TCR_Public/160208.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, February 8, 2016, Vol. 20, No. 39

                            Headlines

22ND CENTURY: Has $5.5 Million Registered Direct Offering
ADAMIS PHARMACEUTICALS: Has Resale Prospectus of 2.4M Shares
AEMETIS INC: Geneva Advisors Reports 6.5% Stake as of Dec. 31
AKORN INC: Audit Committee Concludes Probe on Accounting Errors
ALLIANCE ONE: Reports Progress of Unit's A/R Investigation

ALLIED NEVADA: Court Allows $142K in Fees for Susman & Godfrey
ALPHA NATURAL: Court Approves Settlement with West Virginia
AMERICAN HOUSING: Citi's Bid to Dismiss Suit Partially Granted
ANA MARIE SANDERS: Bid for Stay Pending Appeal Denied
ANACOR PHARMACEUTICALS: Promotes Ryan Sullivan to EVP

ASPEN GROUP: Leon Cooperman Holds 9.3% Stake as of Dec. 31
AUBURN TRACE: Apartment Complex Sold for $11.3MM via Straight Sale
AUBURN TRACE: Delray Beach-Backed Liquidating Plan Confirmed
AVANTAIR INC: KCG Americas Reports 6.1% Stake as of Dec. 31
BEAZER HOMES: Posts $999,000 Net Income for First Quarter

BG MEDICINE: Appoints Jeffrey Luber as Director
BIG RIVERS: Fitch Affirms 'BB' Rating on $83.3MM Revenue Bonds
BION ENVIRONMENTAL: Incurs $797K Net Loss in Fiscal Q2
BOOMERANG TUBE: Brown Rudnick Denied Fee Fight Costs in Ch. 11
BROADCOM CORP: S&P Lowers Unsecured Notes Rating to BB+ on Merger

BROOKLYN RENAISSANCE: Hires Auction Advisors to Sell 4 Locations
BUILDERS FIRSTSOURCE: Provides Preliminary Results for Q4 2015
CAESARS ENTERTAINMENT: Creditors Face Off in Asset Dispute Trial
CAESARS ENTERTAINMENT: Has New Hope at Halting U.S. Creditor Suits
CANCER GENETICS: Frigate Ventures, et al., Hold 4.9% Stake

CAPSTONE PEDIATRICS: In Ch 11, Fights Ex-Owner's Creditor Claim
CAVU/ROCK PROPERTIES: Gold Star Has $743K Claim, 5th Cir. Rules
CCO HOLDINGS: Fitch Assigns 'BB-' Rating on $1.5BB Sr. Notes
CCO HOLDINGS: Moody's Assigns B1 Rating to New Sr. Unsecured Notes
CCO HOLDINGS: S&P Assigns 'BB-' Rating on Proposed $1.5BB Notes

CHAMPION INDUSTRIES: Chairman Holds 53.7% of Class A Shares
CHAMPION INDUSTRIES: To Cash Out All Fractional Shares
CHINA BAK: Appoints Simon Xue as Director
CITGO PETROLEUM: Fitch Affirms 'B' IDR, Outlook Stable
CITIUS PHARMACEUTICALS: Announces Results From Clinical Trial

CLEAREDGE POWER: Feb. 25 Hearing to Confirm Bankruptcy Plan
CLEAREDGE POWER: Province Inc.'s Kravitz Selected as Plan Trustee
COMSTOCK MINING: Counsel Says Issuance of 2.2M Shares Valid
COMSTOCK RESOURCES: S&P Lowers Corporate Credit Rating to 'SD'
CORDERO CORDERO: Case Summary & Largest Unsecured Creditor

CUI GLOBAL: Heartland Advisors Reports 9.3% Equity Stake
DHX MEDIA: DBRS Confirms BB(low) Issuer Rating
DIFFERENTIAL BRANDS: Completes Sale of Delayed Transfer Assets
DIFFERENTIAL BRANDS: Fireman Capital Has 5.6% Stake as of Jan. 28
DIFFUSION PHARMACEUTICALS: Ally Bridge Has 9.7% Stake as of Dec. 31

DIOCESE OF GALLUP: Insurer Unwilling to Provide Financial Info
DOMUM LOCIS: Hires Real Estate West to Sell Strand Property
DOVER DOWNS: Long Tail Asset Reports 5.2% Stake
EDENOR SA: New Tariff Schedule Approved by ENRE
EDMUND F. WARY: Court Confirms Modified 2nd Amended Plan

EIDOS LLC: Case Summary & 5 Largest Unsecured Creditors
EL PIEX PUERTORRIQUENO: Case Summary & 20 Top Unsecured Creditors
ELEPHANT TALK: Chief Technology Officer Quits
ELITE PHARMACEUTICALS: Dismisses Demetrius Berkower as Accountants
EMPIRE RESORTS: Subscription Rights Delisted From NASDAQ

ENDEAVOUR INTERNATIONAL: Court Authorizes Dismissal of Ch. 11 Cases
EXIDE TECHNOLOGIES: Duels with Calif. Agency Over $100M Suit
FELD LIMITED: Needs to Use Associated Bank's Cash Collateral
FELD LIMITED: Seeks to Employ Steinhilber Swanson as Counsel
FINJAN HOLDINGS: Cisco Systems Holds 7.5% Stake as of Dec. 31

FINJAN HOLDINGS: Provides 2015 Highlights and Financial Update
FUSION TELECOMMUNICATIONS: Diker GP Reports Less Than 1% Stake
GENIUS BRANDS: May Issue 4.3 Million Shares Under Incentive Plan
GINGER OIL: Case Summary & 7 Largest Unsecured Creditors
GINGER OIL: Hires Cooper & Scully as Bankruptcy Counsel

GINGER OIL: Section 341 Meeting Scheduled for March 8
GINGER OIL: Wants to Use Independent Bank's Cash Collateral
GREENSHIFT CORP: KCG Americas Holds 6% Stake as of Dec. 31
HAGGEN HOLDINGS: Delays Auction of 33 Oregon & Washington Stores
HALCON RESOURCES: Franklin Resources, et al., Report 1.1% Stake

HANCOCK FABRICS: Obtains Commitment for $98.3M DIP Financing
HANCOCK FABRICS: Proposes March 9 Deadline for Bids
HANCOCK FABRICS: Proposes to Pay $1.5M Critical Vendor Claims
HANCOCK FABRICS: Taps KCC as Claims and Noticing Agent
HANCOCK FABRICS: To Continue Great American-Led Closing Sales

HANCOCK FABRICS: Wants Chapter 11 Cases Jointly Administered
HII TECHNOLOGIES: Judge Okays Mediation Bid to Settle AES Dispute
HORSEHEAD HOLDING: 45-Day Extension Sought for Schedules Filing
HORSEHEAD HOLDING: Hires Epiq as Claims and Noticing Agent
HORSEHEAD HOLDING: Proposes Procedures to Protect NOLs

HORSEHEAD HOLDING: Secures $90 Million DIP Financing
HORSEHEAD HOLDING: Seeking Joint Administration of Cases
HORSEHEAD HOLDING: Seeks OK of Foreign Representative Appointment
HORSEHEAD HOLDING: To Pay up to $4.5-Mil. Critical Vendor Claims
HOVENSA L.L.C.: 2nd Amended Liquidating Plan Confirmed

HOVENSA L.L.C.: LimeTree Balks at Plan Assignments to ERT
HOVENSA L.L.C.: Three Members of Oversight Committee Named
HOVENSA L.L.C.: U.S. Objection on ERT Waiver Resolved
IHEARTCOMMUNICATIONS INC: CCOH Demanded Payment of $300M Note
ISTAR INC: Morgan Stanley Reports 5.3% Stake as of Dec. 31

JAMES MADISON KELLEY: JPMorgan Chase Wins Summary Judgment
KALOBIOS PHARMA: Avoids Takeover by Bankruptcy Trustee
KEEN EQUITIES: Greene Family Balks at 2nd Amended Plan Outline
KEEN EQUITIES: Third Amended Disclosure Statement Filed
KEMET CORP: Invesco Reports 8.7% Equity Stake as of Dec. 31

KINGSWAY CAPITAL: Dismissal of Chapter 11 Case Affirmed
KU6 MEDIA: Committee Retains Legal Counsel and Financial Advisor
LAWYERS SPECIALISTS: Case Summary & 2 Largest Unsecured Creditors
LEHR CONSTRUCTION: Dismissal of Claim Against Gifford Affirmed
LEVEL 3: Reports Fourth Quarter and Full Year 2015 Results

LINN ENERGY: S&P Lowers CCR to 'CCC' on Potential Restructuring
MACCO PROPERTIES: Bid to Dismiss Suit Against Group Denied
MACCO PROPERTIES: Court Denies Group's Bid for Jury Trial
MALIBU LIGHTING: Hilco Streambank to Sell Brinkmann, Q-Beam Assets
MDU COMMUNICATIONS: KCG Americas Reports 12.1% Stake

METINVEST BV: Gets Temporary Creditor Shield in United States
MGM RESORTS: Units Signs 3rd Supplement Agreement With BofA
MIDSTATES PETROLEUM: Eagle Holdings Reports 18.1% Equity Stake
MOLYCORP INC: Digs in on Bloomberg Bid for Leak Report Changes
MT GOX: Japanese Bank Disputes Involvement in Bitcoin Fraud

NATROL INC: Hungarian Court Orders Dismissal of Plethico Case
NEWLEAD HOLDINGS: Toledo Advisors Has Right to Own 9.9% Stake
O&S TRUCKING: 8th Cir. Affirms BAP's Dismissal of Plan Appeal
OUTER HARBOR: Files for Chapter 11 Bankruptcy Protection
PEABODY ENERGY: Self-Bonding Authority Questioned

PLATTE RIVER: Court Grants Bank's Bid to Dismiss Ch. 11 Cases
PLUG POWER: Exceeds Business Goals for 2015
PRECISION OPTICS: Hershey Management, et al., Hold 17.6% Stake
PRESIDENTIAL REALTY: KCG Americas Holds 6.9% Stake as of Dec. 31
QUANTUM CORP: Incurs $299,000 Net Loss in Third Quarter

QUANTUM CORP: Philip Black Quits as Director
RESIDENTIAL CAPITAL: 9th Cir. Remands "Robertson" to State Court
RESIDENTIAL CAPITAL: Court Affirms Ruling on Reeds' Claims
RETROPHIN INC: Jennison Associates Reports 6.5% Equity Stake
RETROPHIN INC: Signs Retirement Agreement with General Counsel

RITE AID: Stockholders Adopt Walgreens Merger Agreement
ROADRUNNER ENTERPRISES: Hires Joyner to Sell Campground & Store
ROADRUNNER ENTERPRISES: Presidential Bank Objects to Broker Hiring
RYCKMAN CREEK: Joint Administration of Chapter 11 Cases Sought
RYCKMAN CREEK: Needs More Time to File Schedules and Statements

RYCKMAN CREEK: Seeking Approval of $33 Million Credit Facilities
RYCKMAN CREEK: Taps KCC as Claims and Noticing Agent
RYCKMAN CREEK: Wants to Pay $4-Mil. for Critical Vendor Claims
SAMSON RESOURCES: Wants OK on Executive Bonuses Amid Departures
SAN MIGUEL LABEL: Case Summary & 20 Largest Unsecured Creditors

SANDRIDGE ENERGY: Bonds Plunge as Company Mulls Strategic Options
SANUWAVE HEALTH: Amends Prospectus of 50 Million Units
SCIENTIFIC GAMES: Plymouth, et al., Do Not Own Class A Shares
SEABOARD REALTY: Court Declines to Grant 6-Month Creditor Timeout
SEARS HOLDINGS: ESL Partners Reports 57.2% Stake as of Jan. 28

SEARS HOLDINGS: Extends CEO's Compensation Arrangement Until 2018
SFX ENTERTAINMENT: Ch 11 Filing Is Good News, Richie McNeill Says
SFX ENTERTAINMENT: Hires KCC as Claims and Noticing Agent
SFX ENTERTAINMENT: Proposes Procedures to Protect NOLs
SFX ENTERTAINMENT: Seeks Joint Administration of Cases

SFX ENTERTAINMENT: Wants to Pay $10-Mil. Critical Vendor Claims
SHERMAN HILL: Bank Entitled to Default Interest, Court Rules
SKYLINE CORP: Appoints Senior Vice President of Operations
SPANISH BROADCASTING: Gets Noncompliance Notice From NASDAQ
STEREOTAXIS INC: Fails to Regain Compliance of NASDAQ Rule

SWIFT ENERGY: Gets Approval for $49M La. Asset Sale to Texegy
TARGA RESOURCES: S&P Lowers Corp. Credit Rating to 'BB-'
TASEKO MINES: S&P Lowers CCR to 'CCC+', Outlook Stable
TAYLOR-WHARTON INT'L: Deadline to Remove Suits Extended to May 5
TORQUED-UP ENERGY: Court Authorized Joint Administration of Cases

TRANS-LUX CORP: Unit Closes Sale-Lease Back Transaction
TRI STATE TRUCKING: Lists $8.3MM in Assets, $5.5MM in Debts
TRUMP ENTERTAINMENT: UHH Not Entitled to Admin. Claim
US BOARD: Prelim Hearing Set on Bank's Stay Modification Request
VARIANT HOLDING: Seek to Sell Assets to Beach Point for $190MM

VERMONT LAW: Moody's Withdraws Ba1 Rating on Series 2011A Bonds
VIRTUAL PIGGY: Issues $90,000 Unsecured Promissory Notes
VISCOUNT SYSTEMS: Amends 2014 Annual Report to Add Information
VISUALANT INC: Diker GP, et al., Report 5.8% Stake as of Dec. 31
VIVID SEATS: S&P Assigns Preliminary 'B' CCR, Outlook Stable

WARNER MUSIC: Reports Net Income of $27 Million for Fiscal Q1
WIRE COMPANY: Adfors IP Not A Purchased Asset, Court Rules
WOMETCO DE PUERTO RICO: PREPA Granted $95K Admin. Claim
WORLD HEALTH JETS: Case Summary & 10 Largest Unsecured Creditors
WPCS INTERNATIONAL: Alpha Capital no Longer a Shareholder

WRIGHTWOOD GUEST: Chapter 11 Trustee Taps Arent Fox as Counsel
YRC WORLDWIDE: Reports Q4 and Full-Year Results for 2015
ZERGA PHIN-KER: Has Interim OK to Access $500K in DIP Loan
ZUCKER GOLDBERG: Creditors Agree to Name a Chapter 11 Examiner
[*] Moody's Says Wireline Firms to Decline Without Investment

[*] S&P Revises Recovery Ratings on 7 Cos.' Credit Facilities
[*] Shkreli Defeat Points to Complicity of Kaye Scholer Attorney
[*] UHY Advisors Appoints Five New Managing Directors
[] Seeley Joins Tiger Valuation as Machinery & Equipment Director
[^] BOND PRICING: For the Week from February 1 to 5, 2016


                            *********

22ND CENTURY: Has $5.5 Million Registered Direct Offering
---------------------------------------------------------
22nd Century Group, Inc., has entered into an agreement with one
existing institutional investor to receive $5.5 million in gross
proceeds in a registered direct offering through the sale of common
stock and warrants consisting of 5,000,000 shares of its common
stock and 66-month warrants to purchase 2,500,000 shares of common
stock at an exercise price of $1.21 per share (not exercisable for
six months from issuance).  If the warrants are exercised for cash
in full, the Company would receive additional gross proceeds of
approximately $3 million.

The offering was expected to close on or about Feb. 5, 2016,
subject to customary closing conditions, including approval of a
NYSE MKT listing application.  The net proceeds of the financing
will be used for general corporate purposes, including working
capital.

Chardan Capital Markets, LLC acted as the sole placement agent for
this transaction.

                      About 22nd Century

Clarence, New York-based 22nd Century Group, Inc., through its
wholly-owned subsidiary, 22nd Century Ltd, is a plant
biotechnology company using technology that allows for the level
of nicotine and other nicotinic alkaloids (e.g., nornicotine,
anatabine and anabasine) in tobacco plants to be decreased or
increased through genetic engineering and plant breeding.

22nd Century reported a net loss of $15.6 million on $529,000 of
revenue for the year ended Dec. 31, 2014, compared to a net loss of
$26.2 million on $7.27 million of revenue during the prior year.

As of Sept. 30, 2015, the Company had $21.01 million in total
assets, $6.79 million in total liabilities and $14.21 million in
total shareholders' equity.


ADAMIS PHARMACEUTICALS: Has Resale Prospectus of 2.4M Shares
------------------------------------------------------------
Adamis Pharmaceuticals Corporation filed a Form S-3 registration
statement with the U.S. Securities and Exchange Commission relating
to the resale or other disposition from time to time of up to
1,183,432 shares of the Company's common stock to be offered by the
selling stockholders upon the conversion of previously issued
Series A-1 Convertible Preferred Stock and 1,183,432 shares of the
Company's common stock issuable upon the exercise of outstanding
previously issued common stock purchase warrants.  The Warrants
have an exercise price of $4.10 per share, and may be exercised
during the period ending Jan. 26, 2021.

The Company is not offering any shares of its common stock for sale
under this prospectus.  The Company will not receive any of the
proceeds from the sale of common stock by the selling stockholders.
However, the Company will generate proceeds in the event of a cash
exercise of the Warrants by the selling stockholders.  All expenses
of registration incurred in connection with this offering are being
borne by the Company.  All selling and other expenses incurred by
the selling stockholders will be borne by the selling
stockholders.

The Company's common stock is quoted on the Nasdaq Capital Market
under the symbol "ADMP."  On Feb. 3, 2016, the last reported sale
price of the Company's common stock as reported on the Nasdaq
Capital Market was $4.73 per share.

A full-text copy of the prospectus is available for free at:

                       http://is.gd/agZefO

                           About Adamis

San Diego, Calif.-based Adamis Pharmaceuticals Corporation (OTC
QB: ADMP) is a biopharmaceutical company engaged in the
development and commercialization of specialty pharmaceutical and
biotechnology products in the therapeutic areas of respiratory
disease, allergy, oncology and immunology.

Mayer Hoffman McCann, P.C., in San Diego, California, issued a
"going concern" qualification on the consolidated financial
statements for the transition period ended Dec. 31, 2014, citing
that the Company has incurred recurring losses from operations, and
is dependent on additional financing to fund operations.

Adamis reported a net loss of $8.15 million for the year ended
March 31, 2014, as compared with a net loss of $7.19 million for
the year ended March 31, 2013.

                        Bankruptcy Warning

"Our management intends to attempt to secure additional required
funding through equity or debt financings, sales or out-licensing
of intellectual property assets, seeking partnerships with other
pharmaceutical companies or third parties to co-develop and fund
research and development efforts, or similar transactions. However,
there can be no assurance that we will be able to obtain any
required additional funding.  If we are unsuccessful in securing
funding from any of these sources, we will defer, reduce or
eliminate certain planned expenditures and delay development or
commercialization of some or all of our products.  If we do not
have sufficient funds to continue operations, we could be required
to seek bankruptcy protection or other alternatives that could
result in our stockholders losing some or all of their investment
in us," the Company states in its quarterly report for the period
ended Sept. 30, 2015.


AEMETIS INC: Geneva Advisors Reports 6.5% Stake as of Dec. 31
-------------------------------------------------------------
Geneva Advisors, LLC, disclosed in a Schedule 13G filed with the
Securities and Exchange Commission that as of Dec. 31, 2015, it
beneficially owns 1,264,396 shares of common stock of Aemetis Inc.
representing 6.46 percent of the shares outstanding.  A copy of the
regulatory filing is available at http://is.gd/VUDS91

                          About Aemetis

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

For the nine months ended Sept. 30, 2015, the Company recorded a
net loss of $20.7 million on $111 million of revenues compared to
net income of $10.9 million on $166 million of revenues for the
same period a year ago.

As of Sept. 30, 2015, the Company had $87.0 million in total
assets, $116 million in total liabilities, and a $29.02 million
total stockholders' deficit.


AKORN INC: Audit Committee Concludes Probe on Accounting Errors
---------------------------------------------------------------
Akorn, Inc. said on Jan. 27 that the Audit Committee of Akorn's
Board of Directors concluded its independent investigation into
Akorn's accounting and other matters.

The Audit Committee's conclusions did not include a finding of
fraud or intentional misconduct by Akorn's management or accounting
personnel.

In April 2015, upon the recommendation of Akorn's management and
Board of Directors, the Audit Committee commenced an independent
investigation concerning accounting errors involving transactions
related to sales to wholesalers, direct purchasers and other
related transactions. The investigation included previously
identified accounting errors, certain revenue recognition and sales
processes and aspects of product returns, as well as certain
accounting practices and corresponding internal controls over
financial reporting related to those matters. Based on the results
of the investigation, the Audit Committee made several remedial
recommendations to Akorn's management and Board of Directors, which
Akorn has either already implemented or intends to implement as
promptly as practicable.

On Jan. 14, Akorn said it has engaged BDO USA, LLP as the company's
independent registered public accounting firm and the company
received a listing extension from Nasdaq through May 9, 2016.  

On Jan. 14, Akorn also provided an update on the status of its
ongoing financial statement review and future investor
communication plans.  In light of the Audit Committee's findings,
Akorn's management continued the evaluation of the nature and scope
of the company's ongoing restatements to its 2014 financial results
as well as possible amendments to its disclosures. Akorn's estimate
of the errors is estimated to have resulted in an overstatement to
net revenue and pretax income from continuing operations of
approximately $35 million for the year ended December 31, 2014.
These estimates are based on management's ongoing assessments and
are subject to the completion of the restatement and the audit of
the restated financial statements for the year ended December 31,
2014.     

Akorn's management is considering the company's prior conclusions
of the adequacy of its internal control over financial reporting
and disclosure controls and procedures, and related material
weaknesses in such controls. Akorn intends to amend certain prior
disclosures pertaining to its evaluation of such controls and
procedures, and material weaknesses, as appropriate in connection
with any amended filings, and will consider whether any further
remedial measures may be advisable.

Akorn has engaged BDO USA to succeed KPMG LLP. The decision was not
the result of any disagreement between Akorn and KPMG LLP on any
matter of accounting principle or practice, financial statement
disclosures, or auditing scope or procedure. BDO USA will be
auditing the Company's financial statements for the two years ended
December 31, 2015, including the restatement for 2014.

Despite the change in independent registered public accounting
firms, Akorn maintains its previously stated goal of regaining
compliance with timely financial reporting requirements by May 9,
2016. Also, Akorn believes that restated 2014 financials will be
filed concurrently with delinquent 2015 financial reports.

During the remainder of the restatement process, Akorn remains
committed to ongoing communication with investors and stakeholders.
Akorn's goal is to provide summary preliminary fourth quarter and
full year 2015 results and initial 2016 financial guidance in early
March 2016. Akorn plans to issue summary preliminary financial
updates on a quarterly basis until the company is fully current and
compliant with financial reporting requirements.

Akorn's unaudited liquidity position for the five quarters ended
December 31, 2014, March 31, 2015, June 30, 2015, September 30,
2015 and December 31, 2015:

     Unaudited
     (Values in Millions)      12/31/14   03/31/15   06/30/15
     --------------------      --------   --------   --------
     Cash & Cash Equivalents      $70.7     $123.5     $257.1
     Short- and Long-
        Term Debt              $1,124.9   $1,120.9   $1,080.7
     Average Fully Diluted
        Shares Outstanding       $124.5     $125.4     $125.9


     Unaudited
     (Values in Millions)      09/30/15   12/31/15
     --------------------      --------   --------
     Cash & Cash Equivalents     $314.5     $341.9
     Short- and Long-
        Term Debt              $1,077.5   $1,074.4
     Average Fully Diluted
        Shares Outstanding       $125.9     $125.6

Akorn on Jan. 14 also announced that the company received a
positive listing determination from the Listing Qualifications
Panel of The Nasdaq Stock Market. The Panel granted Akorn's request
for an extension to regain compliance with Nasdaq's filing
requirement, through May 9, 2016, which is the full extent of the
Panel's discretion in this matter. It remains Akorn's goal to file
the necessary periodic reports with the Securities and Exchange
Commission by the May 9, 2016 Nasdaq deadline. The Panel also
granted Akorn an extension to satisfy proxy solicitation and annual
meeting requirements through July 5, 2016. Akorn plans to hold a
combined annual meeting for the fiscal years ended 2014 and 2015
promptly following the filing of all necessary periodic reports
with the SEC.

Lake Forest, Illinois-based Akorn, Inc. (Nasdaq:AKRX) --
http://www.akorn.com/-- is a specialty generic pharmaceutical
company engaged in the development, manufacture and marketing of
multisource and branded pharmaceuticals. Akorn has manufacturing
facilities located in Decatur, Illinois; Somerset, New Jersey;
Amityville, New York; Hettlingen, Switzerland and Paonta Sahib,
India where the Company manufactures ophthalmic, injectable and
specialty sterile and non-sterile pharmaceuticals.


ALLIANCE ONE: Reports Progress of Unit's A/R Investigation
----------------------------------------------------------
Alliance One International, Inc., announced that it has made
significant progress in the investigation previously disclosed on
Nov. 7, 2015, related to discrepancies in accounts receivable and
inventory of Alliance One Tobacco (Kenya) Limited, discovered in
the course of implementing current global restructuring and
cost-saving initiatives.  Moving forward, AOI will not source
Kenyan leaf tobacco, but will continue to process Ugandan tobacco
in a third party Kenyan facility.  Additionally, as previously
reported, independent counsel and forensic accountants are
assisting AOI in efforts to establish the nature and timing of the
acts that caused the discrepancies and to identify responsible
parties.

In conjunction with the investigation, enhanced procedures have
been undertaken at selected origins, including, among others,
additional inventory counts, third party account receivable
verifications, and analytical procedures on fluctuations of other
accounts, to determine whether issues similar to those discovered
in Kenya exist elsewhere within AOI’s global footprint.  This
work is nearing completion and thus far has not caused the Company
to alter its previously disclosed belief that the reported
discrepancies are unique to the Kenyan operation.

Based on current information, AOI estimates the total amount of the
discrepancies in Kenya to be just under $50 million at
Sept. 30, 2015, with approximately $3 million related to accounts
receivable and approximately $47 million related primarily to
inventory.  Preliminary Sept. 30, 2015, results, after giving
effect to the discrepancies, estimate total AOI accounts receivable
and inventory at approximately $258 million and $965 million,
respectively.  The investigation is currently working to conclude a
"roll-back" of the Sept. 30, 2015, balance sheet to prior periods
that will be utilized to help assess the magnitude of any effect on
previously issued consolidated financial statements.

AOI currently anticipates fiscal 2016 sales to be in a range of
$1,930 million to $1,980 million.  Sales are being impacted by a
stronger US dollar this year versus last year and this impact is
expected to be partially offset by increased full service volume.
AOI also projects improved operating income versus last year in a
range of $115 million to $130 million with adjusted EBITDA similar
to the prior year that includes increased equity in net income of
investees.  These full year projections are before giving effect to
any adjustments that may be required related to the discrepancies
in Kenya.

In light of the additional time required to finalize the
investigation, assess the magnitude of any effect on prior periods
and deliver current financials, and for AOI's independent auditors
to complete the external audit process, AOI intends to file a Form
12b-25 (Notification of Late Filing) with the Securities and
Exchange Commission for the Fiscal 2016 Third Quarter Form 10-Q,
and will make the quarterly filing as soon as possible.  AOI does
not believe the Third Quarter Form 10-Q will be filed within the
four business day extension period afforded by section 12b-25.

A conference call was held, Feb. 5, 2016.

                        About Alliance One

Alliance One International is a leading global independent leaf
merchant.  Visit the Company's Web site at http://www.aointl.com/


Alliance One reported a net loss of $15.6 million on $2.10 billion
of sales and other operating revenues for the year ended March 31,
2015, compared to a net loss of $87 million on $2.3 billion of
sales and other operating revenues for the year ended March 31,
2014.

                            *    *    *

As reported by the TCR on Feb. 12, 2015, Moody's Investor Service
downgraded the Corporate Family Rating of Alliance One
International, Inc. (AOI) to Caa1 from B3.  The downgrade of AOI's
CFR to Caa1 reflects Moody's expectation that credit metrics will
remain weak over the next 12 - 18 months.

The TCR reported on April 13, 2015, that Standard & Poor's Ratings
Services lowered its corporate credit rating on Morrisville,
N.C.-based Alliance One International Inc. to 'CCC+' from 'B-'.


ALLIED NEVADA: Court Allows $142K in Fees for Susman & Godfrey
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware awarded
interim allowance of $141,970 to Susman Godfrey, L.L.P., for
services rendered as lead counsel to the Official Committee of
Equity Security Holders appointed in the Chapter 11 cases of Allied
Nevada Gold Corp., and $4,564 for expenses incurred in the
performance of task as co-counsel to the Equity Committee incurred
for the period of April 14, 2015 until May 27, 2015.

On Dec. 18, Gregory Taylor, Esq., at Ashby & Geddes, P.A.,
submitted a certification stating that the Court advised the Debtor
to submit a revised proposed forms of order under certication of
counsel providing for the approval of fees expenses sought in the
application on an interim basis.  Mr. Taylor noted that the Court
revised the proposed order.

Susman Godfrey is expected to:

  -- advise the Equity Committee in connection with its powers and
duties under the Bankruptcy Code, the Bankruptcy Rules, and the
Local Rules;

  -- assist and advise the Equity Committee in its consultation
     with the Debtors relative the administration of these cases;

  -- attend meetings and negotiate with the representative of the
     Debtors and other parties in interest;

  -- assist and advise the Equity Committee in its examination and

     analysis of the conduct of the Debtor's affairs;

  -- assist and advise the Equity Committee in connection with any

     sale of the Debtors' assets pursuant to Section 363 of the
     Bankruptcy Code;

  -- assist the Equity Committee in the review, analysis, and
     negotiation of any chapter 11 plan( s) of reorganization or
     liquidation that may be filed and assist the Equity Committee

     in the review, analysis, and negotiation of the disclosure
     statement(s) accompanying any such plan(s);

  -- take all necessary action to protect and preserve the
     interests of the Equity Committee, including (i) possible
     prosecution of actions on its behalf; (ii) if appropriate,
     negotiations concerning all litigation in which the Debtors
     are involved; and (iii) if appropriate, review and analysis
     of the claims filed against the Debtors' estates;

  -- generally prepare on behalf of the Equity Committee all
     necessary motions, applications, answers, orders, reports,
     and papers in support of positions taken by the Equity
     Committee;

  -- appear, as appropriate, before this Court, the Appellate
     Courts, and the United States Trustee, and protect the
     interests of the Equity Committee before those courts and
     before the United States Trustee; and

  -- perform all other necessary legal services in these cases.

Susman Godfrey will be paid at these hourly rates:

       Terrel W. Oxford                $900
       Shawn Rabin                     $650
       Edgar G. Sargent                $550
       Tamar Lusztig                   $325
       Rodney Shanks                   $250
       Partners                        $500-$2,000
       Associates                      $325-$500
       Paraprofessionals               $80-$270

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

Edgar G. Sargent, partner of Susman Godfrey, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

                      About Allied Nevada

Allied Nevada Gold Corp. ("ANV"), a Delaware corporation, is a
publicly traded U.S.-based gold and silver producer engaged in
mining, developing and exploring properties in the State of
Nevada.

ANV was spun off from Vista Gold Corp. in 2006 and began
Operations in May 2007.  Nevada-based mining properties acquired
from Vista include the Hycroft Mine, an open-pit heap leach
operation located 54 miles west of Winnemucca, Nevada.  ANV
controls 75 exploration properties throughout Nevada as of
Dec. 31, 2014.

On March 10, 2015, ANV and 13 affiliated debtors each filed a
voluntary petition for relief under Chapter 11 of the U.S.
Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware.  The cases are jointly administered under
Lead Case No. 15-10503.  The cases are assigned to Judge Mary F.
Walrath.

The Debtors have tapped Blank Rome LLP and Akin Gump Strauss Hauer
& Feld LLP as attorneys; FTI Consulting Inc. as financial advisor;
Moelis & Company as financial advisor; and Prime Clerk LLC as
claims and noticing agent.

ANV disclosed $941 million in total assets and $664 million in
total debt as of Dec. 31, 2014.

BankruptcyData reported that Allied Nevada Gold's Amended Joint
Chapter 11 Plan of Reorganization became effective and the Company
emerged from Chapter 11 protection.

The Court confirmed the Plan on Oct. 8, 2015.  Highlights of the
Plan include the following: As a result of the financial
restructuring, the Company eliminated approximately $447.7 million
of debt and related interest payments from its balance sheet.  The
Company closed two financings: a $126.7 million first lien term
loan credit agreement and $95 million of second lien convertible
notes.  The credit agreement proceeds were used to repay the
Company's outstanding loan obligations related to its revolving
credit agreement and the amounts owed under the Company's diesel
and cross-currency swap arrangements.


ALPHA NATURAL: Court Approves Settlement with West Virginia
-----------------------------------------------------------
In a Memorandum Opinion dated January 20, 2016, which is available
at http://is.gd/FPLbL1from Leagle.com, Judge Kevin R. Huennekens
of the United States Bankruptcy Court for the Eastern District of
Virginia, Richmond Division, overruled the objection of the U.S.
Government, on behalf of certain environmental agencies, and
granted Alpha Natural Resources, Inc.'s motion for approval of a
compromise with the state of West Virginia involving certain
bonding obligations that the Debtors have under the West Virginia
Surface Mining and Reclamation Act.

The Sierra Club, the West Virginia Highlands Conservancy, and the
Ohio Valley Environmental Coalition filed an objection to the
Motion on the grounds that the West Virginia Settlement violated
certain provisions of West Virginia and federal law.  The United
States Department of Interior, Office of Surface Mining Reclamation
and Enforcement on behalf of the United States of America, filed a
reservation of rights but did not object to the Motion or the terms
of the West Virginia Settlement.

As clearly set forth on the record at the Hearing, nothing in the
Settlement Order precludes OSM from raising violations of SMCRA or
other federal regulations at any time going forward in this
bankruptcy case, Judge Huennekens ruled.  It is simply not for this
Court to raise the prospect of any of those violations.  Under
these circumstances, and given that no party with a real pecuniary
interest has raised an objection, the Court approved the West
Virginia Settlement.

The case is IN RE: ALPHA NATURAL RESOURCES INC., et al., Chapter
11, Debtors, Case No. 15-33896-KRH, (Jointly Administered)(Bankr.
E.D. Va.).

Alpha Natural Resources, Inc., Debtor, represented by Carl E.
Black, Esq. -- ceblack@jonesday.com -- Jones Day, Tyler P. Brown,
Esq. -- tpbrown@hunton.com -- Hunton & Williams, Shannon Eileen
Daily, Esq. – sedaily@hunton.com --Hunton & Williams LLP, Jeffrey
B Ellman, Esq. – jbellman@jonesday.com -- Jones Day, Robert W.
Hamilton, Esq. – rwhamilton@jonesday.com -- Jones Day, David G
Heiman, Esq. -- dgheiman@jonesday.com -- Jones Day, Henry Pollard
Long, III, Esq. -- hlong@hunton.com -- Hunton & Williams, LLP,
Justin F. Paget, Esq. – jfpaget@hunton.com -- Hunton & Williams
LLP, Thomas A. Wilson, Esq. -- tawilson@jonesday.com -- Jones Day.

                       About Alpha Natural

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

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

Judge Kevin R. Huennekens presides over the case.

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

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

The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural Resources Inc. to serve on the official committee of
unsecured creditors.  Dennis F. Dunne, Esq., Evan R. Fleck, Esq.,
and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP;
and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M.
Terry, Jr., Esq. at Sands Anderson PC, represent the Committee.


AMERICAN HOUSING: Citi's Bid to Dismiss Suit Partially Granted
--------------------------------------------------------------
Defendants CitiGroup Global Markets, Inc., and CitiBank, N.A., seek
dismissal of Plaintiff/Trustee Walter O'Cheskey's Second Amended
Complaint contending that a newly alleged and late-filed fraudulent
obligation claim cannot relate back to the Trustee's original
complaint, and that the claims of actual fraudulent transfers and
obligations do not meet the heightened pleading standards of Rule
9(b) of the Federal Rules of Civil Procedure.  The Trustee disputes
both charges.

In a Memorandum Opinion dated December 31, 2015, which is available
at http://is.gd/2I7xdFfrom Leagle.com. Judge Robert L. Jones of
the United States Bankruptcy Court for the Northern District of
Texas, Amarillo Division, granted Citi's motion in part and denied
in part.

The court dismissed with prejudice the amended claim under the
Texas Uniform Fraudulent Transfer Act for a fraudulent obligation
arising from the Capmark Application as it does not relate back
therefore untimely.  Citi's 9(b) motion to dismiss the claims of
actual fraudulent transfers and all other relief requested are
denied.

The adversary proceeding is Walter O'Cheskey, Trustee of the AHF
Liquidating Trust, Plaintiff, v. CitiGroup Global Markets, Inc. and
CitiBank, N.A., Defendants, Adversary No. 11-02103 (Bankr. N.D.
Tex.).

The bankruptcy case is In re: American Housing Foundation, Debtor,
No. 09-20232-RLJ (Bankr. N.D. Tex.).

Walter OCheskey, Liquidating Trustee, Plaintiff, is represented by
Stephen A. McCartin, Esq. -- smccartin@gardere.com -- Gardere Wynne
Sewell LLP, Max Ralph Tarbox, Esq. -- Tarbox Law, P.C..

CitiGroup Global Markets, Inc., Defendant, is represented by Karl
Burrer, Esq. --  karl.burrer@haynesboone.com -- Haynes and Boone,
LLP, Autumn D. Highsmith, Esq. --  autumn.highsmith@haynesboone.com
-- Haynes & Boone, LLP, John C. Middleton, Esq. --
john.middleton@haynesboone.com --  Haynes and Boone, LLP, Jarom
Joseph Yates, Esq. --  jarom.yates@haynesboone.com --  Haynes and
Boone, LLP.

Phoenix-based American Housing Income Trust, Inc. (AHIT) is a
managed real estate investment company focused on the acquisition
and management of single-family properties in select communities
nationwide.  The company aims to acquire, restore, lease and
manage
single-family homes as well-maintained investment properties to
generate attractive risk-adjusted returns over the long-term.


ANA MARIE SANDERS: Bid for Stay Pending Appeal Denied
-----------------------------------------------------
In an Order dated January 21, 2016, which is available at
http://is.gd/8BALLLfrom Leagle.com, Judge John K. Olson of the
United States Bankruptcy Court for the Southern District of
Florida, Fort Lauderdale Division, denied Anna Marie Sanders'
Motion for Stay pending Appeal because the Debtor has failed to
show a likelihood of success on the merits of the appeals or to
satisfy any of the other standards which govern motions for stay
pending appeal.

The case is In re: Anna Marie Sanders, Chapter 11, Debtor, Case No.
13-11065-JKO (Bankr. S.D. Fla.).

Anna Maria Sanders, Debtor, is represented by Douglas C Broeker,
Esq. -- Law Offices of Sweetapple Broeker & Varkas , Tina M.
Talarchyk, Esq Anna Marie Sanders. -- tmt@palmbeachbk11.com --  The
Talarchyk Firm.


ANACOR PHARMACEUTICALS: Promotes Ryan Sullivan to EVP
-----------------------------------------------------
Ryan T. Sullivan, the general counsel and secretary of Anacor
Pharmaceuticals, Inc., was promoted from senior vice president to
executive vice president, according to a Form 8-K document filed
with the Securities and Exchange Commission.  

In connection with Mr. Sullivan's promotion, his annual base salary
was increased to $425,000 and his 2016 cash incentive bonus target
under the Company's cash incentive bonus plan was set at 50% of his
annual base salary, in each case, effective as of
Jan. 1, 2016.  In addition, on Feb. 3, 2016, Mr. Sullivan received
a long-term equity incentive award in respect of his promotion and
his grant under the Company's annual equity award program comprised
of 31,623 time-based stock options, 6,250 time-based restricted
stock units and 6,250 performance-based restricted stock units.

                     About Anacor Pharmaceuticals

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

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

As of Sept. 30, 2015, the Company had $188 million in total
assets, $128 million in total liabilities, $4.95 million in
redeemable common stock and $55.8 million in total stockholders'
equity.


ASPEN GROUP: Leon Cooperman Holds 9.3% Stake as of Dec. 31
----------------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Leon G. Cooperman disclosed that as of Dec.
31, 2015, he beneficially owns 12,000,000 shares of common stock of
Aspen Group, Inc., representing 9.3 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/wPemaT

                      About Aspen Group

Denver, Colo.-based Aspen Group, Inc., was founded in Colorado in
1987 as the International School of Information Management.  On
Sept. 30, 2004, it was acquired by Higher Education Management
Group, Inc., and changed its name to Aspen University Inc.  On
May 13, 2011, the Company formed in Colorado a subsidiary, Aspen
University Marketing, LLC, which is currently inactive.  On
March 13, 2012, the Company was recapitalized in a reverse merger.

