TCR_Public/151230.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Wednesday, December 30, 2015, Vol. 19, No. 364

                            Headlines

ALPHA NATURAL: Court OKs Deal Resolving Dispute With WV Regulators
ALPHA NATURAL: Settlement Reached With West Virginia Regulators
AMERICAN APPAREL: Jan. 6 Approval Hearing on Store Closing Sales
AMERICAN TITLE: Suit Against Former Officer Remains in Bankr. Court
ASIA NOW: Auction Closes, Minority Shareholders' Bid Excluded

BERNARD L. MADOFF: Jan. 26 Hearing on Kingate Disclosure Bid
BIRMINGHAM COAL: Exclusive Plan Filing Period Extended to March 22
BLUE SUN: Farnam Joins Bid for to Convert Case to Chapter 7
BOOMERANG SYSTEMS: Meeting of Creditors Continued Until Jan. 28
CHARMING CHARLIE: Moody's Cuts Corporate Family Rating to B3

COLT DEFENSE: Perez Against Retiree Health Benefits Modifications
COLT DEFENSE: Wants to Modify Retiree Health Benefits
COMMUNITY CHOICE: S&P Affirms 'B-' ICR, Outlook Remains Negative
CONSOL ENERGY: S&P Lowers Rating to 'BB-', Outlook Stable
CONTINUITY LLC: Case Summary & 6 Largest Unsecured Creditors

CORINTHIAN COLLEGES: $3.5M Settlement Rejected Over Lack of Info
DENBURY RESOURCES: S&P Affirms 'BB-' CCR & Revises Outlook to Neg.
E&I HOLDINGS: Voluntary Chapter 11 Case Summary
E&I MANAGEMENT: Voluntary Chapter 11 Case Summary
GARLOCK SEALING: Coltec Defends Settlement in 2nd Amended Plan

GREYSTAR REAL: S&P Raises ICR to 'BB-', Outlook Stable
GT ADVANCED: Can Pay Put Option Premium for $80M Exit Financing
GUESTLOGIX INC: Forbearance Agreements Extended Until Dec. 31
HONG KONG ENTERTAINMENT: Case Summary & 20 Top Unsecured Creditors
HONG KONG ENTERTAINMENT: Files Summary of Assets and Liabilities

KALOBIOS PHARMA: Appeals Nasdaq Delisting; Feb. 25 Hearing Set
KENNETH WELT: 11th Circuit Says Assignee Can't File Bankruptcy
LEGENDS GAMING: Settles With Tribal Co. Over Nixed $125M Deal
LEHMAN BROTHERS: Claims from Unit's Securities to be Subordinated
LEHMAN BROTHERS: Ex-Employees Strike $38M Deal to End Bonus Fight

LEHMAN BROTHERS: Sues Retirement Home Operator Over Swap Deal
LIGHTSQUARED INC: Drops $1.5 Billion Suit Against Dish Network
LONG RUN: Enters Into Forbearance Agreement with Lending Syndicate
MF GLOBAL: Ex-CEO Corzine Denies Fault for Customer Cash Transfers
MILLER ENERGY: Plan Confirmation Hearing Slated for January 27

MMM HOLDINGS: Moody's Hikes Senior Secured Debt Rating to B3
MONTREAL MAINE: $330M Settlement Fund Ready for Distribution
MOTORS LIQUIDATION: Says Appeal Must Wait for 2nd Circuit Ruling
NEW YORK MILITARY: Hires Corbally Gartland as Litigation Counsel
NEWARK WATERSHED: Ex-Head Pled Guilty to $1M Kickback Scheme

PA FARM PRODUCTS: Voluntary Chapter 11 Case Summary
PARALLEL ENERGY: Gets Approval for Bonus Plan; No New Sale Bids
PHILLIPS INVESTMENTS: Has Access to $25K for Experts' Fees
PHILLIPS INVESTMENTS: Has Access to Cash Collateral Until Feb. 15
PLYMOUTH INDUSTRIAL: Finc'l Condition Raises Going Concern Doubt

QUICKSILVER RESOURCES: Jan. 12 Hearing on Severance Program
RDIO INC: Court OKs Sale of Assets to Pandora for $75 Million
RESPONSE GENETICS: Files Post-Sale Closing Report
RESPONSE GENETICS: Settlement With Committee Approved
SANTA FE GOLD: Wants More Time in Plan Filing as Sale Draws Near

SIGA TECHNOLOGIES: Del. Justices Uphold $195M Award to PharmAthene
UNIQUE BROADBAND: Companies' Creditors Arrangement Concludes
VAUGHAN COMPANY: Court Denies Confirmation of Ch. 11 Trustee's Plan
WALTER ENERGY: Regulators Balk at Sale of Substantially All Assets
WESTERN CONVENIENCE: Case Summary & 20 Top Unsecured Creditors

[*] Judge Trims Office Depot's Ex-Managers From Collection Action

                            *********

ALPHA NATURAL: Court OKs Deal Resolving Dispute With WV Regulators
------------------------------------------------------------------
Pam Ramsey at the Associated Press reported that U.S. Bankruptcy
Judge Kevin R. Huennekens approved a deal resolving a dispute
between coal operator Alpha Natural Resources and West Virginia
regulators over the company's mine reclamation bonds.

Judge Huennekens' order said the agreement is fair and equitable,
and represents "a sound exercise of the Debtors' business
judgment."  He overruled an objection filed by the Sierra Club, the
West Virginia Highlands Conservancy and the Ohio Valley
Environmental Coalition.

Cindy Rank with the West Virginia Highlands Conservancy said on
Dec. 23, 2015, that the groups are disappointed but have not
decided how to proceed.

The Dec. 22, 2015 order, filed in U.S. Bankruptcy Court in
Richmond, Virginia, authorized Alpha to enter into a consent order
with the West Virginia Department of Environmental Protection.
Under the consent order, Alpha agreed to reduce its self-bonding
obligations and to continue reclaiming mining operations in the
state.

Alpha also will provide $39 million in financial commitments to
back its remaining self-bonded obligations.  The company has more
than 500 mining permits for its operations in West Virginia.

                       About Alpha Natural

Alpha Natural -- http://www.alphanr.com/-- is a coal supplier,    

ranked second largest among publicly traded U.S. coal producers as
measured by 2014 consolidated revenues of $4.3 billion.  

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

Judge Kevin R. Huennekens presides over the case.

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

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

The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural Resources Inc. to serve on the official committee of
unsecured creditors.


ALPHA NATURAL: Settlement Reached With West Virginia Regulators
---------------------------------------------------------------
Alpha Natural Resources, Inc., and its affiliated debtors asked the
U.S. Bankruptcy Court for the Eastern District of Virginia,
Richmond Division, to approve a consent order which contains the
terms of their resolution ("Bonding Resolution") of certain issues
with the West Virginia Department of Environmental Protection
("DEP"), regarding the Debtors' reclamation bonding of their
surface coal mining operations in the State of West Virginia.

The Debtors contend that they operate coal mines in West Virginia,
consisting of surface mines, underground mines, haul roads,
preparation plants and loadouts ("West Virginia Mines").  The
Debtors further contend that under the West Virginia Surface Mining
and Reclamation Act, each surface coal mining operation in West
Virginia is required to obtain a mining permit from DEP prior to
commencing operations.  The Debtors tell the Court that in
accordance with the Act, after the Director of the Division of
Mining and Reclamation approves a surface mining permit, but before
the Director issues such permit, the applicable operator must
furnish a bond, payable to the State of West Virginia, securing the
operator's obligations to comply with the requirements of the Act
and the operator's surface mining permits, including any provisions
relating to environmental reclamation. The Debtors further tell the
Court that the amount of the bond is required to be between $1,000
and $5,000 per acre or fraction thereof.

The Debtors relate that the Director has calculated that the
Debtors' reclamation bonding requirements in West Virginia are
approximately $317,798,455.00 in the aggregate as of Oct. 1, 2015,
and of that amount, certain of the Debtors have posted or caused to
be posted commercial surety bonds totaling approximately
$73,422,621.00. The Debtors further relate that they have issued
Self-Bonds ("Alpha Self-Bonds") to cover the remainder of their
reclamation bonding obligations in West Virginia in the total
amount of approximately $244,375,833.

The Debtors relate that they wrote the Director and advised him
that they may no longer satisfy one or more of the criteria for
self-bonding.  According to the Debtors, the Director advised them
to post an alternate form of bond in the total amount of the Alpha
Self-Bonds within 90 days. The Debtors assert that the posting of
commercial bonds in the amount of more than $244 million to support
the performance of their reclamation obligations and permit the
continuation of their West Virginia operations, however, would
require them to post an equivalent amount of collateral to support
such bonds, which (a) would impose a significant burden on the
Debtors' liquidity and (b) is not authorized under the terms of the
Debtors' debtor in possession credit agreement, which was approved
on a final basis by an order of the Court entered on Sept. 17, 2015
("DIP Order").

The DIP Order provides for an accommodation facility "Bonding
Accommodation" for governmental authorities that make any demand,
request of requirement, for any surety bond, letter of credit or
other financial assurance pursuant to applicable law, to the extent
that such surety bond, letter of credit or other financial
assurance is to satisfy or replace an amount for which a Debtor is
self-bonded ("Bonding Request").  Pursuant to the Bonding
Accommodation, the Debtors are authorized to provide financial
assurance to such governmental authorities in the form of, or any
combination of (a) collateralized letters of credit or (b) a claim
against the Term Facility Collateral having priority over any or
all administrative expenses in an aggregate stated amount of up to
$100 million ("Bonding Accommodation Cap").

The Debtors believe that the ability of DEP to require the Debtors
to post the demanded commercial bond or collateral is stayed under,
or otherwise prohibited by, the Bankruptcy Code.  The Debtors
relate that DEP, however, does not agree that such actions are
stayed or otherwise prohibited.  The Debtors further relate that
after extensive negotiations, the Parties have reached a resolution
of this dispute.

The Consent Order contains, among others, these principal terms:

     (a) By no later than the date that is five business days after
the Court's approval of the Consent Order ("Effective Date"), Alpha
will post a collateral bond in the amount of $15 million,
collateralized by a Bonding Letter of Credit, that may be applied
upon revocation of any issued or outstanding Permits.

     (b) As of the Court's approval of the Consent Order, West
Virginia shall have as a Bonding Superpriority Claim under the DIP
Order, an allowed superpriority claim having priority over any or
all administrative expenses in the amount of $24 million against
the estates of ANR and each of the ANR Subsidiaries.

     (c) Beginning on the Effective Date, the ANR Subsidiaries
shall use their reasonable best efforts to reduce the total amount
of the Alpha Self-Bonds by $10 million.

     (d) The ANR Subsidiaries shall evaluate Permits that are
currently categorized as inactive by DEP within 60 days of the
Effective Date. A minimum of one such Permit shall be selected and,
after consultation with the Director, reclamation shall commence on
such Permit(s) prior to the expiration of the applicable inactive
status period(s).

The Debtors tell the Court that the Bonding Resolution resolves the
issues presented by the Substitution Demand with effectively no net
expense to the Debtors' estates, because they are required to
fulfill their reclamation obligations in connection with operating
their business pursuant to 28 U.S.C. Section 959 in any event.  The
Debtors further tell the Court that the Bonding Resolution limits
to $15 million the amount of the Bonding Letter of Credit that the
Debtors are required to provide to DEP, which amount the Debtors
are authorized to provide under the terms of the Credit Agreement
and DIP Order.  The Debtors add that the Bonding Resolution
addresses the public's environmental concerns by expressly
providing for the continuation of the Debtors' ongoing reclamation
activities in West Virginia and reserving DEP's right to enforce
all applicable environmental laws.

Alpha Natural Resources is represented by:

          David G. Heiman, Esq.
          Clark 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

                  Responses to Settlement Motion

The United States of America, on behalf of the U.S. Department of
the Interior, Office of Surface Mining Reclamation and Enforcement
("OSMRE"), and Sierra Club, et al., filed their reservation of
rights and objection, respectively, in response to debtors Alpha
Natural Resources, Inc., et al.'s motion asking the U.S. Bankruptcy
Court for the Eastern District of Virginia, Richmond Division, to
approve a Consent Order which contains the terms of their
resolution ("Bonding Resolution") of certain issues with the West
Virginia Department of Environmental Protection ("DEP"), regarding
the Debtors' reclamation bonding of their surface coal mining
operations in the State of West Virginia.

-- USA's Reservation of Rights

The United States, through OSMRE, oversees the protection of public
health and the environment under the Surface Mining Control and
ReclamationAct of 1977 ("SMCRA"). SMCRA is designed to ensure that
coal mine permittees throughout the United States take the
necessary steps to protect the public from serious environmental
and health risks that could arise from surface coal mining
operations.

Alan S. Tenenbaum, Esq., at the U.S. Department of Justice,
Environmental Enforcement Section, in Washington, D.C., tells the
Court that the United States is not a party to the Consent Order
and that the United States expressly reserves all of its rights
under SMCRA and its implementing regulations and other applicable
law, and may exercise such rights at any time in accordance with
the police and regulatory exception to the automatic stay.

-- Sierra Club, et al.'s Objection

Sierra Club, West Virginia Highlands Conservancy and Ohio Valley
Environmental Coalition ("Environmental Parties") tell the Court
that the Debtors are not entitled to the relief sought in their
motion, as they seek to alter their bonding and reclamation
obligations to the West Virginia DEP.  They further tell the Court
that the Debtors are seeking authorization to continue to operate a
large portion of their West Virginia surface mining operations
under self-bonds, even though the Debtors no longer satisfy the
legal requirements for such bonding.

The Debtors replied that their entry into the Bonding Resolution
represents a sound exercise of their business judgment.  The
Debtors contend that rather than evaluating the Bonding Resolution
from the perspective of the Debtors and their estates in any
respect, the Environmental Parties' arguments focus on the validity
of and justification for the Bonding Resolution from the
perspective of DEP, the counterparty to the Bonding Resolution and
Consent Order. The Debtors further contend that the Environmental
Parties' arguments misconstrue the scope of the Court's review of
the Bonding Resolution and ask the Court to second-guess the
authority of the DEP to issue the Consent Order.  The Debtors
assert that they do not believe that it is necessary for the Court
to conduct an investigation into the authority of DEP to enter into
the Bonding Resolution as part of its consideration of the Motion.

The West Virginia DEP tells the Court that while there are
appropriate forums in which to pursue the Environmental Parties'
agenda, the Court is not one of them. It further tells the Court
that nothing contained in the Consent Order limits the rights of
the Environmental Parties to commence and prosecute an appropriate
action in an appropriate forum to challenge DEP's actions in
entering into the Consent Order and that the Court is well within
its power and authority to require that they pursue an appropriate
action against a third-party regulatory authority in an appropriate
forum.

Alpha Natural Resources is represented by:

          David G. Heiman, Esq.
          Clark 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 States of America, on behalf of the U.S. Department of
the Interior, Office of Surface Mining Reclamation and Enforcement
("OSMRE"), is represented by:

          Alan S. Tenenbaum, Esq.
          Marcello Mollo, Esq.
          U.S. DEPARTMENT OF JUSTICE
          P.O. Box 7611, Ben Franklin Station
          Washington, D.C. 20044
          Telephone: (202)514-5409
          Facsimile: (202)514-0097
          E-mail: alan.tenenbaum@usdoj.gov
                 marcello.mollo@usdoj.gov

Sierra Club, et al., are represented by:

          Kristen E. Burgers, Esq.
          Stephen E. Leach, Esq.
          LEACH TRAVELL PC
          8270 Greensboro Drive, Suite 700
          Tysons Corner, Virginia 22102
          Telephone: (703)584-8364
          Email: kburgers@ltblaw.com
                 sleach@ltblaw.com

The West Virginia Department of Environmental Protection is
represented by:

          Kevin W. Barrett, Esq.
          BAILEY & GLASSER LLP
          209 Capitol Street
          Charleston, West Virginia 25301
          Telephone: (304)345-6555
          Facsimile: (304)342-1110

                   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.  

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

Judge Kevin R. Huennekens presides over the case.

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

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

The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural Resources Inc. to serve on the official committee of
unsecured creditors.


AMERICAN APPAREL: Jan. 6 Approval Hearing on Store Closing Sales
----------------------------------------------------------------
BankruptcyData reported that American Apparel filed with the U.S.
Bankruptcy Court a supplemental motion for an order authorizing,
but not directing, the Debtors to conduct store closing sales at
eight additional stores consistent with the Court's order granting
the Debtors' motion for an order authorizing store closing sales
with respect to thirteen stores in accordance with the store
closing sale guidelines and granting related relief.  

The supplemental motion explains, "The Debtors plan to sell this
Sellable Inventory online, or to redistribute it to those stores
around which the Debtors will reorganize their businesses (the
'Core Stores')."

The motion continues, "First, closing underperforming stores is a
routine part of many chapter 11 cases, as are associated sales to
liquidate the assets in those stores….Second, the Debtors have
thoroughly considered all options with respect to the Additional
Stores and determined that conducting the Store Closing Sales at
the Additional Stores, without the assistance of a liquidation
agent, will maximize the proceeds available from the Excess
Merchandise while also minimizing administrative expenses and
damage to the American Apparel brand.

Further, the Debtors have determined that additional sales efforts,
beyond their customary company-wide sales and promotions, may be
necessary in order to liquidate the Excess Merchandise in a timely
manner….Third, the Debtors have determined that the Store Closing
Sales must begin as soon as possible.

Delaying the Store Closing Sales by even a couple of weeks could
impair the Debtors' ability to sell the Excess merchandise at the
additional stores….Finally, the DIP Agent, for the benefit of the
DIP Lenders, has perfected liens on the inventory subject to the
Store Closing Sales."

The Court scheduled a Jan. 6, 2016 hearing to consider the motion,
with objections due by Dec. 30, 2015.

                      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. 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.


AMERICAN TITLE: Suit Against Former Officer Remains in Bankr. Court
-------------------------------------------------------------------
Judge Philip A. Brimmer of the United States District Court for the
District of Colorado denied without prejudice the Motion for Entry
of Order Withdrawing the Reference of Adversary Proceeding from the
Bankruptcy Court to the U.S. District Court for the District of
Colorado filed by defendants Cheryl L. Talley, the Estate of
Richard M. Talley, Patrick J. Talley, and Jillian Talley.

An adversary proceeding was initiated by the trustee on February
27, 2015, concerning allegedly fraudulent transfers made by Richard
Talley, who served as an officer, director and shareholder of
American Title Services Company.  In April 2015, the defendants
demanded a jury trial and indicated that they do not consent to a
jury trial conducted by the bankruptcy court.

Judge Brimmer found that withdrawal of the reference is
inappropriate at this time.  The judge was not persuaded that there
is any efficiency to be gained from withdrawing the reference at
this time in contemplation of a potential future motion for
reconsideration.  Judge Brimmer was also convinced that the
bankruptcy court likely has more familiarity with the conduct
underyling the case than the district court.

