TCR_Public/160115.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, January 15, 2016, Vol. 20, No. 15

                            Headlines

AFFINITY HEALTHCARE: Case Summary & 19 Top Unsecured Creditors
ALANCO TECHNOLOGIES: Reports Net Loss, Going Concern Doubt
AMERICAN APPAREL: Financial Stakeholders Back Chapter 11 Plan
AMERICAN APPAREL: Former CEO Reports 41% Stake as of Jan. 11
AMERICAN APPAREL: Former CEO, Investor Group Bid $300M

AMERICAN APPAREL: IRS, Texas Taxmen Oppose Chapter 11 Plan
AMERICAN EDUCATION: Raises Going Concern Doubt Status
AMERICAN POWER: Completes $2.2 Million Private Placement Financing
ARCE RIVERSIDE: Can Recover $1.1-Mil. from Penn Equities
ARCH ALUMINUM: "Glasstex" Appeal Reinstated

ARCHDIOCESE OF ST. PAUL: Seeks Approval of Chancery Sale
ARKANOVA ENERGY: Reports $3.32 Million Net Loss for Fiscal 2015
ATLANTIC CITY, NJ: Amended Three Rescue Bills Move Closer to Law
ATNA RESOURCES: Wants Approval of Key Employee Retention Plan
BANKRATE INC: S&P Raises CCR to 'BB-' on SEC Settlement

BUDD COMPANY: Seeks to Modify UAW Retiree Benefits
CAESARS ENTERTAINMENT: Digs In on Fight Over Asset Transfer Docs
COLT DEFENSE: Stakeholder Sciens Lines Up Cash for Bankruptcy Exit
CONNEAUT LAKE VOLUNTEER: Files for Ch 11 Bankruptcy Protection
CONSOLIDATED FREIGHTWAYS: Justices Again Snub Malpractice Suit

CORUS ENTERTAINMENT: DBRS Puts Ratings Under Review
DDMG ESTATE: Cash Collateral Use Extended Through Jan. 29
DELMAR PHARMACEUTICALS: Uncertainty Casts Going Concern Doubt
DEWEY & LEBOEUF: Execs Bet on Retrial Against Felony Convictions
DIGITALSOUND PRODUCTION: PRG Completes Acquisition of Assets

DOMARK INTERNATIONAL: Authorized Common Shares Hiked to 130M
DOMISTYLE INC: 5th Circ. Affirms Judgment on Surcharge Property
E Z MAILING: Case Summary & 20 Largest Unsecured Creditors
ECOSPHERE TECHNOLOGIES: Issues $300,000 Promissory Notes
ELITE PRECISION: Suit v. General Dynamics to Proceed to Arbitration

ESCALON MEDICAL: Recurring Losses Raise Going Concern Doubt
F-SQUARED INVESTMENT: Majority of Unsecureds Vote to Accept Plan
FIRST RATE STAFFING: Auditors Express Going Concern Doubt
GFI GROUP: Moody's Hikes Issuer Rating to 'Ba2'
GOODRICH PETROLEUM: NYSE Suspends Trading, Faces Delisting

GREAT HEARTS: S&P Raises Longterm Rating From 'BB+'
GREYSTONE LOGISTICS: Signs Contract With Lease Pool Svcs Provider
GTS FRANCHISING: Case Summary & 6 Largest Unsecured Creditors
HAGGEN HOLDINGS: Alton Plaza Contends $15.5K Cure Amount Too Low
HAGGEN HOLDINGS: Needs Until April 5 to File Ch. 11 Plan

HAGGEN HOLDINGS: Submits Final Form of Albertson's APA
HAGGEN HOLDINGS: Tawa Has Winning Bid for 3 Store Leases
HII TECHNOLOGIES: Plan to Transfer Assets to Litigation Trust
HOLY HILL COMMUNITY CHURCH: Chapter 11 Plan Approved by Judge
HOLY HILL COMMUNITY CHURCH: Plan Declared Effective

HOLY HILL COMMUNITY CHURCH: Wilshire Stipulation Approved
HOVENSA L.L.C.: Amends Liquidating Plan Ahead of Jan. 19 Hearing
HOVENSA L.L.C.: Files Supplement to Bankruptcy Exit Plan
HOVENSA L.L.C.: UST Reserves Right to Object to Plan Trustees
HOVENSA L.L.C.: Virgin Islands Keeps Rights to Raise Plan Issues

IDERA PHARMACEUTICALS: Releases Copy of Presentation Materials
ILLINOIS INSTITUTE: Fitch Affirms BB Rating on 2006A/2009A Bonds
INTERNATIONAL SHIPHOLDING: Debt May Trigger Going Concern Doubt
JAMES F. HUMPHREYS: Case Summary & 20 Largest Unsecured Creditors
JEFFREY L. HAYDEN: Can't Clawback $9MM Transfer, Court Rules

JHK INVESTMENTS: Exit Plan Hands Control to Bay City
KALOBIOS PHARMACEUTICALS: Investors Sue Over CEO Shkreli Arrest
LEHMAN BROTHERS: Goes After Standard Pacific for Mortgage Losses
LPATH INC: Hal Mintz Reports 8.9% Equity Stake as of Dec. 31
MACCO PROPERTIES: Court Denies Bid to Junk Suit vs. Price

MAGNUM HUNTER: Shareholders Wants Panel to Examine Company's Value
MARK NEIGHBORS: Court Converts Case to Ch. 7
MATTRESS FIRM: S&P Affirms 'B+' CCR, Off Watch Negative
MATTRESS HOLDING: $730MM Add-On Loan No Impact on Moody's B1 CFR
MAURY ROSENBERG: High Court Won't Review 'Fees-On-Fees' Ruling

MEDICURE INC: Estimates $21.9 Million Revenue for 2015
MF GLOBAL: PwC Says Risky European Debt Deals Led to Downfall
MIDLAND UNIVERSITY: Fitch Affirms 'B+' Rating on $7.9MM Bonds
MILK SPECIALTIES: S&P Raises CCR to 'B', Outlook Stable
MOLYCORP INC: $1.9-Bil. Ch. 11 Plan Stumbles Over Death Trap Deal

MOLYCORP INC: Tells 2nd Circuit to Leave Stay Untouched
MONARCH AMERICA: Has Going Concern Doubt amid Capital Deficit
MOTORS LIQUIDATION: Fights to Block Ignition Switch Cases
NAKED BRAND: Bard Associates Reports 9.4% Stake as of Dec. 31
NEW CENTURY: "Aho" Complaint Dismissed

NEW YORK CITY OPERA: Eyes Exit From Bankruptcy Within the Month
NNN MET CENTER: Cash Collateral Use Extended Through March 31
OAKLAND PORT SERVICE: Court Directs President to Produce Docs
OFFSHORE GROUP: Prepackaged $2.6-Bil. Plan Shaken by Delay Demand
ONE SOURCE: Ally, Santander Consumer Object to Plan

OVERSEAS SHIPHOLDING: Extends Tender Offer for 7.50% Senior Notes
PFO GLOBAL: Has Going Concern Doubt Due to Loss, Deficit
PHARMACYTE BIOTECH: Obtains $1 Million From Private Placement
PITTSBURG RDA: Fitch Affirms 'BB+' Rating on $142.3MM Sub. TABs
PREMIER EXHIBITIONS: Files Corrected CEO Employment Agreement

PRESCOTT VALLEY: Wins Nod of Premium Finance Agreement with IPFS
PSL-NORTH AMERICA: Court Confirms Ch. 11 Liquidating Plan
PUERTO RICO: Assured Guaranty Files Suit to Stop "Clawback"
QUICKSILVER RESOURCES: Banks Hold Perfected Lien on 7 Properties
QUICKSILVER RESOURCES: Non-Insider Employees to Get Bonus Payments

RADNOR HOLDINGS:  Skadden's $4-Mil. Fee Preserved Again
RCS CAPITAL: Current Financial Condition Casts Going Concern Doubt
REFCO INC: Funds Tell 2nd Circ. JPM, Others Fueled $1-Billion Scam
RELATIVITY MEDIA: Committee Opposes FTI Claims for Payment
RELATIVITY MEDIA: Committee's Manchester Challenge Period Extended

RELATIVITY MEDIA: Proponents File Plan Supplement
RELATIVITY MEDIA: Settles $3 Million Sony Claim Over Film Rights
RUBICON MINERALS: NYSE to Commence Stock Delisting Proceedings
SAM WYLY: Blames Years of IRS Audit for Bankruptcy Filing
SAM WYLY: Considered Expatriation to Address Tax Liabilities

SENTINEL MANAGEMENT: 7th Circuit Deals Blow to BNY in $312M Row
SPANISH BROADCASTING: Joins FCC's Auction with PR Stations
STAR BULK: Receives Nasdaq Listing Non-Compliance Notice
SUNTECH AMERICA: Seeks July 7 Extension of Solicitation Period
TAYLOR-WHARTON INT'L: Says Employing Nixon Peabody Neccessary

TEMPNOLOGY LLC: Court Overrules Objection to Asset Sale
TENET HEALTHCARE: Confirms Adjusted EBITDA Outlook for Q4
TERESA GIUDICE: Husband Stays Free of Contract Fraud Claims
THERAPETICSMD INC: Offering 15.2 Million Common Shares
TRANSGENOMIC INC: Randal Kirk Reports 35.6% Stake as of Jan. 6

UTSTARCOM HOLDINGS: Appoints Tim Ti Chief Executive Officer
VAPOR HUB: Faces Liquidity Constraints, Going Concern Doubt
VERITEQ CORP: Incurs $4.80 Million Net Loss in Second Quarter
WAINWRIGHT BROTHERS: Case Summary & 14 Top Unsecured Creditors
WALTER ENERGY: Can Implement KERP, Transfer $2MM to Trust

WALTER ENERGY: Gets Approval to Sell Assets to Coal Acquisition
WASCO INC: District Court Reverses Order Confirming Ch. 11 Plan
WORLD WIDE WHEAT: 341 Meeting of Creditors Set for Jan. 26
ZION PARK: Moody's Affirms 'Ba1' Rating on GOULT Debt
ZOGENIX INC: Sabby Healthcare Reports 6.1% Stake as of Dec. 31

ZUCKER GOLDBERG: Creditors Call Liquidation Plan "Ill-Conceived"
[*] Burr & Forman Opens Jacksonville Office With Three Partners
[*] Coats Rose Merges With Wright Ginsberg
[*] Duane Morris Adds 2 Attorneys to Trial Practice Group
[*] Epiq Systems Appoints Deirdre McGuinness as Managing Director

[*] High Court Passes On Appeal Over Student Loan Discharge
[*] Reed Smith Cut Ties with 45 Attorneys, Plus Support Staff
[*] S&P: Global Corp. Rating Trends at Highest Neg. Since 2009
[^] BOOK REVIEW: The Financial Giants In United States History

                            *********

AFFINITY HEALTHCARE: Case Summary & 19 Top Unsecured Creditors
--------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

      Debtor                                  Case No.
      ------                                  --------
      Affinity Healthcare Management, Inc.    16-30043
      1781 Highland Avenue, Suite 206
      Cheshire, CT 06410

      Health Care Investors, Inc.          16-30044

      Health Care Alliance, Inc.      16-30045

      Health Care Assurance, L.L.C.           16-30046

      Health Care Reliance, L.L.C.            16-30047

Nature of Business: Health Care

Chapter 11 Petition Date: January 13, 2016

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

Judge: Hon. Julie A. Manning

Debtors' Counsel: Elizabeth J. Austin, Esq.
                  PULLMAN AND COMLEY, LLC
                  850 Main Street
                  P.O. Box 7006
                  Bridgeport, CT 06601-7006
                  Tel: (203) 330-2000
                  Email: eaustin@pullcom.com

                    - and -

                  Jessica Grossarth, Esq.
                  PULLMAN & COMLEY, LLC
                  850 Main Street
                  P.O. Box 7006
                  Bridgeport, CT 06601-7006
                  Tel: (203) 330-2215
                  Fax: 203-257-0993
                  Email: jgrossarth@pullcom.com

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

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Benjamin Fischman, president.

A list of Affinity Healthcare's 19 largest unsecured creditors is
available for free at http://bankrupt.com/misc/ctb16-30043.pdf


ALANCO TECHNOLOGIES: Reports Net Loss, Going Concern Doubt
----------------------------------------------------------
Alanco Technologies, Inc. reported a net loss of ($403,300) during
the three months ended September 30, 2015, and for fiscal year
ended June 30, 2015, the company reported a net loss of ($900,600).


Historically, the company had relied on the liquidation of its
investment in Marketable Securities to fund working capital needs.
The company sold all remaining marketable securities during fiscal
2015.  

"These factors raise doubt about the company's ability to continue
as a going concern for the next year," Danielle L. Haney, chief
financial officer of the company, said in a regulatory filing with
the U.S. Securities and Exchange Commission on November 16, 2015.

"The company's fiscal 2016 operating plan contemplates development
of the Alanco Energy Services, Inc. (AES) Indian Mesa site.  In
order to develop the Indian Mesa site in Colorado, the company will
need additional financing which may be in the form of public or
private debt or equity financing, or both.  Management cannot
assure that it will secure additional financing in order to achieve
projections.  If adequate funds are not available or are not
available on acceptable terms, the company's business, operating
results, financial condition and ability to continue operations may
be materially adversely affected.  Management has historically been
successful in obtaining financing and has demonstrated the ability
to implement a number of cost-cutting initiatives to reduce working
capital needs or the company may seek to sell assets.  Accordingly,
the accompanying consolidated financial statements have been
prepared assuming the Company will continue to operate and do not
include any adjustment that might be necessary if the company is
unable to continue as a going concern.  As a result, the company's
independent registered public accounting firm included an
explanatory paragraph in their audit opinion on the consolidated
financial statements of the company for the fiscal year ended June
30, 2015 discussing the substantial doubt of the company's ability
to continue as a going concern."

At September 30, 2015, the company had total assets of $4,890,500,
total liabilities of $1,374,100 and total shareholders' equity of
$3,516,400.

For the three months ended September 30, 2015, the company reported
a net loss of $403,300 as compared with a net loss of $178,200 for
the three months ended September 30, 2014.

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

Scottsdale, Arizona-based Alanco Technologies, Inc. (OTCBB: ALAN )
was incorporated in 1969 under the laws of the state of Arizona.
During the fiscal year ended June 30, 2012, the company formed
Alanco Energy Services, Inc. (AES) for the purpose of obtaining
property to establish a water disposal facility near Grand
Junction, Colorado to receive produced water generated as a
byproduct from oil and natural gas production in Western Colorado.
The new facility started to receive produced water in August 2012.




AMERICAN APPAREL: Financial Stakeholders Back Chapter 11 Plan
-------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that American
Apparel Inc. on Jan. 11, 2016, said that its financial stakeholders
have put their support behind the company's restructuring plan,
days after the retailer's ousted Chief Executive Dov Charney backed
a $200 million takeover bid.

American Apparel said that it has reached an agreement on a revised
Chapter 11 plan with its committee of unsecured creditors and a
group of lenders that hold more than 90% of the retailer's secured
debt.  Among other changes, the plan provides a $2.5 million pool
for unsecured creditors.

                      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 APPAREL: Former CEO Reports 41% Stake as of Jan. 11
------------------------------------------------------------
American Apparel, Inc.'s former chief executive officer Dov Charney
filed with the Securities and Exchange Commission Amendment No. 17
to his Schedule 13D, disclosing his ownership of the Company's
Common Stock, $0.0001 par value per share.

According to Mr. Charney, he may be deemd to beneficially own
74,560,813 shares -- or roughly 41.4% -- of American Apparel shares
as of Jan. 11, 2016.

The SEC filing was made at the same time Mr. Charney and his
investment group announced a $300 million offer to acquire American
Apparel.  The investor group comprised of Hagan Capital Group and
Silver Creek Capital Partners.

The offer comes as American Apparel prepares for a hearing later
this month to seek confirmation of its Joint Plan of Reorganization
to exit bankruptcy protection.  Hearing on the Plan will be held
before Judge Brendan L. Shannon in Delaware on Jan. 20, 2016 at
10:00 a.m. (prevailing Eastern Time), according to a report by the
Troubled Company Reporter.

Cardinal Advisors, LLC serves as financial advisor to Mr. Charney
and Proskauer Rose LLP serves as legal counsel to Hagan Capital
Group and Silver Creek Capital Partners.

                      About American Apparel

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

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

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

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

                       *     *     *

A hearing to consider confirmation of American Apparel, Inc., et
al.'s Joint Plan of Reorganization will be held before Judge
Brendan L. Shannon of the U.S. Bankruptcy Court for the District of
Delaware on Jan. 20, 2016 at 10:00 a.m. (prevailing Eastern Time).

The Plan will allow the Debtors to strengthen their balance sheet
by converting over $200 million of Prepetition indebtedness into
Reorganized American Apparel Equity Interests and enabling the
Debtors to obtain a material infusion of new equity and debt
capital upon emergence that will permit the Debtors to exit
bankruptcy protection expeditiously and with sufficient liquidity
to implement their business plan.  In addition, the Plan will
provide distributions to general unsecured creditors in the form
of units in a litigation trust and, to each class of general
unsecured creditors that accepts the Plan, a portion of a $1
million cash payment.

The GUC Payment will be divided as follows:

   -- $10,000 for GUCs against American Apparel, Inc.
   -- $517,000 for GUCs against American Apparel (USA), LLC
   -- $470,000 for GUCs against American Apparel Retail, Inc.
   -- $1,000 for GUCs against American Apparel Dyeing & Finishing
   -- $1,000 for GUCs against KCL Knitting, LLC
   -- $1,000 for GUCs against Fresh Air Freight, Inc.

Parties who support the Plan include 100% of the lenders under the
Prepetition ABL Facility, holders of over 95% in amount of the
Prepetition Notes, and lenders under the Lion Credit Facility and
the UK Loan.

A full-text copy of the Disclosure Statement dated Nov. 20, 2015,
is available at http://bankrupt.com/misc/AAds1120.pdf


AMERICAN APPAREL: Former CEO, Investor Group Bid $300M
------------------------------------------------------
An investor group comprised of Hagan Capital Group and Silver Creek
Capital Partners announced on Jan. 11 that they have submitted a
$300 million offer to acquire American Apparel, Inc.

According to a press statement:

     -- the Offer, which values American Apparel at $300 million,
        is superior to the debtor's plan of reorganization and is
        a win-win solution for the Company and all of its
        stakeholders

     -- the Debtor's plan is not feasible and will lead to poor
        long-term recoveries for the Company's stakeholders and
        put thousands of manufacturing jobs in Los Angeles at
        risk

     -- The acquisition proposal has the support of the Company's
        founder, Dov Charney, whose leadership and vision is
        central to American Apparel's long-term viability.

The offer comes as American Apparel prepares for a hearing later
this month to seek confirmation of its Joint Plan of Reorganization
to exit bankruptcy protection.  Hearing on the Plan will be held
before Judge Brendan L. Shannon in Delaware on Jan. 20, 2016 at
10:00 a.m. (prevailing Eastern Time), according to a report by the
Troubled Company Reporter.

The American Apparel investment would be managed by PressPlay
Group, the private equity arm of San Francisco- and Shanghai-based
PressPlay Global, which is backed by Hagan and Silver Creek.

The terms of the proposal includes:

     -- An investment from the Investor Group of $130 million,
        including $90 million of new equity and $40 million of
        a new term loan.

     -- American Apparel would exit bankruptcy with approximately
        $160 million of liquidity and new equity, including cash,
        a new $50 million undrawn revolving credit facility, and
        $90 million of equity cushion at closing, versus
        approximately $75 million under the debtor's plan of
        reorganization.

     -- The total enterprise value of the proposed transaction is
        $300 million, an attractive valuation to the debtor and
        above the valuation range of $180 to $270 million
        publicly stated by the debtor in its disclosure
        statement. The Investor Group's offer is an upward
        revision to a prior proposal submitted by the Investor
        Group to the Company in December 2015.

     -- The Company's pre-petition senior lenders will receive
        a recovery of over 100% versus 33% to 77% under the
        debtor's plan, assuming the low and high values of the
        debtor's valuation range. Additionally, the unsecured
        creditors will receive a recovery of ten times that under
        the debtor's plan, plus the benefits from the enhanced
        long-term viability of the enterprise.

"American Apparel is a proven viable business model that needs to
be scaled from a sales point of view and should not be in
bankruptcy. If the Company is not turned around it will be a
pointless loss of American manufacturing jobs. We strongly urge the
creditors to evaluate and accept our offer," stated Chad Hagan,
Managing Partner of Hagan Capital Group.

Headquartered in Los Angeles, American Apparel is an iconic company
in the apparel industry, operating the largest clothing
manufacturing facility in the United States. In 2014, the Company
generated over $600 million of net sales and reported $40 million
of Adjusted EBITDA. Mr. Charney has a consistent track record of
driving the Company's business, growing sales for 25 consecutive
years with just one exception.

Hagan states, "Dov's creativity, entrepreneurialism, and dedication
are the cornerstone of American Apparel. Removing him from the
Company's board and leadership was a shortsighted mistake and we
are seeing the results of this error unfold in the declining
performance of the Company today."

According to the press statement, in the nine months ended
September 30, 2015, following Mr. Charney's departure from the
Company but prior to the Company's bankruptcy filing, net sales and
gross profits at American Apparel declined 15.5% and 29.2%,
respectively. These trends have not showed signs of reversing with
net sales down 19.1% on a year-over-year basis for the third
quarter of 2015, the last publicly disclosed financial information
for the Company.

"The Company's existing management team has had a year to prove its
business strategies for American Apparel. The historical record on
this is clear at this point: the Company is a far less profitable
business than it was under Mr. Charney's tenure as Chairman and
CEO, and the Company's sales and EBITDA only continue to
deteriorate further under the new regime. We believe that under the
strategy being pursued by current management, the debtor's plan, if
confirmed by the court, will ultimately prove unfeasible. This will
result in disastrous outcomes for the Company's various
stakeholders," commented Hagan.

Charney has developed a business plan that he and the Investor
Group believe would rapidly improve the Company's business
performance. He has also held discussions with many highly regarded
industry executives with exceptional track records, interested in
joining the Company if the Investor Group's proposal were to be
successful and Charney returns.

Mr. Charney stated, "American Apparel is one of the largest private
sector employers in the city of Los Angeles, providing thousands of
manufacturing jobs. This discussion is not just about the impact on
the investor returns, but also about the livelihood of thousands of
workers. I am confident that given the opportunity I will
successfully turn around the Company's fortunes, return it to
profitability and to a market leading position again."

Cardinal Advisors, LLC is serving as financial advisor to Mr.
Charney and Proskauer Rose LLP is serving as legal counsel to Hagan
Capital Group and Silver Creek Capital Partners.

Contact:

     Chadwick Hagan, Managing Partner
     HAGAN CAPITAL GROUP / HCG, INC.
     995 Canton Street  
     Roswell, GA 30075

          - and -

     David Felman
     CARDINAL ADVISORS
     8391 Beverly Blvd., Suite 443
     Los Angeles, CA 90048
     Tel: (310) 903-1115
     E-mail: david.felman@cardinal-advisors.com

          - and -

     Dov Charney
     1809 Apex Avenue
     Los Angeles, CA 90026
     Tel: (213) 923-7943
     E-mail: dovcharneypersonal@gmail.com

                      About American Apparel

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

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

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

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

                       *     *     *

A hearing to consider confirmation of American Apparel, Inc., et
al.'s Joint Plan of Reorganization will be held before Judge
Brendan L. Shannon of the U.S. Bankruptcy Court for the District of
Delaware on Jan. 20, 2016 at 10:00 a.m. (prevailing Eastern Time).

The Plan will allow the Debtors to strengthen their balance sheet
by converting over $200 million of Prepetition indebtedness into
Reorganized American Apparel Equity Interests and enabling the
Debtors to obtain a material infusion of new equity and debt
capital upon emergence that will permit the Debtors to exit
bankruptcy protection expeditiously and with sufficient liquidity
to implement their business plan.  In addition, the Plan will
provide distributions to general unsecured creditors in the form
of units in a litigation trust and, to each class of general
unsecured creditors that accepts the Plan, a portion of a $1
million cash payment.

The GUC Payment will be divided as follows:

   -- $10,000 for GUCs against American Apparel, Inc.
   -- $517,000 for GUCs against American Apparel (USA), LLC
   -- $470,000 for GUCs against American Apparel Retail, Inc.
   -- $1,000 for GUCs against American Apparel Dyeing & Finishing
   -- $1,000 for GUCs against KCL Knitting, LLC
   -- $1,000 for GUCs against Fresh Air Freight, Inc.

Parties who support the Plan include 100% of the lenders under the
Prepetition ABL Facility, holders of over 95% in amount of the
Prepetition Notes, and lenders under the Lion Credit Facility and
the UK Loan.

A full-text copy of the Disclosure Statement dated Nov. 20, 2015,
is available at http://bankrupt.com/misc/AAds1120.pdf


AMERICAN APPAREL: IRS, Texas Taxmen Oppose Chapter 11 Plan
----------------------------------------------------------
Jack Newsham at Bankruptcy Law360 reported the IRS and two Texas
tax collectors have filed objections to American Apparel's Chapter
11 reorganization plan, saying the plan lacks provisions for
interest on overdue taxes and wrongly prevents the revenue
collectors from offsetting tax debts with refunds.

American Apparel hopes to wrap up its bankruptcy claims soon by
swapping out $200 million in debt for equity in the reorganized
company and cutting its interest payments, and a hearing on
confirmation of its reorganization plan is scheduled for Jan. 20.

                      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 EDUCATION: Raises Going Concern Doubt Status
-----------------------------------------------------
American Education Center, Inc.'s expenses continue to exceed its
revenue and support which has created a deficiency in stockholders'
equity of approximately $184,000.  In addition, as of September 30,
2015 the company has a working capital deficiency of $104,000.  

"These factors raise substantial doubt regarding the company's
ability to continue as a going concern," said Hinman Au, chief
executive officer, and Max Chen, president, chairman, chief
financial officer and secretary of the company in a regulatory
filing with the U.S. Securities and Exchange Commission on November
16, 2015.

"The continuation of the company as a going concern is dependent
upon its ability to generate revenue significantly in excess of its
expenses to generate profitable operations. The company has created
and implemented a financial recovery plan to mitigate these risks.
The plan includes implementation of a more aggressive cash
collection program to address the company's liabilities and
alleviate its cash flow constraints.  The company also created a
break-even budget for the next quarter and has already made
significant effort to cut non-operating expenses."

At September 30, 2015, the company had total assets of $1,304,319,
total liabilities of $1,488,067 and total stockholders' deficit of
$183,748.

The company posted a net loss of $250,947 for the three months
ended September 30, 2015, compared with a net income of $221,385
for the same period in 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/zh7qxyw

American Education Center, Inc. is engaged in education-related
consulting services between the United States and China.  The New
York-based company currently provides exchange and placement
services to qualified U.S. educators to teach in China.



AMERICAN POWER: Completes $2.2 Million Private Placement Financing
------------------------------------------------------------------
American Power Group Corporation announced the completion of a
private placement of $2.2 million of Series D Convertible Preferred
Stock with several existing shareholders and investors affiliated
with members of its Board of Directors.

Each of the 22 shares of Series D Preferred Stock had a purchase
price of $100,000 and is convertible, at any time at the option of
the holder, into 1,000,000 shares of common stock.  In addition,
the Company issued five-year warrants to purchase up to 2,000,000
shares of common stock for each share of Series D Preferred Stock
purchased, with an exercise price of $0.10 per share.  The warrants
are subject to certain exercise restrictions, do not contain
cashless exercise provisions and do not contain antidilution
protections.  All of the warrants previously issued to each
investor in this financing were amended to provide that the
investor may not exercise those warrants until the investor
exercises the new warrants for cash.  The Series D Preferred Stock
has a 10% annual dividend, accruing quarterly and payable when, as
and if declared by the Company's Board of Directors, in cash or in
shares of common stock at our option.

The holders of the Series D Preferred Stock will receive certain
liquidation preferences over the holders of the Company's other
convertible preferred stock and common stock, and have been
provided similar preferential treatment with respect to all other
shares of convertible preferred stock held by them.

Further details of the financing are set forth in a current report
on Form 8-K filed with the Securities and Exchange Commission,
which is available for free at http://is.gd/3dgmNO

Chuck Coppa, American Power Group's CFO stated, "We cannot be more
pleased with the fact that, once again, several large shareholders
affiliated with members of our Board of Directors have made
substantial investments in APG - in this case, an additional $2.2
million on top of more than $11 million provided by these investors
to date.  We believe it speaks volumes to the level of support and
confidence these individuals have in APG, our management team and
strategic business plan."

                  Forbearance Agreement with WPU

In connection with the financing, the Company and its American
Power Group, Inc. subsidiary entered into a Forbearance and Waiver
Agreement with WPU Leasing, LLC to defer until De. 1, 2016, the
payment of approximately 69% of the principal and interest payments
currently payable and subsequently to become payable to WPU under
certain promissory notes.  APGI must continue to make the balance
of the principal and interest payments as they become due.  WPU
waived all existing events of default related to the payments of
principal and interest under the notes.  On Dec. 1, 2016, APGI must
pay to WPU all amounts due to WPU pursuant to the notes, including
(i) all amortized but unpaid principal and accrued but unpaid
interest through such date and (ii) penalty interest through such
date on all overdue amounts.  From and after June 30, 2016, WPU has
the option to accept payment or all or any portion of the amounts
due under the notes as of June 30, 2016, and as of the last day of
each month thereafter through and including Nov. 30, 2016, in
shares of Common Stock. Notwithstanding WPU's waivers and
agreements to forbear from exercising its rights, WPU will have no
obligation to make further advances to APGI under its existing
secured financing agreement and secured loan agreement without its
consent.

                    About American Power Group

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

American Power reported a net loss available to common stockholders
of $3.25 million on $6.28 million of net sales for the year ended
Sept. 30, 2014, compared to a net loss available to common
stockholders of $2.92 million on $7.01 million of net sales for the
year ended Sept. 30, 2013.

As of June 30, 2015, the Company had $8.9 million in total assets,
$7.7 million in total liabilities and $1.1 million in total
stockholders' equity.


ARCE RIVERSIDE: Can Recover $1.1-Mil. from Penn Equities
--------------------------------------------------------
Following a two-day trial on the objection of Debtor Arce
Riverside, LLC and Debtor Kera Riverside, LLC to the claim (twice
amended) of Penn Equities, LLC, the U.S. Bankruptcy Court for the
Northern District of California issued a memorandum decision
sustaining the Debtors' objection and disallowing usurious interest
paid to Penn.

Penn did not file an adversary proceeding or lawsuit for recovery
of the principal and interest.  The Debtors likewise did not file
an action against Penn for recovery of the usurious interest.
Rather, Penn chose to file and amend its proof of claim to include
a demand for all of the debt (including usurious interest), and
Debtors sought an offset of the usurious interest.

In a Memorandum Decision dated December 30, 2015, which is
available at http://is.gd/nmclk1from Leagle.com, U.S. Bankruptcy
Judge Dennis Montali finds and concludes that for the purposes of
determining the limitations period for the Debtors' usury claims,
Penn's filing of its claim commenced an action against the Debtors
and the Debtors' objection asserting usury constituted a
counterclaim.  The Debtors are therefore entitled to recover all
usurious interest payments, even those preceding November 12, 2011,
subject to an offset in the amount of post-maturity interest to
which Penn is entitled. That amount (excluding the offset) is
$1,375,847.

The Debtors contend that Penn cannot recover post-maturity interest
on its usurious loan.  Here, the note is secured by real property
so Penn is not entitled to ten percent interest.  But the Debtors'
contention that this precludes Penn from recovering any
post-maturity interest is unavailing, as California law permits
recovery of seven percent interest in these circumstances.  Penn is
entitled to offset $217,960.92 (the amount of interest accruing at
7% from the date of loan maturity to the date of loan payment)
against the amount of the usurious interest ($1,375,847.00) owed to
the Debtors.

The bankruptcy cases are In re ARCE RIVERSIDE, LLC, Chapter 11,
Debtor, and In re KERA RIVERSIDE, LLC, Chapter 11 Debtor, Nos.
13-32456DM, 13-32457DM (Bankr. N.D. Calif.).

Arce Riverside, LLC, Debtor, is represented by:

         Elizabeth Berke-Dreyfuss, Esq.
         WENDEL, ROSEN, BLACK & DEAN LLP
         1111 Broadway, 24th Floor
         Oakland, CA 94607
         Phone: 510.834.6600
         Fax: 510.808.4652
         Email: edreyfuss@wendel.com

Arce Riverside, LLC, based in Redwood City, California, filed for
Chapter 11 protection (Bankr. N.D. Cal. Case No. 13-32456) on Nov.
12, 2013.  Kera Riverside, LLC, also in Redwood City, filed a
Chapter 11 petition (Bankr. N.D. Cal. Case No. 13-32457) on Nov.
12.

Chris D. Kuhner, Esq., at Kornfield, Nyberg, Bendes and Kuhner,
serves as counsel to the Debtors.

Arce and Kera each estimated $1 million to $10 million in both
assets and debts.

The petitions were signed by George Arce, managing member.

A list of Arce's two largest unsecured creditors is available for
free at http://bankrupt.com/misc/canb13-32456.pdf  

A list of Kera's two largest unsecured creditors is available for
free at http://bankrupt.com/misc/canb13-32457.pdf


ARCH ALUMINUM: "Glasstex" Appeal Reinstated
-------------------------------------------
The Court of Appeals of Texas, Thirteenth District, Corpus Christi,
Edinburg, ordered the reinstatement of the case captioned GLASSTEX,
INC., Appellant, v. ARCH ALUMINUM AND GLASS CO. INC., AND JAMES P.
GRISSOM, Appellees, No. 13-07-00483-CV (Tex. App.).

The case has been pending since July 12, 2007.  The appeal was
abated as a result of the filing of Arch Aluminum and Glass Co.
Inc.'s Chapter 11 Bankruptcy in Florida federal court.

On August 19, 2015, Arch and Grissom asserted in its status report
that Glasstex, Inc., "failed or refused to file" a claim against it
in bankruptcy court.  Arch then sought to dismiss Glasstex's appeal
for failing to file a status report with the appellate court, or
obtain an order lifting the automatic stay in bankruptcy court and
file that order with the appellate court.

Glasstex asserted that Arch failed to provide any argument or proof
to dismiss the case and that the appellate court should render an
opinion on the merits of the appeal.

After considering the filings in the case and the arguments of the
parties, the Court of Appeals of Texas, Thirteenth District,
ordered the reinstatement of the case for full consideration of the
appeal on its merits.

A full-text copy of the appellate court's December 18, 2015 order
of reinstatement is available at http://is.gd/3g6ooafrom
Leagle.com.

               About Arch Aluminum & Glass

Tamarac, Florida-based Arch Aluminum & Glass Co., Inc. -- fka
Trident Consolidated Industries, Arch, Inc., and Arch Tulsa
Acquisition Co.; and dba Arch Mirror North, Arch Mirror South,
Architectural Safety Glass, Arch Mirror West, Arch Tempered Glass
Products, and Arch Deco Glass -- was founded in 1978 by Robert
Silverstein, as a small South Florida glass and metal distributor
with a single truck.  During the 1980's the Company opened
fabrication facilities and additional distribution facilities in
Florida and the Northeast.  The Company provides a comprehensive
line of products and services to more than 5,000 customers from 28
office, manufacturing and distribution facilities located in 19
states nationwide.

The Company filed for Chapter 11 bankruptcy protection (Bankr.
S.D. Fla. Case No. 09-36232) on Nov. 25, 2009.  The
Company estimated $100 million to $500 million in assets and
liabilities as of the Chapter 11 filing.

The Company's affiliates -- Arch Aluminum L.C.; AWP, LLC, dba
Yale-Ogron; Arch Aluminum and Glass International Inc.; and AAG
Holdings, Inc. -- also filed separate Chapter 11 petition.

Paul J. Battista, Esq., at Genovese Jblove & Battista, P.A.,
serves as bankruptcy counsel to the Debtors.  Vincen J. Colistra
at Phoenix Management Services is the Debtors' restructuring
services provider.  Michael Dillahunt and Piper Jaffrey & Co. is
the Debtors' investment banker


ARCHDIOCESE OF ST. PAUL: Seeks Approval of Chancery Sale
--------------------------------------------------------
The Archdiocese of Saint Paul and Minneapolis asks the U.S.
Bankruptcy Court for the District of Minnesota to approve the sale
of real property known as the Chancery and to authorize the
Archdiocese to enter into a short term lease on the real property
to be sold, pending relocation of the operations currently
conducted in the Chancery.

The property to be sold consists of certain real property and
improvements located at 226 Summit Avenue and 230 Summit Avenue in
St. Paul, Minnesota ("Chancery").  The Chancery, includes both the
Chancery building, 226 Summit Avenue, which houses offices for the
Archdiocese's operations, and the Archbishop's Residence, 230
Summit Avenue, which is connected to the Chancery building.  The
Chancery was valued for purposes of the Archdiocese's schedules at
$6,297,100 and was provided an estimated value of between
$2,500,000 to $3,500,000 in a June 2013 analysis by NorthMarq Real
Estate Services, LLC.

Richard D. Anderson, Esq., at Briggs and Morgan, P.A., in
Minneapolis, Minnesota, relates that United Properties Development
LLC sent a letter of intent for the purchase of the Chancery, and
after further arm's-length negotiations, the Archdiocese entered
into a purchase agreement with united Properties as the stalking
horse bidder, with the objective of utilizing a competitive auction
process in order to maximize the sale price of the Chancery.  Mr.
Anderson further relates that the United Properties Purchase
Agreement contemplates a purchase price of $2,750,000, subject to
higher and better bids, with an earnest money deposit requirement
of $50,000.  Mr. Anderson notes that the United Properties Purchase
Agreement includes certain restrictions on the use of the Property
to conform with the requirements of Canon Law and to reflect the
fact that the Chancery has been identified with the Archdiocese by
reason of its long and continued ownership and use by the
Archdiocese.  He believes that these restrictions will not detract
from the market value of the Chancery.

Mr. Anderson tells the Court that the Archdiocese will require a
certain period of time to secure alternative office space. He
further tells the Court that the United Properties Purchase
Agreement contemplates that the Archdiocese and United Properties,
or an alternative bidder for the Property, will enter into a lease
for a period ending on June 30, 2016, after which time the lease
will continue until termination by either party upon three months'
prior written notice.  Mr. Anderson contends that during the
initial term and any extensions thereof, the Archdiocese's
occupancy shall be on a rent-free basis, and that the Archdiocese
will pay for utilities, repair and maintenance of the Property.

Mr. Anderson relates that the United Properties Purchase Agreement
also contemplates a View Easement Agreement to be contemporaneously
entered into by and between United Properties and the Archdiocese.
Mr. Anderson further relates that the View Easement Agreement
provides that so long as the Cathedral of Saint Paul remains
situated on neighboring property located at 239 Selby Avenue, Saint
Paul, Minnesota, no structure, building, improvement, or
construction of any kind will be placed on any part of the Property
which rises to an elevation to be agreed upon by the Buyer and
Seller that would inhibit the view of or from the Cathedral. Mr.
Anderson adds that the View Easement Agreement contingency has been
resolved by United Properties and the Archdiocese and the maximum
elevation of any redevelopment of the Property is 50 feet and five
stories.

The Archdiocese has developed, among others, the following proposed
sale and bidding procedures which will govern the sale of the
Property:

     (1) Completion of due diligence and submission of bids - March
18, 2016, 3:00 p.m.

     (2) Notification to potential bidders - March 23, 2016

     (3) Objections to sale - March 25, 2016

     (4) Auction - March 29, 2016

     (5) Objections to conduct of the auction - March 30, 2016 at
11:59 p.m.

     (6) Sale Hearing date - March 31, 2016

The Archdiocese submits that the Sale Procedures are fair and
reasonable and are necessary to allow the Archdiocese to evaluate
its sale options through a controlled structure.  The Archdiocese
further submits that the Sale Procedures will provide purchasers
with predictability and orderliness throughout the bidding and sale
process.

The Archdiocese of Saint Paul and Minneapolis is represented by:

          Richard D. Anderson, Esq.
          Charles B. Rogers, Esq.
          Benjamin E. Gurstelle, Esq.
          BRIGGS AND MORGAN, P.A.
          2200 IDS Center
          80 South 8th Street
          Minneapolis, MN 55402
          Telephone: (612)977-8400
          Facsimile: (612)977-8650
          E-mail: randerson@briggs.com
                  crogers@briggs.com
                  bgurstelle@briggs.com

               About The Archdiocese of Saint Paul

The Archdiocese of Saint Paul and Minneapolis was originally
established by the Vatican in 1850 and serves a geographical area
consisting of 12 greater Twin Cities metro-area counties in
Minnesota, including Ramsey, Hennepin, Anoka, Carver, Chicago,
Dakota, Goodhue, Le Sueur, Rice, Scott, Washington, and Wright
counties.  There are 187 parishes and approximately 825,000
Catholic individuals in the region.  These individuals and
parishes
are served by 3999 priests and 173 deacons.

The Archdiocese of St. Paul and Minneapolis filed for Chapter 11
protection (Bankr. D. Minn. Case No. 15-30125) in Minnesota on
Jan.
16, 2015, saying it has large and growing liabilities related to
child sexual abuse and that its pension obligations are
underfunded.

The Debtor disclosed $45,203,010 in assets and $15,890,460 in
liabilities as of the Chapter 11 filing.

The Debtor has tapped Briggs and Morgan, P.A., as Chapter 11
counsel; BGA Management LLC d/b/a Alliance Management as financial
advisor; Lindquist & Vennum LLP as attorney.

Eleven other dioceses have commenced Chapter 11 bankruptcy cases
in
the United States to settle claims from current and former
parishioners who say they were sexually molested by priests.

U.S. Trustee for Region 12 appointed five creditors to serve on
the
official committee of unsecured creditors.

The U.S. Trustee appointed five creditors to serve on the
Committee
of Parish Creditors.  Ginny Dwyer appointed as the acting
chairperson of the committee until such time as the members can
meet and officially elect their own person.


ARKANOVA ENERGY: Reports $3.32 Million Net Loss for Fiscal 2015
---------------------------------------------------------------
Arkanova Energy Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$3.32 million on $452,686 of total revenue compared to a net loss
of $3 million on $844,303 of total revenue for the year ended Sept.
30, 2014.

As of Sept. 30, 2015, the Company had $3.65 million in total
assets, $18.59 million in total liabilities and a $14.94 million
total stockholders' deficit.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Sept. 30, 2015, citing that the Company has incurred
cumulative losses since inception and has negative working capital,
which raises substantial doubt about its ability to continue as a
going concern.

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

                      http://is.gd/aQuQea

                         About Arkanova

Austin, Tex.-based Arkanova Energy Corporation is a junior
producing oil and gas company and is also engaged in the
acquisition, exploration and development of prospective oil and
gas properties.  It holds mineral leases in Delores County, Lone
Mesa State Park, Colorado and leasehold interests located in
Pondera and Glacier Counties, Montana.

The Company reported a net loss of $3 million on $844,000 of total
revenue for the year ended Sept. 30, 2014, compared with a net loss
of $2.73 million on $849,900 of total revenue for the year ended
Sept. 30, 2013.


ATLANTIC CITY, NJ: Amended Three Rescue Bills Move Closer to Law
----------------------------------------------------------------
Jeannie O'Sullivan at Bankruptcy Law360 reported amended versions
of three New Jersey bills aiming to stabilize Atlantic City's
faltering economy received final Senate approval on Jan. 7, 2016,
sealing their passage in both houses of the Legislature and
signaling hope for a resort town dogged by casino closures and tax
woes.

The anchor of the proposal, A3981, calls for a
payment-in-lieu-of-taxes plan to stabilize the town's fiscal
health.  A3984 would reallocate a casino tax that's being used for
redevelopment projects to help the city pay debt service on
municipal bonds.


ATNA RESOURCES: Wants Approval of Key Employee Retention Plan
-------------------------------------------------------------
BankruptcyData reported that Atna Resources filed with the U.S.
Bankruptcy Court a motion for order authorizing implementation of a
key employee retention plan (KERP) for non-insider employees.

The motion explains, "The key employees are individuals who have
valuable and, in some instances, irreplaceable institutional
knowledge of the Debtors' businesses, systems, commercial
relationships, and operations and who are integral to maintaining
operational stability and driving cash flow.  They are also,
therefore, essential to the Debtors' efforts to reorganize in
Chapter 11.