Aspen's mission is to become an institution of choice for adult
learners by offering cost-effective, comprehensive, and relevant
online education.  Approximately 88 percent of the Company's
degree-seeking students (as of June 30, 2012) were enrolled in
graduate degree programs (Master or Doctorate degree program).
Since 1993, the Company has been nationally accredited by the
Distance Education and Training Council, a national accrediting
agency recognized by the U.S. Department of Education.

Aspen Group reported a net loss of $4.2 million on $5.2 million of
revenues for the year ended April 30, 2015, compared to a net loss
of $5.3 million on $3.9 million of revenues for the year ended
April 30, 2014.

As of Oct. 31, 2015, the Company had $5.25 million in total assets,
$3.93 million in total liabilities and $1.31 million in total
stockholders' equity.


AUBURN TRACE: Apartment Complex Sold for $11.3MM via Straight Sale
------------------------------------------------------------------
Auburn Trace, Ltd., sold its 256-unit multifamily apartment complex
located at 625 Auburn Circle W., Delray Beach, Florida, to 4114 S.
Auburn, LLC, Blue Rock Auburn, LLC and Blue Stone Auburn, LLC, for
the sum of $11,300,000 pursuant to a sale contract.

The Debtor's proposal to conduct a straight sale instead of by
auction was approved.

The Debtor said a sale by auction would result in a lower final
purchase price.  As it relates to this particular Real Property,
any prospective purchaser of same would first have to get Florida
Housing approval, which take time and is required per the Land Use
Restriction Agreement and Florida Housing would not approve the
potential bidders prior to the sale.  This required process would
make an auction very difficult because there would be no time for
the buyer to get approved, which would result in a contingency
giving the prospective buyer an "out".  Additionally, the new
management company would need to be approved.  The Real Property
also has physical issues and most prospective purchasers may want
to have time to assess them. If not, it may impact the amount they
would want to bid as an inspection period is not feasible with an
auction. Lastly, even if there were not approvals required, the
Debtor anticipates that an auction would ultimately net less
dollars since this is a very unique asset with untypical long term
(45 year) income and rent restrictions, which significantly lowers
the pool of prospective buyers.

The Debtor also stated that the $11,300,000 purchase price exceeds
the valuation of the Real Property as estimated in the Debtor's
Schedules.  

The sale order was effective upon the Court's Jan. 15, 2016 order
confirming its Liquidating Plan.

The Debtor anticipates that the sale proceeds from the sale of the
Real Property will be sufficient to satisfy the current unpaid real
estate taxes on the Real Property, the secured claims of the City
of Delray Beach based on the resolution reached between the Debtor
and DB as provided in the Joint Liquidating Plan, the secured claim
of the Small Business Administrator, and the allowed non-insider
unsecured claims.

                        About Auburn Trace

Auburn Trace Ltd. is a Florida limited partnership that owns and
operates a restricted rental housing complex located in Delray
Beach, Florida that provides affordable housing to low-income
residents along with a freestanding commercial space.  It owns the
real property located at 625 Auburn Circle W., Delray Beach,
Florida 33444.  The value of the real property is estimated to be
in the range of $9,300,000 to $10,700,000 based on the values of
several appraisals.

Auburn Trace filed a Chapter 11 bankruptcy petition (Bank. S.D.
Fla. Case No. 15-10317) on Jan. 7, 2015.  The petition was signed
by Brian J. Hinners, the president.  The case is assigned to Judge
Paul G. Hyman, Jr.

The Debtor disclosed $9.61 million in assets and $9.54 million in
liabilities as of the Chapter 11 filing.  

The Debtor tapped Shraiberg, Ferrara & Landau, P.A., as bankruptcy
counsel.  The Debtor also won approval to hire the Law Offices of
Lowenhaupt & Sawyers as special eviction litigation counsel, and
Kenneth Dennison, CPA and Dauby, O'Connor & Zeleski, LLC, as
accountant.  Pursuant to the terms of a settlement with Delray
Beach, the Debtor in October 2015 sought approval to employ Evan P.
Kristol and Marcus & Millichap, Inc. as exclusive brokerage agent
to sell the Debtor's real property.

The U.S. Trustee notified the U.S. Bankruptcy Court that until
further notice, it will not appoint a committee of creditors.

The Bankruptcy Court established May 11, 2015 as the general claims
bar date and July 6, 2015 as the deadline for governmental unit
claimants to file proofs of claims.


AUBURN TRACE: Delray Beach-Backed Liquidating Plan Confirmed
------------------------------------------------------------
Judge Paul G. Hyman, Jr., in January 2016 confirmed the Joint
Chapter 11 Plan of Liquidation proposed by debtor Auburn Trace,
Ltd., and joined by secured creditor The City of Delray Beach.

The Plan contemplates the payment of secured creditors and
non-insider unsecured creditors in full from cash on hand of
$400,000 and from the $11,300,000 in proceeds of the sale of the
Debtor's real property.

The City of Delray Beach objected to the original iteration of the
Chapter 11 Plan, which contemplated a reorganization of the Debtor,
but later agreed to back the Debtor's Chapter 11 plan following
negotiations and the filing of the Debtor of a liquidating plan.

                           Plan Timeline

The Debtor, which owned a 256-unit multifamily apartment complex
located at 625 Auburn Circle W., Delray Beach, Florida, in April
2015 filed the proposed Plan of Reorganization.  The Debtor sought
approval of a confidential settlement that provides for the
partnership Village at Delray, Ltd., to pay withdrawn general
partner Village at Delray GP, LLC, $1,075,000 to resolve the civil
action filed in the Fifteenth Judicial Circuit in and for Palm
Beach County, Florida styled as follows: Auburn Development, LLC v.
Village at Delray, Ltd., Case No. 2014-CA 008414-AA2.  Delray Beach
opposed approval of the Plan and the settlement.

On Sept. 1, 2015, the Court conducted an initial hearing on DB's
motion to appoint a Chapter 11 trustee and to consider confirmation
of the Debtor's Plan.

Subsequently, after extensive negotiations, the Debtor and DB
reached an agreement that required DB to withdraw its Settlement
Objection and the Trustee Motion.

The Debtor on Dec. 2, 2016, filed a Liquidating Plan.  The
Liquidating Plan is a resolution of a dispute as to whether the
$1,075,000 in settlement proceeds to be paid to Village at Delray
GP, LLC, is an intercompany receivable of the Debtor. The Debtor
believes it is not Property of the Estate and DB believes that it
is.  Through the liquidating Plan, the Debtor agreed to liquidate
its property instead of pursuing the traditional reorganization
plan.  In exchange for the Debtor's agreement to liquidate its
property, the Confirmation Order shall include a finding that the
$1,075,000 in settlement proceeds is not Property of the Estate.

While there had been a dispute whether the $1,075,000 in settlement
proceeds was an Asset of the Debtor's estate, the Debtor believes
it is not, and pursuant to the agreement reached with DB, upon
Confirmation of the Plan, the $1,075,000 in settlement proceeds may
be released to Auburn Development, LLC and will not be deemed an
asset of the Debtor's bankruptcy estate. This provision is in
effect regardless of the sale price received from the sale of the
Real Property.

On Nov. 23, 2015, the Debtor filed a motion to approve the sale of
the Debtor's Real Property to 4114 S. Auburn, LLC, Blue Rock
Auburn, LLC and Blue Stone Auburn, LLC, for the sum of $11,300,000
-- Purchase Price -- pursuant to a sale contract.

Judge Hyman on Dec. 23, 2015, granted conditional approval of the
Disclosure Statement and scheduled a Jan. 13 hearing to consider
final approval of the Disclosure Statement and confirmation of the
Liquidating Plan.  The judge also set a Jan. 6 deadline for ballots
and a Jan. 8 deadline for confirmation objections.

The City of Delray Beach submitted ballots on account of its
allowed secured claim as it relates to the first position mortgage
(Class 2) and its secured claim on account of the second position
mortgage (Class 3).  DB, the only creditor who submitted ballots,
voted to accept the Plan.

A copy of the Jan. 15, 2016, order confirming the Plan is available
for free at:

    http://bankrupt.com/misc/Auburn_Trace_215_Plan_Ord.pdf

                       The Liquidating Plan

The Debtor anticipates that the sale proceeds from the sale of the
Real Property will be sufficient to satisfy the current unpaid real
estate taxes on the Real Property, the secured claims of DB based
on the resolution reached between the Debtor and DB as provided in
the Joint Liquidating Plan, the secured claim of the Small Business
Administrator, and the allowed non-insider unsecured claims.

The Plan specifically provides:

    -- The administrative claims of Shraiberg, Ferrara & Landau,
P.A., estimated $65,000 and the U.S. Trustee fees estimated
$13,000, and the Florida Department of Revenue's claim of $368 will
be paid in full from the sale proceeds.

   -- Holders of allowed secured tax claims estimated $331,934
(Class 1) will be paid 100% of the allowed amount upon closing from
the sale proceeds.

   -- DB, which holds a secured claim of $5.1 million as it relates
to the first position mortgage (Class 2) and an allowed secured
claim of $4.3 million as it relates to the second position mortgage
(Class 3), will receive a minimum payment of $9,050,000 from the
sale.  Until paid in full, DB will receive 50% of the net proceeds
of the sale over and above $9,050,000 and any and all other
Property of the Estate, until the claims have been paid in full
including all default interest due, plus, attorney fees, costs and
penalties as allowed by the loan documents that continues to
accrue.

   -- The allowed secured claim of U.S. Small Business
Administration of $206,744 (Class 4) will be paid up to the allowed
amount of its claim from the 50% DB Payment.  "50% DB Payment" will
mean 50% of any remaining net sale proceeds paid to the estate
after DB receives $9,050,000.

   -- Allowed general unsecured claims and general undersecured
claims estimated at $35,982 (Class 5) will be paid up to the
allowed amount of their allowed claims from the 50% DB Payment.
Florida Affordable Housing, Inc. and Auburn Group Company, LLC
agreed to subordinate their claims estimated at $562,967.  In the
event the Class 5 claims are paid in full, the remaining cash on
hand plus the remaining net sale proceeds will be split equally
between (i) DB; and (ii) the insider claimholders of Auburn Group
Company and Florida Affordable Housing until these insider claims
are have been paid in full.

   -- In the event of the holders of allowed claims have been paid
in full, holders of allowed equity interests (Class 6) will be paid
from the 50% DB Payment.

The Plan Confirmation Order provides that the Debtor and DB shall
escrow the sum of $109,154 until further ruling from the Court on
the reasonableness of the Iberia Bank's prepetition attorneys' and
appraiser fees, unless the parties agree in writing to any or all
of the fees being released without any further Court adjudication.

A copy of the Disclosure Statement dated Dec. 2, 2015, is available
for free at:

        http://bankrupt.com/misc/Auburn_Trace_192_DS.pdf

Attorneys for the Debtor:

         SHRAIBERG, FERRARA & LANDAU, P.A.
         Bradley S. Shraiberg, Esq.
         2385 NW Executive Center Drive, #300
         Boca Raton, FL 33431
         Tel.: 561-443-0800/Facsimile: 561-998-0047
         E-mail: bshraiberg@sfl-pa.com

                           *     *     *

The Court will conduct a status conference on March 22, 2016 at
9:30 a.m., at the United States Bankruptcy Courthouse, Flagler
Waterview Building, 1515 North Flagler Drive, 8th Floor, Courtroom
A, West Palm Beach, Florida 33401.

                        About Auburn Trace

Auburn Trace Ltd. is a Florida limited partnership that owns and
operates a restricted rental housing complex located in Delray
Beach, Florida that provides affordable housing to low-income
residents along with a freestanding commercial space.  It owns the
real property located at 625 Auburn Circle W., Delray Beach,
Florida 33444.  The value of the real property is estimated to be
in the range of $9,300,000 to $10,700,000 based on the values of
several appraisals.

Auburn Trace filed a Chapter 11 bankruptcy petition (Bank. S.D.
Fla. Case No. 15-10317) on Jan. 7, 2015.  The petition was signed
by Brian J. Hinners, the president.  The case is assigned to Judge
Paul G. Hyman, Jr.

The Debtor disclosed $9.61 million in assets and $9.54 million in
liabilities as of the Chapter 11 filing.  

The Debtor tapped Shraiberg, Ferrara & Landau, P.A., as bankruptcy
counsel.  The Debtor also won approval to hire the Law Offices of
Lowenhaupt & Sawyers as special eviction litigation counsel, and
Kenneth Dennison, CPA and Dauby, O'Connor & Zeleski, LLC, as
accountant.  Pursuant to the terms of a settlement with Delray
Beach, the Debtor in October 2015 sought approval to employ Evan P.
Kristol and Marcus & Millichap, Inc. as exclusive brokerage agent
to sell the Debtor's real property.

The U.S. Trustee notified the U.S. Bankruptcy Court that until
further notice, it will not appoint a committee of creditors.

The Bankruptcy Court established May 11, 2015 as the general claims
bar date and July 6, 2015 as the deadline for governmental unit
claimants to file proofs of claims.


AVANTAIR INC: KCG Americas Reports 6.1% Stake as of Dec. 31
-----------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, KCG Americas LLC disclosed that as of Dec. 31, 2015, it
beneficially owns 2,509,052 shares of common stock of
Avantair, Inc., representing 6.13 percent based on the outstanding
shares reported on the Issuer's 10-Q filed with the SEC for the
period ending March 31, 2013.  A copy of the regulatory filing is
available for free at http://is.gd/5OIFYN

                         About Avantair Inc.

Headquartered in Clearwater, Fla., Avantair, Inc. (OTC BB: AAIR)
-- http://www.avantair.com/-- sells fractional ownership
interests in, and flight hour card usage of, professionally
piloted aircraft for personal and business use, and the management
of its aircraft fleet.  According to AvData, Avantair is the fifth
largest company in the North American fractional aircraft
industry.

Avantair also operates fixed flight based operations (FBO) in
Camarillo, California and in Caldwell, New Jersey.  Through these
FBOs and its headquarters in Clearwater, Florida, Avantair
provides aircraft maintenance, concierge and other services to its
customers as well as to the Avantair fleet.

For the nine months ended March 31, 2013, the Company incurred a
net loss attributable to common stockholders of $11.56 million on
$113.02 million of total operating revenue, as compared with a net
loss attributable to common stockholders of $5.43 million on
$131.51 million of total operating revenue for the same period a
year ago.

As of March 31, 2013, the Company had $78.25 million in total
assets, $125.11 million in total liabilities, $14.86 million in
series A convertible preferred stock, and a $61.72 million total
stockholders' deficit.

"If we cannot generate the required revenues and gross margin to
achieve profitability or obtain additional capital on acceptable
terms, we will need to substantially revise our business plan in
order to continue operations and an investor could suffer the loss
of a significant portion or all of his investment in our Company.
The factors described herein raise substantial doubt about our
ability to continue as a going concern," according to the
Company's quarterly report for the period ended March 31, 2013.

As reported by the TCR on Aug. 2, 2013, certain creditors of
Avantair filed on July 25, 2013, an involuntary petition in the
United States Bankruptcy Court, Middle District of Florida,
pursuant to Chapter 7 of Title 11 of the United States Code.


BEAZER HOMES: Posts $999,000 Net Income for First Quarter
---------------------------------------------------------
Beazer Homes USA, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
of $999,000 on $344.44 million of total revenue for the three
months ended Dec. 31, 2015, compared to a net loss of $22.34
million on $265.76 million of total revenue for the same period in
2014.

As of Dec. 31, 2015, Beazer Homes had $2.33 billion in total
assets, $1.70 billion in total liabilities and $632.97 million in
total stockholders' equity.

As of Dec. 31, 2015, the Company's liquidity position consisted
of:

  * $144.9 million in cash and cash equivalents;

  * $116.4 million of remaining capacity under the Facility (due
    to the use of the Facility to secure $28.6 million in letters
    of credit); and

  * $39.4 million of restricted cash, $22.4 million of which
    related to its cash secured loans.

"We are pleased with our fiscal first quarter results, as our focus
on operational improvements allowed us to generate strong top line
growth from a combination of more closings and a higher average
selling price, and substantially improved profitability," said
Allan Merrill, CEO of Beazer Homes.

Mr. Merrill continued, "We're well positioned heading into the
spring selling season, as demand patterns in January continue to
point to a steady housing recovery in the coming year.  At the same
time, we will take further steps to reduce our leverage, reflecting
our view that doing so will create long-term shareholder value."

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

                      http://is.gd/OyGrPh

                       About Beazer Homes

Beazer Homes USA, Inc. (NYSE: BZH) -- http://www.beazer.com/--
headquartered in Atlanta, is one of the country's 10 largest
single-family homebuilders with continuing operations in Arizona,
California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada,
New Jersey, New Mexico, North Carolina, Pennsylvania, South
Carolina, Tennessee, Texas, and Virginia.  Beazer Homes is listed
on the New York Stock Exchange under the ticker symbol "BZH."

                           *     *     *

Beazer carries a 'B-' issuer credit rating, with "negative"
outlook, from Standard & Poor's.

In June 2015, Moody's Investors Service upgraded Beazer Homes USA,
Inc.'s Corporate Family Rating to B3 from Caa1 and its Probability
of Default Rating to B3-PD from Caa1-PD.

As reported by the TCR on Sept. 4, 2015, Fitch Ratings had affirmed
the ratings of Beazer Homes USA, Inc. (NYSE: BZH), including the
company's Issuer Default Rating (IDR), at 'B-'.  Beazer's 'B-' IDR
reflects the company's execution of its business model in the
current moderately recovering housing environment, land policies,
and geographic diversity.


BG MEDICINE: Appoints Jeffrey Luber as Director
-----------------------------------------------
BG Medicine, Inc., disclosed in a Form 8-K report filed with the
Securities and Exchange Commission that Noubar Afeyan, Ph.D.
notified the Company he was resigning from the Company's Board of
Directors, effective as of Feb. 4, 2016.  The Company said Dr.
Afeyan did not communicate any disputes regarding the Company's
operations, policies or practices in connection with his
resignation, nor is the Company aware of any.

On Feb. 4, 2016, the Board appointed Jeffrey R. Luber, JD, MBA, to
join the Board to serve as a Class I director until the 2018 Annual
Meeting of Stockholders and until his successor has been duly
elected and qualified, or until his earlier resignation,
retirement, removal or death.  The Board also appointed Mr. Luber
to the Audit Committee.

There are no arrangements or understandings between the Company and
any other person pursuant to which Mr. Luber was selected as a
director, nor are there any transactions between Mr. Luber and the
Company in which he has a direct or indirect material interest that
the Company is required to report pursuant to the rules and
regulations of the Securities and Exchange Commission.

Jeffrey R. Luber, age 49, has more than 20 years of life sciences
experience, having served in lead business and legal roles in both
public and private companies.  Since July 2014, Mr. Luber has
served as vice president, Corporate Development and General Counsel
of Good Start Genetics, Inc., a molecular genetics information
company.  From August 2009 to July 2014, Mr. Luber served as vice
president, Corporate Development and General Counsel of SynapDx
Corp., a laboratory services company that he co-founded.  From
March 2008 to April 2009, Mr. Luber served as Chief Executive
Officer of EXACT Sciences Corp., a publicly-traded diagnostics
company, where he led its turnaround and recapitalization through a
strategic transaction with Genzyme Corp.  At EXACT Sciences Corp.,
Mr. Luber also served as its President from July 2007 to April
2009, Chief Financial Officer and Treasurer from April 2006 to July
2007 and General Counsel from November 2002 to July 2007.  Mr.
Luber previously served on the boards of directors of EXACT
Sciences Corp. and the Accelerated Cure Project for Multiple
Sclerosis.  He received his BS in Business Administration from
Southern Connecticut State University and his JD and MBA from
Suffolk University.

In consideration for his Board and Audit Committee service, on the
date of his appointment to the Board, Mr. Luber received a stock
option grant for 10,000 shares of the Company's common stock at an
exercise price of $0.29 per share, which was the closing price of
the common stock on the grant date.

                         About BG Medicine

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

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

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

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


BIG RIVERS: Fitch Affirms 'BB' Rating on $83.3MM Revenue Bonds
--------------------------------------------------------------
Fitch Ratings affirms its 'BB' rating on these bonds issued by Big
Rivers Electric Corporation:

   -- $83.3 million County of Ohio pollution control revenue bonds

      series 2010A.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by a mortgage lien on substantially all of
the Big Rivers' owned tangible assets, which include the revenue
generated from the wholesale sale and transmission of electricity.


KEY RATING DRIVERS

OUTLOOK REMAINS STABLE: The Stable Outlook reflects the beneficial
results of Big Rivers' mitigation plan, which was put in place
following the termination of power supply contracts with two large
aluminum smelters.  Cost reductions, idling of generation, rate
increases, and off-system sales and use of reserve funds have
combined to provide improved financial stability.

IMPORTANCE OF WHOLESALE MARKET SALES: While termination of the
smelter agreements has eliminated exposure to volatile smelter
sales, it leaves Big Rivers with a significant amount of surplus
power for sale.  A level of success has been achieved in marketing
this power both on a contract basis and into the Midcontinent ISO
(MISO) spot market, but short-term sales expose the cooperative to
greater risk.  Big Rivers is aggressively pursuing other contract
sales opportunities.

SUPPORTIVE REGULATION: Big Rivers and its three member systems are
rate regulated by the Kentucky Public Service Commission (KPSC).
Rate increases and supportive regulatory policies, in conjunction
with the cooperative's mitigation plan, should allow Big Rivers to
meet its near-term financial goals.

ADEQUATE LIQUIDITY: Unrestricted cash and equivalents totaled about
$50 million at year-end 2015.  Higher cash balances are expected in
2016 and longer term, unrestricted balances are expected to be in
excess of $60 million.  A $130 million senior secured credit
agreement provides added liquidity.

RATING SENSITIVITIES

ADDITIONAL CONTRACT SALES: Increasingly positive results brought
about by Big Rivers Electric Corporation's mitigation plan,
particularly additional longer-term capacity contract sales, could
result in a credit upgrade.

LESS FAVORABLE REGULATORY SUPPORT: A reversal of supportive
regulatory policy by the Kentucky Public Service Commission, in the
wake of weaker energy sales or impediments to the mitigation plan
could adversely impact Big Rivers' financial position and its
rating.

CREDIT PROFILE

Big Rivers, a generation and transmission (G&T) cooperative,
provides all-requirements wholesale electric and transmission
service to three electric distribution cooperatives pursuant to
contracts through Dec. 31, 2043.  These distribution members
provide service to a total of about 114,000 retail customers
located in 22 western Kentucky counties.  Kenergy Corporation, the
largest of the three systems, previously served two large smelters
(approximately 65% of G&T revenues), prior to termination of these
contracts.  This has resulted in a change to Big Rivers' customer
profile which is now more residentially based.  Financial
performance of the three distribution systems is satisfactory and
provides adequate support.

System peak demand, net of smelter load, is now around 700
megawatts (MW), approximately half of historical demand.  Big
Rivers is working aggressively to market the excess power under
intermediate-term contracts and through spot sales in MISO.  Big
Rivers has implemented a mitigation plan with the goal of achieving
financial savings and benefits that would help lower member rates.
The cooperative's indenture and loan agreements require a margin
for interest ratio (MFIR) of at least 1.10x each year.

IDLING OF GENERATION

With the end of the smelter agreements, Big Rivers no longer has an
immediate market for power from the 443 MW coal-fired Coleman
Station, which began operation in 1969.  The plant has been idled
and the cooperative continues to evaluate the best use of this
facility.

Big Rivers has also considered idling Wilson Station (417 MW).
However, this more cost-efficient plant continues to operate, since
it affords greater operating flexibility and the ability to sell
power when demand is sufficient and pricing attractive. Excess
capacity and associated energy is sold under contract, through the
spot market or retained for future contracted sales.

RATE ADJUSTMENTS

With the loss of smelter load and revenue, Big Rivers needed to
increase its rates and modify its rate structure among its
remaining customers.  Following KPSC approved rate increases,
wholesale base rates (excluding smelters) now approximate $75 per
MWH.  By 2020, rates are forecast at about $80 per MWH, and
projected to remain fairly steady thereafter.  The large industrial
rate 'All-In' (net) for 2016 is estimated at $63.88 per MWH and for
2020 is estimated at $66.01.  Rural retail customers typically pay
about 3.5 cents per KWH in addition to the wholesale rate charged.

In 2009, concurrent with the unwinding of a generating asset lease
transaction between Big Rivers and E.ON U.S., the KPSC issued rate
orders designed to be sufficient to support the cooperative's
financial viability, including the establishment of several reserve
funds.  These funds will be fully utilized by mid-2016. Thus, Big
Rivers' financial forecast will no longer include these restricted
reserves.  Once the reserves are fully utilized, the average rural
rate is expected to be approximately 11.6 cents per KWH.
Management hopes to maintain member rate stability by crediting
future surplus revenues to member rates.

FINANCIAL FORECAST

Big Rivers' previous financial results were affected by a number of
unusual events, making it difficult to assess the cooperative's
normalized financial performance.  Fitch calculated debt service
coverage (DSC) was below 1x in calendar years 2012 and 2013,
reflecting termination of the smelter agreements, but improved in
2014 helped by implementation of the mitigation plan and enhanced
sales brought on by unusually cold weather.  Starting in 2016, when
restricted reserves are fully utilized and the impact of non-member
sales become clearer, a truer picture of the utility's financial
standing is likely.

Big Rivers' current financial forecast for 2015 through 2019
assumes total annual operating revenues of around $450 million and
annual net margins in excess of $12 million, including an amount of
hedged and non-hedged off-system sales.  This is forecasted to
produce a times interest earned ratio (TIER) of about 1.30x and DSC
in the area of 1.25x.  The KPSC previously authorized a TIER of
1.30x.  While Big Rivers believes rates now in place are sufficient
to sustain business operations and maintain reasonable financial
ratios, a comprehensive energy sales program remains an important
part of the cooperative's business model.

Unrestricted cash and equivalents totaled around $50 million at
year-end 2015.  On March 5, 2015, the cooperative closed on a new
three-year $130 million CFC-led syndicated credit facility.  The
expanded facility is designed to provide approximately $100 million
for normal operating requirements and $30 million to be used as a
bridge loan for environmental expenditures, pending RUS long-term
financing.


BION ENVIRONMENTAL: Incurs $797K Net Loss in Fiscal Q2
------------------------------------------------------
Bion Environmental Technologies, Inc., filed with the Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss of $796,869 on $0 of revenue for the three
months ended Dec. 31, 2015, compared to a net loss of $664,948 on
$0 of revenue for the same period in 2014.

For the six months ended Dec. 31, 2015, the Company reported a net
loss of $1.62 million on $0 of revenue compared to a net loss of
$1.37 million on $0 of revenue for the six months ended Dec. 31,
2014.

As of Dec. 31, 2015, Bion had $2.06 million in total assets, $13.64
million in total liabilities and a total deficit of $11.58
million.

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

                     http://is.gd/pTYOCy
  
                   About Bion Environmental

Bion Environmental Technologies Inc.'s patented and proprietary
technology provides a comprehensive environmental solution to a
significant source of pollution in US agriculture, large scale
livestock facilities known as Confined Animal Feeding Operations.
Bion's technology produces substantial reductions of nutrient
releases (primarily nitrogen and phosphorus) to both water and air
(including ammonia, which is subsequently re-deposited to the
ground) from livestock waste streams based upon the Company's
operations and research to date (and third party peer review).

Bion Environmental reported a net loss of $5.6 million on $3,658 of
revenue for the year ended June 30, 2015, compared to a net loss of
$5.8 million on $5,931 of revenue for the year ended
June 30, 2014.

GHP Horwath, P.C., in Denver, Colorado, issued a "going concern"
qualification on the consolidated financial statements for the year
ended June 30, 2015, citing that the Company has not generated
significant revenue and has suffered recurring losses from
operations.  These factors raise substantial doubt about its
ability to continue as a going concern.


BOOMERANG TUBE: Brown Rudnick Denied Fee Fight Costs in Ch. 11
--------------------------------------------------------------
Stewart Bishop at Bankruptcy Law360 reported that a Delaware
bankruptcy judge overseeing the Boomerang Tube LLC Chapter 11
proceedings on Jan. 29, 2016, refused to sign off on applications
from Brown Rudnick LLP and Morris Nichols Arsht & Tunnell LLP for
expenses incurred in defending their fees, saying the requested
awards aren't permissible under the Bankruptcy Code.

The law firms, as counsel to the official committee of unsecured
creditors in the bankruptcy oil and gas pipe maker Boomerang, had
made bids for attorneys' fees from the Debtors' estates.

                       About Boomerang Tube

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

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

The cases are assigned to Judge Mary F. Walrath.

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


BROADCOM CORP: S&P Lowers Unsecured Notes Rating to BB+ on Merger
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its issue
rating to 'BB+' from 'A-' on all of Broadcom Corp.'s unsecured
notes, consisting of four issues, and assigned the notes recovery
ratings of '3'.  At the same time, S&P removed these ratings from
CreditWatch, where they had been placed with negative implications
on May 28, 2015 following Avago Technologies Finance Pte. Ltd.'s
announcement that it would acquire Broadcom Corp.  Finally, S&P
withdrew the corporate credit rating on Broadcom Corp. as a result
of the merger and acquisition.

These actions follow Avago's recent 8-K filing indicating the
closing of the merger between Avago and Broadcom Corp. on Feb. 1,
2016 and the surviving ultimate parent, renamed Broadcom Ltd.  As a
result, S&P expects to maintain ratings on the modest remaining
stub principal of the legacy Broadcom unsecured notes totaling
about $140 million.  Because of the excessive secured debt that has
priority claims on the combined firm's assets, S&P expects limited
residual value available to Broadcom Corp.'s senior note holders,
leading to a recovery prospect of 50% to 70% (upper half of the
range).  In addition, S&P do not expect these legacy notes to
benefit from parental guarantees.  This has no impact on the 'BB+'
corporate credit rating on Avago (renamed Broadcom Ltd.) or on the
'BBB' issue rating and '1' recovery rating on Avago's senior
secured debt.

RATINGS LIST

Rating Withdrawn
                             To           From
Broadcom Corp.
Corporate credit rating     NR           A-/Watch Neg/--

Downgraded; CreditWatch Action; Recovery Rating Assigned
                             To           From
Broadcom Corp.
Unsec nts                   BB+          A-/Watch Neg
  Recovery rating            3H



BROOKLYN RENAISSANCE: Hires Auction Advisors to Sell 4 Locations
----------------------------------------------------------------
Brooklyn Renaissance, LLC seeks authorization from the Hon. Carla
E. Craig of the U.S. Bankruptcy Court for the Eastern District of
New York to employ Auction Advisors as real estate auctioneer for
the properties located at:

     (i) 300 Van Brunt Street, Brooklyn, New York,
    (ii) 98 Bridies Path, Water Mill, New York,
   (iii) 15 Deer Ridge Trail, Water Mill, New York, and
    (iv) 107 West 132nd Street, New York, New York.

The auctioneer shall undertake all services necessary to market the
Properties using a customized accelerated marketing program to
attract buyer inquiries, assure such inquiries become informed
bidders, develop rapport with such potential buyers, foster
competitive bidding among auction participants, and realize the
highest achievable sales price for the properties in a compressed
time period. The method of advertising is done over an anticipated
four week marketing program. Various methods of advertising will be
used including, but not limited to, display advertising, online
advertising, email notification and telemarketing.

The compensation to Auctioneer with respect to 300 Van Brunt is:

   (a) auctioneer will be entitled to a reimbursement for
       expenses up to $10,000, to be paid by Hamilton Van Brunt,
       LLC, a creditor in this case;

   (b) in the event 300 Van Brunt is sold to the Stalking Horse
       purchaser for the initial Stalking Horse Bid ($1,800,000),
       Auctioneer shall not receive any auctioneer fee (but shall
       be entitled to expense reimbursements of up to $10,000);
       and

   (c) in the event the 300 Van Brunt sells at auction, or
       otherwise outside of the Stalking Horse Agreement,
       Auctioneer shall either receive as its Auctioneer Fee the
       full amount of the Buyer's Premium payable by a buyer, or
       reduce its Auctioneer Fee by rebating a portion of the
       Buyer's Premium to Debtor in accordance with the following
       Schedule:

       -- for sales up to a $1.8 million Bid Amount/$1.98 Gross
          Amount - 1/2 of the Auctioneer Fee or Buyer's Premium
          would be rebated to Debtor. For example, a $1.8 million
          minimum Bid Amount would bring in a Gross Amount of
          $1.98 million, with a $180,000 Buyer's Premium being
          paid by buyer. Of the $180,000 Buyer's Premium,
          Auctioneer would keep $90,000 as its Auctioneer Fee and
          rebate the remaining $90,000 to the Debtor, who would
          then receive a total of $1,890,000 or $90,000 over the
          minimum bid.

       -- for sales above $1.8 million minimum Bid Amount up to
          sales of $1.9 million Bid Amount, Auctioneer would
          rebate 1/3 of the Buyer's Premium to Debtor. So for
          example, a $1.9 million bid would bring in a $2.09
          million Gross Amount and Auctioneer would rebate Debtor
          $63,333 of the Buyer's Premium to Debtor who would
          receive a total of $1,963,333 or $163,333 over the
          minimum bid.

       -- for sales at or over $1.9 million Bid Amount, Auction
          Advisors keeps whole Buyer's Premium.

With respect to 98 Bridies, 15 Deer Ridge, and 107 West 132nd
Street, the compensation to Auctioneer is summarized as:

   (a) Auctioneer may spend up to approximately $15,000 to cover
       the actual out-of-pocket costs and expenses incurred by
       Auctioneer in connection with the sale and marketing of
       the Properties and the conduct of an auction; provided,
       however, the Marketing Costs shall be reimbursed to
       Auctioneer upon Auctioneer submitting reasonable
       itemization/back-up of such Marketing Costs.

   (b) An Auctioneer Fee shall be due if a contract for the sale
       of a Property is executed at any time with an Auctioneer
       Buyer. An "Auctioneer Buyer" shall mean any potential
       purchaser, who directly or indirectly (x) was informed
       about the Property by the Auctioneer or through the
       efforts of Auctioneer and/or the marketing process, (y)
       was provided the materials prepared by Auctioneer or (z)
       participated in the auction or interacted with Auctioneer
       in connection with the sale and marketing of the Property.

   (c) An Auctioneer Fee with respect to the sale of a Property
       shall also be due and payable if a Property Sale Agreement
       for a Property is executed with any third party within 180
       days of the auction for a price that is lower than the
       highest amount: (x) submitted by a potential buyer at
       auction for such Property or (y) otherwise submitted by
       Auctioneer to for such Property.

   (d) The "Auctioneer Fee" is equal to 10% of the bid price
       before Buyer's Premium paid by the buyer. Such Auctioneer
       Fee shall be due and payable by the Debtor at the closing
       of the sale of the applicable Property; provided, however,  

       the Auctioneer Fee being paid is conditioned upon the
       closing of the sale of such Property. As is customary at
       auction, a buyer's premium equal to 10% of the bid amount
       ("Buyer's Premium"), which is equal to the Auctioneer Fee,
       will be added to the high bid amount in order to determine
       the total price paid by a buyer. Auctioneer and Debtor
       have agreed that Auctioneer and Debtor shall share the
       Auctioneer Fee as follows: 60% to Debtor and 40% to
       Auctioneer. Debtor and Auctioneer agree that this auction
       and the related marketing efforts shall be a joint effort
       but directed by Auctioneer at Auctioneer's discretion.
       If applicable, any Cooperating Buyer's Broker Fee that
       becomes due shall be paid from the Debtor's portion of the
       Auctioneer Fee.

   (e) Auctioneer at its discretion is authorized to offer up to
       a 2% fee and/or commission to any duly qualified and
       registered broker who procures a buyer for a Property; and
       that 2% fee to a buyer broker shall be paid from closing
       proceeds before paying the Auctioneer Fee.

Joshua Olshin, managing partner of Auction Advisors, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
Auction Advisors can be reached at:

       Joshua Olshin
       AUCTION ADVISORS
       1350 Avenue of Americas, 2nd Floor
       New York, NY 10019
       Tel: (212) 375-1222 x705
       Fax: (212) 202-6267
       E-mail: jolshin@auctionadvisors.com

                     About Brooklyn Renaissance

Brooklyn Renaissance, LLC, which manages various parcels of real
property located in Kings, New York and Suffolk County, New York,
sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No.
15-43122) on July 6, 2015 in Brooklyn.  James McGown, the managing
member, signed the petition.  The case is assigned to Judge Nancy
Hershey Lord.  

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

The Debtor tapped Jonathan S. Pasternak, Esq., at DelBello
Donnellan Weingarten Wise & Wiederkehr, LLP, in White Plains, New
York, as counsel.


BUILDERS FIRSTSOURCE: Provides Preliminary Results for Q4 2015
--------------------------------------------------------------
Builders FirstSource, Inc., furnished its preliminary results for
the fourth quarter ended Dec. 31, 2015.

The company is providing the following preliminary fourth quarter
highlights in advance of its earnings release on or about March 3,
2016:

  * Net sales were approximately $1.45 billion for the fourth
    quarter of 2015 which was down approximately 1 percent
    compared to pro forma results for the fourth quarter of 2014,
    excluding the impact of closed locations.  Sales volume grew
    approximately 8 percent over the pro forma results for the
    fourth quarter of 2014.  This was offset by approximately 9
    percent as a result of the negative impact of commodity price
    deflation on our sales.

  * Gross margin percentage is estimated between 26.1 percent and
    26.4 percent for the fourth quarter of 2015.

  * Adjusted EBITDA (a non GAAP financial measure defined below)   

    is estimated between $70 million and $80 million for the
    fourth quarter of 2015.

  * Total liquidity at Dec. 31, 2015, was in excess of $680
    million, consisting of net borrowing availability under the
    Company's revolving credit facility and cash on hand.

These preliminary, unaudited results are based on management's
initial review of operations for the quarter ended Dec. 31, 2015,
and remain subject to the completion of the Company's customary
quarterly and annual closing, audit and review procedures.

                    About Builders FirstSource

Headquartered in Dallas, Texas, Builders FirstSource --
http://www.bldr.com/-- is a supplier and manufacturer of
structural and related building products for residential new
construction.  The Company operates 56 distribution centers and 56
manufacturing facilities in nine states, principally in the
southern and eastern United States.  Manufacturing facilities
include plants that manufacture roof and floor trusses, wall
panels, stairs, aluminum and vinyl windows, custom millwork and
pre-hung doors.  Builders FirstSource also distributes windows,
interior and exterior doors, dimensional lumber and lumber sheet
goods, millwork and other building products.

Builders Firstsource reported net income of $18.2 million on $1.60
billion of sales for the year ended Dec. 31, 2014, compared to a
net loss of $42.7 million on $1.48 billion of sales in 2013.

As of Sept. 30, 2015, the Company had $3.03 billion in total
assets, $2.88 billion in total liabilities and $156 million in
total stockholders' equity.

                           *     *     *

As reported by the TCR on July 15, 2015, Standard & Poor's Ratings
Services said it raised its corporate credit rating on Builders
FirstSource Inc. to 'B+' from 'B'.  

"The stable outlook reflects our view that Builders FirstSource
will continue to increase sales and EBITDA as U.S. residential
construction continues to recover from an historic downturn and the
company realizes significant synergies from the merger.  As a
result, we expect some improvement in the company's leverage
measures over the next 12 to 24 months while it maintains adequate
liquidity," said Standard & Poor's credit analyst Pablo Garces.

In the May 13, 2014, edition of the TCR, Moody's Investors Service
upgraded Builders FirstSource's Corporate Family Rating to 'B3'
from 'Caa1'.  The upgrade reflects Moody's expectation that BLDR's
operating performance will continue to benefit from improved
housing construction, repair and remodeling.


CAESARS ENTERTAINMENT: Creditors Face Off in Asset Dispute Trial
----------------------------------------------------------------
Jessica Corso at Bankruptcy Law360 reported that Caesars creditors
went to trial on Feb. 2, 2016, over $11 billion in assets that
First Lien banks and noteholders say they get first dibs while
certain unsecured noteholders argue that at least some of that
money is theirs under documents signed following the $30 billion
leveraged buyout of the company.

Mark Wlazlo, a partner in Paul Weiss Rifkind Wharton & Garrison
LLP's New York office, was the only witness to take the stand
during the four hour trial.

                   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.


CAESARS ENTERTAINMENT: Has New Hope at Halting U.S. Creditor Suits
------------------------------------------------------------------
Tracy Rucinski at Reuters reported that the bankrupt operating unit
of Caesars Entertainment Corp will soon ask a U.S. judge to shield
its parent from $12 billion of lawsuits to facilitate a
debt-cutting rescue deal, but approval could set a bad precedent
for creditors.