Judge Brimmer, however, noted that it may be appropriate to
withdraw the reference at some point in the future.

The case is In Re: AMERICAN TITLE SERVICES COMPANY, Debtor. JOHN C.
SMILEY, as Chapter 7 Trustee, Plaintiff, v. CHERYL L. TALLEY,
f/k/a/Cheryl L. Drach, individually and in her capacity as personal
representative for the Estate of Richard M. Talley, ESTATE OF
RICHARD M. TALLEY, PATRICK J. TALLEY, and JILLIAN TALLEY,
Defendants, Civil Action No. 15-cv-00950-PAB (D. Colo.).

A full-text copy of Judge Brimmer's December 11, 2015 order is
available at http://is.gd/K1H13kfrom Leagle.com.

John C. Smiley is represented by:

          John C. Smiley, Esq.
          Stephanie Kanan, Esq.
          Theodore James Hartl, Esq.
          LINDQUIST & VENNUM, PLLP
          600 17th Street
          Suite 1800 South
          Denver, CO 80202
          Telephone: (303)573-5900
          Facsimile: (303)573-1956
          Email: jsmiley@lindquist.com
                 skanan@lindquist.com
                 thartl@lindquist.com

Cheryl L. Talley, Patrick J. Talley,  and Jillian Talley are
represented by:

          Lee Moss Kutner, Esq.
          KUTNER BRINEN GARBER, PC
          1660 Lincoln St., Suite 1850
          Denver, CO 80264
          Telephone: (303)832-2400
          Email: lmk@kutnerlaw.com

Estate of Richard M. Talley is represented by:

          Gregory Bruce Washington, Esq.
          WADE ASH WOODS HILL & FARLEY, P.C.
          Cherry Creek Corporate Center
          4500 Cherry Creek Drive South, Suite 600
          Denver, CO 80246
          Telephone: (303)322-8943
          Email: gwashington@wadeash.com

                About American Title Services

American Title Service Company, based in Denver, Colorado, filed
for Chapter 11 bankruptcy (Bankr. D. Colo. Case No. 14-12894) on
March 12, 2014.  Judge Sidney B. Brooks presides over the
bankruptcy case.  Steven R. Rider, Esq., at Block Markus Williams,
serves as the Debtor's counsel.  In its petition, the Debtor
estimated $1 million to $10 million in both assets and liabilities.
The petition was signed by Thomas M. Kim, chief wind-down manager.


ASIA NOW: Auction Closes, Minority Shareholders' Bid Excluded
-------------------------------------------------------------
2463272 Ontario Inc. (the representatives of minority shareholders,
"BidCo") on Dec. 23 disclosed that it is disappointed with the
results of an auction process in the receivership of Asia Now
Resources Corp.  That auction process was expected to receive final
court approval on Dec. 23, 2015, despite the efforts of Bidco to
extend the process and achieve a superior result for all
shareholders.

                            Background

On April 23, 2015, Asia Now and China Gold Pte. Ltd. ("China
Gold"), a wholly owned subsidiary of Lippo Limited, entered into an
arrangement agreement with respect to a going private transaction
for Asia Now.  Pursuant to that agreement, China Gold made an offer
to purchase all of the common shares of Asia Now that it did not
already own for $0.02 per common share in cash.  China Gold also
agreed to provide a secured credit facility to Asia Now in the
amount of $1,075,735 to fund current working capital and
transaction-related expenses of Asia Now.  The credit facility was
secured by general security agreements of Asia Now and its
subsidiary Asia Now Resources Limited ("ANRL"), as well as a
guarantee by ANRL.

On June 18, 2015, the majority shareholder of Asia Now, China Gold
Pte. Ltd. ("China Gold"), a wholly owned subsidiary of Lippo
Limited, called a special meeting of the company's shareholders and
attempted to take the company private by squeezing out for nominal
consideration the minority shareholders.  At that meeting, the
minority shareholders strongly defeated China Gold's attempts to
take Asia Now private.  After that meeting, Bidco attempted to
engage China Gold in discussions to provide alternatives for the
development of Asia Now's projects, but was rejected by China
Gold.

On Aug. 14, 2015, China Gold made an application to the Ontario
Superior Court of Justice and caused Asia Now to appoint a receiver
and commence an expensive sales process for its assets. In the
weeks leading up to the auction, Bidco made several arguments to
the receiver and its counsel that the auction process was skewed
heavily in favor of China Gold and presented China Gold with unfair
advantages in the auction process, all the while attempting to
comply with the auction rules.  For example, on December 8, 2015 at
11:39 p.m. in the evening, with just over 8 hours before the
auction was to commence, Bidco was provided with and asked to
accept further changes to the auction rules that benefited China
Gold's ability to participate in the auction process.

On Dec. 9, 2015, an auction process conducted by the receiver for
Asia Now had only two participants: the majority shareholder (China
Gold) and the representative of minority shareholders (Bidco).  The
auction was several hours long as Bidco fought to have the auction
proceed on a fair basis.  The auction was brought to a close by the
receiver with China Gold being accepted as the highest bidder to
purchase the assets of Asia Now after the receiver refused to allow
BidCo's request for a 4 (four) hour adjournment to provide
additional confirmation of financing for an increased bid.  Bidco
did provide confirmation of financing support, but was told it was
unacceptable to the receiver.

Despite the auction process being formally closed, the next day
Bidco delivered a significantly increased offer to the receiver
along with detailed confirmation of financing in an effort to
provide the shareholders of Asia Now with a further alternative.
To date, Bidco has not received a response from the receiver as to
why its superior offer was not accepted.

BidCo strongly believes its business plan for the projects owned by
Asia Now is superior to China Gold's and presented a fairer outcome
for the shareholders of the company.  Bidco is disappointed that
the receiver did not consider this factor during the auction
process.  Bidco was committed to achieving a successful outcome for
the minority shareholders of Asia Now, and pursued that objective
until the conclusion of this auction.

                History of Asia Now's Recent Events

BidCo made its bids based on a number of factors, including but not
limited to the following information which is all available in Asia
Now's public disclosure record.  BidCo has relied entirely on the
accuracy of such information and has included excerpts of it below
for information purposes only and takes no responsibility for its
accuracy.

On April 23, 2015, by way of background to the press release
announcing the going private transaction discussed above, Asia Now
reported that:

"Asia Now and China Gold have entered into an arrangement agreement
with respect to a going private transaction for the Company.
Pursuant to the Agreement, China Gold has made an offer to purchase
all of the common shares of Asia Now that it does not already own
for $0.02 per Common Share in cash.

"In connection with the Transaction, China Gold has also agreed to
provide a secured credit facility to Asia Now in the amount of
$1,075,735 to fund current working capital and Transaction-related
expenses of Asia Now.  The Credit Facility is secured by general
security agreements of Asia Now and its subsidiary Asia Now
Resources Limited ("ANRL"), as well as a guarantee by ANRL.

"After consideration of all of the circumstances, the Special
Committee of Asia Now concluded that the Transaction is in the best
interests of the Company and fair to the Minority Shareholders.
Accordingly, the Special Committee recommended that the Board
resolve to agree to the terms expressed in the Agreement, subject
to the receipt of all required shareholder and regulatory
approvals.  The Company has called a special meeting of the
Company's shareholders to be held on or about June 18, 2015, at
which the Transaction will be voted upon by shareholders."

On April 28, 2015, on SEDAR, Asia Now filed its Consolidated
Financial Statements for the year end December 31 2014 that
recorded the impairment of exploration projects by the end of 2013
as being $499,192, and by the end of 2014 as being $13,875,612,
totally $14,374,804.  The "Exploration and Valuation Assets" were
reduced in value from $13,508,122 as at December 31 2013, to
$170,001 as of December 31, 2014.  In addition, total assets as at
December 31, 2014, including cash of $542,430, totaled $908,104.

On May 28, 2015, on SEDAR, Asia Now released its Management
Information Circular with respect to the arrangement involving Asia
Now and China Gold and issued a Notice of Special Meeting to
Shareholders of Asia Now to be held on June 18, 2015.  The letter
to shareholders accompanying the Circular included the following:

"The Board, based on the recommendation of the recommendation of
the Special Committee and other considerations, resolved that the
arrangement is fair to the shareholders and is in the best
interests of Asia Now and recommends that shareholders vote in
favor of approving the Arrangement."

On June 9, 2015, on SEDAR, Asia Now reported that:
"The Company will not have sufficient funds available to repay the
amounts owing under the Secured Loan.  Consequently, if the
Arrangement is not completed and the lender enforces its security,
it is highly likely that the Company will be required to make a
filing under applicable bankruptcy and insolvency legislation."

As noted above, on June 18, 2015, Asia Now reported that the
minority shareholders did not approve the Agreement between China
Gold and Asia Now and as a result, China Gold could not acquire all
the shares from the minority shareholders at C$0.02 per share.

On June 20, 2015, BidCo extended an offer, to acquire all the
shares China Gold owned in Asia Now at the same price that the
Special Committee of Asia Now presented to the minority
shareholders, and all the debt owed to China Gold by paying 50% of
the value of such debt.

The offer was rejected with no counter offer received from China
Gold to date.  BidCo remained committed to working with China Gold
to agree on an arrangement that would allow BidCo to work with Asia
Now to provide financial stability, industry experience and access
to capital that Asia Now required to continue its proposed
activities.  However, such efforts were unsuccessful.

Asia Now's CEO subsequently resigned and Bidco continued to attempt
to communicate with Asia Now's Special Committee.  On August 13,
2015, the TSX halt the trading of Asia Now shares.  On August 14,
China Gold appointed a Receiver, and two Canadian directors and the
CFO of Asia Now resigned.  On October 2nd, 2015, the Receiver for
Asia Now put out a news release for auction of Asia Now's assets.

                     About Asia Now Resources

Asia Now Resources Corp. -- http://www.asianow.ca/-- is a
Canada-based exploration-stage company engaged principally in the
acquisition and exploration of mineral properties in China.  The
Company's properties include Ma Touwan Properties and Habo, both in
China.


BERNARD L. MADOFF: Jan. 26 Hearing on Kingate Disclosure Bid
------------------------------------------------------------
The joint liquidators of Kingate Euro Fund Ltd. and Kingate Global
Fund Ltd. ask the High Court of the British Virgin Islands to
direct that documents containing information regarding identities
and transactions with the funds may be disclosed to Irving H.
Picard, the trustee of the liquidation estate of Bernard L. Madoff
Investment securities LLC, in order to comply with U.S. Federal
Rules of Civil Procedures and any order of the U.S. Bankruptcy
Court in the Matter of SIPC v. Bernard L. Madoff Inv. Secs. LLC No.
08-1789 (SMB), Picard V. Ceretti, et al., Adv. Proc. No. 09-1161
(SMB) (Bankr. S.D.N.Y.)

The application will be heard by the High Court of British Virgin
Islands on Jan. 26, 2016.  Further information of the application,
contact equiries@kingateeuro-liquidation.vg

                     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.


BIRMINGHAM COAL: Exclusive Plan Filing Period Extended to March 22
------------------------------------------------------------------
U.S. Bankruptcy Judge Tamara O. Mitchel has extended the time
within which Birmingham Coal & Coke Company, Inc., has the
exclusive period to file a Chapter 11 plan by an additional 90
days, through and including March 22, 2016.  In addition, the
period in which the Debtors must gain acceptance of a Chapter 11
plan is also extended through and including May 23, 2016.

The Debtors say they have moved forward in good faith towards the
filing of a plan.  To date, the Debtors have been focused on
reviewing their mining leases and their executory contracts.  These
have solidified the Debtors' commitment to certain mining
operations in an effort to find enough capital to exit bankruptcy.

Currently, the Debtors are considering the profitability of two of
their mining operations to determine whether those mines should be
included in any plan of reorganization.  Due to inclement weather
and other reasons, the Debtors need additional time to consider the
profitability of those two mines.

Furthermore, the Debtors' income from one of its principal clients,
Glen Allen Rail (as broker for Ascend), has been greatly reduced by
a boiler fire at Ascend.  Ascend has just recently, as of Nov. 23,
2015, returned to taking full shipments of coal.  Accordingly, the
Debtors require time to determine, and or confirm, the constancy of
demand from Ascend and to analyze the impact on their mining
operations.

Finally, the Debtors continue to be engaged in litigation with the
Debentureholders over the voidability of certain liens claimed by
the Debentureholders.  The outcome of this litigation will
determine the shape and the nature of any plan and will shape the
bankruptcy exit process.  The collateral agent for the
Debentureholders, Computershare, has just retained counsel and is
due to file an answer by Dec. 3, 2015.

                      About Birmingham Coal

Birmingham Coal & Coke Company, Inc. produces and markets coal to
industrial, utility and export markets. It owns and operates three
coal mines with an average annual coal production of approximately
480,000 tons.  The company also offers coal brokerage services.
Birmingham Coal & Coke Company, Inc. was founded in 2000 and is
based in Birmingham, Alabama.  As of May 9, 2011, Birmingham Coal
operates as a subsidiary of CanAm Coal Corp.

On May 27, 2015, Birmingham Coal and affiliates Cahaba Contracting
& Reclamation LLC, and RAC Mining LLC each filed a voluntary
petition for Chapter 11 reorganization (Bankr. N.D. Ala. Lead Case
No. 15-02075) in Birmingham, Alabama.

The Debtors tapped Jones Walker LLP as counsel.

Birmingham Coal and Cahaba Contracting each estimated $10 million
to $50 million in assets and debt.  RAC Mining estimated $1 million
to $10 million in assets and debt.


BLUE SUN: Farnam Joins Bid for to Convert Case to Chapter 7
-----------------------------------------------------------
Farnam Street Financial, Inc., filed with the U.S. Bankruptcy Court
for the Western District of Missouri a partial joinder to the joint
motion to convert Blue Sun St. Joe Refining, LLC, et al.'s cases to
cases under chapter 7, or in the alternative, to enforce compliance
with Section 365(D)(3) of the Bankruptcy Code.

According to Farnam, lenders Terra Bioenergy, LLC, Nodaway Valley
Bank, and FCS Financial, FLCA, filed the motion, because the
Debtors have repeatedly attempted to avoid their obligations to pay
rent on the lease of their business premises, and they have made no
progress on confirming a plan of reorganization.

Terra owns the real estate and improvements on which Blue Sun
operates a biodiesel production facility (the Plant).

On June 27, 2011, Terra entered into a Lease Agreement whereby
Farnam leased certain equipment to Terra.  Blue Sun executed an
unconditional Continuing Guaranty, guaranteeing Terra's obligation
under the lease.

Both Terra and Blue Sun are in default of the equipment lease and
no payments have been made under the equipment lease postpetition.
Since the filing of the Chapter 11, Farnam is owed $245,189 in past
due rentals, $69,186 in late fees and $24,997 in property taxes for
a total of $339,373.  The amount does not include the prepetition
amounts past due.

To the extent the joint motion requests that the Debtor be
compelled to fulfill all of its obligations under the lease,
including payments due under the equipment lease, Farnam joins in
the request.

Farnam is represented by:

         Janice E. Stanton, Esq.
         STANTON & REDLINGSHAFER, L.L.C.
         104 West 9 th Street - Suite 303
         Kansas City, Missouri 64105
         Tel: (816) 421-7770
         Fax: (816) 421-7773

Terra is represented by:

         Bruce E. Strauss, Esq.
         Victor F. Weber, Esq.
         MERRICK, BAKER & STRAUSS, P.C.
         1044 Main Street, Suite 500
         Kansas City, MO 64105
         Tel: (816)221-8855
         Fax: (816)221-7886
         E-mail: victor@merrickbakerstrauss.com

The lenders are represented by:

         David A. Warfield, Esq.
         One US Bank Plaza, Suite 2700
         St. Louis, MO 63102
         Tel: (314) 552-6079
         Fax: (314) 552-7079
         E-mail: dwarfield@thompsoncoburn.com

                      About Blue Sun St. Joe

Originally founded in 2001 as SunFuels, Inc., privately-held Blue
Sun Energy Inc. introduced biodiesel into the existing petroleum
fuels pool by focusing on an integrated approach to addressing
market needs.  In 2004, Blue Sun Energy developed the proprietary
Fusion(TM) brand of biodiesel fuel.  Early in 2012, Blue Sun
Biodiesel also established a downstream terminal presence for
biodiesel blending in Knoxville, TN.  In 2012, Blue Sun St. Joe
Refining began operating the St. Joe refinery to produce
high-quality biodiesel for wholesale distribution.

Blue Sun St. Joe Refining, LLC, and its three affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.
Mo., Case No. 15-42231) on July 31, 2015.  The cases are assigned
to Judge Arthur B. Federman.

The Debtors engaged as bankruptcy counsel Jeffrey A. Deines, Esq.,
at Lentz Clark Deines PA, in Overland Park, Kansas; and Todd A.
Burgess, Esq., John R. Clemency, Esq., and Lindsi M. Weber, Esq.,
at Gallagher & Kennedy, P.A., in Phoenix, Arizona.  MCA Financial
Group, Ltd. serves as their financial advisors.

The Official Committee of Unsecured Creditors retained Stinson
Leonard Street LLP as its counsel.


BOOMERANG SYSTEMS: Meeting of Creditors Continued Until Jan. 28
---------------------------------------------------------------
The U.S. Trustee overseeing the Chapter 11 cases of Boomerang
Systems Inc. and its affiliates continued until Jan. 28, 2016, at
10:00 a.m., the meeting of creditors.  The meeting will be held at
J. Caleb Boggs Federal Building, 844 King St., Room 2112,
Wilmington, Delaware.

According to a minute sheet, the Section 341 meeting set for Dec.
14, 2015, was not held.

                      About Boomerang Systems

Headquartered in Morristown, New Jersey, Boomerang Systems, Inc.
(Pink Sheets: BMER) through its wholly owned subsidiary, Boomerang
Utah, is engaged in the design, development, and marketing of
automated racking and retrieval systems for automobile parking and
automated racking and retrieval of containerized self-storage
units.

Boomerang Systems, Inc., and three affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 15-11729) on Aug. 18,
2015.

The Company has engaged the law firms Togut, Segal & Segal LLP as
general bankruptcy counsel, Ciardi, Ciardi & Astin as local
bankruptcy counsel, and Garden City Group, LLC, as claims and
noticing agent.  In addition, the Company has retained the law
firm
Berg & Androphy, which filed a lawsuit on Aug. 18, 2015 in the
Southern District of New York against the Company's defaulting
lender.

The Company's legal advisors are Akin Gump Strauss Hauer & Feld
LLP in the U.S. and Bennett Jones in Canada.  Richards Layton &
Finger, P.A., is legal co-counsel in the Chapter 11 cases.
Houlihan Lokey Capital, Inc., is serving as financial advisor.
Garden City Group Inc. is the claims and noticing agent.


