claim, accruing
interest on the pre-petition unpaid Real Property Tax Claims and
accumulating Administrative Claims.

"The Debtor had many, many months pre-petition to address its
financial condition, and many months in this Chapter 11 case to do
so.  It has not done so," Mr. Lubertazzi tells the Court.

The firm can be reached at:

         Joseph Lubertazzi, Jr.
         MCCARTER & ENGLISH, LLP
         Four Gateway Center
         100 Mulberry Street
         Newark, NJ 07102-4056
         Tel: 973-639-2082
         Fax: 973-297-3940
         E-mail: jlubertazzi@mccarter.com

                          TD Bank's Plan

Secured creditor TD Bank, N.A.'s proposed Chapter 11 plan for
Congregation Birchos Yosef provides for the swift sale of the
Debtor's real property, and the use of those sale proceeds and
other proceeds to pay creditors in full.

TD Bank is the largest secured creditor holding a secured claim in
excess of $9.2 million.  TD Bank filed its initial Chapter 11 Plan
of Reorganization for the Debtor and an initial Disclosure
Statement on July 9, 2015.  On Oct. 5, TD Bank filed an Amended
Disclosure Statement, which addresses issues raised by the Debtor.

According to the Amended Disclosure Statement, the Plan provides
that:

   -- The secured claim of TD Bank (Class 1), in the amount of not
less than $9.22 million plus postpetition interest at 9% per annum,
will be paid from the net proceeds of the sale of the mortgage
properties.  To the extent that the net proceeds are less than the
amount of the TD secured claim, the deficiency portion will be
treated as an allowed unsecured claim.

   -- The secured claim of the Internal Revenue Service (Class 2),
in the amount of $255,000 as of the Petition Date, will be paid
from the proceeds of the sale of the properties covered by IRS'
liens.

   -- Mechanic's lien claims (Class 3), if allowed, will be paid
from the net proceeds from the sale of the 201 Route 306 property
after satisfying the closing costs, the real property tax claims,
and the TD secured claim.

   -- As to the secured claim of TCRF Equipment Finance (Class 4),
TCF will repossess the vehicles to satisfy the secured claim, with
any deficiency portion to be treated as an allowed unsecured
claim.

   -- General unsecured claims (Class 5), estimated at $1 million
plus any deficiency claims will be paid in full from the available
cash or the litigation proceeds.

   -- There are no holders of equity interests (Class 6) as the
Debtor is a non-profit organization.  All property of the estate
that remains after the final distribution date will become property
of the Debtor, as reorganized.

A copy of the First Amended Disclosure Statement is available for
free at:

   http://bankrupt.com/misc/Cong_Birchos_158_1st_Am_DS.pdf

                 About Congregation Birchos Yosef

Congregation Birchos Yosef is a religious corporation which was
formed on Jan. 16, 1985 for the purposes of creating and
maintaining a "House of Worship" in accordance with the traditions
of the Hebrew faith and to serve and advance the affairs of the
surrounding community under the leadership of the Grand Rebbe of
Nikolsburg.  Its principal office is located at 201 Route 306,
Monsey, New York.  It has real properties located in Spring Valley
and Monsey, New York.

Congregation Birchos Yosef sought bankruptcy protection (Bankr.
S.D.N.Y. Case No. 15-22254) in White Plains, New York, on Feb. 26,
2015.  Breindy Lebovits, the vice-president, signed the petition.

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

On May 4, 2015, the Debtor won approval to hire (i) Pick & Zabicki
LLP as its counsel, (ii) Frances M. Caruso as its bookkeeper and
(iii) Montalbano, Condon & Frank, P.C. as special counsel for real
property tax-related matters.  On May 18, the Court authorized the
Debtor's retention of Levine & Associates, PC as special litigation
counsel.  On Sept. 11, 2015, the Court approved the retention of
The Law Offices of David Carlebach, Esq. as the Debtor's
substituted bankruptcy counsel.

                           *     *     *

The Debtor's "exclusivity period" under Section 1121 of the
Bankruptcy Code expired June 26, 2015.

On Aug. 24, 2015, the Court entered a memorandum of decision in
support of its order granting the Debtor's motion to enforce the
automatic stay against Bais Chinuch L'Bonois, Inc. and certain
individuals.  This order is being appealed.


CONSUMER LAW: Case Summary & 14 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Consumer Law and Mass Tort Litigation Group, LLC
           fka Whatley, Drake & Kallas, LLC
        2001 Park Pl. N., Ste. 1000
        Birmingham, AL 35203

Case No.: 15-04791

Chapter 11 Petition Date: November 25, 2015

Court: United States Bankruptcy Court
       Northern District of Alabama (Birmingham)

Judge: Hon. Tamara O Mitchell

Debtor's Counsel: Heather A Lee, Esq.
                  BURR & FORMAN LLP
                  420 No 20th Street
                  3400 Wachovia Tower
                  Birmingham, AL 35203
                  Tel: 205 251-3000
                  Email: hlee@burr.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Joe R. Whatley Jr., managing member.

A list of the Debtor's 14 largest unsecured creditors is available
for free at http://bankrupt.com/misc/alnb15-04791.pdf


CORD BLOOD: Reports $228,000 Net Income for Third Quarter
---------------------------------------------------------
Cord Blood America, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
of $228,000 on $1.43 million of revenue for the three months ended
Sept. 30, 2015, compared to net income of $1.50 million on $1.19
million of revenue for the same period last year.

For the nine months ended Sept. 30, 2015, the Company reported net
income of $417,000 on $4.12 million of revenue compared to net
income of $223,000 on $3.13 million of revenue for the same period
during the prior year.

As of Sept. 30, 2015, the Company had $3.87 million in total
assets, $3.42 million in total liabilities and $453,000 in total
stockholders' equity.

Joseph Vicente, President of Cord Blood America, Inc. commented,
"Our third quarter results reflect the benefit of growth on the
tissue side of our business.  However, at the end of the third
quarter a large tissue customer informed the Company that they
expect a significant reduction in orders such that orders from this
customer will be minimal in the foreseeable future.  This reduction
commenced in October.  Year-to-date through the third quarter, this
customer represented approximately 12% of our total gross profit.
Operating expenses related to the tissue business are
disproportionately lower than our cord blood and cord tissue
processing and storage business.  The Company should continue to
generate positive EBITDA and cash flow in the fourth quarter and in
2016 inclusive of diligently managing expenses."

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

                       http://is.gd/LHTANM

                     About Cord Blood America

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

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

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


CRYOPORT INC: Incurs $2.66 Million Net Loss in Second 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 $2.66 million on $1.43
million of revenues for the three months ended Sept. 30, 2015,
compared to a net loss attributable to common stockholders of $3.18
million on $825,000 of revenues for the same period in 2014.

For the six months ended Sept. 30, 2015, the Company reported a net
loss attributable to common stockholders of $9.27 million on $2.86
million of revenues compared to a net loss attributable to common
stockholders of $6.25 million on $1.76 million of revenues for the
same period a year ago.

As of Sept. 30, 2015, the Company had $8.91 million in total
assets, $2.19 million in total liabilities and $6.71 million in
total stockholders' equity.

Commenting on the second quarter results, Jerrell Shelton, chief
executive officer of Cryoport, stated, "We delivered strong top
line growth of 74%, overcoming seasonality and orders that slipped
to our third fiscal quarter.  This growth was driven by the
addition of a significant number of new clients, as well as
continuing growth within our existing client base.  Given our
traction and client business that we have visibility on, our
revenue guidance of $10 - $12 million for fiscal 2016 remains
intact," stated Mr. Shelton.

"During the first half of fiscal 2016, we added more than 160 new
clients as we continue to make strides in our business development
and demand for our leading cold chain logistics solutions
strengthens.  In fact, we estimate that Cryoport currently supports
approximately 20% of all the Phase III clinical trials for
regenerative therapies.  We support 52 clinical trials in total.
As most shareholders know, as the therapies we are supporting in
the Phase III of their trials receive regulatory clearance and move
to commercialization, we can expect long-term growth of substantial
proportion."

"There is no doubt that this is an important time for Cryoport as
we are experiencing increasing demand for our unique cold chain
solutions as the cellular therapy segment of the life sciences
industry continues to develop and experience success.  We continue
adding new clinical trial clients at an impressive pace and are in
late-stage discussions with several clients regarding long-term
supply agreements as they prepare to commercialize their respective
therapies.  By our estimates, the clinical trials that we currently
support could generate cumulative revenues of more than $150
million over the next five years for Cryoport.  And as we continue
to add new clinical trial clients, we expect to increase our
five-year cumulative revenue outlook, which will shorten our
pathway to profitability and drive value for our shareholders,"
concluded Mr. Shelton.

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

                     http://is.gd/qRYIh6

                        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.

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.


CUE & LOPEZ: Modifications to Confirmed Plan Unopposed
------------------------------------------------------
At the behest of Cue & Lopez Construction, Inc., Judge Brian K.
Tester on Nov. 4, 2015, approved a second joint modification of the
Debtor's confirmed plan.  No objections were filed to the Debtor's
motion.

Cue & Lopez won confirmation of its reorganization plan in October
2014, but the plan has not yet been substantially consummated.  It
asked the U.S. Bankruptcy Court for District of Puerto Rico to
authorize post-confirmation modifications to the proposed treatment
of Oriental Bank's secured claim.

The Court of First Instance of the Commonwealth of Puerto Rico, San
Juan Section -- pursuant to a stipulation, inter alia, subscribed
by the Debtor and Oriental Bank -- entered judgment in Case Number
KCD2013-0668, Oriental Bank v. Cue & Lopez Contractors Inc.; Cue &
Lopez Construction Inc. et al., providing that upon default of the
Stipulation by the Debtor, Oriental Bank could proceed with the
foreclosure of its mortgages on the Debtor's real properties.
Since the Debtor defaulted under the terms of the Stipulation,
pursuant to the Judgment, Oriental Bank is entitled to foreclose on
the mortgages on the Properties.

The Plan provides for this classification and treatment of
Oriental Bank:

   (a) Impairment and Voting - Class 3 is impaired under the
       Plan and is entitled to vote to accept or reject the Plan.

   (b) Distribution - Oriental Bank's Claim, as may be finally
       allowed, partially secured by the following collateral:

          (i) Residential Unit, Penthouse No. 515, at Hills View
              Plaza Condominium, Frailes Ward, Guaynabo, Puerto
              Rico with an estimated disposition value of
              $237,527;

         (ii) Residential Unit (Apartment No. 633), at Vistas
              de Gurabo, Navarro Ward, Gurabo, Puerto Rico with
              an estimated disposition value of $132,434;

        (iii) Residential Unit at Urb. Gran Palm II, Sabana
              Ward, Vega Alta, Puerto Rico, with an estimated
              disposition value of $174,825;

         (iv) The remaining retainage for $311,587 corresponding
              to the "Casa Maggiore Project;

       shall be paid on or before the Effective Date, by the
       transfer to Oriental Bank of the properties, with
       a combined estimated value of $856,373, and the assignment
       of the remaining retainage set forth.  

       In addition, the Debtor will pay Oriental Bank $100,000
       arising from the retainage assigned by the Debtor to
       Oriental Bank as to the Casa Maggiore Project, not
       property of the Debtor's estate, paid by Casa Maggiore,
       Inc., to the Debtor and returned by the Debtor thereto.
       The $100,000 will be paid by a payment of $25,000 on the
       Effective Date, the balance to be paid through 12
       consecutive equal monthly payments of $3,125 due on the
       30th day of the subsequent twelve month and a balloon
       payment for $37,500 on the 30th day of the 13 months
       after the Effective Date.  

       Oriental Bank's Class 5 Claim for $4,192,778, which
       includes Oriental Bank's deficiency claim under Class 3,
       and Oriental Bank's current unsecured claim, will be
       dealt with under Class 5 of the Plan.

       The Debtor will submit quarterly operating reports to
       Oriental Bank detailing the Debtor's revenues, expenses,
       and results of operations, during the term of the Plan."

The Debtor as the proponent of the Plan, with the consent of
Oriental Bank, sought Court approval to modify Oriental Bank's
treatment to provide that the secured claim will be paid on or
before the Effective Date.

The Debtor will cause the transfer to Oriental Bank of the three
real properties, with a combined estimated value of $856,373,
either by deeds of transfers or within 12 months of the Effective
Date through a mortgage foreclosure process in execution of the
judgment issued on April 29, 2013 -- and notified on Aug. 1, 2013
-- by the Court of First Instance of the Commonwealth of Puerto
Rico, San Juan Section, in case number KCD2013-0668, titled
Oriental Bank v. Cue & Lopez Contractors Inc.; Cue & Lopez
Construction Inc. et als., as Oriental Bank shall elect in its sole
and absolute discretion.

The transfer of all or either of the three real properties to
Oriental Bank by either method will have the benefits of the
provisions of 11 U.S.C. Sec. 1146(a).  The automatic stay
provisions of 11 USC Sec. 362(a) will be deemed lifted for the
event that Oriental Bank elects to proceed with the foreclosure of
the properties.  In addition, the Debtor will pay Oriental Bank
$100,000 arising from the retainage assigned by the Debtor to
Oriental Bank as to the Casa Maggiore Project, not property of
Debtor's estate, paid by Casa Maggiore, Inc. to the Debtor and
returned by Debtor thereto.  The $100,000 will be paid by a payment
of $25,000 on the Effective Date, the balance to be paid through 12
consecutive equal monthly payments of $3,125 due on the 30th day of
the subsequent 12 months and a balloon payment for $37,500 on the
30th day of the 13-month after the Effective Date.

Oriental Bank's Class 5 Claim for $4,192,778, which includes
Oriental Bank's deficiency claim under Class 3, and Oriental Bank's
current unsecured claim, will be dealt with under Class 5 of the
Plan.

On July 15, 2015, the Debtor transferred by deed to Oriental Bank,
the Vistas de Gurabo and Grand Palm II properties.

To further consummate the Plan as to the Debtor's payment of
Oriental Bank's secured claim through the transfer of the
Properties, the Debtor and Oriental Bank agree that in the event
Oriental Bank chooses to proceed with the foreclosure process as to
the Hills View Plaza property and is either (a) the winning bidder
in the mortgage foreclosure process or (b) acquires the same if no
third party bidder bids and prevails, then the transfer of the
Hills View Plaza property will be considered a "transfer" for
purposes of applying the provisions of 11 U.S.C. Sec. 1146(a), as
the definition of transfer under the Bankruptcy Code includes the
voluntary or involuntary disposing of or parting with property or
an interest in property.

Charles A. Cuprill-Hernandez, Esq., at Charles A. Cuprill, P.S.C.
Law Offices, said the proposed modification of the Plan, does not
affect any other creditor or party in interest, meets the
requirements of 11 U.S.C. Sec. 1122 and 1123 and will allow
Oriental Bank the option of either receiving the Hills View Plaza
property, through a transfer by deed or by a mortgage foreclosure
which for all purposes achieves the same results, as provided for
in the Plan.

Counsel for the Debtor can be reached at:

         CHARLES A. CUPRILL, P.S.C. LAW OFFICES
         Charles A. Cuprill-Hernandez
         356 Fortaleza Street, Second Floor
         San Juan, PR 00901
         Tel: 787-977-0515
         Fax: 787-977-0518
         E-mail: ccuprill@cuprill.com

Attorneys for Oriental Bank can be reached at:

         DE DIEGO LAW OFFICES, PSC
         William Santiago-Sastre
         PO BOX 79552
         Carolina, PR 00984-9552
         Tel: (787) 622-3942
         Fax: (787) 622-3941
         E-mail: wssbankruptcy@gmail.com

                       About Cue & Lopez

San Juan, Puerto Rico-based Cue & Lopez Construction, Inc., sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 13-08297) on Oct. 4, 2013.  The case is assigned to Judge
Brian K. Tester.

Cue & Lopez Contractors, Inc., filed a separate Chapter 11 petition
(Case No. 13-08299) on the same date.

The Debtors are represented by Charles Alfred Cuprill, Esq., at
Charles A Curpill, PSC Law Office, in San Juan, Puerto Rico.  CPA
Luis R. Carrasquillo & Co., P.S.C., serves as accountant.

Cue & Lopez Construction scheduled $13.3 million in total assets
and $17.5 million in total liabilities.  The Chapter 11 petitions
were signed by Frank F. Cue Garcia, president.


CURTIS JAMES JACKSON: Attorneys Accused of Running Up Hotel Bill
----------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that a woman who has
a legal judgment against 50 Cent said in court papers on Nov. 19,
2015, that Brewer Attorneys & Counselors, a law firm assisting the
rapper with his bankruptcy, has run up an exorbitant hotel and
travel bill, and demanded that the fees be lowered.

Lastonia Leviston, the plaintiff in a sex tape-related privacy suit
against 50 Cent, whose legal name is Curtis James Jackson III,
filed an objection in Connecticut bankruptcy court over Brewer
Attorneys & Counselors' bid for reimbursement of $123,455 fees.

Curtis James Jackson, III, aka 50 Cent, filed for Chapter 11
bankruptcy protection (Bankr. D. Conn. Case No. 15-21233) on July
13, 2015.



DEERFIELD RANCH: Plan Confirmation Deadline Moved to Jan. 31
------------------------------------------------------------
Judge Alan Jaroslovsky granted Deerfield Ranch Winery, LLC's motion
to extend the Oct. 30, 2015 deadline to confirm a Chapter 11 plan
to Jan. 31, 2016.

According to the order, the Debtor's Chapter 11 case will be
converted to Chapter 7 on January 31, 2016, if a plan has not been
confirmed by then.

The Order is without prejudice to the right of any party to seek an
earlier confirmation deadline.

In seeking the extension, Deerfield explained that it originally
anticipated filing and confirming a plan prior to the end of
October.  Although that has not happened, Deerfield has made
substantial progress in the case, which it respectfully submits
justifies an extension of the deadline.

Deerfield did not want to present a plan prior to having detailed,
reliable, and comprehensive long-term financial projections.  For a
variety of reasons, preparation of these projections took longer
than anticipated.  The projections were completed, however, and
have served as the basis for negotiation of a consensual plan of
reorganization.

Once Deerfield was prepared to present a plan, in late June 2015,
Deerfield chose to negotiate with its secured lender and the
Creditor's Committee regarding the terms of the plan, in order to
minimize costs to the estate and increase the likelihood of a
consensual plan.  As the Court is aware, on Aug. 27, 2015, the
parties attended a successful settlement conference before Judge
Carlson.  The settlement conference resulted in a settlement on the
record as to the essential terms for treatment of the secured
lender in a consensual plan (the "Settlement").  Since then, the
parties have been working diligently to reduce the Settlement to a
plan and restructured loan documents.

The parties agreed to use their best efforts to obtain confirmation
of the consensual plan prior to year-end. The Debtor anticipates
requesting the Court's assistance in shortening deadlines in order
to obtain that result.

Nevertheless, recognizing that this will be a very aggressive
timeline, the Debtor requested that the Court extend the deadline
for plan confirmation to the end of January 2016.

                  About Deerfield Ranch Winery

Sonoma Valley-based Deerfield Ranch Winery, LLC was founded in 1982
by Robert and PJ Rex.

Deerfield Ranch Winery filed a Chapter 11 bankruptcy petition
(Bank. N.D. Cal. Case No. 15-10150) on Feb. 13, 2015.  The Debtor
disclosed $25,197,611 in assets and $12,041,939 in liabilities as
of the Chapter 11 filing.

Scott H. McNutt, Esq., and Shane J. Moses, Esq., at McNutt Law
Group LLP serve as the Debtor's counsel.  Jigsaw Advisors LLC acts
as the Debtor's restructuring financial advisor.  Judge Alan
Jaroslovsky is assigned to the case.  Dana Burwell, as appraiser,
will assist in valuing its real property known as 10176 Sonoma
Highway, Kenwood, California.  Rabobank N.A, is the Debtor's
primary secured lender.

The U.S. Trustee for Region 17 appointed three creditors to serve
on the official committee of unsecured creditors.  Pachulski Stang
Ziehl & Jones LLP serves as Committee counsel.


DEERFIELD RANCH: To Seek Approval of Consensual Plan Dec. 18
------------------------------------------------------------
Deerfield Ranch Winery, LLC, is proposing a Chapter 11 Plan of
Reorganization that's a product of a settlement with primary
secured lender Rabobank N.A. and the Official Committee of
Unsecured Creditors.

The Plan provides for payment of general unsecured claims over a
two-year period, with 3% interest. Rabobank will be paid through a
restructured note that matures in five years.  Priority claims and
other secured claims will be paid on or within 30 days of the
effective date.  The Plan also provides for ownership of the
business to be retained by the current equity holders.

Holders of secured claims (Classes 1A, 1B, 1C), general unsecured
claims (Class 3A), voluntarily deferred unsecured Claims (Class
3B), and preferred equity Interests (Class 4A) are impaired and are
entitled to vote to accept or reject the Plan.

The Debtor filed the Plan and Disclosure Statement on Oct. 30,
2015.  The Debtor on Nov. 10, 2015 filed a revised Plan and
Disclosure Statement, which contains minor revisions made at the
request of the U.S. Trustee.  A copy of the amended Disclosure
Statement is available for free at:

    http://bankrupt.com/misc/Deerfield_R_168_Am_DS_RL.pdf

Judge Alan Jaroslovsky on Nov. 9, 2015, convened a hearing to
consider the adequacy of the information in the Disclosure
Statement.  

The judge on Nov. 10 approved the Disclosure Statement, as amended,
and ordered that:

   -- Dec. 11, 2015, is fixed as the last day for submitting
      ballots accepting or rejecting the Plan.

   -- Any objection to confirmation of the Plan must be made in
      writing, and must be filed and served, pursuant to Federal
      Rule of Bankruptcy Procedure 3020(b)(1), no later than
      Dec. 11, 2015.

   -- A hearing on confirmation of the Plan shall be held on
      Dec. 18, 2015, at 9:00 a.m.

                  About Deerfield Ranch Winery

Sonoma Valley-based Deerfield Ranch Winery, LLC was founded in 1982
by Robert and PJ Rex.

Deerfield Ranch Winery filed a Chapter 11 bankruptcy petition
(Bank. N.D. Cal. Case No. 15-10150) on Feb. 13, 2015.  The Debtor
disclosed $25,197,611 in assets and $12,041,939 in liabilities as
of the Chapter 11 filing.

Scott H. McNutt, Esq., and Shane J. Moses, Esq., at McNutt Law
Group LLP serve as the Debtor's counsel.  Jigsaw Advisors LLC acts

as the Debtor's restructuring financial advisor.  Judge Alan
Jaroslovsky is assigned to the case.  Dana Burwell, as appraiser,
will assist in valuing its real property known as 10176 Sonoma
Highway, Kenwood, California.  Rabobank N.A, is the Debtor's
primary secured lender.

The U.S. Trustee for Region 17 appointed three creditors to serve
on the official committee of unsecured creditors.  Pachulski Stang
Ziehl & Jones LLP serves as Committee counsel.


DEL MONTE FOODS: S&P Lowers CCR to 'B-', Outlook Negative
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Walnut Creek, Calif.-based Del Monte Foods Inc. to 'B-'
from 'B'.  The outlook is negative.

At the same time, S&P lowered its issue-level rating on the
company's first-lien term loan to 'B-' and the issue-level rating
on the company's second-lien term loan to 'CCC'.

The recovery ratings on the term loans remain unchanged.  The '3'
recovery rating on the first-lien term loan indicates S&P's
expectation for meaningful recovery (in the lower half of the
50%-70% range) in the event of a payment default.  The '6' recovery
rating on the second-lien term loan indicates that lenders could
expect negligible recovery (0%-10%) in the event of a payment
default.

"The downgrade reflects our view that ABL borrowings exceeded our
expectations during the company's peak borrowing season, leading to
availability falling below the 1x springing fixed charge coverage
covenant threshold of $30 million," said Standard & Poor's credit
analyst Amanda Cusumano.  "We had previously expected the August
2015 $42.55 million upsize to the ABL would provide sufficient
covenant cushion and that the covenant would not be triggered
during fiscal 2016.  However, the company needed to rebuild its
inventory levels, which accounted for higher cash outflows and
lower cash flow from operations than we previously anticipated.  We
now expect negative to break-even free operating cash flow for
fiscal 2016, compared to our previous expectations of at least $50
million."

In October 2015, Del Monte obtained an amendment from ABL lenders
to waive its fixed charge covenant as they could potentially breach
it.  Under the covenant, EBITDA is calculated based on the previous
quarter's 12-months-ended (LTM) EBITDA.  The covenant would have
been tested based on LTM first quarter 2016 numbers, which includes
nine months of underperformance in fiscal 2015 due to promotional
pricing to clear inventory after an unsuccessful 2014 labeling
strategy by the previous owners.  Availability fell below the
covenant threshold for a few days during Del Monte's peak borrowing
season, which would have triggered the covenant to be tested, and
the waiver averted a technical default.  In return for the waiver,
the ABL lenders enforced cash dominion through calendar 2015 to
ensure that all accounts receivable collected during this time are
applied towards reducing the ABL balance of over $300 million.
However, the company can still borrow up to the full $442.55
million if needed during this time.  Standard & Poor's believes
this signals the ABL lenders' concern over the company's ability to
meet its operating plan, and increases the stakes for it to perform
well during the holiday selling season (second half of fiscal
2016), when the company historically begins to generate positive
cash flow from operations.  S&P notes that Del Monte has amended
its credit facilities twice this year to ensure full availability
and to not trigger the fixed charge covenant.  The most recent
amendment also restricted cash outflows on dividends, voluntary
debt repayments, investments, acquisitions, and other non-operating
cash payments through the end of the year.

"We forecast Del Monte's credit metrics will remain weak, with its
significant debt burden and EBITDA remaining lower than the
company's historical run-rate because of continued operational
challenges from 2014 that have not yet reversed.  Debt to EBITDA
will remain high at above 7.0x for at least the next two years and
funds from operations (FFO) to debt will be weak in the high-single
digit range.  These measures are modestly better than in fiscal
2015 when leverage was about 11.0x and FFO to debt was
approximately 2.0%.  We forecast sales growth in the mid-double
digits, primarily due to contribution from the Sager Creek
acquisition and some improvements from returning to its classic
label in fiscal 2016.  In fiscal 2017, we forecast marginal organic
sales growth because of low category expansion.  Margins should
improve in 2016 from less promotional pricing.  In fiscal 2017, we
forecast relatively flat margins as we believe cost savings will be
reinvested in brand innovation and marketing," S&P said.

Standard & Poor's views Del Monte's growth prospects as weak.  The
company participates in slower-growth categories in packaged foods
with a greater degree of private-label penetration compared with
the packaged food industry average, and lacks brand
diversification.  Moreover, the company could face increased
competition as B&G Foods rolls out initiatives to accelerate growth
of the recently acquired Green Giant brand.

The corporate credit rating on Del Monte incorporates S&P's
assessment that the company is "strategically important" to Del
Monte Pacific Limited as per S&P's group rating methodology.

The negative outlook reflects the fact that S&P could lower the
ratings over the next six to 12 months if the company's second half
operating performance is below S&P's expectations and leverage is
sustained above 9x, or liquidity becomes constrained.

S&P could revise the outlook to stable or raise the ratings over
the next few months if the company restores profitability back to
historical levels, resulting in leverage falling below 7x, and
successfully reduces its existing ABL balance by the end of fiscal
2016 to ensure that they can manage their peak seasonal working
capital needs in fiscal 2017.



DIAMONDHEAD CASINO: Incurs $736K Net Loss in Third Quarter
----------------------------------------------------------
Diamondhead Casino Corporation filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss applicable to common stockholders of $736,000 for the
three months ended Sept. 30, 2015, compared to net income
applicable to common stockholders of $49,042 for the same period
during the prior year.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss applicable to common stockholders of $786,000 compared to
a net loss applicable to common stockholders of $1.90 million for
the same period a year ago.

As of Sept. 30, 2015, the Company had $5.72 million in total
assets, $8.73 million in total liabilities and a total
stockholders' deficit of $3.01 million.

"The Company has incurred continued losses over the past several
years and certain conditions raise substantial doubt about the
Company's ability to continue as a going concern.  The Company has
had no operations since it ended its gambling cruise ship
operations in 2000.  Since that time, the Company has concentrated
its efforts on the development of its Diamondhead, Mississippi
Property.  The development of the Diamondhead Property is dependent
on obtaining the necessary capital, through equity and/or debt
financing, unilaterally, or in conjunction with one or more
partners, to master plan, design, obtain permits for, construct,
staff, open, and operate a casino resort.  In the past, the Company
has been able to sustain itself through various short term
borrowings, however, as of September 30, 2015, the Company cash on
hand amounted to $87,599, while accounts payable and accrued
expenses totaled $3,747,634.  Therefore, in order to sustain
itself, it is imperative that the Company secure a source of funds
to provide further working capital," the Company states in the
report.

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

                      http://is.gd/yNRTgr

                    About Diamondhead Casino

Diamondhead Casino Corporation and Subsidiaries own a total of
approximately 404.5 acres of unimproved land in Diamondhead,
Mississippi on which the Company plans, unilaterally, or in
conjunction with one or more partners, to construct a casino resort
and hotel and associated amenities.  The Company was originally
formed to principally own, operate and promote gaming vessels
offering day and evening cruises in international waters.


DIGITAL DOMAIN: Forbearance Period Extended to Dec. 18
------------------------------------------------------
Three years since granting DDMG Estate, et al., formerly Digital
Domain Media Group, Inc., et al., final approval to access
postpetition financing, the U.S. Bankruptcy Court for the District
of Delaware has already approved 25 amendments to the Final DIP
Order.  The 25th amendment, signed Nov. 23, 2015, provides that
notwithstanding the occurrence of a Termination Event, the
expiration of the "remedies notice period" and the termination of
the automatic stay under 11 U.S.C. Sec. 362(a) to allow the DIP
agent to exercise any and all default remedies, the DIP agent and
the DIP Lenders will forbear from exercising their remedies under
the Final DIP Order until the earlier of:

     (i) Dec. 18, 2015, or

    (ii) the occurrence of a termination event (other than the
         occurrence of the Maturity Date).

The 25th amendment includes an approved budget for the period Nov.
13 to Dec. 18, 2015.  The prior amendment, the 24th amendment,
extended the forbearance period from Oct. 2 to Nov. 13.  A copy of
the 25th amendment is available for free at:

       http://bankrupt.com/misc/DDMG_1713_25th_Am_DIP_Order.pdf

                        About Digital Domain

Port St. Lucie, Florida-based Digital Domain Media Group, Inc.
--http://www.digitaldomain.com/-- engaged in the creation of   
original content animation feature films, and development of
computer-generated imagery for feature films and trans-media
advertising primarily in the United States.

Digital Domain Media Group, Inc. and 13 affiliates sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 12-12568) on Sept. 11,
2012, to sell its business for $15 million to Searchlight Capital
Partners LP, subject to higher and better offers.  The Company
disclosed assets of $205 million and liabilities totaling $214
million.

The Debtors also have sought ancillary relief in Canada, pursuant
to the Companies' Creditors Arrangement Act in the Supreme Court of
British Columbia, Vancouver Registry.

Attorneys at Pachulski Stang Ziehl & Jones serve as counsel to the
Debtors.  FTI Consulting, Inc.'s Michael Katzenstein is the chief
restructuring officer.  Kurtzman Carson Consultants LLC is the
claims and notice agent.  An official committee of unsecured
creditors appointed in the case is represented by lawyers at
Sullivan Hazeltine Allinson LLC and Brown Rudnick LLP.

At a bankruptcy auction, the principal part of the business was
purchased by a joint venture between Galloping Horse America LLC,
an affiliate of Beijing Galloping Horse Co., and an affiliate of
Reliance Capital Ltd., based in Mumbai.  The $36.7 million total
value of the contact includes $3.6 million to cure defaults on
contracts and $2.9 million in reimbursement of payroll costs. As
the result of a settlement negotiated by the unsecured creditors'
committee with secured lenders, there will be some recovery for the
committee's constituency.


DOLPHIN DIGITAL: Delays Third Quarter Form 10-Q Filing
------------------------------------------------------
Dolphin Digital Media, Inc., disclosed with the Securities and
Exchange Commission that its quarterly report on Form 10-Q for the
period ended Sept. 30, 2015, could not be filed within the
prescribed time because additional time is required by the
Company's management and auditors to prepare certain financial
information to be included in that report.

                     About Dolphin Digital

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

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

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


DORAL FINANCIAL: Seeks Joint Administration of Cases
----------------------------------------------------
Doral Financial Corporation and Doral Properties, Inc. ask the
Bankruptcy Court to jointly administer their Chapter 11 cases under
Lead Case  No. 15-10573 (SCC).

Pursuant to Bankruptcy Rule 1015(b), if two or more petitions are
pending in the same court by or against a debtor and an affiliate,
"the court may order a joint administration of the estates." Fed.
R. Bankr. P. 1015(b).  Doral Financial is the direct parent of
Doral Properties.  Thus, the Debtors maintain they are "affiliates"
within the meaning of Section 101(2) of the Bankruptcy Code and,
accordingly, under Bankruptcy Rule 1015(b).

"Joint administration of the Debtors' respective estates will ease
the administrative burden on this Court and all parties-in-interest
in these chapter 11 cases," says Mark I. Bane, Esq., at  Ropes &
Gray LLP, attorney for the Debtors.  "The benefits of joint
administration of the chapter 11 cases come with no prejudice to
creditors and other parties-in-interest of any of the Debtors, as
joint administration is purely procedural and
will not impact the substantive rights of any party-in-interest,"
he adds.

According to Mr. Bane, joint administration will permit the Clerk
of the Court to use a single docket for the cases and to combine
notices to creditors and other parties-in-interest in the Debtors'
respective cases.  As there likely will be motions, applications,
and other pleadings filed in these chapter 11 cases that will
affect both of the Debtors, joint administration will (a) reduce
the volume of paper that otherwise would be filed with the Clerk
of the Court, (b) render the completion of various administrative
tasks less costly, and (c) minimize unnecessary delays.

                      About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices
in New York City, Coral Gables, Florida and San Juan, Puerto Rico.
DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

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

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

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

The Debtor tapped Ropes & Gray LLP as counsel.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors.  The Committee is
represented by Brian D. Pfeiffer, Esq., and Taejin Kim, Esq., at
Schulte Roth & Zabel LLP.

On Nov. 25, 2015, Doral Properties filed a voluntary petition with
the Court for relief under Chapter 11 of the Bankruptcy Code.


DORAL FINANCIAL: Unit's Case Summary & 24 Largest Unsec. Creditors
------------------------------------------------------------------
Debtor: Doral Properties, Inc.
        999 Ponce de Leon Blvd
        Coral Gables, FL 33134

Case No.: 15-13160

Type of Business: Single Asset Real Estate

Chapter 11 Petition Date: November 25, 2015

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

Judge: Hon. Shelley C. Chapman

Debtor's Counsel: Mark I Bane, Esq.
                  ROPES & GRAY LLP
                  1211 Avenue of the Americas
                  New York, NY 10036-8704
                  Tel: (212) 596-9000
                  Fax: (212) 596-9090
                  Email: mark.bane@ropesgray.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Carol Flaton, director.

List of Debtor's 24 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Wilmington Trust, as Trustee            Loan           $6,500,000
Attn: Jay Smith IV
Corporate Trust Services
25 Charles St., 11th Floor
MD2-CS58
Baltimore, MD 21201

Alarm & Control System Co., Inc.    Service Provider      Unknown

Autoridad de Acueductos y              Utilities          Unknown
Alcantarillado

Autoridad de Energia Electrica         Utilities          Unknown

Banco Popular de Puerto Rico            Tenant            Unknown

Caribbean Real Estate Services      Service Provider      Unknown

Cascade Water Services              Service Provider      Unknown

Commerical Centers Management       Service Provider      Unknown
Realty

Consolidated Waste Services Corp.   Service Provider      Unknown

CRIM                                Taxing Authority      Unknown

Deya Elevator Services Inc.         Service Provider      Unknown

Doral Mortgage, LLC                  Former Tenant        Unknown

Doral Recovery II, LLC               Former Tenant        Unknown

FDIC as Receiver for Doral Bank      Former Tenant        Unknown

Fiddler, Gonzalez & Rodriguez PSC   Service Provider      Unknown

GJ Fire & Burglary Equip Inc.       Service Provider      Unknown
  
Gobierno de Puerto Rico             Taxing Authority      Unknown

Jones Lang LaSalle Puerto           Service Provider      Unknown
Rico Inc.

Landa Umpierre P.S.C.               Service Provider      Unknown

National Building Mainteance        Service Provider      Unknown
Corp.

Ranger American of P.R.             Service Provider      Unknown

Smart Building Solutions            Service Provider      Unknown

Triple S                            Service Provider      Unknown

Universal Equipment Sales           Service Provider      Unknown
& Service Corp.


ELEPHANT TALK: Incurs $4.15 Million Net Loss in Third Quarter
-------------------------------------------------------------
Elephant Talk Communications Corp. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $4.15 million on $3.48 million of revenues for the
three months ended Sept. 30, 2015, compared to a net loss of $5.24
million on $4.44 million of revenues for the same period a year
ago.

For the nine months ended Sept. 30, 2015, the Company recorded net
income of $3.24 million on $27.7 million of revenues compared to a
net loss of $16.9 million on $14.9 million of revenues for the same
period during the prior year.

As of Sept. 30, 2015, the Company had $30.7 million in total
assets, $14.3 million in total liabilities and $16.4 million in
total stockholders' equity.

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

                      http://is.gd/YvbLaE

                      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.