Hedge fund bondholders have sued Caesars in New York and Delaware
over guarantees on the bankrupt unit's debt.  While Caesars has
said the lawsuits are without merit, it has warned it could join
its operating unit in bankruptcy if rulings go against it.

In July, U.S. Bankruptcy Judge Benjamin Goldgar in Chicago denied a
request by Caesars to stay the lawsuits, but a U.S. appeals court
has since said that ruling must be reviewed.  The case returns to
Goldgar this month, handing yet another task to a judge who has
expressed frustration over the complex web of dense, bitter
litigation in the bankruptcy.

"Granting a stay would offer the benefit of bankruptcy protection
without actually filing for Chapter 11 and puts huge pressure on
everyone to work out a deal.  It could create a bad precedent,"
said Charles Tabb, a bankruptcy expert at the University of
Illinois College of Law.

Junior creditors have refused to support a bankruptcy restructuring
plan that envisions splitting the operating unit into a casino
operator and a separate property company.

Junior creditors believe the court-ordered investigation, which
examiner Richard Davis plans to release by the end of February,
will at the least show that Caesars must pump more money into the
restructuring plan than the $1.5 billion it has pledged.

Caesars had asked Judge Shira Scheindlin in New York to postpone
two trials on the hedge fund lawsuits until 60 days after the
release of the examiner's report.  She denied the request.

The company's last hope is for Judge Goldgar to stay those lawsuits
before the first of those trials begins on March 14.

                   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 Feb. 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.


CANCER GENETICS: Frigate Ventures, et al., Hold 4.9% Stake
----------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Frigate Ventures LP, Admiralty Advisors LLC, Mr. Bruce
R. Winson, M5V Advisors Inc., Mr. Adam Spears and Mr. Moez Kassam
disclosed that as of Dec. 31, 2015, they beneficially own 1,508,300
shares of common stock of Cancer Genetics, Inc., representing 4.99
percent of the shares outstanding.  A copy of the regulatory filing
is available at http://is.gd/Uf2HQy

                     About Cancer Genetics

Rutherford, N.J.-based Cancer Genetics, Inc., is an early-stage
diagnostics company focused on developing and commercializing
proprietary genomic tests and services to improve and personalize
the diagnosis, prognosis and response to treatment (theranosis) of
cancer.

Cancer Genetics reported a net loss of $16.6 million in 2014, a net
loss of $12.4 million in 2013 and a net loss of $6.66 million in
2012.

As of Sept. 30, 2015, the Company had $35.97 million in total
assets, $13.66 million in total liabilities and $22.31 million in
total stockholders' equity.


CAPSTONE PEDIATRICS: In Ch 11, Fights Ex-Owner's Creditor Claim
---------------------------------------------------------------
Capstone Pediatrics, PLLC, which filed for Chapter 11 bankruptcy
protection (Bankr. M.D. Tenn. Case No. 15-09031) on Dec. 18, 2015,
is disputing former owner Dr. Edward Hamilton's claim that he is
the Company's largest creditor, Linda Bryant at Nashvillepost
reports.

Nashvillepost quoted Griffin S. Dunham, Esq., at Emerge Law PLC,
the Company's bankruptcy counsel, as saying, "There's a dispute
about whether Dr. Hamilton is a creditor.  Based on the facts and
issues that have arisen after the purchase, Capstone intends to
defend against any assertion that Dr. Hamilton is owed anything."

Mr. Hamilton, according to Nashvillepost, said that when the
practice was initially purchased in 2013, he stayed on as an
employee and advisor, but "they (Capstone owners) didn't really
seek or accept my input.  I left the practice with clean books and
didn’t leave them with any accounts payable.  In hindsight, they
were probably undercapitalized.  I think they probably got into a
deficit right from the start.  I believe they made a number of
decisions that they alone were responsible for and some things were
out of their control.  Perhaps they didn't fully appreciate the
health care environment they were going into."

The Company "has never been able to consistently pay" installments
on the promissory note connected to its purchase of the practice,
the report states, citing Dr. Hamilton.

The Company said in court documents that the practice was "fraught
with compliance issues, IT issues, manpower issues, and oppressive
contracts with rental rates in excess of fair market value" when
the current owners, Dr. Gary Griffieth and his sister, Winnie
Toler, purchased it.  Nashvillepost quoted Mr. Dunham as saying,
"But despite its top-notch patient care, problems that existed
before Capstone purchased the assets forced the reorganization.
Among other things, lease expenses needed to be reduced and
employees needed better benefits.  Once these are addressed,
Capstone's financial position will be even stronger and more
sustainable."

Mr. Dunham believes that the Company's Chapter 11 restructuring
will be successful, Nashvillepost relates.  "The Bankruptcy Court
waived the requirement to appoint an ombudsman over the case.
Although many might want to point fingers at Dr. Hamilton, Capstone
prefers to focus on the strengths of its current management, its
strong financial outlook and providing the best patient care
available," the report quoted him as saying.

The Chapter 11 petition was signed by Gary G. Griffieth, chief
executive officer.

The Company estimated its assets at between $1 million and $10
million and its liabilities at between $10 million and $50
million.

Judge Randal S. Mashburn presides over the case.

Capstone Pediatrics, PLLC, aka Centennial Pediatrics, is a
physician-owned pediatric practice headquartered in Nashville,
Tennessee.  The Company was formerly known as Centennial
Pediatrics.  It was acquired by Dr. Gary Griffieth and his sister,
Winnie Toler, in late 2013 from Dr. Edward Hamilton, who was
convicted on a misdemeanor fraud.


CAVU/ROCK PROPERTIES: Gold Star Has $743K Claim, 5th Cir. Rules
---------------------------------------------------------------
The United States Court of Appeals for the Fifth Circuit affirmed
the district court's judgment affirming the bankruptcy court's
opinion and order recognizing Gold Star Construction,
Incorporated's claim for $743,382 but holding the mechanic's lien
invalid.

Creditor Gold Star and Debtor Cavu/Rock Properties Project I, LLC,
both appealed the said rulings of the bankruptcy court.

Gold Star asserted that the bankruptcy court erred (1) by failing
to apply the doctrines of judicial estoppel and res judicata to the
property evaluation; (2) by finding its mechanic's lien to be
invalid; and (3) by denying its motion to transfer venue.

Cavu/Rock, on the other hand, asserted that the bankruptcy court
erred (1) by finding that Gold Star had an unsecured claim against
Cavu/Rock for $743,382.29; and (2) by assessing costs against each
party.

On appeal, the district court affirmed the bankruptcy court's
opinion and order.

The Fifth Circuit found that the doctrines of judicial estoppel and
res judicata are not applicable.  The appellate court also found no
error in the bankruptcy court's legal conclusion that the mehanic's
lien was premature and therefore invalid because Gold Star had
neither completed its obligations nor been discharged at the time
of filing.  Neither did the 5th Circuit find abuse of discretion in
the bankruptcy court's denial of Gold Star's motion to transfer.

Further, the Fifth Circuit found no clear error in the bankruptcy
court's determination that Gold Star holds an allowable, unsecured
claim, as well as its order that each party bear its own costs and
attorney's fees.

The case is In the Matter of: CAVU/ROCK PROPERTIES PROJECT I, L.L.C
Debtor. GOLD STAR CONSTRUCTION, INCORPORATED, Appellant
Cross-Appellee, v. CAVU/ROCK PROPERTIES PROJECT I, L.L.C., Appellee
Cross-Appellant, No. 15-50455  (5th Cir.).

A full-text copy of the Fifth Circuit's January 4, 2016 opinion is
available at http://is.gd/OmTm2Sfrom Leagle.com.

          About Cavu/Rock Properties Project I, LLC

Cavu/Rock Properties Project I LLC, was created to develop a real
estate project in Bakersfield, California.  It sought bankruptcy
(Bankr. W.D. Tex. Case No. 13-51905) in San Antonio, Texas, on July
19, 2013, and sued a development partner to avoid a purported
mechanics lien.  The San Antonio-based company estimated as much as
$10 million in assets and as much as $50 million in debt.

The Debtor sued Gold Star in an effort to knock out a mechanics
lien of about $1.1 million that Gold Star claimed to have for
unpaid invoices.

Judge Craig A. Gargotta presides over the case.

The Law Offices of William B. Kingman, Esq., serves as the Debtor's
counsel.

A list of the Company's largest unsecured creditors, filed together
with the petition, is available for free at
http://bankrupt.com/misc/txwb13-51905.pdf The petition was signed
by Paul E. Krause, manager.


CCO HOLDINGS: Fitch Assigns 'BB-' Rating on $1.5BB Sr. Notes
------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to CCO Holdings, LLC's
(CCOH) $1.5 billion issuance of senior unsecured notes due 2024.
The ratings are on Positive Watch.

Net offering proceeds are expected to initially be used to repay
revolver borrowings ($273 million outstanding as of Dec. 31, 2015).
Remaining proceeds will be used for one or more of the following:
1) repurchase or redeem a portion of CCOH's outstanding $600
million of 7% senior notes due 2019 and $750 million of 7.375%
senior notes due 2020, and 2) for general corporate purposes,
including funding a portion of any incremental cash proceeds
related to Charter Communications, Inc.'s (Charter) previously
announced merger transaction with Time Warner Cable, Inc. (TWC),
whereby TWC shareholders elect to receive $115 per share in cash
rather than $100 per share.  Any redemption or repurchase of the
notes would not take place until after any such cash elections were
determined and funded.

On May 23, 2015, Charter announced a merger with TWC for total
consideration as of Feb. 4, 2016 of $203.28 per share, providing a
total valuation for TWC of $80.1 billion.  The offer consists of a
combination of cash and Charter stock totaling $58.4 billion for
all outstanding TWC shares.  TWC shareholders have two options for
the split between cash and Charter common stock: 1) $100.00 cash
and 0.5409 shares of Charter common stock for each share of TWC
common stock or 2) $115.00 cash and 0.4562 shares of Charter common
stock for each share of TWC common stock.  If shareholders choose
the latter option, Charter will use net proceeds from today's
issuance.  If Charter requires additional liquidity to satisfy cash
funding needs for TWC shareholders, CCOH has committed financing in
place for $5.0 billion of unsecured debt.

Fitch placed CCOH and Charter Communications Operating, LLC's (CCO)
'BB-' IDRs on Rating Watch Positive following the April 2015
announcement of the acquisition of Bright House Networks (Bright
House) from Advance/Newhouse Partnership (A/N).  The Bright House
acquisition is valued at $11.1 billion as of Feb. 4, 2016.
Following the announcement that Comcast Corporation and TWC had
terminated their merger agreement, on May 18, 2015 Charter and A/N
reaffirmed their commitment to complete the Bright House
acquisition under the same economic and governance terms.  CCOH and
CCO are indirect wholly owned subsidiaries of Charter.

Fitch views both transactions positively and believes they will
strengthen Charter's overall credit profile.  Fitch anticipates
that Charter's total leverage, pro forma for both the TWC merger as
it is currently structured and the Bright House acquisition, would
be under 5.0x at closing.  Integration risks are elevated, and
Charter's ability to manage the integration process and limit
disruption to the company's overall operations is key to the
success of the transactions.

On a pro forma basis, the combined company will serve 24 million
customer relationships and become the second largest cable multiple
system operator in the country.  Pro forma revenues totaled
approximately $36 billion during 2014 and EBITDA was approximately
$13 billion.  Charter's operating strategies are having a positive
impact on the company's operating profile resulting in a
strengthened competitive position.  The market share-driven
strategy, which is focused on enhancing the overall competitiveness
of Charter's video service and leveraging its all-digital
infrastructure, is improving subscriber metrics, growing revenue
and ARPU trends, and stabilizing operating margins.

Resolution of the Rating Watch will largely be based on Fitch's
review of Charter's ultimate capital structure including assignment
of potential equity credit to the convertible preferred partnership
units and an assessment of the risks associated with Charter's
ability to integrate the new cable systems from TWC and Bright
House.

KEY RATING DRIVERS

All three entities regularly produce strong levels of free cash
flow (FCF) that provide the company with substantial financial
flexibility.  Charter management stated that, in the short term,
they will use FCF to meet existing and planned amortization, which
along with EBITDA improvement is expected to lower leverage by 0.6x
annually.  They also stated that there are no short-term plans for
shareholder friendly activities.

RATING SENSITIVITIES

Positive rating actions would be contemplated given these:

   -- The TWC merger and the Bright House acquisition go forward
      as total leverage is expected to be below 5.0x;

   -- If the company demonstrates progress in closing gaps
      relative to its industry peers on service penetration rates
      and strategic bandwidth initiatives;

   -- Operating profile strengthens as the company captures
      sustainable revenue and cash flow growth envisioned when
      implementing the current operating strategy;

Fitch believes negative rating actions would likely coincide given
these:

   -- A leveraging transaction or the adoption of a more
      aggressive financial strategy that increases leverage beyond

      5.5x in the absence of a credible deleveraging plan;

   -- Adoption of a more aggressive financial strategy;

   -- A perceived weakening of Charter's competitive position or
      failure of the current operating strategy to produce
      sustainable revenue and cash flow growth along with
      strengthening operating margins.

LIQUIDITY

Fitch regards Charter's liquidity position and overall financial
flexibility as satisfactory given the rating category.  Charter's
financial flexibility will improve in step with the growth of free
cash flow generation.  Charter generated $519 million of free cash
flow (FCF) during the year ended Dec. 31, 2015.  FCF has been
increasing due primarily to a decrease in capital expenditures
driven by the completion of Charter's transition to all digital in
2014.  The company's liquidity position is primarily supported by
$961 million of borrowing capacity from its $1.3 billion revolver
and anticipated free cash flow generation.  Commitments under the
company's revolver will expire in April 2018.  Fitch notes that the
revolver will increase to $3.0 billion as part of the TWC and
Bright House transactions.

Charter's leverage as of the LTM ended Dec. 31, 2015 was 4.1x
(excluding the debt issued by CCOH Safari, LLC, CCO Safari II, LLC
and CCO Safari III, LLC that is currently in escrow.) Charter's
total leverage target remains unchanged ranging between 4x and
4.5x.  Fitch recognizes that a large portion of the TWC transaction
will involve senior secured debt, both existing at TWC and new
issuance, including approximately $22.5 billion of existing TWC
senior secured debt that will be rolled into CCO and will have
equal and ratable security with all first lien debt (existing
Charter and TWC debt).

Charter recently stated that it expects to maintain a senior
leverage target of 3.5x following the completion of the TWC and
Bright House transactions.  Depending on the ultimate capital
structure, a one or two notch upgrade of Charter's IDR and existing
ratings could be possible provided that pro forma senior secured
leverage is at or below 4.0x and total leverage does not exceed
5.0x.

FULL LIST OF RATING ACTIONS

Fitch has assigned this rating:

CCO Holdings, LLC

   -- Senior unsecured notes 'BB-'; Rating Watch Positive.

Fitch maintains these ratings on Rating Watch Positive:

CCO Holdings, LLC

   -- Long-term IDR 'BB-';
   -- Senior unsecured 'BB-'.

Charter Communications Operating, LLC

   -- Long-term IDR 'BB-';
   -- Senior secured 'BB+'.

CCOH Safari, LLC

   -- Senior unsecured 'BB'.

Fitch maintains these issue ratings:

CCO Safari II, LLC

   -- Senior secured 'BBB-'.

CCO Safari III, LLC

   -- Senior secured 'BBB-'.


CCO HOLDINGS: Moody's Assigns B1 Rating to New Sr. Unsecured Notes
------------------------------------------------------------------
Moody's Investors Service assigned a B1 (LGD5) rating to the
proposed senior unsecured bonds of CCO Holdings, LLC ("CCOH"), a
wholly owned subsidiary of Charter Communications Inc. ("Charter" -
Ba3 Corporate Family rating, on review for upgrade). All of CCOH's
debt ratings, including the B1 rating assigned to the new senior
unsecured notes, are on review for upgrade. Existing debt ratings
of CCOH were placed on review for upgrade on May 26, 2015,
following Charter's announcement to purchase Time Warner Cable,
Inc. ("TWC" - Baa2, on review for downgrade) for approximately $80
billion. The new notes will be senior unsecured obligations of CCOH
and will rank pari passu with its existing senior unsecured notes.

RATINGS RATIONALE

The company plans to initially hold the net proceeds as cash and to
repay borrowings under its revolver and thereafter use the proceeds
for one or more of the following: (i) to repurchase or redeem
certain of CCOH's outstanding 7.000% senior notes due 2019 and
7.375% senior notes due 2020 and (ii) for general corporate
purposes, including, to fund a portion of the incremental cash
proceeds to TWC stockholders if they elect $115 per share in cash
rather than $100 per share. Any redemption or repurchase of notes
would not take place until after such cash elections are
determined. Moody's notes that the transaction would be leverage
neutral under both of the above scenarios as we had incorporated in
our assumptions the incremental debt associated with the $115 per
share cash election, when we placed the company's CFR on review for
upgrade. Accordingly, the B1 rating on the new notes will not be
impacted, regardless of how the company ultimately uses proceeds
from the transaction. Also, as previously stated in prior releases,
the existing B1 rating on CCO Holdings, LLC's unsecured bonds are
on review for upgrade, and if the acquisitions (both TWC and
Brighthouse) receive regulatory approval Moody's will likely
confirm those ratings.

With its headquarters in Stamford, Connecticut, Charter currently
serves approximately 4.4 million total video subscribers, 5.6
million total high speed data subscribers and 2.8 million telephony
subscribers. Charter's revenue for the year ended 12/31/2015 was
approximately $9.7 billion.


CCO HOLDINGS: S&P Assigns 'BB-' Rating on Proposed $1.5BB Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue-level
rating and '4' recovery rating to the proposed $1.5 billion
aggregate principal of senior notes due 2024 to be issued by CCO
Holdings LLC and CCO Holdings Capital Corp. (CCOH), subsidiaries of
Charter Communications Inc. (CCI).  The '4' recovery rating
indicates S&P's expectation for average (30%-50%; lower half of the
range) recovery for noteholders in the event of a payment default.
At the same time, S&P placed the 'BB-' issue-level rating on the
proposed notes on CreditWatch with positive implications, in line
with the CreditWatch status of the existing senior unsecured debt.
Given that the proposed debt will remain in place regardless of
whether the pending acquisitions of Time Warner Cable Inc. and
Bright House Networks LLC close, the issue-level and recovery
ratings are based on the current 'BB-' corporate credit rating on
CCI and not on S&P's prospective view of the new Charter.

Like the existing senior unsecured notes, the proposed notes are
guaranteed on a senior unsecured basis by parent company CCI.
However, the guarantee will fall away for all of CCOH notes upon
the completion of the acquisitions as CCI will merge into CCOH.
S&P expects proceeds from the notes will be used to redeem all or a
portion of the company's 7% senior notes due 2019 ($600 million
outstanding), 7.375% senior notes due 2020 ($750 million), and to
repay a portion of borrowings under the Charter Communications
Operating LLC (CCO) revolving credit facility ($399 million
outstanding).  The 'BB-' corporate credit rating on CCI remains on
CreditWatch with positive implications, where S&P placed it on
March 31, 2015.

RATINGS LIST

Charter Communications Inc.
Corporate Credit Rating                 BB-/Watch Pos/--

New Rating; Placed On CreditWatch

CCO Holdings LLC
CCO Holdings Capital Corp.,
$1.5 bil. senior notes due 2024
Senior Unsecured                        BB-/Watch Pos
  Recovery Rating                        4L


CHAMPION INDUSTRIES: Chairman Holds 53.7% of Class A Shares
-----------------------------------------------------------
Marshall T. Reynolds disclosed in an amended Schedule 13D filed
with the Securities and Exchange Commission that as of Jan. 18,
2016, he beneficially owns 6,067,742 shares of $1.00 Par Value
Class A Common Stock of Champion Industries, Inc., representing
53.7 percent of the shares outstanding.

Also included in the filing are:

                                   Shares
                                Beneficially       Percent of
    Reporting Persons              Owned              Class
    -----------------           ------------       ----------
The Harrah and Reynolds Corp     4,238,687           37.5%
Glenn W. Wilcox, Sr.              125,390             1.1%
Phillip E. Cline                   52,419           0.005%      
Neal W. Scaggs                     62,300           0.006%
Louis J. Akers                     14,000           0.001%  
Justin T. Evans                         0               0%

Messrs. Reynolds, Wilcox, Cline, Scaggs and Akers are members of
the Board of Directors of the Issuer, and Mr. Reynolds is also
Chairman of the Board and chief executive officer of the Issuer.
Mr. Evans is senior vice president and chief financial officer of
the Issuer.  Mr. Reynolds also owns and controls The Harrah &
Reynolds Corporation.

A copy of the regulatory filing is available for free at:

                     http://is.gd/YTlTlQ

                  About Champion Industries

Champion Industries, Inc., is engaged in the commercial printing
and office products and furniture supply business in regional
markets east of the Mississippi River.  The Company also publishes
The Herald-Dispatch daily newspaper in Huntington, West Virginia
with a total daily and Sunday circulation of approximately 23,000
and 28,000.

Champion Industries reported a net loss of $1.19 million on $61.28
million of total revenues for the year ended Dec. 31, 2015,
compared to a net loss of $1.13 million on $63.52 million of total
revenues for the year ended Oct. 31, 2014.

As of Oct. 31, 2015, the Company had $22.92 million in total
assets, $20.91 million in total liabilities and $2.01 million in
total shareholders' equity.

As of Oct. 31, 2015, the Company had a $0.5 million book cash
balance.  Working capital as of Oct. 31, 2015, was $1.8 million.
The working capital includes $2.5 million of debt to a shareholder
that the Company intends to convert to Preferred Stock upon
approval by shareholders at its Annual Meeting of Shareholders
expected to be held March 21, 2016.  Assuming this action is
approved, the Company's working capital at Oct. 31, 2015, would be
$4.3 million.


CHAMPION INDUSTRIES: To Cash Out All Fractional Shares
------------------------------------------------------
Champion Industries, Inc., filed an amended current report on Form
8-K/A with the U.S. Securities and Exchange Commission to clarify
that all fractional shares resulting from the proposed reverse
stock split, if it is approved by shareholders and implemented,
will be cashed out.

On Jan. 18, 2016, the Board of Directors of Champion Industries
approved a 1-for-200 reverse stock split of the outstanding shares
of its Class A Common Stock.  As part of the proposed transaction,
authorized shares of Class B Common Stock, which are unissued,
likewise would be subject to and adjusted for a 1-for-200 reverse
stock split as well.

If the transaction is approved by the Company's stockholders and
implemented, the Company expects to have fewer than 300
stockholders of record of its outstanding common stock, in which
event the Company intends to deregister its shares and cease to be
a reporting company under the Securities and Exchange Act of 1934.

Pursuant to the proposed transaction, the Company intends to have
no fractional shares after the reverse stock split.  Accordingly,
stockholders holding fewer than 200 shares of the Company's Class A
Common Stock immediately before the transaction will have such
shares cancelled and converted into the right to receive from the
Company a cash payment of thirty cents ($0.30) for each such share
owned before the reverse stock split.  Stockholders holding 200 or
more shares of the Company's Class A Common Stock immediately
before the reverse stock split will receive one share for each 200
common shares held, and, as applicable, any resulting (post-split)
fractional shares consisting of less than one (1.0) whole share
likewise will be cancelled and converted into the right to receive
from the Company a cash payment of thirty cents ($.30) for each
such share owned before the reverse stock split.  Cash
consideration will only be paid for fractional shares, and only to
shareholders whose post-split shares will consist entirely of, or
will include in part, fractional shares consisting of less than one
(1.0) whole share of the post-split Class A Common Stock.

If, after completion of the reverse stock split, the Company has
fewer than 300 shareholders of record, the Company intends to
terminate the registration of its common stock under the Securities
and Exchange Act of 1934, as amended.  If that occurs, the Company
will be relieved of its requirements to file periodic reports with
the SEC, including annual reports on Form 10-K and quarterly
reports on Form 10-Q.  Though it will no longer be required to do
so by the Exchange Act or SEC rules and regulations, following
deregistration the Company plans to continue to provide
stockholders with annual audited financial statements and quarterly
unaudited financial statements and to solicit proxies in connection
with its annual stockholder meeting.

The Company's Board of Directors may abandon the proposed reverse
stock split at any time prior to the completion of the proposed
transaction if they believe that the proposed transaction is no
longer in the best interests of the Company or its stockholders.

The Company currently has outstanding 11,299,528 shares of its
Class A Common Stock, held by approximately 346 record holders.  No
Class B shares have been issued and thus no Class B shares are
outstanding.  The Company currently estimates that the proposed
transaction would reduce the outstanding common shares by
approximately 88,000 shares pre-split, or less than 1% (0.78%),
through the cash-out of fractional share interests of less than one
(1.0) whole post-split share and will reduce the number of record
holders of Class A Common Stock below 300.  Changes in share
ownership prior to the time the transaction is to become effective,
as well as the distribution of shares held in street name through
brokers and other intermediaries and the extent to which beneficial
owners of those shares participate in the transaction, will affect
those estimates, perhaps materially.

If the proposed transaction is approved by the stockholders and
implemented, the Company estimates that the cost savings resulting
from no longer being an SEC-registered company will be
approximately $220,000 per year.  Estimated transaction costs are
expected to be approximately $111,400 including estimated total
cash payment of approximately $26,400 to purchase fractional share
interests of less than one (1.0) whole post-split share that will
be cashed out.  The Company expects to pay such transaction costs
and consideration for such fractional share interests from existing
cash reserves.

The Board of Directors created a special committee of non-employee,
independent directors to review a possible transaction and make
recommendations to the Board as to whether to pursue a possible
transaction and, if so, the proposed details of any recommended
transaction.  The special committee reviewed various alternatives
to the proposed transaction, and evaluated the advantages and
disadvantages of doing a proposed reverse stock split and SEC
deregistration.  The special committee also received and considered
an independent valuation opinion of the Class A Common Stock from
an independent investment banking firm, Chaffe & Associates, Inc.
In Chaffe's opinion, the fair market value of the Class A Common
Stock, as of Dec. 21, 2015, if sold in a controlling block of
shares, was between seventeen cents ($0.17) per share and
twenty-one cents ($0.21) per share.  The special committee also
reviewed and considered the recent trading history and price
history of the Company's Class A Common Stock.  As of January 8,
2016, the prior 52-week volume-weighted average price of such
shares had been twenty-four cents ($0.24) per share.  On Jan. 13,
2016, the special committee made a recommendation to the Board of
Directors of the Company that the Board approve and recommend to
stockholders a 1-for-200 reverse stock split to be followed by SEC
deregistration, and further recommended that fractional share
interests of less than one (1.0) whole share of Class A Common
Stock, after the split, be purchased and cashed out for a price of
thirty cents ($0.30) per pre-split share.  It was the special
committee's opinion that this cash-out price, which represented a
premium both to (a) the Chaffe valuation conclusions and (b) the
VWAP per share as of Jan. 8, 2016, was fair to the Company's
shareholders from a financial point of view.  The Board of
Directors unanimously accepted the recommendations of the special
committee, and approved the proposed transaction as recommended by
the special committee, at the Board's regular monthly meeting held
on Monday, Jan. 18, 2016.

                   About Champion Industries

Champion Industries, Inc., is engaged in the commercial printing
and office products and furniture supply business in regional
markets east of the Mississippi River.  The Company also publishes
The Herald-Dispatch daily newspaper in Huntington, West Virginia
with a total daily and Sunday circulation of approximately 23,000
and 28,000.

Champion Industries reported a net loss of $1.19 million on $61.28
million of total revenues for the year ended Dec. 31, 2015,
compared to a net loss of $1.13 million on $63.52 million of total
revenues for the year ended Oct. 31, 2014.

As of Oct. 31, 2015, the Company had $22.92 million in total
assets, $20.91 million in total liabilities and $2.01 million in
total shareholders' equity.

As of Oct. 31, 2015, the Company had a $0.5 million book cash
balance.  Working capital as of Oct. 31, 2015, was $1.8 million.
The working capital includes $2.5 million of debt to a shareholder
that the Company intends to convert to Preferred Stock upon
approval by shareholders at its Annual Meeting of Shareholders
expected to be held March 21, 2016.  Assuming this action is
approved, the Company's working capital at Oct. 31, 2015, would be
$4.3 million.


CHINA BAK: Appoints Simon Xue as Director
-----------------------------------------
The Board of Directors of China BAK Battery, Inc., appointed Dr.
Simon J. Xue as the Company's director to fill the vacancy created
by the resignation of Mr. Chunzhi Zhang on Jan. 14, 2016, according
to a Form 8-K document filed with the Securities and Exchange
Commission.

Dr. Xue was also appointed by the Board to each of the Audit,
Compensation and Nominating and Corporate Governance Committees and
will act as the Chair of the Compensation Committee.  In addition,
the Board determined that Dr. Xue meets the criteria for
independent directors and audit committee members as set forth in
NASDAQ Listing Rules 5605(a)(2) and 5605(c)(2)(A).  Dr. Xue is
entitled to an annual compensation of $20,000 for his services as a
director of the Company.

Dr. Xue has approximately 40 years experience in nuclear chemistry,
solid state chemistry, superconductivity and materials for Lithium
ion batteries.  Within his research career, he has spent 21 years
in the research and development of Lithium ion battery.  Dr. Xue is
currently the senior director of National Institute for Low-&-Clean
Energy in China and a member of National "Thousand Talent" Plan and
a member of Expert Committee for "Chinese Industrial Association of
Power Sources."  Prior to that, Dr. Xue was a director of Altair
Nanotechnologies Inc., a Delaware company, between August 2011 and
April 2012. From 2010 to 2011, he served as the chief executive
officer of Yintong Energy Co., Ltd., a subsidiary of Canon
Investment Holdings Ltd.  Dr. Xue has also held positions at
Ultralife, Duracell, B&K Electronics Co., Ltd., Valence Energy-Tech
(Suzhou) Co., A123 Systems Inc. and International Battery Inc.  He
enjoys an extensive reputation in the whole product chain of
lithium ion battery in China, including materials, equipment, cell
manufacturing and testing.  He has authored or co-authored over 50
scientific articles, 12 patents relevant to battery chemistry and
materials and participated, presented and hosted more than 30
battery or material related international conferences.  Dr. Xue
completed his Ph.D. program in Solid State Chemistry in McMaster
University in 1992.

                        About China BAK

China BAK Battery conducted business through BAK International
Limited and its subsidiaries that produced prismatic cells,
cylindrical cells, lithium polymer cells and high power lithium
batters. The BAK International business was foreclosed on
June 30, 2014. Consequently, China BAK is looking to develop,
manufacture and sell energy high power lithium batteries primarily
for electric vehicles when its Dalian, China manufacturing
facilities start to operate in the first quarter of 2015.

China BAK reported net profit of US$15.87 million for the year
ended Sept. 30, 2015, compared to net profit of US$37.77 million
for the year ended Sept. 30, 2014.

As of Sept. 30, 2015, China BAK had US$63.36 million in total
assets, US$41.69 million in total liabilities and US$21.66 million
in total shareholders' equity.

Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Sept. 30, 2015, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Sept. 30, 2015.  All these
factors raise substantial doubt about its ability to continue as a
going concern.


CITGO PETROLEUM: Fitch Affirms 'B' IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed the long-term Issuer Default Ratings for
CITGO Petroleum Corporation at 'B' and the senior secured ratings
(revolver, term loan, and fixed-rate industrial revenue bonds
[IRBs]) for CITGO Petroleum at 'BB/RR1'.  Fitch has also affirmed
the long-term IDR for CITGO Holding Inc. at 'B-' and the senior
secured ratings for CITGO Holding at 'B+/RR2'.

The Rating Outlook is Stable.

Approximately $3.8 billion in debt is affected by today's rating
action.

KEY RATING DRIVERS

CITGO PETROLEUM

PDVSA Ownership Key Rating Constraint

While Fitch's criteria generally guides to a maximum of two notches
between a weak parent and stronger subsidiary, it allows for
discretion in other cases, including wider notching under
circumstances where the parent (PDVSA, currently at 'CCC') may be
heading for bankruptcy while the subsidiary operates with little
risk of a consolidated bankruptcy filing.  Fitch believes CITGO
fits these criteria given structural features, including a lack of
guarantees between the entities, restrictions on dividends to CITGO
Holding and thereby PDVSA, asset location, U.S. jurisdiction, and
the existence of Delaware C-Corps between PDVSA and the CITGO
operating companies.

There is a relatively strong operational linkage between CITGO and
parent PDVSA.  This relationship is evidenced by a history of use
of CITGO as a source of dividends to its parent, frequent placement
of PDVSA personnel into CITGO executive positions, control of
CITGO's board by its parent, and existence of a crude oil supply
agreement.  However, there are important structural and legal
separations between the two entities.  CITGO is a Delaware
corporation with U.S. domiciled assets and is separated from
ultimate parent Venezuela by two Delaware C-Corps, CITGO Holding,
Inc., and PDV Holding Inc.  The most important factor justifying
the notching between CITGO and Venezuela is the strong covenant
protections in CITGO's secured debt, which caps the ability of the
parent to dilute CITGO's credit quality.  With regard to these
protections, Fitch believes it would be difficult for CITGO
Petroleum to refinance current debt in order to escape or amend
these structural features absent buy-in from existing creditors
given the existing covenant package.  CITGO debt has no guarantees
or cross-default provisions related to PDVSA debt.

Metrics Comp Well to Higher Rated Peers:

CITGO's latest 12 months (LTM) credit metrics compare well to
higher rated peers on a stand-alone basis, with debt/EBITDA at 0.7x
and gross interest coverage of 22.0x.  Fitch's base case forecast
anticipates that debt/EBITDA will not rise above 2.0x and the
company will remain free cash flow (FCF) neutral after accounting
for dividends to CITGO Holding.  These metrics imply a stand-alone
credit profile significantly stronger than CITGO's current 'B'
IDR.

Minimal Refining Capex Program:

CITGO does not have any major expansions planned at any of the
three refineries.  Capital spending will largely be targeted at
maintenance and regulatory projects, with estimated maintenance
capex levels of $300 million.  This provides additional financial
flexibility, as well as the ability to send dividends out to CITGO
Holding for debt service while still maintaining high-quality
refining assets.

Good Refining Assets and Positioning:

CITGO owns and operates three large, high-quality refineries,
providing sufficient economies of scale to compete with larger
tier-1 refiners.  Positioning in the Midwest and Gulf Coast
provides access to a variety of crudes, including landlocked U.S.,
Canadian, and heavy sour imports at the Gulf.  Their position on
the Gulf allows favourable access to export markets, which is an
important component in maintaining competitive gross margins
relative to peers.  CITGO's refineries have average to
above-average complexity, allowing for conversion of heavier and
sour crudes into higher value products, which complements the crude
access mentioned above as the company can opportunistically
purchase the most economic crudes.

Strong Historical Financial Results Driven by Refining Macro:

Product exports have served as a relief valve for U.S. refiners'
production, helping keep U.S. refinery utilization high.  Increased
global refining capacity and moderating economic growth could
increase competition for U.S. exports.  However, Fitch believes
U.S. refiners, including CITGO, will remain competitive in export
markets given geographic and cost advantages enjoyed by U.S.
refiners.  CITGO has generated $2.5 billion in FCF before dividends
over the past four years.

U.S. crude and product inventories remain at or above historical
averages.  This represents a significant backlog for U.S. refiners
to work through heading into 2016, and a potential benefit to
refiners in the form of discounted North American crudes.  Elevated
crude supplies will likely continue to keep pressure on both global
and domestic crude prices, while maintaining modest supply cost
advantages for some U.S. refiners.  Above average product
inventories do represent a risk for 2016, as high inventories could
pressure product prices and decrease refiner gross margins.

While key crude differentials have narrowed -- in particular the
Brent-West Texas Intermediate (WTI) spread has compressed to around
$2.5/barrel (bbl), from as much as $10/bbl-$15/bbl in 2013
  -- other cost advantages remain, such as low U.S. natural gas and
power prices.  Ample domestic supplies should continue to provide
U.S. refiners, including CITGO, with cost and feedstock advantages
relative to global peers, albeit at lower levels.

CITGO HOLDING

Debt Supported by CITGO Petroleum Cash Flow:

Ratings for CITGO Holding are one notch below CITGO Petroleum,
reflecting structural subordination and a reliance on CITGO
Petroleum to provide dividends for debt service.  Dividends from
CITGO Petroleum will provide the majority of debt service capacity
at CITGO Holding, and will be driven primarily by refining
economics and the restricted payments basket.  As part of the 2015
financing, CITGO Holding purchased $750 million in logistics assets
from CITGO Petroleum, which provide approximately $50 million in
EBITDA at CITGO Holding available for interest payments.  These
logistics assets are pledged as collateral under the CITGO Holding
debt package.  Fitch expects CITGO Holding interest coverage to
average 3.0x through 2016-2018, with debt/cash flow of 3.5x.

Limited Ability to Weaken CITGO Petroleum Corp.:

Fitch believes the strong covenant protections contained at the
CITGO Petroleum level significantly limit the ability of PDVSA to
lever up the CITGO companies.  Since dividends from CITGO Petroleum
are expected to provide most (approximately 75%) of the cash flow
to service CITGO Holding debt, covenants at CITGO Petroleum also
limit the ability of PDVSA to impair debt service at CITGO Holding.
Fitch believes that PDVSA creditors may attempt to make claim on
CITGO assets in the event of a PDVSA bankruptcy, but would have
limited success given CITGO's U.S. jurisdiction and legal
separations.

KEY ASSUMPTIONS

   -- No major capital projects over the forecast horizon with
      annual capex of $300 million;

   -- Regional crack spreads decline to normalized levels over the

      forecast horizon;

   -- No material increases in corporate SG&A and refining
      opex/bbl;

   -- CITGO Petroleum pays approximately 100% of net income to
      CITGO Holding.

RATING SENSITIVITIES

CITGO PETROLEUM

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Improved ratings at PDVSA given the explicit ratings
      linkage;
   -- Stronger structural separations between CITGO Petroleum and
      PDVSA leading to a wider notching rationale between the two
      or a change in ownership leading to a stand-alone credit
      analysis.

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

   -- Weakening or elimination of key covenant protections
      contained in the CITGO Petroleum senior secured debt through

      refinancing or other means;

   -- Further weakening in credit quality at PDVSA;

   -- A sustained operational problem at one or more refineries.

CITGO HOLDING

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Improved ratings at PDVSA or CITGO Petroleum given the
      explicit ratings linkages;

   -- Stronger structural separations between CITGO Holding and
      PDVSA leading to a wider notching rationale between the two
      or a change in ownership leading to a stand-alone credit
      analysis.

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

   -- Weakening or elimination of key covenant protections
      contained in CITGO Holding senior secured debt through
      refinancing or other means;

   -- Further weakening in credit quality at PDVSA;

   -- Operational problems at CITGO Petroleum which negatively
      impacted the dividend stream to CITGO Holding.

Any change in existing covenant protections that weakened existing
credit protections could change the rationale for notching between
CITGO Petroleum and PDVSA, which could negatively impact the
ratings at CITGO Holding.

LIQUIDITY

At Sept. 30, 2015, CITGO Petroleum had approximately $1.2 billion
in available liquidity, consisting of $890 million in revolver
availability, $54 million in cash, and $219 million in availability
on the A/R facility.  Fitch believes this will be adequate for
near-term liquidity requirements, which would consist primarily of
working capital needs in the event of another large move in crude
oil or product prices.  Fitch believes capex, dividends, and other
calls on liquidity at CITGO Petroleum will be funded primarily with
operating cash flows.  CITGO has no maturities until the $640
million term loan due in 2021.

Fitch believes that liquidity at CITGO Holding will remain adequate
over the near term.  Liquidity is supported by the dividend stream
from CITGO Petroleum to CITGO Holding, as well as a debt service
reserve account with funds sufficient to cover 12 months of
interest and required amortization of principal payments on the
CITGO Holding senior secured term loan B and two semi-annual
interest payments on the CITGO Holding senior secured notes.  As of
Sept. 30, 2015, $1 billion remained outstanding on CITGO Holding
term loan due in 2018, as CITGO had prepaid $300 million of the
term loan through the excess cash flow feature of the CITGO Holding
credit agreement.

FULL LIST OF RATING ACTIONS

Fitch has affirmed these ratings:

CITGO Petroleum Corp.

   -- Long-term IDR at 'B';
   -- Senior secured credit facility at 'BB/RR1';
   -- Senior secured term loans at 'BB/RR1';
   -- Senior secured notes at 'BB/RR1';
   -- Fixed-rate industrial revenue bonds at 'BB/RR1'.

CITGO Holding Inc.

   -- Long-term IDR at 'B-';
   -- Senior secured term loans at 'B+/RR2';
   -- Senior secured notes at 'B+/RR2'.