The key employees would be exceptionally difficult to replace under
normal circumstances, and it would be even more difficult as a
practical matter given the commencement of the cases.  It is
critical for the Debtors to do their utmost to ensure the continued
commitment and service of the key employees during the pendency of
the cases in order to avoid disruption to their ongoing business
operations and irreparable harm to their efforts to maximize
value...The eight key employees will be eligible to receive
payments totaling approximately $100,000 in the aggregate. The
specific amounts which the individuals will be eligible to receive
are a fixed amount."

The Debtors also filed a separate motion seeking to keep Exhibit A
of its KERP motion sealed and restrict public access.

                      About Atna Resources

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

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


BANKRATE INC: S&P Raises CCR to 'BB-' on SEC Settlement
-------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
corporate credit rating on New York-based Bankrate Inc. to 'BB-'
from 'B+'.  The rating outlook is stable.

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

S&P also raised its issue-level rating on the company's revolving
credit facility to 'BB+' from 'BB'.  The recovery rating remains
unchanged at '1', indicating S&P's expectation for very high
recovery (90%-100%) of principal in the event of a payment
default.

"The upgrade is based on our belief that Bankrate no longer has any
severe internal control deficiencies because the company has
completed the required remediation actions needed to strengthen the
internal controls over its financial reporting," said Standard &
Poor's credit analyst Heidi Zhang.  The remedial measures included
replacing the chief financial officer, process and organizational
restructuring, and an intensive review by the company's audit
committee.  The Department of Justice's (DOJ's) investigation is
still ongoing, with no anticipated date of resolution, and S&P
expects modest liquidity impact from any potential fees or fines.
As a result of these developments, S&P also revised its management
and governance assessment of the company to "fair" from "weak."

"The stable rating outlook reflects our expectation that Bankrate's
leverage will stay in the mid-2x area over the next 12 months and
the ongoing DOJ investigation could have a modest liquidity impact
while presenting potential risks and uncertainties," said Ms.
Zhang.

S&P could lower its corporate credit rating on Bankrate by one
notch to 'B+' if the company's leverage rises above 3.5x due to
potential DOJ legal fines, meaningful deterioration in its
operating performance, new competitors aggressively taking away
market share, or large debt-financed acquisitions.

Although less likely, S&P could raise the rating by one notch to
'BB' if the company meaningfully improves the diversity of its
business lines and increases scale.



BUDD COMPANY: Seeks to Modify UAW Retiree Benefits
--------------------------------------------------
The Budd Company, Inc., asks the U.S. Bankruptcy Court for the
Northern District of Illinois, Eastern Division, to authorize it to
modify UAW Retiree Benefits.

The Debtor relates that in order to address its obligations to its
creditors, including its Retirees, the Debtor has: (a) filed its
Plan; (b) sought approval of the TKNA Settlement Agreement that is
attached to and incorporated into the Plan; and (c) proposed to the
Retiree Committee and the UAW modifications to Retiree Benefits
that are necessary for the Debtor to confirm the Plan. The Debtor
further relates that the effectiveness of both the Plan and the
Debtor's proposed modifications to Retiree Benefits expressly are
contingent on approval of the TKNA Settlement Agreement, which will
provide hundreds of millions of dollars of value for the benefit of
the Debtor's estate.  The Debtor further relates that the Plan and
TKNA Settlement Agreement together provide that the vast majority
of the Debtor's assets which are the balance of the Debtor's assets
after providing for fair distributions to other creditors, will be
contributed to VEBAs to fund Retiree Benefits for UAW Retirees and
E&A Retirees.

The Debtor tells the Court that the Plan and TKNA Settlement
Agreement will provide more than an estimated $575 million in cash
dedicated to payment of Retiree Benefits.  The Debtor further tells
the Court that this amount will provide for aggregate distributions
to UAW Retirees and E&A Retirees of approximately $822 million and
$105 million, respectively.  The Debtor contends that it has no
more assets available for its creditors.  The Debtor further
contends that because, under the Plan and the TKNA Settlement
Agreement, the Debtor has no other assets that are available or
that will become available to pay Retiree Benefits, it is necessary
for the Debtor to modify its Retiree Benefits in order to confirm
the Plan and exit Chapter 11.

The Debtor tells the Court that it has made a proposal, which is
embodied in the terms of its Plan, to provide all of its Retirees,
including UAW Retirees, with individual, tax-free Health
Reimbursement Accounts ("HRAs") that will allow them to obtain
lifetime healthcare coverage and benefits consistent with and
substantially similar to the benefits they currently enjoy.

The Debtor's motion is scheduled for hearing on Jan. 19, 2016, at
10:00 a.m.

The Budd Company is represented by:

          Jeff F. Marwil, Esq.
          Jeremy T. Stillings, Esq.
          Brandon W. Levitan, Esq.
          PROSKAUER ROSE LLP
          70 W. Madison St.
          Chicago, IL 60602-4342
          Telephone: (312)962-3550
          Facsimile: (312)962-3551
          E-mail: jmarwil@proskauer.com
                  jstillings@proskauer.com
                  blevitan@proskauer.com

                      About The Budd Company

The Budd Company, Inc., a former supplier to the automotive
industry, filed for chapter 11 bankruptcy protection (Bankr. N.D.
Ill. Case No. 14-11873) on March 31, 2014, with a deal to settle
potential claims against its parent, ThyssenKrupp AG.

The company -- which ceased manufacturing operations in 2006 and
does not have any current employees, facilities or customers --
has
obligations consisting largely of medical and other benefits to
approximately 10,000 former employees.

Liabilities amount to approximately $1 billion with assets of
approximately $400 million.  Most of the debt consists largely of
medical and other benefits to approximately 10,000 former
employees.

The Debtor disclosed $387,555,681 in assets and $1,107,350,034 in
liabilities as of the Chapter 11 filing.

The Hon. Jack B. Schmetterer oversees the case.  The Debtor has
tapped Proskauer Rose LLP as Chapter 11 counsel, Dickinson Wright
PLLC as special counsel, Epiq Bankruptcy Solutions, LLC as
noticing, claims and balloting agent, and Conway MacKenzie
Management Services, LLC's Charles M. Moore as CRO.

The U.S. Trustee appointed five individuals to serve on the
Committee of Executive & Administrative Retirees.  The Segal
Company (Eastern States), Inc. serves as the Committee's actuarial
consultant.  The Committee retained Solic Capital Advisors, LLC as
its financial advisor.

Reed Heiligman, Esq., at FrankGecker LLP, in Chicago, Illinois,
represents the ad hoc committee of asbestos personal injury
claimants.


CAESARS ENTERTAINMENT: Digs In on Fight Over Asset Transfer Docs
----------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that Caesars
Entertainment's bankrupt operating unit is continuing to demand the
release of confidential documents tied to a series of controversial
transactions that forced it into bankruptcy, telling an Illinois
judge on Jan. 6, 2016, that its corporate parent have been
stonewalling its efforts.

Caesars Entertainment Operating Corp. said in court papers that its
parent, Caesars Entertainment Corp., which is not in bankruptcy,
has failed to establish why the 11,212 documents it seeks should be
withheld from the Debtor.  The documents allegedly contain
information on a series of transfers.

In a separate report, Stewart Bishop said that a New York
bankruptcy judge on Jan. 5, 2016, refused a bid by trustees BOKF NA
and UMB Bank NA to force Caesars Entertainment Corp. to make good
on $7 billion in Caesars Entertainment Operating Co. notes, saying
an issue of fact remains as to whether or not the underlying
contracts demand payment.

Bondholders contend that CEC's decision last year to disavow the
guarantees was part of a campaign by its private equity sponsors,
Apollo Global Management LLC and TPG Capital, to loot CEOC.

                   About Caesars Entertainment

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

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

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

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

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

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

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

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

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


COLT DEFENSE: Stakeholder Sciens Lines Up Cash for Bankruptcy Exit
------------------------------------------------------------------
Peg Brickley at Dow Jones reported that majority stakeholder Sciens
Capital Management said that it has lined up the cash to stay
involved in the capital-raising effort designed to pay gun maker
Colt Defense LLC's way out of bankruptcy.  Colt's private-equity
owner negotiated a longer timeline to come up with the $15 million
it pledged to the turnaround of its long-time portfolio company
after missing a Dec. 28 initial funding deadline.

                       About Colt Defense

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

In 1992, Colt Manufacturing Company, then the principal operating
subsidiary, filed chapter 11 petitions (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.


CONNEAUT LAKE VOLUNTEER: Files for Ch 11 Bankruptcy Protection
--------------------------------------------------------------
Conneaut Lake Volunteer Fire Department of Conneaut Lake filed for
Chapter 11 bankruptcy protection (Bankr. W.D. Pa. Case No.
16-10019) on Jan. 12, 2016, estimating its assets and liabilities
at between $1 million and $10 million each.  The petition was
signed by George Zeljak, president.

Keith Gushard at The Meadville Tribune relates that Mercer County
State Bank filed with the Crawford County Court of Common Pleas in
December 2015 a mortgage foreclosure action against the Company to
recover more than $1.6 million in outstanding mortgage debt,
interest and penalties the department owes the bank.  

Judge Thomas P. Agresti presides over the case.

Daniel P. Foster, Esq., at Foster Law Offices serves as the
Company's bankruptcy counsel.

Conneaut Lake Volunteer Fire Department of Conneaut Lake is
headquartered in Conneaut Lake, Pennsylvania.


CONSOLIDATED FREIGHTWAYS: Justices Again Snub Malpractice Suit
--------------------------------------------------------------
Kali Hays at Bankruptcy Law360 reported that the U.S. Supreme Court
on Jan. 11, 2016, again refused to decide whether an Ohio appeals
court set an unreasonable standard for bringing legal malpractice
claims in the state, shutting down a suit against Goldman & Rosen
Ltd. over its representation of a former Consolidated Freightways
employee in the company's bankruptcy.  This marks the second time
the high court has denied James W. Hall's petition for writ of
certiorari.

                  About Consolidated Freightways

Headquartered in Vancouver, Washington, Consolidated Freightways
Corporation was comprised of national less-than-truckload carrier
Consolidated Freightways, third party logistics provider Redwood
Systems, Canadian Freightways LTD, Grupo Consolidated Freightways
in Mexico and CF AirFreight, an air freight forwarder.
Consolidated Freightways was a transportation company primarily
providing LTL freight transportation throughout North America
using its system of 300 terminals and over 18,000 employees.  

The Company and its debtor-affiliates filed for chapter 11
protection on Sept. 3, 2002 (Bankr. C.D. Cal. Case No.
02-24284).  Michael S. Lurey, Esq., at Latham & Watkins LLP,
represented the Debtors.  When the Debtors filed for bankruptcy,
they listed $783,573,000 in total assets and $791,559,000 in total
debt.

The Bankruptcy Court confirmed the Debtors' Amended Consolidated
Plan of Liquidation on Nov. 18, 2004.


CORUS ENTERTAINMENT: DBRS Puts Ratings Under Review
---------------------------------------------------
DBRS Limited placed the ratings of Corus Entertainment Under Review
with Developing Implications, following the Company’s
announcement that it has entered into an agreement to acquire 100%
of Shaw Communication’s (Shaw) wholly owned broadcasting
subsidiary, Shaw Media. The total purchase price of $2.65 billion
is expected to be financed through proceeds from the issuance of
new debt and equity. As a result of the acquisition, Corus would
own 45 specialty and 15 conventional television channels; 39 radio
stations; a content studio, Nelvana; and digital assets. The
transaction is expected to close in Q3 F2016, but is subject to a
minority shareholder approval, as well as the customary regulatory
approvals, including the Canadian Radio-television and
Telecommunications Commission (CRTC).

On June 4, 2015, DBRS downgraded Corus’s ratings to BB (high),
reflecting the mounting pressure on the Company’s earnings
profile as a result of structural trends and the added uncertainty
associated with pending regulatory changes (skinny basic and
pick-and-pay) in 2016. DBRS noted that these risks would likely
contribute to less predictable and potentially lower organic
earnings over the near to medium term. At that time, DBRS expected
gross debt-to-EBITDA to range between 3.0x and 3.5x, which was
deemed adequate for the BB (high) rating category. Illustrative of
these expectations, Corus’s earnings profile deteriorated in
fiscal year 2015, with both consolidated revenues and EBITDA
declining to $815 million and $277 million, respectively (declines
of 2.1% and 4.3% year over year), and EBITDA margins contracting
modestly. DBRS notes operating results improved modestly in Q1
F2016, due to the Disney Channel launch, higher merchandising sales
and a number of subscription video on demand (SVOD) licensing deals
for Nelvana content.

In terms of the proposed acquisition, DBRS acknowledges that the
combined entity should benefit from materially enhanced scale and
revenue diversification. On a pro forma basis, the combined entity
generated revenues of approximately $1.9 billion and adjusted
EBITDA of $619 million in 2015. The Company will have a market
leading position in women, children and family programming (with an
estimated 35% of domestic English TV viewership of specialty and
conventional channels, second to Bell Media). Corus should have a
stronger negotiating position with BDU affiliates, and an enhanced
range of promotional opportunities and improved pricing power with
advertisers. The combination should also help stave off some of the
revenue pressures associated with the increasingly competitive
advertising environment, ongoing structural shifts and elevated
regulatory risk. Additionally, Corus’s exposure to the challenged
radio segment would decrease from 20% of revenues to less than 10%
on a pro forma basis. Furthermore, operating income should benefit
from between $40 million to $50 million of annual cost synergies
within 24 months and $15 million in immediate corporate overhead
reductions.

Corus has secured $2.3 billion in committed credit facilities
(including a $300 million revolving facility) and $560 million of
bridge financing for the acquisition and to refinance existing bank
debt. The entire bridge facility is expected to be replaced by
equal amounts of new Senior Unsecured Notes and equity issuance.
Upon closing of the financing, the Company intends to redeem early
the existing 4.25%, $550 million Senior Unsecured Notes due
February 2020. The deal also entails an equity takeback, whereby
Shaw will receive 71 million Class B non-voting shares (Corus
shares) as consideration for this deal (valued at $800 million),
giving Shaw a roughly 39% ownership of Corus’s outstanding shares
and three seats on Corus’s board of directors. Additionally, Shaw
has agreed to participate in Corus’s dividend reinvestment
program and a 100% lockup of the Corus shares for at least 12
months following the transaction close, with specific sale
restrictions thereafter. DBRS notes that this provides the Company
with additional flexibility over the near term to execute its
de-leveraging plan.

Pro forma gross debt-to-LTM adjusted EBITDA is expected to climb to
4.0x at the closing of the transaction, up from 2.9x at F2015. The
Company has indicated that it intends to de-lever to below 3.0x by
the end of F2018, by directing the majority of free cash flow
(after dividend payments) to debt repayment.

The Under Review with Developing Implications status reflects
DBRS’s belief that Corus’s credit risk profile would likely
remain commensurate with the BB (high) rating category, given the
Company’s willingness and ability to de-lever toward 3.5x within
12 to 18 months, combined with an expectation that operating income
will at least stabilize over the near to medium term.

In its review, DBRS will focus on (1) assessing the business risk
profile of the combined entity, including the benefits and risks
associated with integration and realization of operating synergies;
(2) the impact that the newly issued shares will have on free cash
flow after dividends; (3) execution of its de-leveraging plan
following the transaction; and (4) the Company’s longer-term
business strategy and financial management intentions.

DBRS will proceed with its review as more information becomes
available and aims to resolve the Under Review status before the
closing of the transaction.



DDMG ESTATE: Cash Collateral Use Extended Through Jan. 29
---------------------------------------------------------
Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware extended the period within which DDMG Estate
and its affiliated debtors may use cash collateral through Jan. 29,
2016.

Colin R. Robinson, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware related that the DIP Lenders have agreed to
provide additional funding pursuant to an Approved Budget.

DDMG Estate and its affiliated debtors are represented by:

          Debra I. Grassgreen, Esq.
          Robert J. Feinstein, Esq.
          Colin R. Robinson, Esq.
          PACHULSKI STANG ZIEHL & JONES LLP
          919 North Market Street, 17th Floor
          P.O. Box 8705
          Wilmington, DE 19899-8705 (Courier 19801)
          Telephone: (302)652-4100
          Facsimile: (302)652-4400
          E-mail: dgrassgreen@pszjlaw.com
                  rfeinstein@pszjlaw.com
                  crobinson@pszjlaw.com

                        About DDMG Estate

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

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

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

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

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


DELMAR PHARMACEUTICALS: Uncertainty Casts Going Concern Doubt
-------------------------------------------------------------
DelMar Pharmaceuticals, Inc. noted the existence of a material
uncertainty that casts substantial doubt about its ability to
continue as a going concern, according to Jeffrey Bacha, chief
executive officer, and Scott Praill, chief financial officer of the
company in a regulatory filing with the U.S. Securities and
Exchange Commission on November 16, 2015.

Messrs. Bacha and Praill related: "For the three months ended
September 30, 2015 the company reported a net loss of $1,621,388
and for the fiscal year ended June 30, 2015, the company reported a
loss of $4,347,767.  The company also reported negative cash flows
from operations of $1,401,881 for the three months ended September
30, 2015 and an accumulated deficit of $20,236,771 at that date.
As at September 30, 2015, the company has cash and cash equivalents
on hand of $2,804,096 and a working capital balance of $2,619,924.
The company has not begun to generate revenues from its product
candidate and the company does not have the prospect of achieving
revenues in the near future.  The company will require additional
funding to maintain its research and development projects and for
general operations.  

"These circumstances indicate the existence of a material
uncertainty that casts substantial doubt as to the ability of the
company to meet its obligations as they come due."

The officers continued, "Consequently, management is pursuing
various financing alternatives to fund the company's operations so
it can continue as a going concern.  During the quarter ended
September 30, 2015 the company received gross proceeds of
$2,566,660 from a public offering of common stock and common stock
purchase warrants.  However, the net proceeds from this financing
are not enough to fund all of the company's planned activities.
Management plans to secure the necessary additional financing
through the issue of new equity and/or the entering into of
strategic partnership arrangements.  Nevertheless, there is no
assurance that these initiatives will be successful."

At September 30, 2015, the company had total assets of $3,031,461,
total liabilities of $3,545,968 and total stockholders' deficit of
$514,507.

For the three months ended September 30, 2015, the company had a
net and comprehensive loss of $1,621,388 as compared with a net and
comprehensive loss of $1,516,736 for the same period in 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/j4ypo7l

Vancouver, Canada-based DelMar Pharmaceuticals, Inc. is a clinical
stage drug development company with a focus on the treatment of
cancer.  The company is conducting its clinical trials in the U.S.
with its product candidate, VAL-083 as a potential new treatment
for glioblastoma multiforme (GBM), the most common and aggressive
form of brain cancer.



DEWEY & LEBOEUF: Execs Bet on Retrial Against Felony Convictions
----------------------------------------------------------------
Stewart Bishop at Bankruptcy Law360 reported that the decision by a
pair of former top executives at Dewey & LeBoeuf LLP to press
toward a new trial, in spite of plea offers on the table with
little or no prison time, is a bold bet on avoiding the stigma and
fallout of felony convictions against the threat of lengthy prison
sentences.

According to the report, as Manhattan District Attorney Cyrus R.
Vance and former Dewey Chairman Steven Davis are poised to sign a
deferred prosecution agreement, under which Davis will not plead
guilty or admit wrongdoing, former Dewey Executive Director Stephen
DiCarmine and Chief Financial Officer Joel Sanders have for now
rebuffed government offers to plead guilty to felony fraud charges
in exchange for community service for DiCarmine and one to three
years in prison for Sanders.

The offers, the report notes, are miles away from the potentially
heavy prison terms DiCarmine and Sanders face on the full roster of
charges, which include grand larceny, securities fraud and
conspiracy.  But their attorneys say the deals don't go far enough
and were adamant about pursuing a retrial rather than pleading
guilty to felony charges.

According to the report, Patrick J. Cotter, a former New York
federal prosecutor who is now a white collar litigator with
Greensfelder Hemker & Gale PC, said it was a gutsy move for
DiCarmine and Sanders to risk another trial and a bold step by the
Manhattan DA's Office to extend plea offers so far removed from
what the executives were originally facing.

                      About Dewey & LeBoeuf

Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) to complete the wind-down of its operations.
The firm had struggled with high debt and partner defections.
Dewey disclosed debt of $245 million and assets of $193 million in
its chapter 11 filing late evening on May 29, 2012.

Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP -- originally founded in
1929.  In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.

At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe.  When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.

Dewey's offices in Hong Kong and Beijing are being wound down.
The partners of the separate partnership in England are in process
of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28.  All
lawyers in the Madrid and Brussels offices have departed.  Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo, Brazil, is being
prepared for closure and the liquidation of the firm's local
affiliate.  The partners of the firm in the Johannesburg office,
South Africa, are planning to wind down the practice.

The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million.  The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.

Judge Martin Glenn oversees the case.  Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor.  Epiq Bankruptcy
Solutions LLC serves as claims and notice agent.  The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.

JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP.  JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors.  The Noteholders hired
Bingham McCutchen LLP as counsel.

The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners.  The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel.  The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.

FTI Consulting, Inc. was appointed secured lender trustee for the
Secured Lender Trust.  Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee.  Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.

Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March.  The plan created
a trust to collect and distribute remaining assets.  The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.


DIGITALSOUND PRODUCTION: PRG Completes Acquisition of Assets
------------------------------------------------------------
Production Resource Group LLC, on Jan. 13 disclosed that it has
closed its acquisition of assets from DigitalSound Production
Services, Inc.  PRG will use these assets to strengthen and expand
its inventory across a variety of its locations including its Los
Angeles and PRG Paskal Lighting facilities.

Having filed for chapter 11 protection on Nov. 30, 2015, DPS
immediately sought court approval to sell its assets.  After a
broad solicitation of offers from multiple production technology
companies in a sale ordered by the Bankruptcy Court, PRG has
successfully acquired the bulk of DPS' lighting and film equipment
assets.  The purchase of DPS' well maintained, quality equipment
will enable PRG to fulfill its ever expanding client demand in the
vibrant Los Angeles markets.

"Adding these assets to our inventory goes a long way to supporting
our current clients as well as the increasing number of new
customers who are learning about PRG and what we can do to address
their production needs," says Brian Edwards, CEO PRG North American
Television.  "Bringing on board this quantity of lighting products
will give our customers greater access to fantastic technology.
Plus these assets, including a large inventory of the Cineo
Lighting HS Remote Phosphor luminaires, align well with our
existing inventory -- especially as we've been expanding our green
screen capabilities with portable green screens."

Evan Green, CEO PRG Film, looks forward to working with the DPS
clients who are very familiar with this inventory.  "I know that
they will find PRG and PRG Paskal to be a tremendous resource.  We
have some of the best people in the industry along with an array of
the best solutions and equipment."

Across all market segments, PRG continues to add to its vast list
of long-term clients, thanks to its well-earned reputation for
quality and innovative support with a broad range of production
technology solutions.

              About Production Resource Group

PRG is a provider of entertainment and event technology solutions,
PRG provides integrated services and equipment, including audio,
video, lighting, rigging, staging, and scenery and automation
systems, for these markets from more than 40 offices in North
America, South America, Europe, Middle East, Asia, and Australia.

             About DigitalSound Production Services

Founded in 2001, DPS is a top name production services company
providing clients with personalized customer service and turnkey
solutions for the highest quality lighting, sound, video and
staging equipment.


DOMARK INTERNATIONAL: Authorized Common Shares Hiked to 130M
------------------------------------------------------------
The holders of Domark International, Inc.'s Series B Preferred
Stock approved an amendment to the Company's articles of
incorporation to increase the number of authorized shares of its
common stock to 130,000,000 shares.  The holders of the Company's
Series B Common Stock hold the majority of the voting power of the
Company.  This amendment became effective upon filing with the
Secretary of State of Nevada.

                 About Domark International

Based in Lake Mary, Florida, DoMark International, Inc., was
incorporated under the laws of the State of Nevada on March 30,
2006.  The Company was formed to engage in the acquisition and
refinishing of aged furniture using exotic materials and then
reselling it through interior decorators, high-end consignment
shops and online sales.  The Company abandoned its original
business of exotic furniture sales in May of 2008 and pursued the
acquisition of entities to best bring value to the company and its
shareholders.

For the nine months ended Feb. 28, 2015, the Company reported a net
loss of $1.86 million on $0 of sales compared to a net loss of
$2.34 million on $0 of sales for the same period a year ago.

As of Aug. 31, 2015, the Company had $1.26 million in total assets,
$4.41 million in total liabilities and a $3.15 million total
stockholders' deficit.


DOMISTYLE INC: 5th Circ. Affirms Judgment on Surcharge Property
---------------------------------------------------------------
Domistyle, Inc., owned a candle factory located on several acres in
Laredo.  At the inception of the bankruptcy, everyone believed the
property was worth more than its three outstanding mortgages, which
gave the largest security interest to Southwest Securities FSB.
Trustee Milo H. Segner, Jr., thus spent the better part of a year
attempting to sell the property and realize the supposed equity for
the estate.  When those efforts proved unsuccessful, dispelling any
notion that there was equity in the property, Segner abandoned the
property to Southwest.  That left one question for the bankruptcy
case that is subject of this appeal: Should the estate or the
secured creditor pay the property's maintenance expenses incurred
while the trustee was trying to sell the property?

The parties reached a partial settlement, agreeing that the Trust
would abandon the Property as of September 13, 2014, and that
Southwest would reimburse Segner for preservation and maintenance
expenses as of June 1, 2014, which is just days after Segner had
expressed an intent to abandon the Property.  Whether expenses
incurred prior to that date should be subject to surcharge remained
contested.  The bankruptcy court granted a surcharge against the
Property for those expenses in the form of a priming lien.
Southwest timely appealed.  At the request of both sides, this
court approved a direct appeal to the circuit.

In a Decision dated December 29, 2015, which is available at
http://is.gd/rrVPhtfrom Leagle.com, the United States Court of
Appeals for the Fifth Circuit affirmed the bankruptcy court's
judgment as it did not clearly err in finding that Southwest
received a direct and quantifiable benefit from Segner's
stewardship of the Property.  Although Southwest claims that the
court lacked any evidence of the extent to which Southwest
benefited from the expenses, the testimony of Segner's experienced
real estate broker was that the value preserved was at least as
much as the amount expended, the Fifth Circuit held.  The
bankruptcy court found a benefit to Southwest that was, at minimum,
equal to the amount of the expenses paid, the Fifth Circuit added.

The appeals case is SOUTHWEST SECURITIES, FSB, Appellant, v. MILO
H. SEGNER, JR., in his capacity as Trustee of the Domistyle,
Incorporated Creditor's Trust, Appellee, No. 14-41463 (5th Cir.),
relating to In the Matter of: DOMISTYLE, INCORPORATED, Debtor.

Domistyle, Inc., dba Laredo Candle Company, sought protection under
Chapter 11 of the Bankruptcy Code on April 12, 2013 (Bankr. E.D.
Tex., Case No. 13-40944).  The Debtor's counsel is Davor Rukavina,
Esq., at Munsch Hardt Kopf & Harr, P.C., in Dallas, Texas.  The
petition was signed by Milo H. Segner, Jr., receiver.


E Z MAILING: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                  Case No.
       ------                                  --------
       E Z Mailing Services Inc.               16-10615
          aka E Z Worldwide Express
          aka United Business Xpress
       699 Division Street
       Elizabeth, NJ 07201

       United Business Freight Forwarders     16-10616

Type of Business: Transportation Logistics Company

Chapter 11 Petition Date: January 13, 2016

Court: United States Bankruptcy Court
       District of New Jersey (Newark)

Judge: Hon. Stacey L. Meisel

Debtors' Counsel: Warren J. Martin, Jr., Esq.
                  PORZIO, BROMBERG & NEWMAN, PC
                  100 Southgate Parkway
                  Morristown, NJ 07962-1997
                  Tel: (973) 889-4006
                  Fax: (973) 538-5146
                  Email: wjmartin@pbnlaw.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Ajay Aggarwal, president.

List of EZ Mailing's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
American Airlines                     Trade Debt         $61,131

Arthur J. Gallagher                   Trade Debt        $116,813
JP Morgan Chase Bank

Centerline                            Trade Debt          $50,865

Delta Air Lines                       Trade Debt          $34,924

DHL Express-USA                       Trade Debt         $269,717
16416
Northchase
Drive Ste. 200
Houston, TX
77060
   
Federal Express                       Trade Debt         $276,225
PO Box 371461
Pittsburg, PA
15250-7461

First Project LLC                     Trade Debt          $75,274
10 Schalks
Crossing Road
Plainsboro, NJ
08536

Forever 21                            Trade Debt      $11,000,000
Attn: Jerry Noh
Senior Counsel
3880 N. Mission Road
Room 3110
Los Angeles, CA
90031

Kroger Logistics Inc.                 Trade Debt         $142,532

Penske Truck Leasing                  Trade Debt         $132,662

Postal Express                        Trade Debt          $45,535

Precise Logistics Inc.                Trade Debt         $118,600

Prologis-10999                        Trade Debt          $76,706

Ryder Transportation Services         Trade Debt          $40,725

SC Fuels Cardlock Fuels               Trade Debt          $45,948

Seagis JFK LLC                        Trade Debt          $43,510

Trident 1775 West Oak LLC             Trade Debt          $51,803

Trillium Drivers                      Trade Debt          $65,482

United Parcel Services Inc.           Trade Debt          $96,002

Universal Dynasty Apex Capital        Trade Debt         $505,650
Corp
PO Box 961029
Fort Worth, TX
76161-1029


ECOSPHERE TECHNOLOGIES: Issues $300,000 Promissory Notes
--------------------------------------------------------
Ecosphere Technologies, Inc., together with its majority-owned
subsidiary, Sea of Green Systems, Inc. entered into Securities
Purchase Agreements with three unaffiliated investors pursuant to
which the investors purchased an aggregate of $300,000 original
principal amount of promissory notes of Sea of Green.

The Notes bear interest at 12.5% annually and mature six months
from the date of investment.  If, prior to the maturity date of the
Notes, Sea of Green merges with a public company by reverse merger,
share exchange or other business combination, the Note will
thereafter be automatically convertible into shares of common stock
of the public company at a price per share equal to 85% of the
offering price of the shares in the financing transaction conducted
in connection with the Public Company Event.  Upon maturity, if no
Public Company Event has occurred, the Notes will be convertible
into shares of the Company's common stock at $0.115 per share.

In addition, the Company issued the investors under the Securities
Purchase Agreements a total of 3,000,000 five-year warrants to
purchase shares of the Company at an exercise price of $0.115 per
share.

                  About Ecosphere Technologies

Stuart, Florida-based Ecosphere Technologies (OTC BB: ESPH) --
http://www.ecospheretech.com/-- is a water engineering,
technology licensing and environmental services company that
designs, develops and manufactures wastewater treatment solutions
for industrial markets.  Ecosphere, through its majority-owned
subsidiary Ecosphere Energy Services, LLC, provides energy
exploration companies with an onsite, chemical free method to kill
bacteria and reduce scaling during fracturing and flowback
operations.

Ecosphere reported a net loss of $11.5 million on $1.11 million of
total revenues for the year ended Dec. 31, 2014, compared with net
income of $19.2 million on $6.71 million of total revenues for the
year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $3.03 million in total
assets, $10.4 million in total liabilities, $3.86 million in total
redeemable convertible cumulative preferred stock, and a total
deficit of $11.2 million.

Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company reported a
net loss of $11.5 million in 2014, and cash used in operating
activities of $4.55 million and $10.3 million in 2014 and 2013,
respectively.  At Dec. 31, 2014, the Company had a working capital
deficiency, and accumulated deficit of $2.86 million, and $109
million, respectively.  These matters raise substantial doubt about
the Company's ability to continue as a going concern.


ELITE PRECISION: Suit v. General Dynamics to Proceed to Arbitration
-------------------------------------------------------------------
Judge Sim Lake of the United States District Court for the Southern
District of Texas, Houston Division, granted the motions filed by
General Dynamic Land Systems, Inc., to compel arbitration of the
case captioned ELITE PRECISION FABRICATORS, INC., Plaintiff, v.
GENERAL DYNAMICS LAND SYSTEMS, INC., Defendant, Civil Action No.
H-14-2086 (S.D. Tex.).

On July 21, 2014, Elite Precision Fabricators sued General Dynamics
for breach of contract, fraud, and quantum meruit for the latter's
failure to pay the former a final invoice of approximately $3.7
million as required by the terms of their Work Stoppage Agreement.
Elite also instituted an adversary proceeding in bankruptcy court
on September 3, 2014, seeking to avoid and recover transfers as a
debtor in bankruptcy.

General Dynamics filed motions to compel arbitration in the
district court action and the adversary proceeding, asserting that
arbitration clauses appear in the "Purchase Order Terms and
Conditions" which were on its website and part of its APC contract
with Elite.

Judge Lake concluded that Elite and General Dynamics entered a
contract with a valid arbitration clause and that Elite's claims
are within the scope of the arbitration agreement.  The judge also
found that no federal statute or policy renders Elite's claims
nonarbitrable.  Finally, Judge Lake found that General Dynamics has
not waived its rights under the arbitration agreement.

A full-text copy of Judge Lake's December 18, 2015, memorandum
opinion and order is available at http://is.gd/zGa14Rfrom
Leagle.com.

Elite Precision Fabricators, Inc., is represented by:

          Robert Roy Burford, Esq.
          BURFORD PERRY, LLP
          700 Louisiana, Suite 4545
          Houston, TX 77002
          Tel: (713)401-9790
          Email: rburford@burfordperry.com

General Dynamics Land Systems, Inc., is represented by:

          Jean C. Frizzell, Esq.
          REYNOLDS FRIZZELL
          1100 Louisiana Suite 3500
          Houston, TX 77002
          Tel: (713)485-7200
          Fax: (713)485-7250
          Email: jfrizelle@reynoldsfrizzell.com

Montgomery, Texas-based Elite Precision Fabricators sought
protection under Chapter 11 of the Bankruptcy on March 31, 2014
(Case No. 14-31773, Bankr. S.D. Tex.).  The case is assigned to
Judge Karen K. Brown.  The Debtor's counsel is James B. Jameson,
Esq., Attorney at Law, in Houston, Texas.  The Debtor estimated
assets of $5.43 million and estimated liabilities of $6.41 million
in its petition.


ESCALON MEDICAL: Recurring Losses Raise Going Concern Doubt
-----------------------------------------------------------
Escalon Medical Corp. has incurred recurring operating losses and
negative cash flows from operating activities and these conditions
raise substantial doubt about the company's ability to continue as
a going concern, related Richard J. DePiano, Jr., chief executive
officer, and Robert O'Connor, chief financial officer of the
company in a November 16 2015 regulatory filing with the U.S.
Securities and Exchange Commission.

According to Messrs. DePiano and O'Connor: "The company's
continuance as a going concern is dependent on its future
profitability and on the on-going support of its shareholders,
affiliates and creditors.  In order to mitigate the going concern
issues, the company is actively pursuing business partnership,
managing our continuing operations and seeking to sell certain
assets.  The company may not be successful in any of these
efforts.

"The company implemented a reduction in force in October 2015 which
will reduce future annual expense by approximately $770,000 to stem
the recurring losses.  If the company is unable to achieve
improvement in the near term, it is likely that our existing cash
and cash flow from operations will not be sufficient to fund
activities throughout the next 6 to 12 months without curtailing
certain business activities.

"The company's forecast of the period of time through which its
financial resources will be adequate to support its operations is a
forward-looking statement and involves risks and uncertainties, and
actual results could vary as a result of a number of factors.  If
the company raises funds in the future, the company may be required
to raise those funds through public or private financings,
strategic relationships or other arrangements at prices and other
terms that may not be as favorable as they would without such
qualification.  The sale of additional equity and debt securities
may result in additional dilution to the company's shareholders.
Additional financing may not be available in amounts or on terms
acceptable to the company or at all."

At September 30, 2015, the company had total assets of $6,000,021,
total liabilities of $3,293,505 and total shareholders' equity of
$2,706,516.

The company incurred a net loss of $293,189 for the three months
ended September 30, 2015, compared with a net loss of $458,959 for
the three months ended September 30, 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/h6un6ul

Wayne, Pennsylvania-based Escalon Medical Corp. operates in the
healthcare market, specializing in the development, manufacture,
marketing and distribution of medical devices and pharmaceuticals
in the area of ophthalmology.  The company and its products are
subject to regulation and inspection by the U.S. FDA.



F-SQUARED INVESTMENT: Majority of Unsecureds Vote to Accept Plan
----------------------------------------------------------------
Kevin Martin, a director of BMC Group, Inc., the voting agent for
F-Squared Investment Management, LLC, et al., filed a declaration
informing the U.S. Bankruptcy Court for the District of Delaware
that 97.44% of the holders of Class 3 - General Unsecured Claims,
which is the only class of claims entitled to vote under the Joint
Chapter 11 Plan of Liquidation, voted to accept the  Plan.

David N. Phelps, the chief restructuring officer of the Debtors, in
a declaration maintained that the Plan is in compliance with the
confirmation requirements of the Bankruptcy Code, pointing out,
among other things, that the treatment of each claim or equity
interest in each particular class is the same as the treatment of
each other claim or equity interest in that class, unless the
holder of a particular claim or equity interest has agreed to a
less favorable treatment of that particular claim or equity
interest.

The Court will convene a hearing on Jan. 14 to consider
confirmation of the Plan and objections to confirmation, including
the objection raised by Sharon French, a former employee of the
Debtors.

Ms. French, who was terminated by the Debtors, complained that the
Plan impermissibly enjoins her and third parties who did not file a
proof of claim, nor seek any distribution from the estate assets,
from asserting any defense, claim or right, including a right of
setoff, against any claims the Debtors might bring against those
parties at some point in the future.

A full-text copy of the Plan dated Jan. 12, 2016, is available
at http://bankrupt.com/misc/FSIplan0112.pdf

The Debtors are represented by Russell C. Silberglied, Esq.,
Zachary I. Shapiro, Esq., and Amanda R. Steele, Esq., at Richards,
Layton & Finger, P.A., in Wilmington, Delaware.

The Committee is represented by William Baldiga, Esq., at Brown
Rudnick, LLP, in New York, and Sunni P. Beville, Esq., and Ben
Chapman, Esq., at Brown Rudnick, LLP, in Boston, Massachusetts.

Ms. French is represented by:

         Christopher P. Simon, Esq.
         Kevin S. Mann, Esq.
         CROSS & SIMON, LLC
         1105 N. Market St., Suite 901
         Wilmington, DE 19801
         Tel: (302) 777-4200
         Email: csimon@crosslaw.com
                kmann@crosslaw.com

                    About F-Squared Investment

Headquartered in Wellesley, MA, F-Squared Investments, Inc. --
http://www.f-squaredinvestments.com-- is a privately owned
investment manager.  The firm primarily provides its services to
other investment advisers.  It also caters to individuals, high
net worth individuals, and pension and profit sharing plans.  The
firm provides index management services.  It manages separate
client-focused equity, fixed income, and multi-asset portfolios.
The firm invests in the public equity, fixed income, and
alternative investment markets across the globe.  It makes all its
investments through exchange-traded funds.  The firm invests in
small-cap stocks of companies across diversified sectors.

F-Squared Investment Management, LLC and eight of its affiliates
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case
No. 15-11469) on July 8, 2015.  The petition was signed by Laura
Dagan as president and chief executive officer.  The cases are
assigned to Laurie Selber Silverstein.

Richards, Layton & Finger, P.A. serves as the Debtors' counsel.
Gennari Aronson, LLP represents the Debtors as special corporate
counsel.  Grail Advisory Partners LLC (d/b/a PL Advisors) and
Managed Account Services, LLC act as the Debtors' financial
advisors and investment bankers.  Stillwater Advisory Group LLC is
the Debtors' crisis managers and restructuring advisors.  BMC
Group, Inc. acts as the Debtors' claims and noticing agent.


FIRST RATE STAFFING: Auditors Express Going Concern Doubt
---------------------------------------------------------
First Rate Staffing Corporation's independent auditors have
expressed substantial doubt as to its ability to continue as a
going concern, according to Cliff Blake, president and principal
executive officer of the company, in a regulatory filing with the
U.S. Securities and Exchange Commission on November 16, 2015.  

"Unless the company is able to generate sufficient cash flow from
operations and/or obtain additional financing, there is a
substantial doubt as to the ability of the company to continue as a
going concern."

Mr. Blake elaborated: "The company has an accumulated deficit of
$87,789 since inception.  This accumulated deficit is primarily the
result of increased operating expenses associated with professional
fees necessary to complete its merger transaction and continue as a
public company, as well as revenues historically being at below
break-even levels.  Going forward, the company expects these annual
expenses to be lower.  On February 11, 2014, the company also
acquired the customer list of Loyalty Staffing Services, Inc.,
which is expected to increase cash flows from operations.
Management believes this will allow the company to operate at
profitable level in the future.

"The company anticipates that it will require approximately
$700,000 to $1.0 million to establish and fund its factoring
facility.  These amounts would be used to fund payroll and taxes up
to the point that these amounts are collect from the client.
Factoring internally would mean self-financing, resulting in a
savings to the company.  No additional material or regulatory costs
would be incurred at this point.  Once the factoring entity is
successfully set-up, the company expects to realize ongoing savings
from the reduced factoring costs.

"The company's continuation as a going concern is dependent on
management's ability to develop profitable operations, and / or
obtain additional financing from its shareholders and / or other
third parties.  In order to address the need to satisfy its
continuing obligations and realize its long term strategy,
management's plans include continuing to fund operations with cash
received from financing activities.

"The accompanying consolidated financial statements have been
prepared assuming that the company will continue as a going
concern; however, the conditions raise substantial doubt about the
company's ability to do so."

At September 30, 2015, the company had total assets of $2,280,006,
total liabilities of $1,277,243 and total stockholders' equity of
$1,002,763.

For the three months ended September 30, 2015, the company reported
a net income of $203,990 as compared with a net income of $74,934
for the same period in 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/zucv2og

First Rate Staffing Corporation formerly known as Moosewood
Acquisition Corporation provides recruiting and staffing services
for temporary positions in the light industrial, distribution
center, assembly and clerical areas to its clients in California
and Arizona.  The company maintains its headquarters in Phoenix.


GFI GROUP: Moody's Hikes Issuer Rating to 'Ba2'
-----------------------------------------------
Moody's Investors Service upgraded the ratings of GFI Group Inc. to
Ba2 from Ba3 and changed the outlook to stable from positive. GFI
Group is a subsidiary of BGC Partners Inc. ("BGC," unrated ). BGC
Partners Inc. is also guarantor of the GFI 8.375% Notes maturing in
July 2018.

RATINGS RATIONALE

The upgrade of GFI to Ba2 reflects the improved equity
capitalization and liquidity as well as the enhanced strategic
flexibility of the BGC/GFI group as a result of the recently closed
sale of GFI's Trayport energy and commodities trading platform to
Intercontinental Exchange ("ICE") in exchange for approximately
2.53 million of ICE common shares (with a current market value in
excess of $600 million), as well as yesterday's completion of the
back-end merger, giving BGC full ownership of GFI. This flexibility
should provide the management of BGC/GFI time to improve the
profitability of its inter-dealer brokerage operations or further
diversify its earnings.

The outlook on GFI's Ba2 ratings is stable. This reflects the
balance sheet liquidity and modest balance sheet leverage of the
BGC/GFI group as well as the low-risk nature of the group's
interdealer and real-estate activities. These factors benefit
creditors and mitigate against the modest overall profitability of
the BGC/GFI group.

Upward pressure could develop if cost savings related to the
integration of GFI into BGC exceed the current targets, thereby
strengthening the core profitability of the voice/hybrid brokerage
business, or BGC's profitability is otherwise strengthened on a
sustainable basis. The interdealer brokerage industry is undergoing
consolidation in the face of trends towards continuing
electronification of trade flows and diminished trading capacity at
many regulated market-makers. Downward pressure could develop if
BGC/GFI pursues an aggressive financial policy that diminishes the
firm's liquidity profile, without enhancing or diversifying its
EBITDA generation, especially if profit improvement targets in its
current businesses are not achieved.

The following ratings were affected by this action --

-- LT Issuer Rating upgraded to Ba2 from Ba3

-- Senior Unsecured Rating upgraded to Ba2 from Ba3

GFI is a subsidiary of BGC Partners, a New-York based Real Estate
and Financial Services Group.