CHARMING CHARLIE: Moody's Cuts Corporate Family Rating to B3
------------------------------------------------------------
Moody's Investors Service downgraded Charming Charlie LLC's
Corporate Family Rating ("CFR") and $150 million senior secured
term loan rating to B3 from B2 and changed the outlook to negative.
The Probability of Default Rating was also downgraded to B3-PD.

The downgrade was based on Charming Charlie's weak operating
performance over the YTD period, including accelerated declines in
same store sales in the double-digit range as well as lower gross
and EBITDA margins. The rating action also reflects Moody's
expectation that credit metrics will weaken over the near term as
the company works to correct these execution issues in a
challenging operating environment.

The outlook change to negative reflects the potential for weaker
than anticipated operating performance and step downs to the
financial covenants in the company's credit agreement to pressure
covenant compliance over the next 12-18 months. The company's term
loan credit agreement contains a total leverage test which steps
down to 2.0 times in October 2016, from 2.75 times for the LTM
period ending October 31, 2015, and an interest coverage test set
at 4.0 times for the remainder of the agreement. The company had a
cushion of less than 15% on both covenants as of October 31, 2015
(down from over 35% for the prior quarter) as a result of recent
operating trends.

Moody's took the following rating actions today:

-- Issuer: Charming Charlie LLC

-- Corporate Family Rating, Downgraded to B3 from B2

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

-- Senior Secured Bank Credit Facility, Downgraded to B3 (LGD3)
    from B2 (LGD4)

Outlook Actions:

-- Issuer: Charming Charlie LLC

-- Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Charming Charlie's B3 CFR reflects the company's small scale and
narrow product focus in fashion jewelry and accessories. The
fashion jewelry and accessories market is highly fragmented, with
many competitors possessing greater overall scale, product
diversity, and financial resources than the company. The rating
also reflects Charming Charlie's weak liquidity profile driven by
tightening cushion under its financial covenants as a result of
recent weak operating trends including negative same store sales
growth and worsening margins, combined with step downs to the
financial maintenance covenants in the company's credit agreement.

While Charming Charlie has meaningfully grown its business over the
last two years, much of the revenue growth can be attributed to new
store expansion, with 79 new units added since fiscal year end
2013. Moody's expects revenue growth over the near term will be
challenged as the company pulls back on new unit expansion and will
need to rely on same store sales which have struggled over the YTD
period. Charming Charlie's rating is supported by modestly positive
annual free cash flow and modest lease-adjusted leverage for the
rating category, which we estimate in the high 4 times range for
the LTM period ending October 31, 2015.

Charming Charlie's weak liquidity reflects Moody's expectation that
the company will be challenged to reverse recent operating trends
to a level sufficient to remain in compliance with its financial
maintenance covenants, which if breached would require an amendment
or equity contribution to cure. Moody's expects positive free cash
flow over the next 12-18 months will be aided by a slowdown in new
unit expansion and will allow the company to make modest pay downs
to its term loan, which should provide some benefit to the covenant
calculations. However, compliance will be highly dependent on the
company's ability to quickly reverse recent store traffic trends
and drive same store sales growth while reestablishing margins.

As of October 31, 2015 the company had about $6 million of balance
sheet cash and just over $13 million of availability under its $60
million ABL revolver (not rated by Moody's). Moody's anticipates
that borrowings under the company's revolver will come down in the
fourth quarter, which has historically been the strongest period
for the company. Moody's expects balance sheet cash, cash generated
from operations, and revolver availability should be sufficient to
cover working capital, capital spending and modest debt
amortization over the next twelve months.

The B3 rating assigned to the company's $150 million senior secured
term loan reflects its first lien on substantially all of the
company's assets, except cash, inventory and receivables, against
which it has a second lien behind the $60 million asset-based
revolving credit facility. The term loan comprises the majority of
funded debt in the capital structure.

The negative outlook reflects the risk that bank covenant
compliance could be pressured over the next several quarters.
Moody's believes that a challenging operating environment combined
with a prudent slowdown in new unit expansion will weigh on credit
metrics over the next 12-24 months.

Ratings could be downgraded if the company is unable to reverse
current operating trends which would make covenant compliance less
likely. Flat to negative same-store sales growth and operating
margins or a further weakening of the company's liquidity profile
would also pressure the rating.

Given the negative outlook, a ratings upgrade is unlikely over the
near term. However, over time ratings could be upgraded if the
company is able to reverse current operating trends and drive
sustained profitable growth with positive comparable store sales.
An upgrade would also require the company to maintain an adequate
liquidity and a conservative financial policy.

Charming Charlie, based in Houston, TX, is a retailer of
value-priced fashion jewelry and accessories targeting women
between ages 22 to 54. As of October 31, 2015, the company operated
357 stores with LTM revenue of approximately $530 million.



COLT DEFENSE: Perez Against Retiree Health Benefits Modifications
-----------------------------------------------------------------
Colt Holding Company LLC and its affiliated debtors ask the U.S.
Bankruptcy Court for the District of Delaware to allow them to
modify certain retiree health benefits.

The Debtors maintain two retiree health care plans for retired
union employees and their spouses and dependents ("Retiree Health
Program") that provide coverage that supplements Medicare.  The
Debtors further relate that the Retiree Health Program is
administered by Anthem Blue Cross/Blue Shield ("Anthem").  The
Debtors estimate that there are approximately 531 participants in
the Retiree Health Program.

The Debtors relate that an employee's eligibility to subscribe to
one of the Retiree Health Program depends, among other things, on
whether such employee retired before or after April 1, 2007.  For
employees who meet eligibility requirements and retired on or
before April 1, 2007, the Retiree Health Program provides for a
component that is self-insured by the Debtors with medical coverage
and a $500 per-year prescription drug reimbursement benefit ("Self
Insured Component").  For those employees who met eligibility
requirements and retired after April 1, 2007, the Retiree Health
Program is a third-party insured arrangement with a fixed annual
premium cost for the Debtors, bud does not include prescription
drug reimbursement coverage ("Fully-Insured Component").

The Debtors tell the Court that under the Fully-Insured Component,
they spend approximately $543,000 per year in premiums and that
this number will increase as additional retirees join the program.
The Debtors further tell the Court that with respect to the
Self-Insured Component the costs are even more significant as the
expected cost of paying claims is estimated at approximately
$715,000 for 2015.  The Debtors add that in addition to the
existing approximately 327 participants in the Self-Insured
Component, there are 24 eligible participants who could participate
in the Self-Insured Component but have chosen not to do so.  The
Debtors assert that their additional claims would add $32,400 per
year to the cost of the Self-Insured Component, assuming that their
claims experience would be in line with historical averages, and
potentially more if their claims experience was above the
historical averages for the program.

The Debtors contend that for 2015 alone, they will spend
approximately $1.4 million on post-retirement health benefits which
includes approximately $200,000 in administrative fees and that
they expect these expenses to increase over time.  The Debtors
further contend that a review of the program participant census
data reveals that Self-Insured Component participants do not appear
to be availing themselves of the $500 prescription-drug
reimbursement benefit in significant numbers.  The Debtors allege
that with respect to the Fully-Insured Component, the Debtors are
paying approximately $180,000 more per year in premiums than they
otherwise should or would need to, based on program participants'
actual claims experience -- because the Debtors are required to
insure the program pursuant to the terms of the CBA.  The Debtors
further allege that as a result of the ongoing and future costs,
their best actuarial calculations place their total book
liabilities for the post-retirement health benefits at $25.75
million, along with the annual costs of approximately $1.4
million.

The Debtors tell the Court that their proposed modifications to the
Retiree Health Program seeks to convert the program from a
self-insured component and a fully-insured component, both with
costs that exceed the Debtors' average claims experience, to a
health reimbursement account ("HRA") model with a fixed, per
participant contribution by the Debtors -- set at a level that is
consistent with the Debtors' historical average claims experience
-- and a fixed administrative cost component.  The Debtors further
tell the Court that the HRA model allows the Debtors to control
their costs for the program, while giving program participants
greater flexibility with respect to their Medicare supplemental
insurance -- including the ability to rollover the unused portion
of each participants' HRA benefit from year to year and the ability
to share benefits with household members.  The Debtors relate that
they are prepared to commit not to change to a modified program for
at least 10 years.  The Debtors contend that because the Union has
refused their proposal, without good cause, they are left with no
other alternative but to seek modification of their retiree health
benefits pursuant to section 1114 of the Bankruptcy Code in
connection with confirmation of the Plan. The Debtors further
contend that the Final Proposal is based on the best available
information, all of which has been shared with the union, is
necessary to satisfy the closing conditions of the RSA and the Plan
and reorganize the Debtors, treats the retirees participating in
the program fairly, and embodies the Debtors' good-faith efforts to
reach a fair and equitable resolution of its post-retirement health
benefit obligations.

The proposed modifications to the Retiree Health Program, among
others, are as follows:

     (a) The Debtors will be obligated to make quarterly cash
subsidy payments to fund HRAs for all eligible retirees, spouses,
and dependents for expenses that qualify for reimbursement under
the HRA guidelines.

     (b) The Debtors will fund each of the HRA accounts in the
amount of $1,350 per year, per Covered Life.

     (c) All current retirees and their current spouses and
dependents would continue to be eligible to participate in the
modified Retiree Health Program with the HRAs.

     (d) The Debtors would agree not to exercise their rights to
terminate the HRA program or make further amendments to the program
for the longer of (i) 10 years or (ii) the expiration of the second
future — even though, the Debtors otherwise have the unilateral
right to terminate the Retiree Health Program outside of
bankruptcy, post-reorganization.

     (e) Under the HRA program, Covered Lives who are part of the
same household could be reimbursed for eligible medical expenses
from each other's HRAs.

     (f) Any HRA amounts that are not used in a given year will
roll over completely to the following year.

Colt Holding Company is represented by:

          Richard D. Anderson, Esq.
          Mark D. Collins, Esq.
          Jason M. Madron, Esq.
          Joseph C. Barsalona, Esq.
          RICHARDS, LAYTON & FINGER, P.A.
          One Rodney Square
          920 North King Street
          Wilmington, DE 19801
          Telephone: (302)651-7700
          Facsimile: (302)651-7701
          E-mail: collins@rlf.com
                  madron@rlf.com
                  barsalona@rlf.com

                 - and -

          Sang-yul Lee, Esq.
          Phillip W. Nelson, Esq.
          LOCKE LORD LLP
          111 West Wacker Drive
          Chicago, IL 60606
          Telephone: (312)201-2000
          Facsimile: (312)201-2555
          E-mail: sangyul.lee@lockelord.com
                  phillip.nelson@lockelord.com

                 - and -

          E. Philip Bush, Esq.
          LOCKE LORD LLP
          2200 Ross Ave., Suite 2200
          Dallas, TX 75201
          Telephone: (214)740-8000
          E-mail: epbush@lockelord.com

                    About Colt Holding Company

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

In 1992, Colt Manufacturing Company, then the principal operating
subsidiary, filed chapter 11 petitions (Bankr. D. Conn.).  An
investment by Zilkha & Co. allowed CMC to confirm a chapter 11
plan
and emerge from Bankruptcy in 1994.

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

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

Colt Defense estimated $100 million to $500 million in assets and
debt.

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

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

Wilmington Savings Fund Society, FSB, as agent under the $13.3
million Term DIP Loan Agreement, is represented by Pryor Cashman
LLP's Eric M. Hellige, Esq.; and Willkie Farr & Gallagher LLP's
Leonard Klingbaum, Esq.  

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

The U.S. Trustee for Region 3 appointed five creditors of Colt
Defense Inc. and its affiliates to serve on the official committee
of unsecured creditors.  MagPul Industries Corp. has resigned from
the committee leaving only four Committee members.

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


COLT DEFENSE: Wants to Modify Retiree Health Benefits
-----------------------------------------------------
Colt Holding Company LLC and its affiliated debtors ask the U.S.
Bankruptcy Court for the District of Delaware to allow them to
modify certain retiree health benefits.

The Debtors maintain two retiree health care plans for retired
union employees and their spouses and dependents ("Retiree Health
Program") that provide coverage that supplements Medicare.  The
Debtors further relate that the Retiree Health Program is
administered by Anthem Blue Cross/Blue Shield ("Anthem").  The
Debtors estimate that there are approximately 531 participants in
the Retiree Health Program.

The Debtors relate that an employee's eligibility to subscribe to
one of the Retiree Health Program depends, among other things, on
whether such employee retired before or after April 1, 2007.  For
employees who meet eligibility requirements and retired on or
before April 1, 2007, the Retiree Health Program provides for a
component that is self-insured by the Debtors with medical coverage
and a $500 per-year prescription drug reimbursement benefit ("Self
Insured Component").  For those employees who met eligibility
requirements and retired after April 1, 2007, the Retiree Health
Program is a third-party insured arrangement with a fixed annual
premium cost for the Debtors, bud does not include prescription
drug reimbursement coverage ("Fully-Insured Component").

The Debtors tell the Court that under the Fully-Insured Component,
they spend approximately $543,000 per year in premiums and that
this number will increase as additional retirees join the program.
The Debtors further tell the Court that with respect to the
Self-Insured Component the costs are even more significant as the
expected cost of paying claims is estimated at approximately
$715,000 for 2015.  The Debtors add that in addition to the
existing approximately 327 participants in the Self-Insured
Component, there are 24 eligible participants who could participate
in the Self-Insured Component but have chosen not to do so.  The
Debtors assert that their additional claims would add $32,400 per
year to the cost of the Self-Insured Component, assuming that their
claims experience would be in line with historical averages, and
potentially more if their claims experience was above the
historical averages for the program.

The Debtors contend that for 2015 alone, they will spend
approximately $1.4 million on post-retirement health benefits which
includes approximately $200,000 in administrative fees and that
they expect these expenses to increase over time.  The Debtors
further contend that a review of the program participant census
data reveals that Self-Insured Component participants do not appear
to be availing themselves of the $500 prescription-drug
reimbursement benefit in significant numbers.  The Debtors allege
that with respect to the Fully-Insured Component, the Debtors are
paying approximately $180,000 more per year in premiums than they
otherwise should or would need to, based on program participants'
actual claims experience – because the Debtors are required to
insure the program pursuant to the terms of the CBA. The Debtors
further allege that as a result of the ongoing and future costs,
their best actuarial calculations place their total book
liabilities for the post-retirement health benefits at $25.75
million, along with the annual costs of approximately $1.4
million.

The Debtors tell the Court that their proposed modifications to the
Retiree Health Program seeks to convert the program from a
self-insured component and a fully-insured component, both with
costs that exceed the Debtors' average claims experience, to a
health reimbursement account ("HRA") model with a fixed, per
participant contribution by the Debtors -- set at a level that is
consistent with the Debtors' historical average claims experience
-- and a fixed administrative cost component.  The Debtors further
tell the Court that the HRA model allows the Debtors to control
their costs for the program, while giving program participants
greater flexibility with respect to their Medicare supplemental
insurance -- including the ability to rollover the unused portion
of each participants' HRA benefit from year to year and the ability
to share benefits with household members.  The Debtors relate that
they are prepared to commit not to change to a modified program for
at least 10 years.  The Debtors contend that because the Union has
refused their proposal, without good cause, they are left with no
other alternative but to seek modification of their retiree health
benefits pursuant to section 1114 of the Bankruptcy Code in
connection with confirmation of the Plan. The Debtors further
contend that the Final Proposal is based on the best available
information, all of which has been shared with the union, is
necessary to satisfy the closing conditions of the RSA and the Plan
and reorganize the Debtors, treats the retirees participating in
the program fairly, and embodies the Debtors' good-faith efforts to
reach a fair and equitable resolution of its post-retirement health
benefit obligations.

The proposed modifications to the Retiree Health Program, among
others, are as follows:

     (a) The Debtors will be obligated to make quarterly cash
subsidy payments to fund HRAs for all eligible retirees, spouses,
and dependents for expenses that qualify for reimbursement under
the HRA guidelines.

     (b) The Debtors will fund each of the HRA accounts in the
amount of $1,350 per year, per Covered Life.

     (c) All current retirees and their current spouses and
dependents would continue to be eligible to participate in the
modified Retiree Health Program with the HRAs.

     (d) The Debtors would agree not to exercise their rights to
terminate the HRA program or make further amendments to the program
for the longer of (i) 10 years or (ii) the expiration of the second
future — even though, the Debtors otherwise have the unilateral
right to terminate the Retiree Health Program outside of
bankruptcy, post-reorganization.

     (e) Under the HRA program, Covered Lives who are part of the
same household could be reimbursed for eligible medical expenses
from each other's HRAs.

     (f) Any HRA amounts that are not used in a given year will
roll over completely to the following year.

Colt Holding Company is represented by:

          Richard D. Anderson, Esq.
          Mark D. Collins, Esq.
          Jason M. Madron, Esq.
          Joseph C. Barsalona, Esq.
          RICHARDS, LAYTON & FINGER, P.A.
          One Rodney Square
          920 North King Street
          Wilmington, DE 19801
          Telephone: (302)651-7700
          Facsimile: (302)651-7701
          E-mail: collins@rlf.com
                  madron@rlf.com
                  barsalona@rlf.com

                 - and -

          Sang-yul Lee, Esq.
          Phillip W. Nelson, Esq.
          LOCKE LORD LLP
          111 West Wacker Drive
          Chicago, IL 60606
          Telephone: (312)201-2000
          Facsimile: (312)201-2555
          E-mail: sangyul.lee@lockelord.com
                  phillip.nelson@lockelord.com

                 - and -

          E. Philip Bush, Esq.
          LOCKE LORD LLP
          2200 Ross Ave., Suite 2200
          Dallas, TX 75201
          Telephone: (214)740-8000
          E-mail: epbush@lockelord.com

                    About Colt Holding Company

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

In 1992, Colt Manufacturing Company, then the principal operating
subsidiary, filed chapter 11 petitions (Bankr. D. Conn.).  An
investment by Zilkha & Co. allowed CMC to confirm a chapter 11
plan
and emerge from Bankruptcy in 1994.

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

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

Colt Defense estimated $100 million to $500 million in assets and
debt.

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

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

Wilmington Savings Fund Society, FSB, as agent under the $13.3
million Term DIP Loan Agreement, is represented by Pryor Cashman
LLP's Eric M. Hellige, Esq.; and Willkie Farr & Gallagher LLP's
Leonard Klingbaum, Esq.

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

The U.S. Trustee for Region 3 appointed five creditors of Colt
Defense Inc. and its affiliates to serve on the official committee
of unsecured creditors.  MagPul Industries Corp. has resigned from
the committee leaving only four Committee members.