CITIUS PHARMACEUTICALS: Announces Results From Clinical Trial
-------------------------------------------------------------
Citius Pharmaceuticals, Inc., reported top line data from the first
Phase 2a clinical trial of hydrocortisone acetate (HC) and
lidocaine hydrochloride (L) as single agents and in combination
(HC+L) in patients with grade I and II hemorrhoids.  Citius'
hydrocortisone and lidocaine cream is targeting to become the first
FDA -approved prescription product to treat hemorrhoids in the
U.S.

In this randomized, double blind study of topical formulations of
hydrocortisone, lidocaine and hydrocortisone + lidocaine were
tested in patients with Grade I and II hemorrhoids.  There have
been no historical randomized, placebo-controlled studies of these
two drugs used either individually or in combination to treat
hemorrhoids.  Therefore, this study's objective was to obtain data
to inform the design of future studies.  In this study, 210
patients were treated twice daily for 14-days with either placebo
or one of the six active drug treatments (i.e., two concentrations
of each HC, L and HC+L).  Patients kept a diary of their symptoms.
Additionally, there were 4 physician assessments during which
patients were evaluated on the Global Score of Disease Severity
(GSDS) scale as well as on the individual signs and symptoms of
hemorrhoids such as bleeding, pruritus and overall pain and
discomfort, and time to the onset of symptom relief.

Within the first few days of treatment the highest concentration of
the hydrocortisone + lidocaine product was directionally superior
to the placebo as measured by the number of subjects experiencing a
minimum of 2 levels improvement from baseline according to the GSDS
scale.  This study was not powered to obtain statistical
significance; however the data suggest that the combination product
may also perform better than the HC or L alone.  The trend of HC+L
superiority over placebo was also generally consistent for the
treatment of individual signs and symptoms of hemorrhoidal disease
- bleeding, itching, pain and overall discomfort.  In addition, no
safety signal of note was recorded in the trial.

"We are pleased with the results of this study which was intended
to test the hypothesis that a steroid and anesthetic drug
combination can be an effective way to reduce the symptoms of
hemorrhoids," said Mr. Leonard Mazur, chairman and chief executive
officer of Citius Pharmaceuticals, Inc.  "As expected, the data
provides a positive directional signal and also indicate early
reduction of symptoms.  We look forward to submitting these results
to the FDA as we move toward commercialization of our product
within this $1 billion market with unmet need. "

                  About Citius Pharmaceuticals

Salta lake City-based Citius Pharmaceuticals, Inc., is a specialty
pharmaceutical company.  The Company is engaged in the development
and commercialization of therapeutic products.  The Company's
product includes Suprenza, which is used for the treatment of
obesity.  It also has a development candidate entering Phase 2
trials for the treatment of hemorrhoids.

Citius Pharmaceuticals was formed in the state of Nevada on Sept.
9, 2010 as Trail One, Inc.  On Sept. 12, 2014, the Company entered
into a Share Exchange and Reorganization Agreement, among Trail
One, Inc., Citius Pharmaceuticals, LLC, and the beneficial holders
of the membership interests of Citius.  In connection with the
reverse acquisition, the Company adopted the fiscal year end of
Trail One, thereby changing our fiscal year end from Dec. 31 to
Sept. 30.  In addition on Sept. 12, 2014, Trail One changed its
name to Citius Pharmaceuticals, Inc.

Wolf & Company, P.C., expressed substantial doubt on the ability
of Citius Pharmaceuticals, Inc., to continue as a going concern
after Wolf & Company audited Citius' annual report on 10-K for the
year ended Sept. 30, 2014.  The auditor noted that the Company has
suffered recurring losses from operations, has negative cash flows
from operations, and has a significant accumulated deficit.

The Company reported a net loss of $738,000 on $nil of total
revenue for the nine months ended Sept. 30, 2014, compared with
a net loss of $1.29 million on $nil of total revenue for year
ended Dec. 31, 2013.

The Company's balance sheet at Sept. 30, 2014, showed
$1.56 million in assets, $2.3 million in total liabilities, and a
stockholders' deficit of $742,000.


CLEAREDGE POWER: Feb. 25 Hearing to Confirm Bankruptcy Plan
-----------------------------------------------------------
CEP Reorganization, Inc., formerly known as ClearEdge Power, Inc.,
et al., and their Official Committee of Unsecured Creditors will
return to the U.S. Bankruptcy Court at a hearing set for Feb. 25,
2016, to seek confirmation of their proposed Plan of Liquidation
for the Debtors.

Judge Charles Novack on Jan. 12, 2016, approved the Second Amended
Disclosure Statement for the Joint Chapter 11 Plan filed Jan. 8,
2016.  Judge Novack has granted the proposed solicitation and
confirmation procedures and ordered that:

   * Feb. 18, 2016, is fixed as the last date by which written
     acceptances or rejections of the Plan must be received by
     Debtors' counsel;

   * Feb. 18, 2016, is fixed as last date by which Plan Sponsor
     Election Forms indicating the election to be a Plan Sponsor
     under the Plan, must be received by Debtors' counsel;

   * Feb. 18, 2016, is established as the date by which written
     objections to confirmation of the Plan must be filed and
     served; and

   * The date and time of the Confirmation Hearing is Feb. 25,
     2016, at 10:00 [a.m.].

The Court approved the inclusion of the Plan Sponsor Election Form
in the Plan Solicitation Materials to be sent to equity security
holders.

                        The Chapter 11 Plan

The Debtors and the Committee's proposed Chapter 11 Plan provides
for:

     -- the reorganization of CEP Reorganization, Inc., formerly
        known as ClearEdge Power, Inc. ("CEP"),

     -- the liquidation of CEP Reorganization LLC ("CEP LLC"),
        and CEP Service Reorganization, LLC ("CEPIS"), and

     -- the formation of a liquidation trust pursuant to a
        Liquidation Trust Agreement to be executed by the Debtors
        and the liquidation trustee (and approved by the
        Committee) as of the Plan effective date.

The Liquidation Trust will be managed by a liquidation trustee as
well as by an oversight committee selected by the Committee and the
Debtors, and its primary purpose will be to administer and
liquidate the liquidation trust assets (including potential
avoidance actions and other affirmative causes of action, if any)
and resolve disputed claims.  The Liquidation Trust will be
responsible for making distributions to holders of allowed claims
and allowed interests, if applicable, as well as for managing all
administrative tasks necessary for ultimate resolution of these
Bankruptcy Cases pursuant to the terms of the Plan and the
Liquidation Trust Agreement.

On the Plan effective date, CEP will emerge as "Reorganized CEP"
and continue to exist as a separate corporation permitted to
conduct its business without supervision by the Bankruptcy Court.
By retaining and continuing the corporate structure of CEP, the
Plan augments the amount included in the assets to be liquidated by
the Liquidation Trust and provides a mechanism for additional
amounts to be contributed during the bankruptcy cases.

Specifically, under the Plan, (a) holders of CEP stock may elect to
be sponsors of the Plan who will pay the aggregate amount of, at
minimum, $200,000 to the Liquidation Trust on or before the date on
which the Court enters its order confirming the Plan; and (b)
Reorganized CEP will, on an annual basis, calculate, report on,
and, if required, periodically pay contributions to the Liquidation
Trust, equal to 20% of all amounts, if any, realized from tax
attributes retained by Reorganized CEP under the Plan and carried
forward or carried backward.

The Plan provides that:

   -- Holders of secured claims will have a 100% recovery in
      the form of (i) 100% of net proceeds from the sale of the
      collateral, or (ii) the return of the collateral.

   -- Holders of unsecured claims each in the amount of not more
      than $3,000, which are classified as administrative
      convenience claims, will recover 100% on the Effective
      Date.

   -- Holders of general unsecured claims will have a 3% to 6.6%
      recovery.  They will receive a pro rata share of
      Liquidation Trust interests.  If Reorganized CEP
      Contributions are realized, Liquidation Trust Assets will
      be increased, and distributions to general unsecured
      creditors could increase up to the approximate range of
      between 19% and 22%

   -- Holders of allowed interests in CEP who elect to be Plan
      Sponsors will have left unaltered the legal, equitable
      and contractual rights to which each such holder is
      entitled on account of such interest.  All stock Interests
      of Plan Non-Sponsors will be cancelled as of the Effective
      Date.

   -- In the unlikely event that a surplus of available cash
      remains after creditors are paid in full, holders of CEP
      interests will receive one or more distributions of
      available cash.

A copy of the Second Amended Disclosure Statement filed Jan. 8,
2016, is available for free at:

     http://bankrupt.com/misc/ClearEdge_951_2nd_Am_DS.pdf

Attorneys for the Debtors:

         Stephen T. O'Neill, Esq.
         Robert A. Franklin, Esq.
         Thomas T. Hwang, Esq.
         DORSEY & WHITNEY LLP
         305 Lytton Avenue
         Palo Alto, CA 94301
         Telephone: (650) 857-1717
         Facsimile: (650) 857-1288
         E-mail: oneill.stephen@dorsey.com
                 franklin.robert@dorsey.com
                 hwang.thomas@dorsey.com

Attorneys for Official Committee of Unsecured Creditors:

         Cathrine M. Castaldi, Esq.
         Howard L. Siegel, Esq.
         R. Benjamin Chapman, Esq.
         BROWN RUDNICK LLP
         2211 Michelson Drive, Seventh Floor
         Irvine, CA 92612
         Telephone: (949) 752-7100
         Facsimile: (949) 252-1514
         E-mail: ccastaldi@brownrudnick.com
                 hsiegel@brownrudnick.com
                 bchapman@brownrudnick.com

                      About ClearEdge Power

Sunnyvale, California-based ClearEdge Power Inc. and two other
affiliates filed for Chapter 11 bankruptcy protection (Bankr. N.D.
Cal. Lead Case No. 14-51955) on May 1, 2014, in San Jose.
Affiliates ClearEdge Power, LLC, and ClearEdge Power International
Service, LLC, are based in South Windsor, Connecticut, where the
manufacturing operations are located.

Privately held ClearEdge designs, manufactures, sells and services
distributed generation fuel cell systems for commercial,
industrial, utility and residential applications.  ClearEdge bought
United Technologies Corp.'s UTC Power division in late 2012.
ClearEdge sought bankruptcy protection just a week after shutting
operations.

The petitions were signed by David B. Wright, chief executive
officer.

ClearEdge Power disclosed $31.3 million in assets and $67.4 million
in liabilities as of the Chapter 11 filing.

The Debtors have employed these professionals to assist in their
reorganization efforts: (i) Dorsey & Whitney LLP, as general
bankruptcy counsel; (ii) Davis Polk & Wardwell LLP, as special
corporate counsel; (iii) McNutt Law Group LLP, as special conflicts
counsel; (iv) Leonard Law Group LLP as special counsel to manage
all matters related to a certain receivership proceeding in the
Circuit Court for the State of Oregon, County of Clackamas; (v)
Kieckhafer, Schiffer & Company LLP, as 401(k) auditors; (vi) BDO
USA, LLP as accountants; (vii) KPMG, LLP as tax professionals, and
(viii) TGI Financial, Inc. dba Gerbsman Partners as financial
advisor.  In addition, the Court appointed Insolvency Services
Group, Inc., serves as noticing and claims agent.

On May 22, 2014, the U.S. Trustee for Region 17 appointed five
creditors to serve in the Committee.  The Committee retained Brown
Rudnick as Counsel and Teneo Securities as financial advisors.

                           *     *     *

The U.S. Bankruptcy Court in San Jose, California, on July 18,
2014, approved the sale of substantially all of the assets of the
Debtors to Doosan Corporation, a unit of Doosan Co. Ltd., of South
Korea.  The consideration included cash, the assumption of certain
liabilities and the assumption of certain executory contracts and
unexpired leases, and resulted in an estimated $32,397,000 to the
Estates, $20,000,000 of which were reserved for the payment of cure
costs associated with assumption but which will be released to the
Estates to the extent of any reserved funds remaining following the
payment of all cure costs.

The Debtors changed their names to CEP Reorganization, Inc., et
al., following the sale to Dooasan.

The Debtors estimate that the total value of their remaining assets
as of Sept. 30, 2015, approximates $13,585,000, including
unrestricted cash equivalents of $9,821,000 and restricted cash
equivalents comprised of amounts held in trust for payments to be
made in connection with the sale of $2,834,000.  The Debtors
estimate that, in addition to administrative claims, their
liabilities through Sept. 30, 2015, approximate $82,000,000,
comprised of $5,420,000 asserted as Secured Claims, $4,605,000
asserted as Priority Claims, $1,070,000 asserted as Tax Claims,
$70,935,000 asserted as General Unsecured Claims.


CLEAREDGE POWER: Province Inc.'s Kravitz Selected as Plan Trustee
-----------------------------------------------------------------
The Chapter 11 Plan proposed by CEP Reorganization, Inc., formerly
known as ClearEdge Power, Inc., et al., and their Official
Committee of Unsecured Creditors provides for the creation of a
liquidation trust that will administer and liquidate the remaining
assets of the Debtors (including potential avoidance actions and
other affirmative causes of action, if any) and resolve disputed
claims.  

The Committee, in consultation with the Debtors, has selected Peter
S. Kravitz of Province Firm as the liquidation trustee who will
manage the liquidation trust.

Mr. Kravitz earned his juris doctorate degree from Rutgers
University Law School in 1995 and previously was a partner at
Venable, LLP.  Currently, he is a principal at the consulting firm
of Province, Inc., which specializes in financial advisory,
corporate reorganization, and trustee-related services.  Mr.
Kravitz has served as Liquidation Trustee in a number of large
chapter 11 bankruptcy cases, including Fleetwood Enterprises, Inc.,
Landsource LLC, Coldwater Creek, Inc., and Friendly's Ice Cream,
LLC.

Mr. Kravitz will be compensated on a decreasing scale based on the
duration of his engagement:

     (i) for the first 6 months of the engagement, $15,000 per
         month;

    (ii) for months 7 through 12 of the engagement, $12,500 per
         month;

   (iii) for months 13 through 18 of the engagement, $10,000 per
         month; and

    (iv) thereafter, in an amount to be determined by the
         Oversight Committee, such amount to be subject to review
         by the Oversight Committee every 6 months for the
         duration of the engagement.

The Liquidating Trustee can be reached at:

         Peter S. Kravitz
         Principal & General Counsel
         PROVINCE, INC.
         2360 Corporate Circle, Suite 330
         Henderson, NV 89074
         Tel: (702) 685-5555 Ext 402
         Cell: 3104828274
         E-mail: pkravitz@provincefirm.com

                      About ClearEdge Power

Sunnyvale, California-based ClearEdge Power Inc. and two other
affiliates filed for Chapter 11 bankruptcy protection (Bankr. N.D.
Cal. Lead Case No. 14-51955) on May 1, 2014, in San Jose.  
Affiliates ClearEdge Power, LLC, and ClearEdge Power International
Service, LLC, are based in South Windsor, Connecticut, where the
manufacturing operations are located.

Privately held ClearEdge designs, manufactures, sells and services
distributed generation fuel cell systems for commercial,
industrial, utility and residential applications.  ClearEdge bought
United Technologies Corp.'s UTC Power division in late 2012.
ClearEdge sought bankruptcy protection just a week after shutting
operations.

The petitions were signed by David B. Wright, chief executive
officer.

ClearEdge Power disclosed $31.3 million in assets and $67.4 million
in liabilities as of the Chapter 11 filing.

The Debtors have employed these professionals to assist in their
reorganization efforts: (i) Dorsey & Whitney LLP, as general
bankruptcy counsel; (ii) Davis Polk & Wardwell LLP, as special
corporate counsel; (iii) McNutt Law Group LLP, as special conflicts
counsel; (iv) Leonard Law Group LLP as special counsel to manage
all matters related to a certain receivership proceeding in the
Circuit Court for the State of Oregon, County of Clackamas; (v)
Kieckhafer, Schiffer & Company LLP, as 401(k) auditors; (vi) BDO
USA, LLP as accountants; (vii) KPMG, LLP as tax professionals, and
(viii) TGI Financial, Inc. dba Gerbsman Partners as financial
advisor.  In addition, the Court appointed  Insolvency Services
Group, Inc., to serve as noticing and claims agent.

On May 22, 2014, the U.S. Trustee for Region 17 appointed five
creditors to serve in the Committee.  The Committee retained Brown
Rudnick as Counsel and Teneo Securities as financial advisors.

                           *     *     *

The U.S. Bankruptcy Court in San Jose, California, on July 18,
2014, approved the sale of substantially all of the assets of the
Debtors to Doosan Corporation, a unit of Doosan Co. Ltd., of South
Korea.  The consideration included cash, the assumption of certain
liabilities and the assumption of certain executory contracts and
unexpired leases, and resulted in an estimated $32,397,000 to the
Estates, $20,000,000 of which were reserved for the payment of cure
costs associated with assumption but which will be released to the
Estates to the extent of any reserved funds remaining following the
payment of all cure costs.

The Debtors changed their names to CEP Reorganization, Inc., et
al., following the sale to Dooasan.

The Debtors estimate that the total value of their remaining assets
as of Sept. 30, 2015, approximates $13,585,000, including
unrestricted cash equivalents of $9,821,000 and restricted cash
equivalents comprised of amounts held in trust for payments to be
made in connection with the sale of $2,834,000.  The Debtors
estimate that, in addition to administrative claims, their
liabilities through Sept. 30, 2015, approximate $82,000,000,
comprised of $5,420,000 asserted as Secured Claims, $4,605,000
asserted as Priority Claims, $1,070,000 asserted as Tax Claims,
$70,935,000 asserted as General Unsecured Claims.


COMSTOCK MINING: Counsel Says Issuance of 2.2M Shares Valid
-----------------------------------------------------------
Comstock Mining Inc. filed with the U.S. Securities and Exchange
Commission a copy of an opinion of McDonald Carano Wilson LLP, a
special Nevada counsel to the Company, in connection with the
issuance and sale by the Company of 2,250,000 shares of its common
stock, par value $0.000666.

"Based upon and subject to the foregoing, it is our opinion that
the Shares are duly authorized for issuance by the Company and,
when paid for as described in the Prospectus Supplement, will be
validly issued, fully paid, and nonassessable," McDonald Carano
stated.

                      About Comstock Mining

Virginia City, Nev.-based Comstock Mining Inc. is a Nevada-based,
gold and silver mining company with extensive, contiguous property
in the historic Comstock district.  The Company began acquiring
properties in the Comstock District in 2003.  Since then, the
Company has consolidated a substantial portion of the Comstock
district, secured permits, built an infrastructure and brought the
exploration project into test mining production.  The Company
continues acquiring additional properties in the Comstock
district, expanding its footprint and creating opportunities for
exploration and mining.  The goal of the Company's strategic plan
is to deliver stockholder value by validating qualified resources
(measured and indicated) and reserves (probable and proven) of
3,250,000 gold equivalent ounces by 2013, and commencing
commercial mining and processing operations by 2011, with annual
production rates of 20,000 gold equivalent ounces.

Comstock Mining reported a net loss available to common
shareholders of $15.9 million on $18.5 million of total revenues
for the year ended Dec. 31, 2015, compared to a net loss available
to common shareholders of $13.3 million on $25.6 million of total
revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $43.2 million in total assets,
$24.5 million in total liabilities and $18.8 million in total
stockholders' equity.


COMSTOCK RESOURCES: S&P Lowers Corporate Credit Rating to 'SD'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Comstock Resources Inc. to 'SD' (selective default) from
'B-'.  At the same time, S&P lowered its issue-level rating on the
company's 7.75% senior unsecured notes due 2019 to 'D' from 'CCC'.

S&P also affirmed the 'CCC' issue-level rating on the company's
9.5% senior unsecured notes due 2020.  The recovery rating on the
notes remains '6', reflecting S&P's expectations of negligible (0%
to 10%) recovery in the event of default.  S&P also affirmed its
'B' issue-level rating on the company's senior secured notes.  The
recovery rating on the senior secured debt remains '2', reflecting
S&P's expectations of substantial (70% to 90%, lower half of the
range) recovery in the event of default.

"The downgrade follows Comstock's announcement that it has
concluded an agreement with holders of $40 million of its senior
7.75% secured notes due 2019 for 4.6 million shares of common stock
plus accrued but unpaid interest on the notes," said Standard &
Poor's credit analyst Aaron McLean.  "We view the transaction as a
distressed exchange because at the close of the transaction
investors received less than what was promised on the original
securities," he added.

S&P also notes that the $40 million announced amount of the
debt-for-equity exchange reduces the amount of senior secured notes
outstanding, marginally improving leverage.  S&P expects to review
the corporate credit rating and issue-level ratings when it assess
the likelihood of further debt exchanges as low.  S&P's analysis
will incorporate the company's current liquidity position, while
still taking into account its challenging operating environment and
high, though marginally improved, leverage.


CORDERO CORDERO: Case Summary & Largest Unsecured Creditor
----------------------------------------------------------
Debtor: Cordero, Cordero & Asociados-Asesores Legales, P.S.C.
        P.O. Box 994
        Arecibo, PR 00613-0994

Case No.: 16-00828

Chapter 11 Petition Date: February 4, 2016

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Enrique S. Lamoutte Inclan

Debtor's Counsel: Maria Soledad Lozada Figueroa, Esq.
                  MS LOZADA LAW OFFICE
                  PO Box 9023888
                  San Juan, PR 00902
                  Tel: 787 520 6002
                  Fax: 787 520 6003
                  Email: lcdamslozada@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jose Ramon Cordero Rodriguez,
president.

The Debtor listed the Treasury Department as its largest unsecured
creditor holding a claim of $279,607.

A copy of the petition is available for free at:

           http://bankrupt.com/misc/prb16-00828.pdf


CUI GLOBAL: Heartland Advisors Reports 9.3% Equity Stake
--------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Heartland Advisors, Inc. and William J. Nasgovitz
disclosed that as of Dec. 31, 2015, they beneficially own 1,928,523
shares of commons stock of CUI Global, Inc. representing 9.3
percent of the shares outstanding.  A copy of the regulatory filing
is available at http://is.gd/XbWItZ

                      About CUI Global

Tualatin, Ore.-based CUI Global, Inc., formerly known as Waytronx,
Inc., is a platform company dedicated to maximizing shareholder
value through the acquisition, development and commercialization
of new, innovative technologies.

CUI Global reported a consolidated net loss of $2.80 million in
2014, a consolidated net loss of $943,000 in 2013 and a
consolidated net loss of $2.52 million in 2012.

As of Sept. 30, 2015, the Company had $91.20 million in total
assets, $30.10 million in total liabilities and $61.10 million in
total stockholders' equity.


DHX MEDIA: DBRS Confirms BB(low) Issuer Rating
----------------------------------------------
DBRS Limited confirmed DHX Media Limited's (DHX or the Company)
Issuer Rating at BB (low), and its Senior Unsecured Notes rating at
BB (low)/RR4, with Stable trends. The confirmations reflect the
Company's strong brands, the underlying stability and growth
potential of children's content and the potential associated with
the growing popularity of digital distribution platforms and
on-demand viewing. The ratings also consider the pending regulatory
headwinds, increasing competition, exposure to ever-evolving
consumer preferences, and risks associated with growth through
acquisition.

Revenues rose by 127% to $264 million and adjusted EBITDA increased
by 146% to $90 million in F2015, owing primarily to the near full
year inclusion of the Family Channel and other acquisitions, but
also strong organic growth across most business lines. As expected,
the debt balance increased to $283 million in F2015 up from $75
million in the prior year, to finance these acquisitions. As a
result, DHX's lease-adjusted gross debt-to-adjusted EBITDAR ratio
rose to 3.32 times (x) in F2015 compared with 2.37x in F2014; while
adjusted EBITDAR coverage declined to 5.16x in F2015 versus 9.15x
in F2014. Otherwise, on an organic basis, DHX is inherently a free
cash generating company.

DBRS expects DHX's earnings profile to continue to improve within
the current rating category as the Company benefits from increasing
global demand, leverages its strong brands to grow its digital
distribution and merchandising and licensing channels and extracts
greater value from its integrated platform. This will offset
heightened uncertainty stemming from upcoming regulatory changes.
As such, DBRS expects consolidated revenues to rise to between $270
million and $300 million in F2016. Adjusted EBITDA margins are
expected to remain in the low to mid-30% range. As a result, DBRS
expects adjusted EBITDA to grow to between $90 million and $100
million in F2016. Over the medium term, upcoming regulatory changes
(i.e., skinny basic and pick-and-pay) and broader trends of cord
cutting in favour of over-the-top services will result in less
earnings predictability and perhaps a slow erosion of subscription
revenues and gradually cause television broadcasting to account for
a smaller proportion of overall revenues.

DBRS believes DHX's financial profile could strengthen over the
medium term based on its increasing cash generating-capacity which
could be directed toward debt reduction. However, due to the
Company's growth orientation, DHX could also use much of its built
up financial flexibility to continue undertaking debt financed
acquisitions. In F2016, DBRS expects cash flow from operations to
grow to between $45 million and $55 million. Capital expenditure
requirements and cash dividends are expected to rise, but will
remain fairly modest. As such, the Company is expected to generate
free cash flow (before changes in working capital) of between $30
million and $40 million in F2016. DBRS believes that the Company's
strengthening earnings profile and inherent free cash generating
capacity leaves the potential for positive rating action over the
medium term. However, the lower probability outcome is that
financial flexibility is eroded meaningfully due to
weaker-than-expected operating income and/or more aggressive
financial management (due to large debt-financed acquisitions),
which would put pressure on the ratings should lease-adjusted gross
debt-to-adjusted EBITDAR rise above 4.0x, in a sustainable manner.



DIFFERENTIAL BRANDS: Completes Sale of Delayed Transfer Assets
--------------------------------------------------------------
Differential Brands Group Inc. entered into the First Amendment to
Asset Purchase Agreement with GBG USA Inc., which amends the asset
purchase agreement, dated as of Sept. 8, 2015, between the Company
and GBG, pursuant to which the Company sold certain inventory and
other assets and liabilities related to the Company's business
operated under the brand names "Joe's Jeans," "Joe's," "Joe's JD"
and "else" for an aggregate purchase price of $13 million.  

As disclosed with the U.S. Securities and Exchange Commission, the
Amendment, among other things, provides for (i) the delayed
transition of certain employees to the Operating Asset Purchaser,
(ii) the Company to share certain costs and expenses relating to
the operation of certain retail store locations until Feb. 29,
2016, and (iii) the transfer of seven additional retail store
locations to the Operating Asset Purchaser.

On Jan. 28, 2016, the Company completed the previously disclosed
sale of certain delayed transfer assets and liabilities related to
the retail stores of the Joe's Business, in accordance with the
terms of the Operating Asset Purchase Agreement, as amended.

                    About Differential Brands

Joe's Jeans Inc. -- http://www.joesjeans.com/-- designs, produces
and sells apparel and apparel-related products to the retail and
premium markets under the Joe's(R) brand and related trademarks.

Joe's Jeans Inc. has completed the merger combining Hudson Jeans
and Robert Graham.  Additionally, the company has been renamed
Differential Brands Group Inc. and will remain publicly listed on
NASDAQ under the ticker DFBG.

As of Aug. 31, 2015, the Company had $172 million in total
assets, $149 million in total liabilities and $22.6 million in
total stockholders' equity.

In its audit report on the consolidated financial statements for
the year ended Nov. 30, 2014, Moss Adams LLP expressed substantial
doubt about the Company's ability to continue as a going concern,
citing that the Company has a net working capital deficiency due to
debt covenant violations and has suffered recurring losses from
operations.

The Company reported a net loss of $27.7 million on $189 million of
net sales for the fiscal year ended Nov. 30, 2014, compared with a
net loss of $7.31 million on $140 million of net sales in 2013.


DIFFERENTIAL BRANDS: Fireman Capital Has 5.6% Stake as of Jan. 28
-----------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Fireman Capital CPF Hudson Co-Invest LP and Daniel
Fireman disclosed that as of Jan. 28, 2016, they beneficially own
705,614 shares of common stock of Differential Brands Group Inc.
representing 5.6 percent of the shares outstanding.  A copy of the
regulatory filing is available at http://is.gd/CuRrHV

                   About Differential Brands

As of Jan. 28, 2016, Differential Brands Group Inc. was acquired by
Robert Graham Designs, LLC, in a reverse merger transaction.
Differential Brands Group Inc., together with its subsidiaries,
designs, develops, and markets apparel products under the Hudson
name in the United States.  The company operates through two
segments, Wholesale and Retail.  Its Hudson product line includes
women's, men's, and children's denim jeans, related casual wear,
and accessories; and pants, jackets, and other bottoms.  The
company engages in the wholesale of its Hudson products to
retailers, specialty stores, and international distributors.

As of Aug. 31, 2015, Joe's Jeans had $172 million in total
assets, $149 million in total liabilities and $22.6 million in
total stockholders' equity.

The Company reported a net loss of $27.7 million on $189 million of
net sales for the fiscal year ended Nov. 30, 2014, compared with a
net loss of $7.31 million on $140 million of net sales in 2013.

In its audit report on the consolidated financial statements for
the year ended Nov. 30, 2014, Moss Adams LLP expressed substantial
doubt about the Company's ability to continue as a going concern,
citing that the Company has a net working capital deficiency due to
debt covenant violations and has suffered recurring losses from
operations.


DIFFUSION PHARMACEUTICALS: Ally Bridge Has 9.7% Stake as of Dec. 31
-------------------------------------------------------------------
Ally Bridge Group Capital Partners II, L.P. disclosed in an amended
Schedule 13G filed with the Securities and Exchange Commission that
as of Dec. 31, 2015, it beneficially owns 1,835,985 shares of
common stock of Diffusion Pharmaceuticals Inc. representing 9.7
percent of the shares outstanding.  Also included in the filing are
ABG II-USL1 Limited (1,775,000 shares) and ABG II-SO Limited
(60,985 shares).  A copy of the Schedule 13G is available for free
at http://is.gd/iByx42

               About Diffusion Pharmaceuticals

Diffusion Pharmaceuticals, as surviving entity in its merger with
RestorGenex, is a clinical stage biotechnology company focused on
extending the life expectancy of cancer patients by improving the
effectiveness of current standard-of-care treatments including
radiation therapy and chemotherapy.  Diffusion is developing its
lead drug, trans sodium crocetinate (TSC), for use in the many
cancer types in which tumor hypoxia (oxygen deprivation) is known
to diminish the effectiveness of current treatments.  TSC targets
the cancer's hypoxic micro-environment, re-oxygenating
treatment-resistant tissue and making the cancer cells more
vulnerable to the therapeutic effects of treatments such as
radiation therapy and chemotherapy, without the apparent addition
of any serious side effects.  TSC has potential application in
other indications involving hypoxia, such as stroke and
neurodegenerative diseases.

Restorgenex reported a net loss of $14.4 million in 2014,
a net loss of $2.46 million in 2013 and a net loss of $6.85 million
in 2012.

As of Sept. 30, 2015, the Company had $23.37 million in total
assets, $4.30 million in total liabilities and $19.06 million in
total stockholders' equity.


DIOCESE OF GALLUP: Insurer Unwilling to Provide Financial Info
--------------------------------------------------------------
Catholic Mutual Relief Society of America, a church-owned nonprofit
that insures The Diocese of Gallup, New Mexico, has refused to
provide detailed financial information demanded by a representative
for future sex abuse claims against the diocese, Olivier
Uyttebrouck at Albuquerque Journal reports.

AlixPartners LLP is seeking "an extraordinary amount" of financial
documentation, including the nonprofit's balance sheet and the
ability to question its chief financial officer, which Catholic
Mutual has never provided in prior bankruptcy cases, Albuquerque
Journal relates, citing David Spector, the attorney for Catholic
Mutual.  "Catholic Mutual isn't going to turn over any financial
information unless we have a fairly clear road map about how this
process is going to work," the report quoted Mr. Spector as
saying.

According to Albuquerque Journal, U.S. Bankruptcy Judge David T.
Thuma told Michael P. Murphy, AlixPartners managing director who
oversees the interests of clerical sexual abuse victims who may
file claims in the future, to decide by Feb. 3, 2016, whether the
firm could serve as the claims representative based on a review of
Catholic Mutual's financial statement.

Albuquerque Journal recalls that mediation talks in December 2015
led to a tentative agreement on funding a settlement, but
unresolved details include setting up a trust fund to pay for
future claims.

AlixPartners needs more than the financial statement to decide
whether Catholic Mutual can pay for future claims, the report
states, citing the firm's director of financial advisory services,
Kim Young.

According to the report, the attorney for Catholic Mutual said that
the dispute may lead the insurer to withdraw its offer to pay
future claims against the Diocese.

                   About The Diocese of Gallup

The Diocese of Gallup, New Mexico, principally encompasses
American Indian reservations for seven tribes in northwestern New
Mexico and northeastern Arizona. It is the poorest diocese in the
U.S.

There are 38 active priests working in the Diocese and 27
permanent deacons also serve the Diocese along with five
seminarians.  The Diocese and its missions, schools and ministries
employ approximately 50 people, and a significant number of
additional people offer their services as volunteers.

The diocese sought bankruptcy protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. N.M. Case No. 13-bk-13676) on Nov. 12,
2013, in Albuquerque, New Mexico amid suits for sexual abuse
committed by priests.

The bishop previously said bankruptcy will be "the most merciful
and equitable way for the diocese to address its responsibility."

The abuse mostly occurred in the 1950s and early 1960s, the bishop
said.

The petition shows assets and debt both less than $1 million.


DOMUM LOCIS: Hires Real Estate West to Sell Strand Property
-----------------------------------------------------------
Domum Locis, LLC seeks authorization from the U.S. Bankruptcy Court
for the Central District of California to employ Real Estate West
as real estate broker.

The Debtor requires Real Estate West to:

   (a) advertise and market the Strand Property to interested
       parties;

   (b) show the Strand Property to interested parties;

   (c) represent the estate as seller in connection with the sale
       of the Strand Property;

   (d) advise the Debtor with respect to obtaining the highest
       and best offer available in the present market for the
       Strand Property; and

   (e) do other things as necessary in the context of the
       employment as real estate broker.

The term of the parties' listing agreement is from January 11, 2016
to April 29, 2016.

The listing price for the Strand Property is $8,995,000.

Real Estate West will be paid 5% of the listing price.  The firm
will be authorized to cooperate with and compensate brokers
participating through the multiple listing services by offering to
MLS brokers out of Real Estate West's compensation 2.5% of the
purchase price.

Additionally, the parties have agreed that, if Jonathan Coleman
represents the Debtor and buyer in a resulting purchase
transaction, the compensation shall be reduced to 4% of the sale
price.

Jonathan Coleman of Real Estate West assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

Real Estate West can be reached at:

       Jonathan Coleman
       REAL ESTATE WEST
       905 Manhattan Beach Blvd.
       Manhattan Beach, CA 90266
       Tel: (310) 991-0929
       E-mail: jonathancoleman1@aol.com

                      About Domum Locis

Domum Locis LLC owns real properties more commonly known and
described as (i) the "Strand Property" located at 1614-1618 The
Strand, Hermosa Beach, California, (ii) the "North Flores
Property," located at 1308 N. Flores Street, West Hollywood,
California, and (iii) the "Vista Chino Property," located at 424 W.
Vista Chino, Palm Springs, California.

Domum Locis LLC filed a Chapter 11 bankruptcy petition (Bankr. C.D.
Cal. Case No. 14-23301) on July 11, 2014.  Judge Robert N. Kwan
presides over the case.  Michael J. Kilroy, the managing member,
signed the petition.

On April 13, 2015, Mr. Kilroy commenced his bankruptcy case by
filing a voluntary petition under chapter 11 of the Bankruptcy
Code.  Kilroy owns three real property assets and interests in
several partnerships and limited liability companies that, in turn,
own real estate.  More specifically, Kilroy owns these real
properties, all of which are subject to liens held by Lloyds: (i)
the "2175 Southridge Drive Property" in Palm Springs, comprised of
two parcels with one house on it; (ii) the "2203 Southridge Drive
Property" in Palm Springs, comprised of one parcel with one house
on it and an adjacent second parcel that is a vacant lot; and (iii)
the "2212 Southridge Drive Property" in Palm Springs, comprised of
one parcel with one house on it and an adjacent second parcel that
is a vacant lot.

Domum Locis tapped Cypress LLP as general bankruptcy counsel.

Domum Locis reported $14.6 million in assets and $11.04 million in
liabilities.


DOVER DOWNS: Long Tail Asset Reports 5.2% Stake
-----------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Long Tail Asset Management Pty Limited disclosed that
as of Dec. 31, 2015, it beneficially owns 944,849 shares of common
stock of Dover Downs Gaming & Entertainment Inc. representing 5.25
percent of the shares outstanding.  A full-text copy of the
regulatory filing is available at http://is.gd/g3SLWw

                       About Dover Downs

Owned by Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE),
Dover Downs Hotel & Casino(R) is a gaming and entertainment resort
destination in the Mid-Atlantic region.  Gaming operations consist
of approximately 2,500 slots and a full complement of table games
including poker.  The AAA-rated Four Diamond hotel is Delaware's
largest with 500 luxurious rooms/suites and amenities including a
full-service spa/salon, concert hall and 41,500 sq. ft. of multi-
use event space.  Live, world-class harness racing is featured
November through April, and horse racing is simulcast year-round.
Professional football parlay betting is accepted during the
season.  Additional property amenities include multiple
restaurants from fine dining to casual fare, bars/lounges and
retail shops.  Visit http://www.doverdowns.com/           

KPMG LLP, in Philadelphia, Pennsylvania, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company's credit facility
expires on Sept. 30, 2015, and at present no agreement has been
reached to refinance the debt, which raises substantial doubt about
the Company's ability to continue as a going concern.

For the year ended Dec. 31, 2015, the Company reported net earnings
of $1.87 million on $182.94 million of revenues compared to a net
loss of $706,000 on $185.38 million of revenues for the year ended
Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $173.95 million in total
assets, $58.94 million in total liabilities and $115 million in
total stockholders' equity.


EDENOR SA: New Tariff Schedule Approved by ENRE
-----------------------------------------------
EDENOR S.A. disclosed in a Form 6-K filed with the U.S. Securities
and Exchange Commission that Resolution No. 1/2016 from the
Argentine Electricity Agency (ENRE) was published in the Official
Journal, which approved the values of the new tariff schedule
issued by EDENOR applicable to the consumption registered as from
the zero hour of Feb. 1, 2016.

On the other hand, the ENRE published Resolution No. 2/2016 which
stipulated to revoke on January 31st the current Trust schedule for
the administrations of funds resulting from ENRE's Resolution No.
347/2012 and instructed the Distributors to open a current account
in an banking entity authorized by the Central Bank of the
Argentine Republic where they would deposit the funds received
through the application of the fixed amount to fund the investments
approved by the ENRE.     

The Company said it is taking the required steps to implement the
measures and that preliminary calculations indicate that the effect
of said tariff schedule on the revenues of the Company will not be
significant compared to the regulations of the Resolution SE
32/2015 revoked last January 28th .

                          About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor SA reported a loss of ARS780 million on ARS3.59 billion of
revenue for the year ended Dec. 31, 2014, compared with profit of
ARS773 million on ARS3.44 billion of revenue for the year ended
Dec. 31, 2013.

As of June 30, 2015, Edenor had ARS 10.74 billion in total assets,
ARS 9.63 billion in total liabilities and ARS 1.11 billion in total
equity.


EDMUND F. WARY: Court Confirms Modified 2nd Amended Plan
--------------------------------------------------------
Judge Robert J. Faris of the United States Bankruptcy Court for the
District of Hawaii issued a findings of fact and conclusions of law
in support of an order confirming Edmund F. Wary's Modified Second
Amended Chapter 11 Plan of Reorganization.

Wary's Second Amended Chapter 11 Plan of Reorganization dated as of
September 24, 2012, was previously confirmed on September 27, 2012,
and the Chapter 11 case was administratively closed on February 14,
2013.

On July 24, 2015, Wary's Chapter 11 case was reopened to permit the
Debtor to seek to modify the confirmed plan.  The plan was filed on
September 21, 2015.

After a confirmation hearing conducted on December 14, 2015, Judge
Faris concluded that the modified plan satisfies the relevant
requirements of the Bankruptcy Code.  Thus, the judge found it
appropriate to enter the confirmation order.

The case is In re: EDMUND F. WARY, Chapter 11, Debtor and
Debtor-in-Possession, Case No. 11-03310 (Bankr. D. Haw.).

A full-text copy of Judge Faris' January 7, 2016, findings of fact
and conclusions of law is available at http://is.gd/aQ11SNfrom
Leagle.com.