GOODRICH PETROLEUM: NYSE Suspends Trading, Faces Delisting
----------------------------------------------------------
Goodrich Petroleum Corporation on Jan. 13 disclosed that it
received notification from the New York Stock Exchange that the
NYSE has commenced proceedings to delist the Company's common stock
as a result of the NYSE's determination that the Company's common
stock was no longer suitable for listing on the NYSE based on
"abnormally low" price levels, pursuant to Section 802.01D of the
NYSE's Listed Company Manual.  The NYSE suspended trading in the
Company's common stock effective immediately.

The Company has two preferred stock issues listed on the NYSE,
which will also be suspended:

Ticker Symbol
GDP PR C

Issue Description
Depositary Shares, Each Representing 1/1000th Interest in a Share
of 10.00% Series C Cumulative Preferred Stock

Ticker Symbol
GDP PR D

Issue Description
Depositary Shares, Each Representing 1/1000th Interest in a Share
of 9.75% Series D Cumulative Preferred Stock

The NYSE stated that it will apply to the Securities and Exchange
Commission to delist the Company's common stock upon completion of
all applicable procedures.  The Company does not intend to appeal
the delisting determination.  The Company anticipates that its
common stock, under the symbol GDPM, will begin trading on the OTC
Markets marketplace on January 14, 2016.  Both preferred issues
will begin trading under GDPAL and GDUEL, respectively, upon FINRA
clearance.  The transition to the over-the-counter markets will not
affect the Company's business operations.  The Company will remain
subject to the public reporting requirements of the SEC following
the transfer.

Goodrich Petroleum Corporation is an independent oil and gas
exploration and production company.


GREAT HEARTS: S&P Raises Longterm Rating From 'BB+'
---------------------------------------------------
Standard & Poor's Ratings Services raised its long-term rating to
'BBB-' from 'BB+' on the Phoenix Industrial Development Authority,
Ariz.'s series 2014 bonds issued for Great Hearts Academies (Great
Hearts).  At the same time, Standard & Poor's assigned its 'BBB-'
rating to authority's series 2016 education facility revenue bonds,
issued for Great Hearts.  The outlook is stable.

"The raised rating reflects our view that the expanded obligated
group for the bonds now constitutes the core of the Great Hearts'
operations and due to the direct control of the overarching system
over the obligated group, the rating should reflect the total
operations of the system rather than the smaller obligated group,"
said Standard & Poor's credit analyst Jessica Matsumori.  "The
rating further reflects our view of Great Hearts' good enterprise
profile and adequate financial profile for the rating, including
the expectation that enrollment will continue to grow at its
existing campuses and no additional debt, leases, or campuses are
currently planned," Ms. Matsumori added

Proceeds from the series 2016 bonds are expected to refund the
existing series 2012 and 2010 debt (related to Glendale and
Scottsdale Prep campuses) as well as provide funding for
improvements at the Scottsdale Prep campus and facility
construction for the North Phoenix and North Phoenix Prep campuses.


Great Hearts Academies is currently the sole corporate member of 22
subsidiary charter schools.  Each school holds a separate charter
contract with the Arizona State Board for Charter Schools.



GREYSTONE LOGISTICS: Signs Contract With Lease Pool Svcs Provider
-----------------------------------------------------------------
Greystone Logistics, Inc., announced the signing of an agreement to
provide new generation 48x40 plastic pallets for a national
provider of lease pool services.

"Greystone signed a multi-year contract that will expand the
previously announced 40,000 pallet purchase order," stated Warren
Kruger, CEO.  Kruger continued, "The expected new generation mold
has recently arrived and will soon be in full production.  The
first components of an additional injection-molding machine, which
should be operational in about March 2016, are currently being
delivered.  This machine will be dedicated to the new customer.  We
anticipate that this new contract will have a positive impact on
top line sales and generate margins in line with expectations. We
foresee the need for additional molds later in the year for this
customer.  A significant amount of time, planning, testing and
capital has been expended on this project.  This undertaking was
accomplished due to the energy and patience of our dedicated and
knowledgeable employees."

                   About Greystone Logistics

Tulsa, Okla.-based Greystone Logistics, Inc. (OTC BB: GLGI.OB -
News) -- http://www.greystonelogistics.com/-- manufactures and
sells plastic pallets through its wholly owned subsidiary,
Greystone Manufacturing, LLC.  Greystone sells its pallets through
direct sales and a network of independent contractor distributors.
Greystone also sells its pallets and pallet leasing services to
certain large customers direct through its President, Senior Vice
President of Sales and Marketing and other employees.

As of Aug. 31, 2015, the Company had $15.39 million in total
assets, $16.59 million in total liabilities and a $1.20 million
total deficit.


GTS FRANCHISING: Case Summary & 6 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: GTS Franchising, LLC
           dba Gateway Tax Service
        PO Box 11354
        Marina Del Rey, CA 90292

Case No.: 16-10403

Chapter 11 Petition Date: January 13, 2016

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Hon. Sheri Bluebond

Debtor's Counsel: Rachel S Milman Esq.
                  LAW OFFICES OF RACHEL S. RUTTENBERG
                  16055 Ventura Blvd Ste 800
                  Encino, CA 91436
                  Tel: 818-528-7700
                  Fax: 818-783-5445
                  Email: rachelsmilman@gmail.com

                    - and -

                  Daren M Schlecter, Esq.
                  LAW OFFICE OF DAREN M SCHLECTER
                  1925 Century Pk E Ste 830
                  Los Angeles, CA 90067
                  Tel: 310-553-5747
                  Fax: 310-553-5487
                  Email: daren@schlecterlaw.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Sirak Ambaye, managing member.

A list of the Debtor's six largest unsecured creditors is available
for free at http://bankrupt.com/misc/cacb16-10403.pdf


HAGGEN HOLDINGS: Alton Plaza Contends $15.5K Cure Amount Too Low
----------------------------------------------------------------
Alton Plaza Development Company ("Landlord") objects to the notice
filed by Haggen Holdings, LLC informing the bankruptcy court of the
successful bidders during the auction of certain of their stores
and related assets, held on Nov. 9, 2015 through Nov. 11, 2015.

The Landlord relates that it and Haggen Opco South, LLC are parties
to a lease for Opco South's use of the non-residential real
property located at 660 E. Los Angeles Avenue, Simi Valley,
California.  The Landlord further relates that it is the current
owner of the building that contains the leased premises under the
lease.

The Landlord contends that pursuant to the Successful Bidders
Notice, it must file an objection to the provisions of adequate
assurance of future performance under the lease.  The Landlord
further contends that in the Debtors' Notice of Assumption and
Assignment, the Debtors indicated that the amount due to the
Landlord to cure outstanding amounts due under the Lease is $15,599
("Proposed Cure Amount").

The Landlord asserts that the Debtors' Proposed Cure Amount is
incorrect and understated.  The Landlord explains that the actual
cure amount is $104,968, which consists of:

    (i) September 2015 base rent in the amount of $15,955;
   (ii) Second quarter CAM charges in the amount of $13,453;
  (iii) Third quarter CAM charges in the amount of $12,209;
   (iv) 2015-2016 Ventura County Property Taxes in the base amount
of $63,351;
    (v) Attorney's fees to be determined pursuant to Section 23.3
of the Lease.

The Landlord proactively objects to the provisions of adequate
assurances provided by the Debtors.  It tells the Court that the
Debtors are required to satisfy all unpaid obligations before an
assumption and assignment of an executory contract is permitted.

Haggen Holdings' attorneys:

          Matthew B. Lunn, Esq.
          Robert F. Poppiti, Jr., Esq.
          Ian J. Bambrick, Esq.
          Ashley E. Jacobs, Esq.
          YOUNG CONAWAY STARGATT & TAYLOR, LLP
          Rodney Square
          1000 North King Street
          Wilmington, DE 19801
          Telephone: (302)571-6600
          Facsimile: (302)571-1256
          E-mail: mlunn@ycst.com
                  rpoppiti@ycst.com
                  ibambrick@ycst.com
                  ajacobs@ycst.com

                 - and -

          Frank A. Merola, Esq.
          Sayan Bhattacharyya, Esq.
          Elizabeth Taveras, Esq.
          STROOCK & STROOCK & LAVAN LLP
          180 Maiden Lane
          New York, NY 10038
          Telephone: (212)806-5400
          Facsimile: (212)806-6006
          E-mail: fmerola@stroock.com
                  sbhattacharyya@strook.com
                  etaveras@strook.com

Alton Plaza Development Company is represented by:

          Daniel K. Hogan, Esq.
          1311 Delaware Avenue
          Wilmington, DE 19806
          Telephone: (302)656-7540
          Facsimile: (302)656-7599
          E-mail: dkhogan@dkhogan.com

                      About Haggen Holdings

Headquartered in Bellingham, Washington, Haggen was founded in 1933
as a single grocery store.  From 1933 to 2014, Haggen grew into a
30 store family-run grocery chain, with stores located in the
northwestern United States.  From 2011 to 2014, Haggen reduced its
store base to 18, including a stand-alone pharmacy location.

Haggen rapidly expanded in 2014 and 2015, and, as of the Petition
Date, Haggen owned and operated 164 stores through three operating
companies: Haggen, Inc., Haggen Opco North, LLC and Haggen Opco
South, LLC.

Haggen Holdings, LLC, and its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 15-11874 to
15-11879) on Sept. 8, 2015, with the intention of reorganizing, or
selling as a going concern, their stores for the benefit of their
creditors.

The petitions were signed by Blake Barnett, the chief financial
officer.

The Debtors estimated assets of $50 million to $100 million and
estimated liabilities of $10 million to $50 million.

Young, Conaway, Stargatt & Taylor, LLP, is serving as the Debtors'
local counsel.  Stroock & Stroock & Lavan LLP serves as the
Debtors' general counsel.  Alvarez & Marsal North America, LLC,
acts as the Debtors' financial advisor.  Kurtzman Carson
Consultants LLC serves as the Debtors' claims and noticing agent.

In September 2015, T. Patrick Tinker, assistant U.S. trustee for
Region 3, appointed seven creditors to the official committee of
unsecured creditors.


HAGGEN HOLDINGS: Needs Until April 5 to File Ch. 11 Plan
--------------------------------------------------------
Haggen Holdings, LLC, et al., ask the U.S. Bankruptcy Court for the
District of Delaware to extend the exclusive period by which they
must file a reorganization plan through and including
April 5, 2016, and the exclusive period by which they must solicit
acceptances of that plan through and including June 6, 2016.

The Debtors have been operating under the protections of chapter 11
for just under four months.  During this short period of time, the
Debtors have worked diligently to ensure the smooth transition of
their operations into Chapter 11 and to maximize the value of the
Debtors' estates for the benefit of all stakeholders.  To that end,
the Debtors have, among other things: (i) conducted going out of
business sales with respect to their non-core stores; (ii) marketed
and sold, on an expedited basis, certain pharmaceutical
assets; (iii) after conducting a robust auction and sale process,
and resolving numerous objections related thereto and litigating
those that were not resolved, obtained approval of numerous sales
of certain of their non-core stores; (iv) prepared and filed their
Schedules of Assets and Liabilities and Statements of Financial
Affairs and established a claims bar date; (v) responded to various
creditor inquiries and demands; (vi) retained professionals; (vii)
worked feverishly to stabilize the Debtors' vendor base; (viii)
evaluated and resolved requests for additional adequate assurance
of future payment from certain utility providers; (ix) evaluated
certain of the Debtors' executory contracts and unexpired leases
and rejected certain of those agreements; (x) successfully
prosecuted (over an objection from the United Food and Commercial
Workers International Union) their motion for entry of an order
approving their key employee retention plan; (xi) settled, in a
timely and efficient manner, a number of issues that threatened to
jeopardize the Debtors' ongoing business operations and Chapter 11
efforts; (xii) obtained approval of the bidding procedures for the
sale of certain core stores after resolving numerous objections
related thereto; (xiii) resolved various objections to entry of a
final order authorizing
the Debtors to obtain postpetition financing and use cash
collateral; and (xiv) handled the various other tasks related to
the administration of the Debtors' bankruptcy estates and these
Chapter 11 cases.

Finally, since their appointment, the Debtors have worked
diligently to get the Committee up to speed on these Chapter 11
cases.

Ashley E. Jacobs, Esq., at Young Conaway Stargatt & Taylor, LLP, in
Wilmington, Delaware, tells the Court that accomplishing these
tasks within a mere four months has been a labor-intensive process,
fully occupying the Debtors' representatives and professionals.  In
light of these circumstances, including without limitation the
on-going marketing and sale process with respect to the core
stores, the Debtors submit that the requested extensions are both
appropriate and necessary to afford the Debtors with sufficient
time to adequately prepare a viable Chapter 11 plan and related
disclosure statement, Ms. Jacobs adds.

The Debtors are represented by:

         Matthew B. Lunn, Esq.
         Robert F. Poppiti, Jr., Esq.
         Ian J. Bambrick, Esq.
         Ashley E. Jacobs, Esq.
         YOUNG CONAWAY STARGATT & TAYLOR, LLP
         Rodney Square
         1000 North King Street
         Wilmington, DE 19801
         Tel: (302) 571-6600
         Fax: (302) 571-1256

            -- and --

         Frank A. Merola, Esq.
         Sayan Bhattacharyya, Esq.
         Elizabeth Taveras, Esq.
         STROOCK & STROOCK & LAVAN LLP
         180 Maiden Lane
         New York, NY 10038
         Tel: (212) 806-5400
         Fax: (212) 806-6006

                      About Haggen Holdings

Headquartered in Bellingham, Washington, Haggen was founded in 1933
as a single grocery store.  From 1933 to 2014, Haggen grew into a
30 store family-run grocery chain, with stores located in the
northwestern United States.  From 2011 to 2014, Haggen reduced its
store base to 18, including a stand-alone pharmacy location.

Haggen rapidly expanded in 2014 and 2015, and, as of the Petition
Date, Haggen owned and operated 164 stores through three operating
companies: Haggen, Inc., Haggen Opco North, LLC and Haggen Opco
South, LLC.

Haggen Holdings, LLC, and its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 15-11874 to
15-11879) on Sept. 8, 2015, with the intention of reorganizing, or
selling as a going concern, their stores for the benefit of their
creditors.

The petitions were signed by Blake Barnett, the chief financial
officer.

The Debtors estimated assets of $50 million to $100 million and
estimated liabilities of $10 million to $50 million.

Young, Conaway, Stargatt & Taylor, LLP, is serving as the Debtors'
local counsel.  Stroock & Stroock & Lavan LLP serves as the
Debtors' general counsel.  Alvarez & Marsal North America, LLC,
acts as the Debtors' financial advisor.  Kurtzman Carson
Consultants LLC serves as the Debtors' claims and noticing agent.

In September 2015, T. Patrick Tinker, assistant U.S. trustee for
Region 3, appointed seven creditors to the official committee of
unsecured creditors.


HAGGEN HOLDINGS: Submits Final Form of Albertson's APA
------------------------------------------------------
Haggen Holdings, LLC and its affiliated debtors submitted the final
form of its Asset Purchase Agreement with Albertson's, LLC to the
U.S. Bankruptcy Court for the District of Delaware.

The Debtors had previously filed a Notice informing the Court of
the Successful Bidders and Back-Up Bidders for the stores which
were included in the Auction held on Nov. 9, 2015 through Nov. 11,
2015.

The Final Form of the Asset Purchase Agreement contains, among
others, the following relevant terms:

     (a) Purchase and Sale of Assets: At the Closing, Sellers shall
sell, assign, assume and assign, transfer, convey and deliver to
Buyer, and Buyer shall purchase, acquire and accept from Sellers,
free and clear of any Liens other than Permitted Liens, all of
Sellers’ right, title and interest in, to and under the following
assets, properties and rights which are located at any Store
Property at Closing ("Assets").

     (b) Purchase Price: Buyer Deposit in the amount of $2,460,002,
less $300,000 ("Holdback Amount") will become payable to the
Sellers at the Closing.

Haggen Holdings and its affiliated debtors are represented by:

          Matthew B. Lunn, Esq.
          Robert F. Poppiti, Jr., Esq.
          Ian J. Bambrick, Esq.
          Ashley E. Jacobs, Esq.
          YOUNG CONAWAY STARGATT & TAYLOR, LLP
          Rodney Square
          1000 North King Street
          Wilmington, DE 19801
          Telephone: (302)571-6600
          Facsimile: (302)571-1256
          E-mail: mlunn@ycst.com
                  rpoppiti@ycst.com
                  ibambrick@ycst.com
                  ajacobs@ycst.com

                 - and -

          Frank A. Merola, Esq.
          Sayan Bhattacharyya, Esq.
          Elizabeth Taveras, Esq.
          STROOCK & STROOCK & LAVAN LLP
          180 Maiden Lane
          New York, NY 10038
          Telephone: (212)806-5400
          Facsimile: (212)806-6006
          E-mail: fmerola@stroock.com
                  sbhattacharyya@strook.com
                  etaveras@strook.com

                      About Haggen Holdings

Headquartered in Bellingham, Washington, Haggen was founded in 1933
as a single grocery store.  From 1933 to 2014, Haggen grew into a
30 store family-run grocery chain, with stores located in the
northwestern United States.  From 2011 to 2014, Haggen reduced its
store base to 18, including a stand-alone pharmacy location.

Haggen rapidly expanded in 2014 and 2015, and, as of the Petition
Date, Haggen owned and operated 164 stores through three operating
companies: Haggen, Inc., Haggen Opco North, LLC and Haggen Opco
South, LLC.

Haggen Holdings, LLC, and its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 15-11874 to
15-11879) on Sept. 8, 2015, with the intention of reorganizing, or
selling as a going concern, their stores for the benefit of their
creditors.

The petitions were signed by Blake Barnett, the chief financial
officer.

The Debtors estimated assets of $50 million to $100 million and
estimated liabilities of $10 million to $50 million.

Young, Conaway, Stargatt & Taylor, LLP, is serving as the Debtors'
local counsel.  Stroock & Stroock & Lavan LLP serves as the
Debtors' general counsel.  Alvarez & Marsal North America, LLC,
acts as the Debtors' financial advisor.  Kurtzman Carson
Consultants LLC serves as the Debtors' claims and noticing agent.

In September 2015, T. Patrick Tinker, assistant U.S. trustee for
Region 3, appointed seven creditors to the official committee of
unsecured creditors.


HAGGEN HOLDINGS: Tawa Has Winning Bid for 3 Store Leases
--------------------------------------------------------
Jonson Chen, Vice Chairman of Tawa, Inc. (Retail), submitted a
declaration to the U.S. Bankruptcy Court for the District of
Delaware to support good faith and adequate assurance findings in
connection with the proposed sale of three store leases by Debtors
Haggen Holdings, LLC, et al.

The Debtors had previously filed a Notice informing the Court of
the Successful Bidders and Back-Up Bidders for the stores which
were included in the Auction held on Nov. 9, 2015 through Nov. 11,
2015.

Mr. Chen relates that Tawa attended the auction conducted by the
Debtors on Nov. 9, 10, 11, 2015, as was designated as the highest
and best bid with respect to the following store leases, and
certain related furniture, fixtures and equipment:

   (1) the lease for Store No. 2085, located at 8155 S.W. Hall,
Beaverton, Oregon ("Beaverton Lease");

   (2) the lease for Store No. 2190, located at 5950 Balboa Avenue,
San Diego, California ("San Diego Lease"); and

   (3) the lease, and related furniture, fixtures and equipment,
for Store No. 2193, located at Telegraph Road, Chula Vista,
California ("Chula Vista Lease").

Mr. Chen further relates that Tiwa's winning bids for the Assets
were good faith bona fide offers that Tiwa intends to consummate
and that all actions taken by Tiwa and its agents with respect to
its bids at the auction were taken in good faith, and the
negotiations between the Debtors and Tiwa were conducted at arms'
length and in good faith, with the parties being represented by
separate counsel.  Mr. Chen adds that in accordance with the Bid
Procedures Order, Tiwa has provided the Debtors certain information
regarding the adequate assurance of future performance by Tiwa with
respect to the Assets for dissemination to the relevant landlords.
Mr. Chen contends the following remodeling of the leasehold
premises that comprise the Assets, Tawa intends to operate grocery
stores in such leasehold premises with a product mix and
merchandising approach similar to the Tawa Companies' other 99
Ranch Market stores.

Haggen Holdings and its affiliated debtors are represented by:

          Matthew B. Lunn, Esq.
          Robert F. Poppiti, Jr., Esq.
          Ian J. Bambrick, Esq.
          Ashley E. Jacobs, Esq.
          YOUNG CONAWAY STARGATT & TAYLOR, LLP
          Rodney Square
          1000 North King Street
          Wilmington, DE 19801
          Telephone: (302)571-6600
          Facsimile: (302)571-1256
          E-mail: mlunn@ycst.com
                  rpoppiti@ycst.com
                  ibambrick@ycst.com
                  ajacobs@ycst.com

                 - and -

          Frank A. Merola, Esq.
          Sayan Bhattacharyya, Esq.
          Elizabeth Taveras, Esq.
          STROOCK & STROOCK & LAVAN LLP
          180 Maiden Lane
          New York, NY 10038
          Telephone: (212)806-5400
          Facsimile: (212)806-6006
          E-mail: fmerola@stroock.com
                  sbhattacharyya@strook.com
                  etaveras@strook.com

                      About Haggen Holdings

Headquartered in Bellingham, Washington, Haggen was founded in 1933
as a single grocery store.  From 1933 to 2014, Haggen grew into a
30-store family-run grocery chain, with stores located in the
northwestern United States.  From 2011 to 2014, Haggen reduced its
store base to 18, including a stand-alone pharmacy location.

Haggen rapidly expanded in 2014 and 2015, and, as of the Petition
Date, Haggen owned and operated 164 stores through three operating
companies: Haggen, Inc., Haggen Opco North, LLC and Haggen Opco
South, LLC.

Haggen Holdings, LLC, and its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 15-11874 to
15-11879) on Sept. 8, 2015, with the intention of reorganizing, or
selling as a going concern, their stores for the benefit of their
creditors.

The petitions were signed by Blake Barnett, the chief financial
officer.

The Debtors estimated assets of $50 million to $100 million and
estimated liabilities of $10 million to $50 million.

Young, Conaway, Stargatt & Taylor, LLP, is serving as the Debtors'
local counsel.  Stroock & Stroock & Lavan LLP serves as the
Debtors' general counsel.  Alvarez & Marsal North America, LLC,
acts as the Debtors' financial advisor.  Kurtzman Carson
Consultants LLC serves as the Debtors' claims and noticing agent.

In September 2015, T. Patrick Tinker, assistant U.S. trustee for
Region 3, appointed seven creditors to the official committee of
unsecured creditors.


HII TECHNOLOGIES: Plan to Transfer Assets to Litigation Trust
-------------------------------------------------------------
BankruptcyData reported that HII Technologies filed with the U.S.
Bankruptcy Court a Chapter 11 Plan of Reorganization and a related
Disclosure Statement.

According to the Disclosure Statement, "The Plan proposes to
reorganize each of the Debtors, and transfer certain assets of the
Debtors including cash provided by the DIP Lenders, causes of
action to a Litigation Trust.  The Litigation Trust will
investigate and pursue Causes of Action, and distribute any
proceeds from such Causes of Action to the DIP Lenders and holders
of Allowed General Unsecured and Subordinated Claims pursuant to
the DIP Order and the terms of the Plan.

Under the Plan, each Allowed Secured Claim will be paid in full to
the extent of the value of the Collateral securing such Claim.  The
DIP Lenders will receive on account of their over $11 Million
super-priority Administrative Expense, (i) repayment of the
Postpetition Obligations (as defined in the Plan) in cash, (ii)
Distributable Cash (as defined in the Plan), (iii) 95% of the stock
of the reorganized HIIT, (iv) 55% of the beneficial interests in
the Litigation Trust and the Litigation Trust Assets, and (v) 100%
of the insurance proceeds of their collateral. Other Allowed
Administrative Expenses and all Allowed Priority Tax Claims will be
paid in full, on or promptly after the Effective Date. Holders of
Allowed General Unsecured Claims will share pro rata in (i) 5% of
the stock of the reorganized HIIT, and (ii) the remaining 45% of
the Litigation Trust and the Litigation Trust Assets….The Plan is
also a motion requesting that the Bankruptcy Code substantively
consolidate the Debtors' estates solely for the purposes of voting
and making distributions.

The Plan is also a motion to compromise with the DIP Lenders on the
amount of their superpriority administrative expense of over $11
million, accepting less than full payment in exchange for payment
under the Plan."

                      About HII Technologies

HII Technologies, Inc., Apache Energy Services, LLC, Aqua Handling
of Texas, LLC, Hamilton Investment Group, Inc., and Sage Power
Solutions, Inc., filed Chapter 11 bankruptcy petitions (Bankr.
S.D. Tex. proposed lead case No. 15-60070) on Sept. 18, 2015.
Judge David R Jones is assigned to the cases.

HII Technologies (HIITQ) is a publicly-traded oilfield services
company which entered the hydraulic fracturing water management
business via acquisition of Apache Energy Services dba AES Water
Solutions in September 2012.

HII Technologies currently has only one employee, its CEO, Matt
Flemming.

HII Technologies reported assets of $17.6 million and liabilities
of $26.5 million as of July 31, 2015.

The Debtors tapped McKool Smith P.C. as counsel, and Stout Risius
Ross, Inc. for management and restructuring services.

On Sept. 29, HII Technologies appointed Power Reserve Corp., Bold
Production Services LLC, and Black Gold Energy LLC to serve on its
official committee of unsecured creditors.  On Oct. 7, Black Gold
was replaced by Worldwide Power Products LLC.


HOLY HILL COMMUNITY CHURCH: Chapter 11 Plan Approved by Judge
-------------------------------------------------------------
Richard J. Laski, the Chapter 11 trustee of Holy Hill Community
Church, won confirmation of his Second Amended Chapter 11 Plan for
the Debtor.

Judge Julia W. Brand continued on Nov. 19 the hearing on the Second
Amended Plan.  After reviewing the Plan and other documents,
including the objection to the Plan filed by 1111 Sunset Boulevard,
LLC, and the Trustee's reply thereto, the judge on Dec. 17 entered
an order confirming the Second Amended Plan.

"I currently hold $24,701,164 of the Net Sale Proceeds in a
segregated account to be distributed to creditors pursuant to the
Plan with the surplus funds being used to purchase one or more
churches for the Reorganized Debtor.  I am also working with
Downtown Capital LLC, Wilshire Escrow Company, and other interested
parties for the release of certain interpled funds in the
approximate amount of $4,700,000 (the "Interpled Funds") to the
Estate.  Once the Interpled Funds are released, I will hold
approximately $29,401,164 that will be available for distribution
to creditors holding Allowed Claims and for the purchase of the new
churches," Mr. Laski said in a brief in support of confirmation of
the Plan.

A post-confirmation status conference is scheduled for March 24,
2016 at 10:00 a.m.  The Reorganized Debtor, or such other party as
may be proper, will file a post-confirmation status report at least
14 days prior to the status conference.

A copy of the order confirming the Plan is available for free at:

     http://bankrupt.com/misc/Holy_Hill_398_Plan_Conf_Order.pdf

A copy of the Second Amended Plan dated Nov. 3, 2015, is available
for free at:

     http://bankrupt.com/misc/Holy_Hill_392_2nd_Am_Plan.pdf

                      Palisades' Objection

Palisades Capital Partners, LLC, the buyer of the Estate's real
property and related assets, and its assignee filed the lone
objection to the Trustee's Plan.  1111 Sunset Boulevard, LLC, the
assignee of Palisades, argued that the Plan violates and fails to
preserve rights already granted to Palisades under the Sale Order
and PSA.  1111 Sunset also claimed that the Plan fails to take into
account its contingent administrative claim of $20 million by
virtue of the proposed Settlement Agreement and Mutual Release
entered into by the Trustee on Oct. 14, 2015.

In response, the Trustee argued that the Buyer tries to create the
illusion that the Plan will somehow change the rights of the Buyer
and others.  The Buyer's main concern is that the Plan may be
construed as releasing or proposing to release claims already
transferred to the Buyer under Section 1.1(f) of the PSA or
releasing claims that the Buyer has an option to purchase under
Sec. 1.3 of the PSA.

The Trustee said he will make the necessary revisions to the Plan
to clarify that the Estate is not preserving and transferring to
the Reorganized Debtor any claims that have been previously granted
to the Buyer under Section 1.1(f) of the PSA.

Attorneys for 1111 Sunset Boulevard:

         Garrett L. Hanken
         Jeffrey A. Krieger
         James C. Behrens
         GREENBERG GLUSKER FIELDS CLAMAN & MACHTINGER LLP
         1900 Avenue of the Stars, 21st Floor
         Los Angeles, CA 90067-4590
         Tel: 310.553.3610
         Fax: 310.553.0687
         E-mail: GHanken@GreenbergGlusker.com
                 JKrieger@GreenbergGlusker.com
                 JBehrens@GreenbergGlusker.com

                        The Chapter 11 Plan

The proposed plan provides for, among other things:

  (a) reorganizing the Debtor's operations while maintaining the
Debtor's status as California non-profit religious corporation;

  (b) amending as necessary the Debtor's Articles of Incorporation
and Bylaws consistent with this Plan to provide, inter alia, that
the Chapter 11 Trustee will be appointed as the sole principal and
authorized fiduciary of the Reorganized Debtor with the Bankruptcy
Court maintaining sole jurisdiction over the implementation and
interpretation of the Plan and the Confirmation Order and
oversight
of the Reorganized Debtor until entry of a final decree;

  (c) payment to those holding allowed claims, and

  (d) to the extent there is sufficient excess cash, purchasing
one
or more new churches by the Reorganized Debtor for the benefit of
the Debtors' ruling elders or factions.

The Reorganized Debtor will reserve a sufficient amount of the net
sale proceeds for any potential tax consequences under the Plan.

Under the Plan, the three classes of creditors -- secured claims
(Class 1A through 1J), non-tax priority claims (Class 2), and
general unsecured claims (Class 3) are not impaired under the Plan
and will be deemed to have accepted the Plan.  Allowed claims will
be paid in full on or before 30 days of the effective date of the
Plan.

There are no interest holders in the Debtor since the Debtor is
non-profit religious corporation.  There are, however, various
purported factions that assert they are the ruling elders of the
Debtor.  The Reorganized Debtor, by and through the Principal,
will
assist in mediating the disputes between the factions towards a
settlement or, if such mediation efforts are unsuccessful, a final
decision from the Bankruptcy Court.

The Chapter 11 Trustee filed its Chapter 11 Plan of Reorganization
on Aug. 31, 2015.  The Debtor filed an Amended Plan on Sept. 10.

The Trustee did not file an explanatory disclosure statement.
Because no creditor is impaired under the Plan, the Trustee said
there is no reason to circulate a disclosure statement to
creditors
because there is no need to solicit votes for or against the Plan.


                          About Holy Hill

Holy Hill Community Church, aka Holy Hill Community Church, a
protestant church in Los Angeles, filed for Chapter 11 protection
(Bankr. C.D. Cal. Case No. 14-21070) on June 5, 2014.  In its
Petition, Holy Hill, a California non-profit corporation
incorporated for the purposes of conducting religious activities
as a protestant Christian church, disclosed $35.4 million in total
assets and $16.7 million in total liabilities.

Judge Julia W. Brand presides over the case.

John Jenchun Suh, the pastor and CEO of the church, signed the
bankruptcy petition.  W. Dan Lee of the Lee Law Offices, in Los
Angeles, serves as counsel to the Debtor.  

Various parties, including the U.S. Trustee, filed motions to
appoint a Chapter 11 trustee or, alternatively, convert the case
to
one under Chapter 7.  The motion to appoint a Chapter 11 trustee
was granted and Richard J. Laski was appointed to serve as Chapter
11 trustee on June 30, 2014.  The Trustee has tapped Arent Fox LLP
to serve as his bankruptcy counsel, and Wilshire Partners of CA,
LLC, as accountant.


HOLY HILL COMMUNITY CHURCH: Plan Declared Effective
---------------------------------------------------
Holy Hill Community Church's Chapter 11 Plan became effective on
Jan. 1, 2016.

With the order confirming the Debtor's Second Amended Chapter 11
Plan became final on January 1, 2016 and all other conditions
specified in the Second Amended Chapter 11 Plan having been
satisfied or waived, the Plan became effective on Jan. 1, 2016.

The notice of the Effective Date set certain bar dates for
administrative claims:

   * Administrative Claims incurred in the Debtor’s ordinary
course of business will be allowed in accordance with the terms and
conditions of the transactions that gave rise to that Claim and the
claimholder need not file a request for payment of its Claim.

   * All requests for payment of post-petition tax claims, for
which no bar date has otherwise been previously established, must
be filed with the Bankruptcy Court on or before the later of (i) 45
days following the Effective Date, or February 15, 2016; and (ii)
120 days following the filing of the tax return for such taxes for
such tax year or period with the applicable governmental unit.

   * All professionals or other persons requesting compensation or
reimbursement of expenses an application for final allowance of
compensation and reimbursement of expenses no later than (i) 45
days after the Effective Date, or Feb. 15, 2016, or (ii) such later
date as the Bankruptcy Court will order upon application made prior
to the end of such 45-day period.

   * All holders of non-ordinary course administrative claims
(other than Claims for Professional Fees) will file and serve on
counsel for the Chapter 11 Trustee (at the address set out in the
upper-left hand corner of the Plan) no later than 45 days after the
Effective Date, or Feb. 15, 2016, or such later date, if any, as
the Bankruptcy Court will order upon application made prior to the
end of such 45-day period.

                        The Chapter 11 Plan

The proposed plan provides for, among other things:

  (a) reorganizing the Debtor's operations while maintaining the
Debtor's status as California non-profit religious corporation;

  (b) amending as necessary the Debtor's Articles of Incorporation
and Bylaws consistent with this Plan to provide, inter alia, that
the Chapter 11 Trustee will be appointed as the sole principal and
authorized fiduciary of the Reorganized Debtor with the Bankruptcy
Court maintaining sole jurisdiction over the implementation and
interpretation of the Plan and the Confirmation Order and
oversight
of the Reorganized Debtor until entry of a final decree;

  (c) payment to those holding allowed claims, and

  (d) to the extent there is sufficient excess cash, purchasing
one
or more new churches by the Reorganized Debtor for the benefit of
the Debtors' ruling elders or factions.

The Reorganized Debtor will reserve a sufficient amount of the net
sale proceeds for any potential tax consequences under the Plan.

Under the Plan, the three classes of creditors -- secured claims
(Class 1A through 1J), non-tax priority claims (Class 2), and
general unsecured claims (Class 3) are not impaired under the Plan
and will be deemed to have accepted the Plan.  Allowed claims will
be paid in full on or before 30 days of the effective date of the
Plan.

There are no interest holders in the Debtor since the Debtor is
non-profit religious corporation.  There are, however, various
purported factions that assert they are the ruling elders of the
Debtor.  The Reorganized Debtor, by and through the Principal,
will
assist in mediating the disputes between the factions towards a
settlement or, if such mediation efforts are unsuccessful, a final
decision from the Bankruptcy Court.

The Chapter 11 Trustee filed its Chapter 11 Plan of Reorganization
on Aug. 31, 2015.  The Debtor filed an Amended Plan on Sept. 10.

The Trustee did not file an explanatory disclosure statement.
Because no creditor is impaired under the Plan, the Trustee said
there is no reason to circulate a disclosure statement to
creditors
because there is no need to solicit votes for or against the Plan.


                          About Holy Hill

Holy Hill Community Church, aka Holy Hill Community Church, a
protestant church in Los Angeles, filed for Chapter 11 protection
(Bankr. C.D. Cal. Case No. 14-21070) on June 5, 2014.  In its
Petition, Holy Hill, a California non-profit corporation
incorporated for the purposes of conducting religious activities
as a protestant Christian church, disclosed $35.4 million in total
assets and $16.7 million in total liabilities.

Judge Julia W. Brand presides over the case.

John Jenchun Suh, the pastor and CEO of the church, signed the
bankruptcy petition.  W. Dan Lee of the Lee Law Offices, in Los
Angeles, serves as counsel to the Debtor.  

Various parties, including the U.S. Trustee, filed motions to
appoint a Chapter 11 trustee or, alternatively, convert the case
to
one under Chapter 7.  The motion to appoint a Chapter 11 trustee
was granted and Richard J. Laski was appointed to serve as Chapter
11 trustee on June 30, 2014.  The Trustee has tapped Arent Fox LLP
to serve as his bankruptcy counsel, and Wilshire Partners of CA,
LLC, as accountant.



HOLY HILL COMMUNITY CHURCH: Wilshire Stipulation Approved
---------------------------------------------------------
Richard J. Laski, the Chapter 11 trustee of Holy Hill Community
Church, won approval of a stipulation he entered with a creditor in
connection with his proposed Plan of Reorganization for the
Debtor.

Wilshire Escrow Company previously filed an informal objection to
the Plan concerning the reserve amount provided for Wilshire's
secured claim in Class 1I.  Pursuant to a stipulation with
Wilshire, the Plan will be deemed amended to provide for a reserve
of $71,000 on account of Wilshire’s secured claim in Class 1I.
Wilshire will waive all other objections to the Plan.

                          About Holy Hill

Holy Hill Community Church, aka Holy Hill Community Church, a
protestant church in Los Angeles, filed for Chapter 11 protection
(Bankr. C.D. Cal. Case No. 14-21070) on June 5, 2014.  In its
Petition, Holy Hill, a California non-profit corporation
incorporated for the purposes of conducting religious activities
as a protestant Christian church, disclosed $35.4 million in total
assets and $16.7 million in total liabilities.

Judge Julia W. Brand presides over the case.

John Jenchun Suh, the pastor and CEO of the church, signed the
bankruptcy petition.  W. Dan Lee of the Lee Law Offices, in Los
Angeles, serves as counsel to the Debtor.  

Various parties, including the U.S. Trustee, filed motions to
appoint a Chapter 11 trustee or, alternatively, convert the case
to
one under Chapter 7.  The motion to appoint a Chapter 11 trustee
was granted and Richard J. Laski was appointed to serve as Chapter
11 trustee on June 30, 2014.  The Trustee has tapped Arent Fox LLP
to serve as his bankruptcy counsel, and Wilshire Partners of CA,
LLC, as accountant.



HOVENSA L.L.C.: Amends Liquidating Plan Ahead of Jan. 19 Hearing
----------------------------------------------------------------
Hovensa, L.L.C., which has agreed to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million, has amended its
proposed liquidating plan ahead of the confirmation hearing on Jan.
19, 2016, at 10:00 a.m. (prevailing Eastern Time).

A copy of the First Amended Plan filed Jan. 12, 2016, is available
for free at:

     http://bankrupt.com/misc/Hovensa_542_1st_Am_Plan.pdf

Hovensa, L.L.C., filed a liquidating plan that contemplates
allocating $30 million of the sale proceeds for holders of allowed
non-priority general unsecured claims.

The projected recoveries under the Plan are:

                                            Projected   Estimated
  Class   Claim/Interest Plan Treatment  Allowed Amount  Recovery
  ----    -------------  --------------  --------------  --------
   1  Other Priority Claims    Unimpaired       $22,000     100%
   2  Other Secured  Claims    Unimpaired            $0     100%
   3  GVI Claims               Impaired    Undetermined      N/A
   4  Tort Claims              Impaired     $26,440,000      49%
   5  Other Non-Govt. and
       Non-Tort General
       Unsecured Claims        Impaired     $30,935,000      49%
   6 Other Governmental
       General Unsecured
       Claims                  Impaired      $3,500,000      49%
   7 Interests                 Impaired             N/A       0%

The Debtor said that in a Chapter 7 liquidation, all holders of
unclassified claims and claims in Classes 1, 2, 3, 4, 5, and 6
would receive no recovery.

On the Petition Date, the Debtor disclosed a deal to sell its
crude oil and product storage and terminalling business to
Limetree Bay Holdings, LLC, an affiliate of ArcLight Capital
Partners, LLC, for $184 million, absent higher and better offers.

The Debtor received a rival offer from Buckeye Partners, L.P. for
$198.6 million by the Nov. 5 bid deadline, as well as nine bids
from parties interested in purchasing and liquidating the Debtor's
refinery assets, and proposals from Capswell Energy Co. and
Monarch Energy Partners, Inc.

Following an auction on Nov. 10, 11 and 16, Limetree submitted a
final bid of $220 million, including $100 million in cash, and
Buckeye submitted a final bid of $365 million, which includes $345
million in cash.  The Debtor, however, selected Limetree Bay as
the winning bidder due to the greater conditionality in the
Buckeye bid.

Limetree Bay's final offer provides:

   i. purchase price of $220 million consisting of: (a) $100
million of cash to the Government of the Virgin Islands (the
"GVI") in satisfaction of certain of its claims and as a
concession fee, (b) $90 million to the Debtor's estate, and (c) up
to $30 million of reimbursement of post-closing wind-down costs
and expenses;

  ii. an agreement to provide the Debtor with free power after the
closing to the extent that the minimum turndown amount of power
exceeds the power generation load used by Limetree Bay to operate
its business, and the first $15 million of additional power for
which the Debtor would have otherwise paid free of charge under a
power supply services agreement to be entered into at closing; and

iii. an agreement with the Governor on a concession agreement to
be taken to the Legislature, which agreement contains additional
payments and other financial consideration to be paid by Limetree
Bay to the GVI.

In an effort to obtain the Committee's support for a sale
transaction to Limetree Bay, the parties agreed that HOVIC or one
of its affiliates will assume the Debtor's ongoing pension
obligations, which will materially reduce the amount of the
Debtor's projected unsecured claims pool, in exchange for the
Committee's support for estate releases.

In advance of the Nov. 30 sale hearing, the Debtor, the JV
Parties, and the Committee engaged in further negotiations over
the form of order approving the sale.  Ultimately, the sale order
was further revised to include a paragraph that requires $30
million of the sale proceeds to be placed in a separate interest
bearing account for the sole benefit of holders of allowed non-
priority general unsecured claims other than: (1) claims held by
HOVIC or PDV-VI; (2) any claims of the GVI; and (3) any claim of
any governmental entity, unless otherwise agreed in writing by the
Committee, the Debtor, and any liquidating trustee, as
appropriate.

On Dec. 1, 2015, the Bankruptcy Court entered the Sale Order.

The Purchase Agreement provides for the Debtor's estate to receive
approximately $90 million from the sale proceeds.  Pursuant to the
Sale Order, the Debtor is required to repay in full in cash to the
DIP Lenders all accrued but unpaid DIP Obligations upon the
Closing.  In addition, based upon the Debtor's claims estimates,
the sale proceeds will permit the Debtor to cover its remaining
pre-closing administrative obligations and make the best possible
distribution to unsecured creditors under the circumstances.

In addition, the Sale Order and the Purchase Agreement provide
that, at the Closing, Limetree Bay will pay the USVI Government
the USVI Concession Fee in the amount of $100 million.  In
addition to this fee, the GVI also will receive several monetary
and non-monetary benefits directly from Limetree Bay pursuant to a
separate agreement reached among the Governor and Limetree Bay
dated Nov. 9, 2015.  On Dec. 1, 2015, the Governor held a press
conference to announce the terms of the Operating Agreement, which
includes among other things:

   * $220 million in an upfront payment to the GVI;

   * A commitment from Limetree Bay to operate the oil storage
facility for at least 25 years and up to 40 years;

   * A commitment from Limetree Bay to employ a minimum of 80
full-time workers, at least 80% of whom must be long-term USVI
residents;

   * An agreement from Limetree Bay to potentially restart the
refinery and dismantle any part that is not being used;

   * A donation of 330 acres of land and 130 units of housing
along
with a vocational school and a community center to the GVI; and

   * Payment of $150,000 annually as rent for the submerged lands
that are part of the Debtor's property, which is an increase from
the current $1 per year rent.

The Governor also stated that he believes the Operating Agreement
represents a total value to the GVI and the people of the USVI of
more than $800 million.  The Governor also announced that he
called the 31st Legislature of the Virgin Islands of the United
States into special session to be held on Dec. 17, 2015 to
consider approval of the Operating Agreement.