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



COMMUNITY CHOICE: S&P Affirms 'B-' ICR, Outlook Remains Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B-' issuer
credit rating on Dublin, Ohio-based Community Choice Financial
(CCFI).  The outlook remains negative.  At the same time, S&P
lowered the issue-level rating on the company’s senior secured
debt to 'CCC+' from 'B-' and revised the recovery rating to '5H'
from '4L', reflecting reduced recovery prospects in the event of
bankruptcy.  The revised recovery rating reflects S&P's expectation
of "modest" recovery (the upper half of the 10%-30% range) for
lenders in the event of a payment default.

During the nine months ended Sept. 30, 2015, CCFI continued to post
cumulative net losses.  Net losses amounted to $13.4 million,
compared with net losses of $4.3 million during the same period
last year.  While revenues increased modestly, by 6%, to $404
million from $375 million, losses have widened, largely because of
lower loan volume, higher loan loss provisioning, and costs
associated with accelerated lease terminations.  CCFI has
terminated lease agreements in an effort to conserve liquidity in
preparation for potential regulatory changes.  In aggregate,
operating expenses, including provisions for loan losses, rose 14%
to 77% of revenues, compared with 72% during the same period last
year.

In the first nine months of 2015, CCFI derived 32% of its revenues
from check cashing and credit service arrangement fees, compared
with 22% in the same period last year.  In S&P's view, check
cashing and credit service fees represent weaker and potentially
less stable sources of revenue.

S&P expects earnings to be mediocre as the company transitions from
short-term payday to longer-term installment products during the
next 18 months.  S&P believes this transition into an installment
lender is likely to result in lower volumes, lower loan yields, and
higher loan loss provisions.  Additionally, operating efficiency
may be further challenged as the company invests in enhanced
underwriting capabilities to remain compliant with new regulatory
mandates.

CCFI also lacks any meaningful diversity.  The company remains
heavily concentrated in three states and is more reliant on
originations from its store-front operations than other rated
peers.  CCFI operates 534 stores across 34 states.  However, 56% of
total receivables are concentrated in California (37%), Alabama
(10%), and Virginia (9%).  In S&P's view, CCFI's high regional and
payday product concentrations leave the company more susceptible to
adverse regulatory reform from state legislatures and local
ordinances than peers who operate with broader footprints and more
robust product offerings.  As of Sept. 30, 2015, short-term loan
receivables constituted $80.3 million, or 45% of gross loans, while
short-term loan fees generated over 33% of total revenues.

Excluding any potential debt repurchases, S&P expects debt to
EBITDA to remain above 6.0x through fiscal year-end 2016.

"The negative outlook reflects our expectation that CCFI will face
significant challenges as it transitions to longer-term installment
loans, which we believe will generate weaker profitability due to
higher provisions, as well as higher compliance and restructuring
costs," said Standard & Poor's credit analyst Shakir Taylor.  "The
company’s geographic concentrations exacerbate vulnerabilities to
adverse regulatory reform from not only federal regulators, but
also state and local governments."  S&P expects leverage to remain
well above 6.0x, but it may worsen if state legislators enact rules
that are more onerous than the Consumer Financial Protection
Bureau's, further dampening revenue-generating opportunities.

S&P may downgrade CCFI if efforts to create a more sustainable
business model are unsuccessful.  Or, if regulatory, operational,
or funding challenges threaten cash flow and liquidity in the near
term, such that debt service payments are uncertain, S&P may
downgrade the company.

The potential for Standard & Poor's to upgrade CCFI is currently
limited.



CONSOL ENERGY: S&P Lowers Rating to 'BB-', Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services said that it has downgraded
Canonsburg, Pa.-based Consol Energy Inc. to 'BB-' from 'BB'.  The
outlook is stable.

In accordance with S&P's notching methodology, it also lowered its
issue-level rating on the company's senior debt to 'BB-' from 'BB'.
The '3' recovery rating is unchanged, indicating S&P's expectation
of meaningful (50%-70%; upper half of the range) recovery in the
event of a payment default.

Coal commitments for 2016 suggest that coal prices will continue to
fall while natural gas prices remain at historic lows.  "We expect
that the weak demand will continue to pressure Consol's margins,
however, the company does maintain a long-term leverage target of
3x," said Standard & Poor's credit analyst Chiza Vitta. "Consol's
management has already laid out plans to reduce the company's
capital spending, undertake asset sales, and ramp-up production in
order to mitigate its losses from the low prices."

The stable outlook reflects S&P's view that, despite its
expectations for additional pressure from falling thermal coal
prices, Consol will maintain its credit measures over the next year
by cutting its capital spending, increasing its gas production, and
maintaining its coal volumes.

S&P could lower its rating on Consol if its funds from operations
(FFO)-to-debt ratio falls below 12% or its leverage remains above
5x.  This could happen if Consol is unable to meet its production
or cost-cutting targets.  S&P could also lower the rating if it no
longer considers the company's business risk profile to be fair due
to permanent shifts in its competitive environment.

S&P could raise its rating on Consol if S&P revises its
expectations such that it anticipates that the company's leverage
metric will remain below 4x.  This could happen if Consol
successfully applies up to $1 billion in asset sales to debt
repayment, or if coal or gas prices improve sooner than S&P had
anticipated.



CONTINUITY LLC: Case Summary & 6 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Continuity, LLC
        39 Elm Street, Unit 6
        West Haven, CT 06516

Case No.: 15-32092

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: December 28, 2015

Court: United States Bankruptcy Court
       District of Connecticut (New Haven)

Debtor's Counsel: David C. Pite, Esq.
                  PITE LAW OFFICE LLC
                  1948 Chapel Street
                  New Haven, CT 06515
                  Tel: (203) 782-0503
                  Fax: 203-389-8344
                  Email: pite@snet.net

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Luciano Coletta, duly authorized
agent/member.

A list of the Debtor's six largest unsecured creditors is available
for free at http://bankrupt.com/misc/ctb15-32092.pdf


CORINTHIAN COLLEGES: $3.5M Settlement Rejected Over Lack of Info
----------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that a California
federal judge declined on Dec. 22, 2015, to accept a $3.5 million
class action settlement that would resolve a shareholder suit
against Corinthian Colleges over its enrollment practices, saying
plaintiffs attorneys failed to establish the amount of the
settlement is reasonable and that their representation of the lead
plaintiff presents any conflicts.

U.S. District Judge George King declined to grant conditional
certification to a proposed class of Corinthian investors who
allege the company concealed predatory enrollment practices and
lied about job placement statistics.

                   About Corinthian Colleges

Corinthian Colleges, Inc., et al., were founded in February 1995
and through acquisitions became one of the largest for-profit
post-secondary education companies in the U.S. and Canada.  In
January 2010, Corinthian purchased Heald Capital LLC, which
operated Heald College, a 150 year-old regionally-accredited
institution with 12 campuses.

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

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

The Debtors tapped Richards, Layton & Finger, P.A., as counsel;
FTI Consulting, Inc., as restructuring advisors;
PricewaterhouseCoopers, LLC, as tax advisors; and Rust
Consulting/Omni Bankruptcy as claims and noticing agent.

The U.S. Trustee for Region 3 formed an Official Committee of
Unsecured Creditors and an Official Committee of Student
Creditors. The Creditors Committee retained Brown Rudnick LLP and
Rosner Law Group as attorneys.   The Student Committee tapped
Robins Kaplan LLP and Poslinelli PC as attorneys.

                          *     *     *

The Debtors closed each of their campus locations effective as of
April 27, 2015, and immediately began the process of liquidating
their assets and winding down operations.

The Troubled Company Reporter, on Oct. 9, 2015, reported that
Corinthian Colleges, Inc., et al., notified that the effective
date
of their Third Amended and Modified Combined Disclosure Statement
and Chapter 11 Plan of Liquidation was Sept. 21, 2015.


DENBURY RESOURCES: S&P Affirms 'BB-' CCR & Revises Outlook to Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Texas-based oil and gas exploration and production
(E&P) company Denbury Resources Inc., and revised the outlook to
negative from stable.

At the same time, S&P lowered its senior subordinated debt ratings
to 'B' from 'BB-', and revised its recovery rating on this debt to
'6' from '4', reflecting its expectation for negligible recovery
(0% to 10%) if a default occurs.

S&P also assigned a 'BB-' issue-level rating to the company's
proposed senior unsecured notes, with a recovery rating of '3',
reflecting S&P's expectation of meaningful recovery (50 to 70%;
higher end of range) in the event of a default.

S&P's rating on Denbury's senior secured bank credit facility
remains 'BB+', with a recovery rating of '1', reflecting S&P's
expectation for very high recovery (90% to 100%) if a payment
default occurs.

The ratings affirmation reflects S&P's assessment that the recently
announced $650 million exchange offer represents an opportunistic,
proactive refinancing of debt, and not a distressed exchange.  S&P
also do not expect a conventional default on the debt over the near
to medium term without the refinancing, as Denbury has no material
near-term debt maturities, ample availability under its bank credit
facility, and S&P do not expect the company to outspend cash flow.


"The negative outlook reflects the potential for a negative rating
action over the next 12 months if we no longer expect credit
measures to improve in 2017," said Standard & Poor's credit analyst
Christine Besset.  "Such a scenario could occur if production
declines more than anticipated or if commodity prices deteriorate
further," she added.

Although the exchange offer could provide modest deleveraging
compared with S&P's earlier forecast, it continues to expect
Denbury's credit measures to deteriorate in 2016 and 2017.  In
addition, S&P notes that its forecasts are highly sensitive to any
changes in its commodity prices assumptions due to hedges rolling
off next year.

The downgrade of S&P's recovery and issue-level ratings on the
senior subordinated notes reflects the issuance of senior unsecured
notes ahead of the senior subordinated debt.  S&P may reevaluate
its issue-level and recovery ratings if the issuance is upsized or
when it receives an updated PV-10 valuation of reserves from the
company.

S&P's ratings on Denbury, an independent E&P company, continue to
reflect its participation in the highly cyclical and
capital-intensive oil and gas E&P sector, relatively elevated
operating cost position due to the company's focus on tertiary oil
recovery, and its midsize proved reserve and production base with
high proved developed content and low-risk exploitation strategy.
The ratings also reflect S&P's expectation for increased debt
leverage in 2016 and 2017 due to weak oil prices and limited hedges
for 2016, and S&P's anticipation that Denbury will be able to
reduce capital spending materially during the downturn, with
limited impact on production.

The negative outlook reflects S&P's expectation that Denbury's FFO
to debt ratio could fall below 12% in 2016 and 2017 if oil prices
remain weak.  S&P could lower the ratings on the company if it no
longer expects credit measures to improve in 2017 and remain above
12% on a sustained basis.  Such a scenario could occur if
production declines more than anticipated or if oil prices
deteriorate further.

S&P returns the rating outlook to stable if it believed that
Denbury were able to maintain FFO to debt above 12% and debt to
EBITDA below 5x on a sustained basis.  This would most likely occur
if commodity prices recovered in 2016.



E&I HOLDINGS: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: E&I Holdings LP
        1093-1095 Mt. Airy Road
        Stevens, PA 17578

Case No.: 15-45751

Chapter 11 Petition Date: December 28, 2015

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

Judge: Hon. Carla E. Craig

Debtor's Counsel: David Carlebach, Esq.
                  THE LAW OFFICE OF DAVID CARLEBACH, ESQ.
                  55 Broadway, Suite 1902
                  New York, NY 10006
                  Tel: (347) 329-1241
                  Fax: (347) 472-0094
                  Email: david@carlebachlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Issac Wiesenfeld, general partner.

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


E&I MANAGEMENT: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: E&I Management, LLC
        1093-1095 Mt. Airy Road
        Stevens, PA 17578

Case No.: 15-45754

Chapter 11 Petition Date: December 28, 2015

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

Judge: Hon. Nancy Hershey Lord

Debtor's Counsel: David Carlebach, Esq.
                  THE LAW OFFICE OF DAVID CARLEBACH, ESQ.
                  55 Broadway, Suite 1902
                  New York, NY 10006
                  Tel: (347) 329-1241
                  Fax: (347) 472-0094
                  Email: david@carlebachlaw.com

Estimated Assets: $50,000 to $100,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Issac Wiesenfeld, managing member.

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


GARLOCK SEALING: Coltec Defends Settlement in 2nd Amended Plan
--------------------------------------------------------------
Coltec Industries, Inc. says that contrary to claims by the
Official Committee of Asbestos Personal Injury Claimants in the
Chapter 11 cases of Garlock Sealing Technologies LLC, et al., there
is nothing at all novel or extraordinary about the provisions of
the Second Amended Plan providing for a settlement between Coltec
and its former subsidiary Garlock.

The Committee has filed a motion for entry of summary judgment
denying confirmation of the Debtors' Second Amended Plan of
Reorganization dated Jan. 14, 2015 based on the Plan's failure to
comply with Sec. 524(g) of the Bankruptcy Code.  In its motion
papers, objection to the Plan and in anticipatory arguments already
voiced before the Court, the Committee has characterized those
provisions of the Plan that settle and resolve various potential
claims against Coltec and other affiliates of the Debtors (the
"Parent Settlement") as "radical and unprecedented," and
unconfirmable outside the context of a plan of reorganization that
relies upon the supplemental injunctions allowed under 11 U.S.C.
Sec. 524(g)(4)(A)(ii).

"Despite the passion of the Committee's objection, there is nothing
at all novel or extraordinary about the provisions of the Plan
providing for the Parent Settlement.  It follows a well-worn path
in bankruptcy law, amply supported both by the explicit statutory
provisions of Title 11 and by precedent construing and applying
those provisions," Daniel G. Clodfelter, Esq., at Parker Poe Adams
& Bernstein, LLP, argues.

According to Mr. Clodfelter, the Parent Settlement resolves only
potential claims whose right of pursuit and resolution are vested
solely in the Debtors, with any recoveries being had solely for the
benefit of the Debtors' estates as provided by 11 U.S.C.
§541(a)(3).  The potential claims and the terms of the resolution
of those claims are set forth in the Plan, as is specifically
permitted and contemplated by 11 U.S.C. Sec. 1123(b)(3)(A).  All
consideration received on account of such potential claims is
obtained and used solely for the benefit of claimants against the
Debtors' estates, as is required.

Mr. Clodfelter explains that if the Plan is confirmed, the
provisions resolving the potential claims become binding on all
parties, including all claimants against the Debtors, by virtue of
the express language of 11 U.S.C. Sec. 1141(a).  The order of
confirmation approving the Plan, including the provisions relating
to the Parent Settlement, become res judicata as to all of the
potential claims resolved in the Plan and as against all claimants
against the Debtors, and the preclusive nature of the confirmation
is properly buttressed and supported by injunctions grounded in the
provision of 11 U.S.C. Sec. 1142 and 105(a).

Attorneys for Coltec Industries Inc.:

         Daniel G. Clodfelter
         PARKER POE ADAMS & BERNSTEIN, LLP
         Three Wells Fargo Center
         401 South Tryon Street, Suite 3000
         Charlotte, NC 28202
         Telephone: 704.335.9054
         Facsimile: 704.335.9762
         E-mail: danclodfelter@parkerpoe.com

                - and -

         Mark A. Nebrig
         Hillary B. Crabtree
         E. Taylor Stukes
         MOORE & VAN ALLEN PLLC
         100 N. Tryon St., Suite 4700
         Charlotte, NC 28202-4003
         Telephone: (704) 331-1000
         Facsimile: (704) 331-1059
         E-mail: marknebrig@mvalaw.com
                 hillarycrabtree@mvalaw.com
                 taylorstukes@mvalaw.com

                       About Garlock Sealing

Headquartered in Palmyra, New York, Garlock Sealing Technologies
LLC is a unit of EnPro Industries, Inc. (NYSE: NPO).  For more than
a century, Garlock has been helping customers efficiently seal the
toughest process fluids in the most demanding applications.

On June 5, 2010, Garlock filed a voluntary Chapter 11 petition
(Bankr. W.D.N.C. Case No. 10-31607) in Charlotte, North Carolina,
to establish a trust to resolve all current and future asbestos
claims against Garlock under Section 524(g) of the U.S. Bankruptcy
Code.  The Debtor estimated $500 million to $1 billion in assets
and up to $500 million in debts as of the Petition Date.

Affiliates The Anchor Packing Company and Garrison Litigation
Management Group, Ltd., also filed for bankruptcy.

Albert F. Durham, Esq., at Rayburn Cooper & Durham, P.A.,
represents the Debtor in their Chapter 11 effort.  Garland S.
Cassada, Esq., at Robinson Bradshaw & Hinson, serves as counsel
For asbestos matters.

The Official Committee of Asbestos Personal Injury Claimants in the
Chapter 11 cases is represented by Travis W. Moon, Esq., at
Hamilton Moon Stephens Steele & Martin, PLLC, in Charlotte, NC,
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, in New
York, and Trevor W. Swett III, Esq., Leslie M. Kelleher, Esq., and
Jeanna Rickards Koski, Esq., in Washington, D.C. 20005.

Joseph W. Grier, III, the Court-appointed legal representative for
future asbestos claimants, has retained A. Cotten Wright, Esq., at
Grier Furr & Crisp, PA, and Richard H. Wyron, Esq., and Jonathan
P. Guy, Esq., at Orrick, Herrington & Sutcliffe LLP, as his
co-counsel.

Judge George Hodges of the U.S. Bankruptcy Court for the Western
District of North Carolina on Jan. 10, 2014, entered an order
estimating the liability for present and future mesothelioma claims
against Garlock Sealing at $125 million, consistent with the
positions GST put forth at trial.

In January 2015, the Debtors filed their Second Amended Plan of
Reorganization, which is backed by the Future Asbestos Claimants'
Representative (FCR).  The confirmation hearing is slated to begin
June 20, 2016.

Under the schedule for confirmation proceedings ordered by the
Court, objections to confirmation of the Plan that do not depend on
the results of voting were due Oct. 6, 2015, and confirmation
objections that depend on such results are due on Dec. 18, 2015.


GREYSTAR REAL: S&P Raises ICR to 'BB-', Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said it raised its issuer credit
rating on Greystar Real Estate Partners LLC to 'BB-' from 'B+'.
The outlook is stable.  At the same time, S&P raised its
issue-level rating on Greystar's $250 million senior secured notes
to 'BB-' from 'B+'.  The recovery rating is '3H', indicating S&P's
expectation for "meaningful" recovery (50%-70%, upper half of the
range) for lenders in the event of a payment default.

"Our upgrade of Greystar reflects the company's stronger financial
performance and our expectation that leverage, as measured by debt
to EBITDA, will remain between 3.0x and 4.0x on a sustained basis,"
said Standard & Poor's credit analyst Shakir Taylor.  As of Sept.
30, 2015, Greystar's leverage improved to 3.5x from 4.1x at
year-end 2014.  The decline was largely the result of the
successful integration of its 2014 acquisition of Riverstone
National Inc. and stronger financial performance in each of its
main operating segments.