Edmund F. Wary is represented by:

          Chuck C. Choi, Esq.
          Allison A. Ito, Esq.
          WAGNER CHOI & VERBRUGGE
          Honolulu, HI
          Telephone: (808) 533-1877
          Facsimile: (808) 566-6900
          E-mail: cchoi@hibklaw.com
                  aito@hibklaw.com

Office of the U.S. Trustee is represented by:

          Terri Didion, Esq.
          OFFICE OF THE UNITED STATES TRUSTEE
          2500 Tulare Street, Suite 1401
          Fresno, CA 93721
          Tel: (559)487-5002
          Fax: (559)487-5030


EIDOS LLC: Case Summary & 5 Largest Unsecured Creditors
-------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

        Debtor                                     Case No.
        ------                                     --------
        Eidos, LLC                                 16-10385
        301 Park Avenue, Suite 100
        Falls Church, VA 22046

        Eidos Partners, LLC                        16-10386

        Eidos Display, LLC                         16-10388

        Eidos III, LLC                             16-10389

        Eidos Advanced Display, LLC                16-10390

        Eidos IV, LLC                              16-10391

        Kamdes IP Holding, LLC                     16-10392      

Chapter 11 Petition Date: February 4, 2016

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

Judge: Hon. Brian F. Kenney

Debtors' Counsel: Donald F. King, Esq.
                  ODIN, FELDMAN & PITTLEMAN, P.C.
                  1775 Wiehle Avenue, Suite 400
                  Reston, VA 20190
                  Tel: (703)218-2100
                  Fax: (703) 218-2160
                  Email: donking@ofplaw.com

Estimated Assets: $100 million to $500 million

Estimated Debts: $50 million to $100 million

The petition was signed by Vincent W. Sedmak, majority member,
chairman & CEO.

List of Debtors' five Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Ater Wynne LLP                       Professional        $89,713
                                       services

Cobb & Associates                    Professional        $44,708
                                       services

Rosen Sapperstein Friedlander        Professional        $23,122
                                       services

Elliott Schlam Associates            Professional         $7,600
                                       services

LG Display Co., Ltd.                   Contract          Unknown
                                     Counterparty


EL PIEX PUERTORRIQUENO: Case Summary & 20 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor: El Piex Puertorriqueno, Inc.
           dba A La Orden Discount
        #75 Calle Frank Becerra
        Tres Monjitas
        San Juan, PR 00918-1318

Case No.: 16-00805

Chapter 11 Petition Date: February 4, 2016

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Debtor's Counsel: Carmen D Conde Torres, Esq.
                  C. CONDE & ASSOC.
                  254 San Jose Street, 5th Floor
                  San Juan, PR 00901-1523
                  Tel: 787-729-2900
                  Fax: 787-729-2203
                  Email: notices@condelaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Omar Guzman, vice-president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb16-00805.pdf


ELEPHANT TALK: Chief Technology Officer Quits
---------------------------------------------
Elephant Talk Communications Corp. disclosed in a Form 8-K report
filed with the Securities and Exchange Commission that it entered
into a Severance and Independent Contractor Agreement Mr. Martin
Zuurbier pursuant to which Mr. Zuurbier resigned, effectively on
Dec. 31, 2015, from the chief technology officer and co-president
of Mobile Platform Activities positions of the Company for personal
reasons.  Mr. Zuurbier did not resign as a result of any
disagreement with the Company on any matter relating to the
Company's operations, policies or practices.

                       About Elephant Talk

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

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

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


ELITE PHARMACEUTICALS: Dismisses Demetrius Berkower as Accountants
------------------------------------------------------------------
On the recommendation of the Audit Committee of the Board of
Directors of Elite Pharmaceuticals, Inc., effective Jan. 29, 2016,
Demetrius Berkower LLC, was dismissed as the Company's independent
registered public accounting firm and Buchbinder Tunick & Company
was engaged as its new independent registered public accounting
firm, according to a Form 8-K report filed with the U.S. Securities
and Exchange Commission.

The reports of Demetrius on the Company's consolidated financial
statements for the fiscal year ended March 31, 2015, did not
contain an adverse opinion or a disclaimer of opinion and were not
qualified or modified as to uncertainty, audit scope or accounting
principles.

According to the Company, during the fiscal year ended March 31,
2015, and in the subsequent interim period from April 1, 2015,
through and including Jan. 29, 2016, there were no disagreements
with Demetrius on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure,
which disagreements, if not resolved to Demetrius's satisfaction,
would have caused Demetrius to make reference to the subject matter
of the disagreement in connection with its report.  

During the fiscal year ended March 31, 2015, and in the subsequent
interim period from April 1, 2015, through and including Jan. 29,
2016, the Company did not consult Buchbinder Tunich & Company LLP
with respect to the application of accounting principles to a
specified transaction, either completed or proposed, or the type of
audit option that might be rendered on the Company's consolidated
financial statements.

                 About Elite Pharmaceuticals

Northvale, New Jersey-based Elite Pharmaceuticals, Inc., is a
specialty pharmaceutical company principally engaged in the
development and manufacture of oral, controlled-release products,
using proprietary technology and the development and manufacture
of generic pharmaceuticals.  The Company has one product,
Phentermine 37.5mg tablets, currently being sold commercially.

Elite Pharmaceuticals reported net income attributable to common
shareholders of $28.9 million on $5 million of total revenues for
the year ended March 31, 2015, compared to a net loss attributable
to common shareholders of $96.5 million on $4.6 million of total
revenues for the year ended March 31, 2014.

As of Sept. 30, 2015, the Company had $28.69 million in total
assets, $16.20 million in total liabilities, $32.85 million in
convertible preferred shares and a $20.36 million total
stockholders' deficit.


EMPIRE RESORTS: Subscription Rights Delisted From NASDAQ
--------------------------------------------------------
The NASDAQ Stock Market LLC filed a Form 25 with the U.S.
Securities and Exchange Commission relating to the removal from
listing or registration of Empire Resorts, Inc.'s subscription
rights (Expiring Feb. 10, 2016).

                     About Empire Resorts

Based in Monticello, New York, Empire Resorts, Inc. (NASDAQ: NYNY)
-- http://www.empireresorts.com/-- owns and operates Monticello
Casino & Raceway, a video gaming machine and harness racing track
and casino located in Monticello, New York, 90 miles northwest of
New York City.

Empire Resorts reported a net loss applicable to common shares of
$24.1 million on $65.2 million of net revenues for the year ended
Dec. 31, 2014, compared to a net loss applicable to common shares
of $27.05 million on $70.96 million of net revenues in 2013.

As of Sept. 30, 2015, the Company had $73.4 million in total
assets, $63.4 million in total liabilities and $10 million in total
stockholders' equity.


ENDEAVOUR INTERNATIONAL: Court Authorizes Dismissal of Ch. 11 Cases
-------------------------------------------------------------------
The Hon. Kevin J. Carey of the U.S. Bankruptcy Court for the
Distcrict of Delaware authorized the dismissal of the Chapter 11
cases of Endeavour International Corporation, Endeavour Colorado
Corporation, Endeavour Energy New Ventures Inc., and END Management
Company.

The order also stated that claims and noticing services provided by
Kurtzman Carson Consultants LLC will be terminated upon the
completion of its services.

As reported by the Troubled Company Reporter on Oct. 27, 2015,
Endeavour Operating Corp. won entry of an order dismissing its
Chapter 11 case on the terms agreed with the unsecured creditors'
committee.

Judge Kevin J. Carey on Oct. 16, 2015, approved the dismissal of
the Chapter 11 case, and the letter agreement among the Debtors
and the Committee, as of Oct. 16, 2015.

Pursuant to the terms of the Letter Agreement, EOC is authorized to
make pro rata distributions totaling $3.2 million in cash (the
"Settlement Payment") in full and final satisfaction of certain
allowed unsecured claims, including:

     (i) to Kurtzman Carson Consultants LLC, in the aggregate
amount of $53,659 for distribution to holders of liquidated,
undisputed, non-contingent general unsecured claims against EOC,
other than debt claims;

    (ii) to holders of guarantee claims against the Debtors on
account of the $135 million in aggregate principal amount of 5.5
percent convertible notes due 2016 (the "5.5% Convertible Notes")
in the aggregate amount of $1,362,509;

   (iii) to holders of guarantee claims against the Debtors on
account of the $17.5 million in aggregate amount of 6.5 percent
convertible notes due 2017 (the "6.5% Convertible Notes") in the
aggregate amount of $178,450, and

    (iv) to Wilmington Trust, National Association, in its capacity
as indenture trustee, for distribution to holders of the $150
million in the aggregate principal amount of 12% notes due June
2018 (the June 2018 Notes") in accordance with and as provided
under the terms and provisions of the June 2018 Notes indenture on
account of such June 2018 Noteholders' allowed unsecured deficiency
claims against the Debtors in the aggregate amount of $1,606,382;

provided, however, that the Settlement Payment will not be used to
satisfy:

     (a) unsecured deficiency claims asserted by holders of the
$404.0 million in aggregate principal amount of 12% notes due March
2018 against the Debtors; and

     (b) any administrative expense claims asserted against any of
the Debtors' or

     (c) the claim against the Debtors on account of the $83.9
million in aggregate principal amount of unsecured 7.5% convertible
bonds issued by Endeavour Energy Luxembourg S.a.rl. due Jan. 24,
2016.

The Creditors Committee had previously preferred a Chapter 7
liquidation rather than a structured dismissal of the Chapter 11
cases, as the Debtors' proposed resolution of the Chapter 11 cases
does not provide a return to unsecured creditors.

The Debtors insisted that dismissal, not conversion, is in the best
interests of their creditors and estates.  Absent the consummation
of the Credit Bid Transaction, the Debtors will have insufficient
funds to pay their administrative expenses.  Under the Debtors'
original proposal, the Debtors' approximately $400 million in
unsecured creditors would receive nothing.

After reaching the $3.2 million settlement with the Debtors, the
Unsecured Creditors Committee withdrew its:

     -- motion for derivative standing to pursue claims against the
Debtor's estate,

     -- objection to claims of the EEUK Secured Parties,

     -- motion to convert the Chapter 11 cases to Chapter 7
liquidation, and

     -- objection to the Credit Bid Asset Purchase Agreement.

In the Oct. 16 ruling, Judge Carey denied and overruled any formal
and informal objections that have not been withdrawn and resolved.

                   About Endeavour International

Houston, Texas-based Endeavour International Corporation (OTC:
ENDRQ) (LSE: ENDV) is an oil and gas exploration and production
company focused on the acquisition, exploration and development of
energy reserves in the North Sea and the United States.

On Oct. 10, 2014, Endeavour International and five affiliates
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 14-12308, Endeavour
Operating Corp.).  The Hon. Kevin J. Carey presides over the
cases.

As of June 30, 2014, the Company had $1.55 billion in total
assets, $1.55 billion in total liabilities, $43.7 million in
Series C convertible preferred stock, and a $41.5 million
stockholders' deficit.

Endeavour Operating Corporation, in its schedules, disclosed
$808,358,297 in assets and $1,242,480,297 in liabilities as of the
Chapter 11 filing.

The Debtors have tapped Weil, Gotshal & Manges LLP as counsel;
Richards, Layton & Finger, P.A., as co-counsel; The Blackstone
Group L.P., as financial advisor; AlixPartners, LLP, as
restructuring advisor; and Kurtzman Carson Consultants LLC, as
claims and noticing agent.

The U.S. Trustee for Region 3 has appointed three members to the
Official Committee of Unsecured Creditors in the Chapter 11 cases
of Endeavour Operating Corporation and its debtor affiliates.  The
Committee is represented by David M. Bennett, Esq., Cassandra
Sepanik Shoemaker, Esq., and Demetra L. Liggins, Esq., at Thompson
& Knight LLP, and Neil B. Glassman, Esq., Scott D. Cousins, Esq.,
and Evan T. Miller, Esq., at Bayard, P.A.  Alvarez & Marsal North
America, LLC, serves as financial advisors to the Committee, while
UpShot Services LLC serves as website administrator.

                        *     *     *

The Debtors filed a reorganization plan that was supported by
holders of secured notes and convertible bonds.  The plan would
have given a 15% recovery for general unsecured creditors.  In
April 2015, the Debtor announced that, as a result of recent
declines in oil and gas prices, the Company withdrew the proposed
Plan.


EXIDE TECHNOLOGIES: Duels with Calif. Agency Over $100M Suit
------------------------------------------------------------
Jeff Montgomery at Bankruptcy Law360 reported that Exide
Technologies Inc. and California air regulators agreed on Feb. 2,
2016, to seek a mediator for a dispute over state rights to court
action on as much as $100 million in environmental claims that
Exide considers barred by its Delaware bankruptcy case.

The mediation plan, supported by Judge Kevin J. Carey, would give
the sides up to several weeks to seek settlement on California's
attempt to resume pursuit of claims related to toxic emissions and
permit violations at the company's now-shuttered Vernon plant.

                      About Exide Technologies

Headquartered in Milton, Ga., Exide Technologies (NASDAQ: XIDE)
-- http://www.exide.com/-- manufactures and distributes lead     
acid batteries and other related electrical energy storage
products.

Exide first sought Chapter 11 protection (Bankr. Del. Case No.
02-11125) on April 14, 2002, and exited bankruptcy two years
after.

Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland &
Ellis, and James E. O'Neill, Esq., at Pachulski Stang Ziehl &
Jones LLP represented the Debtors in their successful
restructuring.

Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No.
13-11482) on June 10, 2013.  Exide disclosed $1.89 billion in
assets and $1.14 billion in liabilities as of March 31, 2013.

Exide's international operations were not included in the filing
and will continue their business operations without supervision
from the U.S. courts.

For the new case, Exide has tapped Anthony W. Clark, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, and Pachulski Stang
Ziehl & Jones LLP as counsel; Alvarez & Marsal as financial
advisor; Sitrick and Company Inc. as public relations consultant
and GCG as claims agent.  Schnader Harrison Segal & Lewis LLP was
tapped as special counsel.

The Official Committee of Unsecured Creditors is represented by
Lowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP as
co-counsel.  Zolfo Cooper, LLC serves as its bankruptcy
consultants and financial advisors.  Geosyntec Consultants was
tapped as environmental consultants to the Committee.

Robert J. Keach of the law firm Bernstein Shur as fee examiner has
been appointed as fee examiner.  He has hired his own firm as
counsel.

Exide said its Plan of Reorganization became effective on April
30, 2015, and that the Company has emerged from Chapter 11 as a
newly reorganized company.  The Bankruptcy Court for the District
of Delaware confirmed the Plan on March 27, 2015.


FELD LIMITED: Needs to Use Associated Bank's Cash Collateral
------------------------------------------------------------
Feld Limited Partnership seeks authority from the Bankruptcy Court
to use rents and other income, which may be cash collateral of
Associated Bank, to fund its ongoing operations.  The Debtor
maintains it does not have unencumbered cash accounts from which it
could meet foreseeable operating expenses.

Years prior to the Petition Date, the Debtor borrowed money from
Associated Bank in order to finance its properties.  The Debtor
owed the Lender approximately $7.2 million as of the Petition Date.
Associated Bank has a perfected security interest in the Debtor's
accounts and the rents from various properties.

In exchange for the continued use of the cash collateral, the
Debtor is proposing to offer adequate protection to the Lender,
including, among other things, a monthly payment of $23,190.

                       About Feld Limited

Feld Limited Partnership, engaged in the business of leasing and
managing real properties in the Madison and Green Bay areas, filed
a Chapter 11 bankruptcy petition (Bank. E.D. Wisc. Case No.
16-20826) on Feb. 3, 2016.  Dennis J. Feld signed the petition as
general partner.  The Debtor disclosed total assets of $15.17
million and total debts of $7.50 million.  Steinhilber, Swanson,
Mares, Marone & McDermott serves as the Debtor's counsel.


FELD LIMITED: Seeks to Employ Steinhilber Swanson as Counsel
------------------------------------------------------------
Feld Limited Partnership is seeking permission from the Bankruptcy
Court to employ Steinhilber, Swanson, Mares, Marone & McDermott
(also known as Steinhilber, Swanson, Resop & Sipsma at its Madison
location) as its general bankruptcy counsel.

The specific services that the Debtor expects Steinhilber will be
called to render include, but not limited to:

   a. preparing bankruptcy schedules and statements;

   b. assisting in preparing the disclosure statement and plan of
      reorganization and attendant negotiations and hearings;

   c. preparing and reviewing pleadings, motions and
      correspondence;

   d. appearing at and being involved in various proceedings   
      before the Court;

   e. handling case administration tasks and dealing with
      procedural issues;

   f. assisting the Debtor-in-Possession with the commencement of
      DIP operations, including the 341 Meeting and monthly
      operating requirements;

   g. drafting and prosecuting an Adversary Proceeding to extend
      the stay to the principal of the Debtor-in-Possession,
      Dennis Feld, as he is a key and essential component to the
      success of this reorganization and such action is reasonable

      and necessary; and

   h. analyzing claims and prosecuting claim objections.

The names, positions and current hourly rates of the Steinhilber
professionals and paraprofessionals presently expected to have
primary responsibility for providing services to the Debtor are as
follows:

         Paul G. Swanson       Partner        $395
         John W. Menn          Associate      $275
         Nicholas L. Hahn      Associate      $200
         Heather Saladin       Paralegal      $150

Other attorneys and paralegals will render services to the Debtor
as needed.  Steinhilber's current hourly rates for other
professionals who may work on this case fall within the range of
$150 to $395.

The Debtor has agreed to reimburse Steinhilber for its actual and
necessary expenses including, but not limited to, photocopies, word
processing, courier service, computer assisted research, docket and
court filing fees, telecommunications, travel and court reporting
charges.

The firm has received a retainer of $50,000 for work performed up
to the Petition Date.

To the best of the Debtor's knowledge, Steinhilber (a) does not
hold or represent any interest adverse to it or its Chapter 11
estate, its creditors, or any other party-in-interest and (b) is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                        About Feld Limited

Feld Limited Partnership, engaged in the business of leasing and
managing real properties in the Madison and Green Bay areas, filed
a Chapter 11 bankruptcy petition (Bank. E.D. Wisc. Case No.
16-20826) on Feb. 3, 2016.  Dennis J. Feld signed the petition as
general partner.  The Debtor disclosed total assets of $15.17
million and total debts of $7.50 million.  Steinhilber, Swanson,
Mares, Marone & McDermott serves as the Debtor's counsel.


FINJAN HOLDINGS: Cisco Systems Holds 7.5% Stake as of Dec. 31
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Cisco Systems, Inc. disclosed that as of Dec. 31, 2015,
it beneficially owns 1,688,429 shares of common stock of Finjan
Holdings, Inc. representing 7.46 percent of the shares outstanding.
A copy of the regulatory filing is available for free at
http://is.gd/86uBMn

                           About Finjan

Finjan, formerly known as Converted Organics, is a leading online
security and technology company which owns a portfolio of patents,
related to software that proactively detects malicious code and
thereby protects end-users from identity and data theft, spyware,
malware, phishing, trojans and other online threats.  Founded in
1997, Finjan is one of the first companies to develop and patent
technology and software that is capable of detecting previously
unknown and emerging threats on a real-time, behavior-based basis,
in contrast to signature-based methods of intercepting only known
threats to computers, which were previously standard in the online
security industry.

Finjan reported a net loss of $10.47 million in 2014 following a
net loss of $6.07 million in 2013.

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


FINJAN HOLDINGS: Provides 2015 Highlights and Financial Update
--------------------------------------------------------------
Finjan Holdings, Inc., provided shareholders with a summary of key
accomplishments during the year ended Dec. 31, 2015, and announced
participation at the Licensing Executive Society's 2016 IP100
Executive Forum Feb. 8, 2016, and the Source Capital Group's
Disruptive Growth Conference on Feb. 11, 2016.

2015 Strategic Highlights:

IP Licensing and Enforcement

  * $40 million jury Verdict and subsequent Judgment in favor of
    Finjan for patents being found valid and infringed by Blue
    Coat Systems;

  * Finjan received three new issued patents by the United States
    Patent and Trademark office (USPTO), including U.S. Patent No.

    9,141,786 ('786 Patent), U.S. Patent No. 9,189,621 ('621
    Patent) and U.S. Patent No. 9,219,755 ('755 Patent) all for
    Malicious Mobile Code Protection;

  * The intrinsic value of Finjan's patents were reinforced in
    decisive actions by the Patent Trial and Appeal Board (PTAB):

       -- Sophos filed inter partes reviews (IPRs) on two
          petitions against Finjan's U.S. Patent 8,677,494 ('494
          Patent) and U.S. Patent 7,613,926 ('926 Patent) both of
          which were denied institution;

       -- Symantec filed six IPRs on five of Finjan patents, all
          six petitions were denied institution which included two
          serial petitions denied on U.S. Patent 7,756,996 ('996
          Patent), and further denials of Symantec's petitions on
          Finjan's patents US Patent 8,141,154 ('154 Patent), US
          Patent 8,015,182 ('182 Patent), US Patent 7,930,299
         ('299 Patent) and US Patent 7,757,289 ('289 Patent).

Emerging Cyber Focused Businesses and Investments

  * CybeRiskTM Security Solutions Ltd. launched in Tel Aviv and
    has expanded presence with an office in London, England;

  * Finjan Mobile, a wholly owned subsidiary of Finjan Holdings,
    launched its Mobile Secure Browser available for iOS and
    Android platform devices;

  * Significant early returns realized from the Company's limited
    partner investment with Jerusalem Venture Partners.

Financial

  * $5 million in licensing revenue for 2015 recognized from three
    new licenses

  * $6 million in cash at year end; with an additional $5 million
    in licensing fees under contract with scheduled collections in
    2016.

"During 2015 Finjan achieved success in building the infrastructure
and platform for licensing its patent portfolio and positioning the
company for growth.  We continued to protect our valuable IP
through our best practices licensing and enforcement programs and
succeeded in an approximate $40 million judgement against Blue Coat
Systems.  We extended our 20-year history in cybersecurity to
successfully launch businesses in both mobile security application
development and risk advisory services while seeing early returns
from our investment in innovative next-generation cybersecurity
technologies through the JVP fund," said Phil Hartstein, president
and CEO of Finjan Holdings.

"Finjan enters 2016 as a focused cybersecurity company with
diversified paths to drive future growth," continued Hartstein.
"Our licensing progress in 2015 will continue to pay dividends with
$5 million in licensing fees already under contract in 2016 and we
expect continued momentum with new licensees as the year
progresses.  Additionally, with two patent trials scheduled against
Proofpoint in the second quarter and Sophos in the third quarter,
we remain committed to vigorously protecting our valuable IP
portfolio.  We plan to manage our cash position while balancing our
expertise in technology investments to create long-term value for
our licensees, shareholders and investors."

Mr. Hartstein participated in the LES IP100 providing an update on
the LES Standards in IP Licensing initiative in Phoenix, Arizona on
Monday, Feb. 8, 2016.  Additionally, Phil Hartstein and Finjan's
CFO, Michael Noonan, will make a presentation to investors at
Source Capital Group's 2016 Disruptive Growth Conference on
Thursday, Feb. 11, 2016, at 11:15 AM EST at the Convene Conference
Venue in New York City.  A live webcast of the Source Capital
presentation will be available at
http://wsw.com/webcast/sourcecap1/fnjn.That same day, Phil
Hartstein will also participate on a Growth Panel at 1:30 PM EST
discussing IP as a disrupter with three other sector CEOs.  Phil
Hartstein and Michael Noonan will be available to meet with
investors at the Source Capital Conference on February 10th and
11th.

                           About Finjan

Finjan, formerly known as Converted Organics, is a leading online
security and technology company which owns a portfolio of patents,
related to software that proactively detects malicious code and
thereby protects end-users from identity and data theft, spyware,
malware, phishing, trojans and other online threats.  Founded in
1997, Finjan is one of the first companies to develop and patent
technology and software that is capable of detecting previously
unknown and emerging threats on a real-time, behavior-based basis,
in contrast to signature-based methods of intercepting only known
threats to computers, which were previously standard in the online
security industry.

Finjan reported a net loss of $10.47 million in 2014 following a
net loss of $6.07 million in 2013.

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


FUSION TELECOMMUNICATIONS: Diker GP Reports Less Than 1% Stake
--------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Diker GP, LLC, Diker Management, LLC, Charles M. Diker,
and Mark N. Diker disclosed that as of Jan. 4, 2016, they
beneficially own 94,624 shares of common stock of Fusion
Telecommunications International, Inc., representing .8 percent of
the shares outstanding.  A copy of the regulatory filing is
available for free at http://is.gd/RSs8Uu

                  About Fusion Telecommunications

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

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

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


GENIUS BRANDS: May Issue 4.3 Million Shares Under Incentive Plan
----------------------------------------------------------------
Genius Brands International, Inc., disclosed in a Form 8-K filed
with the Securities and Exchange Commission that at the Company's
special meeting of stockholders held Feb. 3, 2016, stockholders
approved an amendment to the 2015 Incentive Plan to, among other
things, increase the number of shares available for the grant of
awards under the Plan to 4,330,000 shares.

At the Special Meeting, 11,287,746 votes were present in person or
represented by proxy, which represented approximately 68.21% of the
total shares outstanding and entitled to vote as of the record date
of Dec. 10, 2015.

                        About Genius Brands

Beverly Hills, Calif.-based Genius Brands International, Inc.,
creates and distributes music-based products which it believes are
entertaining, educational and beneficial to the well-being of
infants and young children under its brands, including Baby Genius
and Little Genius.

Genius Brands reported a net loss of $3.72 million in 2014, a net
loss of $7.21 million in 2013, a net loss of $2.06 million in
2012 and a net loss of $1.37 million in 2011.

As of Sept. 30, 2015, the Company had $16.0 million in total
assets, $4.67 million in total liabilities, and $11.3 million in
total equity.


GINGER OIL: Case Summary & 7 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Ginger Oil Company
        26310 Oak Ridge Drive
        Suite G-7
        Spring, TX 77380

Case No.: 16-30678

Type of Business: The Debtor is in the business of oil and gas
                  exploration and development in Arkansas,
                  Louisiana and Texas.

Chapter 11 Petition Date: February 4, 2016

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Judge: Hon. Marvin Isgur

Debtor's Counsel: Julie Mitchell Koenig, Esq.
                  COOPER & SCULLY, PC
                  815 Walker, Suite 1040
                  Houston, TX 77002
                  Tel: 713-236-6800
                  Fax: 713-236-6880
                  Email: julie.koenig@cooperscully.com

Total Assets: $29.27 million

Total Debts: $6.47 million

The petition was signed by William D. Neville, president/director.

List of Debtor's seven Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Paul S. Robinson                 2015/2016 deferred      $50,250
                                      salary

Cooper & Scully, P.C.               Attorney fees        $49,717

Garry Ward                          Engineering          $17,625
                                  Consulting 2015 &
                                        2016

Vecta Oil and Gas Ltd.             Joint Interest        $14,788
                                      Billing
Patterson Energy Corp             Joint Interest          $5,037
                                     Billing

LaVanCo Energy Ltd                Joint Interest            $471
                                     Billing

Stephens Production Company       Joint Interest             $15
                                     Billing


GINGER OIL: Hires Cooper & Scully as Bankruptcy Counsel
-------------------------------------------------------
Ginger Oil Company seeks permission from the Bankruptcy Court to
employ Cooper & Scully, PC. to act as its general counsel to:

  (a) prepare and file schedules and a statement of financial
      affairs;

  (b) negotiate with creditors and handle routine motions such as
      motions for relief from stay, cash collateral motions and
      the myriad of bankruptcy motions that will be filed in this
      case;

  (c) file objections to claims, if necessary;

  (d) perform legal work necessary to sell property of the estate;

  (e) draft, file and prosecute adversary proceedings necessary to
      determine the extent, validity and priority of liens;

  (f) draft, file and prosecute avoidance actions if necessary;

  (g) draft, file and prosecute adversary proceedings, motions and
      contested pleadings as necessary;

  (h) prepare a Plan and Disclosure Statement;

  (i) conduct discovery that is required for the completion of the
      case or any matter associated with the case;

  (j) perform all legal matters that are necessary for the
      completion of the case; and

  (k) perform miscellaneous legal duties to complete the
      bankruptcy case.

Cooper & Scully, P.C. request approval for special provisions
relating to payment of attorney's fees.  Because attorney's fees in
these cases exceeds the Debtor's ability to pay in a lump sum upon
Court approval, Cooper & Scully request that it be
authorized to escrow payments received on monthly billings in an
account as required by the U.S. Trustee's Office once the initial
retainer has been exhausted.  No funds will be disbursed from the
escrow account without an approved fee application by the
Court.  In the event the Debtor is unable to pay the full amount of
the monthly billing in the month for which it is billed, the Debtor
is authorized to make additional payments as funds become
available.

Prior to the Petition Date, the Debtor paid Cooper & Scully a
retainer of $50,283 plus a filing fee of $1,717 which has been
placed in an IOLTA account as required by the U.S. Trustee's
office.  On Feb. 4, 2016, Cooper & Scully withdrew $9,677 in fees
and $64 in expenses for pre-petition work, leaving a retainer
balance of $40,541.  Cooper & Scully anticipates requesting draws
from the retainer as allowed under the local rules.

Cooper & Scully will seek compensation based upon normal and usual
hourly billing rates.  The normal hourly billing rate for Julie M.
Koenig is $425.00 per hour which may increase from year to year.
Paralegal time is billed at $100 per hour for paralegal work
performed.  No fee is charged for secretarial time.

Cooper & Scully represents it is a "disinterested person" within
the meaning of 11 Section 101(14) of the Bankruptcy Code.

                        About Ginger Oil

Ginger Oil Company, engaged in the business of oil and gas
exploration and development in Arkansas, Louisiana and Texas, filed
a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No.
16-30678) on Feb. 4, 2016.  The petition was signed by William D.
Neville as president/director.  The Debtor disclosed total assets
of $29.27 million and total debts of $6.47 million.  Cooper &
Scully, PC represents the Debtor as counsel.  Judge Marvin Isgur
has been assigned the case.

Proofs of claim are due by June 6, 2016. For governmental units,
the bar date is Aug. 2, 2016.


GINGER OIL: Section 341 Meeting Scheduled for March 8
-----------------------------------------------------
A meeting of creditors in the bankruptcy case of Ginger Oil Company
will be held on March 8, 2016, at 3:00 p.m. at Houston, 515 Rusk
Suite 3401.

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

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

                        About Ginger Oil

Ginger Oil Company, engaged in the business of oil and gas
exploration and development in Arkansas, Louisiana and Texas, filed
a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No.
16-30678) on Feb. 4, 2016.  The petition was signed by William D.
Neville as president/director.  The Debtor disclosed total assets
of $29.27 million and total debts of $6.47 million.  Cooper &
Scully, PC represents the Debtor as counsel.  Judge Marvin Isgur
has been assigned the case.

Proofs of claim are due by June 6, 2016. For governmental units,
the bar date is Aug. 2, 2016.


GINGER OIL: Wants to Use Independent Bank's Cash Collateral
-----------------------------------------------------------
Ginger Oil Company seeks authority from the Bankruptcy Court to
utilize cash collateral in which Independent Bank holds security
interest.

The Debtor executed a credit agreement and promissory note with
Independent Bank on Sept. 13, 2013, in the original amount of
$25,000,000.  The current balance on the note is approximately
$3,231,066.  This note bears interest the rate of 4% or prime
rate plus 0.5%, whichever is greater.  It is secured by a first
lien against the Debtor's accessions, accounts, as-extracted
collateral, chattel paper, deposit accounts with Secured Party,
documents, equipment, fixtures, general intangibles, goods,
instruments, inventory, investment property, letter of credit
rights, money, payment intangibles, proceeds, record, securities
accounts, software, supporting obligations and proceeds of any of
the foregoing.

According to the Debtor, it requires the emergency use of cash
collateral in the amount of $50,573 for the next 20 days to meet
payroll and expenses to continue its business operations.  The
anticipated income for this period is $105,000.

In addition, the Debtor requires the use of cash collateral in the
amount of $87,451 on a monthly basis.  The anticipated monthly
income is $90,666.

As adequate protection for the use of cash collateral, the Debtor
agrees to grant replacement liens to the Secured Creditor equal to
those held pre-petition.  

                        About Ginger Oil

Ginger Oil Company, engaged in the business of oil and gas
exploration and development in Arkansas, Louisiana and Texas, filed
a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No.
16-30678) on Feb. 4, 2016.  The petition was signed by William D.
Neville as president/director.  The Debtor disclosed total assets
of $29.27 million and total debts of $6.47 million.  Cooper &
Scully, PC represents the Debtor as counsel.  Judge Marvin Isgur
has been assigned the case.

Proofs of claim are due by June 6, 2016. For governmental units,
the bar date is Aug. 2, 2016.


GREENSHIFT CORP: KCG Americas Holds 6% Stake as of Dec. 31
----------------------------------------------------------
KCG Americas LLC reported in a Schedule 13G filed with the
Securities and Exchange Commission that as of Dec. 31, 2015, it
beneficially owns 3,419,852 shares of common stock of Greenshift
Corp. representing 6.00% based on the outstanding shares reported
on the Issuer's 10-Q filed with the SEC for the period ending Sept.
30, 2015.  A copy of the regulatory filing is available for free at
http://is.gd/uqZ14V

                   About Greenshift Corporation

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

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

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


HAGGEN HOLDINGS: Delays Auction of 33 Oregon & Washington Stores
----------------------------------------------------------------
The auction of Haggen's remaining 33 stores in Oregon and
Washington has been pushed back to Feb. 11, 2016, from Feb. 5,
2016, court documents say.  The documents do not give a reason for
the delay.

The Register-Guard recalls that the Haggen store at 18th Avenue and
Chambers Street in Eugene was added to the auction list in December
2015.  The Company also purchased an Albertsons at 30th Avenue and
Hilyard Street in Eugene and a Safeway at 54th and Main streets in
Springfield, the report adds.

                      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.


HALCON RESOURCES: Franklin Resources, et al., Report 1.1% Stake
---------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Franklin Resources, Inc., Charles B. Johnson and Rupert
H. Johnson, Jr. disclosed that as of Dec. 31, 2015, they
beneficially own 6,478,415 shares of common stock of Halcon
Resources Corporation representing 1.1 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at:

                        http://is.gd/YPxcq3

                       About Halcon Resources

Halcon Resources Corporation acquires, produces, explores and
develops onshore liquids-rich assets in the United States.  This
independent energy company operates in the Bakken/Three Forks, El
Halcon and Tuscaloosa Marine Shale formations.

As of Sept. 30, 2015, the Company had $4.25 billion in total
assets, $3.62 billion in total liabilities, $156 million in
redeemable noncontrolling interest and $473 million in total
stockholders' equity.

                           *     *      *

As reported by the TCR on Jan. 27, 2015, Moody's Investors Service
downgraded Halcon's Corporate Family Rating to 'Caa1' from 'B3' and
the Probability of Default Rating to 'Caa1-PD' from 'B3-PD'.  The
downgrade reflects growing risk for Halcon's business profile
because of high financial leverage and limited liquidity as its
existing hedges roll-off and stop contributing to its borrowing
base over the next 12-18 months.

In September 2015, Standard & Poor's Ratings Services lowered its
corporate credit rating on Oklahoma City-based Halcon Resource
Corp. to 'SD' (selective default) from 'B-'.  "The downgrade
follows Halcon's announcement that it reached an agreement with
holders of portions of its senior unsecured notes to exchange the
notes for new senior secured third-lien notes," said Standard &
Poor's credit analyst Ben Tsocanos.


HANCOCK FABRICS: Obtains Commitment for $98.3M DIP Financing
------------------------------------------------------------
Hancock Fabrics, Inc., et al., ask the Bankruptcy Court for
authority to obtain postpetition financing and use cash collateral
of their prepetition lenders.

The Debtors had obtained consent from Prepetition Senior Creditors
to use cash collateral.  The Debtors proposed to grant the
Prepetition Secured Creditors adequate protection of their
interests in the Prepetition Collateral.

Hancock has secured a commitment for a debtor-on-possession
financing pursuant to a Debtor-in-Possession Credit Agreement with
Wells Fargo Bank, National Association as administrative agent,
collateral agent and DIP Revolving Lender and GACP I, LP as DIP
Term Lender.

The Debtors maintained they do not have sufficient available
sources of working capital and financing to operate their
businesses or to maintain their properties in the ordinary course
of business without the DIP Facility and authorized use of Cash
Collateral.

"The DIP Facility provides the funding needed to get to a sale of
substantially all of the Debtors' operating assets," according to
Michael J. Merchant, Esq., at Richards, Layton & Finger, P.A.,
counsel for the Debtors.  "Without the DIP Facility, the Debtors
would be required to terminate some or all of their operations ...
which would destroy at least a substantial portion of the going
concern value of the Debtors' operations," he continued.

The DIP Facility will consist of:

   (a) a revolving credit facility in a maximum principal amount  
       of up to $80 million; and

   (b) a term loan facility in the aggregate principal amount of
       $18,290,416, which will be advanced upon the entry of the
       Financing Order and use by the Borrowers to repay all
       existing obligations with respect to the Prepetition Term
       Loan.

The DIP Revolving Loans and DIP Term Loan bear an interest rate of
Base Rate + 1.50%.  Upon any Event of Default under the DIP
Facility, interest rate accrue an additional 2.00% per annum.

The maturity date of the DIP Facility will be the earliest of:

   (i) six months after the Petition Date, subject to extension by
       mutual consent, but in no event later than nine months
       after the Petition Date;

  (ii) 30 calendar days after the Petition Date if the Final Order
       is not entered;

(iii) the effective date of a Chapter 11 plan of reorganization;

  (iv) the date of consummation of any sale of all or
       substantially all of the assets of the Debtors pursuant to
       Section 363 of the Bankruptcy Code;

   (v) the date of acceleration of the loans and the termination
       of the DIP commitments upon the occurrence of an Event of
       Default under the DIP Facility; and

  (vi) the filing of a motion by the Debtors seeking dismissal of
       the Chapter 11 cases, the dismissal of the Chapter 11
       cases, the filing of a motion by the Debtors seeking to
       convert the Chapter 11 cases to cases under Chapter 7 of
       the Bankruptcy Code, the conversion of the Chapter 11 cases
       to cases under Chapter 7 of the Bankruptcy Code, or the
       appointment of a trustee or examiner with expanded powers
       in any of the Chapter 11 cases.

                      About Hancock Fabrics

Hancock Fabrics, Inc. and six of its affiliates, retailer of
fabric, sewing and accessories, filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10296 to 16-10302) on Feb.
2, 2016.  Dennis Lyons signed the petitions as senior vice
president and chief administrative officer.  Judge Brendan Linehan
Shannon is assigned to the case.

The Debtors have engaged O'Melveny & Myers LLP as general counsel,
Richards, Layton & Finger, P.A., as local counsel, Clear Thinking
Group LLC as financial advisor, Retail Consulting Services, Inc.
d/b/a Real Estate Advisors as real estate advisors and Kurtzman
Carson Consultants, LLC as claims and noticing agent.

The Debtors disclosed total assets of $151.4 million and total
debts of $182.1 million.  The Debtors owe its trade vendors
approximately $21.2 million as of Jan. 31, 2016.

Hancock has approximately 4,500 full-time and part time employees.


HANCOCK FABRICS: Proposes March 9 Deadline for Bids
---------------------------------------------------
Hancock Fabrics, Inc., et al., ask the Bankruptcy Court to, among
other things:

   (a) approve the bid procedures for the sale of all or
       substantially all of their assets;

   (b) approve bidding protections to the back-up bidder,
       including a break-up fee and expense reimbursement;

   (c) authorize an auction for the purchased assets to be held on

       March 11, 2016; and
   (d) schedule a hearing on or before March 14, 2016, to consider

       approval of the Sale.

The Debtors operate 263 stores under the name "Hancock Fabrics".
Management had determined that 70 stores should be immediately
closed and going-out-of-business sales conducted with the
assistance of a national liquidation firm in order to reduce
outstanding debt and focus the Company on a smaller but higher
margin store base.

The Debtors are selling as a going concern the 185 stores not
identified for closure.  The Debtors have agreed to terms with a
Great American Group, LLC, a national liquidator, to serve as a
"back-up bid" for their assets while they continue to seek higher
and better offers.  The Debtors seek to implement its sale process
under the following timeline:

  Sale Notice Publication Deadline                  Feb. 18, 2016

  Deadline to Serve Sale Notice                     Feb. 18, 2016

  Deadline to Serve Notice of Assumption            Feb. 25, 2016
  and Assignment

  Assumption and Assignment Objection Deadline      March 7, 2016

  Sale Objection Deadline                           March 7, 2016

  Bid Deadline                                      March 9, 2016

  Deadline to Notify Qualified Bidders              March 10, 2016

  Auction (if necessary)                            March 11, 2016

  Sale Reply Deadline                               March 11, 2016

  Deadline to File/Notice Auction Results           March 12, 2016

  Sale Hearing                                      March 14, 2016

Pursuant to the Back-up Bid Agreement, the Back-up Bidder will pay
to the Debtors a guaranteed amount equal to 108% of the cost value
of its inventory.  Eighty-five percent of the Guaranteed Amount
will be paid to the Debtors by the Back-up Bidder upon the
commencement of the proposed going-out-of-business sales, with the
remainder of the Guaranteed Amount paid at the completion of the
sales.  Additional proceeds will be realized with the sale of FF&E,
which the Back-up Bidder may undertake in exchange for a fee
payable to the Debtors.