ENERGY & EXPLORATION: Involuntary Chapter 11 Case Summary
---------------------------------------------------------
Alleged Debtor: Energy & Exploration Partners Operating, LP        
         
                6706 Camp Bowie Blvd.
                Fort Worth, TX 76116

Case Number: 15-44722

Involuntary Chapter 11 Petition Date: November 25, 2015

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

Judge: Hon. Russell F. Nelms

Petitioners' Counsel: Phil F. Snow, Jr., Esq.
                      SNOW SPENCE GREEN LLP
                      2929 Allen Pkwy. Ste. 2800
                      Houston, TX 77019
                      Tel: (713) 335-4800
                      Fax: (713) 335-4902
                      Email: philsnow@snowspencelaw.com

                        - and -

                      James A. Collura, Jr., Esq.
                      COATS, ROSE, YALE, RYMAN AND LEE
                      3 Greenway Plaza, Ste. 2000
                      Houston, TX 77046
                      Tel: (713) 653-5710
                      Fax: (713) 651-0220
                      Email: jcollura@coatsrose.com

   Petitioners                  Nature of Claim  Claim Amount
   -----------                  ---------------  ------------
Baker Hughes Oilfield           Goods, Materials   $1,562,825
Operations, Inc.                  & Services
c/o Christopher J. Ryan
P. O. Box 4740
Houston, TX 77210-4740

Cactus Pipe & Supply, LLC       Goods, Materials   $2,207,732
c/o Mark D. Ryan                  & Services
One Greenway Plaza, Suite 325
Houston, TX 77046

Baker Petrolite, LLC            Goods, Materials     $171,285
c/o Christopher J. Ryan           & Services
P O Box 4740
Houston, TX 77210-4740

Schlumberger Technology Corp    Goods, Materials   $1,892,110
c/o Don Burell                    & Services
1325 South Dairy Ashford
Houston, TX 77077

M-I, LLC d-b-a M-I Swaco        Goods, Materials      $66,668
c/o Don Burell                    & Services
1325 S. Dairy Ashford
Houston, TX 77077

Smith International, Inc.       Goods, Materials      $82,922
c/o Don Burell                    & Services
1325 S. Dairy Ashford
Houston, TX 77077


ENERGYSOLUTIONS LLC: Moody's Puts B3 CFR on Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service placed the B3 corporate family rating and
B3 first-lien bank credit facility ratings of EnergySolutions, LLC
(EnergySolutions) on review for downgrade and left the SGL-3
liquidity rating unchanged following the company's announcements to
1) sell its Projects, Products & Technology (PP&T) business to WS
Atkins plc for $318 million and 2) acquire Waste Control
Specialists LLC (WCS) for $270 million in cash, $77 million of
assumed WCS debt and $20 million of preferred stock. The review
reflects Moody's concern that the transactions will increase
leverage and place greater reliance on more project-based reactor
decommissioning projects that are prone to delays and inaction.

With the sale of the PP&T division, EnergySolutions is shedding a
relatively steady, lower-margin but solid EBITDA-generating
business in favor of better positioning itself to pursue future
growth opportunities in the higher-margin nuclear plant
decommissioning arena where it largely operates under its
Logistics, Processing & Disposal (LP&D) business. WCS, a wholly
owned subsidiary of publicly traded Valhi, Inc., operates a
facility in Texas that processes, treats, stores and disposes of a
broad range of low-level radioactive and hazardous waste streams.
The facility can treat, store and dispose of Class B and C level
radioactive waste and depleted uranium in addition to Class A
waste. Because EnergySolutions' Clive Facility in Utah is only able
to treat and dispose of Class A level waste, the addition of WCS
should result in sizable cost synergies as well as revenue
synergies with the opportunity to cross-sell expanded services to
EnergySolutions' numerous "life-of-plant" utility customers.

Nonetheless, we expect the sale and purchase to represent a net
reduction in EBITDA with no apparent reduction in debt as the WCS
purchase price is roughly equivalent to the PP&T net sale proceeds.
In addition, plant decommissioning awards have limited visibility
and are often delayed, potentially extending the timeline on which
WCS could contribute meaningfully to EnergySolutions' earnings and
cash flow. This places added stress on the LP&D business to support
a capital structure that was previously supported by the LP&D and
PP&T businesses.

The PP&T sale is expected to close in the first quarter of 2016
while the WCS purchase is targeted to close in the first half of
2016. Both transactions are subject to customary regulatory
approvals and conditions.

The following ratings of EnergySolutions, LLC were placed on review
for downgrade:

-- Corporate Family Rating at B3

-- Probability of Default at B3-PD

-- Senior secured 1st-lien revolving credit facility at B3 (LGD3)

-- Senior secured 1st-lien term loan at B3 (LGD3)

-- Outlook changed to rating under review from positive

-- The SGL-3 Speculative Grade Liquidity rating is not affected

RATING RATIONALE

The review will focus on the net impact of the transactions on
EnergySolutions' capital structure, including the possibility of
the company's sponsor, Energy Capital Partners, making a meaningful
equity contribution to the ultimate financing structure. Moody's
notes that the transactions are independent of one another and
actual closing dates could vary considering that WS Atkins is
UK-based. The review will also evaluate the company's prospective
liquidity position and potential impact on covenant compliance with
the $125 million revolving line of credit, as well as assess LP&D's
earnings and cash flow prospects on a standalone basis in light of
the company's underperformance through the first half of 2015. In
addition, the review will focus on the earnings potential and
operational benefits of the WCS facility.

EnergySolutions, Inc., headquartered in Salt Lake City, Utah,
provides a broad range of services to the nuclear power industry
including transportation, processing and disposal of low-level
radioactive waste (LLRW) and clean-up and repair of nuclear sites.
With one of the only privately-owned disposal sites in the US for
LLRW, the company handles 90% of all Class A LLRW disposal volume
in the country. EnergySolutions was taken private when it was
purchased by funds affiliated with private equity firm Energy
Capital Partners in May 2013. Revenues for the latest twelve months
ended June 30, 2015 were approximately $860 million.



EV ENERGY: Moody's Cuts Corporate Family Rating to B2
-----------------------------------------------------
Moody's Investors Service downgraded EV Energy Partners, L.P.'s
(EVEP) Corporate Family Rating (CFR) to B2 from B1, its Probability
of Default Rating to B2-PD from B1-PD, and its senior unsecured
notes rating to Caa1 from B3. At the same time, Moody's affirmed
EVEP's Speculative Grade Liquidity Rating at SGL-3. The rating
outlook was changed to negative from stable.

"The downgrade reflects our expectation that EVEP's cash flow
metrics will continue to deteriorate given reduced hedge prices and
volumes and our view of oil and natural gas prices through at least
2016," commented John Thieroff, Moody's Vice President. "The
negative outlook reflects the challenges EVEP faces as an upstream
master limited partnership with a high reliance on acquisitions to
replace production and to balance a market-acceptable distribution
with capex sufficient to sustain production without increasing
leverage."

Issuer: EV Energy Partners, L.P.

Ratings downgraded:

Corporate Family Rating (Local Currency), Downgraded to B2 from
B1

Probability of Default Rating, Downgraded to B2-PD from B1-PD

Senior Unsecured Notes, Downgraded to Caa1 (LGD5) from B3 (LGD5)

Ratings affirmed:

Speculative Grade Liquidity Rating (SGL), Affirmed SGL-3

Outlook Actions:

Outlook Changed to Negative from Stable

RATINGS RATIONALE

The B2 Corporate Family Rating (CFR) reflects EVEP's limited scale
upstream operations, natural gas-weighted production and reserves,
and its MLP structure which requires high distributions and
periodic acquisitions. The rating is supported by EVEP's low
decline mature wells, high proportion of proved developed reserves
(87% pro forma for the October 2015 acquisition), modestly
diversified operations and a meaningful level of hedging for its
2016 production. To cope with the sharp decline in commodity prices
and marshal liquidity, EVEP has sold assets, slashed distributions
and reduced capex since late 2014. Moody's ratings also consider
the value in EVEP's 173,000 net acres in the Utica Shale.

The SGL-3 Speculative Grade Liquidity Rating reflects our
expectation that the partnership should maintain adequate liquidity
through 2016. At November 9, 2015, EVEP had slightly more than $425
million of liquidity, primarily from availability under its secured
revolving credit facility and augmented by cash on its balance
sheet. EVEP's borrowing base under its revolver is $625 million and
will next be redetermined in April 2016. The credit facility was
amended in October 2015 to provide EVEP relief from its total
debt/EBITDAX financial covenant; through 2016 the partnership must
maintain secured debt to EBITDAX below 3.0x, which we expect EVEP
to meet. Compliance under the total debt to EBITDAX will resume in
the first quarter of 2017 with the covenant level set at 5.5x for
the first two quarters, reducing to 5.25x thereafter. We project
EVEP's compliance with the total debt to EBITDAX in 2017 as
questionable. EVEP's next debt maturity is on its senior notes,
which are due in 2019.

EVEP's senior unsecured notes are rated Caa1. Their subordinate
position relative to the $625 million secured borrowing base
revolving credit facility's priority claim to substantially all of
the partnership's assets, results in the notes being rated two
notches below the B2 CFR under Moody's Loss Given Default
Methodology.

The negative outlook reflects concerns that reduced cash flow in
2016 could cause leverage to spike, particularly if distributions
are kept at a level that requires borrowing under the partnership's
revolver. Ratings could be downgraded if distributions are debt
funded or EBITDAX to interest coverage appears likely to fall below
2x. Although unlikely in 2016, ratings could be upgraded if EVEP is
able to grow production and maintain a leveraged full-cycle cash
flow above 1x without increasing its leverage. .

EV Energy Partners L.P. is an independent exploration and
production master limited partnership headquartered in Houston,
Texas.



FAMILY CHRISTIAN: Now Known as FKA FC
-------------------------------------
The Hon. John T. Gregg the U.S. Bankruptcy Court for the Western
District of Michigan authorized Family Christian, LLC et al., to
modify case captions; and close the bankruptcy cases of Family
Christian Holding, LLC and FCS Giftco, LLC.

The Debtors in these cases will be identified as:

   -- Family Christian, LLC will be identified as FKA FC, LLC;
   -- Family Christian Holding, LLC will be identified as FKA FCH,

      LLC; and
   -- FCS Giftco, LLC will be identified as FCGC, LLC.

Daniel M. McDermott, U.S. Trustee for Region 9, has withdrawn his
objection to the Debtors' motion to modify case captions.

                     Defective Filing Notice

Daniel M. LaVille, Clerk of Court notified Family Christian, LLC
that the document -- Certificate of Service -- is deemed defective
because other caption must contain a footnote which reflects the
associated cases.  In this relation, the filing needed to be
refiled.

In a separate notice, the Clerk notified FKA FC, LLC of the
defective entry or filing of these documents:

   Notice of Withdrawal of Application; and
   Notice of Withdrawal of Attorney.

The Clerk indicated that the Debtor refer to the proper case
caption as other captions has changed.

                      About Family Christian

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

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

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

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


FINJAN HOLDINGS: Signs Licensing Agreement with Avast Software
--------------------------------------------------------------
Finjan Holdings, Inc., announced that on Nov. 15, 2015, Finjan,
Inc., a wholly-owned subsidiary of the Company, entered into a
Confidential Patent License, Settlement and Release Agreement with
Avast Software s.r.o., a company organized and existing under the
laws of the Czech Republic.  The terms of the Agreement are
confidential.
    
With its 20 year history in cybersecurity, Finjan's investments in
innovation are captured in its rich portfolio of patents that are
centered around proactively detecting previously unknown and
emerging threats on a behavior-based basis.  Finjan welcomes Avast
to its growing list of stellar cybersecurity software and
technology licensees.     

                            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 Sept. 30, 2015, the Company had $9.93 million in total
assets, $2.66 million in total liabilities and $7.27 million in
total stockholders' equity.


FOREVERGREEN WORLDWIDE: Incurs $371K Net Loss in Third Quarter
--------------------------------------------------------------
Forevergreen Worldwide Corporation filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $371,000 on $16.6 million of net revenues for the three
months ended Sept. 30, 2015, compared to net income of $203,000 on
$15.9 million of net revenues for the same period a year ago.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss of $1.48 million on $49.9 million of net revenues compared
to net income of $839,000 on $40.5 million of net revenues for the
same period during the prior year.

As of Sept. 30, 2015, the Company had $10.4 million in total
assets, $10.6 million in total liabilities and a total
stockholders' deficit of $181,000.

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

                     http://is.gd/mjaOCp

                 About ForeverGreen Worldwide

Orem, Utah-based ForeverGreen Worldwide Corporation is a holding
company that operates through its wholly owned subsidiary,
ForeverGreen International, LLC.  The Company's product philosophy
is to develop, manufacture and market the best of science and
nature through innovative formulations as it produces and
manufactures a wide array of whole foods, nutritional supplements,
personal care products and essential oils.

Forevergreen Worldwide reported net income of $1.02 million on
$58.3 million of net total revenues for the year ended Dec. 31,
2014, compared to net income of $117,000 on $17.8 million of net
total revenues in 2013.


FUSION TELECOMMUNICATIONS: Incurs $5.23 Million Net Loss in Q3
--------------------------------------------------------------
Fusion Telecommunications International, Inc., filed with the
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing a net loss attributable to common stockholders of
$5.23 million on $24.53 million of revenues for the three months
ended Sept. 30, 2015, compared to a net loss attributable to common
stockholders of $123,049 on $22.48 million of revenues for the same
period during the prior year.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss attributable to common stockholders of $11.0 million on
$74.9 million of revenues compared to a net loss attributable to
common stockholders of $2.03 million on $68.5 million of revenues
for the same period a year ago.

As of Sept. 30, 2015, the Company had $66.9 million in total
assets, $62.5 million in total liabilities and $4.42 million in
total stockholders' equity.

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

                      http://is.gd/GqKyBG

                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.


GAMCO INVESTORS: Moody's Cuts Senior Note Rating to 'Ba1'
---------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
senior note rating of GAMCO Investors, Inc. (GAMCO). The shelf
ratings have also been downgraded by one notch. Additionally,
Moody's has assigned a Corporate Family Rating of Ba1. The outlook
on all ratings is stable. Moody's notes that on 18 November 2015,
GAMCO announced the commencement of its offer to purchase for cash
up to $100 million of the outstanding 5.875% Senior Notes due 1
June 2021. The rating actions follow the company's announced
corporate restructuring, which included the spin-off of its hedge
fund and alternative asset management operations to shareholders in
the form of shares in newly created Associated Capital Group, Inc.
(ACG) on 30 November 2015. At the close of the transaction, GAMCO
will have re-levered its balance sheet to 2.2x Debt / EBITDA (as
calculated by Moody's), which is in sharp contrast to the firm's
historically low leverage of below 1x. In addition to debt and
treasury stock issuance in the amount of $400 million for the
benefit of ACG, the restructuring also includes a transfer of cash
in the amount of approximately $375 million to ACG.

RATINGS RATIONALE

The downgrade was primarily driven by the negative effects of the
transaction, including increased leverage, decreased balance sheet
strength and corporate governance concerns related to creditor
protections.

In the context of the restructuring, liquidity is being transferred
from GAMCO to ACG, without an exchange of value between the two
firms. We view the transfer of $375 million of current cash to ACG,
the issuance of $250 million note from GAMCO to ACG, and the
issuance of $150 million of GAMCO Treasury Shares to ACG as
creditor unfriendly. Moody's notes that none of the transfer of
cash will be reinvested into the future earnings generation
capabilities of GAMCO and that shareholder equity will decrease
from $564 million to a negative $199 million.

Prior to the transaction, GAMCO maintained cash and investments of
$426 million and had relatively low leverage of 0.8x Debt / EBITDA
(as calculated by Moody's). As a result of the restructuring,
leverage will increase to 2.2x Debt / EBITDA and financial
flexibility will be more restricted.

Corporate governance considerations are also important to GAMCO's
rating due to the controlling influence of Mario J. Gabelli, the
firm's CEO and founder, who is the Chairman and principal
shareholder of GAMCO and ACG. In addition to setting the tone for
the strategic direction and management style of the firm, Mr.
Gabelli also manages a majority of the firm's assets under
management (AUM). Moody's has historically viewed Mr. Gabelli's
presence as a positive for the firm's credit rating due to his
stature and investing acumen, but the degree of influence he exerts
as both a CEO and controlling shareholder poses governance risk.
Generally, Moody's views separating CEO responsibilities from
investment responsibilities as a prudent management approach in
asset management businesses.

As an "active" manager, GAMCO faces industry headwinds as investor
preferences shift towards passive investments. Though Mario J.
Gabelli has a stellar reputation as a value-oriented stock picker,
the firm has not been immune to these trends. Until recent quarters
the firm has weathered these challenges well, as measured by AUM
resiliency metrics. One-year AUM retention was 81% while,
replacement dropped to 64% compared to long-term averages of 84%
and 104%, respectively.

Following the transaction, GAMCO's business model will be more
focused on traditional asset management and its EBITDA volatility
may lessen with the distribution of its more volatile hedge fund
and alternatives business to ACG. In addition, prior to the
transaction, GAMCO was one of a minority of asset managers which
operated an institutional research services business, G.research,
Inc., alongside its asset management activities. As part of the
transaction, G.research will become part of ACG, thereby largely
reducing potential conflicts of interests between the sell-side and
buy-side businesses.

The rating could see upwards pressure if GAMCO is able to: (1)stem
outflows and sustain quarterly inflows of at least $500 million;
(2) exhibit clearer strides in reducing the firm's key man risk and
improve corporate governance; (3) improve the firm's asset class
diversification, particularly within fixed income; or (4)
significantly reduce leverage associated with the corporate
restructuring. The rating could see downwards pressure if (1) GAMCO
continues to see persistent quarterly net asset outflows exceeding
2.5% of beginning of period AUM; (2) leverage is sustained above
2.7x debt to EBITDA; or (3) profitability decreases below 30%.

AFFECTED RATINGS

GAMCO Investors, Inc.:

  Corporate Family Rating of Ba1 assigned

  $100 million senior notes downgraded to Ba1 from Baa3

  Senior Unsecured Shelf downgraded to (P)Ba1 from (P)Baa3

  Subordinate Shelf downgraded to (P)Ba2 from (P)Ba1

  Junior Subordinate Shelf downgraded to (P)Ba2 from (P)Ba1

  Preferred Shelf downgraded to (P)Ba3 from (P)Ba2

Outlook is stable

GAMCO, through its subsidiaries, manages private advisory accounts,
mutual funds, closed-end funds, partnerships and offshore funds for
both retail and institutional investors. As of 30 September 2015,
GAMCO had $39.6 billion in assets under management.



GAS-MART USA: CBIZ, Mayer Hoffman to Provide Accounting Services
----------------------------------------------------------------
Gas-Mart USA Inc. and its debtor-affiliates are seeking approval
from the U.S. Bankruptcy Court for the Western District of Missouri
to employ CBIZ MHM LLC and Mayer Hoffman McCann P.C. as accounting
services providers.

CBIZ MHM will provide certain audit services while Mayer Hoffman
will provide certain compilation services to the Debtors.

In exchange for CBIZ MHM's and Mayer Hoffman's services, the
Debtors say they agreed to pay CBIZ MHM and Mayer Hoffman pursuant
to the terms of the respective engagement agreements, commencing
the date the retention order is entered, subject to the order
authorizing interim compensation and reimbursement of expenses of
professionals.  No additional fees or expenses are expected, and to
the extent that any additional services extend beyond the scope of
the application, the Debtors will seek further Court approval of
any such services.

The Debtors assure the Court that CBIZ MHM and Mayer Hoffman are
each a "disinterested person," as that term is defined in Section
101(14) of the Bankruptcy Code and as required by Section 327(a) of
the Bankruptcy Code.

                          About Gas-Mart

Gas-Mart USA, Inc., Aving-Rice, LLC, Fran Transport & Oil Company,
and G&G Enterprises, LLC, sought Chapter 11 bankruptcy protection
(Bankr. W.D. Mo. Lead Case No. 15-41915) in Kansas City, Missouri,
on July 2, 2015.

Gas-Mart and Aving-Rice own and operate gasoline
station/conveniences stores ("C-Stores").  With locations in Iowa,
Illinois, Indiana, Nebraska, and Wisconsin, Gas-Mart and Aving Rice
operate 22 and 20 stores, respectively, as of the Petition Date.
G&G owns and leases ATM's to the 42 Gas-Mart and Aving-Rice
locations as well as certain ConocoPhillips locations in the
greater Kansas City Area.  Fran is a fuel hauling business located
in and serving Kansas City.

Judge Arthur B. Federman presides over the Chapter 11 cases.

The Debtors tapped Stinson Leonard Street LLP as attorneys;
Polsinelli PC as special counsel; Brown & Ruprecht, PC as conflicts
counsel; and Frank Wendt as special conflicts counsel.

Gas-Mart estimated $10 million to $50 million in assets and debt.

In July, Daniel Casamatta, acting U.S. trustee, appointed seven
creditors to serve on Gas-Mart's official committee of unsecured
creditors.  The committee is represented by Freeborn & Peters LLP,
in Chicago, Illinois.


GAS-MART USA: Court Approves Levy Craig as Panel's Local Counsel
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Missouri
authorized the Official Committee of Unsecured Creditors for
Gas-Mart USA Inc. and its debtor-affiliates to retain The Levy
Craig Law Firm as its local counsel.

The firm is expected to:

   a) review and comment on motions, applications, pleadings,
      reports, responses, objections, and other papers to ensure
      conformance with local practice and local rules;

   b) attend hearings in this case; and

   c) provide such other services as are customarily provided
      by local counsel to a creditors' committee in cases of
      this kind.

For any Levy Craig attorney providing legal services to the
Committee, the discounted hourly rate is $275. For any Levy Craig
paraprofessional providing services to the Committee, the
discounted hourly rate is $85.

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

The firm can be reached at:

      Michael M. Tamburini, Esq.
      The Levy Craig
      1301 Oak Street, Ste., 500
      Kansas City, MO 64106
      Tel: (816) 474-8181
      Fax: 816/382-6618
      Email: mtamburini@levycraig.com

                 About Gas-Mart

Gas-Mart USA, Inc., Aving-Rice, LLC, Fran Transport & Oil Company,
and G&G Enterprises, LLC, sought Chapter 11 bankruptcy protection
(Bankr. W.D. Mo. Lead Case No. 15-41915) in Kansas City, Missouri,
on July 2, 2015.

Gas-Mart and Aving-Rice own and operate gasoline
station/conveniences stores ("C-Stores").  With locations in Iowa,
Illinois, Indiana, Nebraska, and Wisconsin, Gas-Mart and Aving Rice
operate 22 and 20 stores, respectively, as of the Petition Date.
G&G owns and leases ATM's to the 42 Gas-Mart and Aving-Rice
locations as well as certain ConocoPhillips locations in the
greater Kansas City Area.  Fran is a fuel hauling business located
in and serving Kansas City.

Judge Arthur B. Federman presides over the Chapter 11 cases.

The Debtors tapped Stinson Leonard Street LLP as attorneys;
Polsinelli PC as special counsel; Brown & Ruprecht, PC as conflicts
counsel; and Frank Wendt as special conflicts counsel.

Gas-Mart estimated $10 million to $50 million in assets and debt.

In July, Daniel Casamatta, acting U.S. trustee, appointed seven
creditors to serve on Gas-Mart's official committee of unsecured
creditors.  The committee is represented by Freeborn & Peters LLP,
in Chicago, Illinois.


GENERAC POWER: S&P Affirms 'BB-' Corp. Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its ratings,
including its 'BB-' corporate credit rating, on Generac Power
Systems Inc.  The outlook is stable.  S&P also revised its
assessment of the company's liquidity to exceptional from strong.

S&P's revision of Generac's liquidity profile assessment is based
on the company's robust liquidity sources relative to its uses. The
revision has no effect on the issue-level ratings.

"The stable rating outlook reflects our expectation that the
company will continue to generate positive free cash flow and
maintain exceptional liquidity while maintaining total leverage
below 4x and funds from operations to debt of about 25%,
commensurate with a significant financial risk assessment," said
Standard & Poor's credit analyst Maurice Austin.

S&P could lower the rating if credit measures weakened from current
levels such that leverage was likely to be maintained between 4x
and 5x.  This could occur if Generac pursued additional
debt-financed acquisitions or other debt-financed
shareholder-friendly initiatives such that S&P's estimate for debt
increased in excess of 25% from current levels.

Based on S&P's view of the company's "fair" business risk profile,
as defined in S&P's criteria, and acquisition-driven growth
strategy, it believes an upgrade is unlikely in the next year.
However, S&P could raise the rating if leverage declined and were
sustained below 3x and funds from operations to debt were sustained
above 30%, commensurate with an "intermediate" financial risk
profile.



GENWORTH MORTGAGE: S&P Affirms 'BB+' CCR, Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook to
stable from negative and affirmed its 'BB+' financial strength and
counterparty credit ratings on Genworth Mortgage Insurance Corp.
(GMICO), the U.S. mortgage insurance (MI) subsidiary of Genworth
Financial Inc. (GNW).  At the same time, Standard & Poor's withdrew
its 'BB+' financial strength rating on Genworth Residential
Mortgage Insurance Corp. of North Carolina (GRMIC-NC).  

"We view GMICO's risk profile as improved.  The company's
capitalization continues to strengthen and we expect prospective
capitalization to be sustainable at upper-adequate over the next
year," said Standard & Poor's credit analyst Hardeep Manku.

"As a result of improvement in capitalization, the company recently
announced that it would be compliant with the Private Mortgage
Insurer Eligibility Requirements (PMIERs), which should help
assuage market concerns and support the company's competitive
position.  Although there is increased competition, we view overall
macro factors as supportive of a continued recovery in the mortgage
and housing sector.  We expect GDP to grow, employment to further
improve, increased consumer spending including on house purchases,
and housing starts to pick up," S&P said.

GMICO's total adjusted capital (which excludes affiliated
investments) at year-end 2014 has improved by about $400 million
year-to-date as a result of the divestment of an affiliated
investment for approximately $200 million and earnings accumulation
over the last three quarters.  The improvement in adjusted capital,
new excess of loss reinsurance, and reduction in legacy exposure
have improved GMICO's relative risk-adjusted capitalization since
year-end 2014, which S&P viewed as lower-adequate.  Despite
anticipated strong new business growth and an increase in
persistency, S&P believes that its upper-adequate opinion of
GMICO's capital strength is sustainable.  GMICO's earnings are
expected to remain positive and improve further, and the company's
capitalization is expected to benefit from progressive reduction in
legacy exposure, additional reinsurance coverage, and the
anticipated sale of Genworth's European MI business.

S&P withdrew the ratings on GRMIC-NC because the entity has been
merged into GMICO as part of its legal entity restructuring.

The stable outlook reflects S&P's expectation of a supportive
macro-environment, sustainable capitalization of upper-adequate,
and an adequate competitive position supported by ongoing
compliance with PMIERs, which should enable GMICO to write new
business and achieve operating performance in line with S&P's
expectations.

S&P could lower the ratings over the next 12 months if it views
capitalization to be below upper-adequate.  This could be caused by
an earnings disruption that causes capital build-up to slow or
impair due to deterioration in the economy or increased capital
requirements resulting from higher-than-expected volumes of new
business with an expanded risk profile.

S&P do not anticipate raising its ratings over the next 12 months.
However, S&P could raise the ratings if it views capital growth as
outpacing its expectations or if we revise GMICO's group rating
methodology designation to "core," in which case the ratings would
be equalized with GNW's consolidated group credit profile of
'bbb-'.



GLYECO INC: Incurs $736K Net Loss in Third Quarter
--------------------------------------------------
Glyeco, Inc., filed with the Securities and Exchange Commission its
quarterly report on Form 10-Q disclosing a net loss of $736,000 on
$2.14 million of net sales for the three months ended Sept. 30,
2015, compared to a net loss of $1.79 million on $1.28 million of
net sales for the same period during the prior year.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss of $2.79 million on $5.52 million of net sales compared to
a net loss of $4.10 million on $4.54 million of net sales for the
same period a year ago.

As of Sept. 30, 2015, the Company had $15.1 million in total
assets, $2.37 million in total liabilities and $12.8 million in
total stockholders' equity.

A full-text copy of the Form 10-Q is available for free at:
                          http://is.gd/PVjwzb

                           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.

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.


GREAT LAKES: Moody's Changes Outlook to Stable & Affirms B3 CFR
---------------------------------------------------------------
Moody's Investors Service changed Great Lakes Dredge & Dock
Corporation's outlook to stable from positive due to continued
operating losses within the company's environmental and remediation
("E&R") segment and uncertainty regarding strategic alternatives
currently under consideration for that business.  The outlook
change was also driven by expectations for continued negative free
cash flow generation until 2017.  In related rating actions,
Moody's affirmed Great Lakes' B3 corporate family rating (CFR) and
B3-PD probability of default rating, as well as the Caa1 rating on
the senior unsecured notes due 2019 and the SGL-3 speculative grade
liquidity rating.

Although the acquisition of Magnus Pacific Corporation in November
2014 provided a boost to Great Lakes' E&R segment sales in 2015,
increased payroll expenses, contract losses and fewer than expected
project wins led to higher overhead costs and significant margin
pressure for the E&R segment during the year.  In addition,
disruptions at two of the segment's largest project sites delayed
work, pushing some of the work into 2016.  Management is currently
exploring strategic alternatives for the company to enhance
stockholder value, but has not provided details regarding potential
actions to be taken or the expected timing of any such actions.  As
a result, Moody's expects further losses within Great Lakes' E&R
segment and weak growth in overall profitability over the next 12
months.

The outlook change also reflects our expectation that free cash
flow will remain negative on a trailing 12-month basis until at
least mid-2017, as the company expects to spend $57 million in 2016
to complete its articulated tug-barge ("ATB") hopper dredge. The
ATB is not scheduled to be completed until 4Q16 and will not be
operational until 1Q17, which is the earliest the company expects
to generate positive free cash flow.  Cash flow generation could
also be weakened by lower year-over-year margins resulting from the
completion of two exceptionally high-margin international dredging
projects in the last two years that will be replaced by
lower-margin contracts.

These ratings were affirmed:

  Corporate Family Rating, at B3;

  Probability of Default Rating, at B3-PD;

  $275 million 7.375% Senior Unsecured Notes due 2019,
  at Caa1 (LGD5)

  Speculative Grade Liquidity Rating, at SGL-3

Outlook actions:

  Rating outlook changed to stable from positive

RATINGS RATIONALE

Great Lakes' B3 CFR reflects the highly cyclical and high
fixed-cost nature of the dredging industry, high customer
concentration and dependence on government funding priorities.
Historical earnings variability from quarter to quarter due to the
impact of adverse weather conditions and unexpected project delays
on equipment utilization, changing funding availability and
variation in quarterly backlog levels also underscore the ratings.
Additionally, the company's operations abroad contribute to costs
related to transporting equipment to these destinations,
differences in environmental and regulatory conditions, and greater
working capital needs.  These factors are counterbalanced by Great
Lakes' strong market position in the domestic dredging industry and
high barriers to entry created by the Jones Act and the sizable
amount of capital required to enter the dredging business.  The
company also currently benefits from a historically-high backlog of
$757 million as of Sept. 30, 2015, which enhances revenue
visibility over the near term.

Great Lakes' SGL-3 liquidity rating reflects Moody's expectation
that the company will maintain an adequate liquidity profile over
the intermediate term.  Free cash flow (trailing 12 month basis) is
expected to remain negative over the next 12 to 18 months due to
the higher level of capital expenditures required for the
construction of the company's sizable new ATB hopper dredge.  In
addition, working capital swings related to the seasonal nature of
the business and operating abroad also contribute to variability in
free cash flow generation.  The ratings anticipate continued usage
under the company's $210 million revolving credit facility to fund
working capital swings and could be used to partially fund the
construction of the ATB dredge, although the company expects to
fund the remainder of the ATB project with internally-generated
cash flow.  The company had approximately $100 million of remaining
availability under the revolver at Sept. 30, 2015 after accounting
for about $80 million of letter of credit commitments.  As of the
end of 3Q15, the company's cash balances had fallen to $9 million
due to variability in working capital, but we project stronger cash
balances approaching FYE14 levels by early 2016.  Other than its
revolving credit facility that expires in June 2017, Great Lakes
has no meaningful near-term debt maturities until 2019, when its
$275 million senior unsecured notes mature. The company is expected
to maintain comfortable headroom under covenants over the next 12
months.

The stable outlook is supported by expectations for robust demand
in the dredging market and Great Lakes' strong market position
within the US dredging industry.  Moody's expects the company will
continue to execute on its substantial dredging backlog and
generate new business from current bidding activity, both
domestically and abroad.

The ratings could be raised if the company restores profitability
within its E&R segment, improves its liquidity position including
free cash flow generation and continues to report a healthy
backlog, while maintaining debt/EBITDA below 4.5x, inclusive of ATB
dredge-related financing.

A meaningful deterioration in the company's earnings performance,
liquidity profile or financial metrics such that debt/EBITDA
exceeds 6.0x or EBITA/interest expense is sustained below 1.0x
could pressure ratings.

The principal methodology used in these ratings was Construction
Industry published in November 2014.

Great Lakes Dredge & Dock Corporation, founded in 1890 and
headquartered in Oak Brook, Illinois is the largest provider of
dredging services in the United States with a portion of revenues
generated abroad.  The company also owns a specialty contracting
service provider which primarily offers environmental and
remediation services in the Northeast, Midwestern and Western US.
Revenues for the 12 months ended Sept. 30, 2015, approximated
$880 million.



GREENSHIFT CORP: Needs More Time to File Q3 Form 10-Q
-----------------------------------------------------
GreenShift Corporation notified the Securities and Exchange
Commission that its quarterly report on Form 10-Q for the period
ended Sept. 30, 2015, could not be filed within the required time
because there was a delay in completing the procedures necessary to
close the books for the quarter.

                   About Greenshift Corporation

Headquartered in New York, GreenShift Corporation develops and
commercializes clean technologies designed to integrate into and
leverage established production and distribution infrastructure to
address the financial and environmental needs of its clients by
decreasing raw material needs, facilitating co-product reuse, and
reducing waste and emissions.

Greenshift reported net income of $1.97 million on $12.8 million of
total revenue for the year ended Dec. 31, 2014, compared with a net
loss of $4.43 million on $15.5 million of total revenue for the
year ended Dec. 31, 2013.

As of June 30, 2015, the Company had $5.37 million in total assets,
$43.8 million in total liabilities and a total stockholders'
deficit of $38.4 million.


GT ADVANCED: Has Until Nov. 30 to file Chapter 11 Plan
------------------------------------------------------
BankruptcyData reported that the U.S. Bankruptcy Court approved GT
Advanced Technologies' motion to extend the exclusive period during
which the Company can file a Chapter 11 plan and solicit
acceptances thereof through and including Nov. 30, 2015, and
January 29, 2016, respectively.

As previously reported, "At this time, potential investors in the
new capital that would be needed to confirm a plan are conducting
due diligence and dialoguing with the Debtors regarding the
assumptions that are built into the revised business plan.
Negotiations regarding new capital are still ongoing and the
Debtors have explored numerous avenues to obtain that capital.  It
has only been a little over a month since the Debtors shared their
revised business plan, and potential providers of new capital need
time to complete due diligence, review financial and claims data,
and generally test the assumptions on which the revised business
plan was built.  They cannot commit to fund new capital until they
have completed that process....GTAT has no interest in prolonging
the plan formulation process beyond what is necessary.  It may
become clear in the weeks ahead that it will not be possible for
GTAT to raise the additional capital it needs to emerge from
chapter 11, and that it needs to conduct a section 363 sale
process, but GTAT is not at that point yet."

                  About GT Advanced Technologies

Headquartered in Merrimack, New Hampshire, GT Advanced Technologies
Inc. -- http://www.gtat.com/-- produces materials and equipment
for the electronics industry.  On Nov. 4, 2013, GTAT announced a
multi-year supply deal with Apple Inc. to produce sapphire glass
material for use in consumer electronics products.

Under the deal, Apple would provide GTAT with a prepayment of
approximately $578 million paid in four installments and, starting
in 2015, GTAT would reimburse Apple for the prepayment over a
five-year period.

GT is a publicly held corporation whose stock was traded on NASDAQ
under the ticker symbol "GTAT."  GTAT was de-listed from the NASDAQ
stock exchange in October 2014.

As of June 28, 2014, the GTAT Group's unaudited and consolidated
financial statements reflected assets totaling $1.5 billion and
liabilities totaling $1.3 billion.  As of Sept. 29, 2014, GTAT had
$85 million in cash, $84 million of which is unencumbered.

On Oct. 6, 2014, GT Advanced Technologies and eight affiliates
filed voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. D.N.H. Lead Case No. 4-11916).  GT
says that it has sought bankruptcy protection due to a severe
liquidity crisis brought about by its issues with Apple.

The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP as
attorneys and Kurtzman Carson Consultants LLC as claims and
noticing agent.

The U.S. Trustee has named seven members to the Official Committee
of Unsecured Creditors.  The Committee' professionals are Kelley
Drye as its bankruptcy counsel; Devine, Millimet & Branch,
Professional Association as local counsel; EisnerAmper LLP as
financial advisors; and Houlihan Lokey Capital, Inc. as investment
banker.

GTAT has reached a settlement with Apple.  The settlement gives
Apple an approved claim for $439 million secured by more than 2,000
sapphire furnaces that GT Advanced owns and has four years to sell,
with proceeds going to Apple.  In addition, Apple gets
royalty-free, non-exclusive licenses for GTAT's technology.

The bankruptcy case is assigned to Judge Henry J. Boroff.


HARI AUM LLC: Case Summary & 7 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Hari Aum LLC
           dba Deluxe Motel
        1662 Gause Blvd.
        Slidell, LA 70458

Case No.: 15-13093

Chapter 11 Petition Date: November 25, 2015

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

Judge: Hon. Jerry A. Brown

Debtor's Counsel: Robin R. DeLeo, Esq.
                  THE DE LEO LAW FIRM, LLC
                  800 Ramon St
                  Mandeville, LA 70448
                  Tel: (985) 727-1664
                  Fax: (985) 727-4388
                  Email: jennifer@northshoreattorney.com

Total Assets: $1.84 million

Total Liabilities: $2.89 million

The petition was signed by Sureth A. Bhula, managing member.

A list of the Debtor's seven largest unsecured creditors is
available for free at http://bankrupt.com/misc/laeb15-13093.pdf


HUTCHESON MEDICAL: Ch.11 Trustee May Tap HMED as Special Counsel
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia
authorized Ronald Glass, Chapter 11 trustee for Hutcheson Medical
Center Inc. and its debtor-affiliates, to continue to employ
Hunter, Maclean, Exley & Dunn P.C. as his special counsel.