The ratings also incorporate Greystar's good market position in the
fragmented, niche sector of multifamily property management, which
was further fortified by the Riverstone acquisition.

S&P's stable outlook reflects its expectation that Greystar will
maintain a debt-to-EBITDA ratio of 3.0x-4.0x on a sustained basis.
S&P's stable outlook also reflects its expectation of positive
market trends in CRE during the next two to three years and
Greystar's ability to successfully compete in the sector.

S&P could lower the rating if the company's leverage, as measured
by debt to EBITDA, rises above 4.0x, with no credible plan for
reduction.  Additionally, S&P may lower the rating if a significant
portion of the company's construction and development loan
guarantees materializes and puts the company's liquidity and
capital levels in jeopardy.

S&P could raise the rating if it believes that Greystar will
operate longer term--through the CRE cycle--with lower leverage,
specifically below 3.0x debt to EBITDA on a sustained basis,
buttressed primarily by stable revenue sources.



GT ADVANCED: Can Pay Put Option Premium for $80M Exit Financing
---------------------------------------------------------------
U.S. Bankruptcy Judge Henry Boroff has authorized GT Advanced
Technologies Inc. and its affiliated debtors to pay the Put Option
Premium equal to 5.0% of the entire committed amount of the $80
million exit financing consisting of $60 million in principal
amount of the Senior Secured Notes and $20 million in Preferred
Stock and reimburse certain expenses of the Financing Support
Parties incurred in connection with the Exit Financing.  The
Bankruptcy Court also approved the Signatory Debtors' indemnity
obligations under the Commitment Letter.

The Debtors assert that the Put Option Premium, the reimbursement
of the Expenses, and the Indemnity are fair and reasonable and are
a necessary inducement to convince the Financing Support Parties to
enter into the Commitment Letter and provide the Exit Financing.

The Debtors need the exit financing to be able to propose a Chapter
11 plan and emerge from Chapter 11 bankruptcy.  Without these
inducements, the Debtors believe that they would not be possible to
obtain an exit financing commitment from the Financing Support
Parties or any other party.

The Commitment Letter is part of a resolution with the existing DIP
lenders regarding an amendment and waiver to the DIP Facility,
which is a critical for the Debtors to be able to move forward with
the settlement with Apple and the sale of ASF Furnaces.  The
Debtors will have the new capital needed to seek confirmation of
the plan reflected in the Plan Term Sheet and emerge from these
Chapter 11 cases as revitalized companies.

The Court afforded administrative expense priority status under
Section 503(b)(1) of the Bankruptcy Code to the payment of the
fees, expenses and costs.

                        About GT Advanced

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.


GUESTLOGIX INC: Forbearance Agreements Extended Until Dec. 31
-------------------------------------------------------------
GuestLogix Inc. on Dec. 24 disclosed that it has reached agreements
with its senior lender and its subordinated lenders in respect of
its US$7.5 million senior revolving credit facility and its CDN$9
million subordinated term credit facility to extend the previously
announced forbearance agreements entered into on December 1, 2015
as a result of the previously disclosed breach by the Company of
its EBITDA covenant with the Lenders.  Under the Forbearance
Agreements, among other things: (i) the Lenders agree to forbear
from taking any steps to demand repayment of the amounts owing
under the Credit Facilities until December 31, 2015; (ii) the
Company agrees not to make any payments of interest on the
Company's 7.00% extendible convertible unsecured subordinated
debentures or payments under the share purchase agreement dated
December 2, 2014 pursuant to which the Company purchased the shares
of OpenJaw Technologies Limited; and (iii) the Company agrees to
replace the warrants to purchase an aggregate of 2,400,000 common
shares of the Company previously issued to its Subordinated Lenders
in connection with the original subordinated term credit facility
in order to change the exercise price per share from $0.29 to
$0.129 (being greater than the 5-day volume-weighted average price
of the Common Shares preceding the date of execution of the
Forbearance Agreement).  The replacement warrants shall be issued
on January 11, 2016, being the tenth business day following this
announcement.  All other terms of the warrants remain unchanged.
The 2,400,000 Common Shares issuable upon exercise of the warrants
would represent 1.75% of the total issued and outstanding Common
Shares.  The Company is at arm's length with the Lenders.

As a result of the Forbearance Agreements and pursuant to the terms
of the trust indenture governing the Convertible Debentures, the
Company is not permitted and will not be making the cash interest
payment (of approximately CDN$700,000) due on
December 31, 2015 in respect of the Debentures.

                         About GuestLogix

GuestLogix Inc. (TSX:GXI) -- http://www.guestlogix.com-- is a
global provider of ancillary-focused merchandising, payment and
business intelligence technology to airlines and the passenger
travel industry.  GuestLogix' global headquarters and center for
product innovation is located in Toronto, with regional offices
located in Dallas, London, Dublin, Galway, Madrid and Hong Kong,
and product innovation labs located in Moncton and Krakow.


HONG KONG ENTERTAINMENT: Case Summary & 20 Top Unsecured Creditors
------------------------------------------------------------------
Debtor: Hong Kong Entertainment (Overseas) Investment, Ltd.
        PO Box 468
        Tinian, MP 96952

Case No.: 15-00006

Type of Business: Owner of the Tinian Dynasty Hotel & Casino

Chapter 11 Petition Date: December 11, 2015

Court: United States District Court
       Bankruptcy Division
       Northern Mariana Islands (NMI)

Judge: Hon. Ramona V. Manglona

Debtor's Counsel: Timothy H. Bellas, Esq.
                  TIMOTHY H. BELLAS, LLC
                  P.O. Box 502845
                  Saipan, MP 96950
                  Tel: (670) 323-2115
                  Fax: (670) 323-2116
                  Email: tim@bellaslaw.net
                         timothy~bellaslawfirm.com

Total Assets: $55.20 million

Total Debts: $258.48 million

The petition was signed by Chan, Chun Wai, chairman of the Board of
Directors and president.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
United States of America                              $75,000,000
Department of Treasury
Financial Crimes of
Enforcement Network
Number 2015-07

3i Corporation Ltd.                                    $3,053,779
Room 302, K. Wash Centre 191
Java Road North Point, Hong Kong

Commonwealth Utility Corporation                         $649,180
Saipan Office, P.O. Box 501220
Saipan, MP 96950

Traders Insurance Co.                                    $399,617
P.O. Box 502473, Saipan, MP
69650

Silver Heritage                                          $373,414
6-F, 21-15 Luard Road Wanchai,
Hong Kong

Internal Revenue Service                                 $286,617
P.O. Box 1303, Charlotte, NC
28201-1303, USA

Spectrum Gaming Group                                    $240,312

CNMI Treasury                                            $225,871

Minijan General Construction                             $205,910

Commonwealth Utility Corporation                         $180,000

Law Office of Anthony Long                               $172,680

Yaong Corp.                                              $119,281

Bank of Saipan                                           $112,200

GCA Leisure, LLC                                         $102,312

Marianas Legal Strategy                                   $89,441

Deloitte & Touche                                         $77,500

CNMI Treasury                                             $68,709

CNMI Treasury                                             $56,847

DLA Piper, Inc.                                           $56,227

Triple J Saipan                                           $55,559


HONG KONG ENTERTAINMENT: Files Summary of Assets and Liabilities
----------------------------------------------------------------
Hong Kong Entertainment (Overseas) Investment, Ltd., filed with the
Bankruptcy Court a summary of its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $51,273,673
  B. Personal Property            $3,931,207
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              $175,282,787
  E. Creditors Holding
     Unsecured Priority
     Claims                                       $76,793,708
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                        $6,406,447
                                 -----------      -----------
        TOTAL                    $55,204,880     $258,482,942

                   About Hong Kong Entertainment

Hong Kong Entertainment (Overseas) Investment, Ltd., filed a
Chapter 11 bankruptcy petition (Bankr. D. NMI Case No. 15-00006) on
Dec. 11, 2015.  The petition was signed by Chun Wai Chan as
chairman of the Board of Directors and president.  Timothy H.
Bellas, LLC represents the Debtor as counsel.  Judge Ramona V.
Manglona has been assigned the case.


KALOBIOS PHARMA: Appeals Nasdaq Delisting; Feb. 25 Hearing Set
--------------------------------------------------------------
KaloBios Pharmaceuticals, Inc., on Dec. 29 disclosed that on
December 28, 2015, the Company submitted a request to Nasdaq
requesting an appeal of Nasdaq's decision to delist the Company's
securities.  A hearing on the Company's appeal has been scheduled
for February 25, 2016.

                 About KaloBios Pharmaceuticals

Based in South San Francisco, Calif., KaloBios Pharmaceuticals,
Inc., is a company biopharmaceutical company focused on the
development of monoclonal antibody therapeutics.

The Company reported a net loss of $9.62 million on $nil of
revenues for the three months ended Mar. 31, 2015, compared with a
net loss of $10.4 million on $nil of revenue for the same period
last year.

The Company's balance sheet at March 31, 2015, showed $32.0 million
in total assets, $15.9 million in total liabilities, and a
stockholders' deficit of $16.1 million.


KENNETH WELT: 11th Circuit Says Assignee Can't File Bankruptcy
--------------------------------------------------------------
Nathan Hale at Bankruptcy Law360 reported that on an issue of first
impression, the Eleventh Circuit ruled on Dec. 17, 2015, that the
person assigned to liquidate the assets of Nica Holdings Inc. in
Florida state court did not have the power to file a voluntary
bankruptcy for the company, siding with a former business partner's
challenge.

The circuit revived an adversary case brought by Peter Ullrich, who
owned part of a now-defunct Nicaraguan tilapia farm with Nica,
saying the bankruptcy court that dismissed the case should never
have allowed assignee Kenneth Welt's bankruptcy filing.


LEGENDS GAMING: Settles With Tribal Co. Over Nixed $125M Deal
-------------------------------------------------------------
Hannah Sheehan at Bankruptcy Law360 reported that casino owner
Legends Gaming and Chickasaw Nation-backed Global Gaming Solutions
asked a Louisiana federal judge on Dec. 22, 2015, to dismiss the
casino owner's suit accusing the Native American company of
breaching a $125 million asset purchase agreement after Legends
filed for bankruptcy.

The deal puts to rest a battle that began in 2013 when Global
withdrew its $125 million offer to buy DiamondJacks Casino & Resort
in Bossier City, Louisiana, and its sibling property in Vicksburg,
Mississippi, citing Legends' declining financial performance as the
deciding factor.

                       About Legends Gaming

Legends Gaming LLC, owns gaming facilities located in Bossier
City, Louisiana, and Vicksburg, Mississippi, operating under the
DiamondJack's trade name.

Legends Gaming LLC, and five related entities, including Louisiana
Riverboat Gaming Partnership, filed Chapter 11 petitions (Bankr.
W.D. La. Case No. 12-12013) in Shreveport, Indiana, on July 31,
2012, to sell the business for $125 million to Global Gaming
Solutions LLC, absent higher and better offers.

Legends Gaming acquired the business from Isle of Capri Casinos
Inc., in 2006 for $240 million.  After breaching covenant with
lenders, the Debtors in March 2008 sought Chapter 11 protection,
jointly administered under Louisiana Gaming Partnership (Case No.
08-10824).  The Debtors emerged from bankruptcy in September 2009
and retained ownership and operation of two "DiamondJacks" hotels
and casinos in Bossier City and Vicksburg.  The Plan restructured
$162.1 million owed to the first lien lenders and $75 million owed
to secured lien lenders, which would be paid in full, with
interest, over time.

The Debtors' properties comprise 60,000 square feet of gaming
space with 1,913 slot machines, 48 table games and 693 hotel
rooms.  Revenues in fiscal 2011 were $99.8 million in Louisiana
and $39.7 million in Mississippi.

As of July 31, 2012, first lien lenders are owed $181.2 million
and second lien lenders are owed $114.7 million.  Louisiana
Riverboat Gaming Partnership disclosed $104,846,159 in assets and
$298,298,911 in liabilities as of the Chapter 11 filing.

Attorneys at Heller, Draper, Hayden Patrick & Horn serve as
counsel to the Debtors.  Sea Port Group Securities, LLC is the
financial advisor.  Kurtzman Carson Consultants LLC as is the
claims and notice agent.  The Debtors have tapped Jenner & Block
LLP as special counsel.

The primary purposes of the Plan are: (i) to provide for the sale
of substantially all of the Debtors' assets to Global Gaming
Legends, LLC, a Delaware limited liability company, Global Gaming
Vicksburg, LLC, a Delaware limited liability company and Global
Gaming Bossier City, LLC, a Delaware limited liability company,
pursuant to a  certain Purchase Agreement dated as of July 25,
2012; and (ii) to provide for payments and distributions to
creditors.


LEHMAN BROTHERS: Claims from Unit's Securities to be Subordinated
-----------------------------------------------------------------
Judge Dennis Jacobs of the United States Court of Appeals for the
Second Circuit affirmed the judgment of the district court,
adopting the latter court's construction of Section 510(b) of the
Bankruptcy Code.

Following the bankruptcy of Lehman Brothers Holdings Inc. and
Lehman Brothers Inc., the lead underwriter for unsecured notes
issued by Lehman Holdings, Junior underwriters were held to account
for the noteholders' losses, and incurred losses for defense and
settlements.  The Junior Underwriters then asserted claims for
contribution and reimbursement against the liquidation estate of
LBI as lead underwriter of those notes, alleging that they
collectively incurred almost $78 million in the defense and
settlements of those claims.

The bankruptcy court rejected the Junior Underwriters' arguments
and ordered their claims subordinated to the claims of general
unsecured creditors.  This was affirmed by the district court.

The Court of Appeals held that in the affiliate securities context,
"the claim or interest represented by such security" means a claim
or interest of the same type as the affiliate security.  The
appellate court thus held that claims arising from securities of a
debtor's affiliate should be subordinated in the debtor's
bankruptcy proceeding to all claims or interests senior or equal to
claims in the bankruptcy proceeding that are of the same type as
the underlying securities.

The case is ANZ SECURITIES, INC.; BMO CAPITAL MARKETS CORP., f/k/a
HARRIS NESBITT CORP.; BNY MELLON CAPITAL MARKETS, LLC; CABRERA
CAPITAL MARKETS, LLC; BNP PARIBAS FS, LLC, as successor in interest
to FORTIS SECURITIES, LLC, f/k/a FORTIS INVESTMENT SERVICES, LLC;
NATIONAL AUSTRALIA BANK, LTD.; SUNTRUST ROBINSON HUMPHREY, INC.;
THE WILLIAMS CAPITAL GROUP, L.P.; DNB MARKETS, INC., f/k/a DNB NOR
MARKETS, INC.; NABSECURITIES, LLC, Appellants, v. JAMES W. GIDDENS,
as Trustee for the SIPA Liquidation of Lehman Brothers Inc.,
Trustee-Appellee, Docket No. 14-3686 (2d Cir.), relating to IN RE:
LEHMAN BROTHERS INC.

A full-text copy of the Court of Appeals, Second Circuit's December
14, 2015 opinion is available at http://is.gd/4K3HmBfrom
Leagle.com.

Appellants are represented by:

          Luke A. Barefoot, Esq
          Mitchell A. Lowenthal, Esq.
          Peter Fox, Esq.
          CLEARY GOTTLIEB STEEN & HAMILTON LLP
          One Liberty Plaza
          New York, NY 10006
          Tel: (212) 225-2000
          Fax: (212) 225-3999
          Email: lbarefoot@cgsh.com
                 mlowenthal@cgsh.com
               
Trustee-Appellee is represented by:

          James C. Fitzpatrick, Esq.
          James B. Kobak, Jr., Esq.
          Robert B. Funkhouser, Esq.
          Jordan E. Pace, Esq.
          Jason E. Zakai, Esq.
          HUGHES HUBBARD & REED LLP
          One Battery Park Plaza
          New York, NY 10004-1482
          Tel: (212) 837-6000
          Fax: (212) 422-4726
          Email: james.fitzpatrick@hugheshubbard.com
                 james.kobak@hugheshubbard.com
                 rob.funkhouser@hugheshubbard.com
                 jordan.pace@hugheshubbard.com
                 jason.zakai@hugheshubbard.com

                           About Lehman Brothers

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

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

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

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

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

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

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

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

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


LEHMAN BROTHERS: Ex-Employees Strike $38M Deal to End Bonus Fight
-----------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that Lehman Brothers
Inc. said on Dec. 21, 2015, in New York bankruptcy court that it
has agreed to settle litigation with four former employees over
bonuses they say they were owed after the firm collapsed in 2008,
agreeing to set aside $38 million to satisfy their claim against
the estate.

LBI, the brokerage arm of Lehman Brothers, filed a stipulation
laying out the terms of the deal with ex-employees J. Robert
Chambers, Guy Hoffman, R. Kyle Kettler and P. Mathew Verghese.

In a separate report, Mr. Randles said that the Debtor, on Dec. 23,
2015, sued ACTS Retirement-Life Communities in New York bankruptcy
court over a soured interest rate swap transaction, accusing the
senior living facility operator of cheating Lehman out of a
substantial termination payment and fees.

The lawsuit accuses ACTS, the largest not-for-profit operator of
retirement homes in the U.S., of waiting to end the agreement
several months after Lehman filed for bankruptcy in September 2008
in order to realize a multi-million-dollar gain on the swap deal.

                     About Lehman Brothers

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

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

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

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

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

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

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

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

                          *     *     *

In October 2015, Lehman made its eighth distribution to creditors,
bringing Lehman's total distributions to unsecured creditors to
approximately $105.4 billion including (1) $77.2 billion of
payments on account of third-party claims, which includes
non-controlled affiliate claims and (2) $28.2 billion of payments
among the Lehman Debtors and their controlled affiliates.

As of September 2015, the trustee in charge of LBI has returned
around $7.65 billion to the defunct brokerage's unsecured
creditors, a recovery of about 35 cents on the dollar.


LEHMAN BROTHERS: Sues Retirement Home Operator Over Swap Deal
-------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that Lehman Brothers
on Dec. 23, 2015, sued ACTS Retirement-Life Communities in New York
bankruptcy court over a soured interest rate swap transaction,
accusing the senior living facility operator of cheating Lehman out
of a substantial termination payment and fees.

The lawsuit accuses ACTS, the largest not-for-profit operator of
retirement homes in the U.S., of waiting to end the agreement
several months after Lehman filed for bankruptcy in September 2008
in order to realize a multi-million-dollar gain on the swap deal.

                     About Lehman Brothers

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

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

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

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

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

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

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

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

                          *     *     *

In October 2015, Lehman made its eighth distribution to creditors,
bringing Lehman's total distributions to unsecured creditors to
approximately $105.4 billion including (1) $77.2 billion of
payments on account of third-party claims, which includes
non-controlled affiliate claims and (2) $28.2 billion of payments
among the Lehman Debtors and their controlled affiliates.