The Back-up Bid Agreement provides for the payment to the Back-up
Bidder of a break-up fee of:

    (i) $180,000 in the event the Debtors have designated a going
        concern bidder as the initial highest bidder for the sale
        of their business as of the commencement of the Auction;
        or  

   (ii) $700,000 in the event that no such going concern bidder
        has been designated as of the commencement of the Auction,
        plus the customary, reasonable, and documented third party
        fees, costs and expenses incurred by the Back-up Bidder in
        connection with the Sale Transaction up to a maximum of
        $100,000.

The Debtors expect that the sale will commence on the first day
following the entry of the Sale Order and will be completed no
later than June 30, 2016.

                        About Hancock Fabrics

Hancock Fabrics, Inc. and six of its affiliates, retailer of
fabric, sewing and accessories, filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10296 to 16-10302) on Feb.
2, 2016.  Dennis Lyons signed the petitions as senior vice
president and chief administrative officer.  Judge Brendan Linehan
Shannon is assigned to the case.

The Debtors have engaged O'Melveny & Myers LLP as general counsel,
Richards, Layton & Finger, P.A., as local counsel, Clear Thinking
Group LLC as financial advisor, Retail Consulting Services, Inc.
d/b/a Real Estate Advisors as real estate advisors and Kurtzman
Carson Consultants, LLC as claims and noticing agent.

The Debtors disclosed total assets of $151.4 million and total
debts of $182.1 million.  The Debtors owe its trade vendors
approximately $21.2 million as of Jan. 31, 2016.

Hancock has approximately 4,500 full-time and part time employees.


HANCOCK FABRICS: Proposes to Pay $1.5M Critical Vendor Claims
-------------------------------------------------------------
Hancock Fabrics, Inc., and its affiliated debtors seek authority
from the Bankruptcy Court to pay prepetition claims of certain
vendors and suppliers that provide goods that are critical to the
ongoing operation of their businesses.

Specifically, the Debtors intend to pay up to $1.25 million
Critical Vendor Claims on an interim basis and $1.5 million on a
final basis.  The Debtors request to condition that payment on the
Critical Vendors' agreement to continue providing goods in
accordance with the Customary Trade Terms.

The Debtors believe that without payment of their prepetition
claims, Critical Vendors may cease providing goods to them or
otherwise take action that would have significant adverse effects
to their restructuring  efforts.

"To prevent any ... interruption to the Debtors' business during
these chapter 11 cases, it is essential that the Debtors maintain
their relationships with, and honor their outstanding payment
obligations to, the Subject Vendors," said Michael J. Merchant,
Esq., at Richards, Layton & Finger, P.A., counsel for the Debtors.

The Debtors said they have identified approximately 10 Critical
Vendors on which they depend for availability of goods on favorable
terms in order to offer a full range of retail goods to their
customers.  The Debtors, however, did not identify the names of the
suppliers.

                       About Hancock Fabrics

Hancock Fabrics, Inc. and six of its affiliates, retailer of
fabric, sewing and accessories, filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10296 to 16-10302) on Feb.
2, 2016.  Dennis Lyons signed the petitions as senior vice
president and chief administrative officer.  Judge Brendan Linehan
Shannon is assigned to the case.

The Debtors have engaged O'Melveny & Myers LLP as general counsel,
Richards, Layton & Finger, P.A., as local counsel, Clear Thinking
Group LLC as financial advisor, Retail Consulting Services, Inc.
d/b/a Real Estate Advisors as real estate advisors and Kurtzman
Carson Consultants, LLC as claims and noticing agent.

The Debtors disclosed total assets of $151.4 million and total
debts of $182.1 million.  The Debtors owe its trade vendors
approximately $21.2 million as of Jan. 31, 2016.

Hancock has approximately 4,500 full-time and part time employees.


HANCOCK FABRICS: Taps KCC as Claims and Noticing Agent
------------------------------------------------------
Hancock Fabrics, Inc., et al., seek permission from the Bankruptcy
Court to employ Kurtzman Carson Consultants LLC as their official
claims and noticing agent, effective nunc pro tunc to the Petition
Date.  

The Debtors anticipate that their Chapter 11 cases will require
more than 10,000 entities to be noticed.  In view of the large
number and complexity of their businesses, the Debtor assert that
the employment of KCC is warranted.

According to the Debtors, the retention of KCC will expedite the
distribution of notices and processing of claims, facilitate other
administrative aspects of their Chapter 11 cases, and relieve the
Office of the Clerk of the Bankruptcy Court of administrative
burdens.

The Debtors agree to pay KCC for its services, expenses and
supplies at the rates or prices set by KCC and in effect as of the
date of the Agreement.  They further agree to pay the reasonable
out of pocket expenses incurred by KCC in connection with the
services provided under the Agreement.

KCC's consulting services and rates are:

     Position                                 Hourly Rate
     --------                                 -----------
     Executive Vice President                   Waived
     Director/Senior Managing Consultant         $175
     Consultant/Senior Consultant              $70-$160
     Technology/Programming Consultant         $35-$70
     Clerical                                  $25-$50
     Solicitation Lead/Securities Director       $215
     Securities Senior Consultant                $200

The Debtors request that the undisputed fees and expenses incurred
by KCC in the performance of the services be treated as
administrative expenses of their Chapter 11 estates and be paid in
the ordinary course of business without further application to or
order of the Court.

Prior to the Petition Date, the Debtors provided KCC a retainer of
$50,000.  KCC seeks to apply the retainer to all prepetition
invoices and then have the retainer replenished to its original
amount, and thereafter, to hold the retainer under the Engagement
Agreement during these Chapter 11 cases as security for the payment
of fees and expenses incurred under the Engagement Agreement.

The Debtors have agreed to indemnify and hold harmless KCC, its
affiliates, members, directors, officers, employees, consultants,
subcontractors, and agents under certain circumstances specified in
the Engagement Agreement.

KCC represents it is a "disinterested person" as that term is
defined in the Bankruptcy Code.

                       About Hancock Fabrics

Hancock Fabrics, Inc. and six of its affiliates, retailer of
fabric, sewing and accessories, filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10296 to 16-10302) on Feb.
2, 2016.  Dennis Lyons signed the petitions as senior vice
president and chief administrative officer.  Judge Brendan Linehan
Shannon is assigned to the case.

The Debtors have engaged O'Melveny & Myers LLP as general counsel,
Richards, Layton & Finger, P.A., as local counsel, Clear Thinking
Group LLC as financial advisor, Retail Consulting Services, Inc.
d/b/a Real Estate Advisors as real estate advisors and Kurtzman
Carson Consultants, LLC as claims and noticing agent.

The Debtors disclosed total assets of $151.4 million and total
debts of $182.1 million.  The Debtors owe its trade vendors
approximately $21.2 million as of Jan. 31, 2016.

Hancock has approximately 4,500 full-time and part time employees.


HANCOCK FABRICS: To Continue Great American-Led Closing Sales
-------------------------------------------------------------
Hancock Fabrics, Inc., et al., seek authority from the Bankruptcy
Court to continue to commence and continue store closing or similar
themed sales in accordance with a Consulting Agreement dated as of
Jan. 23, 2016, with Great American Group, LLC, as consultant.

The Debtors operate more than 260 stores in 37 states under the
name of "Hancock Fabrics," a national fabric and specialty retailer
offering an extensive selection of high-quality fashion and home
decorating textiles, sewing accessories, needlecraft supplies, and
sewing machines, along with in-store sewing advice.  

The Debtors intend to close a limited number of uneconomic and
underperformed retail stores and to pursue a sale of the balance of
their business through an auction process -- ideally on a
going-concern basis.  Lincoln International LLC, the Debtors'
proposed investment banker, had identified a total of 70 stores as
underperforming stores that should be closed immediately to ease
certain of the liquidity restraints that the Debtors currently face
by means of a store closing or similar themed sales.

In order to maximize the value of the inventory to be included in
the Store Closing Sales at the Closing Stores and the owned
furniture, fixtures, and equipment in the Closing Stores, the
Debtors sought to retain Great American, a national liquidation
firm, as consultant.

Under the terms of the Consulting Agreement, Great American will
serve as the exclusive agent to the Debtors for the purpose of
conducting a sale of certain Merchandise and Owned FF&E at the
Closing Stores using the procedures outlined in the Sale
Guidelines.

The sale term is from around Feb. 8, 2016, to May 30, 2016.

The Consultant will receive a fee for net sales results that meet
or exceed certain thresholds of sales as a percentage of cost.  The
incentive fee will be determined in accordance with the Consulting
Agreement.  If net sales are less than 145% of cost, the Consultant
will not earn a fee; if net sales are equal to or greater than 145%
but less than 150% of cost, the Consultant will earn a fee of
0.20%; if net sales are equal to or greater than 150% but less than
155% of cost, the Consultant will earn a fee of 0.40%; and if net
sales are equal to or greater than 155% of cost, the Consultant
will earn a fee of 0.60%.

The Consultant will sell furniture, fixtures and equipment for a
15% commission subject to certain provisions.

                        About Hancock Fabrics

Hancock Fabrics, Inc. and six of its affiliates, retailer of
fabric, sewing and accessories, filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10296 to 16-10302) on
Feb. 2, 2016.  Dennis Lyons signed the petitions as senior vice
president and chief administrative officer.  Judge Brendan Linehan
Shannon is assigned to the case.

The Debtors have engaged O'Melveny & Myers LLP as general counsel,
Richards, Layton & Finger, P.A., as local counsel, Clear Thinking
Group LLC as financial advisor, Retail Consulting Services, Inc.
d/b/a Real Estate Advisors as real estate advisors and Kurtzman
Carson Consultants, LLC as claims and noticing agent.

The Debtors disclosed total assets of $151.4 million and total
debts of $182.1 million.  The Debtors owe its trade vendors
approximately $21.2 million as of Jan. 31, 2016.

Hancock has approximately 4,500 full-time and part time employees.


HANCOCK FABRICS: Wants Chapter 11 Cases Jointly Administered
------------------------------------------------------------
Hancock Fabrics, Inc., et al., ask the Bankruptcy Court to enter an
order directing the joint administration of their Chapter 11 cases
for procedural purposes only under the Lead Case No. 16-10296.  The
Debtors said that joint administration is warranted because it will
ease the administrative burden of the Court and the parties.

"Joint administration of the Debtors' cases will eliminate the need
for duplicate pleadings, notices and orders in each of the
respective dockets and will save the Court, the Debtors, and other
parties in interest substantial time and expense when preparing and
filing those documents," said Michael J. Merchant, Esq., at
Richards, Layton & Finger, P.A., counsel for the Debtors.

The Debtors assure the Court that joint administration will not
adversely affect their respective constituencies because this
Motion seeks only administrative, not substantive, consolidation of
their estates.

                       About Hancock Fabrics

Hancock Fabrics, Inc. and six of its affiliates, retailer of
fabric, sewing and accessories, filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10296 to 16-10302) on Feb.
2, 2016.  Dennis Lyons signed the petitions as senior vice
president and chief administrative officer.  Judge Brendan Linehan
Shannon is assigned to the case.

The Debtors have engaged O'Melveny & Myers LLP as general counsel,

Richards, Layton & Finger, P.A., as local counsel, Clear Thinking
Group LLC as financial advisor, Retail Consulting Services, Inc.
d/b/a Real Estate Advisors as real estate advisors and Kurtzman
Carson Consultants, LLC as claims and noticing agent.

The Debtors disclosed total assets of $151.4 million and total
debts of $182.1 million.  The Debtors owe its trade vendors
approximately $21.2 million as of Jan. 31, 2016.

Hancock has approximately 4,500 full-time and part time employees.


HII TECHNOLOGIES: Judge Okays Mediation Bid to Settle AES Dispute
-----------------------------------------------------------------
A bankruptcy judge granted the request of HII Technologies Inc. to
resolve a dispute with a group of creditors through mediation.

The order, issued by U.S. Bankruptcy Judge David Jones, authorized
the mediation requested by the company to resolve a dispute
involving its lenders and the ad hoc committee representing
unsecured creditors of Apache Energy Services LLC.

HII Technologies asked for mediation after the unsecured creditors'
group threatened to sue the lenders that provided financing to get
the company through bankruptcy.

The lenders will not extend the terms of the financing if faced
with future litigation.  These lenders are also the proposed
sponsors of the only Chapter 11 plan that the company believes to
be currently viable, according to court filings.

"The dispute with the ad hoc committee requires immediate
resolution or the entire plan process is jeopardized," said the
company's lawyer Hugh Ray III, Esq., at McKool Smith P.C., in
Houston, Texas.

                      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.


HORSEHEAD HOLDING: 45-Day Extension Sought for Schedules Filing
---------------------------------------------------------------
Horsehead Holding Corp., et al., are asking the Bankruptcy Court to
extend the deadline by which they must file their schedules of
assets and liabilities, schedules of current income and
expenditures, schedules of executory contracts and unexpired
leases, and statements of financial affairs by 45 days in addition
to the 30 days automatic extension provided under Local Rule
1007-1(b).

The Debtors have filed a list of creditors in accordance with Local
Rule 1007-2, which list reflects that the total number of their
creditors exceeds 200 on a consolidated basis.  Thus, Local Rule
1007-1(b) extends the Debtors' Schedules filing deadline to 30 days
after the Petition Date.

The Debtors maintained that although they, with the assistance of
their professional advisors, are mobilizing their employees to work
diligently and expeditiously on preparing the Schedules and
Statements, resources are strained.

"Given the amount of work entailed in completing the Schedules and
Statements and the competing demands on the Debtors' employees and
professionals to assist in efforts to stabilize business operations
during the initial postpetition period, the Debtors likely will not
be able to properly and accurately complete the Schedules and
Statements within the required time period," said Laura Davis
Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, attorney for the
Debtors.

The Debtors assert that the extensive amount of information that
must be assembled and compiled, the multiple places where the
information is located, and the hundreds of employee and
professional hours required to complete the Schedules and
Statements constitute good and sufficient cause for granting the
requested extension of time.

                      About Horsehead Holding

Horsehead Holding Corp. is the parent company of Horsehead
Corporation, a U.S. producer of specialty zinc and zinc-based
products and a leading recycler of electric arc furnace dust; The
International Metals Reclamation Company, LLC ("INMETCO"), a
leading recycler of metals-bearing wastes and a leading processor
of nickel-cadmium (NiCd) batteries in North America; and Zochem
Inc., a zinc oxide producer located in Brampton, Ontario.
Horsehead, headquartered in Pittsburgh, Pa., has seven facilities
throughout the U.S. and Canada.  The Debtors currently employ
approximately 730 full-time individuals.

Horsehead Holding Corp., Horsehead Corporation, Horsehead Metal
Products, LLC, The International Metals Reclamation Company, LLC,
and Zochem Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.
Del. Case Nos. 16-10287 to 16-10291) on Feb. 2, 2016.  The petition
was signed by Robert D. Scherich as vice president and chief
financial officer.  Judge Christopher S. Sontchi is assigned to the
case.

The Debtors have engaged Kirkland & Ellis LLP as general counsel,
Pachulski Stang Ziehl & Jones LLP as local counsel, RAS Management
Advisors, LLC as financial advisor, Lazard Middle Market LLC as
investment banker, Epiq Bankruptcy Solutions, LLC as claims and
noticing agent and Aird & Berlis LLP as Canadian counsel.

The Debtors disclosed total assets of $1 billion and total
liabilities of $544.6 million.  As of the Petition Date, the
Debtors' consolidated long-term debt obligations totaled
approximately $420.7 million.


HORSEHEAD HOLDING: Hires Epiq as Claims and Noticing Agent
----------------------------------------------------------
Horsehead Holdings Corp, et al., seek authority from the U.S.
Bankruptcy Court for the District of Delaware to employ Epiq
Bankruptcy Solutions, LLC as their claims and noticing agent,
effective nunc pro tunc to the Petition Date.

The Debtors anticipate that there will be more than 1,000 entities
to be noticed.  In view of the number of anticipated claimants and
the complexity of their businesses, the Debtors assert that the
appointment of Epiq as the Claims and Noticing Agent is both
necessary and in the best interests of their estates and their
creditors.

"By appointing Epiq as the Claims and Noticing Agent in these
cases, the distribution of notices and the processing of claims
will be expedited, and the Clerk's office will be relieved of the
administrative burden of processing such claims," according to
Robert D. Scherich, chief financial officer of Horsehead Holding.

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

Prior to the Petition Date, the Debtors provided Epiq a retainer in
the amount of $20,000.  Epiq seeks to first apply the retainer to
all pre-petition invoices, which retainer will be replenished to
the original retainer amount, and thereafter, Epiq may hold such
retainer under the Services Agreement during these Chapter 11 cases
as security for the payment of fees and expenses incurred under the
Services Agreement.

As part of the overall compensation payable to Epiq under the terms
of the Services Agreement, the Debtors have agreed to certain
indemnification obligations as specifically enumerated in the
Services Agreement.

Epiq represents it is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code with respect to
the matters upon which it is to be engaged.

                     About Horsehead Holding

Horsehead Holding Corp. is the parent company of Horsehead
Corporation, a U.S. producer of specialty zinc and zinc-based
products and a leading recycler of electric arc furnace dust; The
International Metals Reclamation Company, LLC ("INMETCO"), a
leading recycler of metals-bearing wastes and a leading processor
of nickel-cadmium (NiCd) batteries in North America; and Zochem
Inc., a zinc oxide producer located in Brampton, Ontario.
Horsehead, headquartered in Pittsburgh, Pa., has seven facilities
throughout the U.S. and Canada.  The Debtors currently employ
approximately 730 full-time individuals.

Horsehead Holding Corp., Horsehead Corporation, Horsehead Metal
Products, LLC, The International Metals Reclamation Company, LLC,
and Zochem Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.
Del. Case Nos. 16-10287 to 16-10291) on Feb. 2, 2016.  The petition
was signed by Robert D. Scherich as vice president and chief
financial officer.  Judge Christopher S. Sontchi is assigned to the
case.

The Debtors have engaged Kirkland & Ellis LLP as general counsel,
Pachulski Stang Ziehl & Jones LLP as local counsel, RAS Management
Advisors, LLC as financial advisor, Lazard Middle Market LLC as
investment banker, Epiq Bankruptcy Solutions, LLC as claims and
noticing agent and Aird & Berlis LLP as Canadian counsel.

The Debtors disclosed total assets of $1 billion and total
liabilities of $544.6 million.  As of the Petition Date, the
Debtors' consolidated long-term debt obligations totaled
approximately $420.7 million.


HORSEHEAD HOLDING: Proposes Procedures to Protect NOLs
------------------------------------------------------
Horsehead Holding Corp, et al., seek the Bankruptcy Court's
approval of proposed notification procedures regarding certain
purchases, sales, or other transfers of, or declarations of
worthlessness with respect to common stock of Debtor Horsehead
Holding designed to preserve the value of their tax attributes.

The Debtors estimate that they currently have net operating losses
in the amount of $300 million.  These NOLs could translate to the
potential for material future tax savings because the Debtors can
carry forward their NOLs to offset their future taxable income for
up to 20 years, thereby reducing their future aggregate tax
obligations.

However, the Internal Revenue Code limits the amount of taxable
income that can be offset by a corporation's NOLs and certain other
Tax Attributes in taxable years following an ownership change.  To
maximize the use of the Tax Attributes and enhance recoveries for
their stakeholders, the Debtors seek limited relief to enable them
to closely monitor certain transfers of Common Stock so as to be in
a position to act expeditiously to prevent such transfers, if
necessary, with the purpose of preserving the Tax Attributes.

              Procedures for Transfers of Common Stock

Any entity who currently is or becomes a Substantial Shareholder
must file with the Court a declaration of such status on or before
the later of (A) 30 calendar days after the date of the Notice of
Interim Order, or (B) 10 calendar days after becoming a Substantial
Shareholder.

Prior to effectuating any transfer of Beneficial Ownership of
Common Stock that would result in an increase in the amount of
Common Stock of which a Substantial Shareholder has Beneficial
Ownership or would result in an entity or individual becoming a
Substantial Shareholder, such Substantial Shareholder or potential
Substantial Shareholder must file with the Court, and serve upon
the Notice Parties, an advance written declaration of the intended
transfer of Common Stock.

Prior to effectuating any transfer of Beneficial Ownership of
Common Stock that would result in a decrease in the amount of
Common Stock of which a Substantial Shareholder has Beneficial
Ownership or would result in an entity ar individual ceasing to be
a Substantial Shareholder, such Substantial Shareholder must file
with the Court, and serve upon the Notice Parties, an advance
written declaration of the intended transfer of Common Stock.

The Debtors, will have 15 calendar days after receipt of a
Declaration of Proposed Transfer to file with the Court and serve
on such Substantial Shareholder or potential Substantial
Shareholder an objection to any proposed transfer of Beneficial
Ownership of Common Stock on the grounds that such transfer might
adversely affect their ability to utilize their Tax Attributes.

If the Debtors file an objection, that transaction will remain
ineffective unless such objection is withdrawn by the Debtors or
such transaction is approved by a final and nonappealable order of
the Court.  If the Debtors, do not object within such 15-day
period, such transaction can proceed solely as set forth in the
Declaration of Proposed Transfer.  

                       About Horsehead Holding

Horsehead Holding Corp. is the parent company of Horsehead
Corporation, a U.S. producer of specialty zinc and zinc-based
products and a leading recycler of electric arc furnace dust; The
International Metals Reclamation Company, LLC ("INMETCO"), a
leading recycler of metals-bearing wastes and a leading processor
of nickel-cadmium (NiCd) batteries in North America; and Zochem
Inc., a zinc oxide producer located in Brampton, Ontario.
Horsehead, headquartered in Pittsburgh, Pa., has seven facilities
throughout the U.S. and Canada.  The Debtors currently employ
approximately 730 full-time individuals.

Horsehead Holding Corp., Horsehead Corporation, Horsehead Metal
Products, LLC, The International Metals Reclamation Company, LLC,
and Zochem Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.
Del. Case Nos. 16-10287 to 16-10291) on Feb. 2, 2016.  The petition
was signed by Robert D. Scherich as vice president and chief
financial officer.  Judge Christopher S. Sontchi is assigned to the
case.

The Debtors have engaged Kirkland & Ellis LLP as general counsel,
Pachulski Stang Ziehl & Jones LLP as local counsel, RAS Management
Advisors, LLC as financial advisor, Lazard Middle Market LLC as
investment banker, Epiq Bankruptcy Solutions, LLC as claims and
noticing agent and Aird & Berlis LLP as Canadian counsel.

The Debtors disclosed total assets of $1 billion and total
liabilities of $544.6 million.  As of the Petition Date, the
Debtors' consolidated long-term debt obligations totaled
approximately $420.7 million.


HORSEHEAD HOLDING: Secures $90 Million DIP Financing
----------------------------------------------------
Horsehead Holding Corp, et al., seek the Bankruptcy Court's
approval of a $90 million debtor-in-possession facility proposed by
holders of more than 80% of the Debtors' prepetition secured notes.
Cantor Fitzgerald Securities serves as the DIP Agent.  The Debtors
propose to draw up to $40 million under the DIP Facility over the
first five weeks of their Chapter 11 cases.

The Debtors anticipate that proceeds from the proposed DIP Facility
would be used, among other things, to inject much-needed liquidity,
fund the administration of their Chapter 11 cases, and refinance
approximately $16.9 million of indebtedness outstanding under the
Zochem Facility -- in each case pursuant to a proposed Budget.  

In addition, the Debtors seek the Court's approval for the
postpetition use of cash collateral on an interim basis, of which
Macquarie, U.S. Bank, N.A. (as collateral agent for the Secured
Notes), and PNC Bank, N.A., (as collateral agent under the Zochem
Facility), assert security interests.

"The proposed DIP Facility and the contemplated access to Cash
Collateral will provide necessary liquidity infusion that will
benefit all stakeholders while also sending a strong signal to
customers, vendors, and contract counterparties that operations are
appropriately funded as the Debtors transition into chapter 11,"
said Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP,
counsel for the Debtors.

The Debtors have less than $2 million of cash on hand, Court
document indicates.

"Working capital is also extremely limited as the Debtors have not
had access to liquidity to acquire new inventory or raw materials
in recent weeks.  The Debtors' operations would, in all likelihood,
be ground to a halt without the liquidity contemplated by the
proposed DIP Facility and access to Cash Collateral," Ms. Jones
continued.

The DIP Term Sheet provides the following plan milestones, in
addition to milestones associated with the approval of the proposed
DIP Facility:

  * file a plan of reorganization with the Court that is
    acceptable to the Required Lenders and the ad hoc group of
    Secured Note Noteholders, on the one hand, and the Borrowers,
    on the other hand within 40 days of the Petition Date;

  * file a disclosure statement with respect to the Acceptable
    Plan with the Court within 40 days of the Petition Date;

  * entry of an order approving the Disclosure Statement within
    75 days of the Petition Date;

  * entry by the Canadian Court of an order recognizing the order
    approving the Disclosure Statement within 77 days of the   
    Petition Date;

  * entry of an order confirming the Acceptable Plan within 115
    days of the Petition Date;

  * entry by the Canadian Court of an order recognizing the order
    confirming the Acceptable Plan within 117 days of the Petition
    Date; and

  * consummation of the Acceptable Plan within 130 days of the
    Petition Date.

The Debtors propose to grant the DIP Lenders a superpriority
administrative claim with respect to the DIP Loans made and
obligations incurred by the Debtors on or after the Petition Date
pursuant to the DIP Credit Agreement, subject only to the Carve Out
and the Macquarie Adequate Protection Claims.

The DIP Facility bears an interest rate of 12% payable monthly in
cash, in arrears on the first day of each month.

Upon an occurrence of any event of default, at the election of the
Required Lenders, interest will accrue (a) in the case of principal
or interest on any loan at a rate of 2% per annum plus the rate
otherwise applicable to such loan, and (b) in the case of any other
amount, at a rate equal to the interest rate applicable to
outstanding loans plus 2% per annum.  Default interest will be
payable in cash.

                        About Horsehead Holding

Horsehead Holding Corp. is the parent company of Horsehead
Corporation, a U.S. producer of specialty zinc and zinc-based
products and a leading recycler of electric arc furnace dust; The
International Metals Reclamation Company, LLC ("INMETCO"), a
leading recycler of metals-bearing wastes and a leading processor
of nickel-cadmium (NiCd) batteries in North America; and Zochem
Inc., a zinc oxide producer located in Brampton, Ontario.
Horsehead, headquartered in Pittsburgh, Pa., has seven facilities
throughout the U.S. and Canada.  The Debtors currently employ
approximately 730 full-time individuals.

Horsehead Holding Corp., Horsehead Corporation, Horsehead Metal
Products, LLC, The International Metals Reclamation Company, LLC,
and Zochem Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.
Del. Case Nos. 16-10287 to 16-10291) on Feb. 2, 2016.  The petition
was signed by Robert D. Scherich as vice president and chief
financial officer.  Judge Christopher S. Sontchi is assigned to the
case.

The Debtors have engaged Kirkland & Ellis LLP as general counsel,
Pachulski Stang Ziehl & Jones LLP as local counsel, RAS Management
Advisors, LLC as financial advisor, Lazard Middle Market LLC as
investment banker, Epiq Bankruptcy Solutions, LLC as claims and
noticing agent and Aird & Berlis LLP as Canadian counsel.

The Debtors disclosed total assets of $1 billion and total
liabilities of $544.6 million.  As of the Petition Date, the
Debtors' consolidated long-term debt obligations totaled
approximately $420.7 million.


HORSEHEAD HOLDING: Seeking Joint Administration of Cases
--------------------------------------------------------
Horsehead Holding Corp., et al., ask the Bankruptcy Court to enter
an order directing procedural consolidation and joint
administration of their Chapter 11 cases.  Specifically, the
Debtors request that the Court maintain one file and one docket for
all of the jointly-administered cases under the case of Horsehead
Holding Corp (Case No. 16-10287).

"Given the integrated nature of the Debtors' operations, joint
administration of these chapter 11 cases will provide significant
administrative convenience without harming the substantive rights
of any party in interest," according to Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, counsel for the Debtors.

The Debtors said that many of the motions, hearings, and orders in
these Chapter 11 cases will affect each and every Debtor entity.
Thus, the Debtors maintained, entry of an order directing joint
administration of these Chapter 11 cases will: (i) reduce fees and
costs by avoiding duplicative filings and objections, and (ii)
allow the Office of the United States Trustee for the District of
Delaware and all parties-in-interest to monitor these Chapter 11
cases with greater ease and efficiency.

The Debtors assure the Court that joint administration will not
adversely affect their respective constituencies because the Motion
only seeks administrative, not substantive, consolidation of their
estates.

                      About Horsehead Holding

Horsehead Holding Corp. is the parent company of Horsehead
Corporation, a U.S. producer of specialty zinc and zinc-based
products and a leading recycler of electric arc furnace dust; The
International Metals Reclamation Company, LLC ("INMETCO"), a
leading recycler of metals-bearing wastes and a leading processor
of nickel-cadmium (NiCd) batteries in North America; and Zochem
Inc., a zinc oxide producer located in Brampton, Ontario.
Horsehead, headquartered in Pittsburgh, Pa., has seven facilities
throughout the U.S. and Canada.  The Debtors currently employ
approximately 730 full-time individuals.

Horsehead Holding Corp., Horsehead Corporation, Horsehead Metal
Products, LLC, The International Metals Reclamation Company, LLC,
and Zochem Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.
Del. Case Nos. 16-10287 to 16-10291) on Feb. 2, 2016.  The petition
was signed by Robert D. Scherich as vice president and chief
financial officer.  Judge Christopher S. Sontchi is assigned to the
case.

The Debtors have engaged Kirkland & Ellis LLP as general counsel,
Pachulski Stang Ziehl & Jones LLP as local counsel, RAS Management
Advisors, LLC as financial advisor, Lazard Middle Market LLC as
investment banker, Epiq Bankruptcy Solutions, LLC as claims and
noticing agent and Aird & Berlis LLP as Canadian counsel.

The Debtors disclosed total assets of $1 billion and total
liabilities of $544.6 million.  As of the Petition Date, the
Debtors' consolidated long-term debt obligations totaled
approximately $420.7 million.


HORSEHEAD HOLDING: Seeks OK of Foreign Representative Appointment
-----------------------------------------------------------------
Horsehead Holding Corp., et al., ask the Bankruptcy Court to
authorize debtor Horsehead Holding Corp. to act as foreign
representative on behalf of their estates in the Canadian
Proceedings.

Zochem Inc., one of the Debtors, is a Canadian corporation and is a
wholly owned, direct subsidiary of Horsehead Holding.  Zochem owns
and operates a zinc oxide production facility located in Brampton,
Ontario, Canada.

Horsehead Holdings, as the proposed Foreign Representative, intends
to seek ancillary relief in Canada on behalf of the Debtors'
estates pursuant to the Companies' Creditors Arrangement Act
(Canada) R.S.C. 1985, c. C-36 as amended in the Ontario Superior
Court of Justice (Commercial List) in Toronto, Ontario, Canada. The
purpose of the ancillary proceedings is to request that the
Canadian Court recognize the Debtors' Chapter 11 cases as "foreign
main proceedings" under the applicable provisions of the CCAA in
order to, among other things, protect the Debtors' assets and
operations in Canada.

"Authorizing Horsehead Holding to act as the Foreign Representative
on behalf of the Debtors' estates in the Canadian Proceedings will
allow coordination of these chapter 11 cases and the Canadian
Proceedings, and provide an effective mechanism to protect and
maximize the value of the Debtors' assets and estates," said Laura
Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, counsel
for the Debtors.

                       About Horsehead Holding

Horsehead Holding Corp. is the parent company of Horsehead
Corporation, a U.S. producer of specialty zinc and zinc-based
products and a leading recycler of electric arc furnace dust; The
International Metals Reclamation Company, LLC ("INMETCO"), a
leading recycler of metals-bearing wastes and a leading processor
of nickel-cadmium (NiCd) batteries in North America; and Zochem
Inc., a zinc oxide producer located in Brampton, Ontario.
Horsehead, headquartered in Pittsburgh, Pa., has seven facilities
throughout the U.S. and Canada.  The Debtors currently employ
approximately 730 full-time individuals.

Horsehead Holding Corp., Horsehead Corporation, Horsehead Metal
Products, LLC, The International Metals Reclamation Company, LLC,
and Zochem Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.
Del. Case Nos. 16-10287 to 16-10291) on Feb. 2, 2016.  The petition
was signed by Robert D. Scherich as vice president and chief
financial officer.  Judge Christopher S. Sontchi is assigned to the
case.

The Debtors engaged Kirkland & Ellis LLP as general counsel,
Pachulski Stang Ziehl & Jones LLP as local counsel, RAS Management
Advisors, LLC as financial advisor, Lazard Middle Market LLC as
investment banker, Epiq Bankruptcy Solutions, LLC as claims and
noticing agent and Aird & Berlis LLP as Canadian counsel.

The Debtors disclosed total assets of $1 billion and total
liabilities of $544.6 million.  As of the Petition Date, the
Debtors' consolidated long-term debt obligations totaled
approximately $420.7 million.


HORSEHEAD HOLDING: To Pay up to $4.5-Mil. Critical Vendor Claims
----------------------------------------------------------------
Horsehead Holding Corp, et al., seek authority from the Bankruptcy
Court to pay prepetition claims held by vendors necessary ensure
their continued operation in an amount not to exceed $2 million on
an interim basis and $4.5 million on a final basis.  The Debtors
identified less than 40 Critical Vendors out of over 3,000 vendors
utilized in the ordinary course.

The Debtors said that they rely on goods and services supplied by
their Critical Vendors on a frequent basis.  According to the
Debtors, any interruption in this supply would be disruptive and
could potentially cause irreparable harm to their businesses,
goodwill, employees, customer base, and market share.

The Debtors may elect to condition the payment of Critical Vendor
Claims  upon such party's agreement to continue supplying goods or
services on Customary Trade Terms for the duration of these Chapter
11 cases by executing trade agreements.

                       About Horsehead Holding

Horsehead Holding Corp. is the parent company of Horsehead
Corporation, a U.S. producer of specialty zinc and zinc-based
products and a leading recycler of electric arc furnace dust; The
International Metals Reclamation Company, LLC ("INMETCO"), a
leading recycler of metals-bearing wastes and a leading processor
of nickel-cadmium (NiCd) batteries in North America; and Zochem
Inc., a zinc oxide producer located in Brampton, Ontario.
Horsehead, headquartered in Pittsburgh, Pa., has seven facilities
throughout the U.S. and Canada.  The Debtors currently employ
approximately 730 full-time individuals.

Horsehead Holding Corp., Horsehead Corporation, Horsehead Metal
Products, LLC, The International Metals Reclamation Company, LLC,
and Zochem Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.
Del. Case Nos. 16-10287 to 16-10291) on Feb. 2, 2016.  The petition
was signed by Robert D. Scherich as vice president and chief
financial officer.  Judge Christopher S. Sontchi is assigned to the
case.

The Debtors have engaged Kirkland & Ellis LLP as general counsel,
Pachulski Stang Ziehl & Jones LLP as local counsel, RAS Management
Advisors, LLC as financial advisor, Lazard Middle Market LLC as
investment banker, Epiq Bankruptcy Solutions, LLC as claims and
noticing agent and Aird & Berlis LLP as Canadian counsel.

The Debtors disclosed total assets of $1 billion and total
liabilities of $544.6 million.  As of the Petition Date, the
Debtors' consolidated long-term debt obligations totaled
approximately $420.7 million.


HOVENSA L.L.C.: 2nd Amended Liquidating Plan Confirmed
------------------------------------------------------
Hovensa L.L.C., which has agreed to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million, received approval from
Judge Mary F. Walrath of a consensual chapter 11 plan of
liquidation, which resolves substantial claims of key stakeholders
predicated on the successful sale of substantially all of the
Debtor's assets.

Judge Walrath on Dec. 17, 2015, granted conditional approval of the
Disclosure Statement and scheduled a Jan. 19 hearing to consider
confirmation of the Plan.

The Debtor on Jan. 12, 2016, filed a First Amended Plan and on Jan.
19, 2016, filed a Second Amended Plan.  A red-lined copy of the
Second Amended Plan is available for free at:

      http://bankrupt.com/misc/Hovensa_563_2nd_Am_Plan.pdf

Following a hearing on Jan. 19, Judge Walrath signed an order
granting final approval of the Disclosure Statement and confirming
the latest iteration of the Plan.  

A copy of the Plan Confirmation Order is available for free at:

     http://bankrupt.com/misc/Hovensa_572_Plan_Conf_Order.pdf

                      "No Single Objection"

During the Chapter 11 case, the Debtor and its major stakeholders
engaged in renewed, extensive, good faith, arm's-length
negotiations regarding the terms of a potential sale and a plan of
liquidation.  These negotiations culminated in Court approval of
the sale transaction, followed by an historic vote on Dec. 30,
2015, whereby the U.S. Virgin Islands ("USVI") Legislature ratified
a landmark operating agreement between the Government of the USVI
("GVI") and the purchaser.  With this approval, the Debtor was able
to consummate the sale transaction, yielding approximately $90
million in sale proceeds for the benefit of the Debtor's estate.

The support for the Plan is evidenced by the fact that it has not
drawn a single objection, and all but one of the 981 votes cast on
the Plan was an acceptance.

According to the Debtor, the Plan satisfies the requirements for
confirmation set forth in section 1129 and other applicable
provisions of the Bankruptcy Code, and is supported by all of the
Debtor's major stakeholders.  Each of the Classes of Claims
entitled to vote on the Plan has voted to accept the Plan.

The Debtor received no objections to either the Disclosure
Statement or the Plan prior to the Objection Deadline, and only
three parties -- the GVI, the U.S. Trustee, and the Purchaser --
filed reservations of rights with respect to the Plan.  The Debtor
said it has discussed and will continue to discuss these matters
with the parties and hopes to achieve a resolution of any remaining
issues prior to the Jan. 29 combined hearing.

A copy of the Debtor's memorandum in support of confirmation of its
Plan is available for free at:

     http://bankrupt.com/misc/Hovensa_546_Plan_Brief.pdf

A copy of the declaration of Thomas E. Hill in support of
confirmation of the Second Amended Plan is available for free at:

     http://bankrupt.com/misc/Hovensa_565_Plan_Hill_Decla.pdf

                    Terms of Liquidating Plan

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 other parties.

Following an auction in November, 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 on Jan. 20, 2016, received court approval of its
liquidating plan.


HOVENSA L.L.C.: LimeTree Balks at Plan Assignments to ERT
---------------------------------------------------------
Limetree Bay Terminals, LLC and Limetree Bay Holdings, LLC, which
purchased most of the assets of Hovensa L.L.C. in December,
submitted an objection to confirmation of the Debtor's liquidating
plan.

Limetree related that a critical aspect of the sale was the
Purchaser's obligation to fund potentially up to $30,000,000 in
Wind-Up Costs, subject to certain conditions precedent contained in
Section 7.33 of the Purchase Agreement.  A critical aspect of the
Sale was the Purchaser's obligation to fund potentially up to
$30,000,000 in Wind-Up Costs, subject to certain conditions
precedent contained in Section 7.33 of the Purchase Agreement.

Despite this express and unambiguous requirement of the Purchase
Agreement and numerous requests by Limetree Bay, the Debtor has
declined to include the language of Section 7.33 anywhere in the
Plan.  LimeTree says that while the parties are currently
negotiating, it is important to inform the Court that the proposed
form of the Plan and Environmental Response Trust Agreement do not
conform to (and, in fact, breach) the requirements of the Purchase
Agreement

Limetree Bay said it does not consent to the Debtor's attempted
assignment of its rights and benefits to the Environmental Response
Trust and the Reorganized Debtor without also including its
obligations as part of such assignment, nor does Limetree Bay
consent to the Debtor's attempted bifurcation and assignment of its
rights to the Environmental Response Trust and the Reorganized
Debtor.  Limetree Bay does not believe it is controversial to
require the Environmental Response Trust to accept the burdens of
the Debtor's obligations when it is receiving the benefits as well.
But more importantly, Section 7.33 of the Purchase Agreement
expressly requires the Environmental Response Trust to "assume and
perform the Seller's obligations under the Transaction Documents
upon the effective date of the Plan."

Until the Plan actually conforms to the requirements of the
Purchase Agreement and does not alter or limit (whether directly or
indirectly) the requirements of Section 7.33 of the Purchase
Agreement, Limetree Bay has no obligation to fund any portion of
the $30,000,000 in Wind-Up Costs.