The Court authorized the continued employment of the firm as
special counsel to the Trustee under 11 U.S.C. Section 327(e) under
the same terms and conditions as its employment by the Debtors,
except that the scope of the services to be rendered by the firm to
the Trustee would be limited to these matters: healthcare law;
corporate matters; tax matters; local, state and federal government
regulatory issues; and any other discrete matters as requested by
the Trustee; provided, however, that the firm shall not represent
the Trustee in conducting the Chapter 11 case.  

Because of the urgent nature of matters occurring in this case,
including, without limitation, the decision to close the hospital
facility which required prompt action, the Trustee has needed to
turn to the firm for immediate advice on healthcare and regulatory
law matters; therefore, the Trustee asks that the firm's employment
as special counsel be approved effective as of Sept. 21, 2015, the
date of the Trustee's appointment.

As reported by the Troubled Company Reporter on Jan. 20, 2015, the
Debtors said Hunter Maclean's services, as requested by the
Debtors, will not include conducting the Chapter 11 case or
otherwise duplicate the work of the Debtors' general bankruptcy
counsel.  Hunter Maclean will be paid at these hourly rates:

       Attorneys              $195-$475
       Legal Assistants       $75-$185

The Chapter 11 trustee assured the Court that the firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.

                  About Hutcheson Medical Center

Hutcheson Medical Center, Inc., operates the 179-bed hospital and
related ancillary facilities, including, without limitation, a
skilled nursing home and an ambulatory surgery center, located in
Ft. Oglethorpe, Georgia, known as Hutcheson Medical Center.  HMC
leases the land and buildings that comprise the Medical Center from
The Hospital Authority of Walker, Dade and Catoosa Counties.

HMC and Hutcheson Medical Division, Inc., sought Chapter 11
bankruptcy protection (Bankr. N.D. Ga. Case No. 14-42863 and
14-42864) in Rome, Georgia, on Nov. 20, 2014.  The cases are
jointly administered under Case No. 14-42863.

The cases have been assigned to the Honorable Paul W. Bonapfel.
The Debtors are represented by Ashley Reynolds Ray, Esq., and J.
Robert Williamson, Esq., at Scroggins and Williamson, in Atlanta,
Georgia.

HMC disclosed $32.8 million in assets and $52.9 million in
liabilities as of the Chapter 11 filing.


HUTCHESON MEDICAL: Trustee Retains Guggenheim as Investment Banker
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia
authorized Ronald Glass, Chapter 11 trustee for Hutcheson Medical
Center Inc. and its debtor-affiliates, to continue to employ
Guggenheim Securities LLC as his investment banker.

As reported in the Troubled Company Reporter on June 9, 2015,
Guggenheim is expected to, among other things:

   a) assist the Debtors and participate in negotiations with
      any entities or groups involved in or affected by any
      transaction;

   b) advice and assist the Company in connection with
      identifying any acquirors with respect to any transaction
      and, at the  Company's request, soliciting such acquirors;

   c) assist the Debtors in developing and preparing offering
      materials to be used in soliciting acquirors with respect
      to any transaction; and

   d) assist the Debtors and participate in negotiations with
      acquirors.

James D. Decker, senior managing director at Guggenheim, told the
Court that the firm's fee and expense structure consists of:

   (a) Cash Fee: A non-refundable cash fee in the amount of
$150,000 upon execution of the engagement letter (the retainer),
and beginning in the seventh month of Guggenheim's engagement by
the Debtors and continuing thereafter during the term of the
engagement letter, a non-refundable cash fee of $50,000 per month
(each, the monthly fee).
  
   (b) Transaction fee(s): If at any time during the term of
Guggenheim's engagement or within the 18 full months following the
expiration or termination of this engagement, (A) any transaction
is consummated or (B) (I) an agreement in principle, definitive
agreement or plan to effect a transaction is entered into and (II)
concurrently therewith or at any time  thereafter (including
following the expiration of the fee period), any transaction is
consummated, Guggenheim will be paid in an amount equal to (x)
$750,000 plus (y) 4.0% of the aggregate value in excess of
$30,000,000.  Any such transaction fee will be payable promptly
upon the consummation of any transaction multiple transaction fee.


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

                  About Hutcheson Medical Center

Hutcheson Medical Center, Inc., operates the 179-bed hospital and
related ancillary facilities, including, without limitation, a
skilled nursing home and an ambulatory surgery center, located in
Ft. Oglethorpe, Georgia, known as Hutcheson Medical Center.  HMC
leases the land and buildings that comprise the Medical Center from
The Hospital Authority of Walker, Dade and Catoosa Counties.

HMC and Hutcheson Medical Division, Inc., sought Chapter 11
bankruptcy protection (Bankr. N.D. Ga. Case No. 14-42863 and
14-42864) in Rome, Georgia, on Nov. 20, 2014.  The cases are
jointly administered under Case No. 14-42863.

The cases have been assigned to the Honorable Paul W. Bonapfel.

The Debtors are represented by Ashley Reynolds Ray, Esq., and J.
Robert Williamson, Esq., at Scroggins and Williamson, in Atlanta,
Georgia.

HMC disclosed $32.8 million in assets and $52.9 million in
liabilities as of the Chapter 11 filing.

Ronald Glass has been appointed Chapter 11 trustee for the Debtors.


IMAGEWARE SYSTEMS: Incurs $2.16 Million Net Loss in 3rd Quarter
---------------------------------------------------------------
Imageware Systems, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
available to common shareholders of $2.16 million on $1.18 million
of revenues for the three months ended Sept. 30, 2015, compared to
a net loss available to common shareholders of $2.24 million on
$919,000 of revenues for the same period a year ago.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss available to common shareholders of $6.76 million on $3.86
million of revenues compared to a net loss available to common
shareholders of $6.03 million on $2.91 million of revenues for the
same period during the prior year.

As of Sept. 30, 2015, the Company had $10.32 million in total
assets, $4.43 million in total liabilities and $5.89 million in
total shareholders' equity.

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

                     http://is.gd/C3UnGO

                   About ImageWare Systems

Headquartered in San Diego, California, ImageWare Systems, Inc.,
is a leader in the emerging market for software-based identity
management solutions, providing biometric, secure credential, law
enforcement and enterprise authorization.  Its "flagship" product
is the IWS Biometric Engine.  Scalable for small city business or
worldwide deployment, the Company's biometric engine is a multi-
biometric platform that is hardware and algorithm independent,
enabling the enrollment and management of unlimited population
sizes.  The Company's identification products are used to manage
and issue secure credentials, including national IDs, passports,
driver licenses, smart cards and access control credentials.  Its
law enforcement products provide law enforcement with integrated
mug shot, fingerprint LiveScan and investigative capabilities.
The Company also provides comprehensive authentication security
software.

Imageware Systems incurred a net loss of $9.84 million in 2013, a
net loss of $10.2 million in 2012 and a net loss of $3.18 million
in 2011.


INDEPENDENCE TAX II: Incurs $166K Net Loss in Third Quarter
-----------------------------------------------------------
Independence Tax Credit Plus L.P. II filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $166,000 on $217,000 of total revenue for the three
months ended Sept. 30, 2015, compared to a net loss of $128,000 on
$223,000 of total revenues for the same period during the prior
year.

For the six months ended Sept. 30, 2015, the Company reported a net
loss of $247,000 on $438,000 of total revenues compared to a net
loss of $247,000 on $437,000 of total revenues for the same period
a year ago.

As of Sept. 30, 2015, the Company had $2.52 million in total
assets, $17.04 million in total liabilities and a total partners'
deficit of $14.5 million.

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

                      http://is.gd/jMAfQC

            About Independence Tax Credit Plus L.P. II

Based in New York, Independence Tax Credit Plus L.P. II was
organized on Feb. 11, 1992, and commenced its public offering on
Jan. 19, 1993.  The general partner of the Partnership is Related
Independence Associates L.P., a Delaware limited partnership.  The
general partner of Related Independence Associates L.P. is Related
Independence Associates Inc., a Delaware Corporation.  The
ultimate parent of Related Independence Associates L.P. is
Centerline Holding Company.

The Partnership's business is primarily to invest in other
partnerships owning leveraged apartment complexes that are
eligible for the low-income housing tax credit enacted in the Tax
Reform Act of 1986, some of which may also be eligible for the
historic rehabilitation tax credit.

The Partnership is in the process of developing a plan to dispose
of all of its investments.

Independence Tax II reported a net loss of $493,000 on $868,000 of
total revenues for the year ended March 31, 2015, compared with a
net loss of $568,000 on $849,000 of total revenues for the year
ended March 31, 2014.


INTERNATIONAL TECHNICAL: Gets Interim Order to Use Cash Collateral
------------------------------------------------------------------
The United States Bankruptcy Court for the District of Arizona
signed off a stipulated interim order authorizing International
Technical Coatings, Inc.'s use of cash collateral to pay its
operating expenses and for no other purpose without the prior
written consent of  Bank of America.  Bank of America, N.A. asserts
a lien in substantially all of the Debtor's real and personal
property assets as of the Petition Date, including all "cash
collateral" as defined in Section 363(a) of the Bankruptcy Code.

The Court found that the Debtor is in immediate need of funds to
operate and maintain its business operations, which requires the
use of cash collateral.

The Interim Order prohibits the Debtor from making any payments,
directly or indirectly, to or for the benefit of John Caldwell (the
Debtor's purported sole shareholder), his family members, or any
affiliates of Mr. Caldwell, including but not limited to PAC
Holdings, LLC.  In addition, the Debtor is not allowed to make any
payments for car allowances even if set forth in the Budget.

Bank of America is granted, a replacement lien on assets acquired
by the Debtor after the Petition Date of the same type as the
assets on which Bank of America held a lien on the Petition Date.
Bank of America's Replacement Liens will secure Bank of America to
the extent necessary to adequately protect Bank of America from any
diminution in value of its interests in property of the Debtor's
estate as a result of the entry of the Interim Order and the use of
cash collateral, and will have the same validity, priority, and
enforceability as Bank of America's lien on the Debtor's assets on
the Petition Date.

In addition to the Replacement Liens, commencing the week of
Nov. 23, 2015, the Court directed the Debtor to make weekly
payments to Bank of America in the amount of $20,000.
  
The Court will conduct a final hearing on the Motion on Dec. 18,
2015, at 1:30 p.m.  

                    Response and Limited Objection

Prior to the entry of the Stipulated Interim Order, the United
States Trustee for the District of Arizona, Region 14, said the
order should cover only a period necessary for the immediate
operations of the Debtor and protect the Bank through this
emergency period until the Cash Collateral Motion can be heard in
its final form.  

In reviewing the Budget, the UST believes that there should be some
clarification given as to immediate necessity to the line items for
"Travel" $5,866, "Entertainment" $1,358 and "Car Allowance" $7,306.
Although these are not the largest of the Debtor's expenditures,
the UST said there has been very little financial information
shared with the parties to date and given the current posture of
this case, bears further clarification.

Bank of America filed a preliminary objection and reservation of
rights with respect to the Motion for interim and final use of Cash
Collateral.

According to the Bank, the Debtor has failed to meet its burden of
proof that the Bank's interest in the cash collateral is
adequately protected.  While the Bank anticipated that it will be
able to arrive at an agreement with the Debtor, the Bank said there
are certain troubling elements about the bankruptcy case that
present a risk to the Bank's interest in cash collateral that
cannot be adequately protected.

Bank of America maintained it is unwilling to consent to the
post-petition use of cash collateral to pay pre-petition wages
absent a Court order.  The Bank objected to any use of cash
collateral to pay Mr. Caldwell because, among other things, the
Bank has no evidence that Mr. Caldwell performs services of any
value for the Debtor.

Moreover, the Bank does not consent to the use of its cash
collateral to the extent it is used to fund a failing, non-debtor
entity that is outside the jurisdiction of the Bankruptcy Court.
Similarly, the Bank does not consent to the use of its cash
collateral to pay any other insiders, including the purported lease
between the Debtor and PAC.

The Bank also questioned the retainer paid to proposed counsel for
the Debtor by Mr. Caldwell.  The Bank asserted the payment of
attorneys' fees by an insider raises serious conflict of interest
issues, and requires that "the professional demonstrate the absence
of facts that would otherwise render the professional not
disinterested, in actual conflict, or facing an impermissible
potential for a conflict."

Bank of America is represented by:

             Robert J. Miller, Esq.
             Kyle S. Hirsch, Esq.
             Amanda L. Cartwright, Esq.
             BRYAN CAVE LLP
             Two North Central Avenue, Suite 2200
             Phoenix, Arizona 85004-4406

             Emails: rjmiller@bryancave.com
                     kyle.hirsch@bryancave.com
                     amanda.cartwright@bryancave.com

                    About International Technical

Phoenix, Arizona-based steel wire manufacturer International
Technical Coatings, Inc. filed Chapter 11 bankruptcy petition
(Bank. D. Ariz. Case No. 15-14709) on Nov. 18, 2015.  John Caldwell
signed the petition as chairman.  The Debtor estimated assets in
the range of $50 million to $100 million and liabilities of more
than $10 million.  Osborn Maledon, P.A. represents the Debtor as
counsel.  Judge Madeleine C. Wanslee has been assigned the case.

ITC has facilities located in Phoenix, Arizona and Columbus, Ohio.


INVENTIV HEALTH: Incurs $6.68 Million Net Loss in Third Quarter
---------------------------------------------------------------
Inventiv Health, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
attributable to the Company of $6.68 million on $609 million of
total revenues for the three months ended Sept. 30, 2015, compared
to a net loss attributable to the Company of $48.2 million on $525
million of total revenues for the same period in 2014.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss attributable to the Company of $82.0 million on $1.70
billion of total revenues compared to a net loss attributable to
the Company of $150 million on $1.51 billion of total revenues for
the same period a year ago.

As of Sept. 30, 2015, the Company had $2.20 billion in total
assets, $2.90 billion in total liabilities and a total
stockholders' deficit of $699 million.

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

                      http://is.gd/UuC0ye

inVentiv Health discussed the Company's financial results for the
third quarter of 2015 during a conference call on Nov. 16, 2015.
A copy of the presentation used at the Conference Call is available
for free at http://is.gd/RSJSso

                     About inVentiv Health

inVentiv Health, Inc., is privately owned by inVentiv Group
Holdings, Inc., an organization sponsored by affiliates of Thomas
H. Lee Partners, L.P., Liberty Lane Partners and members of the
inVentiv Health management team.

inVentiv Health is a top-tier professional services organization
that accelerates the clinical and commercial success of
biopharmaceutical companies worldwide.  The Company's combined
Clinical Research Organization and Contract Commercial Organization
helps clients improve their performance to deliver much-needed
therapies to market.  With 13,000 employees providing services to
clients in 70 countries, inVentiv Health designs best practices,
processes and systems to enable clients to successfully navigate an
increasingly complex environment.
- See more at:
http://www.inventivhealth.com/our-company/investors#sthash.Oi040G6G.dpuf


                           *    *    *

As reported by the TCR on May 22, 2015, Moody's Investors Service
affirmed the Caa1 Corporate Family Rating and Caa1-PD Probability
of Default Rating of inVentiv Health, Inc. as well as all of the
instrument ratings.  The Caa1 rating reflects inVentiv's very high
leverage, history of negative free cash flow and significant
interest burden which will make a default event likely if the
company does not significantly improve its EBITDA performance well
ahead of 2018, when all of the company's debt matures.

The TCR reported on Dec. 12, 2012, that Standard & Poor's Ratings
Services affirmed its 'B-' corporate credit rating on Burlington,
Mass.-based contract research organization (CRO) inVentiv Health
Inc.


IRVINGTON, NJ: Moody's Affirms Ba1 Rating, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has affirmed the Township of Irvington,
NJ's Ba1 underlying rating and A3 Municipal Qualified Bond Act
(MQBA) enhanced rating.  The outlook on the underlying rating was
revised to stable from negative.  The outlook on the MQBA enhanced
debt remains negative.  The rating actions affect $88.4 million of
GO debt and $50.4 million of MQBA-enhanced debt.

SUMMARY RATING RATIONALE

The Ba1 rating reflects the township's narrow financial position,
reliance on cash flow borrowing, declining tax base, below-average
wealth levels, above-average debt burden, and weaker internal
controls demonstrated by historically poor tax collections and a
track record of late adoption of budgets and late performance of
audits.

The A3 enhanced rating reflects the additional security provided by
the state's Municipal Qualified Bond Act (MQBA) pre-default state
intercept program.  The A3 rating is one notch below the State of
New Jersey (A2 negative), reflecting adequate 1.46 times debt
service coverage of provided by qualified state aid revenues.

OUTLOOK

The revision of the outlook to stable from negative reflects the
modest improvements in Current Fund balance and cash reserves, net
of tax anticipation notes.  The outlook reflects our expectation
that the township's financial position will remain weak, but mostly
stable, despite a drop off in a state restriction limiting the
township's ability to utilize fund balance in its annual budget.

The outlook for the enhancement program is negative reflecting the
state's negative outlook.

WHAT COULD MAKE THE RATING GO UP

  Sustained improvement in Current Fund balance and net cash
   reserves

  Stabilization of the tax base and population

  Improved wealth levels

WHAT COULD MAKE THE RATING GO DOWN

  Material declines in Current Fund balance and net cash reserves

  Deterioration of the tax base and/or socioeconomic profile

  Increased reliance on cash flow borrowing

  Materially increased debt burden

OBLIGOR PROFILE

Irvington is a suburb of Newark (Baa3, negative) located in Essex
County (Aa2 stable) about 16 miles from New York City (Aa2
stable).

LEGAL SECURITY

The township's bonds are secured by its general obligation
unlimited tax pledge.

USE OF PROCEEDS
N/A

PRINCIPAL METHODOLOGY

The principal methodology used in the underlying rating was US
Local Government General Obligation Debt published in January 2014.
The principal methodology used in the enhanced rating was State
Aid Intercept Programs and Financings: Pre and Post Default
published in July 2013.



JACOBS ENTERTAINMENT: Moody's Hikes Corporate Family Rating to B2
-----------------------------------------------------------------
Moody's Investors Service upgraded Jacobs Entertainment, Inc.'s
Corporate Family Rating to B2 from B3 and its Probability of
Default Rating to B2-PD from B3-PD. At the same time, Moody's
upgraded the company's senior secured first lien bank facility to
B1 from B2 and its senior secured term loan rating to Caa1 from
Caa2. The rating outlook is stable.

The upgrade reflects Jacobs' improved operating performance for the
first nine months of 2015 versus the prior year -- EBITDA increased
about 14% over this time period driven by earnings growth at its
Louisiana truck stops and its Lodge Casino in Black Hawk, Colorado,
which made up a majority of the company's earnings over the first
nine months of 2015. The improvement came primarily from reduced
costs and more efficient marketing, which improved the company's
operating leverage as gaming revenue has stabilized in 2015. This
improvement in earnings -- along with a $16 million decrease in
outstandings under the company's revolver -- helped leverage
improve a full turn, to 5.8 times for the last 12 month period
ended September 30, 2015 from 6.8 times at fiscal year-end December
31, 2014.

Ratings upgraded:

Corporate Family Rating to B2 from B3

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

$50 million senior secured first lien revolver due
October 2017 to B1 (LGD3) from B2 (LGD3)

$211 million (outstanding) senior secured first lien
term loan due October 2018 to B1 (LGD3) from B2 (LGD3)

$80 million senior secured second lien term loan due
October 2019 to Caa1 (LGD5) from Caa2 (LGD5)

Ratings Withdrawn:

Speculative Grade Liquidity Rating SGL-3

RATINGS RATIONALE

Jacobs' B2 Corporate Family Rating reflects its small scale in
terms of revenue and EBITDA and its geographic earnings
concentration -- The Lodge Casino and its truck stops in Louisiana
account for more than 90% of the company's revenue and earnings.
Despite good recent gaming revenue growth in Colorado and
relatively stable earnings in Louisiana, this high concentration
makes Jacobs vulnerable to regional economic swings, market
conditions, promotional activity, and earnings compression. The
rating also reflects the company's low overall operating margins
compared to other gaming operators due to its mix of low margin
non-gaming revenues such as fuel and convenience store sales at
truck stops. Positive rating factors include the company's
established market positions in its primary markets and its good
liquidity profile.

Jacobs' liquidity profile is considered good. Moody's expects the
company will generate positive free cash flow after required debt
service and capex requirements over the next 12 to 18 months and
will maintain cash balances above $15 million (including cage
cash). The company has access to a $50 million revolver that
expires in October 2017. At September 30, 2015, the company had
about $43 million of availability. We expect the company will
maintain adequate cushion under its leverage and coverage financial
maintenance covenants.

The stable rating outlook reflects Moody's expectation that Jacobs
will continue to generate positive free cash flow over the next 12
to 18 months, with a portion of the free cash flow going to reduce
debt above and beyond mandatory amortization.

Jacobs' ratings could be downgraded if leverage were to exceed 6.0
and/or EBIT/interest is well below 1.5 times over the next 12 to 18
months. Weakening of the company's liquidity position could also
pressure the ratings. A ratings upgrade would require debt/EBITDA
approaching 4.5 times and EBIT/interest maintained above 2.5
times.

Jacobs Entertainment Inc. is the owner and operator of gaming
facilities located in Colorado, Nevada, Louisiana and Virginia. The
company owns five land-based casinos: The Lodge Casino at Black
Hawk and the Gilpin Hotel Casino, both in Black Hawk, CO; the Gold
Dust West Casino in Reno, NV; the Gold Dust West-Carson City in
Carson City, NV and the Gold Dust West-Elko in Elko, NV. Jacobs
also operates 22 truck stop facilities -- and share the revenues of
an additional truck stop -- in Louisiana. Additionally, the company
owns Colonial Downs, a racetrack in New Kent, Virginia. Annual net
revenues approximate $345 million. Jacobs is a wholly-owned
subsidiary of Jacobs Investments, Inc. Jeffrey P. Jacobs, the Chief
Executive Officer and his family trusts own 100% of JII's
outstanding Class A and Class B shares.



JAMES RIVER: Ronald Page Files Rule 2019 Statement
--------------------------------------------------
Ronald Page PLC disclosed in a court filing that it represents
these companies in the Chapter 11 cases of James River Coal Co. and
its affiliates:

     (1) AAA Mine Services Inc.
         18 Mountain View Drive
         Hazard, KY 41701

     (2) B&M Machine Shop Inc.
         PO Box 571
         Harrogate, TN 37752

     (3) Myrna Lois Brock
         1672 Highway 421
         Bledsoe, KY 40810

     (4) Crisp Manufacturing Co. Inc.
         P.O. Box 396
         Rural Retreat, VA 24368

     (5) Dean Hall Trucking
         c/o Noah R. Friend Law Firm, PLLC
         P.O. Box 610
         Pikeville, KY 41502

     (6) Gerald Fields Trucking Company Inc.
         c/o Noah R. Friend Law Firm, PLLC
         P.O. Box 610
         Pikeville, KY  41502

     (7) Jones Mine Repair LLC
         PO Box 824
         Hyden, KY 41749

     (8) King Transport Inc.
         c/o Noah R. Friend Law Firm, PLLC
         P.O. Box 610
         Pikeville, KY 41502

     (9) Landscaping by Brandon Centers LLC
         c/o Noah R. Friend Law Firm, PLLC
         P.O. Box 610
         Pikeville, KY 41502

    (10) L. H. Burns & Associates LLC
         717 Kentucky Blvd.
         Hazard, KY 41701

    (11) Noble & Son Trucking Inc.
         c/o Noah R. Friend Law Firm, PLLC
         P.O. Box 610
         Pikeville, KY 41502

    (12) Slate Movers LLC
         717 Kentucky Blvd.
         Hazard, KY 41701

    (13) T & J Trucking Company
         106 Patrick St.
         Lewisburg, WV 24901

    (14) Virgil Mullins Trucking Inc.
         c/o Noah R. Friend Law Firm, PLLC
         P.O. Box 610
         Pikeville, KY 41502

    (15) Warex LLC
         P.O. Box 1065
         Evansville, IN 47706

Each of the companies may hold claims "arising out of applicable
agreements, law or equity pursuant to their respective
relationships" with James River, according to the filing.

Ronald Page made the disclosure pursuant to Rule 2019 of the
Federal Rules of Bankruptcy Procedure.

The firm can be reached at:

     Ronald Page PLC
     Ronald A. Page, Jr.
     P.O. Box 73524
     Richmond, Virginia 23235
     Phone: (804) 562-8704
     Fax: (804) 482-2427
     Email: rpage@rpagelaw.com
     Web Site: www.rpagelaw.com

                      About James River Coal

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

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

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

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

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

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


KONECRANES TEREX: S&P Assigns 'BB' CCR & Rates $900MM Loan 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' corporate
credit rating to Konecranes Terex Plc.  The outlook is stable.

At the same time, S&P assigned its 'BB+' issue-level rating and '2'
recovery rating to Konecranes Terex's proposed $700 million senior
secured revolving credit facility, and its $900 million senior
secured term loan.  The '2' recovery rating indicates S&P's
expectation of significant recovery (70%-90%; higher half of the
range) in the event of a payment default.  Proceeds from the senior
secured term loan will refinance existing debt and pay for
transaction-related fees.

S&P will maintain its existing 'BB' issue level and '4' recovery
ratings on Terex Corp.'s existing senior unsecured notes until the
merger and proposed financing close.  The '4' recovery rating
indicates S&P's expectation of average recovery (30%-50%; higher
half of the range).  The senior unsecured notes will remain on
CreditWatch negative as S&P expects to lower the rating on this
debt to 'BB-' and revise the recovery rating to '5' following the
merger.  The '5' recovery rating indicates S&P's expectation of
modest recovery (10%-30%; lower half of the range) in the event of
a payment default.

Konecranes Terex will operate in the highly cyclical and highly
competitive lifting and material handling/services industry.  With
pro forma revenues of approximately $9 billion as of Sept. 30,
2015, Konecranes Terex will be the largest company in its industry
and feature a strong business mix of equipment sales (76%) and
services (24%).  Customer concentrations are minimal at both
originating companies on a stand-alone basis: Terex's top 10
customers account for less than 20% of revenues and Konecranes'
large servicing solutions portfolio is compatible with many of the
equipment manufacturers in the industry.  Modest supplier
concentrations exist; however, the combined entity is likely to
benefit from increased buying power due to increased scope
post-merger.

"We anticipate that the company's improved market position, notably
in its industrial lifting and port solutions segment, presents a
significant opportunity for service revenue growth," said Standard
& Poor's credit analyst Jaissy Lorenzo.  "Although precise
estimates of market size are difficult to attain, we estimate the
combined company will control between 25% and 28% of the global
port solutions business."

The outlook is stable.  Standard & Poor's expects Konecranes Terex
to maintain debt/EBITDA levels between 3x-4x over the projected
period as strong cash flow generation is likely to offset buybacks
and dividends.  It is likely that the industry will continue to
face headwinds, most notably in the aerial work platform and
material processing segments; however, S&P do not expect downward
pressures to be as severe as observed in fiscal 2015.



LINN ENERGY: Moody's Raises Probability of Default Rating to Caa2
-----------------------------------------------------------------
Moody's Investors Service upgraded Linn Energy, LLC's (LINE)
Probability of Default Rating (PDR) to Caa2-PD/LD from Caa3-PD.  At
the same time, Moody's affirmed LINE's Corporate Family Rating
(CFR) at Caa1, its second lien secured notes rating at Caa1, its
unsecured notes rating at Caa3, and its Speculative Grade Liquidity
Rating at SGL-3.  Moody's also affirmed Berry Petroleum Company's
unsecured notes rating at Caa2.  The outlooks at LINE and Berry
remain negative.

The appending of the PDR with an "/LD" designation indicates
limited default, reflecting the closing of the company's exchange
of $2 billion of its unsecured notes for $1 billion of second lien
debt.  Moody's views the debt exchange as a distressed exchange,
which is a default under Moody's definition of default.  Moody's
will remove the "/LD" designation after three business days.  The
upgrade of the PDR reflects the closing of the debt exchange, but
continues to be one-notch lower than the CFR because of elevated
distressed exchange risk going forward.

Issuer: Linn Energy, LLC

  Probability of Default Rating (PDR), upgraded to Caa2-PD/LD from

   Caa3-PD
  Corporate Family Rating (CFR), affirmed at Caa1
  Second Lien Secured notes, affirmed at Caa1 (LGD 4)
  Senior Unsecured Notes, affirmed at Caa3 (LGD 5)
  Speculative Grade Liquidity Rating (SGL), affirmed at SGL-3
  Outlook negative

Issuer: Berry Petroleum Company

  Senior Unsecured Notes, affirmed at Caa2 (LGD 5)
  Outlook negative

RATINGS RATIONALE

LINE's Caa1 CFR reflects its high financial leverage profile and
weak asset coverage of debt, with debt per average daily production
and per proved developed reserves indicative of the Ca and B rating
categories, respectively.  The Caa1 rating also reflects
constrained financial flexibility due to the company's high cost of
capital and an external liquidity profile that is declining.

LINE's Caa1 CFR is supported by the company's large reserve base
and production scale across a diverse set of basins.  The company's
size and scale in terms of reserves, production and basin
diversification is similar to Baa-rated E&P peers.  In addition,
the rating is supported by a profile of free cash flow generation
and management's focus on debt reduction, reflecting the suspension
of its distributions, the benefit of a strong hedge position
through 2016, and manageable capital spending required in order to
offset a base 15% decline rate and keep production flat.

The SGL-3 Speculative Grade Liquidity Rating reflects LINE's
adequate liquidity profile through 2016.  Supporting LINE's
liquidity profile is an expectation of free cash flow through 2016,
with a high level of hedged production and management focus on debt
reduction.  However, LINE's alternative liquidity is declining,
with additional borrowing base reductions expected on its revolving
credit facilities in the Spring 2016 borrowing base redetermination
and the need for debt reduction in order to have sufficient
available liquidity.  Moody's notes that with recent covenant
compliance relief, EBITDA/Interest covenant compliance cushion has
improved and should be adequate through 2016.

The outlook is negative, reflecting the challenges the company
faces in reaching sufficiently lower leverage levels prior to its
hedge positions rolling off into lower commodity prices.

The ratings could be downgraded if LINE is not successful in
maintaining adequate liquidity and reducing debt levels
sufficiently in order to improve asset coverage of debt.

The ratings could be upgraded if LINE is able to meaningfully
reduce debt balances such that asset coverage of debt (excluding
its hedges) improves above 1.0x.

The principal methodology used in these ratings was Global
Independent Exploration and Production Industry published in
December 2011.

Linn Energy, LLC is an exploration and production company based in
Houston, Texas.



LONESTAR GEOPHYSICAL: To Seek Plan Confirmation on Dec. 22
----------------------------------------------------------
Oklahoma Judge Sarah A. Hall entered an order approving the
disclosure statement, as amended Nov. 10, 2015, explaining LoneStar
Geophysical Surveys, LLC's proposed Chapter 11 Plan.  The judge
ordered that:

   -- Dec. 15, 2015 is fixed as the last day for filing
      written acceptances or rejections of the Plan.

   -- Dec. 15, 2015 is fixed as the last day for filing and
      serving pursuant to Fed. R. Bankr. P. 3020(b)(1) written
      objections to confirmation of the Plan.

   -- Dec. 22, 2015 at 9:30 a.m. is fixed for the hearing on
      confirmation of the plan.  The hearing will be held in the
      courtroom of the Honorable Sarah A. Hall, United States
      Bankruptcy Judge, 215 Dean A. McGee, 9th Floor, Oklahoma
      City, Oklahoma.

                      The Reorganization Plan

As reported in the Oct. 7, 2015 edition of the TCR, LoneStar
Geophysical Surveys' reorganization plan proposes to pay all claims
in full with interest through monthly payments to creditors until
the claims are paid in full in at least one year.

According to the Disclosure Statement, the secured claim of
Frontier State Bank will be paid in full with interest at the
Market Rate in 120 equal monthly installments.  The claimant will
retain its security interests.

Unsecured non-insider claims will be paid in full with interest at
the Market Rate in 180 equal monthly installments.  Unsecured
insider claims will be paid in full with interest at the Market
Rate in 180 equal monthly installments commencing on or before the
last day of the first month following the month in which the
Effective Date occurs.

Equity interests will be cancelled.  All member interests in the
reorganized Debtor will then be owned by Heath Harris.  Under the
Plan, the current board of managers would be eliminated and Heath
Harris, the founder and president, would act as manager.

The Debtor filed a Disclosure Statement on Sept. 29, 2015, and then
filed an Amended Disclosure Statement on Nov. 10, 2015.
A copy of the latest iteration of the Disclosure Statement is
available for free at:

       http://bankrupt.com/misc/LoneStar_G_139_Am_DS.pdf

According to the Amended Disclosure Statement, LoneStar believes
its primary asset, the equipment, and its personal property are
currently worth $13,556,712.  LoneStar believes that if its
equipment is marketed for an adequate time, and the property
continues to be properly operated in the meantime, LoneStar's
assets would generate at least $14,400,000, which would allow full
payment to all secured and unsecured creditors.   The original
iteration of the Disclosure Statement projected that the sale of
the assets would generate at least $13,900,000.

                    About LoneStar Geophysical

LoneStar Geophysical Surveys, LLC, is in the business of acquiring
seismic data for the oil and gas industry.  It owns a fleet of 13
state-of-the-art vibes (vibrators that generate seismic waves) and
a commensurately large inventory of wireless nodes (that receive
those seismic waves and transmit the resulting information for
processing and interpretation).  LoneStar was formed as an Oklahoma
limited liability company on August 4, 2009 by Heath Harris who
continues to serve as its manager.

LoneStar Geophysical sought Chapter 11 bankruptcy protection
(Bankr. W.D. Okla. Case No. 15-11872) on May 18, 2015.  The Debtor
disclosed total assets of $21,643,793 and total liabilities of
$12,311,768 in its amended schedules.

Judge Hon. Sarah A. Hall presides over the case.  The Debtor tapped
Ross A. Plourde, Esq., at McAfee & Taft, as counsel.

                          *      *     *

LoneStar sought and obtained an order authorizing its use of cash
collateral claimed by Frontier State Bank through December 2015.


LUZERNE COUNTY: S&P Lowers GO Debt Rating to 'BB+'
--------------------------------------------------
Standard & Poor's Ratings Services has lowered its rating on
Luzerne County, Pa.'s general obligation (GO) debt two notches to
'BB+' from 'BBB' and placed it on CreditWatch with negative
implications.

"The downgrade reflects our worsening view of management," said
Standard & Poor's credit analyst Timothy Little, "and its political
gridlock that we believe has led to uneven cash management."  The
CreditWatch reflects our view regarding continued uncertainty for
the remainder of the year as to whether the county will be able to
meet its debt service obligations if it does not take action
rapidly to resolve its currently serious liquidity condition in
light of pending obligations.

"The rating is constrained by our 'very weak' assessment of
management conditions based on prior-year structural imbalances and
political instability and gridlock weakening the county's financial
position and operations," added Mr. Little.  The county's cash and
related financial flexibility have fallen in recent months as it
has not received state payments and has not taken action to
actively manage liquidity.  Most recently, the County Council's
decision not to approve a short-term loan to ensure it meets its
financial obligations, including debt service for the remainder of
the fiscal year, is representative of the challenges for the
county.  While another vote is planned by the council to secure
financing, there are political risks.

Luzerne County, with an estimated population of 320,000, is in the
Scranton-Wilkes-Barre-Hazleton metropolitan area in eastern
Pennsylvania.

"The 'BB+' noninvestment-grade rating reflects our view of the
county's current financial and liquidity crisis," added
Mr. Little, "largely based on the state budget impasse and
management's political gridlock in the face of the shortfall."  S&P
expects to resolve the CreditWatch within the next 90 days or
earlier after receiving clarification regarding the county's
ability to meet its obligations.

The CreditWatch reflects the possibility that if county council
does not take the necessary actions to resolve its ability to pay
its debt service obligations, S&P will likely lower the rating
multiple notches.  If the county does not intend to pay its
obligations and S&P considers a default imminent, it may lower the
rating to the 'CCC' or 'CC' category.

If the current crisis is resolved without missing a required debt
service payment and the county meets its obligations, S&P may
resolve the CreditWatch without further downward rating movement.



M/I HOMES: Fitch Rates New $300MM Unsecured Notes 'BB-/RR3'
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB-/RR3' rating to M/I Homes Inc.'s
(NYSE: MHO) proposed offering of $300 million aggregate amount of
senior unsecured notes maturing in 2020. The new issue will be
equal in right of payment with all other senior unsecured debt.

The company intends to use a portion of the net proceeds to
repurchase or redeem all of its existing $230 million of 8.625%
senior unsecured notes due 2018 and to pay related fees and
expenses. MHO intends to use the remaining proceeds of the offering
to reduce outstanding borrowings under the credit facility.

The Rating Outlook is Stable.

KEY RATING DRIVERS

MHO's ratings and Outlook reflect the company's execution of its
business model in the current housing environment, management's
demonstrated ability to manage land and development spending,
adequate liquidity position, improving credit metrics, and Fitch's
expectation of further improvement in the housing market in 2015
and 2016.

IMPROVING CREDIT METRICS

MHO's credit metrics have improved over the past few years as the
housing market continues to recover. Leverage as measured by
debt-to-EBITDA declined from 6.6x at the end of 2012 to 4.9x at the
end of 2013 and 4.2x at year-end 2014. Leverage was 4.8x for the
latest 12 months (LTM) ending Sept. 30, 2015. Fitch expects this
ratio will be approximately 4.0x at year-end 2015. Similarly,
interest coverage increased from 1.7x at the close of 2012 to 2.6x
at the end of 2013, 3.1x at year-end 2014 and 3.3x for the LTM
Sept. 30, 2015. Fitch expects interest coverage will remain at or
above 3x.

THE INDUSTRY

Housing metrics increased in 2014 due to more robust economic
growth during the last three quarters of the year (prompted by
improved household net worth, industrial production and consumer
spending), and consequently, acceleration in job growth (as
unemployment rates decreased to 6.2% for 2014 from an average of
7.4% in 2013), despite modestly higher interest rates, as well as
more measured home price inflation. A combination of tax increases
and spending cuts in 2013 shaved about 1.5 percentage points off
annual economic growth, according to the Congressional Budget
Office. Many forecasters estimate the fiscal drag in 2014 was only
about 0.25%.