A copy of the solicitation version of the Disclosure Statement
filed Dec. 17, 2015, is available for free at:

       http://bankrupt.com/misc/Hovensa_LLC_467_DS.pdf

The Debtors' attorneys:

         Richard H. Dollison
         LAW OFFICES OF RICHARD H. DOLLISON, P.C.
         48 Dronningens Gade, Suite 2C
         St. Thomas, U.S. Virgin Islands 00802
         Telephone: (340) 774-7044
         Facsimile: (340) 774-7045

                - and -

         Lorenzo Marinuzzi, Esq.
         Jennifer L. Marines, Esq.
         Samantha Martinm Esq.
         Daniel J. Harris, Esq.
         MORRISON & FOERSTER LLP
         250 West 55th Street
         New York, NY 10019
         Telephone: (212) 468-8000
         Facsimile: (212) 468-7900

                         About Hovensa

Hovensa, L.L.C, owns an oil refinery and an oil storage facility
business, both located on the island of St. Croix, U.S. Virgin
Islands, and both of which are currently idled.  The refinery and
storage facilities span approximately 2,000 acres of land located
on the south shore of St. Croix, including approximately 300 acres
of undeveloped land to the east of the refinery and storage.
Hovensa currently maintains its headquarters at 1 Estate Hope,
Christiansted, St. Croix, USVI.

Hovensa was formed in June 1998 and, through a series of
agreements dated October 30, 1998, became a joint venture between
Hess Oil Virgin Islands Corporation ("HOVIC"), a subsidiary of
Hess Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I.,
Inc. ("PDV-VI" and together with HOVIC, the "JV Parties"), a
subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), the national
oil company of Venezuela.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell
most of the assets.  Judge Mary F. Walrath is assigned to the
case.

The Debtor estimated assets of $100 million to $500 million, and
liabilities of more than $1 billion.

The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel;
The Law Offices of Richard H. Dollison as local bankruptcy
counsel; Alvarez & Marsal North America, LLC to provide Thomas E.
Hill as chief restructuring officer; Lazard Freres & Co. LLC as
investment banker; White & Case LLP as special mergers and
acquisitions counsel; and Prime Clerk LLC as claims and noticing
agent and as administrative agent.

The Official Committee of Unsecured Creditors tapped Dentons US
LLP counsel; Hamm Eckard, LLP as its local/co-counsel; and
Berkeley Research Group, LLC as its financial advisor.

The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP
financing in an amount not to exceed $40 million.  The DIP
facility requires the Debtors to achieve certain milestones,
including closing of the sale by Dec. 31, 2015.

                           *     *     *

Hovensa, L.L.C., reached a deal to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million.  On Jan. 4, 2016, the
Debtor closed its sale of substantially all its assets.  

The Debtor has filed a liquidating plan. The combined hearing to
consider final approval of the Disclosure Statement and
confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m.
(prevailing Eastern Time).


HOVENSA L.L.C.: Files Supplement to Bankruptcy Exit Plan
--------------------------------------------------------
Hovensa, L.L.C., submitted a plan supplement in support of, and in
accordance with, its Plan of Liquidation Pursuant to Chapter 11 of
the Bankruptcy Code.  The Plan Supplement includes:

    * Liquidating Trust Agreement;

    * Environmental Response Trust Agreement;

    * Schedule of Liquidating Trust Insurance Policies;

    * Schedule of Environmental Response Trust Insurance Policies;
and

    * Termination and Release Agreement, by and among the Debtor,
the GVI, and the Virgin Islands Bureau of Internal Revenue.

The Trusts filed with the Court do not indicate who the trustees
thereunder will be.

A copy of the Plan Supplement is available for free at:

     http://bankrupt.com/misc/Hovensa_541_Plan_Supplement.pdf

                         About Hovensa

Hovensa, L.L.C, owns an oil refinery and an oil storage facility
business, both located on the island of St. Croix, U.S. Virgin
Islands, and both of which are currently idled.  The refinery and
storage facilities span approximately 2,000 acres of land located
on the south shore of St. Croix, including approximately 300 acres
of undeveloped land to the east of the refinery and storage.
Hovensa currently maintains its headquarters at 1 Estate Hope,
Christiansted, St. Croix, USVI.

Hovensa was formed in June 1998 and, through a series of
agreements dated October 30, 1998, became a joint venture between
Hess Oil Virgin Islands Corporation ("HOVIC"), a subsidiary of
Hess Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I.,
Inc. ("PDV-VI" and together with HOVIC, the "JV Parties"), a
subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), the national
oil company of Venezuela.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell
most of the assets.  Judge Mary F. Walrath is assigned to the
case.

The Debtor estimated assets of $100 million to $500 million, and
liabilities of more than $1 billion.

The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel;
The Law Offices of Richard H. Dollison as local bankruptcy
counsel; Alvarez & Marsal North America, LLC to provide Thomas E.
Hill as chief restructuring officer; Lazard Freres & Co. LLC as
investment banker; White & Case LLP as special mergers and
acquisitions counsel; and Prime Clerk LLC as claims and noticing
agent and as administrative agent.

The Official Committee of Unsecured Creditors tapped Dentons US
LLP counsel; Hamm Eckard, LLP as its local/co-counsel; and
Berkeley Research Group, LLC as its financial advisor.

The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP
financing in an amount not to exceed $40 million.  The DIP
facility requires the Debtors to achieve certain milestones,
including closing of the sale by Dec. 31, 2015.

                           *     *     *

Hovensa, L.L.C., reached a deal to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million.  On Jan. 4, 2016, the
Debtor closed its sale of substantially all its assets.  

The Debtor has filed a liquidating plan. The combined hearing to
consider final approval of the Disclosure Statement and
confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m.
(prevailing Eastern Time).


HOVENSA L.L.C.: UST Reserves Right to Object to Plan Trustees
-------------------------------------------------------------
Guy G. Gebhardt, Acting United States Trustee, Region 21, said that
given the late filing of Hovensa, L.L.C.'s Amended Plan of
Liquidation and Plan Supplement, he reserves the rights with
respect to the Plan.

The Plan Supplements include, among other things, the Liquidating
Trust Agreement and the Environmental Response Trust Agreement
(collectively, the "Trusts").  The Trusts filed with the Court do
not indicate who the trustees thereunder will be, Mr. Gebhardt
pointed out.

The United States Trustee reserves his rights with respect to the
Plan and the Plan Supplements and to raise any issue with respect
thereto at any hearings thereon, including, but not limited to: (i)
the terms of the Plan and the Plan Supplements; and (ii) the Trusts
and such trustees as may be designated and appointed thereunder.

The U.S. Trustee is represented by:

        Martin P. Ochs
        United States Department of Justice
        Office of the United States Trustee
        362 Richard B. Russell Building
        75 Ted Turner Drive, SW
        Atlanta, GA 30303
        Tel: (404) 331-4437
        E-mail: martin.p.ochs@usdoj.gov

                         About Hovensa

Hovensa, L.L.C, owns an oil refinery and an oil storage facility
business, both located on the island of St. Croix, U.S. Virgin
Islands, and both of which are currently idled.  The refinery and
storage facilities span approximately 2,000 acres of land located
on the south shore of St. Croix, including approximately 300 acres
of undeveloped land to the east of the refinery and storage.
Hovensa currently maintains its headquarters at 1 Estate Hope,
Christiansted, St. Croix, USVI.

Hovensa was formed in June 1998 and, through a series of
agreements dated October 30, 1998, became a joint venture between
Hess Oil Virgin Islands Corporation ("HOVIC"), a subsidiary of
Hess Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I.,
Inc. ("PDV-VI" and together with HOVIC, the "JV Parties"), a
subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), the national
oil company of Venezuela.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell
most of the assets.  Judge Mary F. Walrath is assigned to the
case.

The Debtor estimated assets of $100 million to $500 million, and
liabilities of more than $1 billion.

The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel;
The Law Offices of Richard H. Dollison as local bankruptcy
counsel; Alvarez & Marsal North America, LLC to provide Thomas E.
Hill as chief restructuring officer; Lazard Freres & Co. LLC as
investment banker; White & Case LLP as special mergers and
acquisitions counsel; and Prime Clerk LLC as claims and noticing
agent and as administrative agent.

The Official Committee of Unsecured Creditors tapped Dentons US
LLP counsel; Hamm Eckard, LLP as its local/co-counsel; and
Berkeley Research Group, LLC as its financial advisor.

The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP
financing in an amount not to exceed $40 million.  The DIP
facility requires the Debtors to achieve certain milestones,
including closing of the sale by Dec. 31, 2015.

                           *     *     *

Hovensa, L.L.C., reached a deal to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million.  On Jan. 4, 2016, the
Debtor closed its sale of substantially all its assets.  

The Debtor has filed a liquidating plan. The combined hearing to
consider final approval of the Disclosure Statement and
confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m.
(prevailing Eastern Time).


HOVENSA L.L.C.: Virgin Islands Keeps Rights to Raise Plan Issues
----------------------------------------------------------------
Before the deadline to submit objections to Hovensa, L.L.C.'s
Liquidating Plan, the Government of the U.S. Virgin Islands
submitted a document seeking to reserve all of its rights with
respect to the plan and to raise any issues at the hearing.

As of the closing of the sale of substantially all assets of the
Debtor, the GVI released all its non-environmental claims against
the Debtor and the JV Partners.  Accordingly, the GVI's interest in
the Plan is limited primarily to how the Debtor addresses its
environmental obligations.

The version of the Plan served on creditors for solicitation of
their votes provides for the creation of an Environmental Response
Trust, which would assume and undertake the Debtor's environmental
obligations.  The Plan provides that the estate would fund the
Environmental Response Trust, and that a trustee would be selected
by the Debtor with the consent of the U.S. Environmental Agency and
the GVI's Department of Natural Resources.

Given the herculean efforts to obtain legislative approval in early
January and to close the sales transaction Jan. 4, the GVI does not
expect all the parties' work to be completed prior to the Plan's
objection deadline or the voting deadline.

Accordingly, the GVI seeks to reserve all its rights with respect
to the plan and to raise any issues at the hearing, including but
not limited to: (a) the terms of the Plan or the Environmental
Trust Agreement; (b) the selection of the Environmental Response
Trustee, and the (c) terms of the Environmental Trust Insurance
Policies.

The Government of the U.S. Virgin Islands is represented by:

         LAW OFFICES OF JOEL H. HOLT
         Joel H. Holt, Esq.
         2132 Company Street
         Christiansted, VI 00820
         Tel: (340) 773-8709
         Fax: (340) 778-8677

                - and -

         MACAULEY LLC
         Thomas G. Macauley, Esq.
         300 Delaware Avenue, Suite 760
         Wilmington, DE 19801
         Tel: (302) 656-0100
         Fax: (302) 654-4362

                - and -

         COHEN MILSTEIN SELLERS & TOLL PLLC
         Linda Singer, Esq.
         1100 New York Ave. N.W., Suite 500 West
         Washington, DC 20005

                         About Hovensa

Hovensa, L.L.C, owns an oil refinery and an oil storage facility
business, both located on the island of St. Croix, U.S. Virgin
Islands, and both of which are currently idled.  The refinery and
storage facilities span approximately 2,000 acres of land located
on the south shore of St. Croix, including approximately 300 acres
of undeveloped land to the east of the refinery and storage.
Hovensa currently maintains its headquarters at 1 Estate Hope,
Christiansted, St. Croix, USVI.

Hovensa was formed in June 1998 and, through a series of
agreements dated October 30, 1998, became a joint venture between
Hess Oil Virgin Islands Corporation ("HOVIC"), a subsidiary of
Hess Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I.,
Inc. ("PDV-VI" and together with HOVIC, the "JV Parties"), a
subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), the national
oil company of Venezuela.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell
most of the assets.  Judge Mary F. Walrath is assigned to the
case.

The Debtor estimated assets of $100 million to $500 million, and
liabilities of more than $1 billion.

The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel;
The Law Offices of Richard H. Dollison as local bankruptcy
counsel; Alvarez & Marsal North America, LLC to provide Thomas E.
Hill as chief restructuring officer; Lazard Freres & Co. LLC as
investment banker; White & Case LLP as special mergers and
acquisitions counsel; and Prime Clerk LLC as claims and noticing
agent and as administrative agent.

The Official Committee of Unsecured Creditors tapped Dentons US
LLP counsel; Hamm Eckard, LLP as its local/co-counsel; and
Berkeley Research Group, LLC as its financial advisor.

The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP
financing in an amount not to exceed $40 million.  The DIP
facility requires the Debtors to achieve certain milestones,
including closing of the sale by Dec. 31, 2015.

                           *     *     *

Hovensa, L.L.C., reached a deal to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million.  On Jan. 4, 2016, the
Debtor closed its sale of substantially all its assets.  

The Debtor has filed a liquidating plan. The combined hearing to
consider final approval of the Disclosure Statement and
confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m.
(prevailing Eastern Time).


IDERA PHARMACEUTICALS: Releases Copy of Presentation Materials
--------------------------------------------------------------
Idera Pharmaceuticals, Inc., uploaded a presentation to its Web
site -- http://www.iderapharma.com/-- discussing the state of the
Company.  The Company may rely on all or part of this presentation
any time it is discussing the current state of the Company in
communications with investors or at conferences.  A copy of the
presentation is available for free at http://is.gd/HwMRBN

                          About Idera

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

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

As of Sept. 30, 2015, the Company had $99.08 million in total
assets, $6.42 million in total liabilities and $92.7 million in
total stockholders' equity.


ILLINOIS INSTITUTE: Fitch Affirms BB Rating on 2006A/2009A Bonds
----------------------------------------------------------------
Fitch Ratings has affirmed the 'BB' rating on these outstanding
Illinois Finance Authority revenue bonds issued on behalf of
Illinois Institute of Technology (IIT):

   -- $153,660,000 series 2006A bonds;
   -- $27,915,000 series 2009A bonds.

The Rating Outlook is Stable.

SECURITY

A note secures IIT's obligations under a loan agreement with the
authority.  The university's obligation pursuant to the note is a
general obligation.  The authority issued the bonds and loaned the
proceeds to IIT.

The authority pledges and assigns its interest and rights in the
IIT loan agreement and note to the trustee.  IIT makes payments
directly to the trustee in an amount sufficient for debt service.

The series 2009A bonds are further secured by a cash-funded debt
service reserve fund.

KEY RATING DRIVERS

STABLE FINANCIAL POSITION: Operations have gradually improved and
stabilized over the last few years.  Operating margins were
breakeven in fiscal 2015, and slightly negative in fiscal 2014,
after two years of more favorable results.  However, continued
tuition revenue growth and a lessening reliance on endowment draws
are indicative of a strengthening financial position.

IMPROVING FINANCIAL CUSHION: Improved operations and favorable
investment returns have benefitted IIT's available funds ratios.
Both ratios, while still weak and slightly lower than fiscal 2014
are much improved since fiscal 2012 and compare favorably to
similarly-rated institutions.

MIXED STUDENT DEMAND: Overall stable enrollment is composed of
healthy undergraduate growth and declining graduate trends,
particularly law, which Fitch notes is consistent with national
trends.  Freshman retention is strong.

MANAGEABLE DEBT BURDEN: The university's maximum annual debt
service (MADS) burden is manageable with MADS consuming a moderate
amount of unrestricted operating revenues.  Stronger financial
operations have enabled IIT to produce sufficient pro forma MADS
coverage which should continue given no additional debt plans.

RATING SENSITIVITIES

SUSTAINED OPERATING IMPROVEMENT: Sustained improvement in the
Illinois Institute of Technology's operating performance, evidenced
by positive operating margins driven by enrollment growth, and
improvement in liquidity measures could lead to positive rating
action.

STRUCTURAL IMBALANCE: A trend of negative operating margins, or a
return to outsized reliance on endowment fund draws, could pressure
the rating.

CREDIT PROFILE

IIT is a private not-for-profit technology-focused research
university offering undergraduate and graduate degrees in
engineering science, architecture, business, design, human
sciences, applied technology, and law.  Established in 1940, the
institute operates five campuses in the Chicago metropolitan area
with its main campus located four miles south of downtown Chicago.

STRENGTHENED FINANCIAL POSITION

IIT's operating position has improved.  Operating margins have
averaged breakeven since fiscal 2012, including a slight negative
turn in fiscal 2014 to -1.5%, returning to breakeven in fiscal
2015.  This follows six consecutive years of negative margins from
fiscal 2006-2011.  Moreover, excess endowment fund draws above its
stated policy averaging more than $15 million annually during the
prior period were more than one-third higher than the most recent
three-year average.  In effect, IIT has produced more stable
operating results since fiscal 2012 while returning to its
customary 5% endowment fund spending policy.

Management's multi-year financial turnaround plan focusing on
various revenue enhancement and cost containment initiatives drives
recent operating stability.  Average annual operating revenue
growth (2.9%) has outpaced operating expenses (2.3%) since fiscal
2011.  Similar to many other private institutions, IIT's largest
revenue source is student-generated revenue (61.5% of fiscal 2015
operating revenues), although grant and contract revenues (19.4% of
fiscal 2015 operating revenues) provide significantly more revenue
diversity than comparably-rated institutions.

Based on interim results through November 2015, management projects
fiscal 2016 results will be similar to or slightly better than
those in fiscal 2015.  Consistently positive operating results
would underscore the university's improved financial position.

IMPROVING FINANCIAL CUSHION

Available funds, defined by Fitch as cash and investments not
permanently restricted, provide IIT with a modest financial
cushion.  For fiscal 2015, the ratios of available funds to
unrestricted operating expenses and long-term debt were 23.3% and
31.6%, respectively, a slight decline from fiscal 2014 but a
significant improvement from 6.2% and 7.1% in fiscal 2012.  Of
note, IIT does not budget to cover depreciation and any significant
capital needs could cause greater year-to-year volatility in
available funds ratios, to the extent the university cash funds
related projects.

IIT's $250 million fundraising campaign is on target, according to
management.  The university has raised approximately $227 million
of the goal, approximately two-thirds of which has been collected.
A portion of campaign proceeds are expected to augment IIT's
endowment, as well as fund certain capital projects.

OVERALL FLAT ENROLLMENT

Flat overall enrollment trends since fiscal 2011 potentially limit
the rate of improvement in IIT's operating margin.  Total
enrollment increased by less than 1% during the period, totaling
7,337 for fall 2015.  More broad, steady enrollment gains could
ultimately contribute to stronger operating margins.

Healthy undergraduate growth totaling 19.4% since fiscal 2011 to
3,107 offsets negative overall graduate enrollment (-9.4%), largely
driven by a declining number of law school students that is
consistent with national trends.  IIT's law students represent
approximately 9.6% of total enrollment in fiscal 2015, down from
14.2% in fiscal 2011.

Incoming student admissions examination scores compare favorably
with state and national averages.  Average ACT scores (28) are
seven points above the national average.  Additionally, freshman
retention has averaged 92% since fiscal 2011.

MANAGEABLE DEBT BURDEN

IIT's direct debt burden remains manageable.  MADS of approximately
$16.2 million (fiscal 2024) consumes a moderate 5.9% of fiscal 2015
unrestricted operating revenues, down from 6.4% in fiscal 2011 and
6.1% in fiscal 2014.  Annual debt service and MADS coverage ratios
improved slightly in fiscal 2015 to 1.5x (1.2x in fiscal 2014) and
1.4x (1.3x in fiscal 2014), respectively.

IIT's research affiliate, IITRI, has a $9.4 million private
placement with a local bank.  The obligation is non-recourse to the
university.  However, the debt is reported in IIT's consolidated
audit and included in Fitch's ratios.

An off-balance sheet student housing obligation is an additional
consideration in Fitch's analysis.  Because IIT commits to
preserving sufficient project coverage by leasing unoccupied beds
if necessary, Fitch also evaluates IIT's leverage metrics
incorporating the project debt.  Including the $26 million
off-balance sheet obligation would not materially change IIT's
leverage metrics; the ratio of available funds to debt would fall
slightly to 28% from 31.6%.

IIT services the facility and commits to leasing unoccupied beds
sufficient for the related entity to produce 1.0x debt service
coverage.  However, IIT has not had to lease any beds since fiscal
2007, which provides some comfort.  In addition, related debt
service coverage ratios are near 5x, per management.  An LOC in
place through March 31, 2016 secures the obligation.  Management is
currently in the process of extending the term of the LOC for two
years under the same terms.

IIT's lack of additional financing plans should help maintain a
manageable debt burden.



INTERNATIONAL SHIPHOLDING: Debt May Trigger Going Concern Doubt
---------------------------------------------------------------
International Shipholding Corporation's inability to mitigate
uncertainties regarding execution of its strategic plan and debt
obligations may trigger a substantial doubt about its ability to
continue as a going concern, according to Manuel G. Estrada, vice
president and chief financial officer of the company, in a November
16, 2015 regulatory filing with the U.S. Securities and Exchange
Commission.

Mr. Estrada explained: "Since early 2014, we have encountered
certain challenges related to complying with our debt covenants and
overall liquidity restraints.  On October 21, 2015, our Board of
Directors approved a Strategic Plan to focus us on three core
segments.  If we are successful in implementing this Strategic
Plan, we believe it will strengthen our financial position by
reducing our debt to more manageable levels and increasing our
liquidity, which we believe will, in turn, provide us with future
opportunities to create value for our shareholders.  

"On or prior to November 16, 2015, we amended each of our credit
facilities.  These amendments, among other things, obligate us to
complete various steps of our Strategic Plan at certain specified
prices and by specified milestone deadlines, which require certain
assets to be sold ranging from as soon as December 4, 2015 to June
30, 2016.  Because of the uncertainties associated with our ability
to implement the Strategic Plan within the required time
constraints, we have classified as of September 30, 2015 all $213.7
million of our debt obligations as current maturities, which caused
our current liabilities to far exceed our current assets as of such
date.

"If we are unsuccessful in disposing of certain non-core assets by
the milestones agreed to with our lenders, we would be in default
under one or more of our credit facilities and all of our creditors
would have the right to accelerate our debt.  

"As a result of the matters described herein, including the
uncertainty regarding our ability to execute the Strategic Plan and
our lenders' ability to demand payment under our debt agreements,
if we are unable to successfully mitigate these uncertainties,
there would be substantial doubt about our ability to continue as a
going concern."

At September 30, 2015, the company had total assets of
$554,456,000, total liabilities of $301,258,000 and total
stockholders' equity of $253,198,000.

The company also posted a net loss of $7,207,000 for the three
months ended September 30, 2015, as compared with a net loss of
$2,565,000 during the three months ended September 30, 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/jze25oj

International Shipholding Corporation, through its subsidiaries,
operates a fleet of U.S. and foreign flag vessels that provide
international and domestic maritime transportation services to
commercial and governmental customers.  The company maintains its
headquarters in Mobile, Alabama.



JAMES F. HUMPHREYS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: James F. Humphreys & Associates, L.C.
        10 Hale Street, Suite 400
        Charleston, WV 25301

Case No.: 16-20006

Chapter 11 Petition Date: January 13, 2016

Court: United States Bankruptcy Court
       Southern District of West Virginia (Charleston)

Judge: Hon. Frank W. Volk

Debtor's Counsel: Julia A. Chincheck, Esq.
                  600 Quarrier Street
                  Charleston, WV 25301
                  Email: jchincheck@bowlesrice.com

                  Danielle L Dietrich, Esq.
                  TUCKER ARENSBERG P.C.
                  1500 One PPG Place
                  Pittsburgh, PA 15222
                  Email: ddietrich@tuckerlaw.com

                  Judith K. Fitzgerald
                  TUCKER ARENSBERG P.C.
                  1 PPG Place, Suite 1500
                  Philadelphia, PA 15222
                  Tel: 412-566-1212
                  Fax: 412-594-5619
                  Email: jfitzgerald@tuckerlaw.com

                     - and -

                  Beverly Weiss Manne, Esq.
                  TUCKER ARENSBERG, P.C.
                  1500 One PPG Place
                  Pittsburgh, PA 15222
                  Tel: (412) 594-5525
                  Email: bmanne@tuckerlaw.com

Debtor's          BOWLES RICE LLP
Local
Counsel:

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by James F. Humphreys, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/wvsb16-20006.pdf


JEFFREY L. HAYDEN: Can't Clawback $9MM Transfer, Court Rules
------------------------------------------------------------
This refers to the adversary proceeding being heard and conducted
with respect to the prima facie case — issues regarding the value
of the subject transfers, consideration paid for the transfers at
the time the transfers were made, and whether Debtor Jeffrey L.
Hayden was insolvent at the time of the transfers or became
insolvent as a result of the transfers.

In a Findings of Fact and Conclusions of Law after trial dated
December 28, 2015, which is available at http://is.gd/JqMa8Sfrom
Leagle.com, Judge Maureen A. Tighe of the United States Bankruptcy
Court for the Central District of California, San Fernando Valley
Division, has made the following findings of fact and conclusion of
laws:

   (1) After taking into account the expected amount of the AFG 6
liability ($300,000), the Court finds that the value of Debtor
Jeffrey L. Hayden's interest in AFG to be $9,460,000.

   (2) The Plaintiff was solvent by over $9,000,000 on the Transfer
Date.  Defendant Tasos Denos, et al., has rebutted any presumption
of insolvency.  While the Debtor appeared to have created a
liquidity issue based on his earlier financial decisions, his
claims of insolvency were exaggerated and lacking any real
foundation or evidence.

   (3) the action seeks to avoid the following transfers: (i) the
transfer of the Property on or about January 7, 2014; and (ii) the
transfer of the Construction Defect Claim on or about December 13,
2013.

   (4) The Plaintiff has the burden of proof by the preponderance
of evidence that the Plaintiff received less than reasonable
equivalent value for the transfers of the Property and the
Construction Defect Claim.

   (5) Having shown that the Plaintiff was not paying his debts as
they came due at the time of the transfers, there is rebuttable
presumption that the Plaintiff was insolvent at the time of the
transfers.

   (6) The Defendants therefore have the burden of coming forward
with proof that the Debtor was insolvent. However, the ultimate
burden of proof on the issue of solvency always remains with the
Plaintiff.

   (7) California's fraudulent transfer statutes are similar in
form and substance to the Bankruptcy Code's fraudulent transfer
provisions.  Thus, the standards under both federal and state law
are the same for all practical purposes.

   (8) In determining whether the Plaintiff received reasonable
equivalent value, the Court views the term "reasonably equivalent"
to mean "approximately" or "roughly" equivalent.

   (9) The determination of reasonably equivalent value is made
upon all of the facts and circumstances of the case and from the
perspective of the Plaintiff's creditors.

   (10) In calculating reasonably equivalent value, transaction
costs are considered.

   (11) In calculating reasonably equivalent value, the known costs
of remediating the construction defects to the Property must be
taken into account.

   (12) The Court may, to establish insolvency at a prior date
through "retrojection," use an approach in which later-in-time
financial reports or indices showing insolvency are coupled with an
analysis of whether or not changes occurring in the intervening
period would have affected the debtor's solvency.  The Court used
this method to establish the value of the Plaintiff's interest in
AFG.

   (13) The Construction Defect Claim is an asset separate from the
Property because the sale of the Property to the Defendants does
not transfer the claim to them by operation of law.

   (14) Having found that Defendants paid reasonably equivalent
value for the Property. That transfer cannot be avoided.

   (15) Having found that the Plaintiff failed to introduce
admissible evidence on the value of the Construction Defect Action,
the Plaintiff has failed to meet his burden of proof that the
Defendants failed to pay reasonably equivalent value for that
asset. That transfer cannot be avoided.

   (16) Having found that Plaintiff was not insolvent on January 7,
2014, neither the transfer of the Property nor the Construction
Defect claim can be avoided.

The case is In re: JEFFREY L. HAYDEN, Chapter 11, Debtor and
Debtor-in-Possession. JEFFREY L. HAYDEN, Debtor and Debtor in
Possession, Plaintiff, v. Tasos Denos, an individual, Matthew Denos
solely as Trustee of the Tasos Denos Living Trust, and Ziria
Investments, LLC, a California Limited Liability Company; and DOES
1 through 10, Defendants, Case No. 1:14-BK-11187-MT, Adv. No.
1:14-ap-01182-MT.

                        About Jeffrey L. Hayden

Jeffrey L. Hayden is engaged in the business of investing in real
estate and business ventures.  He filed for chapter 11 relief
(Bankr. C.D. Cal. Case No. 1:14-BK-11187-MT) on March 10, 2014.


JHK INVESTMENTS: Exit Plan Hands Control to Bay City
----------------------------------------------------
JHK Investments, LLC, an investment company founded by Leon C.
Hirsch in 1963, has filed a proposed reorganization plan that would
vest secured creditor Bay City Capital Fund V, L.P., with control
over JHK.

A hearing to consider approval of the Disclosure Statement
explaining the proposed Reorganization Plan is slated for Feb. 2,
2016, at 10:00 a.m.

Under the Plan:

   * Bay City would have an allowed secured claim of $34.2 million
and the claim will be treated in accordance with the Plan Support
Agreement, which provides that, among other things, (i) Bay City or
its designee will serve as manager with the sole and complete
rights to manage the affairs of JHK, (ii) Bay City will have a
right to receive 15% of all proceeds available for distribution
after payment of the "Bay City Recovery Amount".

   * Holders of allowed unsecured claims against the Debtor that
have been scheduled or filed in the amount of $80,000 will receive
their pro-rated share of the sum of $8,000.

   * Holders of equity interests will retain their interests,
subject to the claims and liens of Bay City and the terms and
conditions of the PSA.

Bay City, unsecured creditors, and holders of equity interests are
impaired and are entitled to vote on the Plan.

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

           http://bankrupt.com/misc/JHK_Inv_392_DS.pdf

                       About JHK Investments

JHK Investments, LLC, filed a Chapter 11 petition (Bankr. D. Conn.
Case No. 12-51608) in Bridgeport, Conn., on Aug. 29, 2012,
estimating under $100 million in assets and more than $10 million
in liabilities.  Bankruptcy Judge Alan H. Shiff presides over the
case.  

Westport, Connecticut-based JHK is an investment company founded
by the former senior management team of United States Surgical
Corporation.  Founded by Leon C. Hirsch in 1963, USSC became a
global medical device manufacturer with sales exceeding
$1.2 billion and employing $4,000 Connecticut residents.  The
Debtor disclosed $38,690,639 in assets and $32,127,278 in
liabilities as of the Chapter 11 filing.

Following the success of USSC, Mr. Hirsch and two other senior
USSC executives created JHK in order to produce and develop new
markets and penetrate established markets throughout the world for
high-tech medical devices.  JHK owns equity in several start-up
medical subsidiaries.  The start-ups include Interventional
Therapies, LLC, Auditory Licensing Company, LLC, Biowave
Corporation, Gorham Enterprises, LLC, and American Bicycle Group,
LLC.

Bay City claims to be owed $31 million for funding provided to the
Debtor since January 2011.  The principals at JHK -- Mr. Hirsch,
Turi Josefsen, and Robert A. Knarr -- guaranteed JHK's
obligations, pledged the property in Wilton, Connecticut to secure
obligations under the guaranty, and pledged all equity interests
of JHK.

The Debtor tapped James Berman, Esq., Lawrence S. Grossman, Esq.,
Craig I. Lifland, Esq., and Aaron Romney, Esq., at Zeisler &
Zeisler, P.C., as counsel.


KALOBIOS PHARMACEUTICALS: Investors Sue Over CEO Shkreli Arrest
---------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported  KaloBios was sued
On Jan. 7, 2016, for fraud in Delaware by a group of investors who
claim the business unlawfully closed on an $8 million stock sale
mere hours before its then-CEO Martin Shkreli and outside counsel
from Kaye Scholer LLP were arrested by federal authorities.

The lawsuit was filed by Cayman Island's-based Armistice Capital
Master Fund, RTAT LLC and three individual investors who are
seeking a court order that would force KaloBios to return their
money plus damages for the alleged fraud.

                 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.


LEHMAN BROTHERS: Goes After Standard Pacific for Mortgage Losses
----------------------------------------------------------------
Jeff Montgomery at Bankruptcy Law360 reported that bankrupt Lehman
Brothers sued Standard Pacific Mortgage Inc. on Jan. 6, 2016 in New
York federal court over what it said were sales of defective
mortgages, adding to a steadily growing list of company lawsuits
filed in a bid to recover hundreds of millions of dollars in losses
to Lehman's estate.

Lehman Brothers Holdings Inc.'s suit against Standard Pacific,
formerly known as Family Lending Services Inc., seeks recovery for
24 mortgage loans purchased from SPM that Lehman said were
defective.

                     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.


LPATH INC: Hal Mintz Reports 8.9% Equity Stake as of Dec. 31
------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Hal Mintz disclosed that as of Dec. 31, 2015, he
beneficially owns 2,902,000 shares of common stock of LPath, Inc.,
representing 8.95 percent of the shares outstanding.  Included in
the filing are Sabby Healthcare Master Fund, Ltd. (2,154,400
shares), Sabby Volatility Warrant Master Fund, Ltd. (747,600
shares) and Sabby Management, LLC (2,902,000).  A copy of the
regulatory filing is available at http://is.gd/RL071v

                          About LPath

San Diego, Calif.-based Lpath, Inc. is a biotechnology company
focused on the discovery and development of lipidomic-based
therapeutics, an emerging field of medical science whereby
bioactive lipids are targeted to treat human diseases.

LPath reported a net loss of $16.6 million in 2014, a net loss of
$6.56 million in 2013 and a net loss of $2.75 million in 2012.

As of Sept. 30, 2015, the Company had $14.30 million in total
assets, $2.12 million in total liabilities and $12.17 million in
total stockholders' equity.


MACCO PROPERTIES: Court Denies Bid to Junk Suit vs. Price
---------------------------------------------------------
Trustee Michael E. Deeba commenced an adversary proceeding to
collect approximately $22,000.00 of unpaid rent and alleged
holdover damages due under a commercial lease agreement entered
into postpetition between Trustee and Defendant Jennifer A. Price.
In her answer, Price admitted the existence of the Lease Agreement
and the amount of the monthly rental payment, but disputed the
amount Trustee alleges is owed.  Price asserts affirmative defenses
of accord and satisfaction, waiver, and lack of notice of
termination.

The Trustee agreed to dismiss the adversary proceeding as part of a
comprehensive settlement the Trustee and others entered into with
Price and her husband, Macco's former president Lew McGinnis.  The
Court entered an order that documented the terms of the Settlement,
including the agreement that the Macco bankruptcy case would be
converted to a case under Chapter 7 of the Bankruptcy Code.

In compliance with the order and Settlement, Trustee filed the
Motion to Dismiss.  The UST, Cobblestone, and Hill filed objections
to the Motion to Dismiss, pointing out that litigation commenced by
Price and McGinnis against Trustee and other estate professionals
after the Settlement was reached was likely to cause administrative
expense claims to snowball to the extent that full payment to
unsecured creditors would no longer be achievable.

Price contends that Trustee will not be able to collect any
judgment against her, pleading poverty. Price did not present any
evidence of her financial affairs other than the testimony of her
own counsel, whose knowledge of Price's assets and liabilities was
based on Price's unsworn verbal statements.

Trustee credibly testified that Price and McGinnis have had steady
access to funds when necessary to purchase claims and settle
judgments, and the record in the main bankruptcy case establishes
the same. Price and McGinnis continue to pay lawyers to
aggressively litigate claims against Trustee and his professionals,
and to pursue eleven appeals. Price's counsel testified that she is
paid by a limited liability company, rather than Price or McGinnis,
but the salient fact is that Price and McGinnis have access to
large sums of money and there is no credible evidence in the record
that establishes that they are destitute.

In an Order dated December 21, 2015, which is available at
http://is.gd/5vnukxfrom Leagle.com, Judge Dana L. Rasure of the
United States Bankruptcy Court for the Western District of Oklahoma
denied the Motion to Dismiss, finding that the agreement to dismiss
the adversary proceeding is not fair, equitable, or in the best
interests of the estate.  Dismissal of the Rent Claim would benefit
only Price, and would unfairly prejudice unsecured and
administrative expense claimants, Judge Rasure held.

The adversary proceeding is MICHAEL E. DEEBA, TRUSTEE, Plaintiff,
v. JENNIFER A. PRICE, Defendant. COBBLESTONE APARTMENTS OF TULSA,
LLC; LARRY D. AND JEANETTE A. JAMISON FAMILY TRUST; AND JACKIE L.
HILL, JR., Intervenors, Adv. No. 13-1022-R (Bankr. W.D. Okla.).

The bankrupptcy case is IN RE: MACCO PROPERTIES, INC., Chapter 7,
NV BROOKS APARTMENTS, LLC, Chapter 7, Debtors, Case Nos.
10-16682-R, 10-16503-R (Jointly Administered)(Bankr. W.D. Okla.).

Michael E. Deeba, Plaintiff, is represented by Lysbeth L George,
Esq. -- Crowe & Dunlevy, Judy Hamilton Morse, Esq. -- Crowe &
Dunlevy, P.C..

Jennifer A. Price, Defendant, is represented by Joyce W. Lindauer,
Esq. -- Joyce@joycelindauer.com -- JOYCE W. LINDAUER ATTORNEY,
PLLC, Haley L Simmoneau, Esq.

                    About Macco Properties

Oklahoma City, Oklahoma-based Macco Properties, Inc., is a
property management company that is the sole or controlling member
and/or manager of numerous multi-family residential rental units
in Oklahoma City, Oklahoma, Wichita, Kansas, and Dallas, Texas,
and several and commercial business properties in Oklahoma City,
Oklahoma, and Holbrook, Arizona.

Macco Properties filed for Chapter 11 bankruptcy protection
(Bankr. W.D. Okla. Case No. 10-16682) on Nov. 2, 2010.  The Debtor
disclosed $50,823,581 in total assets, and $4,323,034 in total
liabilities.

Affiliated entities also sought bankruptcy protection: NV Brooks
Apartments, LLC (10-16503); JU Villa Del Mar Apartments, LLC, and
(10-16842); and SEP Riverpark Plaza, LLC (10-16832).  SEP
Riverpark Plaza owns or controls The Riverpark Apartments, a
multi-family apartment complex located in Wichita, Kansas.

Receivership Services Corp., a division of the Martens Cos.,
serves as property manager for the six Wichita apartment complexes
caught up in the bankruptcy of Macco Properties of Oklahoma City.

On May 31, 2011, an Order was entered appointing Michael E. Deeba
as the Chapter 11 Trustee for Macco Properties.  He is represented
by Christopher T. Stein, of counsel to the firm of Bellingham &
Loyd, P.C.  Grubb & Ellis/Martens Commercial Group LLC acts as
the Chapter 11 Trustee's exclusive listing broker/realtor for
properties.

The Official Unsecured Creditors' Committee is represented by
Ruston C. Welch, Esq., at Welch Law Firm, P.C., in Oklahoma City.

In August 2013, the Bankruptcy Court signed off on an agreed order
dismissing the Chapter 11 cases of SEP Riverpark Plaza and JU
Villa Del Mar Apartments.


MAGNUM HUNTER: Shareholders Wants Panel to Examine Company's Value
------------------------------------------------------------------
Jeff Montgomery at Bankruptcy Law360 reported that Magnum Hunter
Resources Corp. shareholders pressed on Jan. 11, 2016, for the
creation of an equity-focused Chapter 11 committee to examine the
company's value, saying the current plan to shed about $600 million
in value is far too drastic.

The requests surfaced shortly before U.S. Bankruptcy Judge Kevin
Gross gave final courtroom approval to the company's $200 million
debtor-in-possession financing arrangement.

The DIP loan is part of an overall plan that keeps the company
operating as it swaps secured debt for equity and jettisons
existing preferred and common shareholder.

                        About Magnum Hunter

Irving, Texas-based MHRC, an oil and gas company that primarily
engaged, through its subsidiaries, in the acquisition,
development,
and production of oil and natural gas reserves in the United
States, said these macroeconomic factors, coupled with the their
substantial debt obligations and natural gas gathering and
transportation costs, strained their ability to sustain the weight
of their capital structure and devote the capital necessary to
maintain and grow their businesses.  The Debtors' total number of
drilling rigs in operation in the United States is just 38 percent
of the number of rigs that were in operation just one year ago,
Court filing indicates.

Magnum Hunter Resources Corporation and 19 of its affiliates filed
Chapter 11 bankruptcy petitions (Bankr. D. Del. Proposed Lead Case
No. 15-12533) on Dec. 15, 2015.  The petition was signed by Gary
C.
Evans as chairman and chief executive officer.

The Debtors have engaged Kirkland & Ellis, LLP as their general
counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, PJT
Partners, LP as investment banker, Alvarez & Marsal North America,
LLC, as restructuring advisor, and Prime Clerk, LLC as notice,
claims and balloting agent.


MARK NEIGHBORS: Court Converts Case to Ch. 7
--------------------------------------------
On October 29, 2015, trial was held on the motion of creditor
CitiMortgage to convert the Chapter 11 case of Mark Stephen
Neighbors and Shelly Kay Neighbors to a Chapter 7 case.

In summary, the claims against the Debtors, other than on the
personal guaranties of the allegedly oversecured debts of Neighbors
Investments, Inc., being paid through the corporate Chapter 11
plan, are: (1) unsecured claims of approximately $10,000; (2)
Citi's claim secured by the homestead, which Mark Neighbors
contends is oversecured; (3) Citi's claim secured by 16959 Gentle
Slopes Drive, Gravois Mills, Missouri, which will probably result
in an unsecured deficiency if the property is sold; and (4) Citi's
deficiency claim following the sale of 16961 Gentle Slopes Drive,
Gravois Mills, Missouri.

When moving for conversion to Chapter 7, Citi relies in part upon
Debtors' statements in support of their motion to dismiss that
cause for dismissal or conversion exists. It then argues that
conversion rather than dismissal would be in the best interests of
creditors and the estate because it appears that Debtors have
non-exempt assets, dismissal would make it much more difficult for
creditors to realize the value of those assets, and a Chapter 7
case would provide for an orderly liquidation based upon
established priorities. Debtors respond that because they have
withdrawn their motion to dismiss, Citi has failed to show cause
exists and that should cause exist, Citi has failed to show that
conversion is in the best interests of creditors and the estate
because the unsecured claims of creditors other than Citi are
approximately $10,000 and Citi has failed to show it has an
unsecured claims and in what amount.

In a Memorandum Opinion and Judgment dated December 21, 2015, which
is available at http://is.gd/B8AcXbfrom Leagle.com, Judge Dale L.
Somers of the United States Bankruptcy Court for the District of
Kansas converts the case to Chapter 7 for cause.

The Court finds there are no changed circumstances indicating that
the Debtors can obtain a confirmed plan in a reasonable time.  The
adversary proceeding and the state court action against Citi are
complex and will likely take years to resolve through litigation.
Using litigation asserting state law claims only indirectly related
to the amount of Citi's claims as leverage to achieve agreement to
confirmation is not condoned and is not likely to achieve the
desired result.  Citi's past conduct and its filing of this motion
evidence its decision not to consent to a plan, the Court points
out.

In addition, as circumstances constituting cause, the Court
considers the Debtors' overall conduct during the pendency of the
case and concludes that the Debtors have not adhered to the minimum
standard of conduct required of Chapter 11 Debtors.  Judge Somers
notes that they have taken advantage of the bankruptcy stay to
prevent their creditors from taking action against them, yet they
have not seriously attempted to confirm a plan.  Rather they filed
litigation, disposed of assets, and dealt with debt through stay
relief actions. Mark Neighbors has transferred estate property to
Neighbors Investments, Inc., without Court approval and without
receiving a promissory note.  The Debtors, Judge Somers further
notes, have not corrected their schedules, although Mark Neighbors
testified at trial that they were not accurate.

"The Debtors are litigious and have used the bankruptcy case to
hire professionals, to preserve the timeliness of prepetition state
law claims for fraud and similar claims, and to file adversary
proceedings.  The Debtors would like to file additional adversary
proceedings for fraud and other alleged misconduct.  But the
Debtors' modus operandi is not to litigate for the purpose of
ending disputes, but to obtain leverage over creditors. Part of
Debtors' settlement with the Bank of Versailles involved an
agreement for the production of documents. This led to seemingly
endless motions to compel requiring Court involvement. When Citi
made an honest mistake releasing lien in conjunction with the sale
of estate property, it took years and an evidentiary hearing to
reinstate the lien over Debtors' objection. A judge of this Court
devoted a full day to mediation of the Beadle litigation, a
resolution was finally reached, but now Debtors seek to avoid the
settlement," Judge Somers adds.

The case is In re: MARK STEPHEN NEIGHBORS and SHELLY KAY NEIGHBORS,
CHAPTER 11, DEBTORS, Case No. 11-21003 (Bankr. D. Ks.).

Mark Stephen Neighbors, Debtor, is represented by Camron L Hoorfar,
Esq -- Choorfar@Hoorfarlaw.com --Law Office of Camron Hoorfar,
P.C.

U.S. Trustee, U.S. Trustee, represented by Joyce Owen, Office of US
Trustee.


MATTRESS FIRM: S&P Affirms 'B+' CCR, Off Watch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Mattress Firm Holding Corp. and removed it from
CreditWatch negative, where S&P placed it on Dec. 1, 2015.  The
outlook is stable.