As of September 2015, the trustee in charge of LBI has returned
around $7.65 billion to the defunct brokerage's unsecured
creditors, a recovery of about 35 cents on the dollar.


LIGHTSQUARED INC: Drops $1.5 Billion Suit Against Dish Network
--------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that wireless
broadband provider New LightSquared has agreed to drop a $1.5
billion racketeering suit against Dish Network for allegedly
wresting control of the once-bankrupt startup company from its
hedge fund backers, according to documents filed Dec. 23, 2015, in
New York federal court.

U.S. District Judge Analisa Tores approved a notice of voluntary
dismissal of the lawsuit "in its entirety" that was filed by
attorneys representing New LightSquared and other plaintiffs that
filed the lawsuit, including the startup's former financial backer
Harbinger Capital Partners LLC.

                  About LightSquared Inc.

LightSquared Inc. and 19 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on
May 14, 2012, as the Company seeks to resolve regulatory issues
that have prevented it from building its coast-to-coast integrated
satellite 4G wireless network.

LightSquared had invested more than $4 billion to deploy an
integrated satellite-terrestrial network.  In February 2012,
however, the U.S. Federal Communications Commission told
LightSquared the agency would revoke a license to build out the
network as it would interfere with global positioning systems used
by the military and various industries.  In March 2012, the
Company's partner, Sprint, canceled a master services agreement.
LightSquared's lenders deemed the termination of the Sprint
agreement would trigger cross-defaults under LightSquared's
prepetition credit agreements.

LightSquared and its prepetition lenders attempted to negotiate a
global restructuring that would provide LightSquared with
liquidity and runway necessary to resolve its issues with the FCC.
Despite working diligently and in good faith, however,
LightSquared and the lenders were not able to consummate a global
restructuring on terms acceptable to all interested parties.

Despite working diligently and in good faith, however,
LightSquared and the lenders were not able to consummate a global
restructuring on terms acceptable to all interested parties.

Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to
the Debtors.  Alvarez & Marsal North America, LLC, is the
financial advisor.  Kurtzman Carson Consultants LLC serves as
claims and notice agent.

                          *     *     *

Bankruptcy Judge Shelley C. Chapman in late March 2015, approved
LightSquared Inc.'s Chapter 11 reorganization plan.  As previously
reported by The Troubled Company Reporter, the Debtors, in
December, filed a joint plan and disclosure statement, which
contemplate, among other things, (A) new money investments by the
New Investors in exchange for a combination of preferred and
common equity, (B) the conversion of the Prepetition LP Facility
Claims into new second lien debt obligations, (C) the repayment in
full, in cash, of the Inc. Facility Prepetition Inc. Facility
NonSubordinated Claims immediately following confirmation of the
Plan, (D) the payment in full, in cash, of LightSquared's general
unsecured claims, (E) the provision of $1.25 billion in new money
working capital for the Reorganized Debtors, (F) the assumption of
certain liabilities, (G) the resolution of all inter-Estate
disputes, and (H) the contribution by Harbinger of the Harbinger
Litigations.


LONG RUN: Enters Into Forbearance Agreement with Lending Syndicate
------------------------------------------------------------------
Long Run Exploration Ltd. on Dec. 24 disclosed that it has entered
into an interim forbearance and amending agreement to its credit
agreement with its lending syndicate.

The lending syndicate has acknowledged the previously announced
event of default resulting from the termination of the Maple
Marathon Investments Limited amended and restated investment
agreement dated November 8, 2015.  The lending syndicate has agreed
to forbear from exercising their rights and remedies related
thereto until January 22, 2016.  The Company's availability under
its credit facilities will be limited to $610 million during this
period, of which approximately $590 million is currently drawn.

During the interim forbearance period, the Company will work with
the lending syndicate towards mutually acceptable credit facilities
terms which allow Long Run to pursue the plan of arrangement as
announced on December 21, 2015 for the benefit of all
stakeholders.

Long Run Exploration Ltd. -- http://www.longrunexploration.com/--
is a Canada-based intermediate oil and natural gas company.  The
Company is engaged in development, exploration and production of
crude oil and natural gas in the Western Canadian Sedimentary
Basin.


MF GLOBAL: Ex-CEO Corzine Denies Fault for Customer Cash Transfers
------------------------------------------------------------------
Max Stendahl at Bankruptcy Law360 reported that former MF Global
CEO Jon Corzine on Dec. 21, 2015, shot back at the U.S. Commodity
Futures Trading Commission's bid to hold him responsible for the
brokerage firm's alleged misuse of customer funds, telling a New
York federal judge that he didn't have control over account
transfers.

In a letter to U.S. District Judge Victor Marrero, an attorney for
Corzine said the CFTC had failed to show that the former MF Global
chief knew the company was ignoring rules designed to protect
customer funds before it collapsed.

                         About MF Global

New York-based MF Global -- http://www.mfglobal.com/-- was one of

the world's leading brokers of commodities and listed derivatives.
MF Global provides access to more than 70 exchanges around the
world.  The firm also was one of 22 primary dealers authorized to
trade U.S. government securities with the Federal Reserve Bank of
New York.  MF Global's roots go back nearly 230 years to a sugar
brokerage on the banks of the Thames River in London.

On Oct. 31, 2011, MF Global Holdings Ltd. and MF Global Finance
USA Inc. filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y.
Case Nos. 11-15059 and 11-5058), after a planned sale to
Interactive Brokers Group collapsed.  As of Sept. 30, 2011, MF
Global had $41,046,594,000 in total assets and $39,683,915,000 in
total liabilities.

On Nov. 7, 2011, the United States Trustee appointed the statutory
creditors' committee in the Debtors' cases.  At the behest of the
Statutory Creditor's Committee, the Court directed the U.S.
Trustee to appoint a chapter 11 trustee.  On Nov. 28, 2011, the
Bankruptcy Court entered an order approving the appointment of
Louis J. Freeh, Esq., of Freeh Group International Solutions, LLC,
as Chapter 11 trustee.

On Dec. 19, 2011, MF Global Capital LLC, MF Global Market Services
LLC and MF Global FX Clear LLC filed voluntary Chapter 11
petitions (Bankr. S.D.N.Y. Case Nos. 11-15808, 11-15809 and
11-15810).  On Dec. 27, the Court entered an order installing Mr.
Freeh as Chapter 11 Trustee of the New Debtors.

On March 2, 2012, MF Global Holdings USA Inc. filed a voluntary
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-10863), and Mr.
Freeh also was installed as its Chapter 11 Trustee.

Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel.  The Garden City Group, Inc., serves as
claims and noticing agent.  The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of MF
Global Finance USA Inc.

The Chapter 11 Trustee has tapped (i) Freeh Sporkin & Sullivan
LLP, as investigative counsel; (ii) FTI Consulting Inc., as
restructuring advisors; (iii) Morrison & Foerster LLP, as
bankruptcy counsel; and (iv) Pepper Hamilton as special counsel.

The Official Committee of Unsecured Creditors has retained
Capstone Advisory Group LLC as financial advisor, while lawyers at
Proskauer Rose LLP serve as counsel.

The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers.  James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act.  He is a partner at Hughes
Hubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO of
Goldman Sachs Group Inc., stepped down as chairman and chief
executive officer of MF Global just days after the bankruptcy
filing.

In April 2013, the Bankruptcy Court approved MF Global Holdings'
plan to liquidate its assets.  Bloomberg News reported that the
court-approved disclosure statement initially told
creditors with $1.134 billion in unsecured claims against the
parent holding company why they could expect a recovery of 13.4%
to 39.1% from the plan.  As a consequence of a settlement with
JPMorgan, supplemental materials informed unsecured creditors
their recovery was reduced to the range of 11.4% to 34.4%.  Bank
lenders will have the same recovery on their $1.174 billion claim
against the holding company.  As a consequence of the settlement,
the predicted recovery became 18% to 41.5% for holders of $1.19
billion in unsecured claims against the finance subsidiary,
one of the companies under the umbrella of the holding company
trustee.  Previously, the predicted recovery was 14.7% to 34% on
bank lenders' claims against the finance subsidiary.


MILLER ENERGY: Plan Confirmation Hearing Slated for January 27
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Alaska approved the
adequacy of the disclosure statement explaining the joint Chapter
11 plan of reorganization filed by Miller Energy Resources Inc. and
its debtor-affiliates.

The Court will hold a hearing on Jan. 27, 2016, at 9:30 a.m.
(prevailing Alaska Time) to confirm the Debtors' Chapter 11 plan.
Objections to the plan, if any, are due Jan. 20, 2016, at 5:00 p.m.
(prevailing Alaska Time).

As reported in the Troubled Company Reporter on Dec. 18, 2015,
citing report from BankruptcyData: "The primary purpose of the Plan
is to effectuate the restructuring of the Debtors' capital
structure (the 'Restructuring') by, among other things, reducing
their overall indebtedness and improving free cash flow. Presently,
the Debtors have a substantial amount of indebtedness outstanding
under the Credit Agreement in the amount of approximately $189.7
million, and other obligations to various third parties.  If the
Debtors are not able to consummate the Restructuring, the Debtors
will likely have to formulate an alternative plan or liquidate, and
the Debtors' financial condition will likely be further materially
adversely affected.

The Restructuring will reduce the amount of the Debtors'
outstanding indebtedness by converting the Credit Agreement Claims
into 100% of the New Miller Common Stock and issuance of the New
Notes.  Unsecured Claims, including the Lender Deficiency Claims,
will receive the treatment set forth in the Plan and
discharged...The Debtors' mid-point estimated Enterprise Value is
$151 million.  Because the Lenders have a lien on substantially all
assets of each of the Debtors, this requires the bifurcation of the
Credit Agreement Claims of $189.7 million into the Lender Secured
Claims aggregating $151 million and the Lender Deficiency Claims
aggregating $38.7 million.  The Lender Secured Claims would thus be
entitled to the full value of the Debtors and there would be no
value left for distribution to Unsecured Creditors.  The Lenders
have nevertheless consented to the Distributions to Unsecured
Creditors summarized above as part of the global settlement on the
condition that they vote to accept the Plan, which would avoid the
need for a contested and potentially expensive Plan confirmation
process.  Accordingly, it is appropriate to treat all of the
Debtors' Unsecured Creditors equally for voting and distribution
purposes."

                  About Miller Energy Resources

Miller Energy Resources, Inc. --
http://www.millerenergyresources.com/-- is an oil and natural gas
production company focused on Alaska.  The Company has a
substantial acreage, reserve, and resource position in the State,
significant midstream and rig infrastructure to support production,
and 100% working interest in and operatorship of most of its
assets.

Miller Energy Resources and 10 of its affiliates filed Chapter 11
bankruptcy petitions (Bank. D. Alaska Proposed Lead Case No.
15-00236) on Oct. 1, 2015.  Carl F. Giesler, Jr., signed the
petition as chief executive officer.

The Debtors disclosed total assets of $392,559,000 and total debts
of $336,910,000 as of Jan. 31, 2015.

Judge Gary Spraker is assigned to the case.  The Debtors have
engaged Andrews Kurth LLP as counsel, Seaport Global Securities as
financial advisor, and Prime Clerk as claims and noticing agent.

On Aug. 6, 2015, Cook Inlet, a wholly-owned by MER, became the
subject of an involuntary Chapter 11 case filed by four creditors
asserting to have an aggregate claim of $2.8 million.  The
petitioning creditors were Baker Hughes Oilfield, M-I LLC,
Schlumberger Tech. Corp, and Baker Petrolite, LLC.  Judge Spraker
granted an order for relief under Chapter 11 of the Bankruptcy Code
on Oct. 2, 2015.


MMM HOLDINGS: Moody's Hikes Senior Secured Debt Rating to B3
------------------------------------------------------------
Moody's Investors Service has upgraded MMM Holdings, LLC.'s senior
secured debt rating and corporate family rating (CFR) to B3 from
Caa1. The insurance financial strength (IFS) rating of MMM's
regulated insurance subsidiary, MMM Healthcare, LLC. (MMM
Healthcare) was affirmed at Ba3. The upgrade and affirmation follow
the announcement of an amendment and waiver agreement entered into
by MMM and the lenders under the credit facility on November 24,
2015. The outlook on the ratings of MMM and MMM Healthcare was
changed from negative to stable.

RATINGS RATIONALE

Moody's stated that the rating actions reflect the terms of the
amendment which waive 1) all existing covenant and payment defaults
on the existing credit facility, and 2) mandatory amortization
payments required under the credit facility through March 2017. The
waiver of the required principal payments (approximately $11
million per quarter) will enable MMM Healthcare to exceed the
regulatory required NAIC risk-based capital (RBC) ratio of 200% of
authorized control level (ACL) at the end of 2015.

According to the rating agency, the possibility of MMM Healthcare's
RBC level deteriorating below 200% was the result of a combination
of several adverse financial developments during 2014 and 2015.
First, there was a loss of approximately 46,000 Medicare Advantage
members in Puerto Rico in 2014 due to reductions in the benefits
MMM offered in its Medicare Advantage products, which were prompted
by decreased reimbursements from the federal government. Second, as
a result of lower EBITDA due to the declining reimbursement rates,
the company breached a financial leverage covenant in its credit
agreement beginning on September 30, 2014 which continued through
2015. As a result, MMM was not able to access its $30 million
revolving credit facility. In September 2015, MMM in collaboration
with its lenders decided that it would not make the required
principal payment due and entered into a Forbearance Agreement
which led to the negotiation of the amendment to the credit
facility.

Moody's commented that despite the resolution of the forbearance
provided by the lenders, a number of uncertainties remain for MMM.
First, the announced 2016 Medicare Advantage reimbursement rates
for Puerto Rico were significantly lower than expected, with
insurance companies projecting a decrease of more than 10%.
Additionally, MMM has begun to implement the Reforma (Medicaid)
contract in two regions in Puerto Rico. While this business should
provide revenue and earnings diversification, maintaining a
consistent profit margin on Medicaid business in Puerto Rico has
proven to be challenging for other insurers in the past.

Somewhat offsetting these negative developments, Moody's noted that
MMM will be the only 4 star Medicare Advantage plan in Puerto Rico
in 2017, which should not only help attract membership but provides
MMM with quality bonus payments from the government. In addition,
the company will benefit from the one year suspension of the Health
Insurance Industry Tax in 2017 along with scheduled changes to be
made to the reimbursement formula and risk scores that year which
should result in higher reimbursement amounts for MMM.

Moody's stated there would be positive pressure on the ratings of
MMM if the company: 1) meets the requirements of the amendment to
its credit facility, 2) meets regulatory requirements by
maintaining an NAIC risk-based capital (RBC) ratio of at least 200%
of ACL, 3) continues to produce EBITDA profit margins of at least
2% over the next several quarters, and 4) if the 2017 Medicare
Advantage reimbursement rates for MMM are favorable.

However, the rating agency said that if 1) the company breaches any
condition of the amendment to the credit facility, 2) the RBC ratio
falls below the 200% ACL level, or 3) the company incurs
substantial losses in 2016, then the ratings could be downgraded.

The following ratings were upgraded, with a stable outlook:

MMM Holdings, LLC. -- senior secured debt rating to B3 from Caa1;
long-term corporate family rating to B3 from Caa1;

The following rating was affirmed, with a stable outlook:

MMM Healthcare, LLC. -- insurance financial strength rating at
Ba3.

InnovaCare, Inc., the parent company of MMM Holdings, is a
privately-owned company incorporated in Puerto Rico and
headquartered in Fort Lee, New Jersey. MSO of Puerto Rico, Inc. is
an independent unregulated subsidiary of MMM Holdings that provides
management support and services to the provider networks of MMM
Holding's regulated insurance subsidiaries (MMM Healthcare and PMC
Medicare Choice, LLC.). As of September 30, 2015, MMM Holdings
reported a stockholders' deficit of approximately $146 million.
MMM's total revenues for the first nine months of 2015 were $1.7
billion with approximately 492,000 Medicare and Medicaid members in
Puerto Rico.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.



MONTREAL MAINE: $330M Settlement Fund Ready for Distribution
------------------------------------------------------------
wcsh6.com reported that trustees of the Lac-Megantic settlement
have fully funded the accounts to the over $330-million level as
directed in the agreement.

Robert J. Keach, of Bernstein Shur, the Chapter 11 trustee for
Montreal Maine & Atlantic Railway, Ltd., and Richter Advisory
Group, Inc., the monitor in the CCAA case for Montreal Maine &
Atlantic Canada, said on Dec. 22, 2015, that the settlement fund
has been fully funded.

The move paves the way for distributions to victims to begin as
soon as the New Year.

A press release said the trustee will transfer approximately
$82-million to the trust for the benefit of the holders of wrongful
death claims starting this week.

"We are very pleased that we will be able to fund the trust before
the holidays, and that distributions will reach the families as
soon as possible next year," said Mr. Keach.

$228-million will be distributed to the holders of personal injury,
moral damage, and economic and property claims, well as to the
federal, provincial and local government claims, will be handled by
the monitor and will also proceed in the New Year.

                       About Montreal Maine

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

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

Montreal, Maine & Atlantic Canada Co. ("MMA Canada"), the Canadian
unit of Chapter 11 debtor Montreal, Maine & Atlantic Railway Ltd.
("MMA"), on July 20, 2015, filed a Chapter 15 bankruptcy petition
(Bankr. D. Maine Case No. 15-20518) in Portland, Maine, to seek
recognition and enforcement in the U.S. of the order by the Quebec
Court approving MMA Canada's plan to pay off victims of the July
2013 derailment.

The law firm of Verrill Dana serves as counsel to the Debtor.

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

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

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

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

                           *     *     *

Judge Peter G. Cary of U.S. Bankruptcy Court in Bangor, Maine, on
Oct. 9, 2015, approved Montreal, Maine & Atlantic Railway's
bankruptcy-exit plan, day after a Canadian judge gave conditional
approval to the plan.  The exit plan earmarks about $86 million to
families of those who died from the explosive crash.  The plan
provides for the creation of a C$446 million settlement fund for
victims of the derailment.MONTREAL MAINE: $330MM Settlement Fund
Ready for Distribution


MOTORS LIQUIDATION: Says Appeal Must Wait for 2nd Circuit Ruling
----------------------------------------------------------------
Brandon Lowrey at Bankruptcy Law360 reported that General Motors
LLC on Dec. 2, 2015, urged a New York federal judge handling
multi-district litigation over faulty ignition switches to delay
review of a recent bankruptcy court judgment until after the Second
Circuit decides whether bankruptcy protections block most car
owners from suing New GM for billions over the defect.

GM and the plaintiffs in the suit sparred in letter briefs to U.S.
District Judge Jesse M. Furman over whether the judge should await
the appellate court's review of a bankruptcy judge's April ruling.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts.  Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company.  GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims.  Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee.  Attorneys at Butzel Long served as counsel
on supplier contract matters.  FTI Consulting Inc. served as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.