Single-family starts in 2014 improved 4.8% to 648,000 as
multifamily volume grew 15.6% to 355,000. Thus, total starts in
2014 were 1.003 million. New home sales were up a modest 1.6% to
436,000, while existing home volume was off 2.9% to 4.940 million
largely due to fewer distressed homes for sale and limited
inventory.

New home price inflation moderated in 2014, at least partially
because of higher interest rates and buyer resistance. Average new
home prices rose 6.4% in 2014, while median home prices advanced
approximately 5.4%.

Housing activity has ratcheted up more sharply in 2015 with the
support of a steadily growing, relatively robust economy throughout
the year. Considerably lower oil prices should restrain inflation
and leave American consumers with more money to spend. The
unemployment rate should continue to move lower (5.0% in 2015).
Credit standards should steadily, moderately ease throughout 2015,
while demographics should be more of a positive catalyst. More of
those younger adults who have been living at home should find jobs
and these 25-35-year-olds should provide some incremental elevation
to the rental and starter home markets. Single-family starts are
now forecast to rise about 11.4% to 722,000 as multifamily volume
expands about 11% to 394,000. Total starts would be just in excess
of 1.1 million. New home sales are projected to increase 20% to
523,000, while existing home volume is expected to approximate
5.280 million, up 6.9%.

New home price inflation should further taper off with higher
interest rates and the mix of sales shifting more to first-time
homebuyer product. Average and median home prices should increase
3.0%-3.5%.

Sparked by a slightly faster growing economy, the housing recovery
is expected to continue in 2016. Although interest rates are likely
to be higher, a more robust economy, healthy job creation and
further moderation in lending standards should stimulate housing
activity. Housing starts should approximate 1.24 million with
single-family volume of 0.82 million and multifamily starts of 0.42
million. New home sales should reach 617,000, up 18.0%. Existing
home volume growth should again be in the mid-single digits
(+4.0%).

Average and median home prices should rise 2.0%-2.5%.

As Fitch noted in the past, the housing recovery will likely
continue in fits and starts.

2015 Financial Results

Homebuilding revenues increased 11.9% for the first nine months of
2015 as home deliveries grew 0.5% and the average sales price
advanced 9.6% compared with the same period last year. Homebuilding
gross margins also improved during the 2015 YTD period, growing 40
basis points (bps) to 19.4% compared with 19.0% during the first
nine months of 2014. Corporate pre-tax income expanded 28.2% to
$64.1 million during the first nine months of 2015 (3Q15).

New home orders are up 10.6% so far this year and MHO ended the
third quarter with 1,788 homes in backlog (up 15.1% year-over-year
[YOY]) with a value of $656.9 million (up 26.8% YOY).

ADEQUATE LIQUIDITY POSITION

As of Sept. 30, 2015, the company had $25.1 million of unrestricted
cash and $209.4 million of borrowing availability under its $400
million revolving credit facility. During 3Q15, MHO exercised the
accordion feature under the revolver, increasing the credit
facility from $300 million to $400 million. The company has no
major debt maturities until 2017, when $57.5 million of convertible
senior subordinated notes mature.

LAND STRATEGY

After significantly reducing its lot inventory in 2006 to 2009, MHO
began to focus on growing its business in late 2009 by investing in
new communities and entering new markets. In 2010, the company
increased its total lot position by 9.2% and expanded into the
Houston, TX market. During 2011, the company entered the San
Antonio, TX market and grew its total lot position by 1.8%. MHO
extended its geographic footprint by expanding further into TX,
entering the Austin market in 2012 and the Dallas/Fort Worth market
in 2013. On Oct. 28, 2015, MHO entered into a purchase agreement to
acquire the residential homebuilding operations of Hans Hagen
Homes, Inc., a privately held homebuilder, for an undisclosed
purchase price to be paid in cash. The acquisition marks MHO's
entry into the Minneapolis/St. Paul market, which will represent
the company's 14th housing division. Total lots controlled
increased 37.2% in 2012, 39.6% in 2013 and 4.5% in 2014. Total lots
controlled as of Sept. 30, 2015 are 2.3% higher YOY.

MHO maintains an approximately 5.8-year supply of total lots
controlled, based on trailing 12 months deliveries, and three years
of owned land. Total lots controlled were 21,562 at Sept. 30, 2015.
About 51.3% of the lots are owned and the balance is controlled
through options.

LAND SPENDING AND CASH FLOW

MHO spent roughly $382 million on land and development during 2014
($237.7 million for land and $144.3 million for development)
compared with $323.6 million during 2013 ($216.8 million for land
and $106.8 million for development) and $195.1 million in total
spending during 2012. The company expects total land and
development spending will be between $425 million and $450 million
during 2015.

MHO has reported negative cash flow from operations (CFFO) for the
past five years as the company rebuilds its land position. In 2014,
MHO reported negative CFFO of $132.7 million; this compares to
negative CFFO of $74 million in 2013, $47 million in 2012, $34
million in 2011 and $37.3 million in 2010. For the LTM Sept. 30,
2015, the company had negative CFFO of $121.2 million. Fitch
expects MHO will be cash flow negative by about $25 million-$75
million during 2015.

Fitch is comfortable with the company's spending and cash flow
strategy given its healthy liquidity position and management's
demonstrated ability to manage spending.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Total industry housing starts improve 11.3%, while new and
    existing home sales grow 20% and 4.3%, respectively, in 2015.
    Housing metrics continue to improve in 2016;
-- MHO's revenues grow low double-digits and the operating profit

    margin remains stable in 2015;
-- MHO's debt/EBITDA approximates 4.0x and interest coverage
    exceeds 3.0x during 2015;
-- The company spends between $425 million and $450 million on
    land acquisitions and development activities during 2015;
-- The company maintains a healthy liquidity position (above $150

    million with a combination of unrestricted cash and revolver   

    availability).

RATING SENSITIVITIES

Future ratings and Outlooks will be influenced by broad
housing-market trends as well as company specific activity, such as
trends in land and development spending, general inventory levels,
speculative inventory activity (including the impact of high
cancellation rates on such activity), gross and net new-order
activity, debt levels, and in particular, free cash flow trends and
uses and the company's cash position.

Positive rating actions may be considered if the recovery in
housing is maintained, MHO's credit metrics improve further
(particularly debt-to-EBITDA sustaining at 3.5x and interest
coverage exceeding 4x), and the company preserves a healthy
liquidity position (above $150 million with a combination of
unrestricted cash and revolver availability).

A negative rating action could be triggered if the industry
recovery dissipates and MHO maintains an overly aggressive land
strategy; EBITDA margins decline 200bps-300bps; leverage exceeds
6x, and MHO's liquidity position falls sharply, perhaps below $100
million.

FULL LIST OF RATING ACTIONS

Fitch currently rates MHO as follows:

-- Long-term Issuer Default Rating (IDR) 'B+';
-- Senior unsecured notes 'BB-/RR3';
-- Convertible senior subordinated notes 'B-/RR6';
-- Series A non-cumulative perpetual preferred stock 'CCC+/RR6'.

The Rating Outlook is Stable.

The Recovery Rating (RR) of 'RR3' on MHO's senior unsecured notes
indicates good recovery prospects for holders of this debt issue.
MHO's exposure to claims made pursuant to performance bonds and the
possibility that part of these contingent liabilities would have a
claim against the company's assets were considered in determining
the recovery for the unsecured debt holders. The 'RR6' on MHO's
convertible senior subordinated notes and preferred stock indicates
poor recovery prospects in a default scenario. Fitch applied a
liquidation valuation analysis for these RRs.



M/I HOMES: S&P Rates New $300MM Sr. Unsecured Notes 'B+'
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue-level
rating to M/I Homes Inc.'s proposed offering of $300 million of
unsecured senior notes due 2020.  The '2' recovery rating on the
debt indicates S&P's expectation for substantial (70% to 90%; low
end of the range) recovery in the event of default.  The 'B'
corporate credit rating and positive outlook remain unchanged.

M/I Homes plans to use proceeds from the offering primarily to
retire $230 million of unsecured senior notes due 2018, which bear
an interest rate of 8.625% and will be redeemable at 102.16 as of
Nov. 15, 2015.  The company indicated it plans to use the remaining
proceeds to repay outstanding borrowings on its revolving credit
facility, and thus, S&P views the transaction as debt-neutral.  The
new notes, in addition to the existing unsecured revolving credit
facility, will rank ahead of the company's convertible senior
subordinated notes.

RATINGS LIST

M/I Homes Inc.
Corporate credit rating                     B/Positive/--

New Rating
$350 mil senior unsecured notes due 2020    B+
  Recovery rating                            2L



MARINA BIOTECH: Posts $769K Net Income for Third Quarter
--------------------------------------------------------
Marina Biotech, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
applicable to common stockholders of $769,000 on $80,000 of revenue
for the three months ended Sept. 30, 2015, compared to a net loss
applicable to common stockholders of $7.12 million on $0 of revenue
for the same period during the prior year.

For the nine months ended Sept. 30, 2015, the Company reported net
income applicable to common stockholders of $2.08 million on
$480,000 of revenue compared to a net loss applicable to common
stockholders of $18.28 million on $0 of revenue for the same period
a year ago.

As of Sept. 30, 2015, the Company had $8.12 million in total
assets, $8.52 million in total liabilities and a $400,000 total
stockholders' deficit.

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

                       http://is.gd/W2tzu1

                       About Marina Biotech

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

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

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

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


MARION ENERGY: Chapter 11 Case Dismissed
----------------------------------------
The U.S. Bankruptcy Court for the District of Utah entered an order
dismissing the Chapter 11 case of Marion Energy Inc.

The Debtor filed the case on Oct. 31, 2014.  On May 6, 2015, the
Court authorized the credit-bid sale of substantially all of the
Debtor's assets, and the sale closed effective June 1.  Since then,
there has been no docket activity except for compensation requests
by Debtor's counsel, and the Debtor has filed no monthly operating
reports since May 11.

As previously reported by The Troubled Company Reporter on May 7,
2015, the Debtor asked the Court to dismiss its Chapter 11
bankruptcy case.

The Debtor stated, in the near future, all of its assets will be
transferred to a purchaser.  If the Purchasers are Utah Gas
Solutions LLC and Utah Gas Solutions II LLC, affiliates of the
Debtor's existing secured lender, TCS II Funding Solutions (TCS),
then the purchase will be made by a credit bid, and no cash
proceeds will result for distribution to unsecured creditors.  If
the Purchaser is a third party, it is the Debtor's firm
expectation
that the purchase price will be substantially less than the
outstanding balance of TCS's secured loan.  Again, in that case,
no
cash proceeds will be available for distribution to unsecured
creditors.

According to the Debtor, after the transfer, there will be no
assets in the estate that require administration and no funds in
the estate available for distribution to unsecured creditors.
Consequently, this case should be dismissed or converted.  In the
Debtor's and TCS's view, dismissal is favorable to conversion
because the Purchaser will require post-closing cooperation that
could not easily be provided by a chapter 7 trustee.

                       About Marion Energy

Marion Energy Inc. is a Texas corporation engaged in exploration
and production of natural gas in the State of Utah.  Marion's core
operation is a producing gas field located in Carbon and Emery
Counties, Utah (the "Clear Creek Field").  The company also holds
smaller, currently unproductive acreage positions in the Helper
and Roan Cliffs area near Helper, Utah (the "Helper Field").

Its parent is Australia-based Marion Energy Limited (ASX:MAE).
Marion Energy Limited -- http://www.marionenergy.com.au/--is      

principally engaged in investment in oil and gas projects and the
identification and assessment of new opportunities in the oil and
gas industry in Texas, Utah and Oklahoma in the United States of
America.

Marion Energy Inc. sought Chapter 11 bankruptcy protection (Bankr.
D. Utah Case No. 14-31632) in Salt Lake City, Utah on Oct. 31,
2014.  The Debtor estimated assets and debt of $100 million to
$500 million.  The Debtor has tapped Parsons Behle & Latimer as
attorneys.


MCS AMS: S&P Affirms 'B' CCR, Outlook Remains Negative
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Bristol, Pa.-based MCS AMS Sub-Holdings LLC.  The
outlook is negative.

At the same time, S&P maintained its 'B' issue-level rating on the
company's first-lien credit facilities, including a $20 million
revolving facility due 2018 and $340 million term loan due 2019.
The recovery rating on the facilities is '3', which indicates S&P's
expectation for lenders to receive meaningful (50% to 70%, at the
high end of the range) recovery in the event of payment default.

"The ratings affirmation reflects the company's improving financial
condition following the termination of unprofitable service
agreements after the 2013 merger," said Standard & Poor's credit
analyst Peter Deluca.  "We expect credit metrics to continue to
gradually strengthen over the next two years as the company
amortizes the term loan, increases revenue and EBITDA, and focuses
on building a more diversified business."

The financial sponsor owners have contributed $15 million, which
should support further revenue and profit growth or finance future
acquisitions and principal amortization, and Standard & Poor's
expects financial leverage (as measured by debt to EBITDA) to be in
the 4x area or lower by year-end 2016.  However, financial sponsor
owners in general tend to focus on shareholder returns instead of
lower leverage.  Also, the aggressive covenant step-down schedule
could have an impact on covenant cushion.  But otherwise, S&P
expects funds from operations (FFO) to debt to be just over 10%
during the same period and believes credit metrics will remain near
these levels so long as the company continues to demonstrate
expense management, integrates acquisitions, and achieves planned
synergies.

The negative outlook reflects S&P's expectation that MCS AMS
remains vulnerable to a covenant breach due to required term loan
amortization and narrowing covenant cushion.  This is despite S&P's
expectations of sustained to improving operational and financial
performance.

S&P could lower its ratings if operating performance weakens such
that there is a covenant breach or interest coverage declines to
near 1.5x on a sustained basis, perhaps from an IT intrusion
leading to unexpected customer attrition or the inability to
achieve planned synergies, leading to lower cash flow and
profitability.  S&P estimates this could occur if EBITDA declines
by about 10%.

S&P could revise the outlook to stable should operating performance
improve or the covenants are reset such that the covenant cushion
becomes less constrained.  S&P estimates that EBITDA would need to
improve by more than 10% from current levels together with
continuing debt amortization and integrating planned acquisitions.



MEDIACOM COMMUNICATIONS: S&P Lowers Secured Debt Ratings to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issue-level rating
on Mediacom Broadband Group's and Mediacom LLC Group's senior
secured credit facilities to 'BB' from 'BB+' and revised the
recovery rating on the credit facilities to '2' from '1'.  The '2'
recovery rating indicates S&P's expectation for substantial (70% to
90%; upper end of the range) recovery in the event of a payment
default.  The recovery rating revision reflects the company's
upsizing of its existing revolving credit facilities by
approximately $200 million.  The revolving credit facilities at
Mediacom Broadband Group and Mediacom LLC Group will be upsized by
$87.5 million and $112.5 million, respectively, increasing revolver
commitments to $368.5 million (due 2019) and $362.5 million (due
2019), respectively.  Based on S&P's assumption of an 85% draw on
revolving credit facilities under its hypothetical default
scenario, the revolver upsizing increases the amount of secured
debt at the time of default, diluting recovery prospects for
secured lenders.

Mediacom Broadband Group and Mediacom LLC Group are subsidiaries of
Mediacom Park, N.Y.–based cable-TV operator Mediacom
Communications Corp. (MCC).  The 'BB-' corporate credit rating and
stable rating outlook on MCC remain unchanged.

RATINGS LIST

Mediacom Communications Corp.
Corporate Credit Rating                 BB-/Stable/--

Downgraded; Recovery Ratings Revised
                                         To          From
Mediacom Broadband Group
$368.5 mil. revolver due 2019
Senior Secured                          BB          BB+
  Recovery Rating                        2H          1

Mediacom LLC Group
$362.5 mil. revolver due 2019
Senior Secured                          BB          BB+
  Recovery Rating                        2H          1



MEMORIAL RESOURCE: S&P Revises Outlook to Pos. & Affirms 'B' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook to
positive from stable on Houston-based E&P company Memorial Resource
Development Corp. (MRD) and affirmed its 'B' corporate credit
rating on the company.

At the same time, S&P affirmed its 'BB-' issue-level rating on the
company's senior secured revolving credit facility.  The recovery
rating on this debt remains '1', indicating S&P's expectation of
very high (90% to 100%) recovery in the event of a payment default.
S&P also affirmed its 'B-' rating on the company's senior
unsecured notes.  The recovery rating on this debt remains '5',
indicating S&P's expectation for modest (10% to 30%; upper half of
range) recovery in the event of a payment default.

"The positive outlook reflects the likelihood of an upgrade if MRD
successfully expands its reserves size and the percentage of proved
developed reserves to levels more in line with its 'B+' rated
peers, while keeping debt to EBITDA below 5x and funds from
operations to debt above 20% on average," said Standard & Poor's
credit analyst Christine Besset.

S&P could return the rating outlook to stable if it expected debt
to EBITDA to exceed 5x for a sustained period, leading to a
reassessment of the company's financial policy.  This would most
likely occur if the company incurred debt to finance distributions
to its shareholders, acquisitions, or from higher-than-anticipated
capital spending.



MOBILE MINI: Moody's Affirms B1 CFR & Revises Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family and B2
senior unsecured ratings of Mobile Mini, Inc., and revised the
outlook on the ratings to stable from negative.

RATINGS RATIONALE

The affirmation of Mobile Mini's B1 Corporate Family Rating
reflects its strong market position in the portable storage leasing
business in the US and UK, as well as strong earnings and the
long-term cash flow generating capacity from its investment in
long-lived mobile storage units.  The outlook revision reflects the
progress Mobile Mini has made in integrating Evergreen Tank
Solutions (ETS), acquired in December 2014.

Moody's also notes that the revision in outlook reflects the
expectation that the company will apply a meaningful portion of its
free cash flows to debt repayment in 2016.  After borrowing about
$400 million under its ABL facility in Dec. 2014, to pay for the
acquisition of ETS, Mobile Mini reduced its ABL debt by only $42
million (6% of the amount outstanding at year-end 2014) during the
first nine months of 2015, compared to $81 million of capital it
returned to its shareholders in the same period.  Mobile Mini's
leverage, measured as Debt to EBITDA, significantly increased after
the acquisition and remains above 5x, according to Moody's
calculations.  Moody's expects the company to de-lever to
approximately 4x by the end of 2016 based on its cash-flow
generation capacity.

The ratings could be upgraded if the company meaningfully reduces
the amount of debt outstanding and builds up its tangible equity
through earnings generation.

Ratings would be downgraded if the combined entity's financial and
operating performance proves to be weaker than anticipated.
Further, negative rating pressure could develop if the company
fails to de-lever as expected, either as a result of weak financial
performance or by pursuing other strategic priorities, such as a
large leveraged acquisition or substantial distributions to
shareholders.

The principal methodology used in these ratings was Finance
Companies published in October 2015.



MOUNTAIN PROVINCE: Incurs C$26.6 Million Net Loss in Q3
-------------------------------------------------------
Mountain Province Diamonds Inc. reported a net loss of C$26.6
million for the three months ended Sept. 30, 2015, compared to a
net loss of C$966,000 for the same period in 2014.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss of C$32.9 million compared to a net loss of C$3.93 million
for the same period a year ago.

As of Sept. 30, 2015, the Company had C$553.29 million in total
assets, $235 million in total liabilities and $318 million in total
shareholders' equity.

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

                       http://is.gd/quEPJN

                  About Mountain Province Diamonds

Headquartered in Toronto, Canada, Mountain Province Diamonds Inc.
(TSX: MPV, NYSE AMEX: MDM) -- http://www.mountainprovince.com/--
is a Canadian resource company in the process of permitting and
developing a diamond deposit known as the "Gahcho Kue Project"
located in the Northwest Territories of Canada.  The Company's
primary asset is its 49 percent interest in the Gahcho Kue
Project.

Mountain Province incurred a net loss of C$4.39 million in 2014,  a
net loss of C$26.6 million in 2013 and a net loss of C$3.33 million
in 2012.

KPMG 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's ability to continue
operations is dependent upon its ability to obtain sufficient
financing to fund its operations and development costs.


NEOVIA LOGISTICS: Moody's Lowers CFR to Caa1, Outlook Stable
------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
Neovia Logistics Intermediate Holdings, LP to Caa1 from B3.  The
rating agency also downgraded the rating of Neovia Logistics
Services, LLC's $465 million senior secured notes to B3 from B2,
and the rating of Neovia's $125 million senior unsecured PIK notes
to Caa3 from Caa2.  The ratings outlook is stable.

RATINGS RATIONALE

The downgrade of Neovia's CFR to Caa1 reflects the company's low
margins, weak credit metrics, poor liquidity and recent unexpected
changes in management.  In particular, operating margins are less
than half of our stated expectations from one year ago, and they
are below those typical of B3-rated companies.  As well, Leverage
has increased to double-digit levels from levels which were already
considered high for the rating category.  This was a result of the
firm's substantial amount of debt, including the issuance of senior
unsecured PIK notes which funded a distribution to shareholders, a
credit negative transaction which occurred at a time when Moody's
believes the company was facing significant transitional challenges
to an independent operation from Caterpillar.

The rating also incorporates Moody's belief that Neovia is facing
challenges in starting up new relationships, and that it is likely
experiencing softer demand from a customer base which is housed in
end markets where fundamentals are weakening.  Sales have increased
this year; however, Moody's believes Neovia remains at risk for
lost business.

The rating outlook is stable, which reflects Moody's expectation
that Neovia will look to grow its top line by expanding business
with existing customers while bringing in new customers.

Moody's will likely further downgrade Neovia's ratings if the firm
is unable maintain sales and EBITDA levels at current levels, or if
it is unable to drive operating margins above ten percent. Leverage
sustained above 7 times on a Moody's adjusted basis will also have
negative implications for the rating.

Moody's could upgrade Neovia should the company continue to add new
customers and drive sales and cash flow levels higher, all while
expanding operating margins above ten percent.  Neovia would also
need to lower leverage below 6.5 times on a Moody's adjusted basis
to be considered for an upgrade.

Downgrades:

Issuer: Neovia Logistics Intermediate Holdings, LP

  Probability of Default Rating, Downgraded to Caa1-PD from B3-PD
  Corporate Family Rating, Downgraded to Caa1 from B3
  Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3
   (LGD6) from Caa2 (LGD6)

Issuer: Neovia Logistics Services, LLC

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

Outlook Actions:

Issuer: Neovia Logistics Intermediate Holdings, LP
  Outlook, Remains Stable

Issuer: Neovia Logistics Services, LLC
  Outlook, Remains Stable

The principal methodology used in these ratings was Global Surface
Transportation and Logistics Companies published in April 2013.

Neovia (f/k/a Neovia Logistics Intermediate Holdings, LLC), through
its wholly owned subsidiary Neovia Logistics, LP (f/k/a Neovia
Logistics, LLC), is a global provider of service parts logistics.
The company offers integrated supply chain solutions to its
clients, primarily in the automotive, industrial and aerospace
service parts, as well as retail, fulfillment and inbound to
manufacturing logistics.  In February 2015, an affiliate of Goldman
Sachs & Co. and Rhône Capital L.L.C. completed the purchase of
Neovia from prior owners Platinum Equity Partners and Caterpillar
Inc.  Neovia achieved sales of $826 million in for the 12 months
ended Sept. 30, 2015.



NET TALK.COM: Delays Third Quarter Form 10-Q Filing
---------------------------------------------------
Net Talk.com, Inc. filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its quarterly report on Form 10-Q for the quarter ended
Sept. 30, 2015.  The Company said  the compilation, dissemination
and review of the information required to be presented in the Form
10-Q for the relevant period has imposed time constraints that have
rendered timely filing of the Form 10-Q impracticable without undue
hardship and expense to the registrant.  The Company undertakes the
responsibility to file such report no later than five days after
its original prescribed due date.

Based in Miami, Fla., Net Talk.com, Inc., is a telephone company,
that provides, sells and supplies commercial and residential
telecommunication services, including services utilizing voice
over internet protocol technology, session initiation protocol
technology, wireless fidelity technology, wireless maximum
technology, marine satellite services technology and other similar
type technologies.

Net Talk.Com reported a net loss of $2.84 million on $5.06 million
of net revenues for the year ended Dec. 31, 2014, compared to a net
loss of $4.78 million on $6.02 million of net revenues for the year
ended Dec. 31, 2013.

Zachary Salum Auditors P.A., in South Miami, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has incurred significant recurring losses from operations,
its total liabilities exceeds its total assets, and is dependent on
outside sources of funding for continuation of its operations.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.


NEW DAWN ASSISTED: Subsidiary's Voluntary Chapter 11 Case Summary
-----------------------------------------------------------------
Debtor: New Dawn Assisted Living Holding Company, LLC
        7655 E Gelding Drive, Suite A3
        Sscottsdale, AZ 85260

Case No.: 15-15085

Type of Business: Health Care

Chapter 11 Petition Date: November 25, 2015

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Hon. Paul Sala

Debtor's Counsel: Sean P. O'Brien, Esq.
                  GUST ROSENFELD P.L.C.
                  One East Washington, Suite 1600
                  Phoenix, AZ 85004-2553
                  Tel: 602-257-7460
                  Fax: 602-254-4878
                  Email: spobrien@gustlaw.com

Estimated Assets: $10 million to $50 million

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

The petition was signed by Dennis Haydon, manager.

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


NEW MEDIA: S&P Revises Outlook to Positive & Affirms 'B' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its rating
outlook on New York City-based newspaper company New Media
Investment Group Inc. to positive from stable and affirmed its 'B'
corporate credit rating on the company.

S&P's 'B+' issue-level and '2' recovery ratings on the company's
senior secured credit facilities remain unchanged.  The '2'
recovery rating indicates S&P's expectation for substantial
recovery (70%-90%; upper half of the range) of principal in the
event of a payment default.

"The outlook revision reflects our expectation that New Media will
maintain pro forma leverage below 3x while funding acquisitions
with a combination of debt, equity, and free operating cash flow,"
said Standard & Poor's credit analyst Thomas Hartman.  "Although
New Media will likely continue to face significant print
advertising revenue declines, we believe those declines will be
slightly less than those of newspapers based in large metro
markets."

The 'B' corporate credit rating on New Media reflects S&P's
assessment of the company's business risk profile as "vulnerable"
and its financial risk profile as "significant."  S&P's business
risk assessment is based on its expectation that newspaper print
advertising revenues will continue to decline for the foreseeable
future as news consumption and advertising shift to digital media.
New Media is exposed to the long-term secular trends of declining
newspaper readership and advertising revenues.

The positive rating outlook reflects S&P's view that it would raise
its corporate credit rating on New Media over the 12 months if the
company's adjusted leverage remains below 3x and discretionary cash
flow to debt remains above 12% as it manages high-single-digit
percent declines in print advertising revenue with growth in
non-advertising revenue streams.  An upgrade would also be based on
S&P's expectation that New Media would fund future acquisitions
with a combination of debt, equity, and free operating cash flow,
resulting in pro forma leverage remaining below 3x.  To facilitate
a potential upgrade, S&P would remove its negative comparable
rating analysis modifier.

S&P could revise the outlook to stable if New Media's operating
performance weakens, resulting in sustained leverage above 3x. This
could occur if print advertising revenue declines faster than S&P
expects without the expected growth in digital marketing and other
revenue streams.  The outlook revision could also occur if New
Media uses a higher percentage of debt to fund acquisitions.



OPTIMUMBANK HOLDINGS: Posts $46,000 Net Earnings for 3rd Quarter
----------------------------------------------------------------
Optimumbank Holdings, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net
earnings of $46,000 on $1.14 million of total interest income for
the three months ended Sept. 30, 2015, compared to a net loss of
$79,000 on $1.22 million of total interest income for the same
period during the prior year.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss of $130,000 on $3.34 million of total interest income
compared to net earnings of $1.59 million on $4.27 million of total
interest income for the same period a year ago.

As of Sept. 30, 2015, the Company had $119.60 million in total
assets, $116.42 million in total liabilities and $3.17 million in
total stockholders' equity.

                      Going Concern Status

The Company is in technical default with respect to its $5,155,000
Junior Subordinated Debenture.  The holders of the debenture could
demand payment of the $5,155,000 principal balance plus accrued and
unpaid interest totaling $913,000 at Sept. 30, 2015.  No
adjustments to the accompanying consolidated financial statements
have been made as a result of this uncertainty.  Management's plans
with regard to this matter are as follows: A Director of the
Company had agreed to purchase the Debenture and had agreed to
provide a forbearance of the payment to the Company upon
consummation of the purchase.  Although the agreed upon purchase
price for the Debenture had been tendered, the Trustee of the
Debenture had received conflicting direction and therefore on
Dec. 11, 2014, the Trustee commenced an Action for Interpleader in
the United States District Court for the Southern District of New
York.  On Aug. 31, 2015, the court held that the Trustee could not
sell the Debenture to the Director because certain conditions and
requirements set forth in the indenture for the Trust had not been
fulfilled.  The Director intends to continue his efforts to acquire
the Debenture.  Based upon the underlying Debenture documents,
Management does not believe the Trustee will call a Default at this
time.  The Company said it is continuing to pursue regulatory
approval for the interest payment and other mechanisms for paying
the accrued interest such as raising additional capital.

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

                       http://is.gd/HaG5x0

                     About OptimumBank Holdings

OptimumBank Holdings, Inc., headquartered in Fort Lauderdale,
Fla., is a one-bank holding company and owns 100 percent of
OptimumBank, a state (Florida)-chartered commercial bank.

The Company offers a wide array of lending and retail banking
products to individuals and businesses in Broward, Miami-Dade and
Palm Beach Counties through its executive offices and three branch
offices in Broward County, Florida.

Optimumbank reported net earnings of $1.6 million on $5.39 million
of total interest income for the year ended Dec. 31, 2014, compared
to a net loss of $7.07 million on $5.28 million of total interest
income for the year ended Dec. 31, 2013.

Hacker, Johnson & Smith PA, in Fort Lauderdale, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014.  The independent
auditors noted that the Company is in technical default with
respect to its Junior Subordinated Debenture.  The holders of the
Debt Securities could demand immediate payment of the outstanding
debt of $5,155,000 and accrued and unpaid interest, which raises
substantial doubt about the Company's ability to continue as a
going concern.

Effective April 16, 2010, the Bank consented to the issuance of a
consent order by the Federal Deposit Insurance Corporation and the
Florida Office of Financial Regulation.


OW BUNKER: U.S. Trustee Amends Committee of Unsecured Creditors
---------------------------------------------------------------
William K. Harrington, U.S. Trustee for Region 2, amended the
appointment of the committee of unsecured creditors in the Chapter
11 cases of O.W. Bunker Holding North America Inc., et al.

The Committee is now composed of:

      1. Nustar Energy Services, Inc.
         c/o Chris Rulon
         19003 IH-10 West
         San Antonio, TX 78257
         Tel: (210) 918-2048
         E-mail: chris.rulon@nustarenergy.com

      2. Phillips 66 Company
         c/o Vincent P. Conley
         600 N. Dairy Ashford Road
         CH-02-2000A
         Houston, TX 77079
         Tel: (832)765-3975
         E-mail: vincent.p.conley@p66.com

      3. Tesoro Refining & Marketing Company, LLC
         c/o Charles A. Cavallo
         19100 Ridgewood Parkway
         San Antonio, TX 78259
         Tel: (210) 626-4045
         E-mail: Charles.A.Cavallo@tsocorp.com

      4. Chevron Marine Products, LLC
         c/o Michael L. Armstrong
         6001 Bollinger Canyon Road, Room T/2084
         San Ramon, CA 94583
         Tel: (925) 842-8747
         E-mail: MAarmstrong@chevron.com

                    About O.W. Bunker

OW Bunker AS is a global marine fuel (bunker) company founded in
Denmark.  The company declared bankruptcy on Nov. 7, 2014,
following its admission that it had lost US$275 million through a
combination of fraud committed by senior executives at its
Singaporean unit.

The Danish company placed its U.S. subsidiaries -- O.W. Bunker
Holding North America Inc., O.W. Bunker North America Inc. and
O.W. Bunker USA Inc. -- in Chapter 11 bankruptcy (Bankr. D. Conn.
Case Nos. 14-51720 to 14-51722) in Bridgeport, Conn., on Nov. 13,
2014.

The U.S. cases are assigned to Judge Alan H.W. Shiff.  The U.S.
Debtors have tapped Patrick M. Birney, Esq., and Michael R.
Enright, Esq., at Robinson & Cole LLP, as counsel.   McCracken,
Walker & Rhoads LLP is serving as co-counsel.  Alvarez & Marsal is
the financial advisor.ne fuel (bunker) company founded in
Denmark.  The company declared bankruptcy on Nov. 7, 2014,
following its admission that it had lost US$275 million through a
combination of fraud committed by senior executives at its
Singaporean unit.

The Danish company placed its U.S. subsidiaries -- O.W. Bunker
Holding North America Inc., O.W. Bunker North America Inc. and
O.W. Bunker USA Inc. -- in Chapter 11 bankruptcy (Bankr. D. Conn.
Case Nos. 14-51720 to 14-51722) in Bridgeport, Conn., on Nov. 13,
2014.

The U.S. Debtors have tapped Patrick M. Birney, Esq., and Michael
R. Enright, Esq., at Robinson & Cole LLP, as counsel.   McCracken,
Walker & Rhoads LLP is serving as co-counsel.  Alvarez & Marsal is
the financial advisor.


PACIFIC RECYCLING: Banner Wants Automatic Stay Relief
-----------------------------------------------------
Banner Bank asks the U.S. Bankruptcy Court for the District of
Oregon for relief from the automatic stay in the Chapter 11 case of
Pacific Recycling, Inc.

Banner Bank is the successor by merger to Siuslaw Bank, which on
April 10, 2014 made a loan ("Banner Real Property Loan") to PAC
Recycling, LLC, an affiliate of the debtor Pacific Recycling, Inc.,
based on common ownership.  The Banner Real Property Loan is
represented by a $2,500,000 Promissory Note, as amended by a Change
in Terms Agreement.  The Loan is secured by Affiliate Trust Deeds
on three parcels of real property  ("Affiliate Real Property
Collateral").  The fee ownership interest in two parcels of the
Affiliate Real Property Collateral is owned by PAC, and the fee
ownership interest in the third parcel is owned by Rod M. Schultz,
the Debtor's president, and his father, Ronald Schultz. Two of the
three properties, located in Albany and Keizer, are not involved in
debtor's scrap metal recycling business. The third property, 11
acres located in Eugene, is the heart of debtor's scrap yard, where
its huge and expensive metal shredder and related improvements are
located.  The Debtor's sole interest in the Affiliate Real Property
Collateral is its right to possession ("Lessee Rights") under
unrecorded leases ("Affiliate Leases"). The Lessee Rights are
junior to the liens of the Affiliate Trust Deeds.

Banner Bank relates that the Banner Real Property Loan is in
default, and it intends to commence either a judicial foreclosure
or a non-judicial foreclosure of the Affiliate Trust Deeds. Banner
Bank further relates that as of the Petition date, the balance
owing to Banner Bank on the Banner Real Property Loan, excluding
any pre-computed interest or other unearned charges is
approximately $2,574,123.  Banner Bank contends that it is not
seeking relief from the automatic stay with respect to a security
interest upon the Debtors' property and that it seeks only the
Preliminary Foreclosure Relief, which will not affect the Debtor's
Lessee Rights in the absence of further relief from the automatic
stay authorizing Banner Bank to conduct a Final Foreclosure
Action.

Banner Bank tells the Court that the Debtor has no equity in the
Lessee Rights and that the Lessee Rights are not necessary to an
effective reorganization.  Banner Bank further tells the Court that
in its Schedule A, the Debtor listed its leasehold interests in the
Affiliate Real Property Collateral, including the Eugene Property,
and forthrightly stated that in each case, the "Current Value of
Debtor's Interest in Property, without Deducting any Secured Claim
or Exemption" of each leasehold interests was "$0.00. " Banner Bank
alleges that the Debtor has admitted that the Lessee Rights for all
three properties have no monetary value at all, regardless of the
effect of the superior encumbrances.

                        Debtor's Objection

The Debtor contends that relief from the automatic stay is not
justified at such an early stage of the bankruptcy case.  The
Debtor relates that it filed its bankruptcy petition on Aug. 28,
2015 and is not required to file a plan of reorganization until
March 31, 2016.  The Debtor further contends that relief from stay
is inappropriate as the case is still in its early stages and the
Debtor has not yet had an opportunity to propose a plan of
reorganization.  The Debtor tells the Court that the Eugene
Property is necessary for an effective reorganization because the
shredder system is a key component in the Debtor's operations going
forward.  The Debtor further tells the Court that it is currently
evaluating whether the current economics of the scrap metal market
will make it profitable to operate the shredder going forward.

The Debtor relates that it stands to lose much more than Banner
Bank if the automatic stay is lifted. Further relates that it
should be permitted time to prepare and propose a plan of
reorganization without having its attentions turned elsewhere, and
without having a property that is vital to any plan of
reorganization foreclosed upon.

Pacific Recycling's attorneys:

          Laura J. Walker, Esq.
          Donald J. Koehler II, Esq.
          CABLE HUSTON LLP
          1001 SW 5th Avenue, Suite 2000
          Portland, OR 97204-1136
          Telephone: (503)224-3092
          Facsimile: (503)224-3176
          E-mail: lwalker@cablehuston.com
                 dkoehler@cablehuston.com

Banner Bank's attorneys:

          Wendell Kusnerus, Esq.
          DAVIS WRIGHT TREMAINE LLP
          1300 S.W. Fifth Avenue, Suite 2400
          Portland, OR 97201
          Telephone: (503)241-2300
          E-mail: wendellkusnerus@dwt.com

                     About Pacific Recycling

Pacific Recycling, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D. Ore. Case No. 15-62925) on Aug. 27, 2015.  The petition
was signed by Rodney Schultz as president.  The Debtor disclosed
total assets of $5,996,665 and total liabilities of $21,718,414.
Hon. Frank R. Alley III is assigned to the case.  Cable Huston LLP
represents the Debtor as counsel.

The U.S. Trustee for Region 18 appointed four creditors of Pacific
Recycling Inc. to serve on the official
committee of unsecured creditors.