Concurrently, S&P affirmed the 'B+' issue-level rating on the
company's anticipated $1.42 billion term loan B with a '3' recovery
rating, which indicates S&P's expectation for meaningful recovery
in the event of a payment default on the lower end of the 50% to
70% range.  S&P removed the rating from CreditWatch negative.  S&P
also assigned its 'BB' issue-level rating with a '1' recovery to
the company's new ABL revolver, which indicates very high (90% to
100%) recovery in the event of a payment default.

The company will use proceeds from the $730 million term loan B
add-on and $50 million from its new ABL as well as equity rollover,
to purchase Sleepy's, and pay fees and expenses. Mattress Firm will
also repay the outstanding term loan and revolver at HMK Mattress
Holdings LLC as part of the transaction. S&P intends to withdraw
its ratings on HMK when the transaction closes later this year.

"Our business risk assessment incorporates Mattress Firm's pro
forma presence as the first and largest national specialty and
conventional mattress retailer, with more than 21% market share
within the highly fragmented and consolidating industry," said
credit analyst Olya Naumova.  "Mattress purchases are largely
replacement driven and are easily deferred so the sales cycle is
highly volatile.  That said, in our view, the acquisition of
Sleepy's allows Mattress Firm to extend its reach in the
northeastern market and especially New York, where it had a limited
presence.  Overall, we think the larger company will have increased
leverage with suppliers and an expanded national advertising
campaign."

The outlook is stable and incorporates S&P's expectation for the
successful integration of the Sleepy's business.  S&P assumes the
focus will remain on reducing leverage to below 5.0x as Mattress
Firm manages the inventory overhang that has pressured the industry
given consolidation among top suppliers in recent years. Overall,
S&P believes execution risk is a major factor that would derail the
pro forma company's expansion strategy and remain cautious on the
industry's particular vulnerability to economic headwinds.

S&P would lower the rating if performance falls significantly below
its projections because of flat sales and margin contraction.
Under this scenario, revenue growth would slow and gross margin
would shrink more than 100 bps, resulting in leverage remaining
above 5x in the coming year.  S&P would also lower its rating if
Mattress Firm initiates another material debt-funded transaction,
with limited debt repayment following this transaction and
resulting in further credit metric erosion.

To consider an upgrade, Mattress Firm would deliver performance
ahead of S&P's expectations, with revenue growth five to ten
percentage points ahead of expectations and gross margin expansion
of more than 100 bps.  At that time, leverage and coverage would be
below 4.0x.  S&P considers this scenario unlikely in the next year
given acquisition integration risk.



MATTRESS HOLDING: $730MM Add-On Loan No Impact on Moody's B1 CFR
----------------------------------------------------------------
Moody's Investors Service said that Mattress Holding Corp.'s plan
to raise an incremental $730 million term loan as part of its
financing of the Sleepy's acquisition has no impact on Mattress
Firm's debt ratings. The company's B1 Corporate Family Rating
("CFR"), B1-PD Probability of Default Rating, SGL-2 Speculative
Grade Rating and Ba3 rating of the term loan are unchanged. The
outlook remains stable.

The $730 million incremental term loan, together with $50 million
of revolver borrowings, $32 million of existing Sleepy's mortgages,
a $19 million non-ownership interest in Sleepy's headquarters
mortgage and a $10 million equity rollover, will be used to finance
the $840 million transaction (including the $780 million Sleepy's
purchase price). Mattress Firm also plans to upsize its asset-based
revolver to $200 million. Most terms in the credit agreement are
expected to remain substantially unchanged but could include a
slight increase in the interest rate. The deal is expected to close
on February 3, 2016.

According to Moody's analyst Raya Sokolyanska, "the deal will raise
leverage and operational risk in the short term, but will bring
significant strategic benefits along with earnings and cash flow
that will allow for deleveraging." The acquisition will provide the
company with a dominant position in the Northeast, boost its
presence in the mid-Atlantic states and in Chicago, and result in
meaningful synergies over time from nationwide advertising,
delivery and distribution. It will also increase Mattress Firm's
store base and revenues by about 45%, respectively to $3.7 billion
and about 3,500 stores on a pro-forma basis, increasing its clout
in the industry.

Nevertheless, the CFR will be weakly positioned in the B1 rating
category following the transaction given the approximately 1 time
increase in financial leverage and integration risk. With this
deal, Mattress Firm is undertaking its second transformative
acquisition in an entire new geography in just over a year, on the
heels of the $425 million 2014 purchase of Sleep Train, which is
still in the process of being integrated. Mitigating the
integration risk is the company's successful track record of
rebranding the Mattress Discounters (part of Sleep Train) and
Mattress Giant chains, as well as executing the back office
integration of Sleep Train and numerous smaller targets.

Moody's anticipates leverage to decline to the high-4 times in
fiscal year 2016 (Moody's-adjusted) through new store openings,
same store sales growth, debt repayment and synergy realization,
and EBIT/interest expense to be in the mid-1 times range. Pro-forma
Q3 2015 leverage will likely be around 5 times and EBIT/interest
expense at around 1.6 times. This estimate excludes synergies,
which Mattress Firm projects at $40 million annually by the third
year after the deal closes.

Mattress Firm's good near-term liquidity is supported by solid
positive free cash flow generation, sufficient revolver
availability and a lack of covenants and near-term maturities.
Moody's expects the company to deploy its free cash flow towards
debt repayment and bolt-on acquisitions in the near term.

Moody's maintains the following ratings on Mattress Holding Corp.:

-- Corporate Family Rating, at B1

-- Probability of Default Rating, at B1-PD

-- Senior Secured Term Loan (upsized by $730 million to $1,417
    million) due 2021, at Ba3 (LGD3)

-- Speculative Grade Liquidity Rating, at SGL-2

-- Outlook, remains stable

The ratings are subject to receipt and review of final deal
documentation.

RATINGS RATIONALE

The B1 Corporate Family Rating reflects Mattress Firm's position as
the largest specialty mattress retailer with coast-to-coast reach
in the highly fragmented U.S. market, credible growth opportunities
from new store expansion, and prospects for steady near-term demand
driven by improving U.S. household formation. Pro-forma for the
Sleepy's acquisition, the company will have presence across the
United States and leading share in the majority of its markets. At
the same time, the rating considers the increase in leverage and
integration risk following the pending Sleepy's deal. The rating
also reflects Mattress Firm's narrow product focus as a mattress
retailer, and limited organic growth in the highly competitive
mattress retailing industry, which creates dependence on continual
investment in new store openings and acquisitions to generate
growth.

The term loan is rated Ba3, one notch higher than the Corporate
Family Rating of B1 due to the support provided by junior claims in
the form of substantial lease obligations and trade claims. The
term loan benefits from a first lien on substantially all of the
company's tangible and intangible assets except for the ABL
priority collateral (cash, accounts receivable and inventory), on
which the term loan has a second priority interest.

The stable outlook assumes that the company will successfully
integrate its acquisition targets, realize expected synergies and
generate strong earnings growth that will allow it to deleverage
towards high-4 times by year end 2016. The outlook also assumes
that the company will maintain good liquidity including strong
positive free cash flow and sufficient revolver availability.

The ratings could be downgraded if the company faces challenges
integrating its targets, if revenue and earnings decline, or the
company's liquidity profile deteriorates for any reason.
Quantitatively, ratings could be downgraded if debt/EBITDA is
sustained above 5.0 times or EBIT/Interest expense declines below
1.5 times.

The ratings could be upgraded if the integration of 2014 and 2015
deals proceeds on plan and the company continues to demonstrate
solid organic growth, such that lease-adjusted leverage is
sustained at or below 4.0 times and EBIT/interest expense above 2.5
times. An upgrade would also require maintenance of at least good
liquidity, and a commitment to more conservative financial
policies, including the lack of meaningful debt-financed
acquisitions.

Mattress Holding Corp. ("Mattress Firm") is a subsidiary of
specialty mattress retailer Mattress Firm Holding Corp., which
operates 2,420 stores in the U.S., including franchised locations
(as of November 3, 2015 based on preliminary reported results).
Mattress Firm Holding Corp. is publicly traded but J.W. Childs owns
approximately 36%. Revenues for the 12 months ended November 3,
2015 were approximately $2.5 billion. Pro-forma for the announced
acquisition of Sleepy's, Mattress Firm will operate nearly 3,500
stores and have revenues of about $3.7 billion.




MAURY ROSENBERG: High Court Won't Review 'Fees-On-Fees' Ruling
--------------------------------------------------------------
Carolina Bolado at Bankruptcy Law360 reported that the U.S. Supreme
Court on Jan. 11, 2016, denied U.S. Bank NA's request for review of
an Eleventh Circuit decision that found filers of involuntary
bankruptcies will be on the hook for extensive attorneys' fees and
costs if the case is dismissed.

The high court denied U.S. Bank's petition for writ of certiorari,
letting stand the Eleventh Circuit's Feb. 27 ruling allowing former
debtor Maury Rosenberg to collect attorneys' fees and costs he
incurred while fighting the involuntary petition filed against him.


MEDICURE INC: Estimates $21.9 Million Revenue for 2015
------------------------------------------------------
Medicure Inc. reported unaudited net revenue for the 2015 fourth
quarter and full fiscal year.

* Estimated net revenue of C$9.3 million during the quarter ended
   Dec. 31, 2015, compared to estimated net revenue of $2.5
   million for the three months ended Dec. 31, 2014.

* Estimated net revenue of $21.9 million for the year ended    
   Dec. 31, 2015, compared to estimated net revenue of $8.4
   million for the previous year.

The increase in revenue over the comparable periods in the previous
year is primarily attributable to an increase in the number of new
hospital customers using AGGRASTAT (tirofiban HCl) and an increase
in the product's market share.  Revenue growth for the quarter and
year ended Dec. 31, 2015, was also aided by favourable fluctuations
in the U.S. dollar exchange rate.

The Company's Financial Statements and Management Discussion and
Analysis for the year ending Dec. 31, 2015, is due to be filed no
later than April 30, 2016.

                        About Medicure Inc.

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

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

The Company reported net income of C$1.2 million on C$5.26 million
in revenue for the year ended Dec. 31, 2014.  As of Sept. 30, 2015,
Medicure had C$12.1 million in total assets, C$10.2 million in
total liabilities and a C$1.95 million in total equity.


MF GLOBAL: PwC Says Risky European Debt Deals Led to Downfall
-------------------------------------------------------------
Jack Newsham at Bankruptcy Law360 reported that accounting giant
PricewaterhouseCoopers told a New York federal judge on Jan. 5,
2016, the facts vindicate its case in a malpractice claim by MF
Global, saying expert testimony has revealed the bankrupt
investment firm to be primarily responsible for accounting
decisions that hid the impact of its risky European debt deals.

PwC claimed in the letter that executives with MF Global Holdings
Ltd. deliberately hid their qualms over its alleged instructions to
record so-called repurchase-to-maturity European debt investments
as sales even though money wouldn't flow from those deals.

                          About MG 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.


MIDLAND UNIVERSITY: Fitch Affirms 'B+' Rating on $7.9MM Bonds
-------------------------------------------------------------
Fitch Ratings has affirmed the rating on Midland University, NE's
(MU) $7.9 million of outstanding series 2004A revenue bonds issued
by the Nebraska Educational Finance Authority at 'B+'.

The Rating Outlook is Positive.

SECURITY

MU's obligation to make payments to the authority pursuant to a
loan agreement and promissory note is absolute and unconditional.
The university pledges its gross revenues for such purposes.

The authority pledges its interest in the MU loan agreement to the
trustee.  The authority issued the bonds and loaned the proceeds to
MU.  A cash-funded debt service reserve for the series 2004A bonds
totals $816 thousand, as of May 31, 2015.

KEY RATING DRIVERS

CONTINUING OPERATING STABILITY: Maintaining MU's Positive Outlook
reflects the university's ongoing operating stability evidenced
over the past four years.  Continued balance sheet improvements,
including the ongoing repayment of endowment fund loans, could
contribute to additional positive rating action in the next year.

POSITIVE OPERATING MARGINS: Operating surpluses in each of the past
four fiscal years, driven by a doubling of net tuition revenues and
fees since fiscal 2011, has provided overall stability for MU's
financial position.

ENROLLMENT GROWTH: Total undergraduate and graduate headcount
increased 37.5% over the past five years to a record-level 1,385
students.  Expanded graduate programs, a high school scholar
program, and proactive student recruitment efforts support MU's
growth plans.

LOW LIQUIDITY LIMITS FLEXIBILITY: Balance sheet resources, while
improved, remain weak and limit the university's overall financial
flexibility.  Moreover, high tuition discounting (over 50%) could
slow the rate of improvement in available funds.  Favorably,
management reports that MU has been ahead of schedule regarding the
repayment of sizable operating loans from its endowment fund.

RATING SENSITIVITIES

FINANCIAL PROFILE IMPROVEMENT: Continued improvements in Midland
University's financial metrics, particularly its available funds
ratios, together with ongoing enrollment gains could lead to
positive rating action in the next year.

ENDOWMENT FUND REPAYMENT: A pause in the repayment of the
university's endowment fund loans could signal financial stress
that limits positive rating action.

CREDIT PROFILE

Founded in 1883, Midland University is a very small private,
co-educational liberal arts university located in Fremont,
Nebraska, approximately 30 miles northwest of Omaha.  The
university primarily serves undergraduate students, but it has
expanded masters programs in education and professional accounting
to include business administration in recent years.  MU is
affiliated with the Evangelical Lutheran Church in America.

Ms. Jody Horner became MU's sixteenth president in February 2015
after former president Ben Sasse was elected to the U.S. Senate.
The school's Board of Directors selected a candidate to help effect
a growth strategy that included improving the university's
fundraising efforts as well as offering more programs of study
(especially on the graduate level) to spur enrollment growth.

CONTINUING POSITIVE OPERATING MARGINS

MU's financial position has stabilized and its enrollment picture
has improved after a period of severe financial distress. Operating
surpluses in each of the past four fiscal years are a reversal of
losses spanning the prior decade.

The fiscal 2015 operating margin (3%) continues to provide Fitch
comfort that MU can sustain balanced operations, as more stable net
tuition revenues bolster the university's financial position. Such
revenues have doubled since fiscal 2011 with 3% - 5% tuition rate
increases and achieving record headcount enrollment of 1,385 in
fall 2015.  In addition, operating expense growth has been about
half that of operating revenues over the past five fiscal years.

STRATEGIC ENROLLMENT GROWTH

Favorable demand trends have benefitted tuition revenues and
operating margins, as noted.  Similar to other Fitch-rated private
higher education institutions, MU's ability to realize continued
enrollment growth is critical to its credit profile, given its high
dependence on student-generated fees (85.7% in fiscal 2015).

Enhanced offerings and aggressive marketing are driving demand,
including a new MBA program that began four years ago; a successful
RN to BSN program for nursing; and undergraduate recruitment
efforts, including a high school scholar program and four-year
"graduation guarantee" initiative.

According to management, MU is "transfer-friendly" for late
decision makers (i.e. students who may matriculate through July).
Beyond late decision makers, MU's transfer recruiting efforts
include students wanting to return to the Fremont area, pursue
athletics, and transfer from community colleges (i.e.  MU has
strong articulation agreements with Metropolitan Community College
and Northeast Community College).

IMPROVING FINANCIAL CUSHION AND LEVERAGE

MU's balance sheet strengthening is evident, and internal loan
repayments to its restricted endowment fund are a positive
indication of MU's improving financial health.  However, total
resources remain weak and improvements will likely be incremental.
MU's tuition discounting rate that is above 50%, which Fitch
considers high, limits available funds growth.

Available funds, defined by Fitch as cash and investments not
permanently restricted, continued to improve to $7.8 million in
fiscal 2015 from $960 thousand and $4.8 million in fiscal years
2013 and 2014, respectively.  Nevertheless, liquidity ratios of
available funds to operating expenses (32.2%) and total debt or
debt-like obligations (33.2%) remain low, but comparable with
Fitch-rated peers and much improved from one year prior.

Outstanding debt includes $15.1 million of fixed-rate bonds in
three series.  The MADS burden ($2.3 million in 2029) remains high
at 9.3% of unrestricted operating revenue (though an improvement
from 10.2% one year prior).  Total debt or debt-like obligations,
including endowment fund loans, is closer to $23.5 million.  Fiscal
2015 annual debt service and MADS coverage totaled 2.1x and 1.3x,
respectively, continuing a four-year positive trend.  MU has no
plans to issue new debt in the near-to-medium term.

ENDOWMENT FUND REPAYMENT

Continued progress toward a goal of fully repaying endowment fund
loans by 2024 will be an important factor in subsequent rating
reviews.  Stagnant enrollment several years ago contributed to
structural deficits that the university bridged with increased
support from its endowment fund and the use of short-term note
obligations.  This reduced critical operating flexibility for an
institution with essentially one concentrated revenue source.

MU reduced its endowment fund loan balance by $300 thousand in
fiscal 2015.  MU's internal borrowing from its permanently
restricted endowment pool peaked at $7.9 million in fiscal 2013.
The endowment totals $19.7 million (fiscal 2015); long-term
investments equal $12.6 million and operating fund loans equal $7.0
million.

EXPANSION PLANS

Part of MU's longer-term growth strategy includes a possible
expansion to the now closed Dana College's Blair campus to service
a combined 1,800 - 2,000 students.  MU leased the campus from a
third-party developer in July 2013.  The lease extends through June
2018 with the option to purchase begun in August 2014.  The lease
also includes a five-year extension option to June 2023.  MU had
expected to open the campus in fall 2016 at Fitch's prior review in
January 2015.

MU rents the facilities for $10/annually and covers maintenance and
other costs via a triple net lease.  The fiscal 2014 net expense
was approximately $900 thousand.  Deferred maintenance would be
funded through contributions, not additional debt.  High leverage
ratios limit MU's capacity to debt-finance its expansion plans.



MILK SPECIALTIES: S&P Raises CCR to 'B', Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Eden
Prairie, Minn.-based Milk Specialties Co., including its corporate
credit rating to 'B'.  At the same time, S&P raised the issue-level
ratings on the company's senior secured debt to 'BB-' from 'B' and
revised the recovery rating to '1' from '2', indicating S&P's
expectation for very high (greater than 90%) recovery in the event
of a payment default.  The outlook is stable.

"The upgrade primarily reflects our opinion that the company will
sustain its improved profitability as a result of a combination of
lower whey input costs and better sales volumes," said Standard &
Poor's credit analyst Chris Johnson.  "This should permit the
company to continue to generate good free cash flow of at least $30
million annually to both reinvest in the business and pay down
debt.  Although these ratios could support a higher rating, the
current rating factors in the risk of a releveraging transaction by
its financial sponsor owners, Kainos Capital, who have owned the
company since 2011 and have not yet monetized their initial
investment."

Standard & Poor's expects Milk Specialties will continue to benefit
from low input cost inflation while sustaining good sales volume in
its Human and Animal Nutrition businesses, given the ongoing demand
growth for the company's products, particularly whey protein
isolates (WPI).

As the estimated largest independent whey processor in North
America, the company is highly exposed to whey supply-and-demand
fluctuations.  The company's proximity to its suppliers, its
diverse supplier base, and its combination of input hedges and
pricing flexibility, partly mitigates this risk.  S&P has revised
its view of the company's profitability and overall business risk
favorably to reflect the company's improved operating execution.

The company manufactures ingredients used in sports nutrition,
health, and animal nutrition products, and S&P believes it will
steadily improve its market position through its growth capital
expenditures (albeit with a narrow focus on whey).  S&P do not
believe the company's geographic diversification will materially
expand, and S&P believes the company will remain exposed to
volatile dairy-related industry prices as it sources much of its
whey input, a byproduct of cheese production, from various
companies.  S&P also believes the company's competitive advantage
will remain somewhat constrained by competition from larger
companies, mostly dairy producers that have their own whey supply,
greater operating scale, and distribution resources.

The stable outlook reflects Standard & Poor's opinion that the
company will continue to benefit from low input costs and generate
EBITDA margins closer to 15%, which should allow it to generate
annual free cash flow of more than $30 million, which S&P believes
it will use primarily to repay debt.  This should allow the company
to steadily reduce leverage, including reaching debt to EBITDA of
less than 2x over the next year.

S&P could lower the rating if the company's financial sponsor
elects to raise more debt either for shareholder returns or a large
acquisition, resulting in debt to EBITDA well over 6x.  Based on
current EBITDA levels, S&P believes the company would have to raise
more than $450 million in debt to take debt to EBITDA over 6x.

A higher rating would require an explicit commitment from the
company's financial sponsor to maintain debt to EBITDA below 5x.



MOLYCORP INC: $1.9-Bil. Ch. 11 Plan Stumbles Over Death Trap Deal
-----------------------------------------------------------------
Jeff Montgomery at Bankruptcy Law360 reported that Molycorp's $1.9
billion Chapter 11 plan threatened to fly apart on Jan. 8, 2016,
amid new objections to proposed litigation limits and a "death
trap" plan feature that would offer creditors an unofficial
recovery financed by the company's senior lender so long as their
committee offers no plan objections.

The death trap debate spotlighted the continuing fragility of the
minerals mining giant's reorganization efforts, marked from the
outset by a struggle for control between unsecured creditors and
senior lender Oaktree Capital Management LP.  

                       About Molycorp, Inc.

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

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

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

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

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

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

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

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

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

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


MOLYCORP INC: Tells 2nd Circuit to Leave Stay Untouched
-------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that Molycorp urged
the Second Circuit to deny a request to create a carve-out in the
company's bankruptcy shield that would give a group of investors
the ability to continue prosecuting a proposed securities fraud
class action against the Debtor's current and former directors.

According to the report, attorneys representing ex-Molycorp Inc.
CEO Constantine Karayannopoulos, the company and others asked the
appellate court to deny a motion brought by plaintiff investors
that would partially lift the Debtor's bankruptcy stay for purposes
of pursuing legal claims against a group of former executives. The
group of Molycorp executives also includes Karayannopoulos’
predecessor Mark Smith.  The appellees argue in court papers that
the plaintiffs' request to lift the stay is improper and is a
distraction for Molycorp as it seeks to restructure in Chapter 11.

                       About Molycorp Inc.

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

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

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

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

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

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

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

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

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

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


MONARCH AMERICA: Has Going Concern Doubt amid Capital Deficit
-------------------------------------------------------------
Monarch America, Inc., has a working capital deficit of $3,338,191,
and has an accumulated deficit of $3,570,795 as of Sept. 30, 2015.


"The continuation of the company as a going concern is dependent
upon the continued financial support from its management, and its
ability to identify future investment opportunities and obtain the
necessary debt or equity financing, and generating profitable
operations from the company's future operations," pointed out Eric
Hagen, president and chief executive officer, and Shaun Snowden,
treasurer of the company in a regulatory filing with the U.S.
Securities and Exchange Commission on November 16, 2015.

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

The officers continued, "The repositioning of Lingas Resources into
what is now Monarch America has required substantial capital
throughout fiscal year 2014 and into 2015 in order to ramp up
operations and change the company's industry from rare earth mining
and discovery to marijuana cultivation.  The transition has been
made further difficult by governmental red tape and bureaucracy,
demonstrated by Monarch's consulting client at the Custer
warehouse, Green Sky, Inc., being unable to obtain a license to
grow cannabis at the facility, which has led to Monarch not being
able to collect management and consulting fees from Green Sky, as
no cannabis has been cultivated.  As of the date of this filing,
Monarch is aggressively working towards selling its tenant
improvements at the Custer facility.  The successful execution of
these efforts will provide Monarch sufficient working capital to
honor its obligations through the end of the year; however other
arrangements will still need to be made in satisfying the long term
debt that will come due throughout 2016. Management is in
negotiations with a party interested in acquiring the tenant
improvements in the Custer warehouse.  The potential purchaser has
deposited $50,000 into an escrow account to go towards the purchase
price as a showing of intent to proceed."

At September 30, 2015, the company had total assets of $7,090,141,
total liabilities of $4,630,771 and total stockholders' equity of
$2,459,370.

For the three months ended September 30, 2015, the company reported
a net loss of $1,302,852 as compared with a net income of $10,694
for the three months ended September 30, 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/hw6crjk

Monarch America, Inc., based in Denver, is involved in the business
of being a vertically-integrated cannabis management company.
Since March 2014, the company has been involved in the sale and
distribution of hydroponic lights and equipment as a result of its
acquisition of The Big Tomato.  The company also provides turnkey
solutions, management and consulting services to the legally
regulated marijuana industry.



MOTORS LIQUIDATION: Fights to Block Ignition Switch Cases
---------------------------------------------------------
Brandon Lowrey at Bankruptcy Law360 reported that General Motors
LLC on Jan. 11, 2016, urged the Second Circuit to uphold a
bankruptcy court's ruling that bankruptcy protections block most
car owners seeking to sue New GM for billions over an ignition
switch defect, saying the consumers seeking to hold the new company
liable aren't entitled to "special treatment."

New GM told the appellate court that the consumers seeking to undo
its protections are asking for an "extraordinary, one-sided
'do-over' " of a necessary deal that girded the national economy.

                     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.


NAKED BRAND: Bard Associates Reports 9.4% Stake as of Dec. 31
-------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Bard Associates, Inc. disclosed that as of Dec. 31,
2015, it beneficially owns 614,574 shares of common stock of Naked
Brand Group, Inc., representing 9.4 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/6LHfXU

                        About Naked Brand

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

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

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

As of Oct. 31, 2015, the Company had $2.01 million in total assets,
$2.46 million in total liabilities and a $444,074 total capital
deficit.

                          Going Concern

"At October 31, 2015, we did not have sufficient working capital to
implement our proposed business plan over the next 12 months, had
not yet achieved profitable operations and expect to continue to
incur significant losses from operations in the immediate future.
These factors cast substantial doubt about our ability to continue
as a going concern.  To remain a going concern, we will be required
to obtain the necessary financing to meet our obligations and repay
our substantial existing liabilities as well as further liabilities
arising from normal business operations as they come due.
Management plans to obtain the necessary financing through the
issuance of equity to existing stockholders.  Should we be unable
to obtain this financing, we may need to substantially scale back
operations or cease business.  The financial statements do not
include any adjustments that might result from the outcome of this
uncertainty.  There are no assurances that we will be able to
obtain additional financing necessary to support our working
capital requirements.  To the extent that funds generated from
operations are insufficient, we will have to raise additional
working capital.  No assurance can be given that additional
financing will be available, or if available, will be on terms
acceptable to us," the Company states in the Quarterly Report for
the period ended Oct. 31, 2015.


NEW CENTURY: "Aho" Complaint Dismissed
--------------------------------------
Judge Joseph N. LaPlante of the United States District Court for
the District of New Hampshire granted the motion filed by Bank of
America and Deutsche Bank National Trust Co. to dismiss the
complaint filed by Adam Aho.

BofA was the assignee of a mortgage that Aho and his wife executed
in January 2007 to secure a promissory note for $195,000.  The
mortgage originally named as mortgagee Mortgage Electronic
Registration Systems, Inc. ("MERS") as nominee for New Century
Mortgage Corporation, its successors and assigns.  BOA later
assigned the mortgage to Deutsche, as trustee for a trust into
which the note and mortgage were pooled with other mortgages and
sold to investors.  Deutsche held the note.

By letter dated August 24, 2011, BOA notified Aho of its intent to
foreclose on the property.  Aho filed suit to enjoin the
foreclosure, but the Superior Court continued the foreclosure sale
for 60 days.  In March 2015, Aho was informed that BOA was no
longer the servicer of the note or mortgage and that Deutsche, as
trustee, held the note.

Aho brought a seven-count complaint for damages and declaratory and
injunctive relief against the two banks whom Aho claims have no
right to foreclose his home.

Judge LaPlante held that Aho's claim for wrongful foreclosure
against BOA must fail because, as Aho conceded, BOA did not
foreclose on Aho's property and no foreclosure by BOA was
scheduled.

Judge LaPlante also dismissed Aho's claims against Deutsche seeking
a declaration that it does not validly possess the note and
mortgage.  The judge concluded that MERS did have the authority to
convey the mortgage and that Aho does not have standing to
challenge the transfers to the trust.

The case is Adam Aho, v. Bank of America, N.A., Deutsche Bank Nat'l
Trust Co., Civil No. 15-cv-128-JL, Opinion No. 2015 DNH 232
(D.N.H.).

A full-text copy of Judge LaPLante's December 18, 2015 memorandum
order is available at http://is.gd/NL6pVAfrom Leagle.com.

Adam Aho is represented by:

          Stephen T. Martin, Esq.
          MARTIN & HIPPLE PLLC
          22 Bridge Street Second Floor, Suite 3
          Concord, NH 03301
          Tel: (603)856-0202
          Fax: (603)546-7456
          Email: smartin@nhlegalservices.com

Bank of America, N.A. and Deutsche Bank National Trust Company
represented by:

          William P. Breen, Esq.
          Peter F. Carr, II, Esq.
          ECKERT SEAMANS CHERIN & MELLOTT LLC
          Two International Place 16th Floor
          Boston, MA 02110
          Tel: (617)342-6800
          Fax: (617)342-6899
          Email: wbreen@eckertseamans.com
                 pcarr@eckertseamans.com

                     About New Century

Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- was a real   
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation.   The Company was
among firms hit by the collapse of the subprime mortgage business
industry in 2006.

The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416).  Suzzanne Uhland, Esq., Austin K. Barron, Esq., and Ana
Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins, Esq.,
Michael J. Merchant, Esq., and Jason M. Madron, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors.  The Official
Committee of Unsecured Creditors selected Hahn & Hessen as its
bankruptcy counsel and Blank Rome LLP as its co-counsel.

When the Debtors filed for bankruptcy, they disclosed total assets
of $36,276,815 and total debts of $102,503,950.

The Company sold its assets in transactions approved by the
Bankruptcy Court.  The Bankruptcy Court confirmed the Second
Amended Joint Chapter 11 Plan of Liquidation of the Debtors and the
Official Committee of Unsecured Creditors on July 15, 2008, which
became effective on Aug. 1, 2008.  An appeal was taken and, on July
16, 2009, District Judge Sue Robinson issued a Memorandum Opinion
reversing the Confirmation Order.  On July 27, 2009, the Bankruptcy
Court entered an Order Granting Motion of the Trustee for an Order
Preserving the Status Quo Including Maintenance of Alan M. Jacobs
as Liquidating Trustee, Plan Administrator and Sole Officer and
Director of the Debtors, Pending Entry of a Final Order Consistent
with the District Court's Memorandum Opinion.

On Nov. 20, 2009, the Court entered an Order confirming the
Modified Second Amended Joint Chapter 11 Plan of Liquidation.  The
Modified Plan adopted, ratified and confirmed the New Century
Liquidating Trust Agreement, dated as of Aug. 1, 2008, which
created the New Century Liquidating Trust and appointed Alan M.
Jacobs as Liquidating Trustee of New Century Liquidating Trust and
Plan Administrator of New Century Warehouse Corporation.


NEW YORK CITY OPERA: Eyes Exit From Bankruptcy Within the Month
---------------------------------------------------------------
Cara Salvatore at Bankruptcy Law360 reported that New York City
Opera may finally exit bankruptcy this month with a plan that puts
to bed a longtime struggle between two would-be owners but has
drawn an objection from the New York Attorney General's Office.
The plan set to be considered at a hearing on Jan. 12, 2016, would
see architect and businessman Gene Kaufman yield to hedge fund
founder Roy Niederhoffer in exchange for a $300,000 claim and other
things, filings say.

                     About New York City Opera

New York City Opera, Inc., sought Chapter 11 bankruptcy protection
(Bankr. S.D.N.Y. Case No. 13-13240) on Oct. 3, 2013.  Created 70
years ago, the company was once dubbed "the people's opera" by
Mayor Fiorello LaGuardia, and was a breeding ground for young
talent that included Beverly Sills and Placido Domingo.

The Opera estimated between $1 million and $10 million in both
assets and debt.

The petition was signed by George Steel, general manager and
artistic director.  Kenneth A. Rosen, Esq., at Lowenstein Sandler
LLP, serves as the opera's counsel.  Ewenstein Young & Roth LLP
serves as special counsel.


NNN MET CENTER: Cash Collateral Use Extended Through March 31
-------------------------------------------------------------
NNN Met Center 15 39, LLC, sought and obtained from Judge William
J. Lafferty, III, of the U.S. Bankruptcy Court for the Northern
District of California, approval of the Stipulation extending its
authority to use cash collateral through March 31, 2016.

The Debtor and secured creditor GECMC 2005-C4 Metro Center, LLC
("Lender") had entered into a Stipulation for Authority to Use Cash
Collateral, which was approved by the Court.  The Stipulation
covered the period of time through and including Dec. 31, 2015.
The Debtor related that under the Extension Stipulation, the Cash
Collateral Budget provides for $410,912 to cover Operating Expenses
through March 2016.

NNN Met Center 15 39, LLC is represented by:

          Darvy Mack Cohan, Esq.
          7855 Ivanhoe Avenue, Suite 400
          La Jolla, CA 92037
          Telephone: (858)459-4432
          Facsimile: (858)454-3548
          E-mail: dmc@cohanlaw.com

                  - and -

          Sally J. Elkington, Esq.
          James A. Shepherd, Esq.
          ELKINGTON SHEPHERD LLP
          409 - 13th Street, 10th Floor
          Oakland, CA 94612
          Telephone: (510)465-0404
          Facsimile: (510)465-0202
          Email: Sally@ElkingtonLaw.com
                 Jim@ElkingtonLaw.com

                    About NNN Met Center 15 39

NNN Met Center 15 39 and 32 entities are each the owners of
varying, undivided tenancy-in-common ("TIC") interests in a
commercial real property commonly known as "Met Center 15",
situated at 7301 Metro Center Dr., Austin, Texas.  The property
consists of a commercial building, containing 257,600 square feet
of rentable area, on 26.83 acres of land.

NN Met Center 15 39 and 32, et al., filed Chapter 11 bankruptcy
petitions (Bankr. N.D. Cal. Lead Case No. 15-42359) on July 31,
2015.  Alan Sparks, as manager and responsible individual, signed
the petitions.  

NNN Met Center 15 39, LLC, disclosed total assets of $32,003,866
and total liabilities of $28,143,523 as of the Petition Date.  

Judge William J. Lafferty presides over the cases.  

The Debtors tapped The Law Offices of Darvy Mack Cohan as counsel,
and Elkington Shepherd LLP as their local counsel.

On Aug. 12, 2015, the Court entered an amended order approving the
joint administration of the cases.

The claims bar date expired on Oct. 30, 2015.


OAKLAND PORT SERVICE: Court Directs President to Produce Docs
-------------------------------------------------------------
A hearing on the Ex Parte Application of Judgment Creditors for an
Order Authorizing Examination and Production of Documents by Third
Party William Aboudi to Bankruptcy Rule 2004 was held on December
28, 2015.

In a Memorandum dated December 28, 2015, which is available at
http://is.gd/Sz9Ik0from Leagle.com, Judge William J. Lafferty of
the United States Bankruptcy Court for the Northern District of
California, Oakland Division, granted the application as requested
by judgment creditors.  The court raised some concern about the
scope of the requests made in the Application and the status of the
case going forward.  However, there was no appearances made on
behalf of Debtor or Mr. Aboudi in opposition to the Application.

The case is In re Oakland Port Service Corp., Chapter 11, Debtor,
No. 15-43423 (Bankr. N.D. Calif.).

Oakland Port Service Corporation, Debtor, is represented by Chris
D. Kuhner, Esq. -- Kornfield, Nyberg, Bendes and Kuhner, Eric A.
Nyberg, Esq. -- Kornfield, Nyberg, Bendes and Kuhner.

Oakland Port Service Corporation, dba AB Trucking, sought
protection under Chapter 11 of the Bankruptcy Code on Nov. 6, 2015
(Bankr. N.D. Calif., Case No. 15-43423).  The Debtor's counsel is
Eric A. Nyberg, Esq., at Kornfield, Nyberg, Bendes and Kuhner,
P.C., in Oakland, California.  The petition was signed by Bill
Aboudi, president.


OFFSHORE GROUP: Prepackaged $2.6-Bil. Plan Shaken by Delay Demand
-----------------------------------------------------------------
Jeff Montgomery at Bankruptcy Law360 reported a bitter dispute over
a longtime adversary's standing to object sent oil driller Offshore
Group Investment Ltd.'s prepackaged, $2.6 billion Chapter 11 plan
into choppy water on Jan. 7, 2016, in Delaware bankruptcy court,
bringing courtroom warnings from the company that delays could
spell ruin.

U.S. Bankruptcy Judge Brendan L. Shannon said during a second day
of a hearing on the case that he would rule on businessman Nobu
Su's eligibility to seek a delay in parts of the bankruptcy
proceeding next week, immediately before considering a final
confirmation.

                       About Offshore Group

Offshore Group Investment Limited is an international offshore
drilling company operating a fleet of modern, high-specification
drilling units around the world.  Its principal business is to
contract their drilling units, related equipment, and work crews
to
drill underwater oil and natural gas wells for major, national,
and
independent oil and natural gas companies.

Offshore Group Investment Limited and 23 other units of publicly
traded Vantage Drilling Company filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Lead Case No. 15-12421) on
Dec. 3, 2015 to pursue a prepackaged restructuring backed by
Vantage.

Christopher G. DeClaire, the authorized officer, signed the
petition.

The Debtors have engaged Weil, Gotshal & Manges LLP as counsel;
Richards, Layton & Finger, P.A. as co-counsel; Lazard Freres & Co.
LLC as investment banker; Alvarez & Marsal North America, LLC, as
restructuring advisor; and Epiq Bankruptcy Solutions, LLC as
claims and noticing agent.


ONE SOURCE: Ally, Santander Consumer Object to Plan
---------------------------------------------------
Ally Financial, and Santander Consumer USA dba Chrysler Capital,
secured creditors, filed objections to One Source Industrial
Holdings, LLC's Chapter 11 Plan of Reorganization.

Ally and Santander claim, among other things, that the Plan does
not comply with 11 U.S.C. Sec. 1129(b)(2)(A)(i)(1) as it fails to
provide for Ally Financial and Santander to retain their liens
until their allowed secured claims are paid in full.  They also
object to the Plan in that it does not provide how or when payments
are going to be made under the Plan.

Counsel for Ally Financial and Santander Consumer USA:

         BEASLEY, HIGHTOWER & HARRIS, P.C.
         Patrick M. Lynch
         Dallas, TX 75201
         Tel: (214) 220-4700
         Fax: (214) 220-4753
         E-mail: plynch@bhlaw.com

                      The Reorganization Plan

The Debtors on July 14, 2015, filed a Joint Plan of Reorganization
that provides that:

  -- The holder of the Class 1 - Texas Sales Tax Claim will
receive annual cash payments for five years, with interest at 5
percent per annum.

  -- Each holder of a Class 2 - Secured Tax Claim will receive,
at the Debtor's option, (a) the amount of the claim in one cash
payment on the initial distribution date, or (b) annual cash
payments for five years, with interest at 5 percent per annum.

   -- Each holder of Class 3 - Secured Claims and Class - 4 Other
Secured Claims will receive, either (a) return of the collateral
securing the claim in full satisfaction of the Allowed Ally Secured
Claim; (b) payment in Cash in an amount equivalent to the lesser of
(i) the value of such collateral or (ii) the full amount of the
allowed secured Claim; (c) treatment of the secured claim in
accordance with Sections 1124(2) or 1129(b)(2) of the Bankruptcy
Code; or (d) such other treatment as may be agreed to in writing by
the holder of the claim and the Debtors.

   -- Each holder of a Class 5 - Priority Non-Tax Claims will
receive the amount of such holder's allowed claim in one cash
payment on or before the initial distribution date.

   -- The Allowed Class 6 - Amegy Bank Claim will be satisfied in
full by the Debtors' assumption of the Factoring Agreement as
described in section 10.02 of the Plan.

   -- Each holder of a Class 7 - General Unsecured Claim will
receive, on or before the initial distribution date and not less
than 60 days after the end of each calendar quarter thereafter
until the earlier of (a) the payment of such allowed general
unsecured claim in full, or (b) 60 months after the Effective Date,
a Pro Rata Share of 50% of all Available Net Free Cash Flow of
Reorganized Debtor, if any, as reflected in Reorganized Debtor's
books and records as of the end of the calendar quarter immediately
preceding each such Distribution date. The remaining 50% of the
Available Net Free Cash Flow shall be paid in the Capital Reserve
Account.

   -- All Class 8 - Interests will be extinguished and shall cease
to exist as of the Effective Date.  The holders of such interests
shall not receive or retain any property on account of such
Interests under the Plan.

Class 6 (Amegy Bank Claim) is unimpaired under the Plan.  Every
other Class in the Plan is impaired.

A copy of the Plan is available for free at:

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

                   About One Source Industrial

One Source Industrial Holdings, LLC, and One Source Industrial LLC
are both limited liability companies that are part of a corporate
family of affiliated companies.

One Source Industrial Holdings holds equipment utilized by various
related entities which provide rental equipment and industrial
services to businesses in the oil and gas, refining,
manufacturing,
pipeline, shipping, and construction industries.  The types of
equipment possessed by One Source include, e.g., hazardous
material
transportation vehicles, frac tanks, tank trailers, barrel mix
tank
and vacuum tankers, air machines, and waste and other industrial
boxes and tanks.  Industrial provides executive management,
accounting, and overhead services for Holdings.

One Source Holdings sought Chapter 11 bankruptcy protection
(Bankr.
N.D. Tex. Case No. 14-44996) in Ft. Worth, Texas, on Dec. 16,
2014.
One Industrial sought Chapter 11 bankruptcy protection (Bankr.
N.D.
Tex. Case No. 15-400038) on Jan. 4, 2015.

On Jan. 9, 2015, the Court approved the joint administration of
the
Debtors' cases for procedural purposes only.

Holdings' case is assigned to Judge Russell F. Nelms.

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

The Debtors are represented by J. Robert Forshey, Esq., and
Suzanne
K. Rosen, Esq., at Forshey & Prostok, LLP, in Ft. Worth, Texas.

Lynnette R. Warman of Culhane Meadows, PLLC, serves as counsel to
the Official Committee of Unsecured Creditors.


OVERSEAS SHIPHOLDING: Extends Tender Offer for 7.50% Senior Notes
-----------------------------------------------------------------
Overseas Shipholding Group, Inc. on Jan. 14 announced the further
extension of the previously announced tender offer for any and all
of its 7.50% Senior Notes due 2024 and the solicitation of consents
from registered holders of the Notes to amend the indenture
governing the Notes to affirm that for the purposes of the
restriction in such indenture on the Company's ability to dispose
of assets, the Company's international operations, held through its
subsidiary OSG International, Inc., do not constitute substantially
an entirety of the Company's assets.

The terms and conditions of the Tender Offer and the Consent
Solicitation are described in the Company's Offer to Purchase and
Consent Solicitation Statement, dated December 2, 2015, and the
Letter of Transmittal and Consent attached thereto, which set forth
the complete terms of the Tender Offer and Consent Solicitation.

On January 5, 2016, the Company announced that the expiration date
of the Tender Offer and the Consent Solicitation had been extended
by ten days until 11:59 p.m., New York City time, on January 14,
2016.  The Tender Offer and the Consent Solicitation have been
further extended by five business days until 11:59 p.m., New York
City time, on January 22, 2016.  Additionally, the Company has
waived the condition to the Tender Offer requiring the execution of
a supplemental indenture effecting the Proposed Amendment and
intends to accept for purchase all Notes validly tendered and not
validly withdrawn prior to the Expiration Time.  The Withdrawal
Deadline (as defined in the Statement) has also been extended until
11:59 p.m., New York City time, on January 22, 2016.  Except as
described herein, the terms of the Tender Offer and the Consent
Solicitation remain unchanged.

As of 5:00 p.m., New York City time, on January 14, 2016, $294,000
in aggregate principal amount, or approximately 42.98%, of the
Notes outstanding, excluding any outstanding Notes held by the
Company or its affiliates, has been validly tendered and not
validly withdrawn.  As of such time, holders of an additional
$52,000 in aggregate principal amount, or approximately 7.60%, of
the Notes outstanding, excluding any outstanding Notes held by the
Company or its affiliates, have provided Consents that have been
validly delivered and not validly revoked in the Consent Only
Option (as defined in the Statement).