The Bankruptcy Court's Jan. 20 order confirming the Plan includes a
paragraph on the "Resolution of the Purchaser's Objection."  The
Order provides, "The Debtor and the Purchaser will work in good
faith to enter into a stipulation designating which obligations
under the Transaction Documents will be assumed by the
Environmental Response Trust, and which obligations will be assumed
by the Reorganized Debtor.  The Debtor and the Purchaser agree to
cooperate in good faith to the extent necessary regarding any
obligations under the Transaction Documents that are not assigned
to the Environmental Response Trust.  To the extent the Debtor and
the Purchaser are unable to reach agreement with respect to the
stipulation, the Court will hold a hearing to determine which
obligations under the Transaction Documents must be assumed by the
Environmental Response Trust and the Reorganized Debtor.  For the
avoidance of doubt, all parties' rights are reserved with respect
to any proposed agreement regarding the assumption of obligations.
It will be a condition precedent to the Effective Date of the Plan
that the Court will approve an agreement regarding the assumption
of Obligations under the Transaction Documents."

Limetree Bay's attorneys:

         NICHOLS NEWMAN LOGAN GREY & LOCKWOOD, P.C.
         Todd Newman, Esq.
         1131 King Street
         Christiansted, St. Croix 00820
         Telephone: (340) 773-3200
         Facsimile: (340) 773-3409
         E-mail: tnewman@nicholsnewman.com

              - and -

         LATHAM & WATKINS LLP
         Keith A. Simon, Esq.
         David F. McElhoe, Esq.
         885 Third Avenue
         New York, NY, 10022
         Telephone: (212) 906-1200
         Facsimile: (212) 751-4864
         E-mail: keith.simon@lw.com
                 david.mcelhoe@lw.com

                         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 on Jan. 20, 2016, received court approval of its
liquidating plan.


HOVENSA L.L.C.: Three Members of Oversight Committee Named
----------------------------------------------------------
In accordance with Hovensa L.L.C.'s Second Amended Plan and the
Court's Jan. 20, 2016 Order Confirming Plan, the Official Committee
of Unsecured Creditors has selected three persons to serve on the
Oversight Committee.

The identity and affiliations of the individuals that form the
Oversight Committee are:

  * John Keough, partner at Clyde & Co US LLP, will serve as the
member representing a Trade Claim. Mr. Keough has represented
Atlantic Trading & Marketing, Inc. in connection with the Chapter
11 Case. Mr. Keough will be compensated in accordance with the
terms of the Liquidating Trust Agreement.

   * Lee J. Rohn, partner at Lee J. Rohn & Associates, will serve
as the member representing a Tort Claim. Ms. Rohn has represented
numerous Holders of Tort Claims in connection with the Chapter 11
Case. Ms. Rohn will be compensated in accordance with the terms of
the Liquidating Trust Agreement.

   * Stephen A. Weisbrod, partner at Weisbrod Matteis & Copley
PLLC, will serve as the independent member. Mr. Weisbrod will be
compensated in accordance with the terms of the Liquidating Trust
Agreement.

                         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 on Jan. 20, 2016, received court approval of its
liquidating plan.


HOVENSA L.L.C.: U.S. Objection on ERT Waiver Resolved
-----------------------------------------------------
The United States of America, on behalf of the United States
Environmental Protection Agency, filed a limited objection to
confirmation of Hovensa L.L.C.'s Plan of Liquidation.

The groundwater and certain areas of the refinery previously
operated by the Debtor are contaminated with hazardous waste and
hazardous waste constituents.  The Debtor is required by RCRA
permit VID 980536080, issued by EPA pursuant to the Resource
Conservation and Recovery Act, 42 U.S.C. Sec. 9601 et seq., to
clean up this contamination.  The Debtor is also subject to various
other environmental obligations under RCRA and other environmental
statutes in connection with the Facility.

To address the Debtor's obligation to clean up the contamination at
the Facility, as well as various other environmental obligations,
the Plan contemplates the establishment of an Environmental
Response Trust ("ERT").  The purpose of the ERT is to implement the
Environmental Remediation/Compliance Program which includes, among
other requirements, that the ERT implement the cleanup required by
the RCRA Permit.  The assets of the ERT will include, inter alia,

     (a) a $5 million payment from the Debtor or Reorganized
         Debtor,

     (b) the rights of the Debtor with respect to RCRA financial
         assurance trusts holding about $36.6 million,

     (c) the right under the Purchase Agreement to require the
         Purchaser to pay up to $30 million in Wind-Up Costs
         under the Purchase Agreement,

     (d) the right to require the Purchaser to provide a certain
         amount of free electric power under the Purchase
         Agreement, and

     (e) an insurance policy to cover certain environmental
         conditions.

The ERT is to be established pursuant to an Environmental Response
Trust Agreement ("ERT Agreement"), to be entered into by the
Debtor, the United States (on behalf of EPA), the Government of the
Virgin Islands (on behalf of the Department of Planning and Natural
Resources ("DPNR")), and the Trustee (Roberto Puga of Project
Navigator, Ltd.) (the "ERT Parties").

Prior to the Jan. 19 confirmation hearing, the ERT Parties were
still finalizing the terms of the ERT Agreement, but are continuing
to work toward that goal.

In its Jan. 15 plan objection, the U.S. said that the Debtor should
not be given the sole discretion to determine whether to waive the
condition that the ERT Agreement be executed and effective. The
establishment of the ERT is essential to ensuring that the Debtor's
environmental obligations are addressed. Confirmation of the Plan
without the prior establishment of the ERT would therefore be
improper, the U.S. Trustee said.

To resolve the DOJ objection, the judge's Plan Confirmation Order
entered Jan. 20, 2016, provides, "Notwithstanding anything to the
contrary in the Plan or this Order, the Debtor will provide the EPA
and the GVI with three business days' notice and an opportunity to
object prior to the Debtor's waiver of any conditions relating to
the Environmental Response Trust."

The United States can be reached at:

         JOHN C. CRUDEN
         Assistant Attorney General
         Environment and Natural Resources Division
         United States Department of Justice

         Myles E. Flint, II
         Senior Counsel
         Donald G. Frankel
         Senior Counsel
         United States Department of Justice
         Environmental Enforcement Section
         Environment & Natural Resources Division
         One Gateway Center, suite 616
         Newton, MA 02458
         Tel: (617) 450-0442
         Fax: (617) 450-0448

                         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 on Jan. 20, 2016, received court approval of its
liquidating plan.


IHEARTCOMMUNICATIONS INC: CCOH Demanded Payment of $300M Note
-------------------------------------------------------------
Consistent with its previous disclosure, on Feb. 4, 2016, Clear
Channel Outdoor Holdings, Inc., an indirect, non-wholly owned
subsidiary of iHeartCommunications, Inc., (i) demanded repayment of
$300 million outstanding on the Revolving Promissory Note, dated as
of Nov. 10, 2005, between IHC, as maker, and CCOH, as payee, and
(ii) paid special cash dividends to Class A and Class B
stockholders of record at the close of business on Feb. 1, 2016, in
an aggregate amount equal to $540 million, or $1.4937 per share,
using proceeds of the Demand together with cash on hand relating to
the sale of eight non-strategic outdoor markets.

As the indirect parent of CCOH, IHC received approximately 90.1%,
or approximately $486.5 million, of the dividend proceeds through
its wholly-owned subsidiaries.  Following satisfaction of the
Demand, the balance outstanding under the Note was reduced by $300
million.  As of Sept. 30, 2015, the outstanding balance of the Note
was $913.7 million.

The disclosure was made through a Form 8-K filed with the U.S.
Securities and Exchange Commission on Feb. 5, 2016.

                    About iHeartCommunications

iHeartCommunications, Inc., (formerly known as Clear Channel
Communications, Inc.) is a global media and entertainment company.
The Company specializes in radio, digital, outdoor, mobile,
social, live events, on-demand entertainment and information
services for local communities, and uses its unparalleled national
reach to target both nationally and locally on behalf of its
advertising partners.  The Company is dedicated to using the
latest technology solutions to transform the company's products
and services for the benefit of its consumers, communities,
partners and advertisers, and its outdoor business reaches over 40
countries across five continents, connecting people to brands
using innovative new technology.

iHeartCommunications reported a net loss attributable to the
Company of $794 million in 2014, compared with a net loss
attributable to the Company of $607 million in 2013.

                         Bankruptcy Warning

"We and our subsidiaries may not generate cash flow from operations
in an amount sufficient to fund our liquidity needs.  We anticipate
cash interest requirements of approximately $1.6 billion during
2015.  At December 31, 2014, we had debt maturities totaling $3.6
million, $1,126.9 million (net of $57.1 million due to a subsidiary
of ours), and $8.2 million in 2015, 2016, and 2017, respectively.
We are currently exploring, and expect to continue to explore, a
variety of transactions to provide us with additional liquidity.
We cannot assure you that we will enter into or consummate any such
liquidity-generating transactions, or that such transactions will
provide sufficient cash to satisfy our liquidity needs, and we
cannot currently predict the impact that any such transaction, if
consummated, would have on us."

"The ability to refinance the debt will depend on the condition of
the capital markets and our financial condition at such time.  Any
refinancing of the debt could be at higher interest rates and
increase debt service obligations and may require us and our
subsidiaries to comply with more onerous covenants, which could
further restrict our business operations.  The terms of existing or
future debt instruments may restrict us from adopting some of these
alternatives.  These alternative measures may not be successful and
may not permit us or our subsidiaries to meet scheduled debt
service obligations.  If we or our subsidiaries cannot make
scheduled payments on indebtedness, we or our subsidiaries, as
applicable, will be in default under one or more of the debt
agreements and, as a result we could be forced into bankruptcy or
liquidation," the Company stated in its 2014 Annual  Report.

                           *     *     *

In May 2013, Moody's Investors Service said that Clear Channel's
upsize of the term loan D to $4 billion from $1.5 billion will not
impact the Caa1 facility rating assigned.  Clear Channel's
Corporate Family Rating is unchanged at Caa2.  The outlook remains
stable.

As reported by the TCR on May 21, 2013, Standard & Poor's Ratings
Services announced that its issue-level rating on San
Antonio, Texas-based Clear Channel's senior secured term loan
remains unchanged at 'CCC+' following the company's upsize of the
loan to $4 billion from $1.5 billion.  The rating on parent
company CC Media Holdings remains at 'CCC+' with a negative
outlook, which reflects the risks surrounding the long-term
viability of the company's capital structure.

As reported by the TCR on Feb. 4, 2015, Fitch Ratings has affirmed
the Issuer Default Rating (IDR) of iHeartCommunications, Inc.
(iHeart) at 'CCC'.


ISTAR INC: Morgan Stanley Reports 5.3% Stake as of Dec. 31
----------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Morgan Stanley disclosed that as of Dec. 31, 2015, it
beneficially owns 4,507,988 shares of common stock of Istar Inc.
representing 5.3 percent of the shares outstanding.  A copy of the
regulatory filing is available for free at http://is.gd/t03gl2

                      About iStar Inc.

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

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

As of Sept. 30, 2015, the Company had $5.64 billion in total
assets, $4.48 billion in total liabilities, $11.6 million in
redeemable noncontrolling interests and $1.14 billion in total
equity.

                            *     *     *

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

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

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


JAMES MADISON KELLEY: JPMorgan Chase Wins Summary Judgment
----------------------------------------------------------
In an adversary proceeding, James Madison Kelley is attempting to
defeat claims and security interests arising from the two
Washington Mutual Bank loans.  The Debtor has not made any payments
on the loans since he filed his chapter 11 petition on September
19, 2008, and defendant JP Morgan Chase Bank, N.A., the assignee of
the relevant WaMu notes and security interests, has paid all taxes
and insurance on the Property.

The case was reassigned to the United States Bankruptcy Court for
the Northern District of California, which in turn encouraged the
parties to move forward with resolution of the matter, either
through compromise, dispositive motions, or trial.

In a Memorandum Decision dated January 21, 2016, which is available
at http://is.gd/xm8fDwfrom Leagle.com, Judge Dennis Montali of the
United States Bankruptcy Court for the Northern District of
California granted the motion for summary judgment filed by Chase
and denied the motion for partial summary judgment filed by the
Debtor.

The adversary proceeding is JAMES MADISON KELLEY, Plaintiff, v.
JPMORGAN CHASE BANK NA, Successor to Washington Mutual Bank,
Defendant, Adversary Proceeding No. 10-5245DM (Bankr. N.D.
Calif.).

The bankruptcy case is In re JAMES MADISON KELLEY, Chapter 11,
Debtor, Bankruptcy Case No. 08-55305DM (Bankr. N.D. Calif.).

JP Morgan Chase Bank, NA, Successor to Washington Mutual Bank,
Defendant, is represented by Sheri M. Kanesaka, Esq. -- Parker
Ibrahim & Berg LLC.

Federal Deposit Insurance Corporation, As Receiver For Washington
Mutual Bank, 3rd Pty Defendant, is represented by Sarah
Andropoulos,  Esq. -- Nossaman LLP,Allan H. Ickowitz, Esq. --
aickowitz@nossaman.com -- Nossaman LLP, Robert S. McWhorter, Esq.
--  rmcwhorter@nossaman.com -- Nossaman LLP.

                      About Washington Mutual

Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- was the holding company for Washington  
Mutual Bank as well as numerous non-bank subsidiaries.

Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S.
government regulators.  The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively).  WaMu owns
100% of the equity in WMI Investment.  When WaMu filed for
protection from its creditors, it disclosed assets of
$32,896,605,516 and debts of $8,167,022,695.  WMI Investment
estimated assets of $500 million to $1 billion with zero debts.

WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal &
Manges LLP in New York City; Mark D. Collins, Esq., at Richards,
Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari,
Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver &
Hedges, LLP.  The Debtor tapped Valuation Research Corporation as
valuation service provider for certain assets.

Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Fled LLP in New
York, and David B. Stratton, Esq., at Pepper Hamilton LLP in
Wilmington, Del., represent the Official Committee of Unsecured
Creditors. Stephen D. Susman, Esq., at Susman Godfrey LLP and
William P. Bowden, Esq., at Ashby & Geddes, P.A., represent the
Equity Committee.  The official committee of equity security
holders also tapped BDO USA as its tax advisor. Stacey R.
Friedman, Esq., at Sullivan & Cromwell LLP and Adam G. Landis,
Esq., at Landis Rath & Cobb LLP in Wilmington, Del., represent
JPMorgan Chase, which acquired the WaMu bank unit's assets prior
to the Petition Date.

Records filed Jan. 24, 2012, say that Washington Mutual Inc.,
former owner of the biggest U.S. bank to fail, has spent
$232.8 million on bankruptcy professionals since filing its
Chapter 11case in September 2008.

In March 2012, the Debtors' Seventh Amended Joint Plan of
Affiliated, as modified, and as confirmed by order, dated Feb. 23,
2012, became effective, marking the successful completion of the
chapter 11 restructuring process.

The Plan is based on a global settlement that removed opposition
to the reorganization and remedy defects the judge identified in
September.  The plan is designed to distribute $7 billion.  Under
the reorganization plan, WaMu established a liquidating trust to
make distributions to parties-in-interest on account of their
allowed claims.


KALOBIOS PHARMA: Avoids Takeover by Bankruptcy Trustee
------------------------------------------------------
Steven Church, writing for Bloomberg Brief - Distress & Bankruptcy,
reported that KaloBios Pharmaceuticals Inc., the drug company
co-owned by Martin Shkreli, defeated an attempt by the U.S.
government to install a trustee to liquidate its assets, keeping
alive its plans to pursue a new drug to treat Chagas disease.

According to the report, KaloBios argued that it was in the hands
of independent managers and beyond the control of Mr. Shkreli, who
was arrested in December on fraud charges -- in part related to his
tenure at another drug company, Retrophin Inc.

The U.S. Trustee, the Justice Department's bankruptcy watchdog,
asked a judge to remove KaloBios's managers and install a trustee,
arguing initially that there was a chance Mr. Shkreli's allies may
still be in place at the company, the report related.  After
testimony on Feb. 4 in Wilmington, Delaware, that the new board and
top managers of the company were independent, attorneys for the
U.S. Trustee's office continued to press for a change, saying a
takeover would be better for creditors than the company's plan to
spend its remaining cash on the Chagas drug, or to develop a
leukemia treatment, the report further related.

                 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'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.

KaloBios Pharmaceuticals (Nasdaq: KBIO) on Dec. 29, 2015, filed a
voluntary petition for bankruptcy protection under Chapter 11 of
Title 11 of the United States Bankruptcy Code.  The filing was
made in the U.S. Bankruptcy Court for the District of Delaware
(Case No. 15-12628).

The Company is represented by Eric D. Schwartz of Morris, Nichols,
Arsht & Tunnell.


KEEN EQUITIES: Greene Family Balks at 2nd Amended Plan Outline
--------------------------------------------------------------
Hal J. Greene Living Trust, David A. Greene, and Trust underwritten
M Greene f/b/o Sabrina Greene -- Greene Family -- as successor to
Lake Anne Realty Corp., said in a bankruptcy court filing that Keen
Equities, LLC's Second Amended Disclosure Statement has failed to
adequately address, on a collaborative basis, its objections as the
Court directed at the Oct. 22 hearing on the First Amended
Disclosure Statement.

Keen Equities' case is a single asset real estate case constituting
a two-party dispute between the Debtor and the Greene Family, its
secured creditor, the Greene Family noted.

The initial hearing on the First Amended Disclosure Statement was
held Oct. 22, 2015.  The Greene Family, in its objection to the
First Amended Disclosure Statement, argued that because the
Debtor's Plan was not confirmable on its face, the Court should
deny approval of the Disclosure Statement.

The Court adjourned the disclosure statement hearing after
directing the parties to collaborate on amendments to the First
Amended Disclosure Statement to address the objections of the
Greene Family.  "I want you to take a crack with the other side on
your own first and then with the other side with your amendments,
and then I want to see it and then I want to have you back, at
which point I'll rule on the issue of, you known, is this plan dead
on arrival," the judge said.

On Nov. 24, 2015, the Debtor submitted a Second Amended Disclosure
Statement.

The Greene Family claims that the Second Amended Disclosure
Statement still does not adequately address the issues it raised in
the initial objection.  In its December 2015 filing, the Green
Family raised new issues that provide additional grounds for
objection to its adequacy.

According to the Greene Family, the Plan and the First Amended
Disclosure Statement treat the Greene Family's claim as fully
secured.  The Debtor listed the value of the Property on its
schedules as $15 million.  The Greene Family asserts that its
secured claim should be $10,283,388 plus accruals and it should be
entitled to postpetition interest.

However, the Greene Family points out that in a complete reversal,
the Debtor now alleges that the Greene Family is undersecured,
based on an "as is" appraisal yet to be submitted.  The effect of
such valuation would be to create a prepetition general unsecured
deficiency claim in favor of the Greene Family in the amount of
$1,821,000.

The Greene Family disputes this valuation because it violates the
last sentence of Section 506(a) of the Bankruptcy Code, which
requires the Property to the valued in accordance with its "highest
and best use" as a development with approvals and infrastructure
and not "as is" as underdeveloped land.  If the Court, however,
finds that this is the appropriate value of the Property, the
Greene Family asserts that this finding has consequences to the (i)
economic treatment of the Greene Family's resulting unsecured
deficiency claim and (ii) the Debtor's ability to satisfy plan
voting requirements including Sec. 1129(a)(10).

                         Debtor's Response

The Debtor says the Disclosure Statement has been carefully amended
to provide additional information as directed by the Court, and now
includes a multitude of supporting documentation for creditors to
better understand the Debtor's proposals for the development of the
property and the use of the funds from the sale of the lots to pay
creditors.

According to the Debtor, there is no basis whatsoever for a finding
that the Plan is incapable of being confirmed:

   1. First, the Greene Family asserts that the Debtor cannot
satisfy the requirement for acceptance of at least one impaired
class of claims.  The Debtor says there are two impaired classes
which can potentially provide the necessary votes.  The argument
that the unsecured creditors will never vote in favor of the Plan
is based on a false premise, namely that the Greene Family will
have a deficiency claim under the Plan.  Whatever the value of the
property may be, the Debtor is treating the Greene Family's claims
as secured, without any bifurcation or "strip down."

   2. The Greene Family's second argument that the Plan is not
confirmable is based on their contention that the Debtor's estimate
of the time necessary for obtaining approvals is too optimistic.
The Debtor avers that the Disclosure Statement provides a detailed
summary of the time frame prepared by the Debtor's professionals,
and is not simply a number pulled out of a hat.  

   3.  The Greene Family next asserts that the Plan is
unconfirmable per se because the Greene Family disagrees with the
Till rate proposed by the Debtor.  The Debtor proposed a 4.25%
cramdown rate is appropriate while the Greene Family argued that at
a minimum, the cramdown rate should be 6.25%.  The Debtor says
fixing the Till Rate is a matter for confirmation, not the
Disclosure Statement.

   4.  The fourth issue raised by the Greene Family concerns the
absolute priority rule.  The Debtor says the Disclosure Statement
clearly sets forth the rule, and the fact that if Class 3 and 4
creditors vote to reject the Plan, the Plan will not be confirmable
under Sec. 1129(a).

  5. Finally, the Greene Family contends that the Plan does not
treat its claim fairly and equitably because the Plan contains a
Release Price, requiring the Greene Family to release its lien on
each individual parcel as it is sold.   The Debtor believes this is
a confirmation issue, not a disclosure issue.

Greene Family is represented by:

         RABINOWITZ, LUBETKIN & TULLY, LLC
         293 Eisenhower Parkway, Suite 100
         Livingston, NJ 07039
         Tel: (973) 597-9100
         Fax: (973) 597-9119

Debtor's Counsel:

         Kevin J Nash, Esq.
         GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
         1501 Broadway, 22nd Floor
         New York, NY 10036
         Tel: (212) 301-6944
         Fax: (212) 422-6836
         E-mail: KNash@gwfglaw.com

                Second Amended Disclosure Statement

Keen Equities on Nov. 24, 2015, filed a red-lined copy of its
Second Amended Disclosure Statement.  A copy of the document is
available for free at:

   http://bankrupt.com/misc/Keen_Equities_132_2nd_Am_DS.pdf

Keen Equities has proposed a reorganization plan that will be
funded through additional new value contributions by existing
investors projected to aggregate $1,800,000 plus an interest
reserve of $500,000.  The contributions will be made on a pro rata
basis.  Since the Chapter 11 filing, the Debtor's investors have
contributed approximately $3.2 million to re-launch development of
the Lake Anne Property and pay ongoing postpetition debt service to
the Greene Family plus real estate taxes and insurance.

According to the Debtor, given the level of its investor
contributions of approximately $3.2 million since the Chapter 11
filing alone, plus additional new value contributions of at least
$1.8 million, plus another $500,000 for interest reserves, the
Debtor submits that it can establish a relatively low risk of
future non-payments.

The Chapter 11 plan contemplates the restructuring of the mortgage
debt encumbering the Debtor's development property in Orange County
consisting of approximately 860 acres of largely vacant land (the
"Lake Anne Property"), utilizing principles of law recognized by
the Supreme Court in Till v. SCS Credit Corp., 541 U.S. 465, 124
S.Ct. 1951 (2004) ("Till").

The Lake Anne Property is encumbered by a purchase money mortgage
(the "Greene Family Mortgage") held by Hal J. Greene Living Trust,
David A. Greene, and Trust underwritten M Greene f/b/o Sabrina
Greene (the "Greene Family"), as successor to Lake Anne Realty
Corp.  The Greene Family Mortgage has a current principal balance
of $3,924,645 and was given to the Debtor in the original amount of
$10 million in connection with the Debtor's acquisition of the site
in 2006.  The Debtor originally paid $15 million for the Lake Anne
Property and thereafter paid down the mortgage to around $4
million.

The Greene Family has filed a secured claim in the total sum of
$6,926,917, including alleged default interest and other costs.  On
Jan. 20, 2015, the Debtor objected to the Greene Family Mortgage
claim contending that the purported acceleration of the debt was
improper due to defective notice negating the Greene Family's
entitlement to prepetition default interest.  While the Debtor is
sanguine about its prospects, whatever amount is ultimately allowed
by the Bankruptcy Court shall be paid in full under the Plan, with
post-confirmation interest at a rate of 4.25% consistent with a
Till analysis.

The Plan proposes a fixed 4.25% interest rate, predicated on the
current Prime Rate of 3.25% plus a risk factor of 1%.  The Debtor
submits that a 1% risk factor is appropriate for several reasons.

The Plan treats claims and interests as follows:

   -- The allowed secured claim of the Greene Family (Class 1) in
such amount as finally determined by the Bankruptcy Court following
resolution of the Debtor's pending claim objection will be
restructured under a Till-based mortgage restructuring.

   -- The allowed secured or priority tax claims held by
governmental units, including State of New York and Orange County,
totaling $306,000 (Class 2) will be paid in full on the Effective
Date.

   -- The allowed claims of former tenants (Class 3), totaling
$4,852, will be paid in full within one year of the Effective
Date.

   -- The allowed unsecured claims of non-insider creditors (Class
4), totaling $29,440, will be paid in full within one year of the
Effective Date.

   -- The allowed claim of Erno Bodek, a former member of the
Debtor, whose membership interest was diluted after Bodek failed to
complete required capital contributions (Class 5), will be paid the
total sum of $100,000, amounting to 10% of the filed proof of
claim.  The payments to Bodek will be made in 12 equal consecutive
monthly installments commencing on the Effective Date.

   -- Each of the 11 investors currently holding equity interests
in the Debtor (Class 6) will be eligible to retain his continuing
membership interest in the Reorganized Debtor so long as the
investor continues to timely make all required capital
contributions.

                        About Keen Equities

Keen Equities, LLC, is a New York limited liability company
consisting of 12 members/investors.  Keen Equities is the owner of
approximately 860 acres of vacant land (the Lake Anne property)
situated close to the Hassidic community of Kiryas Joel, in Monroe,
New York.  The Lake Anne Property was purchased in 2006 with the
goal of building residential homes to meet the growing needs of the
Kiryas Joel community (the project).

For many years, the project stalled because of resistance from the
Village of South Blooming Grove.  At various times, the Debtor
pursued litigation to challenge certain local action and ultimately
the Lake Anne Property became subject to foreclosure proceedings by
the Greene Family.

Keen Equities, LLC, sought Chapter 11 protection (Bankr. E.D.N.Y.
Case No. 13-46782) on Nov. 12, 2013.  The petition was signed by
Y.C. Rubin, the manager.  

Judge Nancy Hershey Lord presides over the case.

The Debtor disclosed total assets of $15.1 million and total
liabilities of $6.84 million.  

Goldberg Weprin Finkel Goldstein LLP serves as the Debtor's
counsel.


KEEN EQUITIES: Third Amended Disclosure Statement Filed
-------------------------------------------------------
Keen Equities, LLC, in January 2016, submitted a Third Amended
Disclosure Statement to incorporate issues raised by the Greene
Family in its objection to the prior iteration of the Disclosure
Statement.

Keen Equities is proposing a Chapter 11 Plan that would pay the
Greene Family, a secured creditor, in full over time from
contributions from investors and the sale of lots at the Lake Anne
property.

The Third Amended Disclosure Statement provides that:

   * The Greene Family submits that its entire pre- and
post-petition claim could be as much as $10,283,388.38 as of
October, 2015. The Debtor submits that this amount is inflated
based upon improper calculations and includes interest on interest,
late charges and default interest and does not credit or reconcile
the post-petition payments of approximately $800,000.

   * The proof of claim filed by the Greene Family contains a per
diem interest charge of $1,935.44 based on a default rate of 18%
per annum. The Greene Family has indicated it will seek to recover
post-petition default interest.  The Debtor submits that the Greene
Family's post-petition default interest is precluded by prior
stipulations and orders fixing adequate protection at the
non-default rate. Additionally, even if the default rate is
allowed, the Debtor disputes the Greene Family's computation of
default interest.

   * The Greene Family disagrees that its claim is undersecured for
any purpose, including Section 506(b) and disputes that an "as is"
basis is an appropriate measure of value in light of the last
sentence of Section 506(a)(1) of the Bankruptcy Code.  

   * It is also the Greene Family's position (disputed by the
Debtor) that if the Court determines that it is undersecured, it
has an undersecured deficiency claim in Class 4 of the Plan which
will vote no in that class and constitutes a blocking vote in that
class.  The Debtor submits that, inter alia, proposed full payment
treatment of the Greene Family Claim will negate this blocking
vote.  The Greene Family is also preserving its Section 1111(b)
election rights, if any.

   * The Greene Family submits that the interest rate to be applied
under Section 1129(b)(2)(A)(ii) is the rate for similar loans in
the marketplace which is the note rate of 6.5%.  If this Court
applies the formula rate of Till, because of the significant risk
under the Plan, the Greene Family submits that the risk adjusted
interest rate should be at least the note rate of 6.5%, calculated
based on the present prime rate of 3.5% (which will likely be
higher at the Effective Date) and a risk adjustment of 3.0%. The
Debtor has a vastly different view.

   * The Greene Family submits that for the purposes of the Till
formula approach, the maximum risk adjustment of 3% should be
applied to a base rate of prime which is presently 3.5%.  The
Debtor has no current revenues. The Plan does not provide for the
investor's guarantee of any Plan obligations.  In addition,
although the Debtor has represented that the investors have and
will stand behind the Plan, there has been no disclosure of the
investors' net worth.  The new money coming in at confirmation is
$2,300,000 which consists of a $1,800,000 new value contribution
and a $500,000 interest reserve. But the Plan obligations could be
as high as $10,500,000. The only means of payment under the Plan
over and above the new money of $2,300,000 is sales of lots after
approvals and completion of infrastructure.  Based on these facts,
there is high risk of non-payment because there are presently no
approvals and no infrastructure.  Further, there is no
demonstration of the cost of and how the obtaining of the approvals
and infrastructure will be funded.  The Debtor is in the earliest
stages of obtaining approvals and the Debtor acknowledges that
there have been intentional delays by the municipality in
connection with obtaining the approvals.

   * The Greene Family disagrees that the Plan can be confirmed as
a matter of law because, in the Greene Family's opinion, the Plan
(i) cannot satisfy the one impaired accepting class requirement of
Section 1129(a)(10) of the Bankruptcy Code, (ii) violates the
absolute priority rule set forth in Section 1129(b)(2)(B) of the
Bankruptcy Code and (iii) is not fair and equitable as to the
Greene Family as required by Section 1129(b)(2)(A)(i) because it
seeks to impose a covenant in the form of a release price that was
not contained in the pre-petition loan documents. The Debtor, of
course, does not share this view, and is prepared to adjust release
price issues once actual sales materialize.

A red-lined copy of the Third Amended Disclosure Statement filed
Jan. 18, 2016, is available for free at:

     http://bankrupt.com/misc/Keen_Equities_144_3rd_Am_DS.pdf

                      Treatment of Claims

The Plan treats claims and interests as follows:

   -- The allowed secured claim of the Greene Family (Class 1) in
such amount as finally determined by the Bankruptcy Court following
resolution of the Debtor's pending claim objection will be
restructured under a Till-based mortgage restructuring.

   -- The allowed secured or priority tax claims held by
governmental units, including State of New York and Orange County,
totaling $306,000 (Class 2) will be paid in full on the Effective
Date.

   -- The allowed claims of former tenants (Class 3), totaling
$4,852, will be paid in full within one year of the Effective Date.
The Greene Family submits, and the Debtor disputes, that this
Class is not impaired.

   -- The allowed unsecured claims of non-insider creditors (Class
4), totaling $29,440, will be paid in full within one year of the
Effective Date.  The Greene Family submits, and the Debtor
disputes, that this Class is not impaired.

   -- The allowed claim of Erno Bodek, a former member of the
Debtor, whose membership interest was diluted after Bodek failed to
complete required capital contributions (Class 5), will be paid the
total sum of $100,000, amounting to 10% of the filed proof of
claim.  The payments to Bodek will be made in 12 equal consecutive
monthly installments commencing on the Effective Date.  The class
is impaired, but potentially not entitled to vote on the Plan since
Bodek is a former member of the Debtor and thus a possible
insider.

   -- Each of the 11 investors currently holding equity interests
in the Debtor (Class 6) will be eligible to retain his continuing
membership interest in the Reorganized Debtor so long as the
investor continues to timely make all required capital
contributions.

                        About Keen Equities

Keen Equities, LLC, is a New York limited liability company
consisting of 12 members/investors.  Keen Equities is the owner of
approximately 860 acres of vacant land (the Lake Anne property)
situated close to the Hassidic community of Kiryas Joel, in Monroe,
New York.  The Lake Anne Property was purchased in 2006 with the
goal of building residential homes to meet the growing needs of the
Kiryas Joel community (the project).

For many years, the project stalled because of resistance from the
Village of South Blooming Grove.  At various times, the Debtor
pursued litigation to challenge certain local action and ultimately
the Lake Anne Property became subject to foreclosure proceedings by
the Greene Family.

Keen Equities, LLC, sought Chapter 11 protection (Bankr. E.D.N.Y.
Case No. 13-46782) on Nov. 12, 2013.  The petition was signed by
Y.C. Rubin, the manager.  

Judge Nancy Hershey Lord presides over the case.

The Debtor disclosed total assets of $15.1 million and total
liabilities of $6.84 million.  

Goldberg Weprin Finkel Goldstein LLP serves as the Debtor's
counsel.


KEMET CORP: Invesco Reports 8.7% Equity Stake as of Dec. 31
-----------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Invesco Ltd. reported that as of Dec. 31, 2015, it
beneficially owns 3,975,177 shares of common stock of Kemet Corp
representing 8.7 percent of the shares outstanding.  A copy of the
regulatory filing is available for free at http://is.gd/F3SMGU

                            About KEMET

KEMET, based in Greenville, South Carolina, is a manufacturer and
supplier of passive electronic components, specializing in
tantalum, multilayer ceramic, film, solid aluminum, electrolytic,
and paper capacitors.  KEMET's common stock is listed on the NYSE
under the symbol "KEM."

As of Dec. 31, 2015, the Company had $707 million in total assets,
$583 million in total liabilities and $124.41 million in total
stockholders' equity.

                           *     *     *

As reported by the TCR on March 26, 2013, Moody's Investors
Service downgraded KEMET Corp.'s Corporate Family Rating to 'Caa1'
from 'B2' and the Probability of Default Rating to 'Caa1-PD' from
'B2- PD' based on Moody's expectation that KEMET's liquidity will
be pressured by maturing liabilities and negative free cash flow
due to the interest burden and continued operating losses at the
Film and Electrolytic segment.

As reported by the TCR on Aug. 9, 2013, Standard & Poor's Ratings
Services lowered its corporate credit rating on KEMET to 'B-' from
'B+'.  "The downgrade is based on continued top-line and margin
pressures and lagging results from the restructuring of the Film &
Electrolytic [F&E] business, which combined with cyclical weak
end-market demand, has resulted in sustained, elevated leverage
well in excess of 5x, persistent negative FOCF, and diminishing
liquidity," said Standard & Poor's credit analyst Alfred
Bonfantini.

The TCR reported in August 2014 that S&P revised its outlook on
KEMET to 'stable' from 'negative'.  S&P affirmed the ratings,
including the 'B-' corporate credit rating.


KINGSWAY CAPITAL: Dismissal of Chapter 11 Case Affirmed
-------------------------------------------------------
Judge Richard Seeborg of the United States District Court for the
Northern District of California affirmed the bankruptcy court's
order dismissing the bankruptcy case of Kingsway Capital Partners,
LLC, and denying the Debtor's request for a temporary restraining
order.

On June 22, 2015, the bankruptcy court dismissed Kingsway's chapter
11 case after the Debtor's sole owner-member, president, and
responsible individual, Nathanial Sobayo, interacted with
Kingsway's landlord's insurance inspector in an unprofessional
manner and filed questionable monthly operating reports.  Kingsway
had failed to satisfactorily respond to the bankruptcy court's show
cause order.

Kingsway timely appealed, alleging that the bankruptcy court abused
its discretion and urging that its bankruptcy case be reinstated.
On January 4, 2016, Kingsway also filed an application for
temporary restraining order, seeking to stay the bankruptcy court's
dismissal.

Judge Seeborg found that the bankruptcy court's decision to dismiss
Kingsway's bankruptcy case was not an abuse of discretion in light
of the extensive evidence of Kingsway's failure to comply with
court orders and the express finding that Kingsway's behavior and
the behavior of its responsible individual negatively impacted all
creditors.

Kingsway's application for TRO was denied because Kingsway did not
prevail on the merits of its appeal.

The case is KINGSWAY CAPITAL PARTNERS, LLC, Plaintiff, v. MARIA
SOSA, Defendant, Case No. 15-cv-03138-RS (N.D. Cal.).

A full-text copy of Judge Seeborg's January 6, 2016 order is
available at http://is.gd/WpoUklfrom Leagle.com.

Kingsway Capital Partners, LLC is represented by:

          Charles Alex Naegele, Esq.
          C. ALEX NAEGELE, A PROFESSIONAL LAW CORPORATION
          95 South Market St #300
          San Jose, CA 95113
          Tel: (408)995-3224
          Fax: (408)890-4635
          email: alex@canlawcorp.com

Maria Sosa is represented by:

          Adam Clay Kent, Esq.
          LAW OFFICES OF ADAM C. KENT
          7540 S Willow Dr
          Tempe, AZ 85283
          Tel: (480)359-5368


KU6 MEDIA: Committee Retains Legal Counsel and Financial Advisor
----------------------------------------------------------------
Ku6 Media Co., Ltd., announced that in response to the preliminary
non-binding proposal letter dated Feb. 1, 2016, received by the
Company's Board of Directors from Shanda Interactive Entertainment
Limited, the controlling shareholder of the Company, to acquire the
Company in a "going private" transaction, the special committee of
independent directors has selected Weil, Gotshal & Manges LLP as
its U.S. legal counsel and Duff & Phelps, LLC and Duff & Phelps
Securities, LLC as its financial advisor to assist it in its
evaluation.

As previously announced, the Proposal contemplates the Proposing
Buyer acquiring the Company for US$0.0108 per class ordinary share,
or US$1.08 per American depositary shares (each representing 100
ordinary shares).

The Special Committee has not set a definitive timetable for the
completion of its evaluation of the proposed transaction or any
other alternative transaction (if any) and does not currently
intend to announce developments unless and until an agreement has
been reached.  There can be no assurance that any definitive offer
will be made by the Proposing Buyer or any other person, that any
definitive agreement will be executed relating to the proposed
transaction, or that the proposed transaction or any other
transaction will be approved or consummated.

                        About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content.  Through its
premier online brand and online video Web site --
http://www.ku6.com/-- Ku6 Media provides online video uploading
and sharing service, video reports, information and entertainment
in China.

As of Dec. 31, 2015, the Company had $9.01 million in total assets,
$14.31 million in total liabilities and a $5.29 million total
shareholders' deficit.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that the Company's recurring losses, negative working
capital, net cash outflows, and uncertainties associated with
significant changes made, or planned to be made, in respect of the
Company's business model, raise substantial doubt about the
Company's ability to continue as a going concern.


LAWYERS SPECIALISTS: Case Summary & 2 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Lawyers Specialists in Social Security Benefit Claims and
        Other Federal Cases, P.S.C.
        P.O. Box 996
        Arecibo, PR 00613-00996

Case No.: 16-00829

Chapter 11 Petition Date: February 4, 2016

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Brian K. Tester

Debtor's Counsel: Maria Soledad Lozada Figueroa, Esq.
                  MS LOZADA LAW OFFICE
                  PO Box 9023888
                  San Juan, PR 00902
                  Tel: 787 520 6002
                  Fax: 787 520 6003
                  Email: lcdamslozada@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Susan M. Cordero Ladner, president.

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb16-00829.pdf


LEHR CONSTRUCTION: Dismissal of Claim Against Gifford Affirmed
--------------------------------------------------------------
Jonathan Flaxer, Chapter 11 Trustee for Lehr Construction
Corporation, appeals from the Bankruptcy Court's order granting
defendant Peter Gifford's motion to dismiss the Trustee's faithless
servant claim against him on the grounds that it is barred by the
in pari delicto doctrine.

The Trustee asks that the Court grant leave to amend the complaint,
in the event that the Court finds that the in pari delicto doctrine
applies, so that he may re-plead.

In a Memorandum Opinion and Order dated January 12, 2016, which is
available at http://is.gd/M1MFxJfrom Leagle.com, Judge Gregory H.
Woods of the United States District Court for the Southern District
of New York affirmed the decision of the Bankruptcy Court
dismissing the Trustee's claim.

Judge Woods pointed out that Lehr was convicted of 13 counts of
criminal activity, including enterprise corruption, a scheme to
defraud, grand larceny in the second degree, and money laundering
in the first degree.  Leave to amend the complaint is denied
because Lehr participated in and was at the very least Gifford's
equal in fault and any amendment to the complaint would be futile,
Judge Woods held.

The adversary proceeding is JONATHAN L. FLAXER, not individually
but solely in his capacity as Chapter 11 trustee for Lehr
Construction Corp., Appellant, v. PETER GIFFORD, Appellee, No.
1:15-cv-4350-GHW (S.D.N.Y.), relating to In re LEHR CONSTRUCTION
CORP., Debtor.

Jonathan L. Flaxer, Appellant, represented by is Michael S
Devorkin, Esq. -- mdevorkin@golenbock.com -- Golenbock Eiseman
Assor Bell & Peskoe LLP.