PACIFIC RECYCLING: Files Rule 2015.3 Periodic Report
----------------------------------------------------
Pacific Recycling Inc. filed a report disclosing that it holds 95%
stake in PRI QALICB, LLC as of Sept. 30, 2015.

The report was filed pursuant to Bankruptcy Rule 2015.3, which
required the company to disclose the value, operations and
profitability of entities in which it holds a substantial or
controlling interest.  The report is available for free at
http://is.gd/kcdvDl

                      About Pacific Recycling

Pacific Recycling, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D. Ore. Case No. 15-62925) on Aug. 27, 2015.  The petition
was signed by Rodney Schultz as president.  The Debtor disclosed
total assets of $5,996,665 and total liabilities of $21,718,414.
Hon. Frank R. Alley III is assigned to the case.  Cable Huston LLP
represents the Debtor as counsel.

The U.S. Trustee for Region 18 appointed four creditors of Pacific
Recycling Inc. to serve on the official committee of unsecured
creditors.


PACIFIC RECYCLING: GE Wants Adequate Protection for Shredder
------------------------------------------------------------
GE Government Finance, Inc., asks the U.S. Bankruptcy Court for the
District of Oregon for adequate protection with regard to its
Collateral, consisting of a commercial Shredder.

The Debtor entered into a Loan Agreement with GGFI, as Lender, and
the State of Oregon, as Issuer, by virtue of which, the Issuer
issues an Industrial Development Bond to the Debtor for $9,000,000.
To secure its obligations under the Loan Agreement, the Debtor
granted a first priority security interest in the Equipment
purchased with the proceeds of the Bond and the Loan. The Equipment
was a 80108 Spider Type Shredder System with 24 Pulse DC Drive and
Motors, and Down Stream equipment including New Ferrous and Non
Ferrous Conveyor System ("Shredder").  As additional security, the
Debtor granted a security interest in numerous items of other
equipment owned by it.

The Debtor defaulted under the Loan Agreement and owes not less
than $6,621,307, consisting of the principal, the principal
prepayment premium and accrued interest, plus other amounts that
are justly due and owing to GGFI, including all reasonable costs of
collection.  GGFI asserts that the Debtor continues to be in
default of the Loan Agreement and that all amounts due and owing on
the Loan are still outstanding and unpaid.  GGFI adds that no
payment has been made on the Loan Agreement since July 10, 2015.

GGFI relates that the Debtor valued the Shredder at $4,580,000, and
scheduled GGFI's claim as $6,580,000, leaving a scheduled
deficiency claim of $2,000,000.  GGFI contends that the Debtor
failed to correctly schedule GGFI's perfected security interest in
all of the Collateral, not just the Shredder and that based on its
preliminary investigation, GGFI believes the value of the
Collateral as of the Petition Date is less than the sum owed on the
Loan.

GGFI tells the Court that the Debtor intends to use all or a
portion of the Collateral to process inventory going forward.  GGFI
further tells the Court that the Debtor and Banner Bank are
negotiating in an effort to reach an agreement to process inventory
subject to Banner Bank's security interest using the Shredder.
GGFI relates that the Debtor sought approval for an order approving
a supply and financing agreement with Calbag Metals Co. which
appears to require the Debtor to deliver certain inventory acquired
by the Debtor post-filing to Calbag.  GGFI further relates that it
is not clear whether the Debtor intends to use equipment which is
GGFI's Collateral other than the Shredder to fulfill its agreement
with Calbag. GGFI asserts that any use of the Collateral would
decrease the value of GGFI's Collateral as of the Petition Date,
entitling GGFI to adequate protection.

GGFI tells the Court that it is entitled to adequate protection
payments of not less than $25,000 per week.  It further tells the
Court that the Shredder itself has a substantial, but not unlimited
useful life and depreciates in value with use and the passage of
time, and its drive motors require constant and expensive
maintenance and will require periodic rebuilds or replacement. GGFI
asserts that using the additional equipment included in the
Collateral will cause decline in the value of GGFI's interest in
the Collateral absent adequate protection.

GE Government Finance is represented by:

          John W. Weil, Esq.
          TOMASI SALYER BAROWAY
          10300 SW Greenburg Road
          1 Lincoln Center, Suite 430
          Portland, OR 97223
          Telephone: (503)894-9900
          Facsimile: (971)544-7236
          E-mail: jweil@tsbnwlaw.com

                  - and -

          Jonathan R. Doolittle, Esq.
          REED SMITH LLP
          101 Second Street, #1800
          San Francisco, CA 94105
          Telephone: (415)543-5902
          Facsimile: (415)391-8269
          E-mail: jdoolittle@reedsmith.com

                     About Pacific Recycling

Pacific Recycling, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D. Ore. Case No. 15-62925) on Aug. 27, 2015.  The petition
was signed by Rodney Schultz as president.  The Debtor disclosed
total assets of $5,996,665 and total liabilities of $21,718,414.
Hon. Frank R. Alley III is assigned to the case.  Cable Huston LLP
represents the Debtor as counsel.

The U.S. Trustee for Region 18 appointed four creditors of Pacific
Recycling Inc. to serve on the official
committee of unsecured creditors.



PACIFIC RECYCLING: Wants to Pay GE $5K, Not $20K Per Week
---------------------------------------------------------
Pacific Recycling, Inc., objects to the motion filed by GE
Government Finance, Inc., asking the U.S. Bankruptcy Court for the
District of Oregon, Eugene Division, for adequate protection.

GE sough adequate protection payments of $20,000 per week for the
use of a shredder to process prepetition inventory subject to a
lien for Banner Bank.

The Debtor contends that the shredder has not been used since the
petition was filed.  The Debtor further contends that it intends to
operate the shredder to process a portion of the inventory subject
to Banner's lien.  The Debtor relates that once the shredder begins
operating, the Debtor plans to operate at about 60% of capacity,
which would be approximately 6 hours per day, 4 days a week.  The
Debtor further relates that the use of the shredder is far less
than the hours estimated by GE to calculate the proposed adequate
protection payments.

The Debtor opposes GE's motion for these reasons:

   (1) GE did not properly perfect its lien on the shredder. The
shredder is a fixture under Oregon Law.  While GW recorded a
fixture filing in the Lane County, Oregon, the legal description
utilized by GE in the Lane County filing was incomplete and
inadequate, failing to provide adequate information to put a third
party to notice.

   (2) If GE is entitled to adequate protection the amount
requested is excessive.  GE seeks adequate protection payments for
use of the shredder system in the amount of $25,000 per week.  This
figure is not calculated based on the decrease in value of the
shredder.  Nor is it based on the Debtor's actual planned use of
the shredder.  GE gathered figures and estimates from the
manufacturer, assumed all of the Debtor's inventory would be
processed through the shredder, and determined that the
identifiable costs associated with the Banner Bank shredding would
be $43,087.  Without supplying any further basis or rationale, GE
inexplicably parlayed that $43,087 sum total cost into $25,000 per
week.

The Debtor tells the Court that payment of $5,000 per week that the
shredder is actually used is more than sufficient to adequately
protect GE.  The Debtor further tells the Court that Banner Bank
has indicated a willingness to authorize payments of $5,000 per
week to GE out of the cash collateral account for use of the
shredder and other equipment.  The Debtor asserts that GE would
only be entitled to adequate protection when the Debtor uses the
shredder.  It further asserts that GE's concern regarding
maintenance and replacement of parts is already being addressed
through use of parts on hand and the weekly $4,000 maintenance
reserve.  The Debtor adds that beyond that, there is no indication
that the shredder will realize any measurable depreciation, so the
$5,000 per week payment will more than protect any interest GE may
have in the shredder.

                            GE's Reply

GE contends that the shredder is not a fixture under Oregon law, by
agreement of the parties or otherwise.  GE further contends that it
is a piece of industrial equipment larger than some and smaller
than others which needs to be bolted does not change the shredder's
character as equipment. GE argues that even assuming arguendo that
the Shredder is a fixture, governing UCC provisions confirm that GE
has a perfected security interest in the Shredder superior to the
rights of a lien creditor.

GE Government Finance is represented by:

          John W. Weil, Esq.
          TOMASI SALYER BAROWAY
          10300 SW Greenburg Road
          1 Lincoln Center, Suite 430
          Portland, OR 97223
          Telephone: (503)894-9900
          Facsimile: (971)544-7236
          E-mail: jweil@tsbnwlaw.com

                 - and -

          Jonathan R. Doolittle, Esq.
          REED SMITH LLP
          101 Second Street, #1800
          San Francisco, CA 94105
          Telephone: (415)543-5902
          Facsimile: (415)391-8269
          E0mail: jdoolittle@reedsmith.com

Pacific Recycling is represented by:

          Laura J. Walker, Esq.
          Donald J. Koehler II, Esq.
          CABLE HUSTON LLP
          1001 SW 5th Avenue, Suite 2000
          Portland, OR 97204-1136
          Telephone: (503)224-3092
          Facsimile: (503)224-3176
          E-mail: lwalker@cablehuston.com
                  dkoehler@cablehuston.com

                     About Pacific Recycling

Pacific Recycling, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D. Ore. Case No. 15-62925) on Aug. 27, 2015.  The petition
was signed by Rodney Schultz as president.  The Debtor disclosed
total assets of $5,996,665 and total liabilities of $21,718,414.
Hon. Frank R. Alley III is assigned to the case.  Cable Huston LLP
represents the Debtor as counsel.

The U.S. Trustee for Region 18 appointed four creditors of Pacific
Recycling Inc. to serve on the official
committee of unsecured creditors.



PENN VIRGINIA: Moody's Lowers CFR to Caa3, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service downgraded Penn Virginia Corporation's
(PVA) Corporate Family Rating (CFR) to Caa3 from Caa1, Probability
of Default Rating to Caa3-PD from Caa1-PD and ratings on its senior
unsecured notes to Ca from Caa2.  The Speculative Grade Liquidity
Rating was affirmed at SGL-4 and the rating outlook remains
negative.

"The downgrade to Caa3 reflects PVA's high leverage, declining
production, declining interest coverage and weak liquidity," stated
James Wilkins, a Moody's Vice President -- Senior Analyst. "The
company needs to secure additional financing to continue its
operations."

These summarizes the ratings:

Issuer: Penn Virginia Corporation

Ratings Downgraded:

  Corporate Family Rating, Downgraded to Caa3 from Caa1

  Probability of Default Rating, Downgraded to Caa3-PD from
  Caa1-PD

  Sr Unsec notes due 2019, Downgraded to Ca (LGD4) from Caa2
(LGD4)

  Sr Unsec notes due 2020, Downgraded to Ca (LGD4) from Caa2
(LGD4)

Ratings Affirmed:

  Speculative Grade Liquidity Rating - SGL-4

Outlook - Negative

RATINGS RATIONALE

PVA's Caa3 CFR is primarily driven by its weak liquidity, high
leverage and Moody's expectation that its production will decline
in 2016.  The company projects its production in 2015 Q4 will
decline to 17 Mboepd (from the pro forma peak of 22.8 Mboepd seen
in 2015 Q1) and Moody's expects that cuts in capital expenditures
necessitated by little operating cash flows and limited external
financing will put further downward pressure on 2016 production
volumes.  Debt on average daily production was $59,600 for the
third quarter 2015.

PVA's credit profile reflects its modest scale as measured by its
limited production (22.6 Mboe/day for the twelve months ended 30
September 2015) and proved reserves base (115 million boe) relative
to higher rated E&P companies as well as high leverage. The company
requires significant capital to develop its large undeveloped Eagle
Ford acreage.

PVA's SGL-4 rating reflects Moody's expectation that the company
will have weak liquidity in 2016, without securing additional
funding, and has little ability to raise additional funds through
further asset sales.  The company projects it will outspend cash
flow by $15 million to $30 million in the fourth quarter 2015,
which would leave it with $103 million to $118 million of liquidity
at year-end 2015.  It will continue to generate negative free cash
flow in 2016.  PVA does not have any debt maturities until
September 2017, when the revolver matures.

The company relies on access to its revolving credit facility to
fund its operations, but continued access to the revolver is
uncertain, since PVA has indicated that it may not be able to
comply with its financial covenants over the next twelve months.
The terms of the revolving credit facility require the company to:
(1) limit its total debt to EBITDAX ratio to 4.75x through Q1 2016
(5.25x for Q2 2016, 5.50x for Q3 and Q4 2016); (2) limit the ratio
of credit exposure (revolver borrowings and letters of credit) to
EBITDAX to 2.75x; and (3) maintain a current ratio greater than 1x.
The two leverage ratios were 3.9x (versus the 4.75x covenant) and
0.5x (versus the 2.75x covenant), respectively, for the third
quarter 2015, reflecting compliance with covenants.  The company
has projected its total leverage covenant to be around 4.4x at
year-end 2015.  Moody's expects a drop in PVA's profitability in
2016 may not allow the company to remain in compliance with its
total debt to EBITDAX covenant.

The outlook is negative.  A rating downgrade is likely if liquidity
falls below $75 million, the company is likely to violate incurable
financial covenants or the company is expected to undergo a debt
restructuring detrimental to existing bondholders. A positive
rating action could occur if PVA stabilizes its production,
maintains interest coverage sustainable above 1.5x and improves its
liquidity to adequate levels, which would require external debt or
equity financing.

The principal methodology used in these ratings was the Global
Independent Exploration and Production Industry published in
Dec. 2011.

Penn Virginia Corporation, headquartered in Radnor, Pennsylvania,
is a publicly traded oil and gas company primarily engaged in the
development, exploration, and production of natural gas and oil in
the Eagle Ford shale basin in Texas, but also has properties in
Oklahoma, Mississippi and the Appalachia.



PETCO HOLDINGS: S&P Puts 'B' CCR on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'B' corporate credit rating, on Petco Holdings Inc. on
CreditWatch with negative implications.  

"We are placing the ratings on CreditWatch as we assess the
implications of additional debt on the company's credit metrics,
evaluate potential cash flow pressures emanating from higher
interest costs, and determine whether these factors hinder its
ability to reinvest cash flows to improve the shopping experience
for pet parents," said credit analyst Andy Sookram.  "Petco has
increased capital spending over the past couple years, which we
view as pivotal to improve operations so it could more effectively
compete against online and brick-and-mortar retailers.  In our
estimates, leverage could increase to well above the current 5x
level."

S&P will resolve the CreditWatch after it concludes its assessment
of the financial implications on the company's operations stemming
from higher debt service costs and what S&P believes to be tighter
financial flexibility because of acquisition-related debt.  S&P
will also discuss with management its financial policy plans.  Upon
resolution of the CreditWatch listing, S&P could lower the rating
by one notch, or maintain the current 'B' ratings while revising
the outlook to negative.



PGI INCORPORATED: Incurs $2.19 Million Net Loss in Third Quarter
----------------------------------------------------------------
PGI Incorporated filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss of $2.19
million on $2,000 of revenues for the three months ended Sept. 30,
2015, compared to a net loss of $833,000 on $3,000 of revenues for
the same period in 2014.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss of $6.19 million on $7,000 of revenues compared to a net
loss of $4.59 million on $10,000 of revenues for the same period a
year ago.

As of Sept. 30, 2015, the Company had $891,000 in total assets,
$90.21 million in total liabilities and a stockholders' deficiency
of $89.32 million.

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

                      http://is.gd/245or2

                    About PGI Incorporated

St. Louis, Mo.-based PGI Incorporated, a Florida corporation, was
founded in 1958, and up until the mid 1990's was in the business
of building and selling homes, developing and selling home sites
and selling undeveloped or partially developed tracts of land.
Over approximately the last 15 years, the Company's business focus
and emphasis changed substantially as it concentrated its sales
and marketing efforts almost exclusively on the disposition of its
remaining real estate.  This change was prompted by its continuing
financial difficulties due to the principal and interest owed on
its debt.

Presently, the most valuable remaining asset of the Company is a
parcel of 366 acres located in Hernando County, Florida.  The
Company also owns a number of scattered sites in Charlotte County,
Florida (the "Charlotte Property"), but most of these sites are
subject to easements which markedly reduce their value and/or
consist of wetlands of indeterminate value.  As of Dec. 31, 2011,
the Company also owned six single family lots, located in Citrus
County, Florida.

PGI Incorporated reported a net loss of $6.51 million on $16,000 of
revenues for the year ended Dec. 31, 2014, compared to a net loss
of $6.9 million on $16,000 of revenues for the year ended Dec. 31,
2013.

BKD, LLP, in St. Louis, Missouri, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has a significant
accumulated deficit, and is in default on its primary debt, certain
sinking fund and interest payments on its convertible subordinated
debentures and its convertible debentures.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern.


PINNACLE FOODS: Moody's Puts Ba3 CFR Under Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed the Ba3 Corporate Family
Rating, Ba3-PD Probability of Default Rating and debt instrument
ratings of Pinnacle Foods Finance, LLC under review for downgrade
following today's announcement that its parent company, Pinnacle
Foods, Inc., has entered into a definitive agreement to acquire
Boulder Brands, Inc.  The SGL-2 Speculative Grade Liquidity rating
is unaffected, subject to Moody's further review of transaction
details.

Pinnacle plans to launch a cash tender offer for Boulder Brands
shares that values the company at $975 million, including $265
million of net debt.  The transaction is expected to be completed
in the first quarter of 2016.

Moody's review for downgrade reflects the higher financial leverage
that will result from the transaction, along with significant
integration risk.  In addition, today's rating action reflects
Moody's need to assess important details of Pinnacle's operating
plan, including the timing and sources of significant targeted cost
savings and its plans to stabilize and grow Boulder's core business
lines.

"Whether Pinnacle can successfully increase Boulder's $60 million
of run-rate EBITDA by 50% according to its plan, will depend
largely on its ability to stabilize the declining Smart Balance
franchise and to address various operating challenges the company
has faced in recent years," commented Brian Weddington, a Moody's
VP-Senior Credit Officer.  "As a result, we think the execution
risk on achieving these savings could be quite high," added
Weddington.

Moody's review will focus on Pinnacle's operating strategy for the
Boulder business, the timing and sources of anticipated cost
savings, its financing plans, and the de-leveraging potential
subsequent to the Boulder Brands purchase including future
acquisition strategies.

Ratings Placed under Review for Downgrade

Pinnacle Foods Finance LLC:

  Corporate Family Rating at Ba3;
  Probability of Default Rating at Ba3-PD;
  Senior Secured Bank Credit Facility at Ba2/LGD3;
  Gtd Senior Unsecured at B2/LGD6.

Pinnacle Foods Finance LLC's SGL-2 Speculative Grade Liquidity
rating is not affected.

RATING RATIONALE

Pinnacle's existing Ba3 Corporate Family Rating (CFR) reflects the
company's portfolio of mature brands in frozen and shelf-stable
food categories that generate relatively stable operating
performance, albeit with limited growth potential.  Pinnacle
competes successfully against food companies with greater scale,
capital resources and pricing power by focusing on optimizing its
brand investment and maintaining efficient operations.  The rating
also reflects Moody's expectation for debt-financed acquisitions to
be followed by an ample period of de-leveraging to restore credit
metrics.

Headquartered in Parsippany, New Jersey, Pinnacle Foods Finance LLC
-- through its wholly-owned operating company, Pinnacle Foods Group
-- manufactures and markets branded convenience food products in
the US and Canada.  Its brands include Birds Eye, Voila, Hungry-Man
and Swanson frozen dinners, Vlasic pickles, Wish Bone salad
dressings, Mrs. Paul's and Van de Kamp's frozen prepared sea food,
Aunt Jemima frozen breakfasts, Log Cabin and Mrs. Butterworth's
syrup, Duncan Hines cake mixes and Gardein meatless foods.  Net
sales for the last twelve month period ended Sept. 27, 2015,
totaled approximately $2.6 billion.

The principal methodology used in these ratings was Global Packaged
Goods published in June 2013.



PINNACLE FOODS: S&P Affirms 'BB-' CCR on Boulder Brands Deal
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings, including
its 'BB-' corporate credit rating, on Pinnacle Foods Inc.  The
outlook is stable.

S&P also affirmed the issue-level ratings on the company's debt,
with the expectation that S&P will review them when the company
discloses specific details of its debt financing plans to fund the
acquisition.  The issue-level ratings on the company's senior
secured debt remain 'BB+' with a '1' recovery rating, indicating
S&P's expectations for very high (90%-100%) recovery in the event
of a payment default.  The issue-level ratings on the company's
senior unsecured notes remain 'B' with a '6' recovery rating,
indicating S&P's expectations for negligible (0%-10%) recovery in
the event of a payment default.

As of Sept. 30, 2015, the company's lease and pension-adjusted debt
outstanding was approximately $2.3 billion.

"We are affirming our ratings on Pinnacle based on our expectation
that the company will reduce leverage towards 5x within 12 months
of closing its acquisition of Boulder Brands for $975 million,"
said Standard & Poor's credit analyst Amanda Cusumano.  "We expect
the company to fund the acquisition largely with incremental debt
and cash flow generated at the end of 2015, and estimate pro forma
leverage for the 12 months ended Sept. 30, 2015, will be in the
5.0x-5.5x range, which is in line with our expectations that the
company would increase leverage to 5.5x for an acquisition."

Given Pinnacle's track record of effectively integrating
acquisitions and realizing synergies, Standard & Poor's believes
the company will be able to deleverage quickly.  S&P estimates
Boulder's lower-margin profile will improve through EBITDA
expansion from synergy realization including selling, general, and
administrative cost savings, supply chain improvements, SKU
rationalization, and reducing the number of Boulder Brand's
co-packer partners.  S&P also believes it is the company's
financial policy to deleverage to below 5x and management has
demonstrated they will apply free operating cash flow towards debt
reduction after an acquisition.

S&P will refine its forecast following receipt of additional
financing details and our discussion with management.  However,
S&P's deleveraging expectations incorporate at least
low-single-digit revenue growth and pro forma adjusted EBITDA
margin of at least 19%.  S&P also expects Pinnacle will continue to
generate at least $200 million of free operating cash flow.  S&P do
not factor in any additional large, debt-financed acquisitions
during the next 12 months.

The stable outlook reflects S&P's expectation that Pinnacle will
effectively integrate the Boulder Brands acquisition, realize its
cost savings, and deleverage to below 5x within 12 months following
the acquisition.

S&P would consider lowering the ratings if operating performance
deteriorates either from poor integration, inability to realize
cost savings, or from a loss of market share in its key categories
or a sharp rise in commodity costs resulting in margin contraction
of over 250 basis points.  A shift toward more aggressive financial
policies, including another large debt-financed acquisition or
shareholder returns such that S&P come to expect leverage to be
sustained above 5x, could also result in a lower rating.

S&P could raise the rating if the company demonstrates a less
aggressive financial policy and S&P come to expect leverage to be
sustained below 4x.  A higher rating could also result from
continued improvements in operating performance resulting in EBITDA
margins sustained over 20%, or if the company achieves greater
scale, better product diversity, and stronger brands in faster
growing categories while sustaining leverage below 5.5x.



PLAZE INC: Moody's Affirms 'B2' CFR Over Loan Upsize Plans
----------------------------------------------------------
Moody's Investors Service has affirmed Plaze, Inc.'s B2 corporate
family rating and its B2-PD probability of default rating,
following the company's announcement that it plans to upsize its
$315 million first lien term loan due 2022 to $470 million to
finance acquisitions.  Moody's also affirmed a B2 rating on the
company's existing first lien senior secured credit facilities
consisting of $315 million term loan due 2022 (to be upsized to
$470 million) and $22.5 million revolver due 2020.  The rating
outlook is stable.

The proceeds from the company's proposed $155 million incremental
first lien term loan, along with management rollover equity, will
be used to fund two contemplated acquisitions of manufacturers and
custom fillers of specialty aerosol products.  The combined
purchase price for both acquisitions is $165 million.  The
transaction raises the company's leverage to above 6.0x debt to
EBITDA pro forma for acquisitions, which represents a material
increase from current leverage of approximately 5.5x that reflects
capitalization related to the purchase of the company by Pritzker
Group in July 2015.  While the resulting leverage is high for the
rating category, the rating affirmation reflects our expectations
that Plaze will be able to de-lever towards 5.0x over the next 12
to 18 months through a combination of cost cutting initiatives and
synergy realization from integration of acquisitions.  As well, the
acquisitions are expected to increase the company's revenue scale
and geographic reach, strengthen its market position within the
automotive, insecticides and other markets and extend its product
offering in the pet care market.  The ratings are also supported by
the relative stability of the company's operating performance due
to the stability of its end market demand given the consumable
nature of product offerings, its good competitive position, and
solid pro forma adjusted EBITA to interest coverage of
approximately 2.7x.

These rating actions were taken:

Issuer: Plaze, Inc.:

  Corporate family rating, affirmed at B2;

  Probability of default rating, affirmed at B2-PD;

  $315 million first lien senior secured term loan due 2022 (to be

   upsized to $470 million), affirmed at B2 (LGD4);

  $22.5 million first lien senior secured revolving credit
   facility due 2020, affirmed at B2 (LGD4);

  Stable rating outlook.

All ratings are subject to the execution of the transaction as
currently proposed and Moody's review of final documentation.

RATINGS RATIONALE

The B2 corporate family rating reflects Plaze's high leverage
resulting from the leveraged buyout and the incremental term loan
transactions, a history of debt-financed acquisitions, its
relatively small scale compared to other manufacturing companies
and niche focus in the mature and highly competitive North American
aerosol market.  The rating is supported by the stability of demand
in many of the company's end markets due to the consumable nature
of the product offerings, which include household and personal care
products, along with the company's flexible manufacturing
capabilities, long-standing relationships with a diversified
customer base, and a good competitive position relative to smaller
specialty aerosol manufacturers.

Plaze has an adequate liquidity position, supported by our
expectations that the company will maintain sufficient availability
under its revolving credit facilities, the flexibility under its
springing net leverage covenant, and an extended debt maturity
profile.  However, liquidity is constrained by the low cash
balances the company typically carries and modest free cash flow
generation.

The stable outlook reflects Moody's expectations that low- to
mid-single digit organic revenue and earnings growth at stable
margins and synergy realization from integration of acquisitions
will contribute to the company's de-leveraging over the next 12 to
18 months.  The outlook also presumes that Plaze will undertake a
disciplined approach to acquisitions and their integrations, while
maintaining an adequate liquidity position.

The ratings could be downgraded if the acquired businesses perform
below expectations or lack of synergy realization causes leverage
to remain elevated for a prolonged period of time.  Negative
ratings pressure would also arise if the company experiences a
significant decline in revenues or margins, particularly if this is
precipitated by a significant loss of customer accounts.  Lower
ratings could also ensue if the pace of acquisitions accelerates,
if the company pursues shareholder-friendly activities, or if
liquidity deteriorates.  Adjusted debt to EBITDA sustained above
5.5x or retained cash flow to debt below 5% would warrant a lower
rating consideration.

The ratings could be upgraded if the company achieves robust
revenue growth while increasing operating margins, resulting in
strong free cash flow generation and debt reduction.  A
demonstrated commitment to conservative financial policies, strong
liquidity, and a modest and manageable pace of acquisitions will
also be key factors to a higher rating consideration.  Credit
metrics sustained at the following levels would support an upgrade:
adjusted debt to EBITDA below 4.0x, EBITA to interest in excess of
3.0x, and retained cash flow to debt of above 15%.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.

Plaze, Inc., headquartered in Addison, Illinois, is a manufacturer
and marketer of specialty aerosol products, including cleaners,
disinfectants, lubricants, air fresheners, antiperspirants,
sunscreen, polishes, adhesives and insecticides for the North
American market.  The company has approximately 350 proprietary
aerosol formulations and serves janitorial, sanitation, industrial,
automotive, paint, glass, personal care and other end markets.  In
July 2015, Plaze was acquired by the Pritzker Group. The company's
LTM September 30, 2015 revenues pro forma for contemplated
acquisitions are estimated at approximately $520 million.



PLY GEM HOLDINGS: Number of Directors Increased to 9
----------------------------------------------------
The Board of Directors of Ply Gem Holdings, Inc. increased the size
of the Board from eight to nine directors and appointed John Forbes
as a Class II director of the Board and Joost F. Thesseling as a
Class III director of the Board.  

In addition, the Board appointed Mr. Forbes as a member of the
Nominating and Corporate Governance Committee and Mr. Thesseling as
a member of the Compensation Committee, in each case, effective
Nov. 16, 2015.  The Board appointed John Forbes and Joost F.
Thesseling as nominees and designees of Caxton-Iseman (Ply Gem),
L.P. and Caxton-Iseman (Ply Gem) II, L.P. pursuant to the terms of
that certain Second Amended and Restated Stockholders' Agreement,
dated as of May 22, 2013.

                         About Ply Gem

Based in Cary, North Carolina, Ply Gem Holdings Inc. is a
diversified manufacturer of residential and commercial building
products, which are sold primarily in the United States and
Canada, and include a wide variety of products for the residential
and commercial construction, the do-it-yourself and the
professional remodeling and renovation markets.

Ply Gem reported a net loss of $31.3 million on $1.56 billion of
net sales for the year ended Dec. 31, 2014, compared to a net loss
of $79.5 million on $1.36 billion of net sales for the year ended
Dec. 31, 2013.

As of Oct. 3, 2015, the Company had $1.31 billion in total assets,
$1.39 billion in total liabilities and a $80.8 million total
stockholders' deficit.

                            *     *     *

In May 2010, Standard & Poor's Ratings Services raised its
(unsolicited) corporate credit rating on Ply Gem to 'B-' from
'CCC+'.  "The ratings upgrade reflects our expectation that the
Company's credit measures are likely to improve modestly over the
next several quarters to levels that we would consider more in
line with the 'B-' corporate credit rating," said Standard &
Poor's credit analyst Tobias Crabtree.


PLY GEM HOLDINGS: Steven Lefkowitz Quits as Director
----------------------------------------------------
Steven M. Lefkowitz resigned as a member of the Board of Directors
of Ply Gem Holdings, Inc., on Nov. 11, 2015, according to a Form
8-K filed with the Securities and Exchange Commission.

                           About Ply Gem

Based in Cary, North Carolina, Ply Gem Holdings Inc. is a
diversified manufacturer of residential and commercial building
products, which are sold primarily in the United States and
Canada, and include a wide variety of products for the residential
and commercial construction, the do-it-yourself and the
professional remodeling and renovation markets.

Ply Gem reported a net loss of $31.3 million on $1.56 billion of
net sales for the year ended Dec. 31, 2014, compared to a net loss
of $79.5 million on $1.36 billion of net sales for the year ended
Dec. 31, 2013.

As of Oct. 3, 2015, the Company had $1.31 billion in total assets,
$1.39 billion in total liabilities and a $80.8 million total
stockholders' deficit.

                            *     *     *

In May 2010, Standard & Poor's Ratings Services raised its
(unsolicited) corporate credit rating on Ply Gem to 'B-' from
'CCC+'.  "The ratings upgrade reflects our expectation that the
Company's credit measures are likely to improve modestly over the
next several quarters to levels that we would consider more in
line with the 'B-' corporate credit rating," said Standard &
Poor's credit analyst Tobias Crabtree.


PLZ AEROSCIENCE: S&P Affirms 'B' CCR, Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on PLZ Aeroscience Corp.  The outlook is stable.

At the same time, S&P affirmed its 'B' issue-level rating on PLZ's
term loan B following the proposed $155 million incremental add-on.
The recovery rating remains '3', indicating S&P's expectation of
meaningful recovery (50% to 70%; lower half of the range) in the
event of a payment default.  S&P based all ratings on proposed
terms and conditions provided by the company.

S&P's ratings reflect its assessment of PLZ Aeroscience Corp.'s
financial risk profile as "highly leveraged" and business risk
profile as "weak," as defined in S&P's criteria.  Given the choice
of a 'b' or 'b-' anchor score, S&P chooses 'b' because it views the
company's credit measures as being on the stronger end of the
"highly leveraged" financial risk profile.

"The stable outlook reflects our expectation that PLZ will generate
modest organic EBITDA growth through low-single-digit organic sales
increases in its key business segments, as well as our forecast for
marginal improvement of the company's key credit measures over the
next year," said Standard & Poor's credit analyst Allison
Schroeder.

S&P believes that the company's proposed acquisitions will
strengthen the business risk profile but ultimately it will still
remain "weak," especially given the integration risk.  Furthermore,
S&P believes credit measures, specifically adjusted debt to EBITDA,
will remain in the 5x-6x range over the next 12 months pro forma
for the acquisitions.

S&P could lower the ratings if the company's operating performance
is well below its expectations, such that cash flow generation is
negative, which S&P believes would cause liquidity to be
constrained.  S&P believes such a scenario could occur if
environmental concerns shift consumer preferences away from
aerosol.  In this scenario, S&P believes inventory levels could
rise and constrain cash flow generation.  Also, if adjusted debt to
EBITDA goes above 6x over the next 12 months or if liquidity
becomes "less than adequate," without prospects for improvement, we
could lower the rating.

Although unlikely within the next year, S&P could raise the ratings
if the company's equity sponsors infuse additional common equity
into the business to reduce existing debt and if PLZ's operating
performance is in line with or exceeds S&P's expectations.  If
adjusted debt to EBITDA falls below 5x and S&P's assessment of
financial policy supports such credit measures, it could raise
ratings within the next 12 months.

PLZ is one of the largest specialty aerosol providers in the world.
The company's business position is strengthened by the proposed
acquisition and, in S&P's view, it will expand the company's range
of products; however, it still views the business risk profile as
"weak" given that the company's overall business will continue to
operate in niche operating markets.



PRECISION DRILLING: S&P Revises Outlook to Neg. & Affirms BB+ CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Calgary, Alta.-based onshore contract drilling company Precision
Drilling Corp. to negative from stable.  At the same time, Standard
& Poor's affirmed its 'BB+' long-term corporate credit and 'BB'
unsecured debt ratings on Precision.  The '5' recovery rating on
the debt is unchanged, and reflects S&P's expectation of modest
(10%-30%; in the upper half of the range) recovery in a default
scenario.

"The outlook revision reflects our expectation that industry
conditions will remain weak through 2016, reflecting depressed
crude oil and natural gas prices and resulting in reduced capital
expenditures from exploration and production companies," said
Standard & Poor's credit analyst Aniki Saha-Yannopoulos.  In
addition, as rigs roll off contracts, Precision will either
recontract or operate them at much less favorable day rates.
"However, we expect credit measures to improve in 2017 due to our
assumption of improving cash flow and credit measures as commodity
prices improve in our  base-case assumptions," Ms. Saha-Yannopoulos
added.

"The company's "satisfactory" business risk profile reflects our
view of Precision's high-quality land drilling rig fleet, dominant
market position in Canada and presence in several unconventional
producing regions in the U.S., and ability to maintain less
volatile EBITDA margins throughout the hydrocarbon price cycle
compared with that of peers.  We believe these factors, in
conjunction with the company's long-term contracts, are the primary
factors supporting the overall business risk profile. Given the
industry's increasing emphasis on developing unconventional oil and
gas resources and drilling horizontal wells, we expect Precision
will maintain its Tier 1 fleet utilization and dayrates higher than
industry average, especially in Canada.  At the same time, as
exploration and production companies focus on improving efficiency
from their vendors, we expect drillers with higher-specification
assets are at an advantage and will experience better utilization
and margins compared with those of peers.  In both Canada and the
U.S., the company is one of the top providers of Tier 1 rigs,
holding about 50% of the market and meaningful market share in
multiple U.S. basins.  Precision's diverse customer base supports
its scale, scope, and diversity.  We also view as a credit positive
the company's rigs on long-term contracts, as well as the recent
two new-builds for Kuwait, which are a source of stable cash flow.
We forecast that long-term contracts will generate 45%-55% and
20%-30% of EBITDA in 2016 and 2017, respectively," S&P said.

"Our analysis of Precision's "significant" financial risk profile
incorporates our view of the company's forecast core and
supplemental ratios during our 2015-2017 outlook period.  We are
forecasting a drop in revenues and EBITDA through 2016 as industry
activity drops and Precisions rigs roll off contracts.  At the same
time, the credit measures also reflect the upfront capital
expenditures associated with the two new-builds for Kuwait, which
should start operations and generate cash flow in 2017.  We are
also assuming that, beyond 2016, the company will limit spending to
close to maintenance levels while utilization and margins recover.
As a result, the forecast cash flow protection metrics,
specifically fully adjusted debt-to-EBITDA and funds from
operations (FFO)-to-debt, are somewhat weaker through 2016 but
start improving in 2017 and beyond," S&P noted.

The negative outlook reflects Standard & Poor's view that
Precision's credit measures will continue to weaken significantly
through 2016 such that FFO-to-debt will drop below 20% before S&P
expects any improvement in the company's 2017 cash flow and credit
metrics.

If S&P expects operating cash flow pressure beyond its expectations
in the next two years such that its estimated three-year average
FFO-to-debt (2016-2018) were to decrease below 25%, S&P could lower
the rating to 'BB-'.  Under S&P's base-case scenario, if 2017 and
later revenue growth is less than 10%, due to sustained
deterioration in utilization and dayrates well below S&P's forecast
levels, credit measures would weaken below 25%.  In addition,
Precision could breach the 25% threshold if it were to increase
debt leverage to construct new contracted rigs; however, S&P would
need to assess the benefit from the contracted revenues versus the
uptick in debt leverage.

S&P would revise the outlook to stable if it was to expect
Precision's outer year FFO-to-debt to improve significantly such
that the company's three-year (2016-2018), weighted FFO-to-debt
improves above 30%, mostly driven by the better 2017 and 2018
credit measures.  S&P expects this due to increased drilling
activity following higher commodity prices.



PRESTIGE BRANDS: Moody's Affirms 'B2' Corp. Family Rating
---------------------------------------------------------
Moody's Investor Service affirmed Prestige Brands, Inc.'s B2
Corporate Family Rating and its B2-PD Probability of Default rating
following the company's announcement that it had entered into a
definitive agreement to acquire DenTek Oral Care, Inc. from TSG
Consumer Partners LLC in a transaction valued at approximately $225
million.  At the same time, Moody's lowered Prestige Brands'
Speculative Grade Liquidity Rating to SGL-2 from SGL-1.  The
outlook is stable.