On Dec. 15, 2011, Motors Liquidation Company was dissolved.  On
the Dissolution Date, pursuant to the Plan and the Motors
Liquidation Company GUC Trust Agreement, dated March 30, 2011,
between the parties thereto, the trust administrator and trustee
-- GUC Trust Administrator -- of the Motors Liquidation Company
GUC Trust, assumed responsibility for the affairs of and certain
claims against MLC and its debtor subsidiaries that were not
concluded prior to the Dissolution Date.

As of June 30, 2015, Motors Liquidation had $860 million in total
assets, $74 million in total liabilities and $786 million in net
assets in liquidation.


NEW YORK MILITARY: Hires Corbally Gartland as Litigation Counsel
----------------------------------------------------------------
New York Military Academy seeks authorization from the Hon. Cecelia
G. Morris of the U.S. Bankruptcy Court for the Southern District of
New York to employ Corbally, Gartland & Rappleyea, LLP as special
litigation counsel.

Corbally Gartland will represent the Debtor in the New York State
Supreme Court litigation in the case of New York Military Academy v
New Open Group, Obridge Group, LLC, d/b/a Obridge Academy, Obridge
Group International, LLC, Advanced Learning Group, LLC and
K-Stonewater Group, LLC, Index No. 5948/13.

Corbally Gartland will be paid at these hourly rates:

       Vincent L. DeBiase        $350
       Partners                  $300-$375
       Associates                $175-$275
       Law Clerks and
       Paralegals                $125

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

Corbally Gartland received an initial retainer payment of $5,000.

Vincent L. DeBiase, partner of Corbally Gartland, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Corbally Gartland can be reached at:

       Vincent L. DeBiase, Esq.
       CORBALLY GARTLAND, RAPPLEYEA, LLP
       Bardavon Building
       35 Market Street
       Poughkeepsie, NY 12601
       Tel: (845) 240-7306
       Fax: (845) 240-7307
       E-mail: vld@cgrlaw.com

                       About New York Military

New York Military Academy operated a military preparatory school in
the town of Cornwall, Orange County New York, a not-for-profit
corporation for more than 130 years.  Its real property consists of
three separate parcels of land.  The first parcel consists of 77.3
acres of property that contains administrative, academic, dormitory
facilities, accessory structures, apartments and several single
family residences. The second parcel of land is an undeveloped
parcel on the east side of Route 9D and is approximately 35 acres.
The third parcel is also an undeveloped parcel on the east side of
Route 9D and is approximately 1.1 acres.

New York Military Academy filed a Chapter 11 bankruptcy petition
(Bankr. S.D.N.Y. Case No. 15-35379) on March 3, 2015.  David B.
Fields, the First Vice-President, signed the petition.  The Debtor
reported total assets of $10.5 million and total debts of $10.9
million.

Lewis D. Wrobel, Esq., at Lewis D. Wrobel, serves as counsel to the
Debtor.

The U.S. Trustee for Region 2 appointed three unsecured creditors
to serve on the Official Committee of Unsecured Creditors.  The
Committee tapped Steven Jurista, Esq., Wasserman, Jurista & Stolz,
PC, as counsel.



NEWARK WATERSHED: Ex-Head Pled Guilty to $1M Kickback Scheme
------------------------------------------------------------
Martin Bricketto at Bankruptcy Law360 reported that the former head
of a Newark, New Jersey, water infrastructure agency pled guilty on
Dec. 21, 2015, to pocketing nearly $1 million in kickbacks from
contractors seeking work with the organization -- which filed for
Chapter 11 protection earlier this year -- and an employee who
received extra salary payments.

Linda Watkins Brashear, the former executive director of the Newark
Watershed Conservation and Development Corp., copped to a wire
fraud scheme involving the acceptance of those concealed kickbacks,
which were partly funded by contractor payments.

                      About Newark Watershed

Newark, New Jersey-based Newark Watershed Conservation and
Development Corporation filed for Chapter 11 protection (Bankr.
D.N.J. Case No. 15-10019) on Jan. 2, 2015.  The petition was
signed
by Joseph M. Hartnett, interim executive director.

The Hon. Donald H. Steckroth presides over the case.  Donald W.
Clarke, Esq., and Daniel Stolz, Esq., at Wasserman, Jurista &
Stolz, P.C., represents the Debtor in its Chapter 11 case.

The Debtor disclosed total assets of $202,489 and total
liabilities
of $2.07 million.


PA FARM PRODUCTS: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: PA Farm Products, LLC
        1093-1095 Mt. Airy Road
        Stevens, PA 17578

Case No.: 15-45755

Chapter 11 Petition Date: December 28, 2015

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

Judge: Hon. Elizabeth S. Stong

Debtor's Counsel: David Carlebach, Esq.
                  THE LAW OFFICE OF DAVID CARLEBACH, ESQ.
                  55 Broadway, Suite 1902
                  New York, NY 10006
                  Tel: (347) 329-1241
                  Fax: (347) 472-0094
                  Email: david@carlebachlaw.com

Estimated Assets: $50,000 to $100,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Issac Wiesenfeld, managing member.

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


PARALLEL ENERGY: Gets Approval for Bonus Plan; No New Sale Bids
---------------------------------------------------------------
Matt Chiappardi at Bankruptcy Law360 reported that a Delaware
bankruptcy judge gave natural gas producer Parallel Energy LP the
go-ahead on Dec. 22, 2015 on a bonus plan for top executives,
contested by the federal bankruptcy watchdog, as the company said
it received no sale offers other than a $110 million stalking horse
bid from a Scout Energy unit.

During a hearing in Wilmington, U.S. Bankruptcy Judge Kevin Gross
said that even though legal arguments from the U.S. Trustee's
Office opposing the bonus plan on grounds it flouted Chapter 11
rules.

                      About Parallel Energy

Tulsa, Oklahoma-based natural gas producer Parallel Energy LP
formerly known as Parallel Energy Acquisitions LP, and Parallel
Energy GP LLC filed for Chapter 11 protection (Bankr. D. Del Case
Nos. 15-12263 and 15-12264) on Nov. 9, 2015.  The petition was
signed by Richard N. Miller, chief financial officer.

The Hon. Kevin Gross presides over the case.  Demetra L. Liggins,
Esq., and David M. Bennett, Esq., at Thompson & Knight LLP and
GianClaudio Finizio, Esq., at Bayard, P.A., represent the Debtor
as
co-counsel.  Alvarez & Marsal North America, LLC serves as
financial advisor.  Prime Clerk LLC serves as notice, claims,
solicitation and balloting agent.  The Debtor estimated assets and
debts at $100 million to $500 million.


PHILLIPS INVESTMENTS: Has Access to $25K for Experts' Fees
----------------------------------------------------------
Judge Mary Grace Diehl of the U.S. Bankruptcy Court for the
Northern District of Georgia, Atlanta Division, authorized debtor
Phillips Investments, LLC, to use the cash collateral of East West
Bank.  Specifically, the Debtor is authorized to use up to $25,000
of the cash collateral to pay appraisers, financial consultants,
valuation experts, structural engineers and similar professionals
that might reasonably be needed by the Debtor to prepare for and
testify at any hearing to consider the approval of the Debtor's
proposed plan of reorganization.

Phillips Investments is represented by:

          J. Robert Williamson, Esq.
          J. Hayden Kepner, Jr., Esq.
          SCROGGINS & WILLIAMSON, P.C.
          1500 Candler Building
          127 Peachtree Street, NE
          Atlanta, GA 30303
          Telephone: (404)893-3880
          Facsimile: (404)893-3886
          E-mail: rwilliamson@swlawfirm.com
                  hkepner@swlawfirm.com

East West Bank is represented by:

          James H. Rollins, Esq.
          HOLLAND & KNIGHT, LLP
          One Atlantic Center, Suite 2000
          1201 West Peachtree Street
          Atlanta, GA 30309-3400
          Telephone: (404)817-8500
          E-mail: jim.rollins@hklaw.com

                    About Phillips Investments

Phillips Investments, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Ga. Case No. 14-61444) on June 11, 2014.  Ly Phillips,
the managing member, signed the petition.  Judge Mary Grace Diehl
presides over the case.  Scroggins & Williamson, P.C., serves as
the Debtor's counsel.

Phillips Investments owns several parcels of improved commercial
real estate from which it operates two retail shopping centers.
The Debtor disclosed $29,558,424 in assets and $28,667,234 in
liabilities as of the Chapter 11 filing.



PHILLIPS INVESTMENTS: Has Access to Cash Collateral Until Feb. 15
-----------------------------------------------------------------
Phillips Investments, LLC, sought and obtained from Judge Mary
Grace Diehl of the U.S. Bankruptcy Court for the Northern District
of Georgia, Atlanta Division, an extension of its authority to use
cash collateral until the earlier of Feb. 15, 2016, or the
confirmation of a plan of reorganization under Chapter 11 of the
Bankruptcy Code.  Judge Diehl, however, denied the Debtor's request
for the extension of its exclusive periods.

The Debtor was authorized by the Court to continue the use of East
West Bank's cash collateral until Nov. 1, 2015.  The exclusive
periods for the Debtor to file a chapter 11 plan and to obtain the
requisite acceptances of a plan was set on Nov. 1, 2015, and Dec.
31, 2015, respectively.  The Court had directed the Debtor to
either file a Plan of Reorganization, Motion to Sell, or Motion to
Auction on or before Nov. 1, 2015.

The Debtor related that it has continued to diligently pursue the
sale of the Gwinnett Prado parcel, from which it operates a retail
shopping center, or a refinancing of the Bank's loan.  The Debtor
believed it was capable of filing a plan of reorganization which
would (a) provide for an infusion of capital into the Debtor to be
used for certain specified improvements which will materially
increase the value of Gwinnett Prado and result in substantially
higher rent rolls, (b) satisfy the Bank's secured claim in full
over a reasonable period of time, and (c) provide for an eventual
and significant distribution to the Debtors other creditors.

                 East West Bank's Relief from Stay

Judge Diehl granted East West Bank relief from the automatic stay
on a limited basis.  Judge Diehl modified the automatic stay to
permit East West Bank to advertise the Gwinnett Prado parcel for
foreclosure beginning on Feb. 1, 2016.

James H. Rollins, Esq., at Holland & Knight LLP, in Atlanta Georgia
related that the Court's Extension Order permitting the Debtor to
use the cash collateral securing the East West Bank Loan has lapsed
and that East West Bank did not consent to a further extension of
the Debtor's right to use cash collateral.
Mr. Rollins further related that the Debtor had no realistic hope
of reorganizing, given the sparse occupancy of the Gwinnett Prado
parcel and the limited rental income available to the Debtor. Mr.
Rollins added that whatever equity cushion there might have been in
the Gwinnett Prado parcel to protect the interest of East West Bank
has eroded and continues to erode to the point that East West
Bank's interest may no longer be adequately protected.  
Mr. Rollins asserted that for these reasons, East West Bank must be
granted immediate relief from the automatic stay to permit it to
exercise its right to foreclosure the Gwinnett Prado parcel.

Phillips Investments is represented by:

          J. Robert Williamson, Esq.
          J. Hayden Kepner, Jr., Esq.
          Ashley Reynolds Ray, Esq.
          SCROGGINS & WILLIAMSON, P.C.
          1500 Candler Building
          127 Peachtree Street, NE
          Atlanta, GA 30303
          Telephone: (404)893-3880
          Facsimile: (404)893-3886
          E-mail: rwilliamson@swlawfirm.com
                  hkepner@swlawfirm.com
                  aray@swlawfirm.com

                    About Phillips Investments

Phillips Investments, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Ga. Case No. 14-61444) on June 11, 2014.  Ly Phillips,
the managing member, signed the petition.  Judge Mary Grace Diehl
presides over the case.  Scroggins & Williamson, P.C., serves as
the Debtor's counsel.

Phillips Investments owns several parcels of improved commercial
real estate from which it operates two retail shopping centers.
The Debtor disclosed $29,558,424 in assets and $28,667,234 in
liabilities as of the Chapter 11 filing.


PLYMOUTH INDUSTRIAL: Finc'l Condition Raises Going Concern Doubt
----------------------------------------------------------------
Plymouth Industrial REIT, Inc. has substantial doubt about its
ability to continue as a going concern, according to Jeffrey E.
Witherell, chief executive officer and chairman of the board of
directors, and Daniel C. Wright, chief financial officer of the
company in a regulatory filing with the U.S. Securities and
Exchange Commission dated November 13, 2015.

As of September 30, 2015, the company had an accumulated deficit of
approximately $66,424,000 and had limited amounts of available
liquidity evidenced by our cash position of $1,687,000.  The
company continues to maintain arrangements with certain of its
vendors to limit future expenses related to certain professional
services.

The Company derives the capital required to purchase and originate
real estate-related investments and conduct its operations from
secured financings from banks and other lenders and from any
undistributed funds from its operations.  On October 28, 2014, the
company entered into a loan agreement (the Senior Loan) with third
party investment entities.  The Senior Loan provides for secured
loans in an aggregate amount up to $192,000, with cash funding
amounts through December 31, 2014 of $165,000 and $20,000 of
original issue discount.  The company used $155,000 of the net
proceeds to acquire 20 industrial properties. On April 28, 2015,
the company's lender confirmed the company's exercise of its option
to extend the maturity date, as provided for under the Senior Loan,
from April 28, 2015 to October 28, 2015.  As of October 28, 2015,
the company and the lenders under the Senior Loan agreed to extend
the maturity date of the Senior Loan to December 28, 2015.  

Effective June 16, 2014, the company filed an S-11 registration
with the SEC for the issuance of securities issued by real estate
companies to raise funds in the publicly traded market on the New
York Stock Exchange, and subsequently, amendments thereto, the most
recent filed as of February 5, 2015.  During the quarter ended
September 30, 2015, the company elected to postpone the offering
until market conditions improve.  Accordingly, deferred offering
costs of $938,000 were expensed in the quarter ended September 30,
2015.

Messrs. Witherell and Wright told the SEC, "The company's ability
to meet its working capital needs and repay its borrowings under
the Senior Loan is dependent on its ability to issue additional
equity, secure additional debt financing or other strategic
alternatives.  There is no assurance, however, that additional debt
or other forms of capital will be available to the company, or on
terms acceptable to the company.  In the event those sources of
capital are not available to the company, it would seek an
additional extension on the maturity of the Senior Loan, although
there can be no assurance that such an extension would be provided
or provided on terms acceptable to the company.  The company's
Board of Directors has undertaken a review of strategic
alternatives to enhance stockholder value.  Such review will
include (among other alternatives): a sale, merger, acquisition or
other form of business combination; sale or acquisition of assets;
or a debt or equity recapitalization.  The company has not made a
decision to pursue any specific strategic transaction or any other
strategic alternative.

"These conditions raise substantial doubt about the company's
ability to continue as a going concern."

At September 30, 2015, the company had total assets of
$154,105,000, total liabilities of $208,049,000, and total
stockholders' deficit of $53,944,000.

The company posted a net loss of $7,932,000 for the three months
ended September 30, 2015, compared to a net loss of $1,241,000 for
the same period in 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/hwa4w42

Boston-based Plymouth Industrial REIT, Inc. is focused on the
acquisition, ownership and management of single- and multi-tenant
Class B industrial properties, including distribution centers,
warehouses and light industrial properties.  The company owns and
operates or has interest in 21 industrial properties located in
seven states with an aggregate of 4,350,000 rentable square feet.


QUICKSILVER RESOURCES: Jan. 12 Hearing on Severance Program
-----------------------------------------------------------
BankruptcyData reported that Quicksilver Resources filed with the
U.S. Bankruptcy Court a motion for an order authorizing (i) the
Debtors to make bonus payments to non-insider employees in an
aggregate amount up to $1.45 million and (ii) continuation of the
Debtors' prepetition severance program for their non-insider and
insider employees in an aggregate amount up to $3.6 million.

According to the motion, "To receive payments in accordance with
the Bonus Plan, each participant must be employed by Quicksilver on
the date that the following three milestones are achieved:

Milestone 1: The earlier of the date that the Court enters (x) one
or more Sale Order approving the sale of all or substantially all
of the Company's assets or (y) an order approving a plan support
agreement or such other agreement as the Debtors determine is
appropriate or necessary to document the winning bid in the
Debtors' pending sale process is 60% of Base Amount ($870,000 in
the aggregate);

Milestone 2: The earlier of the date that (x) all of the sales
approved by the Sale Order have closed or (y) the Court enters an
order approving a disclosure statement for a plan materially
consistent with the Approval Order is 20% of Base Amount ($290,000
in the aggregate); and

Milestone 3: The date that any chapter 11 plan of reorganization or
liquidation becomes effective in the Company's chapter 11 cases is
20% of Base Amount ($290,000 in the aggregate); provided, that the
Company may, in consultation with the Debtors' secured creditors
and the Committee (together, the 'Bonus Consultation Parties'),
allocate any portion of the Milestone 3 Bonus Pool attributable to
employees who are no longer employed by Quicksilver upon
achievement of Milestone 3 to those employees who continue to be
employed by Quicksilver upon the achievement of Milestone 3."

The Court scheduled a Jan. 12, 2016 hearing, with objections due by
Jan. 5.

                    About Quicksilver Resources

Quicksilver Resources Inc. (OTCQB: KWKA) is an exploration and
production company engaged in the development and production of
long-lived natural gas and oil properties onshore North America.
Based in Fort Worth, Texas, the company claims to be a leader in
the development and production from unconventional reservoirs
including shale gas, and coal bed methane.  Following more than 30
years of operating as a private company, Quicksilver became public
in 1999.

The Company has U.S. offices in Fort Worth, Texas; Glen Rose,
Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank,
Montana.  The Company's Canadian subsidiary, Quicksilver Resources
Canada Inc. is headquartered in Calgary, Alberta.

On March 17, 2015, Quicksilver Resources Inc. and certain of its
affiliates filed voluntary petitions for relief under Chapter 11
of
title 11 of the United States Code in Delaware.  The Debtors are
seeking joint administration under the main case, In re
Quicksilver
Resources Inc. Case No. 15-10585.  Quicksilver's Canadian
subsidiaries were not included in the chapter 11 filing.

The Company's legal advisors are Akin Gump Strauss Hauer & Feld LLP
in the U.S. and Bennett Jones in Canada.  Richards Layton & Finger,
P.A., is legal co-counsel in the Chapter 11 cases.  Houlihan Lokey
Capital, Inc., is serving as financial advisor.  Garden City Group
Inc. is the claims and noticing agent.

The Company's balance sheet at Dec. 31, 2014, showed $1.21 billion
in total assets, $2.35 billion in total liabilities and total
stockholders' deficit of $1.14 billion.