Jefferies LLC is serving as the Dealer Manager for the Tender Offer
and Solicitation Agent for the Consent Solicitation.  For
additional information regarding the terms of the Tender Offer and
the Consent Solicitation, please contact: Jefferies LLC at (888)
708-5831 (toll-free) or (203) 363-8273 (collect).  Requests for
documents may be directed to Ipreo LLC, which is acting as
Information Agent and Depositary for the Tender Offer and the
Consent Solicitation, at (888) 593-9546 (toll-free).

                  About Overseas Shipholding

Overseas Shipholding Group, Inc. (OTC: OSGIQ), headquartered in New
York is one of the largest publicly traded tanker companies in the
world, engaged primarily in the ocean transportation of crude oil
and petroleum products.  OSG owns or operates 111 vessels that
transport oil and petroleum products throughout the world.

Overseas Shipholding Group and 180 affiliates filed voluntary
Chapter 11 petitions (Bankr. D. Del. Lead Case No. 12-20000) on
Nov. 14, 2012, disclosing $4.15 billion in assets and $2.67 billion
in liabilities.  Greylock Partners LLC Chief Executive John Ray
serves as chief reorganization officer.  James L. Bromley, Esq.,
and Luke A. Barefoot, Esq., at Cleary Gottlieb Steen & Hamilton LLP
serve as OSG's Chapter 11 counsel.  Derek C. Abbott, Esq., Daniel
B. Butz, Esq., and William M. Alleman, Jr., at Morris, Nichols,
Arsht & Tunnell LLP, serve as local counsel.

Chilmark Partners LLC serves as financial adviser.  Kurtzman Carson
Consultants LLC is the claims and notice agent.

The Export-Import Bank of China, owed $312 million used for the
construction of five tankers, is represented by Louis R. Strubeck,
Jr., Esq., and Kristian W. Gluck, Esq., at Fulbright & Jaworski
LLP in Dallas; David L. Barrack, Esq., and Beret Flom, Esq., at
Fulbright & Jaworski in New York; and John Knight, Esq., and
Christopher Samis, Esq., at Richards Layton & Finger PA.  Chilmark
Partners, LLC serves as financial and restructuring advisor.

Akin Gump Strauss Hauer & Feld LLP, and Pepper Hamilton LLP, serve
as co-counsel to the official committee of unsecured creditors.
FTI Consulting, Inc., is the financial advisor and Houlihan Lokey
Capital, Inc., is the investment banker.

U.S. Bank National Association is the successor administrative
agent under the $1.5 billion credit agreement, dated as of February
9, 2006 by and among (a) OSG, OSG Bulk Ships, Inc., and OSG
International, Inc., as joint and several borrowers, (b) the
Administrative Agent and (c) various lenders party thereto.
Counsel to the Administrative Agent are Milbank, Tweed, Hadley &
McCloy LLP; Holland & Knight LLP; and Drinker Biddle & Reath LLP.
Lazard Freres & Co. LLC serves as advisor to the Administrative
Agent.

An official committee of Equity Security Holders has been appointed
in the case.  It is represented by Brown Rudnick LLP's Steven D.
Pohl, Esq., James W. Stoll, Esq. and Jesse N. Garfinkle, Esq.; Fox
Rothschild LLP's Jeffrey M. Schlerf, Esq., John H. Strock, Esq. and
L. John Bird, Esq.

Judge Walsh signed on July 18, 2014, a findings of fact,
conclusions of law, and order confirming the First Amended Joint
Plan of Reorganization of OSG and its debtor-affiliates.

A blacklined version of the Plan dated July 17, 2014, is available
at http://bankrupt.com/misc/OSGplan0716.pdf     

A full-text copy of Judge Walsh's Confirmation Order is available
at http://bankrupt.com/misc/OSGplanord0718.pdf    

                          *     *     *

The Troubled Company Reporter, on Aug. 14, 2014, reported that
Moody's Investors Service assigned Caa1 ratings to the unsecured
notes of Overseas Shipholding Group, Inc. ("OSG") that are being
reinstated pursuant to its plan of reorganization which becomes
effective.  Moody's also affirmed the B2 Corporate Family Rating
and all of the other debt ratings it assigned to OSG on June 12,
2014 in anticipation of the conclusion of the Chapter 11
reorganization.  The rating outlook is stable.

The TCR, on Aug. 19, 2014, also reported that Standard & Poor's
Ratings Services assigned its 'B' corporate credit rating to
Overseas Shipholding Group Inc. (OSG).  The outlook is stable.


PFO GLOBAL: Has Going Concern Doubt Due to Loss, Deficit
--------------------------------------------------------
PFO Global, Inc., posted a net loss of $3,840,035 for the three
months ended September 30, 2015, compared with a net loss of
$2,114,687 for the three months ended September 30, 2014.  

The company had a net loss of approximately $10,972,000 and net
cash and cash equivalents used in operations of approximately
$5,753,000 for the nine month period ended September 30, 2015.  The
company has a working capital deficit of approximately $7,403,000
and stockholders' deficit of approximately $19,966,000 as of
September 30, 2015.

"These factors raise substantial doubt about the company's ability
to continue as a going concern," said Rudolf Suter, president and
chief executive officer, and Timothy Kinnear, chief financial
officer of the company in a regulatory filing with the U.S.
Securities and Exchange Commission on November 16, 2015.

Messrs. Suter and Kinnear explained: "Historically, the company has
been dependent upon its ability to raise sufficient capital to
continue its product and business development efforts.  The ability
of the company to continue as a going concern is dependent upon its
ability to raise additional capital, increase its revenue and
develop its technologies to the point of revenue recognition."

"During the nine month period ended September 30, 2015 and year
ended December 31, 2014, the company executed several new managed
care contracts which provide for the expansion of eyewear sales
revenue.  However, there can be no assurance that such new
contracts will result in revenue sufficient to generate positive
cash flow.

"The business plan also includes raising funds from accredited
individuals, entities and institutions.  The company has raised
approximately $6,564,000 and $5,600,000, respectively, net of debt
issuance costs, in the nine month period ended September 30, 2015
and year ended December 31, 2014 through the issuance of promissory
notes and amendment to the Royalty Purchase Agreement with a third
party purchaser.  However, there can be no assurance that the
company will be successful in raising additional funds.

"Under alternative plans of operations, management would, if
considered necessary, be able to substantially reduce operating
costs associated with inventory purchases, product development and
other operating costs to mitigate the effects of any temporary cash
flow shortages.

"Management believes that the actions presently being taken by the
company will provide sufficient liquidity for the company to
continue to execute its business plan.  However, there can be no
assurances that management's plans will be achieved.

"We believe that we have the ability to raise additional capital
will be sufficient to meet our anticipated cash needs for at least
the next 12 months, but we may not be able to raise the capital on
terms acceptable to us or at all.  If we are unable to raise
additional capital, our business, operating results, and financial
condition would be materially adversely affected."

At September 30, 2015, the company had total assets of $7,407,730,
total liabilities of $27,373,894 and total stockholders' deficit of
$19,966,164.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/zaq3lj4

Irving, Texas-based PFO Global, Inc. provides eyewear and
prescription lenses to eye care professionals and prescription
laboratories.  The company has developed proprietary cloud based
software and electronic devices to streamline logistics and reduce
costs for its customers.



PHARMACYTE BIOTECH: Obtains $1 Million From Private Placement
-------------------------------------------------------------
PharmaCyte Biotech, Inc., entered into a Stock and Warrant Purchase
Agreement with each of Berkshire Capital Management Co., Inc. and
SPYR, Inc. and closed a private placement to the Investors of
restricted shares of the Company's common stock and warrants to
purchase Common Stock.

Each Investor paid consideration of $510,000, resulting in
aggregate gross proceeds to the Company of $1.02 million.  The
Company issued and sold to the Investors, in equal amounts, an
aggregate of 17 million shares of Common Stock at a purchase price
of $0.06 per share.  In addition, the Investors were issued, in
equal amounts, Warrants to purchase an aggregate of 17 million
shares of Common Stock at an exercise price of $0.12 per share with
a five-year term commencing on the date of each Warrant.  The
Warrants have a cashless exercise feature.  The Stock and Warrant
Purchase Agreements and Warrants do not provide for registration
rights.

                 About PharmaCyte Biotech, Inc.

PharmaCyte Biotech, Inc., formerly known as Nuvilex Inc, is
dedicated to bringing to market scientifically derived products
designed to improve the health, condition and well-being of those
who use them.  The Company is a clinical stage biotechnology
company focused on developing and preparing to commercialize
treatments for cancer and diabetes based upon a proprietary
cellulose-based live-cell encapsulation technology known as
Cell-in-a-Box.  The Company intends to use this unique and patented
technology as a platform upon which to build treatments for several
types of cancer, including advanced, inoperable pancreatic cancer,
and diabetes.

Pharmacyte reported a net loss of $10.8 million for the year ended
April 30, 2015, a net loss of $27.2 million for the year ended
April 30, 2014 and a net loss of $1.6 million for the year ended
April 30, 2013.

As of Oct. 31, 2015, the Company had $7.64 million in total assets,
$1.08 million in total liabilities and $6.56 million in total
stockholders' equity.


PITTSBURG RDA: Fitch Affirms 'BB+' Rating on $142.3MM Sub. TABs
---------------------------------------------------------------
Fitch Ratings has assigned these ratings of the Successor Agency to
the Redevelopment Agency of the City of Pittsburg, California's
(the agency) tax allocation bonds (TABs):

   -- Approximately $190 million refunding subordinate TABs series

      2016 series A, series B (taxable), and series C (forward
      delivery) 'BBB-';

   -- Approximately $14 million refunding housing TABs series 2016

      series A 'BBB+'.

In addition, Fitch takes these rating actions:

   -- $89.8 million senior TABs series 1999 and 2014 upgraded to
      'A+' from 'A';

   -- $11 million housing TABs series 2004 A and 2006 A upgraded
      to 'BBB+' from 'BBB';

   -- $117.6 million subordinate TABs series 2004A (being
      refunded) underlying rating affirmed at 'BBB-';

   -- $142.3 million subordinate TABs (taxable) series 2006B and
      subordinate refunding TABs series 2006C and 2008A (being
      refunded) affirmed at 'BB+'.

The Rating Outlook on the 2016 refunding subordinate TABs is
Positive.  The Rating Outlook on the housing TABs and senior TABs
is Stable.

SECURITY

The senior and subordinate TABs are payable from a senior and
subordinate lien, respectively, on non-housing tax increment
revenues, net of county administrative fees, and are additionally
payable per statute from former housing revenues on a subordinate
basis to housing TABs.

The housing TABs are payable from the 20% housing set-aside
revenues derived from a senior lien on all incremental
property tax revenues in Los Medanos sub areas II and III.

KEY RATING DRIVERS

EXPECTED COVERAGE IMPROVEMENT: The Positive Outlook on the
subordinate non-housing TABs reflects the refunding benefits
including the elimination of variable-rate and swap exposure, and
expected lower maximum annual debt service (MADS), subject to
market conditions.  The assessed value (AV) cushion (defined as the
decline in AV to reach 1x MADS) is expected to improve from 16% to
about 21% after the refunding.

GROWING ASSESSED VALUE, REDUCED APPEALS: The upgrades on the senior
non-housing and housing bonds are prompted by continued tax base
growth, expected lower debt service after refunding, and a
reduction in outstanding appeals amount, resulting in improved debt
service coverage (DSC) ratios.

TAX BASE WEAKNESS: The rating levels reflect sound to high maximum
annual debt service (MADS) coverage, weighed down by significant
industrial taxpayer concentration with frequent appeals, and
historically high tax base volatility.

RATING SENSITIVITIES

TAX BASE/DSC PERFORMANCE: The ratings may change, depending on the
performance and sustainability of the project area's tax base and
DSC.

COVERAGE IMPROVEMENT: An upgrade on the subordinate non-housing
bonds is likely if sufficient coverage improvement is achieved due
to significant MADS savings at refunding or material tax base
strengthening for fiscal 2017.

CREDIT PROFILE

Pittsburg is in northern Contra Costa County and benefits from its
location within the large and diverse San Francisco Bay Area
employment market and the presence of several large industrial
enterprises.  Most local economic indicators are weak despite the
city's geographic advantages.  The project area comprises a large
6,562 acres, making up 54% of the city's area and 72% of the city's
fiscal 2016 AV.

IMPROVED SUB COVERAGE, REDUCED APPEALS

The project area's fiscal 2016 AV increased a solid 6.5%, following
a 7.9% increase in fiscal 2015.  Recent positive AV performance and
reduced estimated debt service increased all-in MADS coverage on
non-housing bonds to 1.3x, a significant improvement from below 1x
in prior years, based on refunding debt service estimates.
Similarly, the AV cushion rose to an adequate 21% from a barely
sufficient 4% in fiscal 2015.

Outstanding appeals dropped to $39 million of potential reduction
in value from $126 million last year, as the local real estate
market recovers.  The estimated AV loss from granted appeals no
longer makes a material difference to coverage ratios.

Surplus housing revenue (the original 20% set-aside minus housing
TABs debt service) is assumed to be available to the non-housing
bonds, and is included in the coverage and AV cushion calculations.


VERY HIGH SENIOR COVERAGE

Senior non-housing bonds are not part of the refunding, and MADS
coverage was boosted by recent positive AV performance, to 3.1x in
fiscal 2016 from 2.6x in 2014.  AV cushion went up to 62% from 59%,
a more comparable level to its 'A+' peers.  Furthermore, the top 10
taxpayers now account for 24% of total project area AV, from 33% in
2014, due to recent AV growth as well as value reductions of top
industrial properties.

SOUND HOUSING COVERAGE

Los Medanos sub areas II and III (the entire project area excluding
Los Medanos sub area I), from which the housing TABs tax increment
is derived, enjoyed accelerated AV growth of 8.8% in fiscal 2015
and 15.4% in fiscal 2016, resulting in increases in MADS coverage
to 1.5x from 1.4x, and AV cushion to 33% from 26% in 2015.  In
addition, Los Medanos sub areas II and III only has one pending
appeals with a very limited $360,400 value at risk.

Housing TABs series 2004A is expected to be refunded while housing
bonds series 2006A will remain outstanding.  Housing TABs debt
service is estimated to increase slightly after refunding, in
exchange for a shortened final maturity.

POSITIVE AV TREND

AV levels in the near future are likely to benefit from increased
construction levels, which could add 2% to AV per year by the
city's estimates.  New housing construction is proceeding at a pace
of over 200 single family homes annually.  The city has approved
over 3,000 new housing units within the project area, and expects
thousands more over time given the availability of vacant land and
in-fill development opportunities.  A portion of anticipated
projects are related to a planned Bay Area Rapid Transit rail
extension into the project area.

The city's home values are increasing, but growth has slowed, to
11% year-over-year, compared with 20% a year ago, according to the
Zillow home price index.  AV increases for some of these additions
will be limited to the Prop 13 cap (typically 2% annually), but
resales and properties subject to temporary Prop 8 reductions will
reflect the full appreciation.

TAX BASE WEAKNESS

Despite the positive momentum mentioned above, inherent tax base
weakness remains, evidenced by the relatively late start of AV
recovery, and significant peak-to-trough decline.  AV dropped a
cumulative 20% between fiscal 2008 and fiscal 2013.

In addition, the top 10 taxpayers account for 24% of the AV (25% of
incremental value, or IV) and include Delta/Calpine power plants
(12% of AV), and industrial properties owned by United Spiral (1%)
and Koch (1%).  Some of the top taxpayers were successful in
reducing their AV every year during the recession through the
appeal process, with a lagged effect on tax increment revenues.

For Los Medanos sub areas II and III, concentration numbers are 36%
of the AV and 37% of IV, led by Delta/Calpine (18% of AV), a
residential development (6%), and Century Plaza (4%).
Peak-to-trough AV decline was also 20% between 2008 and 2014.

REFUNDING, ELIMINATION OF VARIABLE RATE RISKS

The planned refunding will fix out and eliminate all variable rate
debt and related risks, including bank bonds conversion risk with
much higher interest rates, LOC renewal and fee hike risk, cost of
setting aside reserves, and mark-to-market swap termination fees.
An estimated total of $49 million reserves (including over $32
million for sub 2004A TABs) are expected to be released at closing,
replaced by surety bonds for the 2016 refunding bonds. The
estimated $16.6 million of swap termination cost will be paid from
bond proceeds at closing.

The refunding has been approved by the state department of finance.
The released reserves will be used to reduce par amounts.  In
addition, the elimination of LOC and remarketing fees may reduce
debt service, which in turn boosts coverage ratios.



PREMIER EXHIBITIONS: Files Corrected CEO Employment Agreement
-------------------------------------------------------------
Premier Exhibitions, Inc., made an amendment to its Current Report
on Form 8-K, filed with the Securities and Exchange Commission on
Jan. 7, 2016, to amend the document filed as Exhibit 10.1, to
correct an administrative error in the agreement as filed.

On Jan. 1, 2016, the Company and Daoping Bao, the Company's chief
executive officer, entered into an Employment Agreement.  The
Agreement provides for Mr. Bao's employment for an indefinite term
as president and chief executive officer of the Company.  The
Agreement may be terminated by either party at any time, subject to
certain severance provisions provided in the Agreement. Pursuant to
the agreement, the Company will pay Mr. Bao a salary of $297,000
per year.  Mr. Bao will be eligible for annual performance awards
consistent with incentive compensation programs established by the
Board for senior executives with a target bonus at 50% of his base
salary, which awards may take the form of cash bonuses, stock
option grants or grants of restricted stock at the discretion of
the Board.  Upon a termination without cause or by Mr. Bao for good
reason, as such terms are defined in the employment agreement.  Mr.
Bao would be entitled to twelve months salary as severance.
"Cause" is defined in the Agreement to include (i) failure to
substantially perform duties reasonable and customary for a CEO in
the Exhibition Business and/or failure to comply with the covenants
and other provisions contained in this Agreement which are not
remedied in a reasonable period of time after receipt of written
notice from the Company setting forth the nature of such failure;
or (ii) fraud, misappropriation, embezzlement or similar acts of
dishonesty; Conviction of a felony or misdemeanor involving moral
turpitude; or Intentional and willful misconduct relating to the
Executive's employment that may subject the Employer to criminal
and or civil liability.

A copy of the Employment Agreement is available for free at:
  
                      http://is.gd/NIpai3

                   About Premier Exhibitions

Premier Exhibitions, Inc., develops, deploys and operates
exhibition products that are presented to the public in exhibition
centers, museums and non-traditional venues.  The Atlanta-based
Company's exhibitions generate income primarily through ticket
sales, third-party licensing, sponsorship and merchandise sales.

Premier Exhibitions reported a net loss of $11.7 million on $29.4
million of total revenue for the year ended Feb. 28, 2015, compared
with a net loss of $778,000 on $29.3 million of total revenue for
the year ended Feb. 28, 2014.

As of Aug. 31, 2015, the Company had $35.89 million in total
assets, $32.2 million in total liabilities, $2.66 million in equity
attributable to shareholders of the Company and $1.02 million in
equity attributable to non-controlling interest.


PRESCOTT VALLEY: Wins Nod of Premium Finance Agreement with IPFS
----------------------------------------------------------------
Prescott Valley Events Center, LLC, won approval from the U.S.
Bankruptcy Court for the District of Arizona of its emergency
motion to enter into a premium finance agreement with IPFS
Corporation.  The agreement will finance the payment of premiums
paid on the Debtor's insurance policy.

Pursuant to Section 364(c) of the Bankruptcy Code and the terms of
the Agreement, the Debtors are authorized to grant to IPFS a first
priority security interest in the policy.  In the event the Debtor
defaults, IPFS may cancel the policy without further order of the
court.

                About Prescott Valley Events Center

Prescott Valley Events Center, LLC, was formed in 2005 to
construct
and operate a multi-purpose sports and entertainment arena known
as
the Prescott Valley Events Center in Prescott Valley, Arizona.
The
Center opened in 2006 and plays host to concerts, community
events,
trades shows, and sporting events, including several high school
championships.  Until 2014, the Center served as the home of the
Arizona Sundogs (CHL) ice hockey team.  The Center's seating
capacity is 6,200 for concerts, 4,810 for hockey, and 5,100 for
basketball.

The original members of PVEC were Prescott Valley Signature
Entertainment, LLC, and Global Entertainment Corporation, which
each owned 50 percent of the membership interests in PVEC.

PVEC sought Chapter 11 protection in Prescott, Arizona (Bankr. D.
Ariz. Case No. 15-10356) on Aug. 14, 2015.  The case is assigned
to
Judge Madeleine C. Wanslee.

The Debtor tapped Carolyn J. Johnsen, Esq., and William Novotny,
Esq., at Dickinson Wright PLLC, in Phoenix, as counsel.

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


PSL-NORTH AMERICA: Court Confirms Ch. 11 Liquidating Plan
---------------------------------------------------------
Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware on Jan. 12, 2016, issued an order
confirming PSL-North America LLC, et al.'s First Amended Joint Plan
of Liquidation.

The Debtors obtained confirmation of the Plan after the holders of
claims entitled to vote on the Plan voted to accept the Plan.
According to a declaration filed by Stephenie Kjontvedt, a Vice
President, Senior Consultant at Epiq Bankruptcy Solutions, LLC,
100% of the holders of Class 2 - SBC Secured Claims and 92.86% of
the holders of Class 3 - General Unsecured Claims voted to accept
the Plan.

Edward P. Bond, the independent Permanent Board Manager of
PSL-North America, LLC, filed a declaration in support of
confirmation of the Plan.  " Based upon my active, personal
involvement in the Chapter 11 Cases, I believe that the Plan was
proposed in good faith. Furthermore, I believe that the Debtors, as
proponents of the Plan, acting through their respective agents,
representatives and professionals, conducted themselves in a manner
that complies with applicable law relating to the formulation and
negotiation of, and voting on, the Plan," Mr. Bond said in his
declaration.

Prior to the confirmation hearing, the Debbtors filed Plan
Supplement, including Liquidating Trust Agreement, Executory
Contracts and Unexpired Leases to be Assumed, and Retained Causes
of Action, which, according to the Debtors, are integral to, and
are considered part of, the Plan.

Judge Silverstein overruled the objection raised by the Internal
Revenue Service to confirmation of the Plan.  The IRS, which
asserted an unsecured priority, prepetition claim against PSL USA,
Inc., in the amount of $5,000, and an unsecured claim against PSL
America LLC in the amount of $3,608, objected to the confirmation
of the Plan unless and until all unfiled federal tax returns have
been filed.

The Plan Confirmation Order provides that nothing in the Plan or
Plan Confirmation Order will affect the ability of the IRS to
pursue any non-debtors to the extent allowed by non-bankruptcy law
for any liabilities that may be related to any federal tax
liabilities owed by the Debtors or their estates.

The IRS is represented by Charles M. Oberly, III, Esq., United
States Attorney, and Ellen W. Slights, Esq., Assistant United
States Attorney, in Wilmington, Delaware.

                      About PSL-North America

Founded in 2006, PSL-North America LLC is a manufacturer and
coater of large diameter steel pipes.  The company has a
state-of-the-art facility located in Bay St. Louis, Mississippi,
with the land leased for 99 years.  The company is an
American-based partially owned subsidiary of India's largest
producer and manufacturer of steel piping, PSL Limited.

On June 16, 2014, PSL-North America LLC and PSL USA Inc., filed
voluntary petitions in Delaware (Lead Case No. 14-11477) seeking
relief under chapter 11 of the United States Bankruptcy Code.  The
Debtors' cases have been assigned to Judge Peter J. Walsh.

The Debtors seek to have their cases jointly administered for
procedural purposes.

PSL-North America LL disclosed $93.3 million in assets and $204
million in liabilities as of the Chapter 11 filing.  As of
the Petition Date, the company had total outstanding debt
obligations of $130 million, according to a court filing.

Counsel for the Debtor are John H. Knight, Esq., Paul N. Heath,
Esq., Tyler D. Semmelman, Esq., Amanda R. Steele, Esq. and William
A. Romanowicz, Esq. at Richards, Layton & Finger, P.A., of
Wilmington, Delaware.  Epiq Bankruptcy Solutions serves as claims
agent.

                           *     *     *

The Debtors scheduled an auction for the assets on Aug. 12, 2014.
At the end of August 2014, the bankruptcy judge authorized the
Debtors to sell substantially all their assets to Jindal Tubular
USA LLC for $104 million.


PUERTO RICO: Assured Guaranty Files Suit to Stop "Clawback"
-----------------------------------------------------------
Bond insurance subsidiaries of Assured Guaranty Ltd. (NYSE:AGO)
(together with its subsidiaries, Assured Guaranty) have filed suit
challenging the constitutionality of the revenue clawback
instituted by the Commonwealth of Puerto Rico (Commonwealth) late
last year.

Assured Guaranty believes the clawback of revenues pledged to bond
issues violates the U.S Constitution by illegally interfering with
Assured Guaranty's contractual rights.

In December, the Commonwealth announced that in order to fund its
general obligation (GO) bond payments it would begin clawing back
revenues pledged to other bond issues, including those of the
Puerto Rico Highways and Transportation Authority (HTA), the Puerto
Rico Convention Center District Authority (PRCCDA) and the Puerto
Rico Infrastructure Financing Authority (PRIFA). This action has
caused a payment default on PRIFA bonds and will eventually force
the HTA and PRCCDA bonds into default. Such actions threaten the
credibility of Puerto Rico and its government, undermine the
markets' confidence in Puerto Rico's willingness to honor its
financial commitments and limit its opportunities for economic
recovery.

According to Puerto Rico's Constitution and its related laws, the
clawback may be implemented only to pay GO debt and only in the
event that the Commonwealth's revenues are insufficient to pay the
debt. The Commonwealth may not clawback pledged revenues to pay any
of its other obligations. Debt service on Puerto Rico's GO bonds
amounts to only approximately 19% of the Commonwealth's annual
budgeted revenues. The clawback is not necessary to make GO bond
payments. Yet the Commonwealth has invoked an option that not only
ignores its own laws, but is unconstitutional and impairs the
contracts entered into by holders and insurers of HTA, PRCCDA, and
PRIFA debt.

"The Commonwealth has not satisfied the preconditions to the
clawback and is disregarding the priorities of its own Constitution
and the rule of the law. This confiscation of revenues pledged to
bondholders is illegal. We encourage the Commonwealth to instead
focus on measures that build market credibility and develop
specific fiscal plans to address its critical issues, including
revenue collection," said Dominic Frederico, President and Chief
Executive Officer of Assured Guaranty.

"These actions stand in contrast to the consensual agreement that
we and other creditors recently reached with Puerto Rico's electric
utility, PREPA. That agreement provides for the reform and
efficient recapitalization of PREPA. Assured Guaranty continues to
stand ready to work constructively with Puerto Rico in a consensual
way, in keeping with our long term support of the island,"
Frederico added.

The suit, filed today in United States District Court for the
District of Puerto Rico, names Governor Alejandro Garcia Padilla
and a host of government officials and seeks to have the clawback
declared unconstitutional and asks the Court to issue an injunction
against its implementation.



QUICKSILVER RESOURCES: Banks Hold Perfected Lien on 7 Properties
----------------------------------------------------------------
The Hon. Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware concluded that Credit Suisse AG, Cayman
Islands Branch fka Credit Suisses AG, as administrative agent for
the second lien lenders, The Bank of New York Mellon Trust Company
N.A., second lien indenture trustee and second lien collateral
agent under that certain indenture dated as of June 21, 2013, and
the Ad Hoc Group of Second Lienholder ("second lien parties") have
liens on all of Quicksilver Resources Inc. et al.'s real property
interest located in Denton, County, Hill County, Hood County,
Johnson County, Parker County, Somervell County and Tarrant County
in Texas, and that the liens are perfected in the seven counties in
which mortgages are recorded.

According to court documents, the Court was asked to determine
whether the Debtors granted the second lien parties a lien on some
510 real property interest and, if so, whether the estate may avoid
the liens pursuant to Section 544 of the U.S. Bankruptcy Code.

A full-text copy of the opinion is available for free at
http://is.gd/WVu8FY

                    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.


QUICKSILVER RESOURCES: Non-Insider Employees to Get Bonus Payments
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Quicksilver Resources Inc. et al. to make bonus payments to
non-insider employees under their bonus plan; and continue the
pre-petition severance program with respect to all employees.

As reported in theTroubled Company Reporter on Jan. 11, 2016, the
Debtors sought to make, consistent with their prepetition practices
and policies, bonus payments tied to achieving critical milestones
in the cases and to honor their prepetition employee Severance
Program, both with the intent to incentivize employees to continue
performing at top levels to aid in meeting critical milestones in
the Chapter 11 cases and maximizing value for the Debtors'
creditors.

The Debtors relate that they have experienced a significant
decrease in their employee base over the last 12 months, and that
their workforce has reduced over 34% since January 2015.  The
Debtors further relate that their remaining employees are critical
to operating the Debtors' business as a going concern, pursuing the
ongoing sale process, and moving toward a successful conclusion of
these chapter 11 cases.  The Debtors contend that  operating in
Chapter 11 has imposed unprecedented workloads and stress on their
employees.  

The Debtors further contend that they continue to experience
additional attrition and believe it is imperative to attempt to
ameliorate the negative impact on the employee base due to the
depressed market, their prolonged chapter 11 cases, the uncertainty
of long-term employment due to the sale process and the reductions
in force implemented recently. The Debtors add that in an exercise
of their reasonable business judgment, they have determined that
implementing the Bonus Plan and continuing the Severance Plan as a
post-petition employee benefit are fundamentally important to
achieving the foregoing and to the tasks critical to a successful
exit from chapter 11.

The Proposed Bonus Plan consists of a pool of $1.45 million in
cash, which will be made available for employee bonuses.  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:

     (1) Milestone 1:  The earlier of the date that the Court
enters (x) one or more orders ("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 ("Approval
Order").

         Payment: 60% of Base Amount ($870,000 in the aggregate)

     (2) Milestone 2: The earlier of the date that (x) all of the
salses 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.

         Payment: 20% of Base Amount ($290,000 in the aggregate)

     (3) Milestone 3: The date that any chapter 11 plan of
reorganization or liquidation becomes effective in the Company's
chapter 11 cases ("Effective Date Payment").

         Payment: 20% of Base Amount ($290,000 in the aggregate).
The Company may 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 Debtors propose to continue their Severance Program subject to
these terms, among others:

     (a) Employees who are terminated without cause on or after the
date the Court enters an order approving the Debtors' motion shall
be eligible for severance in accordance with the Severance Program.
If such terminated employee is offered employment by and/or is
employed by a Purchaser contemporaneously with such termination
such employee shall be ineligible to receive severance payments in
accordance with the Severance Program.

     (b) The Debtors will be authorized to make the Severance
Payments following entry of an order approving this motion in an
aggregate amount up to $3.6 million.

     (c) The Debtors may allocate Severance Payments from employees
who are not eligible to receive such payments to severed employees
who remain eligible for Severance Payments.

                    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 a total
stockholders' deficit of $1.14 billion.

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


RADNOR HOLDINGS:  Skadden's $4-Mil. Fee Preserved Again
-------------------------------------------------------
Kurt Orzeck at Bankruptcy Law360 reported that the Third Circuit on
Jan. 8, 2016, again refused to toss a $4 million fee awarded to
Skadden Arps Slate Meagher & Flom LLP for its work on defunct
packaging company Radnor Holdings Corp.'s bankruptcy, nixing
another effort by the company's founder, who accuses the firm of
misconduct.  The appeals court denied former Radnor CEO Michael
Kennedy's petition for rehearing and a rehearing en banc, despite
his arguments that the Third Court, a bankruptcy court and a
district judge had overlooked the firm's alleged conflicts of
interest.

                        About Radnor Holdings

Based in Radnor, Pennsylvania, Radnor Holdings Corporation
-- http://www.radnorholdings.com/-- manufactured and distributed  

disposable food service products in the United States, and
specialty chemicals worldwide.  

Radnor and its affiliates filed for Chapter 11 protection (Bankr.
D. Del. Lead Case No. 06-10894) on Aug. 21, 2006.  When the
Debtors filed for protection from their creditors, they disclosed
total assets of $361,454,000 and debt of $325,300,000.

Gregg M. Galardi, Esq., and Sarah E. Pierce, Esq., at Skadden,
Arps, Slate, Meagher & Flom, LLP, in Wilmington, Del.; and Timothy
R. Pohl, Esq., Patrick J. Nash, Jr., Esq., and Rena M. Samole,
Esq., at Skadden, Arps, Slate, Meagher &Flom, LLP, in Chicago,
Ill., served as the Debtors' bankruptcy counsel.


RCS CAPITAL: Current Financial Condition Casts Going Concern Doubt
------------------------------------------------------------------
RCS Capital Corporation said there is substantial doubt about its
ability to continue as a going concern, pursuant to a regulatory
filing with the U.S. Securities and Exchange Commission on November
16, 2015 signed by Brian D. Jones, chief financial officer of the
company.

Mr. Jones related: "Because of the decline in operating results and
the reduction in asset values, our leverage has increased and our
debt coverage has declined.  As a result, we were not in compliance
with the fixed charge coverage ratio and the secured leverage ratio
covenants in our first and second lien credit agreements as of
September 30, 2015.  We sought and obtained relief from these
covenants for the period ended September 30, 2015 and also obtained
certain other amendments to those credit agreements.  If we are
unable to raise additional capital and/or obtain further
accommodations from our lenders, we will fall out of compliance
with those financial covenants at the next measurement date,
December 31, 2015.  Absent further relief from our lenders, the
failure to be in compliance with financial covenants by the
applicable cure date in March 2016 would enable our lenders to
accelerate the maturity of our indebtedness under the credit
agreements and potentially trigger cross defaults or acceleration
of our obligations.  While there may be opportunities to take
corrective action after December 31, 2015, other constraints, such
as the limitation on our ability to control the vote of the single
outstanding share of Class B common stock (which is the controlling
share on votes of our common stock), may reduce our ability to
effect remedial action after January 31, 2016.  Until January 31,
2016, an independent committee of our board of directors holds a
proxy to vote the Class B common stock on specified matters, which
will expire on such date unless we enter into a definitive
agreement with respect to new capital or another strategic
transaction meeting specified requirements by such date.

"On November 10, 2015, we received notification from the New York
Stock Exchange (NYSE) that we were no longer in compliance with the
NYSE's continued listing standards for our Class A common stock
because the average closing price of our Class A common stock had
fallen below the NYSE's per share price requirements.  

"In addition to the foregoing, shortfalls in our ability to
generate cash from our operations and costs that may be associated
with paring down our operations and legal and other professional
expenses in connection with our restructuring activities and
pending legal proceedings increase our cash needs and therefore the
necessity for us to raise additional capital for operating purposes
as well as to make payments on the credit agreements in accordance
with contractual terms and achieve compliance with the requirements
of the credit agreements.

"We are currently engaged in a process to raise capital and reduce
contractual exposures through the issuance of additional securities
and/or asset divestitures.  We have taken certain actions to
provide temporary liquidity and to afford time to raise additional
capital and/or make asset divestitures.  We have also received
various proposals from multiple parties for additional capital
(including via the exercise of existing conversion options) and/or
for the purchase of certain assets, that are subject to the
completion of due diligence now in progress, documentation and
other conditions.  We consider that there are multiple viable
proposals, however we are not yet party to any binding agreements
to effect these proposals.  

"Accordingly at this point in time there can be no assurance that
these efforts will be successful and therefore there is substantial
doubt about our ability to continue as a going concern."

Concurrently with the closing of the company's Cetera acquisition
on April 29, 2014, the company entered into the Bank Facilities,
consisting of: (i) a $575.0 million senior secured first lien term
loan facility, having a term of five years; (ii) a $150.0 million
senior secured second lien term loan facility, having a term of
seven years; and (iii) a $25.0 million senior secured first lien
revolving credit facility having a term of three years (which was
not drawn down at closing).  The proceeds to us from the Bank
Facilities were $685.1 million after original issue discount and
following the payment of fees and expenses due at closing.  On July
21, 2014, the company drew down $1.1 million in the form of a
backstop letter of credit and on March 11, 2015, the company drew
down $23.0 million on the senior secured first lien revolving
credit facility.  As of September 30, 2015, the company has repaid
$35.9 million of the senior secured first lien term loan facility
as regularly scheduled principal repayments.

At September 30, 2015, the company had total assets of
$1,975,286,000, total liabilities of $1,394,490,000 and total
stockholders' equity of $247,467,000.

The company reported a net loss of $291,094,000 for the three
months ended September 30, 2015, compared with a net loss of
$32,269,000 for the three-month period ended September 30, 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/jhvvdh5

New York-based RCS Capital Corporation is a full-service investment
firm focused on the individual retail investor.  With operating
subsidiaries primarily focused on retail advice and until the
completion of recently announced pending sales and divestiture of
its wholesale distribution and investment banking, the company's
business aims to capitalize, grow and maximize value for the
investment programs its distributes and the independent advisors
and clients it serves.



REFCO INC: Funds Tell 2nd Circ. JPM, Others Fueled $1-Billion Scam
------------------------------------------------------------------
Max Stendahl at Bankruptcy Law360 reported that a lawyer for a
group of defunct hedge funds that suffered losses during Refco
Inc.'s collapse asked the Second Circuit on Jan. 7, 2015, to revive
a suit accusing JPMorgan, Merrill Lynch and Credit Suisse of aiding
the brokerage firm's $1 billion accounting fraud scheme.

During a hearing in Manhattan court, an attorney representing the
liquidators of the SPhinX funds urged a three-judge panel to
reinstate claims against JPMorgan Chase & Co., Credit Suisse
Securities (USA) LLC and Merrill Lynch Pierce Fenner & Smith Inc.

                         About Refco Inc.

                         About Refco Inc.

Headquartered in New York, Refco Inc. -- http://www.refco.com/--  
was a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries were members of
principal U.S. and international exchanges, and were among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  Refco was also a major broker of cash
market products, including foreign exchange, foreign exchange
options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity
products.  Refco was one of the largest global clearing firms for
derivatives.  The Company had operations in Bermuda.

The Company and 23 of its affiliates filed for Chapter 11
protection on October 17, 2005 (Bankr. S.D.N.Y. Case No.
05-60006).  J. Gregory Milmoe, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, represented the Debtors in their restructuring
efforts.  Milbank, Tweed, Hadley & McCloy LLP, represented the
Official Committee of Unsecured Creditors.  Refco reported
US$16.5 billion in assets and US$16.8 billion in debts to the
Bankruptcy Court on the first day of its Chapter 11 cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on December 15, 2006.  That Plan became effective on Dec. 26,
2006.  Pursuant to the plan, RJM, LLC, was named plan
administrator to reorganized Refco, Inc., and its affiliates, and
Marc S. Kirschner as plan administrator to Refco Capital Markets,
Ltd.


RELATIVITY MEDIA: Committee Opposes FTI Claims for Payment
----------------------------------------------------------
Relativity Media LLC disclosed that the Official Committee of
Unsecured Creditors has filed an objection to FTI's claims for
payment, citing, among other things, an investigation by a special
committee of Relativity's board of directors and the fact that the
Committee has not had an opportunity to conduct its own inquiry.

Specifically, Relativity charged that FTI executed several business
decisions without obtaining appropriate advice and consent from
Relativity's board of directors, including passing on an offer for
the sale of the company's fashion division and various employment
decisions, among other matters.  The Committee argued that FTI's
request for payment is an "unnecessary distraction," and all
parties should remain "focused on...confirmation" of Relativity's
plan of reorganization.

"From the very beginning of Relativity's reorganization, the
Committee has been a strong supporter of Relativity's efforts to
reorganize, watching our back to ensure that no party could be
successful in pursuing actions that would threaten the company.  I
am deeply grateful for their ongoing support," said Ryan Kavanaugh,
Chairman and CEO, Relativity.  "We look forward to continuing to
work with the Committee to emerge from Chapter 11 on a timely basis
and not allowing any party to utilize the bankruptcy process to
leverage the company for their own benefit."

The Committee also recently formally stated its support for
Relativity's plan of reorganization and recommended that all
unsecured creditors vote to accept the plan.  A court hearing to
consider confirmation of the Plan is scheduled for February 1,
2016.

                      About Relativity

Relativity -- http://relativitymedia.com/-- is a next-generation  
global media company engaged in multiple aspects of content
production and distribution, including movies, television, sports,
digital and music.  More than just a collection of
entertainment-related businesses, Relativity is a content engine
with the ability to leverage each of these business units,
independently and together, to create content across all mediums,
giving consumers what they want, when they want it.

Relativity Studios, the Company's largest division, has produced,
distributed or structured financing for more than 200 motion
pictures, generating more than $17 billion in worldwide box-office
revenue and earning 60 Oscar nominations.  Relativity's films
include Oculus, Safe Haven, Act of Valor, Immortals, Limitless,
and The Fighter.

Relativity Media LLC and its affiliates, including Relativity
Fashion, LLC, sought protection under Chapter 11 of the Bankruptcy
Code on July 30, 2015 (Bankr. S.D.N.Y., Case No. 15-11989).  The
case is assigned to Judge Michael E. Wiles.

The Debtors are represented by Craig A. Wolfe, Esq., Malani J.
Cademartori, Esq., and Blanka K. Wolfe, Esq., at Sheppard Mullin
Richter & Hampton LLP, in New York; and Richard L. Wynne, Esq.,
Bennett L. Spiegel, Esq., and Lori Sinanyan, Esq., at Jones Day,
in New York.

Brian Kushner of FTI Consulting, Inc., serves as chief
restructuring officer and crisis and turnaround manager.  Luke
Schaeffer of FTI Consulting, Inc., serves as deputy CRO.

Blackstone Advisory Partners L.P. serves as the Debtors'
investment banker.  The team is led by Timothy Coleman, Senior
Managing Director, CJ Brown, Senior Managing Director, Paul
Sheaffer, Vice President, and Joseph Goldschmid, Associate.

The Debtors' noticing and claims agent is Donlin, Recano &
Company, Inc.


RELATIVITY MEDIA: Committee's Manchester Challenge Period Extended
------------------------------------------------------------------
In the Chapter 11 cases of Relativity Fashion, LLC, et al.,
Heatherden Securities LLC, as DIP Agent and DIP Lender to the
Debtors; Manchester Securities Corporation ("MSC"), Manchester
Library Company LLC ("MLC"); and the Official Committee of
Unsecured Creditors Committee in the Chapter 11 cases have entered
into a stipulation extending the time period by which the Committee
is required to have commenced a so-called Manchester Challenge, as
defined in the Amended DIP Facility Order, from Jan. 8, 2016 at
11:59 p.m. (prevailing Eastern Time) until Jan. 20, 2016 at 11:59
p.m. (prevailing Eastern Time).  This is the fourth stipulation
entered into by the parties.

Counsel for Heatherden Securities LLC, Manchester Securities
Corporation, and Manchester Library Company LLC:

         ROPES & GRAY LLP
         Keith H. Wofford
         James A. Wright III
         1211 Avenue of the Americas
         New York, NY 10036-8704
         Telephone: (212) 596-9000
         Facsimile: (212) 596-9090

Counsel to the Committee:

         TOGUT, SEGAL & SEGAL LLP
         Albert Togut
         Frank A. Oswald
         One Penn Plaza, Suite 3335
         New York, NY 10119
         Tel: (212) 594-5000
         Fax: (212) 967-4258

                         About Relativity

Relativity -- http://relativitymedia.com/-- is a next-generation  
global media company engaged in multiple aspects of content
production and distribution, including movies, television, sports,
digital and music.  More than just a collection of
entertainment-related businesses, Relativity is a content engine
with the ability to leverage each of these business units,
independently and together, to create content across all mediums,
giving consumers what they want, when they want it.

Relativity Studios, the Company's largest division, has produced,
distributed or structured financing for more than 200 motion
pictures, generating more than $17 billion in worldwide box-office
revenue and earning 60 Oscar nominations.  Relativity's films
include Oculus, Safe Haven, Act of Valor, Immortals, Limitless,
and
The Fighter.

Relativity Media LLC and its affiliates, including Relativity
Fashion, LLC, sought protection under Chapter 11 of the Bankruptcy
Code on July 30, 2015 (Bankr. S.D.N.Y., Case No. 15-11989).  The
case is assigned to Judge Michael E. Wiles.

The Debtors are represented by Craig A. Wolfe, Esq., Malani J.
Cademartori, Esq., and Blanka K. Wolfe, Esq., at Sheppard Mullin
Richter & Hampton LLP, in New York; and Richard L. Wynne, Esq.,
Bennett L. Spiegel, Esq., and Lori Sinanyan, Esq., at Jones Day, in
New York.

Brian Kushner of FTI Consulting, Inc., serves as chief
restructuring officer and crisis and turnaround manager.  Luke
Schaeffer of FTI Consulting, Inc., serves as deputy CRO.