Prestige Brands plans to finance the transaction through a
combination of available cash, utilization of its ABL facility and
an increase of its existing term loan facility through the
utilization of the facility's accordion feature.  The transaction
is expected to close during the first half of the calendar year
2016 and is subject to customary regulatory approvals and closing
conditions.

The affirmation of the B2 Corporate Family Rating reflects Moody's
expectation that financial leverage will increase modestly in the
near term as a result of the planned acquisition of DenTek but
gradually decline closer to current levels within the next 12 to 18
months.

The lowering of the company's liquidity rating to SGL-2 reflects
Moody's expectation that Prestige will need to rely on its $175
million ABL revolver to absorb a material portion of transaction
which will weaken the company's liquidity profile.  The company had
approximately $87 million of borrowing capacity available under the
ABL revolver as of Sept. 30, 2015.

Ratings lowered:

  Speculative Grade Liquidity Rating to SGL-2 from SGL-1

Ratings affirmed:

  Corporate Family Rating at B2
  Probability of Default Rating at B2-PD
  Senior secured credit facility at B1 (LGD 3)
  Senior unsecured debt at Caa1 (LGD 5)

The rating outlook is stable.

RATINGS RATIONALE

Prestige Brands' B2 Corporate Family Rating reflects Moody's
expectation that the company will reduce leverage closer to current
levels (approximately 5 times) over the next 12 to 18 months.  The
rating also reflects risks associated with Prestige Brands'
strategy of debt-financed acquisitions as a means to fuel growth
and increase diversity of its product portfolio.  The company
operates in categories with flat to low single digit organic growth
and acquisitions enable Prestige Brands to boost revenue growth in
otherwise mature categories.  The rating also reflects the
company's good liquidity profile, characterized by solid free cash
flow generation, and its diverse portfolio of OTC brands, albeit in
niche categories.

The stable outlook reflects Moody's expectation that financial
leverage will decline over the next 12 months through a combination
of EBITDA growth and debt repayment.  The outlook also reflects
Moody's belief that the company will look to supplement organic
growth with acquisitions.

The rating could be upgraded if the company increases its scale and
product diversity, sustains steady organic growth and exhibits a
more conservative financial policy such that debt to EBITDA is
sustained below 5.0 times debt to EBITDA.  In addition, Prestige
would also need to maintain a good liquidity profile to warrant an
upgrade.

The rating could be downgraded if operating performance
deteriorates such that debt to EBITDA would be expected to be
sustained above 6.5 times.  In addition, a deterioration of
liquidity could also result in a downgrade.

Prestige Brands, Inc., headquartered in Tarrytown, New York,
manages and markets a broad portfolio of branded over-the-counter
(OTC) healthcare and household cleaning products with the largest
categories being feminine care (18%), eye and ear care (15%),
analgesics (14%), gastrointestinal (13%) and cough & cold (13%).
Key brands include Chloraseptic, BC, Monistat, Goody's, Beano,
Dramamine, Compound W, Clear Eyes, Little Remedies, Efferdent and
Luden's.  Revenues in the last twelve months ended September 30,
2015 were $786 million.

The principal methodology used in these ratings was Global Packaged
Goods published in June 2013.



PROGRESSIVE SOLUTIONS: S&P Affirms 'B' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its recovery rating on
Progressive Solutions LLC's first-lien term loan debt to '3' from
'4'.  The '3' recovery rating indicates S&P's expectation for
meaningful (50% to 70%; at the lower end of the range) recovery for
lenders in the event of payment default.  S&P's rating action
follows two quarters of option prepayments totaling about $25
million on this loan, resulting in the expectation that total debt
outstanding in a hypothetical default scenario would be lower,
resulting in better recovery prospects for first-lien lenders.

Following the repayment, Standard & Poor's has revised the recovery
rating on the first-lien debt to '3' (at the lower end of the range
50% to 70% range) from '4' (which indicated average recovery of 30%
to 50%, at the higher end of the range).  The issue-level rating on
the first-lien debt remains 'B.'  The issue-level and recovery
ratings on the second-lien debt remains 'CCC+' and '6',
respectively.  The corporate credit rating remains 'B' with a
stable outlook.

S&P's 'B' corporate credit rating on Progressive reflects S&P's
assessment of Progressive Solutions' "weak' business risk and
"highly leveraged" financial risk profiles.  S&P's assessment of a
"weak" business risk profile reflects Progressive's narrow business
focus in the niche workers' compensation pharmacy benefit manager
(PBM) space, and Progressive's high degree of operational and
customer concentration.  S&P's assessment of a "highly leveraged"
financial risk profile reflects its expectation that Progressive's
leverage will be between 5x and 6x and funds from operations to
debt will be in the low–double-digit range for 2016.

RATINGS LIST

Progressive Solutions LLC
Corporate Credit Rating         B/Stable/--

Recovery Rating Revised
                                 To          From
Progressive Solutions LLC
Senior Secured First Lien       B           B
   Recovery Rating               3L          4H



PROQUEST LLC: Moody's Confirms 'B2' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has confirmed ProQuest LLC's (ProQuest)
B2 CFR and assigned a B2 rating to the new $275 million 1st lien
term loan and a Caa1 to the $125 million 2nd lien term loan. The
existing First out revolver rated Ba2, and 1st lien term loan rated
B2 were confirmed. This concludes the review for downgraded that
was initiated on October 8, 2015. The outlook is stable.

While the announced acquisition of Ex Libris Group funded with $275
million of additional 1st lien debt, $125 million of second lien
debt, and $170 million of equity from Goldman Sachs will raise
pro-forma leverage to 6.4x, we expect leverage to decrease below 6x
from modest EBITDA growth and debt repayment. The acquisition is
expected to enhance the strategic position of the business by
improving its software offering that we project will grow at higher
levels compared to the existing businesses. The addition of Ex
Libris is also expected to improve ProQuest's EBITDA margins, allow
for new cross sell opportunities, and lead to greater scale in a
competitive industry.

Moody's took the following ratings actions:

ProQuest LLC

-- New $275 million 1st lien term loan maturing 2021; assigned a
B2 (LGD3) rating

-- New $125 million 2nd lien term loan maturing in 2022; assigned
a Caa1 (LGD6) rating

-- $90 million (upsized from $75 million) Senior Secured 1st lien
First Out revolving credit facility maturing 2019, confirmed at Ba2
(LGD1)

-- Existing $450 million Senior Secured 1st lien term loan
maturing 2021, confirmed at B2; LGD changed to (LGD3) from (LGD4)

Corporate Family Rating, confirmed at B2

Probability of Default Rating, confirmed at B2-PD

Outlook, changed to stable from Rating Under Review

The ratings are subject to review of final documentation and no
material change in the terms and conditions of the transaction as
provided to Moody's.

RATINGS RATIONALE

ProQuest's B2 corporate family rating (CFR) reflects the company's
pro-forma leverage of 6.4x as of Q3 2015 (incorporating Moody's
standard adjustments as well as expensing content costs) which is
high for the existing rating and the challenges the company faces
at its smaller global corporate and US government, public libraries
& schools businesses. Despite growth in its higher education
division, organic revenue growth has been modest due to declines
from its Dialog business and weakness from legacy products that are
in secular decline (microfilm and print). ProQuest also operates in
a competitive environment and will face rising royalty payments as
the sales mix changes which will need to be offset with revenue
growth or cost savings elsewhere to avoid impacting EBITDA
margins.

The company's ratings are supported by the addition of Ex Libris'
SaaS software business, a large subscription base in the library
reference market with extensive content databases sold to
libraries, corporations and government organizations, as well as
high renewal rates and a recurring stream of revenues. We believe
EBITDA margins will increase pro-forma for the Ex Libris
acquisition and offset margin pressure from declining operations in
other parts of the business. The company has benefited from the
acquisition of Ebook Corporation Limited (EBL) in 2013 that has
been the strongest source of growth for ProQuest. Declines or
slower growth in other business lines are expected to limit organic
revenue growth at the legacy ProQuest business over the next year.

ProQuest's liquidity profile is expected to be good given the
positive, although seasonal, free cash flow generation and the
availability of its upsized $90 million first out revolver due 2019
($21 million drawn and $3 million of L/C's outstanding as of Q3
2015). Cash on the balance sheet was $6 million as of the end of Q3
2015. Moody's expects free cash flow as a percentage of debt to be
in the low to mid single digits. Interest coverage is expected to
be approximately 3x (as calculated by Moody's) although interest
rates on the new debt are not available as of publication date. We
expect future free cash flow to be used for debt repayment as well
as modest distributions to the owners to offset the impact of tax
obligations.

The term loan is covenant lite, but the revolver has a springing
covenant of 6.25x the total net first lien leverage ratio (as
defined in the credit agreement) when 35% of the revolver is drawn.
The company has the ability to issue an unlimited amount of
incremental facilities as long as the total net first lien leverage
ratio does not exceed 4.25x.

The company's stable outlook reflects Moody's view that pro-forma
leverage will decline from 6.4x as of Q3 2015 to under 6x
(including Moody's standard adjustments) over the next eighteen
months from modest EBITDA growth led by the Ex Libris business and
aided by voluntary debt repayment above the required principal
amortization schedule.

Given the high leverage level for the existing rating, an upgrade
is unlikely in the near term. However, Moody's would consider an
upgrade if ProQuest is able to demonstrate good organic revenue and
EBITDA growth and reduce leverage below 4.25x on a sustained basis.
Maintenance of a good liquidity position and a stable competitive
position would also be required. In addition, confidence would be
needed that the company would not raise leverage levels to address
Goldman Sachs Partners' option to put their equity position to the
company starting in November 2019.

Ratings could experience downward pressure if leverage failed to
decline below 6x on a sustained basis due to slower than expected
growth at Ex Libris or challenging operating trends at the existing
ProQuest business. A weakened liquidity position could also lead to
negative rating pressure.

Headquartered in Ann Arbor, Michigan, ProQuest LLC (ProQuest)
aggregates, creates, and distributes academic and news content
serving academic, corporate and public libraries worldwide.
Cambridge Information Group (CIG) acquired the ProQuest Information
and Learning business of Voyager Learning Company (fka ProQuest
Company) in February 2007 and merged it with its Cambridge
Scientific Abstracts, Limited Partnership (CSA) business to form
ProQuest. In conjunction with the transaction, ABRY Partners
acquired a 20% stake in ProQuest with CIG contributing CSA for the
remaining 80% voting interest and a cash distribution. Goldman
Sachs Partners (Goldman) acquired ABRY's ownership position as well
as additional ownership units in November 2013. ProQuest entered an
agreement to acquire the Ex Libris Group from Golden Gate Capital
in October 2015. Annual revenue as of Q3 2015 was over $500
million.



QUANTUM FUEL: Incurs $4.83 Million Net Loss in Third Quarter
------------------------------------------------------------
Quantum Fuel Systems Technologies Worldwide, Inc., filed with the
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing a net loss of $4.83 million on $9.45 million of
revenues for the three months ended Sept. 30, 2015, compared to a
net loss of $5.20 million on $6.61 million of revenues for the same
period in 2014.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss of $12.3 million on $29.3 million of revenues compared to
a net loss of $10.6 million on $21.1 million of revenues for the
same period during the prior year.

As of Sept. 30, 2015, the Company had $67.5 million in total
assets, $45.5 million in total liabilities and $22.0 million in
total stockholders' equity.

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

                        http://is.gd/800oYj
   
                         About Quantum Fuel

Lake Forest, Cal.-based Quantum Fuel Systems Technologies
Worldwide, Inc. (Nasdaq: QTWW) develops and produces advanced
vehicle propulsion systems, fuel storage technologies, and
alternative fuel vehicles.  Quantum's portfolio of technologies
includes electronic and software controls, hybrid electric drive
systems, natural gas and hydrogen storage and metering systems and
other alternative fuel technologies and solutions that enable fuel
efficient, low emission, natural gas, hybrid, plug-in hybrid
electric and fuel cell vehicles.

Quantum Fuel reported a net loss of $14.9 million in 2014, a net
loss attributable to stockholders of $23.0 million in 2013, a net
loss attributable to stockholders of $30.9 million in 2012 and a
net loss attributable to common stockholders of $38.5 million in
2011.


REICHHOLD HOLDINGS: Judge Okays $250K Sale of Tuscaloosa Property
-----------------------------------------------------------------
Reichhold Holdings US Inc. received court approval to sell a real
property to Southern Ionics Inc. for $250,000.

The property, located at 5410 Reichhold Road, Tuscaloosa, Alabama,
will be sold "free and clear" of liens, claims and encumbrances,
according to court filings.

The sale was approved by Judge Mary Walrath of the U.S. Bankruptcy
Court in Delaware.

                     About Reichhold Holdings

Founded in 1927, Reichhold, with its world headquarters and
technology center in Durham, North Carolina, is one of the world's
largest manufacturer of unsaturated polyester resins and a leading
supplier of coating resins for the industrial, transportation,
building and construction, marine, consumer and graphic arts
markets.  Reichhold -- http://www.Reichhold.com/-- has     
manufacturing operations throughout North America, Latin America,
the Middle East, Europe and Asia.

As of June 30, 2014, the Reichhold companies had consolidated
assets of $538 million and liabilities of $631 million.

Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S.
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 14-12237) on Sept. 30, 2014.

Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and
CDG Group LLC (financial advisor) are representing Reichhold, Inc.
Latham & Watkins LLP (legal advisor) and Moelis & Company
(investment banker) are serving Reichhold Industries, Inc.  Logan &
Company is the company's claims and noticing agent.  The cases are
assigned to Judge Mary F. Walrath.

The U.S. Trustee for Region 3 appointed seven creditors of
Reichhold Holdings US, Inc. to serve on the official committee of
unsecured creditors.

On April 1, 2015, the U.S. Trustee named three non-union retirees
of Debtors to serve as the official Non-Union Retiree Committee.
Each of the Retiree Committee members is receiving retiree welfare
benefits from one or more of the Debtors.

On April 2, 2015, Reichhold disclosed that the purchase of most of
the assets of the U.S. business was completed.  This transaction,
approved by the Delaware Bankruptcy Court on January 12, 2015,
allows Reichhold's U.S. businesses to successfully emerge from
bankruptcy and re-join the rest of the global Reichhold
organization.  Concurrent with this purchase, Reichhold completed a
debt-for-equity exchange with a group of investors led by Black
Diamond Capital Management LLC and including J.P. Morgan Investment
Management, Inc., Third Avenue Management LLC, and Simplon Partners
LP.


REICHHOLD HOLDINGS: Judge Okays Retired Workers Settlement
----------------------------------------------------------
A federal judge approved Reichhold Holdings US Inc.'s settlement
agreements with retired workers' groups.

The order, issued by U.S. Bankruptcy Judge Mary Walrath, approved
the company's separate agreements with the United Steelworkers and
the committee representing its non-union retired workers.

The court order also approved the termination of the company's
retiree medical and life insurance programs effective Nov. 30,
2015.

Under the United Steelworkers deal, retirees will receive 8% of the
face amount of their individual life insurance coverage.  

Moreover, eligible participants of Reichhold's retiree medical
program who do not contribute to the program or contribute less
than $70 per month will receive a one-time payment of $1,200.  All
other participants of the medical program will not receive any
payment.  

The total amount to be paid under the United Steelworkers deal is
approximately $54,430, according to court filings.

Meanwhile, Reichhold will pay a total of $267,276 to retirees under
its deal with the retirees committee.

                     About Reichhold Holdings

Founded in 1927, Reichhold, with its world headquarters and
technology center in Durham, North Carolina, is one of the world's
largest manufacturer of unsaturated polyester resins and a leading
supplier of coating resins for the industrial, transportation,
building and construction, marine, consumer and graphic arts
markets.  Reichhold -- http://www.Reichhold.com/-- has     
manufacturing operations throughout North America, Latin America,
the Middle East, Europe and Asia.

As of June 30, 2014, the Reichhold companies had consolidated
assets of $538 million and liabilities of $631 million.

Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S.
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 14-12237) on Sept. 30, 2014.

Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and
CDG Group LLC (financial advisor) are representing Reichhold, Inc.
Latham & Watkins LLP (legal advisor) and Moelis & Company
(investment banker) are serving Reichhold Industries, Inc.  Logan &
Company is the company's claims and noticing agent.  The cases are
assigned to Judge Mary F. Walrath.

The U.S. Trustee for Region 3 appointed seven creditors of
Reichhold Holdings US, Inc. to serve on the official committee of
unsecured creditors.

On April 1, 2015, the U.S. Trustee named three non-union retirees
of Debtors to serve as the official Non-Union Retiree Committee.
Each of the Retiree Committee members is receiving retiree welfare
benefits from one or more of the Debtors.

On April 2, 2015, Reichhold disclosed that the purchase of most of
the assets of the U.S. business was completed.  This transaction,
approved by the Delaware Bankruptcy Court on January 12, 2015,
allows Reichhold's U.S. businesses to successfully emerge from
bankruptcy and re-join the rest of the global Reichhold
organization.  Concurrent with this purchase, Reichhold completed a
debt-for-equity exchange with a group of investors led by Black
Diamond Capital Management LLC and including J.P. Morgan Investment
Management, Inc., Third Avenue Management LLC, and Simplon Partners
LP.


RESPONSE BIOMEDICAL: Announces Q3 2015 Financial Results
--------------------------------------------------------
Response Biomedical Corp. reported financial results for its third
quarter and nine months ended Sept. 30, 2015.  Third quarter
highlights include a 60% increase in total revenue, a 10% increase
in product sales, a GAAP net income of C$729,000, and a positive
Adjusted EBITDA of $311,000.

"We are pleased to again report both revenue growth over the prior
year quarter and positive Adjusted EBITDA for the third quarter,"
said Dr. Barbara Kinnaird, chief executive officer of Response. "We
worked with our national distribution partner in China to continue
their purchases from us this quarter, albeit at a reduced rate from
the first two quarters of the year.  We are helping our partner to
work through their excess inventory as we continue to expand our
sales and marketing team in China.  In addition, we made good
progress in our collaboration with Joinstar, earning a US$648,000
milestone in the third quarter," noted Dr. Kinnaird. "We also
continue to be encouraged by the sales growth in markets outside of
China.  Finally, our cost cutting and efficiency initiatives have
contributed to our improved third quarter gross margin."

"We continue to focus on improving efficiencies and reducing costs
while at the same time making strategic investments in high growth
market segments.  At the end of the third quarter we launched a new
environmental test to assist customers in detecting Dengue virus
infected mosquitoes," said Dr. Kinnaird.

                      About Response Biomedical

Based in Vancouver, Canada, Response Biomedical Corporation
develops, manufactures and sells diagnostic tests for use with its
proprietary RAMP(R) System, a portable fluorescence immunoassay-
based diagnostic testing platform.  The RAMP(R) technology
utilizes a unique method to account for sources of error inherent
in conventional lateral flow immunoassay technologies, thereby
providing the ability to quickly and accurately detect and
quantify an analyte present in a liquid sample.  Consequently, an
end-user on-site or in a point-of-care setting can rapidly obtain
important diagnostic information.  Response Biomedical currently
has thirteen tests available for clinical and environmental
testing applications and the Company has plans to commercialize
additional tests.

Response Biomedical reported a net loss and comprehensive loss of
C$5.99 million in 2013, a net loss and comprehensive loss of C$5.28
million in 2012 and a net loss and comprehensive loss of C$5.37
million in 2011.

As of Sept. 30, 2015, the Company had C$12.64 million in total
assets, C$13.64 million in total liabilities and a total
shareholders' deficit of C$992,000.

PricewaterhouseCoopers LLP, in Vancouver, Canada, in its report on
the consolidated financial statements for the year ended Dec. 31,
2014, noted that the company has incurred recurring losses from
operations and has an accumulated deficit at Dec. 31, 2014, which
raises substantial doubt about its ability to continue as a going
concern.


ROOFING SUPPLY: S&P Withdraws BB- Corp. Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Dallas-based Roofing Supply Group LLC (RSG) to
'BB-' from 'B' following the announcement by Herndon, Va.-based
Beacon Roofing Supply Inc. that it has completed the acquisition of
RSG.  The outlook is stable.  S&P subsequently withdrew its
corporate credit rating on RSG, along with the issue-level ratings
on its debt, because all of the company's debt was refinanced in
conjunction with the acquisition.

S&P raised the rating on RSG to reflect S&P's view that its credit
quality is now aligned with that of Beacon Roofing Supply,
following the Oct. 1, 2015 closing of the acquisition by the
roofing materials distributor.  Immediately thereafter, S&P
withdrew the ratings because the company's debt has been repaid.



SCHWAB INDUSTRIES: Time to Respond to Sanctions Bid Extended
------------------------------------------------------------
Schwab Industries, Inc., asked the United States Bankruptcy Court
for the Northern District of Ohio, Eastern Division, to extend its
deadline to respond to a pending motion for sanctions until after
an appeal in the adversary proceeding captioned SCHWAB INDUSTRIES,
INC., Plaintiff, v. THE HUNTINGTON NATIONAL BANK, et al.,
Defendants, ADV. NO. 14-6024 (Bankr. N.D. Ohio) is decided.

On November 24, 2014, Hahn Loeser & Parks LLP, Andrew Krause, and
Lawrence Oscar , filed a motion for Rule 11 sanctions against
Schwab Industries.  On January 7, 2015, the court granted the
Plaintiff's motion to allow them to respond to the sanctions motion
14 days after a decision on the merits of the claims.  On September
21, 2015, the court dismissed the claims in the complaint and the
Plaintiff appealed.  On October 7, 2015, the Plaintiff filed a
second motion for leave to extend its response time on the
sanctions motion, this time seeking to extend its response deadline
until after the appeal is decided.  The HLP Defendants object,
citing delay and their position that the appeal is not meritorious
as grounds for denial.

In a Memorandum of Decision dated November 16, 2015 which is
available at http://is.gd/C01WfGfrom Leagle.com, U.S. Bankruptcy
Judge Russ Kendig overruled the HLP Defendants' objection.

Judge Kendig held that, first the outcome of the appeal will bear
on the sanctions motion, likely providing support for one side or
the other, and extending the response deadline does not result in
undue prejudice to HLP Defendants.  This is not a situation where
additional delay has a continuing deleterious impact on an interest
or prevents exercise of a specific right, Judge Kendig said.

Judge Kendig further held that the HLP Defendants' objection based
on delay is belied by their argument that the appeal was untimely
and the district court therefore lacks jurisdiction.  If true, the
district court is likely to reach a decision relatively quickly,
Judge Kendig said.  Consequently, the motion for leave will be
granted by a separate order to be entered immediately, Judge Kendig
added.

The bankruptcy case is IN RE: SII LIQUIDATION COMPANY, Chapter 11,
Debtors, CASE NO. 10-60702 (Bankr. N.D. Ohio).

Schwab Industries, Inc., Plaintiff, represented by:

         Matthew D. Greenwell, Esq.
         Charles V. Longo, Esq.
         CHARLES V LONGO & ASSOCIATES, ATTORNEYS
         25550 Chagrin Blvd 320
         Beachwood, OH 44122
         Phone: (216) 514-1919
         Fax: (216) 514-3663
         Email: matt@cvlongolaw.com

The Huntington National Bank, Defendant, represented by:

        Andrew S. Nicoll, Esq.
        PORTER WRIGHT MORRIS & ARTHUR, LLP
        250 East Fifth Street
        Suite 2200
        Cincinnati, OH 45202-5118
        Phone: + 1 513.381.4700
        Fax:  + 1 513.421.0991
        Email: anicoll@porterwright.com

Hahn Loeser & Parks LLP, Defendant, represented by:

Jack B Cooper, Esq., BAKER & HOSTETLER, LLP, Day Ketterer, Esq.,
BAKER & HOSTETLER, LLP, Karen Swanson Haan, Esq., BAKER &
HOSTETLER, LLP, Michael A. VanNiel, Esq. -- mvanniel@bakerlaw.com
-- BAKER & HOSTETLER, LLP, Daniel Rubin Warren, Esq. --
dwarren@bakerlaw.com -- BAKER & HOSTETLER, LLP, Thomas D. Warren,
Esq. -- twarren@bakerlaw.com -- BAKER & HOSTETLER, LLP.

                       About Schwab Industries

Dover, Ohio-based Schwab Industries, Inc., produced, supplied and
distributed ready-mix concrete, concrete block, cement and related
supplies to commercial, governmental and residential contractors
throughout Northeast Ohio and Southwest Florida.

The Company filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Ohio Case No. 10-60702) on Feb. 28, 2010.  Affiliates Medina
Cartage Co.; Medina Supply Company; Quality Block & Supply, Inc.;
O.I.S. Tire, Inc.; Twin Cities Concrete Company; Schwab Ready-Mix,
Inc.; Schwab Materials, Inc.; and Eastern Cement Corp. also sought
bankruptcy protection.  The Parkland Group, Inc., provided
restructuring services and designated Laurence V. Goddard as Chief
Restructuring Officer.  Hahn Loeser & Parks LLP served as
bankruptcy counsel.  Brouse McDowell, LPA, served as special
counsel.  Garden City Group, Inc., served as claims, noticing and
balloting agent.  The Company estimated its assets and liabilities
at $50 million to $100 million.

As part of the bankruptcy, substantially all of the Debtors'
assets via auction.  The Court entered a sale order on May 28,
2010.  Subsequently, the Court confirmed a liquidation plan.
Through the sale and plan, a creditor trust was established for
the benefit of the unsecured creditors and John B. Pidcock was
designated Creditor Trustee.  The Debtor was later renamed SII
Liquidation Company.


SCIENTIFIC GAMES: Chief Financial Officer to Retire Next Year
-------------------------------------------------------------
Scientific Games Corporation announced that Scott D. Schweinfurth,
its executive vice president and chief financial officer, will
retire from the Company, effective as of the later of: (i) the date
the Company files its Form 10-K for the year ended Dec. 31, 2015,
and (ii) the date Mr. Schweinfurth's successor is appointed,
provided that the Separation Date will be no later than March 15,
2016.  

The Company has commenced a search for Mr. Schweinfurth's
replacement.  There are no disagreements between Mr. Schweinfurth
and the Company's Board of Directors or management and his
retirement is not related to the Company's operations, policies,
practices or any issues regarding the integrity of the Company's
financial statements or accounting policies and practices or the
effectiveness of the Company's internal control over financial
reporting.

On Nov. 12, 2015, the Company and Mr. Schweinfurth entered into a
mutual separation agreement in connection with his retirement.  The
Agreement provides for Mr. Schweinfurth's continued service as
executive vice president and chief financial officer through the
Separation Date, and sets forth employment and compensation
provisions that are applicable both prior to and following the
Separation Date.  Pursuant to the Agreement, Mr. Schweinfurth will
receive his current compensation, benefits and standard
reimbursements and perquisites through the Separation Date under
his Amended and Restated Employment Agreement with the Company,
dated April 1, 2014.  Mr. Schweinfurth will remain eligible for an
annual bonus with respect to the Company's 2015 fiscal year if the
Company meets the performance goals set forth in the 2015 MICP Cash
Bonus Plan as approved by the Compensation Committee of the Board
of Directors of the Company.  

The Agreement provides for, among other things, a cash payment to
Mr. Schweinfurth in an amount equal to $1,100,000, which cash
payment will be payable over a one-year period following the
Separation Date.  In addition, the Agreement provides for
accelerated vesting of 84,718 of Mr. Schweinfurth's restricted
stock units and accelerated vesting of 51,754 of his stock options.
In addition, the Agreement provides that 21,921
performance-conditioned RSUs granted to Mr. Schweinfurth will
continue to vest, which amounts are subject to potential reduction
or increase based on the Committee's determinations regarding the
satisfaction of the applicable performance criteria and proration
based on the number of days Mr. Schweinfurth is employed during the
performance period.  Mr. Schweinfurth is also entitled to
reimbursement of certain costs in an amount up to $160,000, plus
payment for unused vacation days.  All payments would generally be
subject to applicable tax withholdings.  These amounts are
generally what Mr. Schweinfurth would have received under his
Employment Agreement had he been terminated by the Company.

As part of the Agreement, and subject to certain conditions, Mr.
Schweinfurth has agreed that the payments described in the
Agreement will not be payable to him unless he executes a release
of claims against the Company and its affiliates following the
Separation Date.  In addition, the Agreement subjects Mr.
Schweinfurth to certain restrictions regarding confidentiality,
non-disparagement, and a 12-month post-Separation Date
non-competition and non-solicitation agreement.

                     About Scientific Games

Scientific Games Corporation is a developer of technology-based
products and services and associated content for worldwide gaming
and lottery markets.  The Company's portfolio includes instant and
draw-based lottery games; electronic gaming machines and game
content; server-based lottery and gaming systems; sports betting
technology; loyalty and rewards programs; and social, mobile and
interactive content and services.  Visit
http://www.scientificgames.com/   

Scientific Games reported a net loss of $234 million in 2014, a net
loss of $30.2 million in 2013 and a net loss of $62.6 million for
2012.

As of Sept. 30, 2015, the Company had $8.61 billion in total
assets, $9.59 billion in total liabilities and a $981 million total
stockholders' deficit.

                           *     *     *

The TCR reported on May 21, 2014, that Moody's Investors Service
downgraded Scientific Games Corporation's ("SGC") Corporate Family
Rating to 'B1'.  The downgrade reflects Moody's view that slower
than expected growth in SGC's Gaming and Instant Products segments
will cause Moody's adjusted leverage to exceed 6.0 times by the
end of 2014.

As reported by the TCR on Aug. 5, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating to 'B+' from 'BB-' on
Scientific Games Corp.

"The downgrade and CreditWatch placement follow Scientific Games'
announcement that it has agreed to acquire Bally Technologies for
$5.1 billion, including the refinancing of about $1.8 billion in
net debt at Bally," said Standard & Poor's credit analyst Ariel
Silverberg.


SEALAUNCH LLC: Energia CEO Counters Boeing's $111 Million Claims
----------------------------------------------------------------
Daniel Siegal at Bankruptcy Law360 reported that the CEO of Energia
Logistics U.S. defended the satellite launching venture from claims
it was created solely as a ploy by its Russian state-controlled
parent to avoid paying Boeing $111 million for work getting the
satellite company's predecessor off the ground, saying Energia is
seeking customers and has dozens of employees.

During the third day of the bench trial before U.S. District Judge
Andre Birotte Jr. in Los Angeles, Claude Montgomery of Dentons
called to the stand Brett Carman, the current CEO of Energia
Logistics U.S., a subsidiary created during the bankruptcy of
Boeing's failed satellite launching joint-venture SeaLaunch LLC.

Boeing won a judgment in the suit that one of its former partners
in the joint venture -- SP Korolev Rocket and Space Corp. Energia,
known as RSC Energia -- must repay it for $111 million in loan
guarantees Boeing issued to get the company off the ground, and has
come to trial arguing that ELUS and another Energia subsidiary,
Energia Overseas, are simply sham companies created to shield RSC
Energia from the bill.

The suit stems from the 1995 Sea Launch joint venture between RSC
Energia and Boeing that aimed to provide sea- and land-based launch
sites for satellites.  The JV filed for Chapter 11 protection in
June 2009, listing more than $1 billion in debt and citing credit
constrictions, a weakened commercial satellite industry, the
effects of a failed launch and the global economy for its failure.

Boeing is represented by Xanath McKeever, Michael B. Slade and
Michael E. Baumann of Kirkland & Ellis LLP.

The Energia subsidiaries are represented by Ronald D. Kent, Steven
A. Velkei, David Simonton, Claude D. Montgomery and Lee P. Whidden
of Dentons. The Yuzhnoye companies are represented by James W. Hunt
of Fitzpatrick & Hunt Tucker Pagano Aubert LLP and Rudolph V. Pino
Jr. of Pino & Associates LLP.

The case is The Boeing Co. et al. v. KB Yuzhnoye et al., case
number 2:13-cv-00730, in the U.S. District Court for the Central
District of California.



SENTINEL MANAGEMENT: Ex-CEO Banned from Commodity Futures Trading
-----------------------------------------------------------------
John Kennedy at Bankruptcy Law360 reported that the former CEO of
bankrupt Sentinel Management Group Inc. has been banned from the
commodity futures trading industry, an Illinois federal judge ruled
on Nov. 18, 2015, holding that Eric A. Bloom's related 2014
criminal conviction made it impossible for him to dispute the
Commodity Futures Trading Commission's case.

U.S. District Judge Charles P. Kocoras said that, among other
restrictions, Bloom is permanently prohibited from applying for
registration or claiming exemption from CFTC registration. In March
2014, a jury convicted Bloom of 18 counts of wire fraud.

                     About Sentinel Management

Based in Northbrook, Illinois, Sentinel Management Group Inc. --
http://www.sentinelmgi.com/-- was a full service firm offering    
a variety of security solutions.  The Company filed a voluntary
Chapter 11 petition (Bankr. N.D. Ill. Case No. 07-14987) on
Aug. 17, 2007.  Ronald Barliant, Esq., Randall Klein, Esq., and
Kathryn A. Pamenter, Esq., at Goldberg, Kohn, Bell & Black
Rosenbloom & Moritz, Ltd., represented the Debtor.  Lawyers at
Quinn, Emanuel Urquhart Oliver & Hedges, LLP, represented the
Official Committee of Unsecured Creditors.  When the Debtor sought
bankruptcy protection, it estimated assets and debts of more than
$100 million.

On Aug. 28, 2007, the Court approved Frederick Grede as the
Debtor's Chapter 11 Trustee.  Marc I. Fenton, Esq., at DLA Piper
US LLP, and Vincent E. Lazar, Esq., at Jenner & Block LLP,
represent the Chapter 11 Trustee.

The Court confirmed the Fourth Amended Chapter 11 Plan of
Liquidation for Sentinel on Dec. 15, 2008, which created a
Liquidation Trust.  The Plan became effective Dec. 17, 2008, and
Mr. Grede was appointed Liquidation Trustee.


SERTA SIMMONS: S&P Affirms 'B' CCR, Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Atlanta-based Serta Simmons Bedding LLC.  The
outlook is stable.

S&P raised its senior secured issue-level rating to 'BB-' from 'B+'
and revising its recovery rating to '1', indicating S&P's
expectations for very high (90% to 100%) recovery in the event of a
payment default, from '2'.  The raised ratings reflect the
company's overall debt reduction.  S&P also affirmed its 'CCC+'
issue-level rating on the company's $650 million senior unsecured
notes due 2020.  The recovery rating remains '6', indicating S&P's
expectations for negligible (0% to 10%) recovery in the event of a
payment default.

"The corporate credit rating affirmation reflects our belief that
Serta Simmons' operating performance will continue to improve with
volume growth and favorable mix in primarily its Serta segment from
new product introductions," said Standard & Poor's credit analyst
Bea Chiem.

S&P estimates the company's adjusted debt was approximately
$2 billion as of Sept. 26, 2015.



SOLAR POWER: Incurs $30.9 Million Net Loss in Third Quarter
-----------------------------------------------------------
Solar Power, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $30.95 million on $47.3 million of total net sales for the three
months ended Sept. 30, 2015, compared to a net loss of $8.28
million on $22.6 million of total net sales for the same period in
2014.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss of $82.6 million on $107 million of total net sales
compared to a net loss of $10.5 million on $32.6 million of total
net sales for the same period a year ago.

As of Sept. 30, 2015, the Company had $727 million in total assets,
$431 million in total liabilities and $296 million in total
equity.

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

                       http://is.gd/KV8p5P

                        About Solar Power

Roseville, Cal.-based Solar Power, Inc., is a global solar
energy facility developer offering its own brand of high-
quality, low-cost distributed generation and utility-scale SEF
development services.  Primarily, the Company works directly with
and for developers around the world who hold large portfolios of
SEF projects for whom it serves as an engineering, procurement and
construction contractor.  The Company also performs as an
independent, turnkey SEF developer for one-off distributed
generation and utility-scale SEFs.

Solar Power reported a net loss of $5.19 million in 2014, a net
loss of $32.2 million in 2013 and a net loss of $25.4 million in
2012.


SORENSON COMMUNICATIONS: S&P Affirms 'CCC+' CCR, Outlook Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its rating
outlook on Salt Lake City-based video relay services (VRS) provider
Sorenson Communications Inc. to positive from negative. At the same
time, S&P affirmed its 'CCC+' corporate credit rating on the
company.

In addition, S&P affirmed its 'CCC+' issue-level rating on the
company's $550 million senior secured first-lien term loan due
2020.  The '3' recovery rating is unchanged, indicating S&P's
expectation for meaningful recovery (50%-70%; lower half of the
range) of principal in the event of a payment default.

"The outlook revision reflects the potential for an upgrade over
the next 12 months if Sorenson can continue to grow its CaptionCall
business at current rates, maintain 'adequate' liquidity, and
improve its discretionary cash flow generation," said Standard &
Poor's credit analyst Elton Cerda.

The positive rating outlook reflects S&P's expectation that
Sorenson will maintain "adequate" liquidity over the next 12 months
and continue to grow its CaptionCall business to potentially offset
declining rates in VRS.

S&P would consider an upgrade if it become convince that growth at
CaptionCall will offset most of the decline in the VRS segment, and
Sorenson will be able to generate discretionary cash flow beyond
2017.  Additionally, S&P could raise the rating if the company
refinances some of its debt with better rates and negotiates a
reimbursement rate with the FCC that allows it to grow EBITDA and
generate sustainable positive discretionary cash flow to maintain
its adjusted debt leverage at about 5x.

S&P could lower the rating if further regulatory action results in
more stringent rate reductions in the company's VRS or CaptionCall
business.  S&P could also lower the rating if the company
experiences a sudden and dramatic attrition in its core customer
base that leads to a discretionary cash flow deficit.  This
scenario could occur as a result of increased competition from
other VRS providers.



SOUTHEASTHEALTH: Fitch Keeps B 2007 Bonds Rating on Watch Evolving
------------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Evolving on these
Cape Girardeau County Industrial Development Authority bonds issued
on behalf of Southeast Missouri Hospital Association (d/b/a
SoutheastHealth):

   -- $90.5 million hospital revenue bonds, series 2007, currently

      rated 'B'.

Rating Watch Evolving indicates that the rating may be raised,
lowered or affirmed.  SoutheastHealth has $60 million in direct
placement debt (series 2013) with Regions Bank which Fitch does not
rate.

SECURITY

The bonds are secured by a pledge of security interest in the
unrestricted receivables of Southeast Missouri Hospital
Association, with additional security provided by a debt service
reserve fund.