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

                           *     *     *

The Debtors have previously been given exclusive right to file a
bankruptcy plan through October 13, 2015.  They are seeking a
further extension of the exclusive plan filing period through
Feb. 1, 2016.


RDIO INC: Court OKs Sale of Assets to Pandora for $75 Million
-------------------------------------------------------------
Cara Salvatore at Bankruptcy Law360 reported that a California
bankruptcy judge approved the sale of music streaming service
Rdio's assets to former rival Pandora for $75 million on Dec. 21,
2015, saying no better deal was likely to come along.

U.S. Bankruptcy Judge Dennis Montali approved a motion submitted in
late November naming a price of $75 million for "substantially all"
of Rdio's assets, subject to slight adjustments if certain
employees decided not to stay or for other reasons.

                        About Rdio, Inc.

Rdio, Inc., was founded in 2008 as a digital music service.  The
business operations were launched in 2010 after Rdio secured all of
the major record label rights.  Since that time, Rdio has strived
to grow into a world wide music service, and today is in
approximately 86 countries.

Rdio, Inc., filed Chapter 11 bankruptcy petition (Bankr. N.D.
Calif. Case No. 15-31430) on Nov. 16, 2015, with a deal in place to
sell the company to Pandora Media.  The petition was signed by
Elliott Peters as senior vice president.  Judge Dennis Montali has
been assigned the case.

The Debtor estimated assets in the range of $50 million to $100
million and liabilities of more than $100 million.  

Levene, Neale, Bender, Yoo & Brill LLP serves as the Debtor's
counsel.


RESPONSE GENETICS: Files Post-Sale Closing Report
-------------------------------------------------
Response Genetics, Inc., has filed a status report to apprise the
Court of the status of the Debtor's efforts to negotiate an
acceptable wind down budget with SWK Funding LLC.  The Debtor
requires sufficient liquidity with which to administer the
Debtor’s estate after the closing of the sale of substantially
all of the Debtor's assets to Cancer Genetics, Inc. ("CGI").
Unless SWK Funding, LLC, agrees to provide the Debtor with an
acceptable wind down budget, the Debtor will be left with no option
other than to convert the case to a chapter 7 case.  A copy of the
report may be downloaded at http://is.gd/aziX1D

                    About Response Genetics

Los Angeles, California-based Response Genetics, Inc. (otcqb:RGDX)
-- http://www.responsegenetics.com-- is a CLIA-certified clinical
laboratory focused on the development and sale of molecular
diagnostic testing services for cancer.  The Company's technologies
enable extraction and analysis of genetic information derived from
tumor cells stored as formalin-fixed and paraffin-embedded
specimens.  The Company's principal customers include oncologists
and pathologists.  In addition to diagnostic testing services, the
Company generates revenue from the sale of its proprietary
analytical pharmacogenomic testing services of clinical trial
specimens to the pharmaceutical industry.  

Response Genetics, fdba Bio Type, Inc., filed for Chapter 11
bankruptcy (Bankr. D. Del. Case No. 15-11663) on Aug. 9, 2015,
represented by James E. O'Neill, Esq., at Pachulski Stang Ziehl &
Jones LLP.  Canaccord Genuity, Inc., serves as its investment
banker; and Rust Consulting Omni Bankruptcy acts as its claims and
noticing agent.  

The Company disclosed total assets of $10.7 million and total debts
of $15.7 million.  The petition was signed by Thomas Bologna,
chairman and chief executive officer.

No request has been made for the appointment of a trustee or an
examiner in the cases, and no official committee has yet been
appointed by the Office of the U.S. Trustee.

                           *     *     *

Response Genetics executed a "stalking horse" agreement to sell all
of its business assets to Cancer Genetics, Inc., for $14 million,
comprised of a 50/50 split in value of cash and the common stock of
CGI.

CGI is represented by Kramer Levin Naftalis & Frankel LLP's James
A. Grayer, Esq.



RESPONSE GENETICS: Settlement With Committee Approved
-----------------------------------------------------
U.S. Bankruptcy Judge Laurie Selber Silverstein has approved a
global compromise of controversies in accordance with that certain
Settlement Term Sheet between Response Genetics, Inc., and the
Official Committee of Unsecured Creditors.

The settlement embodied in the Term Sheet:

   (i) assures a distribution to the holders of allowed general
       unsecured claims at the lesser of (a) 10% of allowed
       general unsecured claims or (b) $325,000,

  (ii) provides for a limited "carveout" for Committee fees, and

(iii) resolves the Committee's actual and potential objections
       to, among other things, the sale of substantially all of
       the Debtor's assets pursuant to the Sale Motion and binds
       the Committee with respect to the validity, extent,
       priority, perfection, enforceability, and non-avoidability
       of the prepetition claims and liens of SWK Funding, LLC,
       the Debtor's prepetition and postpetition lender and the
       estate releases provided.

In the brief time since its appointment in the case, the Committee
has sought to achieve at least a minimum recovery for general
unsecured creditors and, concomitantly, to assure a sufficient
"carveout" for the payment of fees of the Committee's professionals
so the Committee can adequately represent the interests of such
creditors in the case.  The Settlement accomplishes those goals
and, importantly, allows the sale process to proceed on the current
schedule which the parties believe will maximize value for creditor
constituencies.  Approval of the Term Sheet will also resolve the
Committee's potential objections and disputes regarding the amount,
enforceability, validity, priority, extent and non-avoidability of
the claims and liens asserted by SWK, thereby avoiding unnecessary
litigation costs and delay while providing certainty regarding the
sale of the Debtor's assets.

In summary, the Term Sheet provides for the following:

  (a) the support of the Committee of the sale of substantially
      all of the Debtor's assets to Cancer Genetics, Inc. ("CGI")
      or any other buyer that submits a higher and better offer;

  (b) a carve-out of between $100,000 to $175,000, for fees for
      the Committee's professionals, under the Final DIP Order;

  (c) the transfer of $325,000 by SWK from proceeds of the Sale to

      a trust created for the benefit of general unsecured
      creditors, or to a segregated account to be maintained by
      the Debtor pending the creation of the GUC Trust Account,
      with such amount to be reduced if determined to be greater
      than 10% of allowed general unsecured claims;

  (d) SWK's deficiency claim, if any, will not be entitled to
      share in the Settlement Cash; and

  (e) validation of SWK's liens and claims and related releases.

The Term Sheet is supported by all major constituents in this case,
is in the best interests of the Debtor's estate, and represents an
outstanding result for all stakeholders under the circumstances.
By its terms, subject to Court approval, the Term Sheet is a
binding settlement on all parties thereto, without need for further
documentation.

                    About Response Genetics

Los Angeles, California-based Response Genetics, Inc. (otcqb:RGDX)
-- http://www.responsegenetics.com/-- is a CLIA-certified clinical
laboratory focused on the development and sale of molecular
diagnostic testing services for cancer.  The Company's technologies
enable extraction and analysis of genetic information derived from
tumor cells stored as formalin-fixed and paraffin-embedded
specimens.  The Company's principal customers include oncologists
and pathologists.  In addition to diagnostic testing services, the
Company generates revenue from the sale of its proprietary
analytical pharmacogenomic testing services of clinical trial
specimens to the pharmaceutical industry.  

Response Genetics, fdba Bio Type, Inc., filed for Chapter 11
bankruptcy (Bankr. D. Del. Case No. 15-11663) on Aug. 9, 2015.  The
petition was signed by Thomas Bologna, chairman and chief executive
officer.

The Debtor tapped James E. O'Neill, Esq., at Pachulski Stang Ziehl
& Jones LLP, as counsel; Canaccord Genuity, Inc., as investment
banker; and Rust Consulting Omni Bankruptcy acts as claims and
noticing agent.  

The Company disclosed total assets of $10.7 million and total debts
of $15.7 million.

No request has been made for the appointment of a trustee or an
examiner in the cases, and no official committee has yet been
appointed by the Office of the U.S. Trustee.

                          *     *     *

Response Genetics executed a "stalking horse" agreement to sell all
of its business assets to Cancer Genetics, Inc., for $14 million,
comprised of a 50/50 split in value of cash and the common stock of
CGI.

CGI is represented by Kramer Levin Naftalis & Frankel LLP's James
A. Grayer, Esq.


SANTA FE GOLD: Wants More Time in Plan Filing as Sale Draws Near
----------------------------------------------------------------
Jeff Montgomery at Bankruptcy Law360 reported that precious metals
miner Santa Fe Gold sought extended Delaware Bankruptcy Court
protection from competing Chapter 11 plans on Dec. 23, 2015, as the
company moves toward a hearing on a scheduled auction of its assets
next month.

The New Mexico-based company sought protection from creditors in
August with an estimated $19 million in assets and $30 million in
secured and unsecured debts.  Its latest filing said the company
needs more time than the court's ordinary four months of
exclusivity.

                       About Santa Fe Gold

Santa Fe Gold Corporation and three affiliated entities, a group of
mining and mineral exploration companies headquartered in
Lordsburg, New Mexico, filed Chapter 11 bankruptcy petitions
(Bankr. D. Del. Lead Case No. 15-11761) on Aug. 26, 2015, to pursue
an expedited sale of their assets in order to maximize value for
all stakeholders.

The case is pending before the Honorable Mary F. Walrath.  The
cases are being jointly administered for procedural purposes.  The
Debtor continues to operate its business and manage its properties
as a debtor-in-possession.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as
counsel; Canaccord Genuity Group Inc., as financial advisor; and
American Legal Claim Services, LLC, as notice, claims, and
solicitation agent.

Santa Fe Gold disclosed $19.1 million in assets and $29.9 million
in debt as of March 31, 2015.


SIGA TECHNOLOGIES: Del. Justices Uphold $195M Award to PharmAthene
------------------------------------------------------------------
Matt Chiappardi at Bankruptcy Law360 reported that the Delaware
Supreme Court upheld a $195 million judgment against bankrupt SIGA
Technologies Inc. in litigation with PharmAthene Inc. over a failed
merger and licensing agreement connected to a smallpox drug for the
nation's stockpile, but a dissenting justice called the ruling "out
of step" with other corporate law hubs.

In a rare nonunanimous decision penned by Justice Collins J. Seitz
Jr., the high court majority said that the Chancery Court was
within its rights to impose so-called expectation damages.

                     About SIGA Technologies

Publicly held SIGA Technologies, Inc., with headquarters in
Madison Avenue, New York, is a biotech/pharmaceutical company that
specializes in the development and commercialization of solutions
for serious unmet medical needs and biothreats.  SIGA's lead
product is Tecovirimat, also known as ST-246, an orally
administered antiviral drug that targets orthopoxviruses.

SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case
No. 14-12623) on Sept. 16, 2014, in Manhattan.  The case is
assigned to Judge Sean H. Lane.

The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and
Prime Clerk LLC as claims agent.

The Debtor's Chapter 11 plan and disclosure statement are due
May 14, 2015.

The Debtor disclosed total assets of $131,669,746 and $7,954,645
in liabilities as of the Chapter 11 filing.

The Statutory Creditors' Committee is represented by Martin J.
Bienenstock, Esq., Scott K. Rutsky, Esq., and Ehud Barak, Esq., at
Proskauer Rose LLP.  The Committee tapped to retain Guggenheim
Securities, LLC, as its financial advisor and investment banker.


UNIQUE BROADBAND: Companies' Creditors Arrangement Concludes
------------------------------------------------------------
Unique Broadband Systems, Inc., on Dec. 23 reported its financial
results for the year ended Aug. 31, 2015.

Financial highlights (in thousands, except per share amounts)
include the following:

   -- UBS recorded loss before comprehensive income of $0.72
million or
$0.007 per share, basic and diluted, for the year ended Aug. 31,
2015, compared to income before comprehensive loss of $3.21 million
or $0.032 per share, basic and diluted, for the year ended August
31, 2014.

   -- As at Aug. 31, 2015, UBS held cash of $0.34 million, compared
to cash and short-term investments totaling $2.04 million as at
Aug. 31, 2014.  As previously reported, the decrease in cash was
mainly due to the payment of certain claims under the Companies'
Creditors Arrangement Act totaling in aggregate $1.04 million.

Corporate Update

UBS disclosed  that, in accordance with the Order of the Ontario
Superior Court of Justice of February 26, 2015, the proceedings
under the Companies' Creditors Arrangement Act ("CCAA") in respect
of Unique Broadband Systems, Inc. and UBS Wireless Services Inc.
have been successfully concluded.  The Termination Certificate,
confirming that all conditions set out by the court have been
satisfied and bringing the proceedings to an end, has now been
filed by the Monitor.

Going forward, the Company intends to actively review UBS'
prospects and opportunities to best utilize its assets and capital
so as to maximize long-term value for shareholders, whether through
acquisitions, mergers, other transactions or in some other way.

To support these strategic efforts and in order to strengthen the
Company's financial position and address its liquidity
requirements, the Company continues to consider and evaluate, on an
ongoing basis, all alternatives available to it.  These
alternatives include, without limitation, seeking additional
sources of financing, identifying and pursuing strategic
partnerships, raising additional debt or equity and other value
enhancing opportunities.

                  About Unique Broadband Systems

Unique Broadband Systems, Inc. -- http://www.uniquebroadband.com/
-- is a Canadian-based company with holdings in Look Communications
and a continuing business interest with Unique Broadband Systems
Ltd.  


VAUGHAN COMPANY: Court Denies Confirmation of Ch. 11 Trustee's Plan
-------------------------------------------------------------------
Judge Robert H. Jacobvitz of the United States Bankruptcy Court for
the District of New Mexico held that the Chapter 11 plan submitted
by the Chapter 11 Trustee of the estate of The Vaughan Company,
Realtors, is not confirmable.

Judith Wagner, Chapter 11 Trustee of the estate of VCR, sought
confirmation of a Chapter 11 Plan of Liquidation.  Through her
plan, the Trustee sought to effectuate a "rising tide" distribution
method.  The Trustee believed that type of distribution method is
the most equitable way to distribute limited funds among hundreds
of innocent investors who were defrauded by VCR through its
promissory program which paid earlier investors with funds
contributed by later investors.

The Unsecured Creditors' Committee objected to confirmation,
asserting that the "rising tide" distribution method fails to
comply with the confirmation requirements under the Bankruptcy
Code.

An order approving the disclosure statement for the plan was
entered on July 24, 2015.  A final confirmation hearing was held on
November 20, 2015.

Judge Jacobvitz held that the plan fails to satisfy the "same
treatment" requirement of Section 1123(a)(4) of the Bankrptcy Code,
incorporated into the Section 1129(a)(1) confirmation requirement,
and fails to satisfy the best interests of the creditors test under
Section 1129(a)(7).

A full-text copy of Judge Jacobvitz's Dec. 14, 2015 memorandum
opinion is available at http://is.gd/vcO4iwfrom Leagle.com.

                              About The Vaughan Company Realtors

The Vaughan Company Realtors filed for Chapter 11 protection
(Bankr. N.M. Case No. 10-10759) on Feb. 22, 2010.  George D.
Giddens, Jr., Esq., represents the Debtor in its restructuring
efforts.  The Company estimated both assets and debts of between $1
million and $10 million.  Judith A. Wagner was appointed as
Chapter 11 Trustee.

Mr. Vaughan filed a separate Chapter 11 petition (Bankr. D. N.M.
Case No. 10-10763) on Feb. 22, 2010.  The case was converted to a
chapter 7 proceeding on May 20, 2010.  Yvette Gonzales is the duly
appointed trustee of the Chapter 7 estate.


WALTER ENERGY: Regulators Balk at Sale of Substantially All Assets
------------------------------------------------------------------
BankruptcyData reported that the U.S. Environmental Protection
Agency and the U.S. Department of Interior, Office of Surface
Mining Reclamation and Enforcement filed with the U.S. Bankruptcy
Court an objection to Walter Energy's motion for an order approving
the sale of substantially all of their assets.

The objection explains, "As explained in greater detail below,
hidden in the proposed Asset Purchase Agreement are certain
provisions that provide for the Debtors to drop certain properties
from the proposed Sale and place them in a Liquidation Trust along
with unspecified winddown funding.  

Among these properties the Debtors now seek to exclude from the
sale are the Walter Coke Facility and certain mining operations and
properties in West Virginia.  The Debtors propose to wind down
these properties, as they must in order to comply with mandatory
requirements of non-bankruptcy law governing property of the
estate.  Yet as of the date of the objection, the Debtors have not
filed any motion to establish a Liquidation Trust or any proposed
winddown budgets with the details of the winddown they are
proposing....The relief sought by the Debtors -- selling the
valuable parts of the Debtors' assets, and leaving environmentally
impacted properties behind in a hypothetical Liquidation Trust --
without any demonstration of the sufficiency of funding for
continued compliance with environmental obligations under
non-bankruptcy law could pose a serious risk to public health and
safety.  

Among the Debtors' assets is the Walter Coke Facility.  Walter
Coke, Inc. owns and operates an industrial coke operation in North
Birmingham, Alabama, which produces foundry and furnace coke and
coke by-products. Section 7.8 of the APA provides to the Stalking
Horse Purchaser the right to amend Schedule 2.2(a) to designate the
Walter Coke Assets to be an Excluded Asset, and, therefore, to
elect not to purchase the Walter Coke Assets.  Apparently, on
Dec. 8, 2015, the Stalking Horse Purchaser made the Walter Coke
Election and, therefore, will not purchase the Walter Coke
Assets."

                       About Walter Energy

Walter Energy -- http://www.walterenergy.com/-- is a publicly   
traded "pure-play" metallurgical coal producer for the global steel
iindustry 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.


WESTERN CONVENIENCE: Case Summary & 20 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Western Convenience Stores, Inc.
        9849 East Easter Avenue
        Centennial, CO 80112

Case No.: 15-23977

Chapter 11 Petition Date: December 28, 2015

Court: United States Bankruptcy Court
       District of Colorado (Denver)

Judge: Hon. Thomas B. McNamara

Debtor's Counsel: Lee M. Kutner, Esq.
                  KUTNER BRINEN GARBER, P.C.
                  1660 Lincoln St., Ste. 1850
                  Denver, CO 80264
                  Tel: 303-832-2400
                  Email: lmk@kutnerlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Hossein Taragahi, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cob15-23977.pdf


[*] Judge Trims Office Depot's Ex-Managers From Collection Action
-----------------------------------------------------------------
Martin Bricketto at Bankruptcy Law360 reported that a New Jersey
judge on Dec. 21, 2015, trimmed several former assistant store
managers from a Fair Labor Standards Act collection action against
Office Depot Inc. because they failed to disclose their employment
claims during bankruptcy proceedings, finding that the workers had
taken irreconcilable positions.  U.S. District William J. Martini
handed a victory to the office supply giant as it battles putative
class and collective actions under the FLSA and state wage-and-hour
laws for allegedly failing to pay proper overtime wages.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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