Blackstone Advisory Partners L.P. serves as the Debtors' investment
banker.  The team is led by Timothy Coleman, Senior Managing
Director, CJ Brown, Senior Managing Director, Paul Sheaffer, Vice
President, and Joseph Goldschmid, Associate.

The Debtors' noticing and claims agent is Donlin, Recano & Company,
Inc.

                           *     *     *

An investor group composed of Anchorage Capital Group, L.L.C.,
Falcon Investment Advisors, LLC and Luxor Capital Group, LP on Oct.
21, 2015, completed its purchase of the assets of Relativity
Television.

After selling their TV business, the Debtors and CEO Ryan C.
Kavanaughfiled a proposed plan of reorganization that will allow
the Debtors to reorganize their non-TV business units with a
substantially de-levered balance sheet utilizing new equity
investments and new financing.  Jim Cantelupe, of Summit Trail
Advisors, LLC, has committed to work with the Debtors to raise up
to $100 million of new equity to fund the Plan.


RELATIVITY MEDIA: Proponents File Plan Supplement
-------------------------------------------------
Relativity Fashion, LLC, et al., along with Ryan C. Kavanaugh and
Joseph Nicholas, filed a supplement to their proposed Second
Amended Plan of Reorganization.  The Plan Supplement consists of:

  * Revised Relativity Holdings Certificate of Formation
  * Revised Relativity Holdings Operating Agreement
  * New Board of Managers of Reorganized Relativity Holdings
  * Executory Contracts and Unexpired Leases to be Rejected
  * Executory Contracts and Unexpired Leases to be Assumed
  * New P&A/Ultimates Facility
  * Litigation Trust Agreement
  * Warrant Agreements
  * Causes of Action
  * Form of Replacement P&A Note
  * Form of Replacement Production Loan Note

The proposed Limited Liability Company Agreement of Relativity
Holdings LLC provides that Ryan Kavanaugh and Joseph Nicholas will
serve as co-managers of the Company.

The proposed Relativity Litigation Trust Agreement indicates that
the litigation trustee is still TO BE DETERMINED.  The Plan
Proponents will select the trustee.  They also have not yet
identified the members of the Trust Advisory Board.

The Non-Exclusive Schedule of Retained Causes of Action disclosed
that the Debtors are reserving and retaining rights to pursue
causes of action against 275 entities.

A copy of the Plan Supplement is available for free at:

    http://bankrupt.com/misc/Relativity_1238_Plan_Supplement.pdf

A hearing to consider confirmation of the Plan (and in conjunction
therewith, approval of the Plan Supplement) will be held on
February 1, 2016 at 10:00 a.m. (Eastern Time), before the Honorable
Michael E. Wiles.

                        Minor Plan Changes

The Debtors have received certain comments that require minor
modifications to the Plan.  The Debtors anticipate making
further modifications to the Plan to address potential objections.
Rather than amending and restating the Plan now, and again on or
around January 28, 2016, the Debtors have listed, in redline form,
the few Plan provisions that require modification as of the date of
the filing of the Plan Supplement. Because the modifications are
limited in nature and the Plan Supplement is to be served on all
parties that received notice of the Plan, the Debtors believe that
these Plan modifications are appropriate.

The minor changes in the Plan include:

    * "Releasing Parties" means (a) any Released Party, (b) any
Holder of a Claim who voted to accept this Plan, and (c) any holder
of a Claim who voted to reject this Plan but who affirmatively
elected to provide releases by checking the appropriate box on the
ballot form; provided, however, any party deemed to accept this
Plan by virtue of being Unimpaired is not a Releasing Party.

   * "Replacement P&A Note" means a note bearing interest at a
fixed rate equal to the 7 year Treasury Bill rate (instead of the
prime rate) plus 1.5% (instead of 3.0%) payable over 3 years
(instead of 5) that will be issued by the Reorganized Debtors on
the Effective Date to the holders of the Pre-Release P&A Secured
Claims provided that the Pre-Release P&A Lenders vote to accept the
Plan.

   * "Replacement Production Loan Note" means a note bearing
interest at a fixed rate equal to the 7 Year Treasury Bill (instead
of prime rate) plus 3.0 % payable over 3 years (instead of five
years) that many be issued by the Reorganized Debtors on the
Effective Date to the holders of the Production Loan Secured
Claims.

Relativity Fashion is represented by:

          Richard L. Wynne, Esq.
          Bennett L. Spiegel, Esq.
          Lori Sinanyan, Esq.
          JONES DAY
          222 East 41st Street
          New York, NY 10017
          Telephone: (212)326-3939
          Facsimile: (212)755-7306
          E-mail: rlwynne@jonesday.com
                 blspiegel@jonesday.com

                  - and -

          Craig A. Wolfe, Esq.
          Malani J. Cademartori, Esq.
          Blanka K. Wolfe, Esq.
          SHEPPARD MULLIN RICHTER & HAMPTON LLP
          30 Rockefeller Plaza
          New York, NY 10112
          Telephone: (212)653-8700
          Facsimile: (212)653-8701
          E-mail: cwolfe@sheppardmullin.com
                  mcademartori@sheppardmullin.com
                  bwolfe@sheppardmullin.com

                         About Relativity

Relativity -- http://relativitymedia.com/-- is a next-generation  
global media company engaged in multiple aspects of content
production and distribution, including movies, television, sports,
digital and music.  More than just a collection of
entertainment-related businesses, Relativity is a content engine
with the ability to leverage each of these business units,
independently and together, to create content across all mediums,
giving consumers what they want, when they want it.

Relativity Studios, the Company's largest division, has produced,
distributed or structured financing for more than 200 motion
pictures, generating more than $17 billion in worldwide box-office
revenue and earning 60 Oscar nominations.  Relativity's films
include Oculus, Safe Haven, Act of Valor, Immortals, Limitless,
and
The Fighter.

Relativity Media LLC and its affiliates, including Relativity
Fashion, LLC, sought protection under Chapter 11 of the Bankruptcy
Code on July 30, 2015 (Bankr. S.D.N.Y., Case No. 15-11989).  The
case is assigned to Judge Michael E. Wiles.

The Debtors are represented by Craig A. Wolfe, Esq., Malani J.
Cademartori, Esq., and Blanka K. Wolfe, Esq., at Sheppard Mullin
Richter & Hampton LLP, in New York; and Richard L. Wynne, Esq.,
Bennett L. Spiegel, Esq., and Lori Sinanyan, Esq., at Jones Day, in
New York.

Brian Kushner of FTI Consulting, Inc., serves as chief
restructuring officer and crisis and turnaround manager.  Luke
Schaeffer of FTI Consulting, Inc., serves as deputy CRO.

Blackstone Advisory Partners L.P. serves as the Debtors' investment
banker.  The team is led by Timothy Coleman, Senior Managing
Director, CJ Brown, Senior Managing Director, Paul Sheaffer, Vice
President, and Joseph Goldschmid, Associate.

The Debtors' noticing and claims agent is Donlin, Recano & Company,
Inc.

                           *     *     *

An investor group composed of Anchorage Capital Group, L.L.C.,
Falcon Investment Advisors, LLC and Luxor Capital Group, LP on Oct.
21, 2015, completed its purchase of the assets of Relativity
Television.

After selling their TV business, the Debtors and CEO Ryan C.
Kavanaughfiled a proposed plan of reorganization that will allow
the Debtors to reorganize their non-TV business units with a
substantially de-levered balance sheet utilizing new equity
investments and new financing.  Jim Cantelupe, of Summit Trail
Advisors, LLC, has committed to work with the Debtors to raise up
to $100 million of new equity to fund the Plan.


RELATIVITY MEDIA: Settles $3 Million Sony Claim Over Film Rights
----------------------------------------------------------------
Carmen Germaine at Bankruptcy Law360 reported that Relativity Media
LLC asked a New York bankruptcy judge to sign off on a settlement
resolving Sony's $3 million claim over the rights to Melissa Rauch
vehicle "The Bronze" in exchange for the rights to the name for an
upcoming Zach Galifianakis heist film.  According to the settlement
filed Jan. 8, 2016, Relativity has agreed to give Sony Pictures
Worldwide Acquisitions back the copyright, title rights and other
interests Relativity holds in the gymnastics comedy "The Bronze,"
settling a $3 million claim Sony asserted against Relativity.

                         About Relativity

Relativity -- http://relativitymedia.com/-- is a next-generation  

global media company engaged in multiple aspects of content
production and distribution, including movies, television, sports,
digital and music.  More than just a collection of
entertainment-related businesses, Relativity is a content engine
with the ability to leverage each of these business units,
independently and together, to create content across all mediums,
giving consumers what they want, when they want it.

Relativity Studios, the Company's largest division, has produced,
distributed or structured financing for more than 200 motion
pictures, generating more than $17 billion in worldwide box-office
revenue and earning 60 Oscar nominations.  Relativity's films
include Oculus, Safe Haven, Act of Valor, Immortals, Limitless,
and
The Fighter.

Relativity Media LLC and its affiliates, including Relativity
Fashion, LLC, sought protection under Chapter 11 of the Bankruptcy
Code on July 30, 2015 (Bankr. S.D.N.Y., Case No. 15-11989).  The
case is assigned to Judge Michael E. Wiles.

The Debtors are represented by Craig A. Wolfe, Esq., Malani J.
Cademartori, Esq., and Blanka K. Wolfe, Esq., at Sheppard Mullin
Richter & Hampton LLP, in New York; and Richard L. Wynne, Esq.,
Bennett L. Spiegel, Esq., and Lori Sinanyan, Esq., at Jones Day,
in New York.

Brian Kushner of FTI Consulting, Inc., serves as chief
restructuring officer and crisis and turnaround manager.  Luke
Schaeffer of FTI Consulting, Inc., serves as deputy CRO.

Blackstone Advisory Partners L.P. serves as the Debtors'
investment banker.  The team is led by Timothy Coleman, Senior
Managing Director, CJ Brown, Senior Managing Director, Paul
Sheaffer, Vice President, and Joseph Goldschmid, Associate.

The Debtors' noticing and claims agent is Donlin, Recano &
Company, Inc.

                           *     *     *

An investor group composed of Anchorage Capital Group, L.L.C.,
Falcon Investment Advisors, LLC and Luxor Capital Group, LP on
Oct. 21, 2015, completed its purchase of the assets of Relativity
Television.

After selling their TV business, the Debtors and CEO Ryan C.
Kavanaughfiled a proposed plan of reorganization that will allow
the Debtors to reorganize their non-TV business units with a
substantially de-levered balance sheet utilizing new equity
investments and new financing.  Jim Cantelupe, of Summit Trail
Advisors, LLC, has committed to work with the Debtors to raise up
to $100 million of new equity to fund the Plan.


RUBICON MINERALS: NYSE to Commence Stock Delisting Proceedings
--------------------------------------------------------------
Rubicon Minerals Corporation on Jan. 12 disclosed that it received
notice, dated January 11, 2016, that the staff of NYSE Regulation,
Inc. has determined to suspend trading immediately and commence
proceedings to delist the Company's common stock from NYSE MKT LLC.
The Exchange notified the Company that it no longer complied with
the continued listing standards as set forth in Section 1003 of the
NYSE MKT Company Guide due to the low selling price of the
Company's common stock.  Therefore, the Company's securities are
subject to being delisted from the Exchange.

NYSE MKT has informed the Company that the NYSE MKT will apply to
the U.S. Securities and Exchange Commission to delist the Company's
common stock upon completion of all applicable procedures,
including any appeal by Rubicon of the NYSE Regulation staff's
decision.

Rubicon's common shares will continue to be listed on the Toronto
Stock Exchange, one of the world's premier stock exchanges for
mining and exploration companies.  U.S. shareholders will be able
to trade their Rubicon shares on the TSX through U.S.
broker-dealers who have Canadian registered broker-dealer
affiliates.  In addition, management expects that the Company's
common shares will continue to be quoted on the U.S.
over-the-counter ("OTC") markets following the delisting on the OTC
Pink(R) under the ticker symbol "RBYCF", which is operated by OTC
Markets Group.  There is no assurance that an active market in the
common shares will develop on OTC Pink(R).

The Company will continue to file reports with Canadian securities
regulators and with the SEC under applicable federal securities
laws.

Rubicon Minerals Corporation engages in the acquisition,
exploration, and development of gold properties in Canada and the
United States.


SAM WYLY: Blames Years of IRS Audit for Bankruptcy Filing
---------------------------------------------------------
Jess Davis at Bankruptcy Law360 reported that business tycoon Sam
Wyly testified on Jan. 8, 2016, that he filed for bankruptcy partly
because he was fed up with the IRS' assessment delays after years
of audits, in a trial aimed at taking the sting out of a $2.2
billion tax fraud claim.

Sam Wyly, in his third and final day of direct examination in a
bench trial in Dallas bankruptcy court, said years of IRS audits
were the reason he and sister-in-law Dee Wyly filed for Chapter 11
protection in October 2014.

                         About Sam Wyly

Sam Wyly is a lifelong entrepreneur and author.  His first book,
1,000 Dollars & An Idea, is a biography that tells his story of
creating and building companies, including University Computing,
Michaels Arts & Crafts, Sterling Software, and Bonanza Steakhouse.
His second book, Texas Got It Right!, co-authored with his son,
Andrew, was gifted to roughly 450,000 students and teachers,
thought leaders, and readers, and continues to be a best-seller in
its Amazon category.

Samuel Wyly filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Tex. Case No. 14-35043) on Oct. 19, 2014, weeks after a judge
ordered him to pay several hundred million dollars in a civil
fraud case.  In September 2014, a federal judge ordered Mr. Wyly
and the estate of his deceased brother to pay more than $300
million in sanctions after they were found guilty of committing
civil fraud to hide stock sales and nab millions of dollars in
profits.

                        About Caroline Wyly

Caroline Wyly is the widow of business tycoon Charles Wyly.  She
and her brother-in-law Sam Wyly sought Chapter 11 bankruptcy
protection as leverage to settle a looming tax bill and a $329
million claim from the Securities and Exchange Commission.  Her
bankruptcy is In re Caroline D. Wyly, 14-35074, in U.S. Bankruptcy
Court, Northern District Texas (Dallas).


SAM WYLY: Considered Expatriation to Address Tax Liabilities
------------------------------------------------------------
Jess Davis at Bankruptcy Law360 reported that in the first day of
cross-examination in a Texas bankruptcy court trial over $2.2
billion in tax fraud claims brought by the Internal Revenue
Service, business tycoon Sam Wyly acknowledged he had explored the
idea of renouncing his U.S. citizenship to address tax liabilities.
Mr. Wyly had asked for a legal opinion on the tax implications of
renouncing U.S. citizenship in 2004, according to his testimony and
emails and memos written at the time.

                         About Sam Wyly

Sam Wyly is a lifelong entrepreneur and author.  His first book,
1,000 Dollars & An Idea, is a biography that tells his story of
creating and building companies, including University Computing,
Michaels Arts & Crafts, Sterling Software, and Bonanza Steakhouse.
His second book, Texas Got It Right!, co-authored with his son,
Andrew, was gifted to roughly 450,000 students and teachers,
thought leaders, and readers, and continues to be a best-seller in
its Amazon category.

Samuel Wyly filed for Chapter 11 bankruptcy protection (Bankr.
N.D. Tex. Case No. 14-35043) on Oct. 19, 2014, weeks after a judge
ordered him to pay several hundred million dollars in a civil
fraud case.  In September 2014, a federal judge ordered Mr. Wyly
and the estate of his deceased brother to pay more than $300
million in sanctions after they were found guilty of committing
civil fraud to hide stock sales and nab millions of dollars in
profits.

                        About Caroline Wyly

Caroline Wyly is the widow of business tycoon Charles Wyly.  She
and her brother-in-law Sam Wyly sought Chapter 11 bankruptcy
protection as leverage to settle a looming tax bill and a $329
million claim from the Securities and Exchange Commission.  Her
bankruptcy is In re Caroline D. Wyly, 14-35074, in U.S. Bankruptcy
Court, Northern District Texas (Dallas).


SENTINEL MANAGEMENT: 7th Circuit Deals Blow to BNY in $312M Row
---------------------------------------------------------------
Y. Peter Kang at Bankruptcy Law360 reported that the Seventh
Circuit on Jan. 8, 2016, dealt a blow to Bank of New York Mellon in
a bankruptcy dispute over a $312 million loan given to disgraced
investment management firm Sentinel Management Group Inc., saying
the bank should've suspected the firm was improperly using investor
funds as collateral.  Siding largely with the trustee for Sentinel,
a three-judge Seventh Circuit panel reversed the lower court's
ruling in the bank's favor, saying the district judge misunderstood
the concept of inquiry notice.

                     About Sentinel Management

Based in Northbrook, Illinois, Sentinel Management Group Inc. --
http://www.sentinelmgi.com/-- was a full service firm offering    

a variety of security solutions.  The Company filed a voluntary
Chapter 11 petition (Bankr. N.D. Ill. Case No. 07-14987) on
Aug. 17, 2007.  Ronald Barliant, Esq., Randall Klein, Esq., and
Kathryn A. Pamenter, Esq., at Goldberg, Kohn, Bell & Black
Rosenbloom & Moritz, Ltd., represented the Debtor.  Lawyers at
Quinn, Emanuel Urquhart Oliver & Hedges, LLP, represented the
Official Committee of Unsecured Creditors.  When the Debtor sought
bankruptcy protection, it estimated assets and debts of more than
$100 million.

On Aug. 28, 2007, the Court approved Frederick Grede as the
Debtor's Chapter 11 Trustee.  Marc I. Fenton, Esq., at DLA Piper
US LLP, and Vincent E. Lazar, Esq., at Jenner & Block LLP,
represent the Chapter 11 Trustee.

The Court confirmed the Fourth Amended Chapter 11 Plan of
Liquidation for Sentinel on Dec. 15, 2008, which created a
Liquidation Trust.  The Plan became effective Dec. 17, 2008, and
Mr. Grede was appointed Liquidation Trustee.


SPANISH BROADCASTING: Joins FCC's Auction with PR Stations
----------------------------------------------------------
Spanish Broadcasting System, Inc., is participating in the FCC's
Television Spectrum Incentive Auction with its Puerto Rico
stations.

"We have filed an application to participate in the FCC's
television spectrum incentive auction with our Puerto Rico
television stations, WTCV-DT - Channel 32, WVEO-DT - Channel 17 and
WVOZ-DT - Channel 47, to potentially generate cash proceeds that
are expected to be created by the auction process.  As participants
in the FCC's television spectrum incentive auction we will be
subject to the FCC's anti-collusion rule, which prohibits certain
communications during a "quiet period."  The quiet period will end
when the FCC issues a public notice announcing the completion of
the reverse and forward auctions, which will likely be sometime in
late 2016.  There can be no assurance that the FCC's television
spectrum incentive auction will be successfully completed and any
potential cash proceeds will be subsequently realized.

                    About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

Spanish Broadcasting reported a net loss of $20.0 million on $146
million of net revenue for the year ended Dec. 31, 2014, compared
with a net loss of $88.6 million on $154 million of net revenue in
2013.

As of Sept. 30, 2015, the Company had $457 million in total assets,
$551 million in total liabilities and a total stockholders' deficit
of $94.0 million.

                           *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position.  The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.


STAR BULK: Receives Nasdaq Listing Non-Compliance Notice
--------------------------------------------------------
Star Bulk Carriers Corp. on Jan. 8 disclosed that the Company
received a letter from the Listing Qualifications department of The
NASDAQ Stock Market LLC, dated as of January 6, 2016, notifying the
Company that the minimum bid price for its common shares was below
$1.00 per share for a period of 30 consecutive business days, and
that the Company therefore did not meet the minimum bid price
requirement for the Nasdaq Global Select Market, which is set forth
in Nasdaq Listing Rule 5450(a)(1).

The Company's common shares will continue to be listed on and trade
on the Nasdaq Global Select Market under the symbol "SBLK", as the
Nasdaq notification letter does not result in the immediate
delisting of the Company's common shares.  The Company's business
operations are not affected by the notification letter.  The
Company has a compliance period of 180 calendar days, or until July
5, 2016, to regain compliance with Nasdaq's minimum bid price
requirement.  Compliance would be regained if the minimum bid price
for the Company's common shares were to be at or above $1.00 per
share for a minimum of 10 consecutive business days before the
expiration of the grace period.  If the Company does not regain
compliance in that period, it may be eligible for an additional
grace period if it satisfies the continued listing requirement for
market value of publicly held shares and all other initial listing
standards, with the exception of the bid price requirement, and
provides written notice of its intention to cure the deficiency
during the second compliance period.

The Company intends to monitor the closing bid price of its common
stock between now and July 5, 2016 and is considering all options
that will allow its common shares to remain listed on the Nasdaq.

                        About Star Bulk

Star Bulk (NASDAQ:SBLK) is a global shipping company providing
worldwide seaborne transportation solutions in the dry bulk sector.
Star Bulk's vessels transport major bulks, which include iron ore,
coal and grain and minor bulks which include bauxite, fertilizers
and steel products.  Star Bulk was incorporated in the Marshall
Islands on December 13, 2006 and maintains executive offices in
Athens, Greece.  Its common stock trades on the Nasdaq Global
Select Market under the symbol "SBLK".  On a fully delivered basis,
Star Bulk will have a fleet of 80 vessels, with an aggregate
capacity of 9.0 million dwt, consisting of Newcastlemax, Capesize,
Post Panamax, Kamsarmax, Panamax, Ultramax, Supramax and Handymax
vessels with carrying capacities between 45,588 dwt and 209,537
dwt.  Its fleet currently includes 70 operating vessels and 19
newbuilding vessels under construction at shipyards in Japan and
China.  Additionally, the Company has one chartered-in Supramax
vessel, under a time charter expiring in September 2017.


SUNTECH AMERICA: Seeks July 7 Extension of Solicitation Period
--------------------------------------------------------------
Suntech America, Inc., et al., ask the U.S. Bankruptcy Court for
the District of Delaware to further extend the period by which they
have exclusive right to file a Chapter 11 plan through and
including May 6, 2016, and the period by which they have exclusive
right to solicit acceptances of that plan through and including
July 7, 2016.

According to Zachary I. Shapiro, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware, if a competing plan or plans
were to be filed or proposed at this time, it would necessarily
result in costly disruption and distraction at a time when the
entirety of the Debtors' focus should be on confirming the Combined
Plan and Disclosure Statement.  Therefore, maintaining the
exclusive right to file and solicit votes on a chapter 11 plan is
-- more than ever -- critical to the success of these Chapter 11
Cases, Mr. Shapiro asserts.

Accordingly, the Debtors seek further extension of the Exclusivity
Periods to allow them to continue focusing on obtaining the
Bankruptcy Court's approval and confirmation of the Combined Plan
and Disclosure Statement.

                        The Chapter 11 Plan

In November 2015, the Debtors filed a Combined Disclosure Statement
and Chapter 11 Plan of Liquidation, which serve as the culmination
of extensive negotiations between the Debtors, the Official
Committee of Unsecured Creditors, The Solyndra Residual Trust and
Wuxi Suntech Power Co., Ltd./Suntech Power Asia Pacific.

Solyndra asserts a $1.5 billion Claim against the Debtors, and Wuxi
asserts Claims against the Debtors in the aggregate amount of more
than $145 million.  The Debtors have agreed to settle the Wuxi and
Solyndra Claims and agreed that the Claims will be Allowed in the
amounts of $216,265,149 and $144,176,766, respectively, and
Solyndra and Wuxi will receive a total Distribution of $10,312,500,
plus 60% of the total value of any Additional Assets.

Holders of other general unsecured claims estimated to total $6
million will split $1.8 million in cash, for a recovery of
approximately 30 percent.

A full-text copy of the Combined Plan and Disclosure Statement,
dated Nov. 17, 2015, is available at

           http://bankrupt.com/misc/SUNTECHplan1117.pdf

Judge Christopher S. Sontchi will convene a hearing on Jan. 13,
2016 at 10:00 a.m. (prevailing Eastern Time) to consider whether
Suntech America, Inc., et al.'s Combined Chapter 11 Plan of
Liquidation and Disclosure Statement contains "adequate
information" within the meaning of Section 1125(a) of the
Bankruptcy Code.

The Debtors are represented by:

         Mark D. Collins, Esq.
         Paul N. Heath, Esq.
         Zachary I. Shapiro, Esq.
         Rachel L. Biblo, Esq.
         RICHARDS, LAYTON & FINGER, P.A.
         920 N. King Street
         Wilmington, DE 19801
         Tel: 302-651-7700
         Fax: 302-651-7701
         Email: collins@rlf.com
                heath@rlf.com
                shapiro@rlf.com
                biblo@rlf.com

                      About Suntech America

Headquartered in San Francisco, California, Suntech America, Inc.,
aka Suntech Power, an affiliate of Wuxi, China-based Suntech Power
Holdings Corp., was the main operating subsidiary of the Suntech
Group in the Americas and its primary business purpose was acting
as an intermediary for marketing, selling and distributing Suntech
Group manufactured products.

Suntech America, Inc., and Suntech Arizona, Inc. filed for Chapter
11 bankruptcy protection (Bankr. D. Del. Case Nos. 15-10054 and
15-10056) on Jan. 12, 2015.  Judge Christopher S. Sontchi presides
over the cases.

Mark D. Collins, Esq., Paul Noble Heath, Esq., William A.
Romanowicz, Esq., Zachary I Shapiro, Esq., at Richards, Layton &
Finger, P.A., serve as the Debtors' bankruptcy counsel.  Upshot
Services LLC is the Debtors' claims and noticing agent.

The Debtors estimated their assets at between $100 million and $500
million, and their debts at between $100 million and $500 million.


TAYLOR-WHARTON INT'L: Says Employing Nixon Peabody Neccessary
-------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that cryogenic tank
manufacturer Taylor-Wharton International on Jan. 8, 2016, in
Delaware bankruptcy court defended its bid to retain Nixon Peabody
LLP following an objection from unsecured creditors, saying the
firm is needed to defend product liability lawsuits brought against
units that are not in Chapter 11.  The Company said in court papers
that contrary to the assertion of the Debtor's unsecured creditors
committee, some of its business units not in Chapter 11 are facing
lawsuits that are not shielded by the automatic bankruptcy stay.

                       About Taylor-Wharton

Taylor-Wharton International LLC and Taylor-Wharton Cryogenics LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Proposed
Lead
Case No. 15-12075) on Oct. 7, 2015.  The petition was signed by
Thomas Doherty as chief restructuring officer.

Cryogenics is a leading designer, engineer and manufacturer of
cryogenic equipment designed to transport and store liquefied
atmospheric and hydrocarbon gases.  Cryogenics has a single United
States operation in Theodore, Alabama.  Cryogenics is the direct
or indirect parent of several foreign non-debtor subsidiaries
which have manufacturing operations in China, Malaysia, Slovakia,
and warehousing operations in Germany and Australia.

The Debtors have engaged Reed Smith LLP as general bankruptcy
counsel, Argus Management Corporation as interim management
services provider, Stifel, Nicolaus & Company, Incorporated and
Miller Buckfire & Company LLC as investment banker and Logan &
Company, Inc., as noticing and claims agent.

The Debtors estimated both assets and liabilities of $100 million
to $500 million.  O'Neal Steel Inc. is listed as the largest
unsecured creditor holding a trade claim of $788,815.

Judge Brendan Linehan Shannon is assigned to the case.


TEMPNOLOGY LLC: Court Overrules Objection to Asset Sale
-------------------------------------------------------
Tempnology, LLC, conducted an auction on November 5, 2015, at which
Schleicher & Stebbins Hotels, L.L.C., the stalking horse bidder,
was declared the successful bidder for substantially all of the
Debtor's assets.  The Debtor now seeks authority from the
bankruptcy court to sell, free and clear of liens, claims,
encumbrances, and other interests, except as provided by the asset
and purchase agreement, its assets.

Mission Product Holdings, Inc., objects to the conduct of the
auction and sale for various reasons and challenges S&S's right to
credit bid any prepetition debt.

In a Memorandum Opinion dated December 18, 2015, which is available
at http://is.gd/MgMxuNfrom Leagle.com, Judge J. Michael Deasy of
the United States Bankruptcy Court for the District of New
Hampshire overruled the objection for lack of merit, and approved
the sale.

The case is In re: Tempnology, LLC, Chapter 11, Debtor, Bk. No.
15-11400-JMD (Bankr. D.N.H.).

Tempnology LLC, Debtor, is represented by Christopher M. Desiderio,
Esq. -- cdesiderio@nixonpeabody.com -- Nixon Peabody, LLC, Lee
Harrington, Esq. -- lharrington@nixonpeabody.com Nixon Peabody,
LLP, Daniel W. Sklar, Esq. -- dsklar@nixonpeabody.com -- Nixon
Peabody LLP.

                       About Tempnology LLC

Tempnology LLC, doing business as Coolcore, sought Chapter 11
protection (Bankr. D.N.H Case No. 15-11400) in Manchester, New
Hampshire on Sept. 1, 2015.  The petition was signed by Kevin
McCarthy, CEO.

Judge Bruce A. Harwood presides over the case.

Tempnology tapped Christopher M. Desiderio, Esq. --
cdesiderio@nixonpeabody.com -- Nixon Peabody, LLC, Lee
Harrington, Esq. -- lharrington@nixonpeabody.com -- Nixon Peabody,
LLP, Daniel W. Sklar, Esq. -- dsklar@nixonpeabody.com -- Nixon
Peabody LLP, as counsel.  The Debtor also tapped Phoenix Capital
Partners as investment banker.

The Debtor disclosed $2.7 million in total assets and $6.2 million
and total debt.


TENET HEALTHCARE: Confirms Adjusted EBITDA Outlook for Q4
---------------------------------------------------------
Tenet Healthcare Corporation participated in an investor conference
and confirmed its expectation that the Company's Adjusted EBITDA
for the fourth quarter ended Dec. 31, 2015, will be within the
Adjusted EBITDA Outlook range ($587MM to $637MM) for the fourth
quarter that was previously disclosed in the Company's earnings
release for the quarter ended Sept. 30, 2015.

Adjusted EBITDA is a non-GAAP term that is defined by the Company
as net income (loss) attributable to Tenet Healthcare Corporation
common shareholders before various charges, including litigation
and investigation costs.  The investor relations website
www.tenethealth.com/investors and the Q3 Release contain additional
information and disclosures regarding the Company's financial
performance, including reconciliations between non-GAAP measures
and related GAAP measures.

                            About Tenet

Tenet Healthcare Corporation -- http://www.tenethealth.com/-- is  

a national, diversified healthcare services company with 110,000
employees united around a common mission: to help people live
happier, healthier lives.  The company operates 80 hospitals, 214
outpatient centers, six health plans and Conifer Health Solutions,
a leading provider of healthcare business process services in the
areas of revenue cycle management, value based care and patient
communications.

Tenet Healthcare reported net income attributable to the Company's
shareholders of $12 million for the year ended Dec. 31, 2014,
compared to a net loss attributable to the Company's shareholders
of $134 million during the prior year.

As of Sept. 30, 2015, the Company had $23.2 billion in total
assets, $20.5 billion in total liabilities, $1.68 billion in
redeemable noncontrolling interests in equity of consolidated
subsidiaries and $1.01 billion in total equity.

                         *    *    *

Tenet carries a 'B' IDR from Fitch Ratings, 'B' corporate credit
rating from Standard & Poor's Ratings Services and 'B1' Corporate
Family Rating from Moody's Investors Service.


TERESA GIUDICE: Husband Stays Free of Contract Fraud Claims
-----------------------------------------------------------
Jeannie O'Sullivan at Bankruptcy Law360 reported that the New
Jersey Appellate Division refused to revive a real estate
investor's multiple contract claims against the husband of "Real
Housewives of New Jersey" star Teresa Giudice and a malpractice
claim against one of couple's lawyers, handing a legal victory to
the embattled reality television pair.

                       About the Giudices

In June 2010, Teresa Giudice, who portrays a role in Real
Housewives of New Jersey, and her husband, Joe, filed for
bankruptcy under Chapter 11 in the U.S. Bankruptcy Court in New
Jersey.  The Giudices owe creditors $10.85 million.

Chapter 7 trustee John Sywilok sued the Giudices.  The suit
claimed that the Debtors concealed key documents about their
finances and business transactions.  Mr. Sywilok also accused the
couple of making false statements under oath about their assets,
income and expenses.


THERAPETICSMD INC: Offering 15.2 Million Common Shares
------------------------------------------------------
TherapeuticsMD, Inc., entered into an underwriting agreement with
Goldman, Sachs & Co., and Cowen and Company, LLC, as the
representatives of the several underwriters, relating to an
underwritten public offering of 15,151,515 shares of the Company's
common stock, par value $0.001 per share, at a public offering
price of $8.25 per share.  

Under the terms of the Underwriting Agreement, the Company granted
the Underwriters a 30-day option to purchase up to an aggregate of
2,272,727 additional shares of Common Stock, which option has been
exercised in full.  The net proceeds to the Company from the
offering are expected to be approximately $134.9 million, after
deducting underwriting discounts and commissions and other
estimated offering expenses payable by the Company.  The offering
is expected to close on
Jan. 12, 2016.

                      About TherapeuticsMD

Boca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is a
women's healthcare product company focused on creating and
commercializing products targeted exclusively for women.  The
Company currently manufactures and distributes branded and generic
prescription prenatal vitamins as well as over-the-counter
vitamins and cosmetics.  The Company is currently focused on
conducting the clinical trials necessary for regulatory approval
and commercialization of advanced hormone therapy pharmaceutical
products designed to alleviate the symptoms of and reduce the
health risks resulting from menopause-related hormone
deficiencies.

TherapeuticsMD reported a net loss of $54.2 million on $15.02
million of net revenues for the year ended Dec. 31, 2014, compared
with a net loss of $28.4 million on $8.77 million of net revenues
for the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $90.5 million in total
assets, $12.9 million in total liabilities and $77.6 million in
total stockholders' equity.


TRANSGENOMIC INC: Randal Kirk Reports 35.6% Stake as of Jan. 6
--------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Randal J. Kirk disclosed that as of Jan. 6, 2016, he
beneficially owns 8,464,848 shares of common stock of Transgenomic,
Inc., representing 35.6 percent of the shares outstanding.  

The following reporting persons also disclosed beneficial ownership
of the Company's common stock:

                                     Common Stock
                                     Beneficially       Percent
  Name                                  Owned          of Class
  ----                               ------------      --------
Third Security, LLC                   8,464,848          35.6%
Third Security Senior Staff 2008 LLC  3,385,940          14.3%
Third Security Staff 2010 LLC         2,416,180          10.2%
Third Security Incentive 2010 LLC     1,692,969           7.1%
Third Security Staff 2014 LLC           969,759           4.1%

A copy of the regulatory filing is available for free at:

                       http://is.gd/dO0g6n

                        About Transgenomic

Transgenomic, Inc. -- http://www.transgenomic.com/-- is a global
biotechnology company advancing personalized medicine in
cardiology, oncology, and inherited diseases through its
proprietary molecular technologies and world-class clinical and
research services.  The Company is a global leader in cardiac
genetic testing with a family of innovative products, including
its C-GAAP test, designed to detect gene mutations which indicate
cardiac disorders, or which can lead to serious adverse events.
Transgenomic has three complementary business divisions:
Transgenomic Clinical Laboratories, which specializes in molecular
diagnostics for cardiology, oncology, neurology, and mitochondrial
disorders; Transgenomic Pharmacogenomic Services, a contract
research laboratory that specializes in supporting all phases of
pre-clinical and clinical trials for oncology drugs in
development; and Transgenomic Diagnostic Tools, which produces
equipment, reagents, and other consumables that empower clinical
and research applications in molecular testing and cytogenetics.
Transgenomic believes there is significant opportunity for
continued growth across all three businesses by leveraging their
synergistic capabilities, technologies, and expertise.  The
Company actively develops and acquires new technology and other
intellectual property that strengthens its leadership in
personalized medicine.

Transgenomic reported a net loss available to common stockholders
of $15.1 million in 2014, a net loss available to common
stockholders of $16.7 million in 2013 and a net loss available to
common stockholders of $8.98 million in 2012.

As of Sept. 30, 2015, the Company had $24.5 million in total
assets, $17.7 million in total liabilities and $6.71 million in
total stockholders' equity.

Ernst & Young LLP, in Hartford, Connecticut, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has recurring
losses from operations that raise substantial doubt about its
ability to continue as a going concern.


UTSTARCOM HOLDINGS: Appoints Tim Ti Chief Executive Officer
-----------------------------------------------------------
UTStarcom named Mr. Tim Ti as the Company's new chief executive
officer and announced changes to the board of directors.

Mr. Ti brings more than 20 years of business and management
expertise to the Company.  He previously served as the CEO of
Virtual Gateway Labs, Inc., a subsidiary of UTStarcom.  Prior to
that, Mr. Ti served various roles at UTStarcom, including senior
vice-president of Advanced Network Architecture Technologies,
senior vice-president of Research & Development, and General
Manager of the Broadband Business Unit.  Before joining UTStarcom,
Mr. Ti was the Director of Application & Marketing of Advanced
Communication Devices Corporation, which was acquired by UTStarcom
in 2001.  He received a Master of Science degree in Computer
Engineering from Santa Clara University in 1993.

"I am honored to have been given this opportunity to lead UTStarcom
at an exciting juncture for the Company.  UTStarcom has a talented
and proven R&D and business development team that I have been
privileged to lead for many years," said Mr. Ti.  "I am confident
that together our team can deliver new and exciting products to
meet fast and growing demand from our current and future
customers."

The Board has appointed Mr. Guoping Gu as a new director, effective
Jan. 11, 2016.  Mr. William Wong has resigned from the Board.  Mr.
Wong has served as the CEO and as a director since August 2012.

Mr. Gu brings more than 17 years of business and management
expertise to UTStarcom's Board of Directors.  He currently serves
as the Chairman of the Board of Shanghai Phicomm Communication Co.,
Ltd.  On Dec. 4, 2015, Smart Soho, an investment holding company
led by Mr. Gu, acquired 5,000,000 ordinary shares of UTStarcom and
plans to acquire additional 6,739,932 ordinary shares in the first
half of 2016.

"I appreciate the opportunity to serve as a member of the board of
directors of UTStarcom," said Mr. Gu. " The telecom and networking
industry is undergoing rapid changes.  I am very excited about the
promising opportunities in front of us and have full confidence in
the future growth of UTStarcom.  Phicomm is a R&D oriented high
technology company offering software and hardware solutions and
products in cloud computing and data communication.  I firmly
believe the collaboration between UTStarcom and Phicomm will create
a win-win situation for both companies."

"I am very pleased to welcome Mr. Gu to our Board.  UTStarcom looks
forward to work closely with Phicomm to explore exciting
opportunities around the globe," said Mr. Himanshu Shah, chairman
of the Board of UTStarcom.  "Furthermore, Tim has demonstrated his
leadership in his fourteen year tenure in various senior positions
at UTStarcom and we could not be more pleased to appoint an
executive of Tim's experience and caliber to lead UTStarcom through
its next stage of growth and achievement.  I would also like to
take this opportunity to thank William for his contribution to the
company.  Without his leadership, UTStarcom would not have
completed its restructuring and built a solid foundation for future
growth."

The Company hosted a conference call to discuss the changes to the
Company's leadership on Jan. 12, 2016.

A replay of the call will be available two hours after the end of
the conference call until 11:59p.m.U.S. Eastern Time on Jan. 19,
2016.

The conference call replay numbers are as follows:

   United States: +1-866-846-0868
   Hong Kong: 800-966-697
   China: 4001-842-240
   International: +61-2-9641-7900

The replay passcode for accessing the recording is 9905255.

Investors will also have the opportunity to listen to the live
conference call and the replay over the Internet through the
investor relations section of UTStarcom's web site at
http://www.utstar.com.

                       About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks.  The Company's
headquarters are currently in Alameda, California, with its
research and design operations primarily in China.

UTStarcom reported a net loss of $30.3 million in 2014, a net loss
of $22.7 million in 2013 and a net loss of $34.4 million in 2012.

As of Sept. 30, 2015, the Company had $209.41 million in total
assets, $105 million in total liabilities and $104 million in total
equity.


VAPOR HUB: Faces Liquidity Constraints, Going Concern Doubt
-----------------------------------------------------------
Vapor Hub International Inc. has substantial doubt about its
ability to continue as a going concern as it continues to face
liquidity and capital constraints, according to Kyle Winther, chief
executive officer, and Lori Winther, chief financial officer of the
company in a regulatory filing with the U.S. Securities and
Exchange Commission on November 16, 2015.

The officers pointed out: "The company's cash balance as of
September 30, 2015 along with its net loss and negative cash flow
from operations, raise substantial doubt about its ability to
continue as a going concern.

"The company continues to face liquidity and capital resources
constraints and does not believe that the proceeds from its debt
facilities along with its operating cash flows will be sufficient
to meet its financing needs for the next twelve months.  

"On November 3, 2015, we entered into a financing arrangement
pursuant to which we received cash proceeds of approximately
$93,616 from B of I Federal Bank.  Notwithstanding the foregoing
financing event, we continue to face liquidity and capital
resources constraints.  

"The extent of the company's future capital requirements will
depend on many factors, including the company's results from
operations and the growth rate of the company's business.  The
company's near term objective is to raise debt or equity capital to
fund its immediate cash needs and to finance its longer term
growth.  The company is also pursuing various means to increase
revenues, reduce operating costs and to improve overall cash flow.

"The company presently does not have any arrangements for
additional financing.  However, the company continues to evaluate
various financing strategies to support its current operations and
fund its future growth."

At September 30, 2015, the company had total assets of $1,098,368,
total liabilities of $1,580,204 and total stockholders' deficit of
$481,836.

Net loss was $74,153 for the three months ended September 30, 2015
and net income was $44,487 for the three months ended September 30,
2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/gv2z4bj

Vapor Hub International Inc. (VHUB) is a Simi Valley,
California-based company engaged in the development, production and
sale of electronic cigarette products, including e-liquids,
mechanical mod e-cigarettes, and related custom products.



VERITEQ CORP: Incurs $4.80 Million Net Loss in Second Quarter
-------------------------------------------------------------
Veriteq Corporation filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $4.80 million on $188,000 of sales for the three months ended
June 30, 2015, compared to a net loss of $5.55 million on $21,000
of sales for the same period in 2014.

For the six months ended June 30, 2015, the Company reported a net
loss of $5.61 million on $283,000 of sales compared to a net loss
of $933,000 on $95,000 of sales for the same period a year ago.

As of June 30, 2015, the Company had $1.19 million in total assets,
$12.8 million in total liabilities, $1.84 million in series D
preferred stock and a stockholders' deficit of $13.5 million.

                Liquidity and Capital Resources

"We have incurred significant operating losses and have not
generated significant revenues since our inception.  At June 30,
2015 we had a working capital deficit of $10.2 million and a
nominal cash balance.  Our cash position is critically deficient,
and certain payments essential to our ability to operate are not
being made in the ordinary course, or at all.  Failure to raise
capital in the coming days to fund our operations will have a
material adverse effect on our financial condition, raising
substantial doubt about our ability to continue as a going concern.
We currently do not have sufficient cash or other financial
resources to fund our operations and meet our obligations,
including approximately $8.4 million of total indebtedness that
will become due, for the next twelve months. While we anticipate
that a substantial portion of this indebtedness will be converted
into shares of our common stock or satisfied through the return of
certain assets, there can be no assurances that we will not receive
demands for cash payments on this indebtedness."

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

                     http://is.gd/PEI9XI

                       About VeriTeQ

VeriTeQ (formerly known as Digital Angel Corporation) develops
innovative, proprietary RFID technologies for implantable medical
device identification, and dosimeter technologies for use in
radiation therapy treatment.  VeriTeQ --
http://www.veriteqcorp.com/-- offers the world's first FDA     
cleared RFID microchip technology that can be used to identify
implantable medical devices, in vivo, on demand, at the point of
care.  VeriTeQ's dosimeters provide patient safety mechanisms
while measuring and recording the dose of radiation delivered to a
patient in real time.

Veriteq reported a net loss of $3.91 million on $151,000 of sales
for the year ended Dec. 31, 2014, compared to a net loss of $18.2
million on $18,000 of sales for the year ended Dec. 31, 2013.

EisnerAmper LLP, in New York, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2014, citing that the Company has incurred
recurring net losses, and at Dec. 31, 2014, had negative working
capital and a stockholders' deficit.  These events and conditions
raise substantial doubt about the Company's ability to continue as
a going concern.