KEY RATING DRIVERS

POSSIBLE DEBT ACCELERATION: SoutheastHealth remains in violation of
its debt service coverage covenant, which constitutes an event of
default per the bank documents granting the bank the right to
accelerate the debt.  If the bank accelerates the series 2013
bonds, it would trigger a cross-default to the series 2007 bonds,
and would result in further negative rating pressure.
SoutheastHealth is currently working to obtain a waiver from the
bank, which is expected within the next several months.

EVIDENCE OF OPERATING IMPROVEMENT: Through the nine-month interim
period ended Sept. 30, 2015, SoutheastHealth has maintained a solid
9.5% EBITDA margin and 3.2x coverage by same, with steady results
expected through year end.

RATING SENSITIVITIES

WAIVER RESOLUTION: The failure of SoutheastHealth to obtain a
waiver of its debt service coverage covenant violation that results
in the acceleration of the 2013 bonds and a cross-default to the
series 2007 bonds would prompt negative rating pressure.

SUSTAINED IMPROVEMENTS: Assuming the execution of an acceptable
waiver of default and resolution of its covenant violation, upward
rating movement is likely should SoutheastHealth sustain improved
operating results through fiscal 2015.

CREDIT PROFILE

Located in Cape Girardeau, MO (approximately 100 miles south of St.
Louis), SoutheastHealth includes an acute care hospital with 230
staffed beds, three regional acute care facilities with a total of
94 staffed beds, home health, hospice, a new cancer center, and
various other ambulatory sites and services across the Southeast
Missouri region.  In 2014 (unaudited; Dec. 31 year end),
SoutheastHealth reported total revenues of $290.8 million.

DEBT PROFILE

Total debt equals approximately $157 million, including the $60
million in series 2013 direct placement debt.  SoutheastHealth
obtained a waiver from the bank related to the fiscal 2013 covenant
violations.  SoutheastHealth has approximately $27.6 million of
project funds remaining from the series 2013 direct placement
(trustee held funds), which will only be released upon certain
conditions set forth in the waiver with the bank related to the
fiscal 2013 covenant violations.

DISCLOSURE

SoutheastHealth covenants to disclose annual audited financial
statements within 120 days after the end of the fiscal year and
quarterly financial and operating information within 90 days at the
end of each quarter.  SoutheastHealth disseminates this information
including a balance sheet, income statement, cash flow statement
and utilization statistics through the Municipal Securities
Rulemaking Board EMMA website.

SoutheastHealth has a history of delayed disclosure, which is the
case for the fiscal 2014, 2013, and 2012 audited results.



SPANISH BROADCASTING: Incurs $7.69 Million Net Loss in 3rd Quarter
------------------------------------------------------------------
Spanish Broadcasting System, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $7.69 million on $36.4 million of net revenue for the
three months ended Sept. 30, 2015, compared to a net loss of $4.66
million on $36.3 million of net revenue for the same period during
the prior year.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss of $19.9 million on $107 million of net revenue compared
to a net loss of $14.0 million on $110 million of net revenue for
the same period a year ago.

As of Sept. 30, 2015, the Company had $457 million in total assets,
$551 million in total liabilities and a total stockholders' deficit
of $94.0 million.

"We made solid progress in building-out our AIRE Radio Network
platform and expanding our digital assets during the third
quarter," commented Raul Alarcon, Jr., Chairman and CEO.  "We are
leveraging our strong station brands and multi-media assets to
attract a growing mix of advertising partners who wish to connect
with the rapidly growing Latino population.  Looking ahead, we
remain focused on supporting our leading stations in the nation's
top-ten markets, while continuing to strategically invest in our
network and mobile distribution channels, with the goal of further
increasing our audience and expanding our share of advertising
dollars."

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

                     http://is.gd/3ZcKpo

                 About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

Spanish Broadcasting reported a net loss of $20.0 million on $146
million of net revenue for the year ended Dec. 31, 2014, compared
with a net loss of $88.6 million on $154 million of net revenue in
2013.

                           *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position.  The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.


SPENDSMART NETWORKS: Incurs $2.81 Million Net Loss in 3rd Quarter
-----------------------------------------------------------------
Spendsmart Networks, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $2.81 million on $1.19 million of total revenues for the three
months ended Sept. 30, 2015, compared to a net loss of $2.38
million on $1.18 million of total revenues for the same period last
year.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss of $5.05 million on $5.29 million of total revenues
compared to a net loss of $8.17 million on $2.86 million of total
revenues for the same period during the prior year.

As of Sept. 30, 2015, the Company had $8.52 million in total
assets, $4.48 million in total liabilities and $4.04 million in
total stockholders' equity.

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

                      http://is.gd/aPaCD1

                   About SpendSmart Networks

SpendSmart Networks, Inc., provides proprietary loyalty systems
and a suite of digital engagement and marketing services that help
local merchants build relationships with consumers and drive
revenues.  These services are implemented and supported by a vast
network of certified digital marketing specialists, aka "Certified
Masterminds," who drive revenue and consumer relationships for
merchants via loyalty programs, mobile marketing, mobile commerce
and financial tools, such as prepaid card and reward systems.  We
enter into licensing agreements for our proprietary loyalty
marketing solution with "Certified Masterminds" which sell and
support the technology in their respective markets.  The Company's
products aim to make Consumers' dollars go further when they spend
it with merchants in the SpendSmart network of merchants, as they
receive exclusive deals, earn rewards and ultimately build a
connection with their favorite merchants.

SpendSmart Networks incurred a net loss of $12.2 million on $4.03
million of total revenues for the year ended Dec. 31, 2014,
compared to a net loss of $14.09 million on $0 of total revenues
for the year ended Dec. 31, 2013.

EisnerAmper LLP, in Iselin, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has recurring net
losses since inception and has yet to establish a profitable
operation.  These factors among others raise substantial doubt
about the ability of the Company to continue as a going concern.


SPIRIT REALTY: S&P Raises CCR to 'BB+', Outlook Positive
--------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Scottsdale, Ariz.-based Spirit Realty Capital Inc. to
'BB+' from 'BB'.  The outlook is positive.

"The upgrade primarily reflects Spirit Realty Capital's (Spirit)
continued efforts related to deleveraging the balance sheet and
reducing exposure to its largest tenant, Shopko.  We expect the
credit metrics to continue improving over the next couple of years,
as we think Spirit will fund acquisitions largely with asset sales
and supplemented by equity issuance," said credit analyst Michael
Souers.  "We could raise the corporate credit rating by one notch
to investment grade within the next 12 months if operating results
remain consistent and the company continues to steadily unencumber
its asset base while also addressing its debt maturity towers in
2016 and 2017."

The positive outlook reflects S&P's view that the company's
same-store portfolio will perform steadily and that a fairly
aggressive appetite for investment growth will be funded primarily
with asset sales and equity issuance.  S&P projects debt to EBITDA
will decline to the high-6x area, with FCC rising to the high-2x
area over the next year.

S&P could raise the rating to investment grade if the company
successfully navigates the Haggen bankruptcy (which affects 20 of
Spirit's properties) without suffering notable deterioration to its
operating metrics.  In addition, S&P would need to see the company
continue to unencumber its asset base with a plan to address
upcoming debt maturities, while also maintaining its strategy of
funding additional acquisitions on a leverage-neutral basis.

S&P could revise the outlook back to stable if the company's
operating performance weakens or if Spirit invests using more debt
financing than S&P expects, such that debt to EBITDA rises back
above 7.0x or FCC falls back below 2.3x on a sustained basis.



TAXACT INC: S&P Assigns 'BB-' Issuer Credit Rating
--------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
issuer credit ratings on TaxACT Inc. and HD Vest Inc. (HDV).  The
outlook on the ratings is stable.  At the same time, S&P assigned
its 'BB-' issue rating and '3' recovery rating--indicating its
expectation for 50%-70% recovery for lenders in the event of a
payment default (upper half of the range)--on the senior secured
debt the companies are co-issuing.

"Our ratings on TaxACT and HDV reflect the companies' aggressive
leverage and fair market position in a competitive landscape," said
Standard & Poor's credit analyst Robert Hoban.  "We view their
relatively stable profits, product diversification, and adequate
liquidity as countervailing strengths to the rating."

TaxACT is the third-largest online tax preparation service provider
with good profit margins.  Customer retention is in the mid-70%,
which S&P believes provides some stability to earnings. HDV is a
relatively small retail brokerage and investment adviser serving
independent financial advisers who are also tax professionals.
Despite its relatively small market position, S&P believes its
leadership in the more stable tax adviser niche boosts its
financial adviser loyalty and pricing power.  Recurring fees
account for just over 75% of HDV's revenue.

S&P considers TaxACT and HDV's combined financial risk profile to
be "aggressive" based on S&P's expectation that debt to adjusted
EBITDA will be 3.75x-4.3x over the next couple years.  S&P expects
the companies to pay down the $400 million term loan through the
stated excess cash-flow sweep.  S&P expects modest earning's growth
for both firms.

The stable outlook reflects S&P's expectation that integration will
not be an issue.  Further, it reflects S&P's view that TaxACT and
HDV have relatively stable businesses, and their stable and diverse
cash flows should allow the firms to gradually pay down debt to
improve leverage.

Over the next year, S&P could lower the rating if earnings
deteriorate and it expects debt to EBITDA to rise above 5x, or if
liquidity deteriorates.  S&P could also lower the rating if the
company's market position faces increased pressure for industry
participants.  More specifically, S&P could lower the rating if
HDV's client assets substantially decline, or if TaxACT sees a
meaningful decline in customer activity.

S&P believes an upgrade is unlikely over the next 12 months.  Over
the longer term, S&P could raise the ratings if leverage, measured
as debt to EBITDA, were to approach 3x while the company maintains
adequate contingent liquidity.



TELESIS CENTER: S&P Lowers 2013 Bonds' Rating to 'B'
----------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Florence
Industrial Development Authority Inc., Ariz.'s (Telesis Prep
Academy project) series 2013 educational revenue bonds, issued for
Telesis Center for Learning Inc., three notches to 'B' from 'BB'.
The outlook is stable.

"The downgrade reflects our opinion of Telesis' volatile
enrollment, which -- contrary to growth expectations -- resulted in
a 5% decline in fall 2015.  This was accompanied by large cash
declines as a result of operating deficits and higher expenses,"
said Standard & Poor's credit analyst Stephanie Wang.  "The school
also engaged in short-term borrowing in fiscal 2015 to manage cash
flow, a step we view negatively.  Maximum annual debt service
(MADS) coverage remains below 1.0x, which we consider weak.  In our
opinion, the school's financial metrics are no longer commensurate
with a 'BB' rating."

The downgrade also incorporates the ratings service's view of
inherent risk associated with uncertain future enrollment, the
potential for heightened financial pressure if enrollment does not
improve, and the risk of debt refinancing in 2019.

"We would consider a lower rating or negative outlook if enrollment
declines from its current level, operations weaken such that lower
MADS coverage results, cash further deteriorates from its current
level with continued reliance on short-term financing, or any issue
involving the charter renewal arises," Ms. Wang added.  "We would
consider a higher rating highly unlikely within the one-year
outlook period due to the declining enrollment and weak
financials."

Telesis operates two schools -- Telesis Preparatory and Telesis
Preparatory Academy, serving kindergarten through 12th grade
students -- under one charter agreement.  These schools share a
single campus in Lake Havasu City, Ariz., about 150 miles south of
Las Vegas.



TEMPEL STEEL: S&P Withdraws 'CCC+' Corp. Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' corporate
credit and issue-level ratings on Tempel Steel Company.  The
outlook is stable.

S&P subsequently withdrew the ratings on Tempel Steel at the
company's request.

The rating actions follow the redemption of Tempel Steel's $126
million senior secured notes due August 2016 on Nov. 22, 2015.  S&P
is withdrawing the ratings in a separate action at the company's
request.



TERRAFORM AP: Moody's Lowers Rating on Sr. Sec. Debt to Ba3
-----------------------------------------------------------
Moody's Investor Service downgraded TerraForm AP Acquisition
Holdings, LLC's rating on its senior secured debt to Ba3 from Ba2
and changed the outlook to negative.

Issuer: TerraForm AP Acquisition Holdings, LLC

Downgrades:

  Senior Secured Bank Credit Facility, Downgraded to Ba3 from Ba2

Outlook Actions:

  Outlook, Changed To Negative From Stable

RATINGS RATIONALE

TerraForm AP's downgrade to Ba3 from Ba2 incorporates our view that
the diminished financial strength at TerraForm Power (TERP, not
rated) and its subsidiary, TerraForm Power Operating, LLC's (TPO:
B2, negative) greatly reduces the prospects for future sales by
TerraForm AP to TERP under the call rights agreement.  Asset sale
proceeds under the call rights agreement were originally intended
to rapidly pay down TerraForm AP's debt resulting in full debt
repayment by the end of 2019.  With the rapid debt pay down,
consolidated financial metrics were expected to rise well above 10%
FFO to debt and 1.6x debt service coverage ratio (DSCR) under the
Moody's Case.  Without any asset sales, which we now believe is the
more appropriate scenario, proforma financial metrics at TerraForm
AP are not expected to materially improve through at least 2020 and
stay at around 6% FFO to Debt and 1.4x DSCR under the Moody's Case
with around 60% of the debt outstanding at maturity.

The negative outlook incorporates the family contagion that exist
among TPO, TERP, and its parent, SunEdison, Inc (SUNE, not rated)
driven in large part by liquidity concerns at SUNE which have
impacted the credit quality at its subsidiaries, TERP and TPO.  In
that vein, Moody's downgraded TPO's Corporate Family Rating (CFR)
to B2 from Ba3 based upon the significant credit deterioration at
SUNE and the interlocking relationships across the SUNE family.
TerraForm AP is exposed to contagion risks associated with two
these entities since SUNE indirectly owns 100% of TerraForm AP's
common equity and the project has contractual links with them.  In
addition to the call rights agreement that provided TERP the option
to purchase assets from TerraForm AP, SUNE affiliates provide asset
management and non-turbine operations and maintenance and services
for TerraForm AP's assets.  That said, Moody's recognizes third
party preferred equity holders (PREPP) have invested $150 million
in TerraForm AP that provide significant ring fencing like
protections since these third party equity investors must approve
of major actions like a bankruptcy filing of TerraForm AP.  Without
the PREPP investors providing ring fencing like protections,
TerraForm AP's ratings would likely be lower.

The rating could be downgraded further if severe credit
deterioration at TERP, TPO, or SUNE gives rise to an increased
prospect that TerraForm AP's ring fencing like features will be
challenged, altered, or not work as expected.  The rating could
also be downgraded if TerraForm AP incurs substantial operating
issues or has financial metrics lower than expected.

TerraForm AP's outlook could stabilize if TPO and SUNE's credit
quality stabilizes.  The outlook could also stabilize if additional
comfort is gained that the ring fencing like protections work as
anticipated and TerraForm AP demonstrates financial and operating
performance according to expectations.

The principal methodology used in these ratings was Power
Generation Projects published in December 2012.

TerraForm AP owns a 521 MW portfolio of operating wind power
plants.  The portfolio includes interests in the 120 MW (100%
ownership) Meadow Creek, 80 MW (50%, 40 MW) Rockland Wind, 183 MW
(27.6%, 50 MW) Idaho Wind and 125 MW (12.5%, 16 MW) Goshen projects
in Idaho and the 298 MW (99%, 295 MW) Canadian Hills project in
Oklahoma.  Output from the projects have been fully contracted with
investment grade utilities with a remaining average term of about
18 years.



TERVITA CORP: Moody's Lowers CFR to Caa2, Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded Tervita Corporation's
Corporate Family Rating to Caa2 from Caa1, Probability of Default
Rating to Caa2-PD from Caa1-PD, senior secured term loan rating to
Caa1 from B3, senior secured notes rating to Caa1 from B3, and the
senior unsecured notes rating to Caa3 from Caa2.  The first lien
senior secured revolver rating was affirmed at B1.  The outlook was
changed to negative from stable.  Moody's withdrew the SGL rating.


"The downgrade reflects the expected decline in Tervita's EBITDA
that will lead to leverage of 15x in 2016," said Paresh Chari,
Moody's Analyst.  "Tervita's capital structure is untenable in this
weak commodity price environment."

Downgrades:

Issuer: Tervita Corporation

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

  Corporate Family Rating, Downgraded to Caa2 from Caa1

  Senior Secured Bank Credit Facility, Downgraded to Caa1(LGD3)
   from B3(LGD3)

  Senior Secured Regular Bond/Debenture, Downgraded to Caa1(LGD3)
   from B3(LGD3)

  Senior Unsecured Regular Bond/Debenture, Downgraded to
   Caa3(LGD5) from Caa2(LGD5)

Affirmations:

Issuer: Tervita Corporation

  Senior Secured Bank Credit Facility, Affirmed B1(LGD1)

Outlook Actions:

Issuer: Tervita Corporation

  Outlook, Changed To Negative From Stable

Withdrawals:

Issuer: Tervita Corporation

  Speculative Grade Liquidity Rating, Withdrawn , previously rated

   SGL-3

RATINGS RATIONALE

Tervita's Caa2 CFR is driven by its high and weakening leverage
(debt to EBITDA of 15x expected in 2016), low EBITDA to interest
(0.7x), and weak liquidity as its oilfield waste management
business is adversely affected by depressed oil and gas prices,
reducing production volumes and lower drilling/completion
activities.  Tervita's capital structure is untenable without
significant earnings growth or debt reduction, which Moody's views
as unlikely given the weak commodity price environment.  Moody's
expects that Tervita will likely restructure its debt in the near
term to improve its credit metrics.

Moody's expects Tervita's liquidity will be weak through 2016.  As
of Sept. 30, 2015, Tervita had C$101 million of cash and C$253
million available (after C$97 million of letters of credit) under
its C$350 million revolving credit facility that matures in
Feb. 2018.  Moody's expects the company will have about C$260
million of negative cash flow in the 15 months to December 2016.
Tervita is likely to breach its sole financial covenant (senior
secured debt to EBITDA of less than 5.75x) in the second half of
2016.  Alternate liquidity is limited by the significant security
interest in the company's assets.  Tervita has no material debt
maturities until 2018, when most its debt comes due.

In accordance with Moody's Loss Given Default (LGD) Methodology,
the C$350 senior secured first lien revolver is rated B1, four
notches above the Caa2 CFR.  The US$750 million senior secured term
loan, US$650 senior secured notes, and C$200 senior secured notes,
which rank pari passu, are rated Caa1, one notch above the Caa2
CFR, reflecting the loss absorption cushion provided by the lower
ranking unsecured notes and subordinated notes.  The US$335 million
and US$290 million senior unsecured notes are rated Caa3, one notch
below the CFR.

The negative outlook reflects our view of the untenable capital
structure and the company's weak liquidity position.

The Caa2 rating could be downgraded if liquidity deteriorates
further or if Moody's believes that a debt default is likely in the
very near term.

The Caa2 rating could be upgraded if debt to EBITDA is sustained
below 8x, interest coverage above 1x, and the company's liquidity
improves.

Tervita is a privately-owned Calgary, Alberta-based oilfield waste
management service provider.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in December 2014.



TIBCO SOFTWARE: S&P Affirms 'B-' CCR, Outlook Stable
----------------------------------------------------
Standard & Poor's affirmed its 'B-' corporate credit rating on Palo
Alto, Calif.-based TIBCO Software Inc.  The outlook is stable.

At the same time, S&P affirmed its 'B-' issue-level rating on the
company's senior secured term loan and revolving credit facility,
and its 'CCC' issue-level rating on its unsecured notes.  S&P's '3'
recovery rating on the secured instruments (50% to 70% recovery in
the event of a payment default; in the lower half of the range) and
S&P's '6' recovery rating on the notes are unchanged.

"The stable outlook reflects our view that cost saving
opportunities, modest revenue growth, and adequate liquidity will
allow the company to meet its debt service obligations in 2016,"
said Standard & Poor's credit analyst Christian Frank.



TORQUED-UP ENERGY: Hires Simmons and Company as Sales Agent
-----------------------------------------------------------
Torqued-Up Energy Services, Inc., filed an application with the
Bankruptcy Court to employ Simmons and Company International to
market and sell approximately 345 pieces of rolling stock and other
specialized oil and gas related equipment.

Contemporaneous with the filing of the bankruptcy petition, the
Debtor is proposing to sell substantially all of its equipment and
other operating assets.

"Simmons and Company International is an experienced and respected
firm which deals in the marketing and sales of the type of
equipment," says Patrick Kelley, Esq. at Ireland, Carroll & Kelley,
P.C., attorney for the Debtor.  "Further, Simmons is well familiar
with the particular equipment seeking to be sold by Debtor inasmuch
as it has engaged in sales efforts for this Debtor and for this
equipment for a substantial time period preceding the filing of
this bankruptcy," he adds.

Subject to approval of the Bankruptcy Court, Simmons agrees to
perform the above-described duties at a reduced commission rate of
$150,000, or 1.5% of the gross sales price, payable at closing and
funding of the sale, whichever is greater.  The agreement is an
exclusive listing agreement during the time period granted by the
Court for interested buyers to propose Qualifying Bids and any
auction of the equipment.  Although Simmons has performed similar
services for Debtor in the past, Simmons asserts no claim for those
prepetition services, expressly waiving same and agrees that its
sole compensation from Debtor will be that compensation which is
set forth in this Application.

To the best of Debtor's knowledge, Simmons has no adverse interest
to the estate and to the secured creditors thereof and are
disinterested within the meaning of that term under the Bankruptcy
Code.

                      About Torqued-Up Energy

Torqued-Up Energy Services, Inc., Arctic Acquisition Corporation
and Torqued-up Enterprises, LLC filed Chapter 11 bankruptcy
petitions (Bankr. E.D. Tex. Case Nos. 15-60796, 15-60798, and
15-60799, respectively) on Nov. 24, 2015.  The petition was signed
by Kelly W. Prentiss as CEO.  The Debtors estimated both assets and
liabilities in the range of $10 million to $50 million.  Ireland,
Carroll, & Kelley and Searcy & Searcy, P.C. serve as the Debtors'
counsel.  Judge Bill Parker has been assigned the case.

Arctic and Enterprises, while non-operating, are guarantors on TUES
debt to the senior secured lenders and have pledged assets to
secure that debt.

As of Oct. 9, 2015, the Company had on hand the sum of
approximately $1.2 million in cash.  The Debtor also owns
approximately $3 million in outstanding accounts receivables of
which approximately $1.5 million is collectible.

The Company's other non-insider, third-party debt is approximately
$1.5 million as of Oct. 9, 2015, consisting largely of
approximately 41 capital leases.

The Company has unsecured subordinated debt which has been advanced
by one or more equity owners over time.  That sub-debt is
contractually subordinated to the secured debt of the Banks and as
of Oct. 9, 2015, totals in the amount of $32.5 million.  No
interest or other payments have been made on the sub-debt.


TORQUED-UP ENERGY: Section 341 Meeting Scheduled for Jan. 6
-----------------------------------------------------------
A meeting of creditors in the bankruptcy case of Torqued-Up Energy
Services, Inc. will be held on Jan. 6, 2016, at 10:00 a.m. at Plaza
Tower (341).

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

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

                     About Torqued-Up Energy

Torqued-Up Energy Services, Inc., Arctic Acquisition Corporation
and Torqued-up Enterprises, LLC filed Chapter 11 bankruptcy
petitions (Bankr. E.D. Tex. Case Nos. 15-60796, 15-60798, and
15-60799, respectively) on Nov. 24, 2015.  The petition was signed
by Kelly W. Prentiss as CEO.  The Debtors estimated both assets and
liabilities in the range of $10 million to $50 million.  Ireland,
Carroll, & Kelley and Searcy & Searcy, P.C. serve as the Debtors'
counsel.  Judge Bill Parker has been assigned the case.

Proofs of claim are due by April 6, 2016.  Government proofs of
claim are due by May 24, 2016.


TORQUED-UP ENERGY: Seeks Administrative Consolidation of Cases
--------------------------------------------------------------
Torqued-Up Energy Services, Inc., Arctic Acquisition Corporation
and Torqued-up Enterprises, LLC ask the bankruptcy court to enter
an order directing the consolidation of their cases under case
styled, In Re: Torqued-Up Energy Services, Inc., Case No. 60796,
for administrative purposes.

The Debtors relate they are "affiliates" as that term is defined in
Section 101(2) of the Bankruptcy Code in that TUES owns 100% of the
equity interests in Cougar and LLC.  Each of the entities operate
from the same location using the same office equipment and records.
The assets of Cougar and LLC are pledged to the secured lender of
TUES.

Neither Cougar nor LLC have independent operations but may possibly
have one or more creditors which are not creditors of TUES.

                         About Torqued-Up Energy

Torqued-Up Energy Services, Inc., Arctic Acquisition Corporation
and Torqued-up Enterprises, LLC filed Chapter 11 bankruptcy
petitions (Bankr. E.D. Tex. Case Nos. 15-60796, 15-60798, and
15-60799, respectively) on Nov. 24, 2015.  The petition was signed
by Kelly W. Prentiss as CEO.  The Debtors estimated both assets and
liabilities in the range of $10 million to $50 million.  Ireland,
Carroll, & Kelley and Searcy & Searcy, P.C. serve as the Debtors'
counsel.  Judge Bill Parker has been assigned the case.

Arctic and Enterprises, while non-operating, are guarantors on TUES
debt to the senior secured lenders and have pledged assets to
secure that debt.

As of Oct. 9, 2015, the Company had on hand the sum of
approximately $1.2 million in cash.  The Debtor also owns
approximately $3 million in outstanding accounts receivables of
which approximately $1.5 million is collectible.

The Company's other non-insider, third-party debt is approximately
$1.5 million as of Oct. 9, 2015, consisting largely of
approximately 41 capital leases.

The Company has unsecured subordinated debt which has been advanced
by one or more equity owners over time.  That sub-debt is
contractually subordinated to the secured debt of the Banks and as
of Oct. 9, 2015, totals in the amount of $32.5 million.  No
interest or other payments have been made on the sub-debt.


TORQUED-UP ENERGY: Seeks Permission to Continue Using Credit Card
-----------------------------------------------------------------
Torqued-Up Energy Services, Inc. is asking authority from the
bankruptcy court to continue utilizing its credit card and to incur
the debt associated therewith.  

The credit card is issued by Wells Fargo Bank, one of Debtor's
primary secured creditors where the Debtor maintains most of its
bank accounts.

"[The] Debtor cannot operate its business... without the ability of
its employees to travel to and from job sites and without the use
of a credit card..." according to Jason R. Searcy, Esq., at Searcy
& Searcy, P.C., counsel for the Debtor.  "By using the credit card,
Debtor can monitor and manage such expenses in an efficient
manner," he adds.

The Debtor will have a balance due and owing on the credit card as
of the Petition Date through the use of the credit card and may
have charges incurred in the field not yet reflected in the balance
shown.  In order to maintain the use of the cards, the Debtor seeks
authority for Wells Fargo Bank to continue its pre-petition process
and debit the Debtor's accounts to pay the balance due on the
credit card.

                     About Torqued-Up Energy

Torqued-Up Energy Services, Inc., Arctic Acquisition Corporation
and Torqued-up Enterprises, LLC filed Chapter 11 bankruptcy
petitions (Bankr. E.D. Tex. Case Nos. 15-60796, 15-60798, and
15-60799, respectively) on Nov. 24, 2015.  The petition was signed
by Kelly W. Prentiss as CEO.  The Debtors estimated both assets and
liabilities in the range of $10 million to $50 million.  Ireland,
Carroll, & Kelley and Searcy & Searcy, P.C. serve as the Debtors'
counsel.  Judge Bill Parker has been assigned the case.

Arctic and Enterprises, while non-operating, are guarantors on TUES
debt to the senior secured lenders and have pledged assets to
secure that debt.

As of Oct. 9, 2015, the Company had on hand the sum of
approximately $1.2 million in cash.  The Debtor also owns
approximately $3 million in outstanding accounts receivables of
which approximately $1.5 million is collectible.

The Company's other non-insider, third-party debt is approximately
$1.5 million as of Oct. 9, 2015, consisting largely of
approximately 41 capital leases.

The Company has unsecured subordinated debt which has been advanced
by one or more equity owners over time.  That sub-debt is
contractually subordinated to the secured debt of the Banks and as
of Oct. 9, 2015, totals in the amount of $32.5 million.  No
interest or other payments have been made on the sub-debt.


TORQUED-UP ENERGY: Taps Searcy & Searcy and Ireland Carroll
-----------------------------------------------------------
Torqued-Up Energy Services, Inc., Arctic Acquisition Corporation
and Torqued-Up Enterprises, LLC seek permission from the Bankruptcy
Court to employ the law firms of Searcy & Searcy, P.C. and Ireland,
Carroll & Kelley, P.C., to, among other things, prepare and file
the petitions, prepare and file all Schedules, Disclosure
Statements, Plan of Reorganizations, determine the status of
executory contracts, review claims, attend creditors' meeting,
respond to and appear at motions on contested matters and any
further actions that may arise.

The customary hourly billing rates of the law firm of Searcy &
Searcy, P.C. are $450.00 for services rendered by Jason R. Searcy
as a senior attorney; $275.00 for services rendered by Joshua P.
Searcy as partner and associate attorney; $200.00 for services
rendered by Callan C. Searcy as associate attorney; and $125.00
for paraprofessionals.

The normal hourly billing rates of the law firm of Ireland, Carroll
& Kelley, P.C. are $450.00 for services rendered by Pat Kelley; and
$125.00 for paraprofessionals.

The law firms of Searcy & Searcy, P.C. and Ireland, Carroll &
Kelley, P.C. will file applications for approval of their fees and
expenses.

The Debtors paid a pre-petition retainer in the amount of $177,402.
This amount is held in trust at the law firm of Searcy & Searcy,
P.C. pending future approval of fees and expenses by the
Bankruptcy Court.

The Debtors believe that the law firms of Searcy & Searcy, P.C. and
Ireland, Carroll & Kelley, P.C., its members and associates, do not
hold or represent any interest adverse to that of the Debtors'
estates; and that the law firms are disinterested parties within
the meaning of Section 101(14) of the Bankruptcy Code with respect
to the services for which said firms are being sought to be hired.

                      About Torqued-Up Energy

Torqued-Up Energy Services, Inc., Arctic Acquisition Corporation
and Torqued-up Enterprises, LLC filed Chapter 11 bankruptcy
petitions (Bankr. E.D. Tex. Case Nos. 15-60796, 15-60798, and
15-60799, respectively) on Nov. 24, 2015.  The petition was signed
by Kelly W. Prentiss as CEO.  The Debtors estimated both assets and
liabilities in the range of $10 million to $50 million.  Ireland,
Carroll, & Kelley and Searcy & Searcy, P.C. serve as the Debtors'
counsel.  Judge Bill Parker has been assigned the case.

Arctic and Enterprises, while non-operating, are guarantors on TUES
debt to the senior secured lenders and have pledged assets to
secure that debt.

As of Oct. 9, 2015, the Company had on hand the sum of
approximately $1.2 million in cash.  The Debtor also owns
approximately $3 million in outstanding accounts receivables of
which approximately $1.5 million is collectible.

The Company's other non-insider, third-party debt is approximately
$1.5 million as of Oct. 9, 2015, consisting largely of
approximately 41 capital leases.

The Company has unsecured subordinated debt which has been advanced
by one or more equity owners over time.  That sub-debt is
contractually subordinated to the secured debt of the Banks and as
of Oct. 9, 2015, totals in the amount of $32.5 million.  No
interest or other payments have been made on the sub-debt.


TORQUED-UP ENERGY: Wants to Use Lenders' Cash Collateral
--------------------------------------------------------
Torqued-Up Energy Services, Inc., Arctic Acquisition Corporation
d/b/a Cougar Pressure Control and Torqued-Up Enterprises LLC seek
permission from the bankruptcy court to use cash collateral in
which Amegy Bank National Association, as, among other things,
administrative agent, and the lenders, including Wells Fargo Bank,
National Association, assert a security interest.

Pursuant to prepetition loan documents, the Debtors are indebted to
the Administrative Agent and Lenders approximately $12,261,882,
plus accrued and unpaid interest, fees, and expenses, as of the
Petition Date

The Debtors seek to grant adequate protection to the Banks for any
diminution of the value of the Pre-Petition Collateral as a result
of the use of Cash Collateral and the imposition of the automatic
stay through, among other things, the issuance of adequate
protection liens in favor of the Banks.

"The relief requested herein is necessary to prevent immediate and
irreparable harm to the Debtor's Chapter 11 estate and should
provide sufficient funds, on an interim basis, to permit the
Companies to satisfy their payroll and other direct operating
expenses as is necessary to wind down the business and sell
assets," says Patrick Kelley, Esq., at Ireland, Carroll & Kelley,
P.C., attorney for the Debtor.

The Debtors request approval for interim use of Cash Collateral
through Dec. 18, 2015, and thereafter on a permanent basis.

Prior to filing the Motion, the Debtors sought and obtained consent
to use Cash Collateral of the Lenders.

The Debtors estimate that, as of the Petition date, they have cash
deposits in various bank accounts totaling approximately $900,000
and hold collectible receivables of approximately $1,200,000.

"The Company has no material source of income other than from its
operations and the collections of its accounts receivable.  At the
present time an immediate and critical need exists for the Company
to be permitted access to funds in order to continue the operation
of its business, to pay its employees, and to protect its ability
to maximize the value of its assets in accordance with Chapter 11
of the Bankruptcy Code," Mr. Kelley tells the Court.  "Without the
use of Cash Collateral, significant losses will result to the
Debtor's estate and its creditors," he adds.

                      About Torqued-Up Energy

Torqued-Up Energy Services, Inc., Arctic Acquisition Corporation
and Torqued-up Enterprises, LLC filed Chapter 11 bankruptcy
petitions (Bankr. E.D. Tex. Case Nos. 15-60796, 15-60798, and
15-60799, respectively) on Nov. 24, 2015.  The petition was signed
by Kelly W. Prentiss as CEO.  The Debtors estimated both assets and
liabilities in the range of $10 million to $50 million.  Ireland,
Carroll, & Kelley and Searcy & Searcy, P.C. serve as the Debtors'
counsel.  Judge Bill Parker has been assigned the case.

Arctic and Enterprises, while non-operating, are guarantors on TUES
debt to the senior secured lenders and have pledged assets to
secure that debt.

As of Oct. 9, 2015, the Company had on hand the sum of
approximately $1.2 million in cash.  The Debtor also owns
approximately $3 million in outstanding accounts receivables of
which approximately $1.5 million is collectible.

The Company's other non-insider, third-party debt is approximately
$1.5 million as of Oct. 9, 2015, consisting largely of
approximately 41 capital leases.

The Company has unsecured subordinated debt which has been advanced
by one or more equity owners over time.  That sub-debt is
contractually subordinated to the secured debt of the Banks and as
of Oct. 9, 2015, totals in the amount of $32.5 million.  No
interest or other payments have been made on the sub-debt.



TRAFALGAR POWER: Suit vs. Algonquin, et al., Dismissed
------------------------------------------------------
In a Memorandum-Decision and Order dated November 12, 2015, which
is available at http://is.gd/mzgePWfrom Leagle.com, Judge Diane
Davis of the United States Bankruptcy Court for the Northern
District of New York denied Trafalgar Power, Inc., et al's Partial
Summary Judgment Motion, granted Algonquin Power Corporation, et
al.'s Summary Judgment Motion, and dismissed the Adversary
Complaint on its merits.

The Debtors seek partial summary judgment granting in part their
Objection to the Allowance of Certain Claims wherein the Debtors
seek assorted relief including, but not limited to, recoupment
against Claim Numbers 5 and 7 filed by Algonquin Power Income Fund
in the Trafalgar Power bankruptcy case and the Christine Falls
bankruptcy case, respectively, in the principal amount of
$18,821,496, plus interest, costs, expenses, and attorneys' fees.
Algonquin seeks summary judgment dismissing the Debtors' and
Marina's remaining causes of action against it in their adversary
proceedings to recover allegedly fraudulent transfers and to
equitably subordinate the Algonquin Claims.

The adversary proceeding is In re: CHRISTINE FALLS OF NEW YORK,
INC., Chapter 11 Case, Debtor. In re: TRAFALGAR POWER, INC.,
Chapter 11 Case, Debtor. MARINA DEVELOPMENT, INC., TRAFALGAR POWER,
INC., CHRISTINE FALLS OF NEW YORK, INC., FRANKLIN INDUSTRIAL
COMPLEX, INC., and PINE RUN OF VIRGINIA, INC., Plaintiffs, v.
ALGONQUIN POWER CORPORATION, INC., ALGONQUIN POWER SYSTEMS, INC.,
ALGONQUIN POWER FUND (CANADA), INC., ALGONQUIN POWER INCOME FUND,
ALGONQUIN POWER SYSTEMS NEW HAMPSHIRE, INC., ALGONQUIN POWER (U.S.
HOLDINGS), INC., AETNA LIFE INSURANCE COMPANY, CIT CREDIT GROUP,
INC. f/k/a NEWCOURT CREDIT GROUP, INC. and CANADIAN INCOME PARTNERS
1 LIMITED PARTNERSHIP, Defendants. MARINA DEVELOPMENT, INC.,
TRAFALGAR POWER, INC., CHRISTINE FALLS OF NEW YORK, INC., FRANKLIN
INDUSTRIAL COMPLEX, INC., and PINE RUN OF VIRGINIA, INC.,
Plaintiffs, v. ALGONQUIN POWER CORPORATION, INC., ALGONQUIN POWER
SYSTEMS, INC., ALGONQUIN POWER FUND (CANADA), INC., ALGONQUIN POWER
INCOME FUND, ALGONQUIN POWER SYSTEMS NEW HAMPSHIRE, INC., ALGONQUIN
POWER (U.S. HOLDINGS), INC., AETNA LIFE INSURANCE COMPANY, CIT
CREDIT GROUP, INC. f/k/a NEWCOURT CREDIT GROUP, INC. and CANADIAN
INCOME PARTNERS 1 LIMITED PARTNERSHIP, Defendants, ADV. PRO. NO.
02-80005., 02-80008 (Bankr. N.D.N.Y.).