WAINWRIGHT BROTHERS: Case Summary & 14 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Wainwright Brothers Farms, LLC
        405 SW 11th Street, #104
        Live Oak, FL 32064

Case No.: 16-00112

Chapter 11 Petition Date: January 13, 2016

Court: United States Bankruptcy Court
       Middle District of Florida (Jacksonville)

Debtor's Counsel: Buddy D. Ford, Esq.
                  BUDDY D. FORD, P.A.
                  115 N. MacDill Avenue
                  Tampa, FL 33609-1521
                  Tel: 813-877-4669
                  Fax: 813-877-5543
                  Email: Nancy@TampaEsq.com

Total Assets: $1.94 million

Total Liabilities: $1.46 million

The petition was signed by Jason B. Wainwright, managing member.

A list of the Debtor's 14 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flmb16-00112.pdf


WALTER ENERGY: Can Implement KERP, Transfer $2MM to Trust
---------------------------------------------------------
Walter Energy, Inc., et al., sought bankruptcy court authority to
implement a key employee retention plan, which, according to the
Debtors, is a reasonable exercise of their business judgement based
on the substantial and detailed testimony offered in support of the
motion.

In a Memorandum Opinion and Order dated December 28, 2015, which is
available at http://is.gd/lddjNXfrom Leagle.com, Judge Tamara O.
Mitchell of the United States Bankruptcy Court for the Northern
District of Alabama, Southern Division, approved the KERP in its
entirety and the documents identified by the Debtors as the
proposed communication to the key employees are similarly
approved.

Judge Mitchell also authorized the Debtors to create the Prefunded
Trust and transfer $2,015,234 into the Prefunded Trust for, subject
to the KERP and terms of the Prefunded Trust, the express purpose
of paying the Retention Award to the Key Employees and the costs of
administering the Prefunded Trust.  The Key Employees will
constitute the only beneficiaries of the Prefunded Trust.  Once
funded, the Prefunded Trust and its assets are not property of the
Debtors' estates and neither the Prefunded Trust nor its assets
will be subject to claims of the Debtors' creditors, successors or
assigns, including any trustee appointed in these Chapter 11 Cases
or in any Chapter 7 case if the Chapter 11 Cases are converted, the
court ruled.

The case is In re: WALTER ENERGY, INC., et al., Chapter 11,
Debtors, Case No. 15-02741-TOM11, Jointly Administered (Bankr. N.D.
Ala.).

Walter Energy, Inc., et al., Jointly Administered, Debtor,
represented by Allan J. Arffa, Esq. -- aarffa@paulweiss.com --
Paul, Weiss, Rifkind, Wharton & Garrison, James Blake Bailey, Esq.
-- jbailey@babc.com -- Bradley Arant Boult Cummings LLP, Jay R.
Bender, One Federal Place, Patrick Darby, Esq. -- pdarby@babc.com
-- Bradley Arant Boult Cummings, LLP, Robert N. Kravitz, Esq. --
rkravitz@paulweiss.com -- Paul, Weiss, Rifkind, Wharton & Garrison,
Jayna Partain Lamar, Maynard, Cooper & Gale, P.C., Daniel J.
Leffell, Esq. -- dleffell@paulweiss.com -- Paul, Weiss, Rifkind,
Wharton & Garrison, Cathleen C Moore, Esq. -- cmoore@babc.com --
Bradley Arant Boult Cummings LLP, Dan Youngblut, Esq. --
dyoungbluth@paulweiss.com -- Paul, Weiss, Rifkind, Wharton &
Garrison.
sshimshak@paulweiss.com
                 
UMWA 1974 Pension Plan and Trust, Creditor Committee, is
represented by Robert Moore Weaver, Esq. -- Quinn, Connor, Weaver,
Davies & Rouco LL.

                   About Walter Energy

Walter Energy -- http://www.walterenergy.com/-- is a publicly
traded "pure-play" metallurgical coal producer for the global steel
industry with strategic access to steel producers in Europe, Asia
and South America.  The Company also produces thermal coal,
anthracite, metallurgical coke and coal bed methane gas.  Walter
Energy employs approximately 2,700 employees, with operations in
the United States, Canada and the United Kingdom.

For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.  

Walter Energy, Inc., and its affiliates sought Chapter 11
protection (Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham,
Alabama on July 15, 2015, after signing a restructuring support
agreement with first-lien lenders.

Walter Energy disclosed total assets of $5.2 billion and total debt
of $5 billion as of March 31, 2015.

The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as
counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree
Deakins LLP, as labor and employment counsel; Maynard, Cooper &
Gale, P.C., as special counsel; Blackstone Advisory Services, L.P.,
as investment banker; AlixPartners, LLP, as financial advisor, and
Kurtzman Carson Consultants LLC, as claims and noticing agent.

The Bankruptcy Administrator for the Northern District of Alabama
appointed an Official Committee of Unsecured Creditors and an
Official Committee of Retirees.  The Creditors Committee tapped
Morrison & Foerster LLP and Christian & Small LLP as attorneys. The
Retiree Committee retained Adams & Reese LLP and Jenner & Block LLP
as attorneys.

The informal group of certain unaffiliated First Lien Lenders and
First Lien Noteholders (the "Steering Committee") retained Akin,
Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard
Freres & Co. LLC as financial advisor.


WALTER ENERGY: Gets Approval to Sell Assets to Coal Acquisition
---------------------------------------------------------------
Walter Energy Inc. received court approval to sell most of its
assets to a company owned by its lenders in exchange for cancelling
$1.25 billion of its debt.

The order, issued by U.S. Bankruptcy Judge Tamara Mitchell,
approved the sale of the company's assets, including its mines in
Alabama, in exchange for the cancellation of its debt and payment
of $5.4 million in cash from Coal Acquisition LLC.

Judge Mitchell signed off on the deal after a court-supervised
auction for the assets failed to attract rival buyers.

Assets owned by Walter Coke Inc., the company's subsidiary, were
not included in the sale after Coal Acquisition decided not to
purchase those assets, according to court filings.

The sale has faced fierce opposition from union workers and
retirees who criticized Walter Energy's move to end retiree
benefits and reject its labor pact in order for the company to
consummate the sale.

On Jan. 12, the United Mine Workers of America, which represents
over 1,280 Walter Energy workers, filed a notice it will appeal the
bankruptcy judge's order.

The deal has also drawn opposition from Caterpillar Financial
Services Corp. and Arch Insurance Co.

Arch Insurance wants the coal producer to put a mechanism in place
to ensure that it complies with environmental laws.  

Meanwhile, Caterpillar Financial opposes the sale of the assets
"free and clear" of its lien in certain collateral.  The company
continues to negotiate with Walter Energy to resolve its objection,
according to court filings.

                Walter, Committee Ink Settlement

In connection with the sale, Walter Energy entered into a
settlement with the official committee representing its unsecured
creditors.

The agreement calls for Coal Acquisition's assumption of an
estimated $115 million to $122 million in liabilities and a
distribution of equity in the buyer to unsecured creditors.  The
company will also acquire and waive all causes of action under
Chapter 5.

In exchange, the committee consented to the sale and agreed not to
challenge the lenders' liens, according to court filings.  

The settlement has already been approved by the U.S. Bankruptcy
Court for the Northern District of Alabama.  A copy of the order is
available for free at http://is.gd/yginV2

BOKF N.A., an indenture trustee, dropped its objection to the
settlement after Coal Acquisition agreed to pay the bank its fees
and expenses in an amount not to exceed $275,000 at the closing of
the sale.

                       About Walter Energy

Walter Energy -- http://www.walterenergy.com/-- is a publicly
traded "pure-play" metallurgical coal producer for the global steel
industry with strategic access to steel producers in Europe, Asia
and South America.  The Company also produces thermal coal,
anthracite, metallurgical coke and coal bed methane gas.  Walter
Energy employs approximately 2,700 employees, with operations in
the United States, Canada and the United Kingdom.

For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.  

Walter Energy, Inc., and its affiliates sought Chapter 11
protection (Bankr. N.D. Ala. Lead Case No. 15-02741) in
Birmingham, Alabama on July 15, 2015, after signing a restructuring
support agreement with first-lien lenders.

Walter Energy disclosed total assets of $5.2 billion and total debt
of $5 billion as of March 31, 2015.

The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as
counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree
Deakins LLP, as labor and employment counsel; Maynard, Cooper &
Gale, P.C., as special counsel; Blackstone Advisory Services, L.P.,
as investment banker; AlixPartners, LLP, as financial advisor, and
Kurtzman Carson Consultants LLC, as claims and noticing agent.

The Bankruptcy Administrator for the Northern District of Alabama
appointed an Official Committee of Unsecured Creditors and an
Official Committee of Retirees.  The Creditors Committee tapped
Morrison & Foerster LLP and Christian & Small LLP as attorneys. The
Retiree Committee retained Adams & Reese LLP and Jenner & Block LLP
as attorneys.

The informal group of certain unaffiliated First Lien Lenders and
First Lien Noteholders (the "Steering Committee") retained Akin,
Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard
Freres & Co. LLC as financial advisor.


WASCO INC: District Court Reverses Order Confirming Ch. 11 Plan
---------------------------------------------------------------
Judge Todd J. Campbell of the United States District Court for the
Middle District of Tennessee, Nashville Division, reversed the
bankruptcy court's orders confirming the Second Amended Joint
Chapter 11 Plan of Wasco, Inc., and Lovell's Masonry, Inc., and
denying the motion to dismiss filed by the Bricklayers and Trowel
Trades International Pension Fund, the International Pension Fund,
and the International Union of Bricklayers and Allied Craftworkers
its Local Affiliated Union #8 Southeast (formerly Local #5 of
Tennessee).

The Debtors had a partially unionized work force and had collective
bargaining agreements with the Union.  The CBAs required the
Debtors to make contributions to the Pension Fund, a "multiemployer
plan" governed by ERISA, as amended by the Multiemployer Pension
Plan Amendments Act.  The MPPAA required that a withdrawing
employer pay its share of the plan's unfunded liability.

When the debtors elected not to renew their most recent CBA which
expired on April 30, 2011, their contributions to the Pension Fund
ceased, thus triggering their "withdrawal liability."  The Pension
Fund determined this to be $6.35 million dollars to be satisfied in
monthly interim withdrawal liability payments beginning in February
2012.

When the debtors stopped making payments, the Pension Fund filed
suit in the United States District Court for the District of
Columbia for the unpaid interim withdrawal liability obligations.
The said court granted the motion for judgment on the pleadings
brought by the Trustees of the Pension Fund, but was not able to
enter a final order because on January 6, 2015, Wasco and Lovell's
filed their chapter 11 bankruptcy petitions in the United States
Bankruptcy Court for the Middle District of Tennessee.

Wasco and Lovell's filed their Amended Joint Chapter 11 Plan on
June 9, 2015 then subsequently filed a Second Amended Plan prior to
the confirmation hearing.  The Pension Fund and the Union objected
to the plan and also filed a motion to dismiss on the basis of the
debtors' alleged bad faith.  After the confirmation hearing on
August 19-21, 2015, the bankruptcy court denied the Pension Fund's
and the Union's motion to dismiss and confirmed the plan.

The Pension Fund and the Union argued that Wasco and Lovell's did
not file for the purpose of reorganizing, but for discharging its
withdrawal liability debt.

Judge Campbell held that the debtors' only having a few unsecured
creditors, their evasion of the D.C. District Court's order through
the filing for bankruptcy, and their pre-petition conduct of
engaging in insider financial transactions are factors that can
support a finding of bad faith.  The judge concluded that the
debtors' purpose for the bankruptcy filing was to frustrate the
ability of the Pension Fund and the Union to collect the withdrawal
liability to which they were legally entitled.

The case is BRICKLAYERS AND TROWEL TRADES INTERNATIONAL PENSION
FUND and INTERNATIONAL UNION OF BRICKLAYERS AND ALLIED CRAFTWORKERS
and ITS LOCAL AFFILIATED UNION #8 SOUTHEAST (FORMERLY LOCAL #5 OF
TENNESSEE), Appellants, v. WASCO, INC. AND LOVELL'S MASONRY, INC.
Appellees, No. 3:15-cv-00977, Case No. 3:15-bk-00068 (M.D. Tenn.).

A full-text copy of Judge Campbell's December 23, 2015 memorandum
opinion is available at http://is.gd/6AWdiTfrom Leagle.com.

Bricklayers and Trowel Trades International Fund is represented
by:

          Charles W. Cook, III, Esq.
          ADAMS AND REESE LLP
          Fifth Third Center
          424 Church Street, Suite 2700
          Nashville, TN 37219
          Tel: (615)259-1450
          Fax: (615)259-1470
          Email: charles.cook@arlaw.com

            -- and --

          Jeffrey Rhodes, Esq.
          DICKSTEIN SHAPIRO LLP
          1825 Eye Street NW
          Washington, DC 20006-5403
          Tel: (202)420-2200
          Fax: (202)420-2201
          Email: rhodesj@dicksteinshapiro.com

            -- and --

          Steven B. Smith, Esq.
          DICKSTEIN SHAPIRO LLP
          1633 Broadway
          New York, NY 10019-6708
          Tel: (212)277-6500
          Fax: (212)277-6501
          Email: smiths@dicksteinshapiro.com                   

Allied Craftworkers is represented by:

          Charles W. Cook, III, Esq.
          ADAMS AND REESE LLP
          Fifth Third Center
          424 Church Street, Suite 2700
          Nashville, TN 37219
          Tel: (615)259-1450
          Fax: (615)259-1470
          Email: charles.cook@arlaw.com

            -- and --

          Frederick Perillo, Esq.
          Sara J. Geenen, Esq.
          THE PREVIANT LAW FIRM, S.C.
          1555 N. RiverCenter Drive, Suite 202
          Milwaukee, WI 53212
          Tel: (888)213-0123
          
Wasco, Inc. and Lovell's Masonry, Inc. are represented by:

          Craig Vernon Gabbert, Jr., Esq.
          Glenn B. Rose, Esq.
          Tracy M. Lujan, Esq.
          Richard Alexander Payne, Esq.
          HARWELL, HOWARD, HYNE, GABBERT & MANNER, P.C.
          333 Commerce Street Suite 1500
          Nashville, TN 37201
          Tel: (615)256-0500
          Fax: (615)251-1059
          Email: craig.gabbert@h3gm.com
                 glenn.rose@h3gm.com
                 tracy.lujan@h3gm.com
                 alex.payne@h3gm.com

Official Unsecured Creditors Committee, Interested Party, is
represented by:

          Daniel H. Puryear, Esq.
          PURYEAR LAW GROUP
          102 Woodmont Boulevard
          Woodmont Centre Suite 520
          Nashville, TN 37205
          Tel: (615)630-6601
          Fax: (615)630-6602
          Email: dpuryear@puryearlawgroup.com

Kingston Capital, LLC, Interested Party, is represented by:

          Gene L. Humphreys, Esq.
          Paul G. Jennings, Esq.
          BASS, BERRY & SIMS
          Email: ghumphreys@bassberry.com
                 pjennings@bassberry.com

Headquartered in Nashville, Tennessee, WASCO, Inc., filed for
Chapter 11 bankruptcy protection (Bankr. M.D. Tenn. Case No.
15-00068) on Jan. 6, 2015, estimating assets between $1 million and
$10 million and its liabilities between $10 million and $50
million.  The petition was signed by William A. Sneed, Jr., chief
executive officer.  Judge Keith M Lundin presides over the case.

David Phillip Canas, Esq., Craig Vernon Gabbert, Jr., Esq., Barbara
Dale Holmes, Esq., Tracy M Lujan, Esq., R. Alex Payne, Esq., and
Glenn Benton Rose, Esq., at Harwell Howard Hyne Gabbert & Manner
PC, serve as the Debtor's bankruptcy counsel.


WORLD WIDE WHEAT: 341 Meeting of Creditors Set for Jan. 26
----------------------------------------------------------
A meeting of creditors of World Wide Wheat LLC is set to be held on
Jan. 26, 2016, at 9:30 a.m., according to a filing with the U.S.
Bankruptcy Court in Arizona.

The meeting will be held at the U.S. Trustee Meeting Room, Suite
102, 230 N. First Avenue, Phoenix, Arizona.

The court overseeing the bankruptcy case of a company schedules the
meeting of creditors usually about 30 days after the bankruptcy
petition is filed.  The meeting is called the "341 meeting" after
the section of the Bankruptcy Code that requires it.

A representative of the company is required to appear at the
meeting and answer questions under oath.  The meeting is presided
over by the U.S. trustee, the Justice Department's bankruptcy
watchdog.

                    About World Wide Wheat

World Wide Wheat-Australia, LLC (Case No. 14-15807) and World Wide
Wheat, LLC (Case No. 15-15808) filed Chapter 11 bankruptcy
petitions (Bankr. D. Ariz.) on Dec. 16, 2015.  The petition was
signed by Barbara Richardson, member and manager.  

The Debtors estimated both assets and liabilities in the range of
$10 million to $50 million.  

Vandeventer Law represents the Debtors as counsel.  Judge Madeleine
C. Wanslee has been assigned the case.


ZION PARK: Moody's Affirms 'Ba1' Rating on GOULT Debt
-----------------------------------------------------
Summary Rating Rationale

Moody's Investors Service has affirmed the Ba1 rating on Zion Park
District, IL's outstanding general obligation unlimited tax (GOULT)
debt and the Ba2 rating on the district's general obligation
limited tax (GOLT) debt certificates. The Ba1 rating applies to
$1.3 million in outstanding GOULT alternate revenue debt. The Ba2
rating applies to $380,000 in outstanding GOLT debt certificates.
The outlook is negative.

The Ba1 rating reflects the district's significantly depreciated
tax base with weak growth prospects; limited revenue raising
ability as the district is operating at property tax rate caps in
all of its major operating funds; and limited Operating Fund cash
reserves. Also incorporated in the rating is the district's
reliance on regular borrowing to support debt service payments for
outstanding debt, a common practice among Illinois park districts,
including plans to fully leverage its debt service extension base
(DSEB) to support payment of outstanding GOULT bonds.

The district's Ba2 debt certificate rating reflects the lack of a
dedicated property tax levy for repayment of debt service, along
with the district's limited liquidity position.

Rating Outlook

The negative outlook reflects our expectation that the district's
finances will remain limited as well as the consideration that any
further material declines in the tax base may result in restricted
operating flexibility since the district levies to the maximum in
all of its operating funds.

Factors that Could Lead to an Upgrade

Stabilization or material growth in the district's tax base

Sustained operational balance that results in growth in operating
liquidity

Factors that Could Lead to a Downgrade

Further deterioration of the district's tax base

Erosion of operating liquidity

Legal Security

The district's outstanding rated GO and GOLT debt represent two
different security types. Approximately $1.3 million is secured by
the district's GO alternate revenue pledge, which is ultimately
secured by the district's property tax pledge that is unlimited by
rate or amount. The district also has $380,000 of outstanding debt
certificates which do not benefit from a designated levy.

Use of Proceeds

Not applicable.

Obligor Profile

The Zion Park District is located in Lake County, IL and is
essentially coterminous with the city of Zion along Lake Michigan
between the cities of Milwaukee and Chicago. The district serves a
resident population of approximately 24,400, according to the 2010
census, although management reports that many of the district's
services, programs and facilities are utilized by residents of
nearby communities. The district owns and manages over 600 acres of
land, a field house, fitness center, three recreation centers, an
outdoor water park, and two golf courses.




ZOGENIX INC: Sabby Healthcare Reports 6.1% Stake as of Dec. 31
--------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Sabby Healthcare Master Fund, Ltd., Sabby Management,
LLC and Hal Mintz disclosed that as of Dec. 31, 2015, they
beneficially own 1,518,200 shares of common stock of Zogenix, Inc.,
representing 6.13 percent of the shares outstanding.

Sabby Management, LLC, a Delaware limited liability company,
indirectly owns 1,518,200 shares of Common Stock because it serves
as the investment manager of Sabby Healthcare Master Fund, Ltd.
Mr. Mintz indirectly owns 1,518,200 shares of Common Stock in his
capacity as manager of Sabby Management, LLC.

A copy of the regulatory filing is available for free at:

                       http://is.gd/yMcoDU

                         About Zogenix Inc.

Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego and
Emeryville, California, is a pharmaceutical company
commercializing and developing products for the treatment of
central nervous system disorders and pain.

Zogenix reported net income of $8.58 million in 2014 following a
net loss of $80.85 million in 2013.

As of June 30, 2015, the Company had $246.7 million in total
assets, $138.6 million in total liabilities and $108.1 million in
total stockholders' equity.

Ernst & Young LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2014, citing that the Company's
recurring losses from operations and negative cash flows from
operating activities raise substantial doubt about its ability to
continue as a going concern.


ZUCKER GOLDBERG: Creditors Call Liquidation Plan "Ill-Conceived"
----------------------------------------------------------------
Aebra Coe at Bankruptcy Law360 reported that creditors of Zucker
Goldberg & Ackerman LLC objected on Jan. 8, 2016, to the
foreclosure law firm's proposed liquidation plan, saying the plan
is merely an ill-conceived attempt by the firm's current leadership
to retain control.

The official committee of unsecured creditors said in its filing
that Zucker Goldberg's December disclosure statement and
liquidation plan appear to be "ill-conceived documents" that were
slapped together with no effort to provide adequate information to
creditors but rather as a desperate effort by the firm's
principals, Michael Ackerman and Joel Ackerman.

                    About Zucker Goldberg

Formed in 1923 as Zucker & Goldberg, law firm Zucker, Goldberg &
Ackerman, LLC, is primarily engaged in the representation of
lenders and secured parties in foreclosure matters, insolvency
proceedings and related matters.  The sole members of ZGA are
Michael S. Ackerman, Esq. and Joel Ackerman, Esq. Michael S.
Ackerman is the managing member of the firm.  ZGA's primary
offices are in Mountainside, New Jersey.

Zucker, Goldberg & Ackerman, LLC, sought Chapter 11 protection
(Bankr. D.N.J. Case No. 15-24585) in Newark, New Jersey, on
Aug. 3, 2015, to complete the orderly liquidation of the business.

The case is assigned to Judge Christine M. Gravelle.

The Debtor disclosed total assets of $11.5 million and total
liabilities of $53.3 million as of June 30, 2015.

ZGA tapped Wasserman, Jurista & Stolz, P.C. as bankruptcy counsel;
Brown, Moskowitz & Kallen, P.C., as special litigation counsel;
Genova Burns as labor counsel; and BMC Group, Inc., as noticing
and balloting agent.

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


[*] Burr & Forman Opens Jacksonville Office With Three Partners
---------------------------------------------------------------
Burr & Forman opened an office in Jacksonville, Florida, located at
Suite 3000 in the Bank of America Tower, 50 North Laura Street.

As part of Burr & Forman's entry into Northeast Florida, three
attorneys join as partners: Adrian Rust, J. Ellsworth Summers, Jr.
and Michael Waskiewicz.  The Jacksonville office is a continuation
of Burr & Forman's expansion in Florida, and a direct result of
clients' increasing legal needs throughout the state.  With these
additions, Burr & Forman now has nearly 90 lawyers licensed to
practice in Florida, and nearly 300 attorneys firmwide across 10
offices in five Southeastern states.

"As Florida continues to experience steady economic growth, this
new office and the depth of talent brought by this group allow us
to better serve our growing client base throughout the state," said
William "Lee" Thuston, managing partner of Burr & Forman. "Their
client service philosophy reflects the qualities we pursue, making
their additions an excellent fit not only from a geographic
perspective, but also from a cultural standpoint.  Our Southeastern
footprint now includes deep coverage across Florida, with offices
in Fort Lauderdale, Jacksonville, Orlando and Tampa, and we are
looking to grow in each of these cities."

Mr. Rust, who will serve as Burr & Forman's Jacksonville office
managing partner, boosts the firm's Lending and Financial Services
Litigation practice, and Mesrs. Summers and Waskiewicz become
members of the Creditors' Rights and Bankruptcy practice.  The
group joins Burr & Forman from the Jacksonville law firm Rogers
Towers.

Mr. Rust counsels lenders in all aspects of commercial loan
litigation, mortgage foreclosures, lender liability defense, and
other matters related to defaulted loan workouts and collections.
He has trial experience in both state and federal courts, and is
one of only three attorneys consistently named for the last three
years among leading banking and financial services practitioners by
Florida Trend.  He earned his undergraduate degree from the
University of Florida and his law degree from Stetson University.

Mr. Summers represents secured and unsecured creditors and
committees in bankruptcy and commercial litigation matters.  His
practice focuses on workouts and other business reorganizations. He
earned his undergraduate degree from Hampden-Sydney College and his
law degree from Stetson University. After law school, Mr. Summers
clerked for the Hon. Stephen C. St. John, chief bankruptcy judge
for the Eastern District of Virginia.

Mr. Waskiewicz is a commercial litigator with an emphasis on
bankruptcy and creditors' rights.  He represents secured and
unsecured lenders in all aspects of bankruptcy law, and also has
extensive experience representing bankruptcy trustees and debtors.
He earned his undergraduate degree from the University of Buffalo
and his law degree from Widener University School of Law.

Burr & Forman's legal team serves clients with local, national, and
international legal needs.  With particular industry strengths in
the financial institutions, health care and manufacturing sectors,
the firm's attorneys draw from a diverse range of backgrounds and
experience to serve as trusted business advisors and legal counsel
to help clients achieve their goals.  Burr & Forman is a Southeast,
regional firm with nearly 300 attorneys and 10 offices in Alabama,
Florida, Georgia, Mississippi, and Tennessee.  Visit the firm's Web
site at http://www.burr.com/



[*] Coats Rose Merges With Wright Ginsberg
------------------------------------------
Coats Rose Yale Ryman & Lee, P.C., a business transaction and
litigation law firm headquartered in Houston, merged with
Dallas-based Wright Ginsberg Brusilow, P.C., a business and
bankruptcy law firm. The merger grows Coats Rose's Dallas office by
more than 500%, with 21 attorneys and 36 total employees bringing
the firm to more than 200 employees overall.

"This union is a big step forward for Coats Rose as we look to the
future of our firm and continued growth across the region," said
Rick Rose, managing director, Coats Rose.  "Combining our
experience and skills will take us to the next level with what we
can provide to clients -- they will see immense value in the new
practice areas that we now offer further expertise in."

Coats Rose currently has offices in Houston, Dallas, Austin, San
Antonio and New Orleans, and the merger will increase the firm's
total staff by 23%.  The merger not only expands the firm's
capacity, but also grows its capabilities in various key practice
areas.  These areas include business reorganization and bankruptcy,
business and corporate law, probate and tax, well as wealth
preservation planning.  Additionally, the merger will strengthen
and complement each firms' existing capabilities in commercial
litigation and real estate.

Founded in 1989, Wright Ginsberg Brusilow has a 26-year track
record of excellence in customer service to its clients in diverse
legal matters, such as business reorganization and bankruptcy law,
business and corporate law, wealth preservation planning,
litigation, probate and trust law, real estate law, tax law and tax
planning, title insurance services, and intellectual property law.

In the merger, Coats Rose Yale Ryman & Lee, P.C. will shorten its
name to Coats Rose, P.C.

                         About Coats Rose

Coats Rose, P.C., -- http://www.coatsrose.com/-- is a business
transaction and litigation law firm based in Houston with a team of
more than 100 attorneys who bring value to clients and perform
legal work at the highest standards. For over 30 years, the firm
has leveraged its vast legal experience to fulfill clients’ needs
in numerous transactions and controversies, spanning
construction/surety law, real estate law, affordable housing,
public finance, bankruptcy and business reorganization, commercial
litigation, corporate and securities, insurance law, intellectual
property, government relations, labor and employment law, mergers
and acquisitions, tax, and wealth planning and preservation. In
addition to its headquarters in Houston, Coats Rose has offices in
Dallas, Austin, San Antonio and New Orleans.


[*] Duane Morris Adds 2 Attorneys to Trial Practice Group
---------------------------------------------------------
Duane Morris LLP added two attorneys to the firm's Trial Practice
Group.  Ugo Colella has joined the firm's Washington, D.C. office
as a partner; John J. Zefutie, Jr., has joined the firm's Newark,
N.J., office as special counsel.  Messrs. Colella and Zefutie
bolster the firm's litigation capabilities nationally.  Both join
Duane Morris from Thompson Hine LLP.

Mr. Colella represents clients in civil litigation in state and
federal trial and appellate courts, with a focus on
business-related disputes and complex torts.  He handles matters
involving a broad range of federal statutes, including the
Interstate Land Sales Disclosure Act, Foreign Sovereign Immunities
Act, Anti-Terrorism Act, Bankruptcy Code, Full Faith and Credit
Act, Federal Tort Claims Act, False Claims Act, civil RICO, Lanham
Act and Alien Tort Claims Act.  Mr. Colella also represents clients
in state courts, including in matters involving breach of contract,
bad faith, unjust enrichment, premises liability, products
liability, ordinary negligence, professional negligence, fraud,
fraudulent conveyance/transfer, negligent misrepresentation,
misappropriation of trade secrets, breach of fiduciary duty,
conversion, veil-piercing, violation of consumer protection
statutes, and tortious interference with contract or prospective
business relationships.

Mr. Zefutie practices in the area of litigation with a focus on
complex commercial litigation and mass torts. He has represented
Fortune 500 companies in defending commercial and consumer fraud
claims and has defended large municipalities facing thousands of
claims for respiratory injuries.  Mr. Zefutie also has substantial
experience in financial services cases, employment matters and
legal ethics, as well as representing clients in alternative
dispute resolution proceedings.  He frequently appears in federal
and state courts in both New Jersey and New York.

Duane Morris LLP, a law firm with more than 750 attorneys in
offices across the United States and internationally, is asked by a
broad array of clients to provide innovative solutions to today's
legal and business challenges.

A copy of the report is available for free at http://is.gd/EyRxaJ



[*] Epiq Systems Appoints Deirdre McGuinness as Managing Director
-----------------------------------------------------------------
Epiq Systems, a global provider of integrated technology and
services for the legal profession, on Jan. 14 announced the
appointment of Deirdre McGuinness as managing director.  A 28-year
veteran of legal services, Ms. McGuinness will focus on
enterprise-wide initiatives to strengthen and expand Epiq's law
firm and corporate client relationships.

"Our services are differentiated by our ability to help clients
navigate complicated legal processes.  Deirdre's deep understanding
of issues that affect the legal community and highly esteemed
expertise will be instrumental in advancing our goal to be the
preferred strategic partner for complex legal matters for Epiq
clients across the globe," said Brad D. Scott, president and chief
operating officer.

Ms. McGuinness joins Epiq from Kurtzman Carson Consultants, LLP
(KCC) where she served as managing director of corporate
restructuring services.  Prior to KCC, she was managing director
for Wells Fargo Capital Finance in New York, focusing on distressed
lending with expertise in providing financing solutions for
companies facing challenges.  She served as a United States Trustee
for Region 2 and oversaw the administration of the largest and most
complex Chapter 11 restructurings, including Delphi Corporation,
Delta Airlines, Dana Corporation, Northwest Airlines, Refco Inc.,
Calpine Corporation, and St. Vincent Medical Center.

An active member in industry organizations, Ms. McGuinness
currently serves on the strategic planning committees for the
Southern and Eastern District of New York Bankruptcy Courts.  She
served as chair of the New York City Bar Association's bankruptcy
and corporate reorganization committee from 2008-2011.  From 1988
to 1999, she was an Assistant United States Attorney for the
District of Connecticut representing federal agencies in the
bankruptcy court and prosecuting bankruptcy crimes.  After leaving
the Department of Justice, she joined CIT Group as a managing
director and senior restructuring advisor for corporate finance
where she acted as strategic advisor to the industry business units
on all areas and opportunities in restructuring.

Ms. McGuinness received her Juris Doctor from Quinnipiac University
School of Law and her Bachelor of Arts from New York University.
She is licensed to practice law in New York and Connecticut, and is
also an adjunct professor of law at St. John's University, LLM
Program.

                       About Epiq Systems

Epiq -- http://www.epiqsystems.com-- is a global provider of
integrated technology and services for the legal profession,
including electronic discovery, bankruptcy, and class action and
mass tort administration.


[*] High Court Passes On Appeal Over Student Loan Discharge
-----------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that the U.S.
Supreme Court on Jan. 11, 2016, passed on an appeal that sought to
make it easier for individuals to discharge their student loan debt
through bankruptcy, an issue that has found its way onto the radar
of state and federal lawmakers' as student debt tops $1.2
trillion.

The high court declined a petition brought by Mark Warren Tetzlaff,
57, who was seeking to discharge nearly $260,000 in student loan
debt.  Supreme Court intervention is needed, Tetzlaff's attorneys
argued, because federal appeals courts apply different standards.


[*] Reed Smith Cut Ties with 45 Attorneys, Plus Support Staff
-------------------------------------------------------------
Joyce Gannon, writing for Pittsburgh Post-Gazette, reported that
law firm Reed Smith has laid off 45 attorneys and an undisclosed
number of support staff as part of a restructuring throughout its
offices in the U.S., Europe and Middle East.  The cuts represent
2.7 percent of the firm's 1,650 attorneys worldwide.  The firm said
it is providing those affected with severance pay and job
transition support, the report noted.

Reed Smith said in a statement the firm made "necessary adjustments
to remain competitive," according to the report.


[*] S&P: Global Corp. Rating Trends at Highest Neg. Since 2009
--------------------------------------------------------------
Corporate issuer ratings globally are at their highest negative
level since 2009.  Standard & Poor's Ratings Services has the most
number of ratings on negative outlooks relative to positive ones at
Dec. 31, 2015, since June 2010.  The net outlook bias deteriorated
to a negative 11% at Dec. 31, 2015, four percentage points down
from six months previously.  This constitutes the worst half-year
change in the net outlook bias since the 2008-2009 global financial
crisis.  S&P calculates the bias by deducting the total number of
positive CreditWatch and outlooks against those on negative and
expressing the result as a percentage of total issuers.

Meanwhile, global corporate creditworthiness has declined slightly
since the onset of the crisis.  The average long-term corporate
credit rating has fallen by about half a notch to between 'BB+' and
'BB' compared with 'BB+' at end-2008.  The fall in the average
rating is because more new corporate ratings were in lower rating
categories and due to issuer rating downgrades.

Overview

At end-2015, 17% of global corporate issuers were on negative
CreditWatch or outlook, outnumbering the 6% on positive CreditWatch
or outlook by a ratio of 3 to 1.  The net outlook bias is a
negative 11%, which is the worst level since the 2008-2009
financial crisis.

The average corporate rating had fallen by about half a notch at
year-end 2015 to between 'BB+' and 'BB', from that in 2008.

Regional outlooks diverge, reflecting the different positions of
corporate sectors in the credit cycle and company exposures to
commodities.  S&P is expecting mixed fortunes for European
corporates, cautious about the U.S., somewhat negative on
Asia-Pacific, and see further weakening for Latin America.

About 40% of all rated corporates are investment-grade ('BBB-' or
above) at Dec. 31, 2015.  This ratio has been roughly flat for the
past two years, having declined since 2005.  The negative trend is
due to more new corporate ratings being in lower rating categories.
In addition, corporates rated in the 'B' category have made up the
single largest cohort, currently 35% of total corporate issuers, up
from 28% a decade ago.  In fact, the 'B' category represents 42% of
total issuers in North America (see chart 2).  In the
investment-grade category, the percentage of 'A' rated corporates
has now dropped to 11%, from 17% in December 2010.  At the same
time, the shares of 'BBB' and 'BB' category issuers have held
steady at 26% and 21%-22% respectively.

Following the 2008-2009 global financial crisis, the percentage of
corporate rating downgrades and percentage of upgrades have
fluctuated, although cumulatively downgrades slightly exceeded
upgrades.  Meanwhile, the long-term trend of more lower-rated
entities coming in to tap the capital markets has continued.  This
has also contributed to the fall in the average long-term corporate
credit rating to between 'BB+' and 'BB', compared with 'BBB' 20
years ago.

More Downgrades Are Likely in 2016

The past 18 months have seen a turnaround of the net negative bias
from a relatively small level in June 2014 of around negative 5%.
Since then, the net outlook bias (positive minus negative
CreditWatch and outlooks as a percentage of total issuers) has
deteriorated to a negative 11% at December 2015, four percentage
points down from six months previously.  This outlook distribution
suggests that negative rating actions are likely to continue to
outnumber positive ones over the coming 12 months.  It also
suggests that downgrades may significantly outnumber upgrades
during 2016.

Outlooks By Region Diverge

There is divergence among the outlooks for rated corporates by
region, reflecting the different positions of corporate sectors in
the credit cycle and companies' varying exposures to industries
affected by global oversupply in commodities.

Our credit outlook for U.S. corporate issuers is cautious going
into 2016, reflecting mostly stable rating trends and a rising
negative outlook bias.  The commodity sectors and leveraged finance
remain most vulnerable, while investment-grade issuers face risks
from mergers and acquisitions (M&A) and the resulting pressures on
credit metrics.  Investors' cooling appetite for risky securities
and rising interest rates could also spur tighter lending
conditions.  S&P believes credit risks are rising as the corporate
credit cycle worsens.  Corporate issuers can achieve only so much
margin improvement solely through cost-cutting, in our view, so
they will need stronger revenue growth to survive this credit
cycle.  S&P expects the U.S. corporate trailing-12-month
speculative-grade default rate to rise to 3.3% by September 2016,
from 2.5% in September 2015 and 1.6% in September 2014.

The European corporate sector is caught in the cross-currents of
domestic recovery, diverging growth, and credit cycles in other
regions, plus a swathe of disruptive risk factors from technology,
regulation, and politics.  Europe remains in a mid-cycle
sweet-spot.  The recovery is gaining ground, but is still modest
enough to warrant a strongly supportive monetary policy.  S&P's
ratings outlooks suggest the region faces the least deterioration
in credit quality globally.  In S&P's view, European sectors can be
divided into three broad groups--those exposed to the regional
consumer-led recovery, those wrestling with global oversupply, and
those exposed to disruptive change.  The negative exposures
outweigh the positive, suggesting that credit quality will
deteriorate in 2016, and we expect the European public corporate
default rate to rise to 2.4% from 1.5% currently.

The overall credit prospects for Asia-Pacific's sectors are
somewhat negative for 2016, although the net negative ratings bias
for the pool of Asia-Pacific issuers that S&P rates has eased
mainly because a high number of issuers were downgraded over the
past year.  Oil and gas, metals and mining, real estate
development, and retail continue to be hotspots posing a higher
risk of downgrades.  Slower economic growth is dampening demand
growth across many industries.  Real estate is no exception
although conditions are mixed.  China's property developers still
suffer the residual impact of weaker profitability and higher
leverage from 2014, although they are now seeing improving market
sentiment and selling more properties at stabilized or higher
prices.  Meanwhile, developers in Indonesia and Hong Kong are
struggling with slower sales growth and increasing supply
respectively.

Credit conditions in Latin America and the Caribbean are likely to
weaken further in 2016, although the effects on ratings will vary
by country and sector.  Macroeconomic conditions in Brazil have
deteriorated further in recent months, with rapidly growing
inflation, consumer and business confidence continuing to fall, and
persistent political instability.  Elsewhere in the region, a
modest uptick in global trade and stabilizing commodity prices
would be needed to drive a gradual recovery in real GDP growth in
2016, with risks to macroeconomic stability still skewed to the
downside.  Commodity prices and currency depreciation continue to
have a mixed impact on Latin America and Caribbean sovereigns.
Negative bias is mounting over Latin American corporate ratings as
Brazil's macroeconomic prospects deteriorate and commodity prices
decline.  Metals and mining and oil and gas companies face
above-average downside risks due to receding cash flows on the back
of falling prices.

In summary, the key credit trends are mixed but with a bias toward
the downside.  The global top risks to our base-case scenario
includes a further slowdown in China's economic growth, affecting
market confidence and commodity and asset prices as well as
increasing market and currency volatility.  S&P sees this risk as
elevated and increasing.  Next are the geopolitical risks of an
escalation in the terrorist threat; Middle East turmoil; the
European refugee crisis; the risk of a withdrawal by Britain
(Brexit) from the European Union that leads to credit market
volatility; and an escalation in extreme and nationalistic views,
which challenge Europe's continued economic and political
integration.  Although these geopolitical risks are elevated, we
regard them overall as stable.

Two other risks which we see as moderate but of increasing concern
are credit market volatility arising from U.S. Federal Reserve
policy normalization and reduced market-making activity by dealer
banks.  This increases secondary-market liquidity risk for
investors and raises funding costs by restricting borrowers' access
to public bond markets.


[^] BOOK REVIEW: The Financial Giants In United States History
--------------------------------------------------------------
Author:  Meade Minnigerode
Publisher:  Beard Books
Softcover:  260 pages
List Price:  $34.95

Order your personal copy today at http://is.gd/tJWvs2

The financial giants were Stephen Girard, John Jacob Astor, Jay
Cooke, Daniel Drew, Cornelius Vanderbilt, Jay Gould, and Jim Fisk.
The accomplishments of some have made them household names today.
But all were active in the mid 1800s. This was a time when the
United States, having freed itself from Great Britain only a few
decades earlier, was gaining its stride as an independent nation.
The country was expanding westward, starting to engage in
significant international trade, and laying the foundations for
becoming a major industrial power. Astor, Vanderbilt, Gould, and
the others played major parts in all these areas. During the Civil
War in the first half of the 1860s, some became leading suppliers
of goods or financiers to the Federal government.

Minnigerode's focus is the highlights of the life of each of the
seven. Along with this, he identifies each one's prime
characteristics contributing to his road to fortune and how his
life turned out in the end. Not all of the men managed to keep and
pass on the fortunes they amassed. They are seen a "financial
giants" not only because they made fortunes in the early days of
American business and industry, but also for their place in laying
out the groundwork for American business enterprise, innovation,
and leadership, and for the notoriety they had in their day.

Minnigerode summarizes the style or achievement of each man in a
single word or short phrase. Stephan Girard is "The Merchant
Banker"; Cornelius Vanderbilt, "The Commodore." "The Old Man of
the Street" summarizes Daniel Drew"; with "The Wizard of Wall
Street" summarizing Jay Gould. Jim Fisk is "The Mountebank."

Jay Cooke, "The Tycoon," was to be "known throughout the country
for his astonishingly successful handling of the great Federal
loans which financed the Civil War." After the War, one of the
leaders of the Confederacy remarked that the South was really
defeated in the Federal Treasury Department thus, even on the
enemy side, giving recognition to Cooke's invaluable work of
enabling the Federal government to meet the huge costs of the War.
After the War, having earned the reputation as "the foremost
financier in the country," Cooke became involved in many large
financial ventures, including the building of a railroad to link
the East and West coasts of America. In this railroad venture,
however, Cooke and his banking firm made a fatal misstep in
investing in the Northern Pacific railway. The Northern Pacific
turned out to be a house of cards. When Cooke's firm was unable to
meet interest payments it owed because of money it had put into
the Northern Pacific, the firm went bankrupt; and this caused
alarm in the stock market and financial circles.

The roads to wealth of the "financial giants" were not smooth.
Like others amassing great wealth, they had to take risks. The
tales Minnigerode tells are not only instructive on how
individuals have historically made fortunes in business and the
characteristics they had for this, but are also cautionary tales
on the contingency of great wealth in some circumstances. Jim
Fisk, for instance, a larger-than life character "jovial and quick
witted [who was also] a swindler and a bandit, a destroyer of law
and an apostle of fraud," was presumably killed by a former
business partner. Unlike Cooke and Fisk, Cornelius Vanderbilt and
John Jacob Astor built fortunes that lasted generations.
Vanderbilt - nicknamed Commodore - starting in the New York City
area, built ships and established domestic and international
merchant and passenger lines. With the government coming to depend
on these with the rapid growth of commerce of the period and the
Civil War for a time, Vanderbilt practically had monopolistic
control of private shipping in the U.S. Astor made his fortune by
developing trade and other business in the upper Midwest, which
was at the time the sparsely-populated frontier of America, rich
in natural resources and other potential with the Great Lakes and
regional rivers as a means for transportation.

Although the social and business conditions in the early and mid
1800s when the U.S. was in the early stages of its development
were unique to that period, by concentrating on the
characteristics, personalities, strategies, and activities of the
seven outstanding businessmen of this period, Minnigerode
highlights business traits and acumen that are timeless. His
sharply-focused, short biographies are colorful and memorable.
This author has written many other books and worked in the
military and government.


                            *********

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
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Each Tuesday edition of the TCR contains a list of companies with
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Monthly Operating Reports are summarized in every Saturday edition
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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
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Copyright 2016.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
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