The bankruptcy case is In re: FRANKLIN INDUSTRIAL COMPLEX, INC.,
Chapter 11 Case, Debtor, MAIN CASE NO. 01-67457 (Bankr. N.D.N.Y.).

Trafalgar Power, Inc., Debtor, represented by David M. Capriotti,
Esq. -- dcapriotti@harrisbeach.com -- Harris Beach PLLC, Kelly C.
Griffith, Esq. -- kgriffith@harrisbeach.com -- Harris Beach PLLC,
Camille Wolnik Hill, Esq. -- Hancock & Estabrook, LLP, Wendy A.
Kinsella, Esq. -- wkinsella@harrisbeach.com -- Harris Beach PLLC,
Kevin W. Tompsett, Esq. -- ktompsett@harrisbeach.com -- Harris
Beach PLLC, Lee E. Woodard, Esq. -- lwoodard@harrisbeach.com --
Harris Beach PLLC.


TRANS-LUX CORP: Reports Profitable Third Quarter
------------------------------------------------
Trans-Lux Corporation reported financial results for the quarter
ended Sept. 30, 2015.  Trans-Lux President and Chief Executive
Officer J.M. Allain made the announcement.

Trans-Lux Corporation announced a profitable third quarter with net
income of $173,000 ($0.10 per share) and EBITDA of $897,000.  This
is a significant turnaround from the previous year's quarterly net
loss of $407,000 (loss of $0.25 per share) and EBITDA of $433,000.
The company reported revenues for the three months ended September
30, 2015 of $8.2 million, up from $6.1 million for the three months
ended September 30, 2014.  This was achieved on the back of strong
growth in the company's digital display sales segment which
recorded revenues of $7.3 million in 2015 compared to $4.9 million
in 2014.

"Sales are up, gross profit is up, and general and administrative
expenses are lower; overall we are very pleased with our
performance.  Our success is attributed to the strength of our OEM
program, which saw key installs in several major league and many
amateur facilities.  The company also continued to establish itself
as a key player in the LED Lighting space, where we scored key wins
with global supply agreements that show great promise for growth in
the future," said J.M. Allain, president and CEO.

"Key factors are all navigating the right way, and with our Rights
Offering closing in the next two weeks, we are seeing a significant
return on the use of working capital.  The lack of cash during the
past years severely hampered progress as it related to larger jobs.
Our access to working capital is transforming our business," Mr.
Allain added.


                    About Trans-Lux Corporation

Norwalk, Conn.-based Trans-Lux Corporation (NYSE Amex: TLX) is a
designer and manufacturer of digital signage display solutions for
the financial, sports and entertainment, gaming and leasing
markets.

Trans-Lux Corporation incurred a net loss of $4.62 million on $24.4
million of total revenue for the year ended Dec. 31, 2014, compared
with a net loss of $1.86 million on $20.9 million of total revenue
for the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $15.4 million in total
assets, $18.6 million in total liabilities and a total
stockholders' deficit of $3.24 million.

BDO USA, LLP, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that the Company has suffered recurring losses from
operations and has a significant working capital deficiency that
raise substantial doubt about its ability to continue as a going
concern.  Further, the auditors said, the Company is in default of
the indenture agreements governing its outstanding 9-1/2%
Subordinated debentures which were due in 2012 and its 8-1/4%
Limited convertible senior subordinated notes which were due in
2012 so that the trustees or holders of 25% of the outstanding
Debentures and Notes have the right to demand payment immediately.
Additionally, the Company has a significant amount due to their
pension plan over the next 12 months.


TRANSGENOMIC INC: Incurs $7.63 Million Net Loss in Third Quarter
----------------------------------------------------------------
Transgenomic, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
available to common stockholders of $7.63 million on $3.96 million
of net sales for the three months ended Sept. 30, 2015, compared to
a net loss available to common stockholders of $384,000 on $4.06
million of net sales for the same period in 2014.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss available to common stockholders of $14.6 million on $13.7
million of net sales compared to a net loss available to common
stockholders of $8.98 million on $11.6 million of net sales for the
same period last year.

As of Sept. 30, 2015, the Company had $24.5 million in total
assets, $17.7 million in total liabilities and $6.71 million in
total stockholders' equity.

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

                      http://is.gd/1htWKS

                       About Transgenomic

Transgenomic, Inc. -- http://www.transgenomic.com/-- is a global
biotechnology company advancing personalized medicine in
cardiology, oncology, and inherited diseases through its
proprietary molecular technologies and world-class clinical and
research services.  The Company is a global leader in cardiac
genetic testing with a family of innovative products, including
its C-GAAP test, designed to detect gene mutations which indicate
cardiac disorders, or which can lead to serious adverse events.
Transgenomic has three complementary business divisions:
Transgenomic Clinical Laboratories, which specializes in molecular
diagnostics for cardiology, oncology, neurology, and mitochondrial
disorders; Transgenomic Pharmacogenomic Services, a contract
research laboratory that specializes in supporting all phases of
pre-clinical and clinical trials for oncology drugs in
development; and Transgenomic Diagnostic Tools, which produces
equipment, reagents, and other consumables that empower clinical
and research applications in molecular testing and cytogenetics.
Transgenomic believes there is significant opportunity for
continued growth across all three businesses by leveraging their
synergistic capabilities, technologies, and expertise.  The
Company actively develops and acquires new technology and other
intellectual property that strengthens its leadership in
personalized medicine.

Transgenomic reported a net loss available to common stockholders
of $15.1 million in 2014, a net loss available to common
stockholders of $16.7 million in 2013 and a net loss available to
common stockholders of $8.98 million in 2012.

Ernst & Young LLP, in Hartford, Connecticut, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has recurring
losses from operations that raise substantial doubt about its
ability to continue as a going concern.


TRISTAR WELLNESS: Incurs $771K Net Loss in Third Quarter
--------------------------------------------------------
Tristar Wellness Solutions, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $771,000 on $956,000 of sales revenue for the three
months ended Sept. 30, 2015, compared to a net loss of $480,000 on
$1.90 million of sales revenue for the same period a year ago.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss of $4.18 million on $2.88 million of sales revenue
compared to a net loss of $5.98 million on $4.43 million of sales
revenue for the same period during the prior year.

As of Sept. 30, 2015, the Company had $2.82 million in total
assets, $17.3 million in total liabilities and a total
stockholders' deficit of $14.5 million.

The Company said that during the nine months ended Sept. 30, 2015,
and 2014, because of the Company's operating losses, it did not
generate positive operating cash flows.  The Company's cash and
cash equivalents as of Sept. 30, 2015, was $336,000.  Due to the
Company's monthly cash burn rate, the Company has significant short
term cash needs.  According to the Company, it currently does not
believe it will be able to satisfy its cash needs from its revenues
for some time.  The Company's management is exploring all strategic
obtain additional liquidity and continue operating including a
potential sale of the company.

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

                       http://is.gd/ysc30S

                     About TriStar Wellness

TriStar Wellness Solutions, Inc., offers products and technologies
in the areas of wound care, women's health and therapeutic skin
care.  The Company is based in Westport, Connecticut.

TriStar Wellness reported a net loss of $8.87 million on $5.54
million of sales revenue for the year ended Dec. 31, 2014, compared
to a net loss of $12.6 million on $3.77 million of sales revenue
for the year ended Dec. 31, 2014.

M&K CPAS, PLLC, in Houston, TX, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has suffered
reoccurring losses from operations, and has an accumulated deficit
and working capital deficit as of Dec. 31, 2014.  These conditions
raise substantial doubt about its ability to continue as a going
concern.


TRUMP ENTERTAINMENT: Wants Court to Approve Increase in DIP Loan
----------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that Trump
Entertainment Resorts on Nov. 19, 2015, asked a Delaware bankruptcy
judge to sign off on modifications to its Chapter 11 financing that
would increase the size of its bankruptcy loan by $12.6 million to
cover the cost of paying Atlantic City property taxes due on its
Taj Mahal casino.

Trump Entertainment filed a motion seeking to modify its
debtor-in-possession financing.  The company wants the principal
amount of its bankruptcy loan increased from $26.5 million to $39.1
million.  

                      About Trump Entertainment

Based in Atlantic City, New Jersey, Trump Entertainment Resorts
Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and   
operates three casino hotel properties in Atlantic City, New
Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza
Hotel and Casino, and Trump Marina Hotel Casino.  The Company
conducts gaming activities and provides customers with casino
resort and entertainment.

Donald Trump is a shareholder of the Company and, as its non-
executive Chairman, is not involved in the daily operations of the
Company.  The Company is separate and distinct from Mr. Trump's
privately held real estate and other holdings.

Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other
affiliates filed for Chapter 11 protection on Feb. 17, 2009
(Bankr. D. N.J. Lead Case No. 09-13654).  The Company tapped
Charles A. Stanziale, Jr., Esq., at McCarter & English, LLP, as
lead counsel, and Weil Gotshal & Manges as co-counsel.  Ernst &
Young LLP served as the Company's auditor and accountant and
Lazard Freres & Co. LLC was the financial advisor.  Garden City
Group was the claims agent.  The Company disclosed assets of
$2,055,555,000 and debts of $1,737,726,000 as of Dec. 31, 2008.

Trump Hotels & Casino Resorts, Inc., filed for Chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925).  Trump Hotels obtained the Court's confirmation
of its Chapter 11 plan on April 5, 2005, and in May 2005, it
exited from bankruptcy under the name Trump Entertainment Resorts
Inc.


UNITED AIRLINES: Retired Pilot Ordered to Return $17K Tax Refund
----------------------------------------------------------------
The United States of America brought an action against Walter A.
Bates, a retired pilot from United Airlines, Inc., and his wife
Sandra J. Bates, to recover, with interest, an erroneous refund of
federal taxes paid to them.

The United States District Court for the Middle District of
Florida, Tampa Division, denied the Plaintiff's Motion for Summary
Judgment and the Defendants' Motion to Dismiss, construed as a
Motion for Summary Judgment.  Thereafter, the Court conducted a
bench trial on August 19, 2015.

In an Opinion and Order dated November 20, 2015 which is available
at http://is.gd/dzAG33from Leagle.com, Judge Charlene Edwards
Honeywell of the United States District Court for the Middle
District of Florida, Tampa Division, granted judgment in favor of
the Plaintiff and against the Defendants in the amount of $17,742,
plus pre-judgment interest from May 17, 2010.

Judge Honeywell entered a corrected Opinion and Order dated
November 23, 2015, a full-text copy of which is available at
http://is.gd/7LWPzyfrom Leagle.com.

The case is USA, Plaintiff, v. WALTER A. BATES and SANDRA J. BATES,
Defendants, CASE NO. 8:12-CV-833-T-36TBM.

USA, Plaintiff, represented by Michael W. May, US Department of
Justice.

Walter A. Bates, Defendant, Pro Se.

Sandra J. Bates, Defendant, Pro Se.

                          About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United   
Airlines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.

Judge Eugene R. Wedoff confirmed the Debtors' Second Amended Plan
on Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.

                        *     *     *

The Troubled Company Reporter, on Aug. 24, 2014, reported that
Standard & Poor's Ratings Services assigned its 'A- (sf)' rating
to United Airlines Inc.'s series 2014-2 class A pass-through
certificates (with an expected maturity of Sept. 3, 2026).  At the
same time, S&P assigned its 'BB+ (sf)' rating to the company's
series 2014-2 class B pass-through certificates (with an expected
maturity of Sept. 3, 2022).

The TCR, on July 30, 2014, reported that S&P assigned its
preliminary 'A-(sf)' rating to United Airlines Inc.'s series 2014-
2 class A pass-through certificates (with an expected maturity of
Sept. 3, 2026).  At the same time, S&P assigned its preliminary
'BB+ (sf)' rating to the company's series 2014-2 class B pass-
through certificates (with an expected maturity of Sept. 3, 2022).

On the same date, the TCR reported that Fitch Ratings assigned the
following expected ratings to United Airlines' (UAL, rated 'B';
Outlook Positive by Fitch) proposed Pass Through Trusts Series
2014-2: (i) $823,071,000 Class A certificates due in September
2026 'A(EXP)'; and (ii) $238,418,000 Class B certificates due in
September 2022 'BB+(EXP)'.

The TCR, on July 29, 2014, reported that S&P assigned its 'BB-'
issue rating and '1' recovery rating to United Airlines Inc.'s new
$500 million senior secured term loan B due 2021.  The '1'
recovery rating indicates S&P's expectation for very high recovery
(90%-100%) in a payment default scenario.  At the same, the 'BB-'
issue level rating and '1' recovery rating on the upsized $1.35
billion revolving credit facility due 2019 remain unchanged.

On July 28, 2014, the TCR reported that Moody's Investors Service
assigned a Ba2 rating to the $500 million incremental term loan
facility due 2021 that United Airlines, Inc. ("United") announced
it plans to arrange. The Corporate Family rating of UAL is B2.


UNITED BANCSHARES: Delays Q3 Form 10-Q Filing
---------------------------------------------
United Bancshares, Inc., notified the Securities and Exchange
Commission it was unable to file the its quarterly report on Form
10-Q for the period ended Sept. 30, 2015, in a timely manner
because the Company is still in the process of completing its
financial statements.

                      About United Bancshares

Located in Philadelphia, Pennsylvania, United Bancshares, Inc., is
an African American controlled and managed bank holding company
for United Bank of Philadelphia, a commercial bank chartered in
1992 by the Commonwealth of Pennsylvania, Department of Banking.

United Bancshares reported a net loss of $343,000 on $2.90 million
of total interest income for the year ended Dec. 31, 2014, compared
with a net loss of $669,000 on $2.90 million of total interest
income for the year ended Dec. 31, 2013.

McGladrey LLP, in Blue Bell, Pennsylvania, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, noting that the Company's regulatory capital
amounts and ratios are below the required levels stipulated with
Consent Orders between the Company and its regulators under the
regulatory framework for prompt corrective action.  Failure to meet
the capital requirements exposes the Company to regulatory
sanctions that may include restrictions on operations and growth,
mandatory asset disposition, and seizure of the Company.  These
matters raise substantial doubt about the ability of the Company to
continue as a going concern.


UPPER IOWA UNIV.: Fitch Affirms 'BB' Rating on $64.6MM Rev. Bonds
-----------------------------------------------------------------
Fitch Ratings has affirmed its 'BB' rating on $64.6 million private
college facility (PCF) revenue bonds, series 2010 and 2012, issued
by the Iowa Higher Education Loan Authority (IHELA) on behalf of
Upper Iowa University (UIU).

The Rating Outlook is Stable.

SECURITY

The series 2010 and 2012 bonds are general obligations of the
university, payable from all legally available resources.  The 2012
bonds are further secured by a first mortgage lien on five campus
buildings.  Both issues have a debt service reserve.

KEY RATING DRIVERS

OPERATING IMPROVEMENT SUPPORTS RATING: Continued operating
improvement, largely driven by expense controls, resulted in
essentially break-even operations in fiscal 2015.  A small but
positive operating margin is projected for fiscal 2016.

IMPROVED COVERAGE: The 'BB' rating reflects UIU meeting the fiscal
2014 and 2015 coverage calculation (per the bond covenants).  For
fiscal 2015, pledged coverage was 2.26x annual debt service (ADS).
Fitch uses a more conservative coverage calculation, maximum annual
debt service (MADS) coverage from operating revenues; MADS coverage
improved to 1.5x.

STRESSED ENROLLMENT: Overall full-time equivalent (FTE) enrollment
declined 11.9% in fall 2015, at both the traditional Fayette campus
and for the large on-line and academic center programs. Overall
enrollment remains a concern for UIU, which has very high tuition
dependence.

SLIM BALANCE SHEET: UIU's balance sheet ratios improved in fiscal
2015 but remain slim and consistent with the 'BB' rating category.


HIGH DEBT BURDEN: Fitch considers UIU's 8.2% MADS burden in fiscal
2015 to be high, particularly given improved but still break-even
GAAP operations in 2015.  Fitch views UIU as having no new debt
capacity at this time.

RATING SENSITIVITIES

FAILURE TO GROW MARGINS: Upper Iowa University's failure to
steadily improve GAAP operations and maintain positive MADS
coverage from operating revenues would result in a negative rating
action.

ADDITIONAL DEBT ISSUANCE: Issuance of additional debt prior to
stabilized enrollment and financial operations, or without an
increase in resources, would result in a negative rating action.

MANAGE EXPENSES AND ENROLLMENT: UIU's ability to control expenses,
grow net tuition revenue, and stabilize enrollment would be viewed
favorably, and could support a positive rating action over time.

CREDIT PROFILE

UIU was founded in 1857 in Fayette, Iowa.  Fayette is located in
north central Iowa, about 37 miles northeast of Waterloo and 65
miles north of Cedar Rapids.  The university offers undergraduate
and graduate level programming at its residential Fayette campus,
20 educational extension centers mainly in the Midwest,
international centers in two countries, and various on-line and
self-paced programs.

UIU's multiple education markets add diversity, but are subject to
significant competition and recent volatility.  The non-traditional
on-line and academic center programs (roughly 70% of operating
revenue) subsidize full-time undergraduate students on the Fayette
campus.

Students attending on-line or at various regional academic centers
have six distinct entry points during each academic year, allowing
two full-credit courses over an eight-week term, and some student
scheduling flexibility.  Full-time students at the Fayette campus
have a more traditional two-semester calendar.

Slim but Improved Operations

UIU reported essentially break-even GAAP operations in fiscal 2015
(negative $40,000), an improvement from negative $2.6 million in
fiscal 2014 (negative 4.8% margin), and negative $8.2 million in
fiscal 2013 (negative 15.6% margin).  Tight budgets and significant
management attention to expense management are expected to continue
in fiscal 2016 and 2017.  Management projects a modest GAAP
operating surplus for the fiscal year ending
June 30, 2016.

UIU's revenues are heavily student-fee dependent (97% in fiscal
2015).  Net tuition revenue increased about 7% in fiscal 2015,
reversing declines in the previous two fiscal years, and supporting
the stronger operating performance.  However, discounting pressures
at the traditional Fayette campus (about a 60% discount) continue
to challenge management.

Expense controls largely drove improved operating results in
fiscals 2015 and 2014.  A large portion of the faculty is part-time
and non-tenured, which provides some expense flexibility.  The
university has made no or limited raises or employer retirement
contributions in recent years, which Fitch views as unsustainable
long-term.  Given enrollment and discount pressures at the
traditional Fayette campus, overall UIU operating performance is
likely to be driven by the large on-line and academic center
programs.  The Fayette campus operations are significantly
subsidized by the non-traditional academic programs.

More Stable Management

UIU management stabilized in 2015, following significant management
turnover since 2013.  President Duffy has been in place since 2013,
and a new provost since 2014.  The current CFO was appointed in
July 2014, and is the fourth person in this position since about
2013.

The admissions function continues to see changes.  An interim Vice
President for Enrollment Services for UIU was appointed in 2015,
and that position now reports directly to the president (instead of
the provost).

IMPROVED DEBT SERVICE COVERAGE

UIU's bond covenants include a 1.25x annual debt service (ADS)
coverage covenant, which was not achieved in 2013 but was in 2014
and 2015 (and is expected to be met in 2016).  ADS coverage - as
calculated per bond covenants - was 2.26x in fiscal 2015, and 1.45x
in fiscal 2014.

Fitch uses a more conservative coverage calculation based on net
operating revenue (rather than gross net revenue including
non-operating operations), and MADS instead of ADS.  This is
relevant to UIU, which has an increasing debt structure: $4.3
million was due in 2015, and MADS of $4.7 million occurs in 2016
and remains level thereafter.  MADS coverage in fiscal 2015, as
calculated by Fitch, improved to 1.5x, up from 0.87x in fiscal 2014
and negative 0.44x in 2013.

Weak Balance Sheet

UIU's available funds (AF; defined by Fitch as cash and investments
less permanently restricted net assets) improved to $21.6 million
at fiscal year-end 2015, up from $13.8 million in 2014.  This
equaled a slim 37% of expenses and 29% of debt, levels that remain
consistent with the 'BB' rating category.

Stressed Enrollment

FTE enrollment at fall 2015 fell 11.9% overall at UIU, following a
5.5% decline in fall 2014.  University-wide FTE was 4,435, a
contrast to about 5,500 in both fall 2011 and 2010.  The decline
was related to the on-line and academic center enrollment (EU,
which represents about 80% of UIU's enrollment) as well as the
smaller traditional Fayette campus.  At Fayette (fall 2015
headcount of 872), management reports declines were largely due to
a discontinued international recruitment contract and continued
regional competition.  Student retention remains weak at Fayette,
another management focus.

For the EU component (fall 2015 headcount of 3,657 primarily older,
non-traditional students), there is continued price competition as
well as economic counter-cyclicality in enrollment. The University
reports it is focusing on enrollment management and retention for
all delivery systems.  EU students include about 17% students who
are military or military families.

High Debt Leverage

UIU debt totaled $74.5 million at June 30, 2015, including $9
million of leases and $65.5 million bonds.  UIU's operating leases
are primarily related to its various academic sites.  The bonds are
fixed rate and, starting in fiscal 2016, essentially have level
debt service.  MADS burden remained high in fiscal 2015 at 8.2%,
but has moderated slightly over time.  At this time, Fitch does not
view UIU as having additional debt capacity at the current rating.



VECTOR GROUP: S&P Affirms 'B' CCR, Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Miami, Fla.-based Vector Group Ltd.  The outlook
is stable.

At the same time, S&P raised its issue-level rating on the
company's $600 million senior secured notes to 'BB-' from 'B+'. The
'1' recovery rating (revised up from '2') on the notes indicates
that bondholders could expect very high (90% to 100%) recovery in
the event of a payment default.  Total debt outstanding is about
$1.1 billion.

"The improved issue-level rating reflects our revised assessment of
the emergence value of Vector's tobacco and real estate
businesses," said Standard & Poor's credit analyst Brennan Clark.

Standard & Poor's corporate credit rating on Vector reflects
Vector's participation in the intensely competitive and declining
discount cigarette industry, its weaker scale and brand equity
compared to that of its larger competitors, and inherent legal and
regulatory risk.  S&P's ratings also incorporate the strong
profitability, high barriers to entry, and fairly
recession-resistant nature of the tobacco industry.  To a lesser
extent, notwithstanding subsidiary Douglas Elliman Realty's good
brand equity, S&P's ratings also consider the limited geographic
diversity, slim margins, and potentially higher cash flow
volatility of the real estate business that is currently driving
the company's revenue growth.  However, while real estate
represents a significant percentage of sales, it comprises less
than 20% of EBITDA and S&P believes the tobacco business continues
to be the foundation of the company's credit risk profile.

S&P's ratings also reflect Vector's aggressive financial policy and
weak credit ratios, notwithstanding credit ratio improvement over
the last year.  S&P forecasts debt to EBITDA will improve to the
mid-4x area by the end of 2015, but S&P also expects that
discretionary cash flow will continue to be substantially negative
due to an aggressive dividend policy.  While S&P believes the
company can cover these dividends over the next three to five years
through its meaningful cash and investments on hand, and possibly
by monetizing a portion of its real estate holdings, S&P do not
view the dividend as being sustainable without additional debt
financing.

The stable outlook reflects S&P's expectation that Vector's tobacco
business profitability will remain stable thanks to good conditions
in the industry.  S&P believes the tobacco business, which
constitutes the majority of Vector's cash flow, should largely
offset any potential moderate declines in the more cyclical real
estate brokerage business, which derives the majority of its cash
flow from the New York metropolitan area.



VERNUS GROUP: Case Summary & 19 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Vernus Group Corp.
        PO Box 8140
        San Juan, PR 00910

Case No.: 15-09339

Chapter 11 Petition Date: November 25, 2015

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

Debtor's Counsel: Charles Alfred Cuprill, Esq.
                  CHARLES A CUPRILL, PSC LAW OFFICE
                  356 Calle Fortaleza, Second Floor
                  San Juan, PR 00901
                  Tel: 787 977-0515
                  Email: cacuprill@cuprill.com

Total Assets: $3.69 million

Total Liabilities: $225,686

The petition was signed by Jose Rafael Hernandez, chairman and
president.

A list of the Debtor's 19 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-09339.pdf


VERTICAL COMPUTER: Incur $458,000 Net Loss in Third Quarter
-----------------------------------------------------------
Vertical Computer Systems, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss available to common stockholders of $458,000 on $1.02
million of total revenues for the three months ended Sept. 30,
2015, compared to a net loss available to common stockholders of
$985,000 on $1.07 million of total revenues for the same period a
year ago.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss available to common stockholders of $2.24 million on $3.23
million of total revenues compared to a net loss available to
common stockholders of $1.72 million on $6.11 million of total
revenues for the same period last year.

As of Sept. 30, 2015, the Company had $1.60 million in total
assets, $17.6 million in total liabilities, $9.90 million in
convertible cumulative preferred stock, and a total stockholders'
deficit of $25.9 million.

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

                       http://is.gd/f8Sez1

                      About Vertical Computer

Richardson, Tex.-based Vertical Computer Systems, Inc., is a
multinational provider of Internet core technologies, application
software, and software services through its distribution network
with operations or sales in the United States, Canada and Brazil.

Vertical Computer reported a net loss applicable to common
stockholders of $2.07 million on $7.43 million of total revenues
for the year ended Dec. 31, 2014, compared to a net loss applicable
to common stockholders of $3.08 million on $6.05 million of total
revenues for the year ended Dec. 31, 2013.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company suffered net losses
and has a working capital deficiency, which raises substantial
doubt about its ability to continue as a going concern.


WALBERT TRUCKING: Postpetition Claim Not Entitled to Admin Status
-----------------------------------------------------------------
In a Memorandum-Opinion dated November 16, 2015, which is available
at http://is.gd/r9PKeefrom Leagle.com, Judge Joan A. Lloyd of the
United States Bankruptcy Court for the Western District of Kentucky
denied the motion of creditor Premier Trailer Leasing, Inc., to
treat its postpetition claim as an administrative claim.

The case is IN RE: WALBERT TRUCKING, INC. Debtor(s), CASE NO.
14-11001(1)(11)(Bankr. W.D. Ky.).

Walbert Trucking, Inc, Debtor, represented by:

          Jamie Lynn Harris, Esq.
          Dean A. Langdon, Esq.
          DELCOTTO LAW GROUP PLLC
          200 N. Upper Street
          Lexington, Ky 40507
          Tel: 859-231-5800
          Email: jharris@dlgfirm.com
                 dlangdon@dlgfirm.com



WALTER ENERGY: 'Challenge' Period Extended to Dec. 2
----------------------------------------------------
Walter Energy Inc.'s official committee of unsecured creditors has
entered into an agreement to extend the deadline for the panel to
challenge the liens on collateral held by pre-bankruptcy lenders.

The agreement, entered into by the committee, Morgan Stanley Senior
Funding Inc., Wilmington Trust N.A. and the steering committee of
first lien lenders and noteholders, extends the deadline to Dec. 2
from Nov. 18.

                  About Walter Energy

Walter Energy -- http://www.walterenergy.com/-- is a publicly
traded "pure-play" metallurgical coal producer for the global steel
industry with strategic access to steel producers in Europe, Asia
and South America.  The Company also produces thermal coal,
anthracite, metallurgical coke and coal bed methane gas.  Walter
Energy employs approximately 2,700 employees, with operations in
the United States, Canada and the United Kingdom.

For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.  

Walter Energy, Inc., and its affiliates sought Chapter 11
protection (Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham,
Alabama on July 15, 2015, after signing a restructuring support
agreement with first-lien lenders.

Walter Energy disclosed total assets of $5.2 billion and total debt
of $5 billion as of March 31, 2015.

The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as
counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree
Deakins LLP, as labor and employment counsel; Maynard, Cooper &
Gale, P.C., as special counsel; Blackstone Advisory Services, L.P.,
as investment banker; AlixPartners, LLP, as financial advisor, and
Kurtzman Carson Consultants LLC, as claims and noticing agent.

The Bankruptcy Administrator for the Northern District of Alabama
appointed an Official Committee of Unsecured Creditors and an
Official Committee of Retirees.  The Creditors Committee tapped
Morrison & Foerster LLP and Christian & Small LLP as attorneys.
The Retiree Committee retained Adams & Reese LLP and Jenner & Block
LLP as attorneys.

The informal group of certain unaffiliated First Lien Lenders and
First Lien Noteholders (the "Steering Committee") retained Akin,
Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard
Freres & Co. LLC as financial advisor.


WESTMORELAND COAL: S&P Affirms 'B' CCR & Rates $295MM Loan 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
corporate credit rating on Englewood, Colo.–based Westmoreland
Coal Co.  The outlook is stable.

S&P also assigned its 'B' issue-level rating to the $295 million
term loan (issued by Oxford Mining) associated with subsidiary
WMLP.  The recovery rating on the term loan is '3', indicating
S&P's expectation for meaningful (50% to 70%; upper half of the
range) recovery in the event of a default.  At the same time, S&P
revised the recovery ratings on Westmoreland Coal Co.'s senior
secured notes and senior secured term loan to '4' from '3',
indicating S&P's expectation for average (30% to 50%; upper half of
the range) recovery in the event of a default.  The related
issue-level ratings remain unchanged at 'B', in line with the
corporate credit rating.

"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.  "The
company's long dated contracts reduce the impact of falling coal
prices while the mine mouth strategy offers transportation and
delivery advantages."

S&P could lower its rating on Westmoreland if liquidity remains
"less than adequate" beyond the next quarter or leverage rises back
above 8x.  This could be the result of debt-financed acquisitions,
particularly if sale volumes fall due to weak demand.

S&P could consider a positive rating action if leverage is
sustained below 5x or if the diversification in incoming cash flows
increases to a point that S&P views to be more consistent with a
"fair" business risk profile.  The latter scenario is less likely
to occur over the next 12 months.



YAHOO! INC: S&P Revises Outlook to Neg. & Affirms 'BB+' CCR
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
unsolicited rating outlook on Sunnyvale, Calif.-based Internet
company Yahoo! Inc. to negative from stable.  At the same time, S&P
affirmed its unsolicited 'BB+' corporate credit rating on the
company.

S&P also affirmed its unsolicited 'BB+' issue-level rating on the
company's $1.25 billion convertible notes due 2018.  The
unsolicited '3' recovery rating is unchanged, indicating
expectation for meaningful recovery (50%-70%; upper half of the
range) of principal in the event of a payment default.

"The revised rating outlook reflects our expectation that Yahoo's
performance will remain week over the next 12 months, primarily due
low revenue growth and rising traffic acquisition cost," said
Standard & Poor's credit analyst Elton Cerda.

S&P could lower its rating on Yahoo if the company's
competitiveness in its display or search advertising businesses
continues to decline and it is not able to reverse the negative
operating trends affecting EBITDA.  A near double-digit percentage
decline in revenue, excluding traffic acquisition costs, could
indicate a worsening competitive position.  Additionally, S&P could
lower the rating if Yahoo pursues large debt-financed,
shareholder-oriented initiatives or acquisitions.

S&P could revise the outlook to stable if Yahoo develops and
effectively implements a business plan in which it would maintain
its market share, improve the monetization of its portfolio, and
stem EBITDA declines.  Additionally, an outlook revision to stable
would entail Yahoo converting the improvement in its user
engagement into revenue growth and meaningful market share gains in
search and display advertising.



ZAYO GROUP: Moody's to Retain B2 CFR on Acquisition Plans
---------------------------------------------------------
Moody's Investors Service said Zayo Group, LLC.'s plan to acquire
Allstream Inc. is strategically positive but it does not impact the
company's B2 corporate family rating.  The C$465 million (US$350
million ) purchase is expected to be funded with existing cash and
drawing on available funds from the company's revolving credit
facility.  As of Sept. 30, 2015, the company had
$346 million of cash and $441 million available on the revolver.



ZERGA PHIN-KER: Section 341(a) Meeting Set for Dec. 18
------------------------------------------------------
A meeting of creditors in the bankruptcy case of Zerga Phin-Ker LP
will be held on Dec. 18, 2015, at 1:30 p.m. at Plano Centre.

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

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

                     About Zerga Phin-Ker

Zerga Phin-Ker LP filed a Chapter 11 bankruptcy petition (Bankr.
E.D. Tex. Case No. 15-42087) on Nov. 20, 2015.  The petition was
signed by Jerry Green as co-president.  The Debtor estimated both
assets and liabilities in the range of $10 million to $50 million.
Lewis Brisbois Bisgaard & Smith LLP represents the Debtor as
counsel.  Judge Brenda T. Rhoades is assigned to the case.

Proofs of claim due by March 17, 2016.  Government proofs of Claim
due are due by May 18, 2016.


[^] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles
-------------------------------------------------------------
Author:     Sallie Tisdale
Publisher:  BeardBooks
Softcover:  270 pages
List Price: $34.95
Review by Henry Berry
Order your own personal copy at http://is.gd/9SAfJR

An earlier edition of "The Sorcerer's Apprentice" won an American
Health Book Award in 1986. The book has been recognized as an
outstanding book on popular science. Tisdale brings to her subject
of the wide nd engrossing field of health and illness the
perspective, as well as the special sympathies and sensitivities,
of a registered nurse. She is an exceptionally skilled writer.
Again and again, her descriptions of ill individuals and images of
illnesses such as cancer and meningitis make a lasting impression.
Tisdale accomplishes the tricky business of bringing the reader to
an understanding of what persons experience when they are ill; and
in doing this, to understand more about the nature of illness as
well. Her style and aim as a writer are like that of a medical or
science journalist for leading major newspaper, say the "New York
Times" or "Los Angeles Times." To this informative, readable style
is added the probing interest and concern of the philosopher
trying to shed some light on one of the central and most
unsettling aspects of human existence. In this insightful,
illuminating, probing exploration of the mystery of illness,
Tisdale also outlines the limits of the effectiveness of
treatments and cures, even with modern medicine's store of
technology and drugs. These are often called "miracles" of modern
medicine. But from this author's perspective, with the most
serious, life-threatening, illnesses, doctors and other health-
care professionals are like sorcerer's trying to work magic on
them. They hope to bring improvement, but can never be sure what
they do will bring it about. Tisdale's intent is not to debunk
modern medicine, belittle its resources and ways, or suggest that
the medical profession holds out false hopes. Her intent is do
report on the mystery of serious illness as she has witnessed it
and from this, imagined what it is like in her varied work as a
registered nurse. She also writes from her own experiences in
being chronically ill when she was younger and the pain and
surgery going with this.

She writes, "I want to get at the reasons for the strange state of
amnesia we in the health professions find ourselves in. I want to
find clues to my weird experiences, try to sense the nature of
being sick." The amnesia of health professionals is their state of
mind from the demands placed on them all the time by patients,
employers, and society, as well as themselves, to cure illness, to
save lives, to make sick people feel better. Doctors, surgeons,
nurses, and other health-care professionals become primarily
technicians applying the wonders of modern medicine. Because of
the volume of patients, they do not get to spend much time with
any one or a few of them. It's all they can do to apply the
prescribed treatment, apply more of it if it doesn't work the
first time, and try something else if this treatment doesn't seem
to be effective. Added to this is keeping up with the new medical
studies and treatments. But Tisdale stepped out of this problem-
solving outlook, can-do, perfectionist mentality by opting to
spend most of her time in nursing homes, where she would be among
old persons she would see regularly, away from the high-charged
atmosphere of a hospital with its "many medical students,
technicians, administrators, and insurance review artists." To
stay on her "medical toes," she balanced this with working
occasional shifts in a nearby hospital. In her hospital work, she
worked in a neonatal intensive care unit (NICU), intensive care
unit (ICU), a burn center, and in a surgery room. From this
combination of work with the infirm, ill, and the latest medical
technology and procedures among highly-skilled professionals,
Tisdale learned that "being sick is the strangest of states." This
is not the lesson nearly all other health-care workers come away
with. For them, sick persons are like something that has to be
"fixed." They're focused on the practical, physical matter of
treating a malady. Unlike this author, they're not focused
consciously on the nature of pain and what the patient is
experiencing. The pragmatic, results-oriented medical profession
is focused on the effects of treatment. Tisdale brings into the
picture of health care and seriously-ill patients all of what the
medical profession in its amnesia, as she called it, overlooks.

Simply in describing what she observes, Tisdale leads those in the
medical profession as well as other interested readers to see what
they normally overlook, what they normally do not see in the
business and pressures of their work. She describes the beginning
of a hip-replacement operation, the surgeon "takes the scalpel and
cuts--the top of the hip to a third of the way down the thigh--and
cuts again through the globular yellow fat, and deeper. The
resident follows with a cautery, holding tiny spraying blood
vessels and burning them shut with an electric current. One small,
throbbing arteriole escapes, and his glasses and cheek are
splattered." One learns more about what is actually going on in an
operation from this and following passages than from seeing one of
those glimpses of operations commonly shown on TV. The author
explains the illness of meningitis, "The brain becomes swollen
with blood and tissue fluid, its entire surface layered with
pus...The pressure in the skull increases until the winding
convolutions of the brain are flattened out...The spreading
infection and pressure from the growing turbulent ocean sitting on
top of the brain cause permanent weakness and paralysis,
blindness, deafness...." This dramatic depiction of meningitis
brings together medical facts, symptoms, and effects on the
patient. Tisdale does this repeatedly to present illness and the
persons whose lives revolve around it from patients and relatives
to doctors and nurses in a light readers could never imagine, even
those who are immersed in this world.

Tisdale's main point is that the miracles of modern medicine do
not unquestionably end the miseries of illness, or even
unquestionably alleviate them. As much as they bring some relief
to ill individuals and sometimes cure illness, in many cases they
bring on other kinds of pains and sorrows. Tisdale reminds readers
that the mystery of illness does, and always will, elude the
miracle of medical technology, drugs, and practices. Part of the
mystery of the paradoxes of treatment and the elusiveness of
restored health for ill persons she focuses on is "simply the
mystery of illness. Erosion, obviously, is natural. Our bodies are
essentially entropic." This is what many persons, both among the
public and medical professionals, tend to forget. "The Sorcerer's
Apprentice" serves as a reminder that the faith and hope placed in
modern medicine need to be balanced with an awareness of the
mystery of illness which will always be a part of human life.


                            *********

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
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The TCR subscription rate is $975 for 6 months delivered via
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are $25 each.  For subscription information, contact Peter A.
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