Peter Gifford, Appellee, represented by is Joseph Aronauer, Esq. --
jaronauer@aryllp.com -- Aronauer, Re & Yudell, LLP.

                      About Lehr Construction

New York-based Lehr Construction Corp. was founded in 1979.  It
specializes in interior construction and serves clients mainly
throughout the New York metropolitan area.  It serves as
construction manager and general contractor for its clients.

Lehr filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y.
Case No. 11-10723) on Feb. 21, 2011.  The Debtor estimated its
assets and debts at $10 million to $50 million.  

The Debtor tapped James A. Beldner, Esq., at Cooley LLP, as
bankruptcy counsel.  Rust Consulting/Omni Claims Agent serves as
claims and noticing agent.

Jonathan Flaxer was appointed Chapter 11 Trustee for Lehr
Construction.  He is represented by Douglas L. Furth, Esq., at
Goldenbock Eiseman Assor Bell & Peskoe LLP, in New York.  Wolf
Haldenstein Adler Freeman & Hertz serves as conflicts counsel to
the trustee.  Marotta Gund Budd & Dzera, LLC, serves as trustee's
financial advisor.

Tracy Hope Davis, the U.S. Trustee for Region 2, appointed five
creditors to serve on the Official Committee of Unsecured
Creditors
in the Debtor's case.  Fred Stevens at Klestadt & Winters, LLP
represents the Committee.

Jonathan L. Flaxer, the Trustee, filed a proposed Plan of
Liquidation and explanatory Disclosure Statement on June 22, 2015.

A day before the Sept. 1 hearing, he submitted an Amended
Disclosure Statement.

In his Sept. 3 order approving the disclosure statement, Judge
Sean
H. Lane set an Oct. 5 deadline for filing objections to
confirmation, and for submission of ballots.  The court-approved
procedures provide that the Debtors will send solicitation
packages
to holders of claims in Classes 1, 3, and 4 by Sept. 4.


LEVEL 3: Reports Fourth Quarter and Full Year 2015 Results
----------------------------------------------------------
Level 3 Communications, Inc., reported net income of $3.32 billion
on $2.05 billion of revenue for the three months ended Dec. 31,
2015, compared with net income of $66 million on $1.91 billion of
revenue for the same period in 2014.

For the year ended Dec. 31, 2015, the Company reported net income
of $3.43 billion on $8.22 billion of revenue compared to net income
of $314 million on $6.77 billion of revenue for the year ended Dec.
31, 2014.

As of Dec. 31, 2015, Level 3 had $24.14 billion in total assets,
$14.01 billion in total liabilities and $10.12 billion in
stockholders' equity.

"Our 2015 results demonstrate Level 3's solid execution and
performance," said Jeff Storey, president and CEO of Level 3.
"Demand for bandwidth remains very strong and the proliferation of
connected devices continues.  These demand drivers are creating an
enterprise networking opportunity that is well suited for the
depth, scale and reach of Level 3's global network and
capabilities.  We believe we are well positioned to continue to
take enterprise market share."

As of Dec. 31, 2015, the company had cash and cash equivalents of
$854 million.

A full-text copy of the press release is available at:

                    http://is.gd/EvlAIG

                About Level 3 Communications

Headquartered in Broomfield, Colorado, Level 3 Communications,
Inc., is a publicly traded international communications company
with one of the world's largest communications and Internet
backbones.

                           *     *     *

In September 2015, Fitch Ratings has upgraded the Issuer Default
Rating (IDR) assigned to Level 3 Communications, Inc. (LVLT) and
its wholly owned subsidiary level 3 Financing, Inc. (Level 3
Financing) to 'BB-' from 'B+'.  The rating action recognizes LVLT's
strengthening financial and operating profile as the company
completes the integration of tw telecom, Inc.

In June 2013, Standard & Poor's Ratings Services raised its
corporate credit rating on Level 3 to 'B' from 'B-'.  "The upgrade
reflects improved debt leverage, initially from the acquisition of
the lower-leveraged Global Crossing in October 2011, and
subsequently from realization of the bulk of what the company
expects to eventually be $300 million of annual operating
synergies," said Standard & Poor's credit analyst Richard
Siderman.

As reported by the TCR on Aug. 17, 2015, Moody's Investors Service
upgraded Level 3 Communications, Inc.'s corporate family rating
(CFR) to Ba3 from B2.  Level 3's Ba3 CFR is based on the company's
solidifying business and financial profiles as it integrates the
former tw telecom, inc., with Moody's anticipating continued margin
improvement as synergies are realized, and as higher margin
Internet Protocol-based services replace legacy services.


LINN ENERGY: S&P Lowers CCR to 'CCC' on Potential Restructuring
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Houston-based oil and gas exploration and production
(E&P) company Linn Energy LLC to 'CCC' from 'B+'.  S&P also lowered
its corporate credit rating on Berry Petroleum Co. LLC to 'CCC'
from 'B+'.  The outlook is negative.

S&P also lowered its issue-level rating on Linn Energy's
second-lien debt to 'CCC-' from 'B' and placed it on CreditWatch
with negative implications.  S&P also lowered the unsecured debt
rating to 'CC' from 'B-'.  The recovery ratings remain '5' and '6',
respectively.  The recovery rating of '5' indicates S&P's
expectation of modest recovery (10% to 30%, higher half of range)
in the event of a payment default.  The '6' recovery rating
indicates S&P's expectation of negligible (0%-10%) recovery in the
event of a payment default.

At the same time, S&P lowered the issue-level rating on subsidiary
Berry Petroleum Co.'s senior unsecured notes to 'CCC-' from 'B' and
placed them on CreditWatch with negative implications.  The
recovery rating remains '5', indicating S&P's expectation of modest
recovery (10% to 30%, lower half of range) in the event of a
payment default.

"The downgrade reflects our view that Linn Energy may not have
enough liquidity to address borrowing-base reductions in 2016,"
said Standard & Poor's credit analyst Michael Tsai.

As a result, S&P has revised its assessment of liquidity to less
than adequate from adequate, despite S&P's projections for positive
cash flows stemming from the company's favorable hedges for the
year.  In addition, Linn has engaged Lazard as an advisor and fully
drawn down on its credit facility, which in S&P's view increases
the risk the company could compel creditors into negotiations if
crude oil and natural gas prices continue to remain depressed.  The
result could be a debt restructuring that S&P would consider
distressed rather than opportunistic, given its current view on the
company's liquidity challenges.

S&P's ratings on Linn Energy reflect the company's fair business
risk profile, highly leveraged financial risk profile, and
less-than-adequate liquidity.

The negative outlook reflects the potential to lower ratings over
the next 12 months if Linn fails to resolve potential overdraws on
Linn Energy and Berry Petroleum's credit facilities, which could
occur given lower natural gas and crude oil price bank decks and a
declining hedge book.  Additionally, given its declining liquidity,
S&P believes Linn could seek to further restructure its debt to
lower cash interest costs, which S&P would likely view as a
distressed exchange.

S&P could raise the rating if Linn Energy was able maintain
adequate liquidity through the borrowing-base redeterminations and
not engage in a distressed transaction.


MACCO PROPERTIES: Bid to Dismiss Suit Against Group Denied
----------------------------------------------------------
Plaintiff Michael E. Deeba, Trustee for Macco Properties, Inc., et
al., and Defendant The Corporate Group, LLC (Group), filed a Joint
Motion for Dismissal with Prejudice the adversary proceeding
against Group.

In an Order dated January 14, 2016, which is available at
http://is.gd/CcRR2afrom Leagle.com, Judge Dana L. Rasure of the
United States Bankruptcy Court for the Western District of Oklahoma
denied the joint motion for dismissal with prejudice.  The Court
found that the agreement to dismiss the adversary proceeding is not
fair, equitable, or in the best interests of the estate. Dismissal
of the Claims would benefit only Group, and would unfairly
prejudice unsecured and administrative expense claimants.

The adversary proceeding is MICHAEL E. DEEBA, TRUSTEE, Plaintiff,
v. THE CORPORATE GROUP, LLC, Defendant, COBBLESTONE APARTMENTS OF
TULSA, LLC; LARRY D. AND JEANETTE A. JAMISON FAMILY TRUST; AND
JACKIE L. HILL, JR., Intervenors, Adv. No. 12-1139-R (Bankr. W.D.
Okla.).

The bankruptcy cases are case is IN RE: MACCO PROPERTIES, INC., 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. -- lysbeth.george@crowedunlevy.com -- Crowe & Dunlevy Braniff
Building, Judy Hamilton Morse, judy.morse@cowedunlevy.com -- Crowe
& Dunlevy, P.C.

The Corporate Group, LLC, Defendant, is represented by Joyce W.
Lindauer, Esq. -- Joyce@joycelindauer.com, 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.


MACCO PROPERTIES: Court Denies Group's Bid for Jury Trial
---------------------------------------------------------
In a Recommendation dated January 14, 2016, which is available at
http://is.gd/5ShNk5from Leagle.com, Judge Dana L. Rasure of the
United States Bankruptcy Court for the Western District of Oklahoma
recommends that Defendant The Corporation Group's motion for a jury
trial before an Article III court be denied.

Group contends that cause exists to withdraw the automatic
reference of the lawsuit filed by the Chapter 7 Trustee against it
to this Court, arguing that (1) this Court does not have statutory
or constitutional authority to enter a final order on Trustee's
claims; (2) Group is entitled to trial of common law claims before
an Article III Court; and (3) Group is entitled to a jury trial and
does not consent to the bankruptcy court conducting a jury trial.

The adversary proceediing is MICHAEL E. DEEBA, TRUSTEE, Plaintiff,
v. THE CORPORATE GROUP, LLC, Defendant, COBBLESTONE APARTMENTS OF
TULSA, LLC; LARRY D. AND JEANETTE A. JAMISON FAMILY TRUST; AND
JACKIE L. HILL, JR., Intervenors, Adv. No. 12-1139-R (Bankr. W.D.
Okla.).

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

Michael E. Deeba, Plaintiff, is represented by Lysbeth L George,
Esq. -- lysbeth.george@crowedunlevy.com -- Crowe & Dunlevy Braniff
Building, Judy Hamilton Morse, judy.morse@cowedunlevy.com -- Crowe
& Dunlevy, P.C.

The Corporate Group, LLC , Defendant, is represented by Joyce W.
Lindauer, Esq. -- Joyce@joycelindauer.com, 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.


MALIBU LIGHTING: Hilco Streambank to Sell Brinkmann, Q-Beam Assets
------------------------------------------------------------------
Hilco Streambank and Piper Jaffray have been hired to assist
Outdoor Direct Corporation and Q-Beam Corporation in the sale of
their remaining assets.  The assets include all intellectual
property and remaining inventory associated with the BrinkmannR and
Q-BeamR brands.  The sale is being conducted pursuant to Section
363 of the U.S. Bankruptcy Code in the Malibu Lighting Corporation
Chapter 11 case pending in the U.S. Bankruptcy Court for the
District of Delaware.

Parties interested in acquiring the Q-Beam brand were asked to
submit bids by Feb. 5, 2016, at 4:00 p.m. ET.  An auction to
consider bids for the remaining Q-Beam inventory is scheduled for
Feb. 9, 2016, at 10:00 a.m. in Wilmington, Delaware.

The bid deadline for the BrinkmannR intellectual property assets is
Friday, Feb. 19, 2016, at 5:00 p.m. ET.

"The BrinkmannRand Q-BeamR brands have longstanding and strong
recognition by consumers in markets throughout the country," said
Hilco Streambank EVP David Peress.  "Since 1974, the BrinkmannR
brand has stood for quality gas and charcoal barbeque grills,
smokers, and accessories at moderate price points.  For over 30
years, Q-BeamR branded products have provided the go to solutions
for high intensity portable lighting."

Distribution of BrinkmannR and Q-BeamR branded products is broad,
ranging from home centers, sporting goods retailers and industrial
supply catalogs, to Wal-Mart, Amazon.com, and other retailers and
online outlets.

Parties interested in learning more about these assets, the sale
process and other bidding requirements should contact Hilco
Streambank at:

      David Peress
      Executive Vice President
      Hilco Streambank
      Tel: (781) 471-1239
      E-mail: dperess@hilcoglobal.com

      Matt Helming
      Director
      Hilco Streambank
      Tel: (781) 471-1240
      E-mail: mhelming@hilcoglobal.com

      Dmitriy Chemlin
      Director
      Hilco Streambank
      Tel: (212) 610-5642
      E-mail: dchemlin@hilcoglobal.com

      Gary Epstein
      EVP-CMO
      Hilco Global
      Tel: (847) 418-2712
      Mobile: (847) 323-4943

                      About Hilco Streambank

Hilco Streambank is an advisory firm specializing in intellectual
property disposition and valuation representing brands across
various industries.  It has completed numerous transactions
including sales in publicly reported Chapter 11 bankruptcy cases,
private transactions, and online sales through HilcoDomains.com and
IPv4Auctions.com.  Hilco Streambank is part of Northbrook, Illinois
based Hilco Global (www.hilcoglobal.com).

                       About Malibu Lighting

Malibu Lighting Corporation, Outdoor Direct Corporation, National
Consumer Outdoors Corporation, Beam Corporation, Smoke 'N Pit
Corporation, Treasure Sensor Corporation and Stubbs Collections
Inc. filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead
Case No. 15-12080) on Oct. 8, 2015.  The petition was signed by
David M. Baker as chief restructuring officer.  Judge Kevin Gross
is assigned to the case.

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

The Debtors have engaged Pachulski Stang Ziehl & Jones LLP as
counsel, Piper Jaffray Co. as investment banker and Kurtzman Carson
Consultants as claims and noticing agent.

MLC was a manufacturer and supplier of outdoor and landscape
lighting products, such as solar and low voltage lights and home
security lights, including the parts and accessories associated
with these products.

ODC was a manufacturer and supplier of a variety of consumer goods,
including (a) outdoor cooking products, such as outdoor gas grills,
charcoal grills, smokers and fryers, (b) hand held lighting
products, such as flashlights and spotlights, (c) landscape
lighting products, and (d) parts and accessories associated with
the foregoing products.

MLC and ODC are currently winding down operations as a result of
the termination of a business relationship with principal customer,
Home Depot.

NCOC is a manufacturer and supplier of both branded and private
label pet bedding and pet accessory products.  NCOC manufactures
beds, accessories, and deodorizers for dogs as well as beds,
scratching posts, and toys for cats.  In addition, NCOC markets and
sells boat covers manufactured primarily from Chinese suppliers.

The Office of the U.S. Trustee appointed five creditors to the
official committee of unsecured creditors.  The committee is
represented by Lowenstein Sandler PC.


MDU COMMUNICATIONS: KCG Americas Reports 12.1% Stake
----------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, KCG Americas LLC disclosed that as of Dec. 31, 2015, it
beneficially owns 691,764 shares of common stock of MDU
Communications International, Inc., representing 12.14%  
based on outstanding shares reported on the Issuer's 10-Q filed
with the SEC for the period ended June 30, 2013.  A copy of the
regulatory filing is available for free at http://is.gd/okH8l5

                     About MDU Communications

Totowa, New Jersey-based MDU Communications International, Inc.,
is a national provider of digital satellite television, high-speed
Internet, digital phone and other information and communication
services to residents living in the United States multi-dwelling
unit market -- estimated to include 32 million residences.

For the nine months ending June 30, 2013, the Company reported a
net loss of $2.92 million compared to a net loss of $5.61 million
for the same period in 2012.  As of June 30, 2013, MDU
Communications had $16.7 million in total assets, $32.2 million in
total liabilities, and a $15.5 million total stockholders'
deficiency.

CohnReznick LLP, in Roseland, New Jersey, expressed substantial
doubt about MDU's ability to continue as a going concern following
the financial results for the year ended Sept. 30, 2012.  The
independent auditors noted that the Company has incurred
significant recurring losses, has a working capital deficit, and
an accumulated deficit of $75 million at Sept. 30, 2012.  They
also noted that the Company's $30 million Credit Facility matures
on June 30, 2013.


METINVEST BV: Gets Temporary Creditor Shield in United States
-------------------------------------------------------------
Matt Chiappardi at Bankruptcy Law360 reported that a Delaware
bankruptcy gave Metinvest BV, one of Ukraine's largest steel mining
companies, a temporary shield in the United States from some
creditors on Jan. 29, 2016, until the firm devastated by armed
conflict in the Eastern European country has a hearing to fully
recognize its court-supervised $2 billion debt restructuring in
London.

During a hearing in Wilmington, U.S. Bankruptcy Judge Laurie Selber
Silverstein granting provisional relief under Chapter 15 of the
Bankruptcy Code, which bars certain creditors from taking action
against Metinvest's U.S. subsidiaries.

                       About Metinvest B.V.

Svitlana Romanova, in her capacity as foreign representative of
Metinvest B.V., filed a Chapter 15 bankruptcy petition in the U.S.
Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case
No. 16-10105) on Jan. 13, 2016, in the United States, seeking
recognition of a scheme of arrangement under part 26 of the English
Companies Act 2006 currently pending before the High Court of
Justice of England and Wales.

The Debtor and its subsidiaries claim to be the largest vertically
integrated mining and steel business in Ukraine.  

Joseph M Barry, Esq., at Young Conaway Stargatt & Taylor, LLP,
counsel for the petitioner, said the Metinvest Group has struggled
in recent years in light of the ongoing political turmoil in
Ukraine since the end of 2013, which has negatively impacted
Ukraine's economy and the protracted slump in prices for steel
products, coal, and iron ore throughout much of 2014 and 2015.

The petitioner has engaged Young, Conaway, Stargatt & Taylor and
Allen & Overy LLP as her as counsel.  

Judge Laurie Selber Silverstein has been assigned the case.


MGM RESORTS: Units Signs 3rd Supplement Agreement With BofA
-----------------------------------------------------------
MGM China Holdings Limited, an indirect majority-owned subsidiary
of MGM Resorts International, and MGM Grand Paradise, S.A., a
wholly owned subsidiary of MGM China, entered into a third
supplemental agreement, by and among the Borrowers, the guarantors
named therein and Bank of America, N.A., as facility agent, which
effected certain amendments to the Second Amendment and Restated
Credit Agreement, dated June 9, 2015, by and among the Borrowers
and certain Lenders and Arrangers.

The Supplement amended the leverage ratio definitions to (i)
include the MGM Cotai EBITDA on an annualized basis and (ii)
increase the permitted maximum leverage ratios.  In addition, the
Supplement provided flexibility to pay up to $150 million permitted
restricted payments for each consecutive 12 month period while the
pro forma leverage ratio (as defined in the Amended and Restated
Credit Agreement) is in excess of 4.00:1.00.

                       About MGM Resorts

MGM Resorts International (NYSE: MGM) a global hospitality
company, operating a portfolio of destination resort brands
including Bellagio, MGM Grand, Mandalay Bay and The Mirage.  The
Company also owns 51% of MGM China Holdings Limited, which owns
the MGM Macau resort and casino and is in the process of
developing a gaming resort in Cotai, and 50% of CityCenter in Las
Vegas, which features ARIA resort and casino.  For more
information about MGM Resorts International, visit the Company's
Web site at www.mgmresorts.com.

MGM Resorts reported a net loss attributable to the Company of
$156.60 million in 2013 following a net loss attributable to the
Company of $1.76 billion in 2012.

As of June 30, 2015, the Company had $27.1 billion in total assets,
$17.9 billion in total liabilities, $5 million in redeemable
noncontrolling interest and $9.1 billion in total stockholders'
equity.

                         Bankruptcy Warning

The Company stated in its 2013 Annual Report, "The agreements
governing our senior secured credit facility and other senior
indebtedness contain restrictions and limitations that could
significantly affect our ability to operate our business, as well
as significantly affect our liquidity, and therefore could
adversely affect our results of operations.  Covenants governing
our senior secured credit facility and certain of our debt
securities restrict, among other things, our ability to:

   * pay dividends or distributions, repurchase or issue equity,
     prepay certain debt or make certain investments;

   * incur additional debt;

   * incur liens on assets;

   * sell assets or consolidate with another company or sell all
     or substantially all assets;

   * enter into transactions with affiliates;

   * allow certain subsidiaries to transfer assets; and

   * enter into sale and lease-back transactions.

Our ability to comply with these provisions may be affected by
events beyond our control.  The breach of any such covenants or
obligations not otherwise waived or cured could result in a
default under the applicable debt obligations and could trigger
acceleration of those obligations, which in turn could trigger
cross defaults under other agreements governing our long-term
indebtedness.  Any default under our senior secured credit
facility or the indentures governing our other debt could
adversely affect our growth, our financial condition, our results
of operations and our ability to make payments on our debt, and
could force us to seek protection under the bankruptcy laws."

                           *     *     *

As reported by the TCR on Nov. 14, 2011, Standard & Poor's Ratings
Services raised its corporate credit rating on MGM Resorts
International to 'B-' from 'CCC+'.   In March 2012, S&P revised
the outlook to positive from stable.

"The revision of our rating outlook to positive reflects strong
performance in 2011 and our expectation that MGM will continue to
benefit from the improving performance trends on the Las Vegas
Strip," S&P said.

In March 2012, Moody's Investors Service affirmed its B2 corporate
family rating and probability of default rating.  The affirmation
of MGM's B2 Corporate Family Rating reflects Moody's view that
positive lodging trends in Las Vegas will continue through 2012
which will help improve MGM's leverage and coverage metrics,
albeit modestly. Additionally, the company's declaration of a $400
million dividend ($204 million to MGM) from its 51% owned Macau
joint venture due to be paid shortly will also improve the
company's liquidity profile. The ratings also consider MGM's
recent bank amendment that resulted in about 50% of its
$3.5 billion senior credit facility being extended one year from
2014 to 2015.

As reported by the TCR on Sept. 29, 2014, Fitch Ratings has
upgraded MGM Resorts International's (MGM) and MGM China Holdings
Ltd's (MGM China) IDRs to 'B+' from 'B' and 'BB' from 'BB-',
respectively.  Fitch's upgrade of MGM's IDR to 'B+' and the
Positive Outlook reflect the company's strong performance on the
Las Vegas Strip and in Macau as well as Fitch's longer-term
positive outlooks for these markets.


MIDSTATES PETROLEUM: Eagle Holdings Reports 18.1% Equity Stake
--------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, R/C IV Eagle Holdings, L.P., Riverstone/Carlyle Energy
Partners IV, L.P. and R/C Energy GP IV, LLC disclosed that as of
Feb. 2, 2016, they beneficially own 1,960,265 shares of common
stock of Midstates Petroleum Company, Inc., representing 18.1
percent of the shares outstanding.  A copy of the regulatory filing
is available for free at http://is.gd/EbHb5c

                About Midstates Petroleum Company

Midstates Petroleum Company, Inc. --
http://www.midstatespetroleum.com/-- is an independent exploration
and production company focused on the application of modern
drilling and completion techniques in oil and liquids-rich basins
in the onshore U.S. Midstates' drilling and completion efforts are
currently focused in the Mississippian Lime oil play in Oklahoma
and Anadarko Basin in Texas and Oklahoma.  The Company's operations
also include the upper Gulf Coast tertiary trend in central
Louisiana.

Midstates reported net income of $117 million on $794 million of
total revenues for the year ended Dec. 31, 2014, compared to a net
loss of $344 million on $470 million of total revenues for the year
ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $2.47 billion in total assets,
$2 billion in total liabilities and $466 million in total
stockholders' equity.

The Company's independent auditor, Deloittee & Touche LLP, in
Houston, Texas, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that Midstates' projected debt covenant violation and
resulting lack of liquidity raise substantial doubt about its
ability to continue as a going concern.

                             *    *    *

Midstates Petroleum carries a 'B' corporate credit rating from
Standard & Poor's Ratings Services.

As reported by the TCR on April 8, 2013, Moody's Investors Service
affirmed Midstates Petroleum's 'B3' Corporate Family Rating.


MOLYCORP INC: Digs in on Bloomberg Bid for Leak Report Changes
--------------------------------------------------------------
Jeff Montgomery at Bankruptcy Law360 reported that parties in the
Molycorp Inc. bankruptcy dug in on Jan. 29, 2016, against some
Bloomberg LP requests for changes to a court-required disclosure
from more than 120 individuals about leaks to reporters covering
the company's $1.9 billion Chapter 11 case.

Bloomberg attorney Thomas G. Hentoff of Williams & Connolly LLP
summarized the modifications -- including a request to see
nondisclosure agreements employed by individual bankruptcy parties
-- a week after winning a limited voice in drafting a substitute
order.

                       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.


MT GOX: Japanese Bank Disputes Involvement in Bitcoin Fraud
-----------------------------------------------------------
Braden Campbell at Bankruptcy Law360 reported that a Japanese bank
accused by clients of the defunct bitcoin exchange Mt. Gox of
aiding its scheme to defraud them hit back against its accusers in
Illinois federal court on Jan. 29, 2016, saying that not only are
they grasping at straws to connect the bank to the scheme, but also
that the case should instead be heard in Japan.

In a memo supporting its motion to dismiss, Mizuho Bank, one of
several banks in which embattled exchange head Mark Karpeles
deposited investors' funds.

                         About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014.  It
filed for bankruptcy protection in the U.S. to prevent customers
from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr. Karpeles
is represented by John E. Mitchell, Esq., and David William Parham,
Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on Oct. 3,
2014, ordered, pursuant to Section 272 of the Bankruptcy and
Insolvency Act, that the bankruptcy proceedings commenced with
respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox -- be
recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are Jeffrey Carhart and Margaret
Sims, at Miller Thomson LLP.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.


NATROL INC: Hungarian Court Orders Dismissal of Plethico Case
-------------------------------------------------------------
Leaf 123 Inc., formerly known as Natrol Inc., announced that a
Hungarian court has ordered the dismissal of the insolvency
proceeding of Plethico US Holdings, Kft.  

The order will become final and non-appealable under Hungarian law
on Feb. 9, the company said in a filing it made in the U.S.
Bankruptcy Court for the District of Delaware.

The dismissal of the Hungarian company's insolvency proceeding
would allow Leaf 123 to make payments of more than $20.15 million
to Natrol LLC, Mesrop Khoudagoulian and Plethico professionals.

Leaf 123 on Jan. 13 asked the bankruptcy court to approve the
payment, which was contingent upon the dismissal of the insolvency
proceeding.

In its motion, the company proposed to pay $16.6 million to Natrol,
$2.7 million to Mr. Khoudagoulian and $848,579 to the Plethico
professionals from the tax liability reserve and the non-tax
reserves established under its liquidating plan.

The motion was granted on Jan. 28 by the bankruptcy court.

                         About Natrol, Inc.

Headquartered in Chatsworth, Calif., Natrol, Inc. sold herbs and
botanicals, multivitamins, specialty and sports nutrition
supplements made to support health and wellness throughout all ages
and stages of life.  Natrol, Inc., was a wholly owned subsidiary of
Plethico Pharmaceuticals Limited (BSE: 532739. BO: PLETHICO).

Natrol, Inc., and its six affiliates sought bankruptcy protection
(Bankr. D. Del. Case No. 14-11446) on June 11, 2014.  The case is
assigned to Judge Brendan Linehan Shannon.  The Debtors are
represented by Robert A. Klyman, Esq., and Samuel A. Newman, Esq.,
at Gibson, Dunn & Crutcher LLP, in Los Angeles, California; and
Michael R. Nestor, Esq., Maris J. Kandestin, Esq., and Ian J.
Bambrick, Esq., at Young Conaway Stargatt & Taylor, LLP, in
Wilmington, Delaware.  The Debtors' Claims and Noticing Agent is
Epiq Systems INC.

The Debtors requested that the Court approve the employment of (i)
Jeffrey C. Perea of the firm Conway MacKenzie Management Services,
LLC as chief financial officer and for CMS to provide temporary
employees to assist Mr. Perea in carrying out his duties; (ii)
Stephen P. Milner of the firm Squar, Milner, Peterson, Miranda &
Williamson LLP as chief restructuring officer and for CMS to
provide temporary employees to assist Mr. Milner in carrying out
his duties; (iv) BDO USA, LLP as auditor; (v) TaxGroup Partners as
tax services provider.

The Official Committee of Unsecured Creditors tapped Otterbourg
P.C. as lead counsel; Pepper Hamilton LLP as Delaware counsel; and
CMAG as financial advisors.

On Nov. 10, 2014, the Debtors held an auction for the sale of the
assets, and Aurobindo Pharma USA Inc. emerged as the successful
bidder.  The Court approved the sale and the sale closed on Dec. 4,
2014.  The Debtors changed their names to Leaf123, Inc., following
the sale.

                            *     *     *

The Troubled Company Reporter, on Feb. 23, 2015, reported that
Leaf123, Inc., f/k/a Natrol Inc., and its debtor affiliates filed a
Chapter 11 plan of liquidation, pursuant to which tax refunds and
credits, all shares of capital stock or other Equity Interests in
Natrol UK, all Avoidance Actions not otherwise purchased by the
Buyer under the Purchase Agreement, the proceeds from prepetition
litigation, the proceeds from the Sale Transaction, and certain
other assets are being pooled and distributed to persons or
entities holding allowed claims in accordance with the priorities
of the Bankruptcy Code.

Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the
District of Delaware on April 2, 2015, approved the disclosure
statement explaining the First Amended Joint Liquidating Plan of
Leaf123, Inc., f/k/a Natrol, Inc., and its debtor affiliates.

A full-text copy of the Disclosure Statement dated April 2, 2015,
is available at http://bankrupt.com/misc/NATROLds0402.pdf


NEWLEAD HOLDINGS: Toledo Advisors Has Right to Own 9.9% Stake
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Toledo Advisors LLC reported it has rights under a
convertible note to own a aggregate number of share of NewLead
Holdings LTD.'s common stock not to exceed 9.9 percent of shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/Da6tkE

                     About NewLead Holdings Ltd.

Based in Athina, Greece, NewLead Holdings Ltd. --
http://www.newleadholdings.com/-- is an international, vertically
integrated shipping company that owns and manages product tankers
and dry bulk vessels.  NewLead currently controls 22 vessels,
including six double-hull product tankers and 16 dry bulk vessels
of which two are newbuildings.  NewLead's common shares are traded
under the symbol "NEWL" on the NASDAQ Global Select Market.

Newlead reported a net loss attributable to the Company's
shareholders of $100 million on $12.6 million of revenues for the
year ended Dec. 31, 2014, compared to a net loss attributable to
the Company's shareholders of $158 million on $7.34 million of
revenues for the year ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $190 million in total assets,
$300 million in total liabilities, and a $110 million total
shareholders' deficit.

Cherry Bekaert LLP, in Charlotte, North Carolina, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2014, citing that the Company has
incurred a net loss, has negative cash flows from operations,
negative working capital, an accumulated deficit and has defaulted
under its credit facility agreements resulting in all of its debt
being reclassified to current liabilities all of which raise
substantial doubt about its ability to continue as a going concern.


O&S TRUCKING: 8th Cir. Affirms BAP's Dismissal of Plan Appeal
-------------------------------------------------------------
O&S Trucking, Inc., appealed to the Bankruptcy Appellate Panel
after the bankruptcy court confirmed its reorganization plan.

When the appeal was still pending before the BAP, O&S proposed a
new plan of reorganization to the bankruptcy court. This plan
incorporated the bankruptcy court's secured-status order, stating
that Daimler's secured claim amounted to $62,100 per truck in
vehicle collateral plus $51,909.40 from net income. The plan also
stated that this sum was subject to adjustment based on the final
outcome of the pending appeal of the Daimler Decision by Debtor and
any subsequent appeal. During the confirmation hearing, the court
found that the vehicle-collateral calculation was no longer
relevant because O&S already had returned all of the retained
trucks to Daimler. Accordingly, the court concluded that Daimler's
secured claim was limited to $51,909.40. The bankruptcy court then
confirmed the reorganization plan.

Following the plan's confirmation, O&S appealed to the BAP
reiterating its argument that the bankruptcy court improperly had
calculated the amount of Daimler's secured claim. O&S repeated its
contention that the bankruptcy court's order afforded Daimler a
double recovery for the vehicle collateral. O&S further argued that
the bankruptcy court erred when it supplemented the secured portion
of Daimler's claim with an award of $51,909.40 as proceeds from the
use of the Daimler trucks. Finally, O&S argued that the bankruptcy
court erred by denying the motion for reconsideration. The BAP did
not reach the merits of these claims, instead concluding that it
lacked jurisdiction over the appeal. O&S now appeals the BAP
decision to our court.

In a Decision dated January 22, 2016, which is available at
http://is.gd/ddRlw5from Leagle.com, the United States Court of
Appeals for the Eighth Circuit affirmed the BAP's dismissal of the
Appeal for lack of jurisdiction.

The appeals case is O&S Trucking, Inc., Appellant, v. Mercedes Benz
Financial Services USA, doing business as Daimler Truck Financial,
Appellee, No. 15-2048 (8th Cir.), relating to In re: O&S Trucking,
Inc., Debtor.

O&S Trucking, which provides brokerage and intermodal services
located in Springfield, Missouri, filed for Chapter 11 bankruptcy
protection on May 30, 2012 (Bankr. W.D. Mo., Case No. 12-61003).
The case was assigned to Judge Arthur B. Federman.  The Debtor's
counsel was Jonathan A. Margolies, Esq., at MCDOWELL RICE SMITH &
BUCHANAN, PC, in Kansas City, Missouri.


OUTER HARBOR: Files for Chapter 11 Bankruptcy Protection
--------------------------------------------------------
Outer Harbor Terminal, LLC, filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 16-10283) on Feb. 1, 2016,
estimating assets and debt between $100 million and $500 million
each.  The petition was signed by Heather Stack, chief financial
officer.

Reuters says that the Chapter 11 filing came two weeks after
terminating its lease held in a joint venture with Ports America.

The bankruptcy filing will let the joint-venture partners to
continue offering terminal customers the services they require
until the Company stops operating on March 31, 2016, Bill
Mongelluzzo, writing for JOC.com, relates, citing spokersperson
Nancy Heffernan.

JOC.com recalls that Ports America chief strategy officer Peter
Ford said on Jan. 19, 2016, that Ports America was leaving Oakland
to concentrate its investments in other terminals that the company
operates in Tacoma, Los Angeles-Long Beach, New York-New Jersey and
Baltimore.

Judge Laurie Selber Silverstein presides over the case.

Milbank, Tweed, Hadley & McCloy LLP is the Company's general
counsel.  Mark D. Collins, Esq., at Richards, Layton & Finger, P.A.
is the Company's Delaware counsel.

Port operator Outer Harbor Terminal, LLC -- aka Ports America Outer
Terminal, LLC, PAOH, and PAOHT -- is headquartered in Oakland,
California.  It is the joint venture between Ports America and
Terminal Investment Ltd.


PEABODY ENERGY: Self-Bonding Authority Questioned
-------------------------------------------------
Michael J. Bologna, writing for Bloomberg Brief - Distress &
Bankruptcy, reported that an environmental advocacy group is
calling on the Illinois Department of Natural Resources to strip
Peabody Energy Corp.'s self-bonding authority, asserting the coal
mining giant's financial condition has significantly deteriorated
in recent years making bankruptcy a virtual certainty.

According to the report, the Environmental Law & Policy Center sent
a letter Feb. 1 to IDNR Director Wayne Rosenthal asking the agency
to require Peabody to substitute its current $92 million in
self-bonded obligations in Illinois with surety bonds --
essentially insurance policies purchased from a guarantor that
could cover the coal company's obligations in the event of
financial collapse.  The letter contends Peabody's balance sheet is
so compromised that bankruptcy is a strong possibility for the
energy company, the report related.

"Illinois taxpayers should not be left holding the bag for the
reclamation of Peabody's coal mines," the report cited Howard
Learner, ELPC's executive director, as saying.  "Moreover, the
environment should not have to suffer because sufficient funds are
not available to get the job done.  We are dealing with a company
that had a stock price of about $74 three or four years ago. Today
Peabody's stock has an adjusted value of
about 30 cents -- a penny stock."

Kelley Wright, manager of corporate communications for Peabody,
dismissed the ELPC's representations, saying "Peabody has an
excellent record of land restoration and is routinely recognized
for these programs," the Bloomberg report related.  "All of our
mines were reaffirmed for self-bonding eligibility last year in all
states where we have self-bonding.  The Illinois Basin is a core
region, and our U.S. mining results have been solid even with the
challenging markets."

Peabody Energy Corp. is based in St. Louis, Missouri, and is the
largest coal miner in the U.S.

                       *     *     *
                
As reported by the Troubled Company Reporter on Jan. 20, 2016,
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on St. Louis-based Peabody Energy Corp. to 'CCC+'
from 'B'.


PLATTE RIVER: Court Grants Bank's Bid to Dismiss Ch. 11 Cases
-------------------------------------------------------------
In an Order dated January 19, 2016, which is available at
http://is.gd/HlbIy6from Leagle.com, Judge Howard R. Tallman of the
United States Bankruptcy Court for the District of Colorado granted
Advantage Bank's Motion to Dismiss the following Chapter 11 Cases:

   -- Platte River Bottom, LLC, Case No. 13-13098-HRT;
   -- UIV Properties RS, LLC, Case No. 13-29368-HRT;
   -- NPK Water Holding, LLC, Case No. 13-29369-HRT;
   -- NPK Investments, LLC, Case No. 13-29371-HRT; and
   -- Nolan Ulmer and Patricia Ulmer, Case No. 13-29319-HRT.

The Court has considered the advisability of converting these cases
to cases under chapter 7.  The Court has concluded that dismissal
is the more appropriate remedy.  These cases represent a pair of
two-party disputes between Debtor Nolan Ulmer and his secured
creditors.  Pendency of these bankruptcy cases creates a positive
interference with the ongoing process of litigating and resolving
the core issues between the interested parties in the state courts,
Judge Tallman held.  Further, the Court has seen no evidence that
liquidation of the Debtors would be likely to produce a dividend to
unsecured creditors.

The cases are In re: PLATTE RIVER BOTTOM, LLC, Chapter 11, Debtor.
In re: NOLAN ULMER and PATRICIA ULMER, Chapter 11, Debtors. In re:
UIV PROPERTIES RS, LLC, Chapter 11, Debtor. In re: NPK WATER
HOLDING, LLC, Chapter 11, Debtor. In re: NPK INVESTMENTS, LLC,
Chapter 11, Debtor, Case Nos. 13-13098 HRT, 13-29319-HRT,
13-29368-HRT, 29369-HRT, 13-29371-HRT Jointly Administered Case No.
13-13098-HRT (Bankr. D. Colo.).

Platte River Bottom, LLC, Debtor, is represented by David R. Eason,
Esq., Jenny M.F. Fujii, Esq. –- Kutner Brinen Garber P.C.,
Jeffrey Weinman, Esq.

Nolan Ulmer, Debtor, is represented by Lee M. Kutner, Esq. –-
Kutner Brinen Garber P.C.

                                 About Platte River

Greeley, Colorado-based Platte River Bottom, LLC, sought
protection
under Chapter 11 of the Bankruptcy Code on March 5, 2013 (Bankr.
D.
Colo., Case No.: 13-13098).  The case is assigned to Judge Howard
R. Tallman.

The Debtor's counsel is Jeffrey Weinman, Esq., at Weinman &
Associates, P.C., in Denver, Colorado.


PLUG POWER: Exceeds Business Goals for 2015
-------------------------------------------
Plug Power Inc. highlights that it has exceeded the aggressive
business objectives it set for the full year of 2015.  Details of
the Company's performance in 2015 and its goals for 2016 were
shared on a conference call held Jan. 28, 2016.

During 2015, Plug Power achieved the following goals:


More than $100 million in revenue

    * More than a 50% increase from 2014

More than $200 million in contract bookings

    * Another record year with contracts from new and longstanding

      customers

More than 15 GenFuel hydrogen storage and dispensing
infrastructure installations

    * lug Power provides customers with more than 2.5 tons of
      hydrogen a day enabling more than 3,000 daily GenDrive
      fuelings

GenDrive gross margins in excess of 25 percent by the end of the
year

    * Continuing the trend of expanding gross margins across the
      business offerings

Achieved goal of acquiring more than six new customers

   * New customers include Colruyt, U-Line and The Home Depot

"Plug Power exceeded the goals in 2015 set forth at the start of
the year," said Andy Marsh, CEO of Plug Power.  "The performance of
our team throughout 2015 coupled with the interest and demand we
are seeing from customers has put the company in a great position
to continue its success in the coming year."

Plug Power has set the following performance goals for the full
year of 2016.

  * Revenue of $150 million

  * Contract bookings of $275 million

  * Install 25 new GenKey sites, linking together GenDrive fuel
    cell units, GenFuel hydrogen infrastructure and GenCare
    service for easy customer adoption

  * Achieve full year gross margins exceeding 10 percent,    
    excluding $10 million of deferred profit

  * Operating cash usage of less than $20 million

The Company expects cash burn and gross margins to improve
significantly throughout 2016.  Marsh continues, "We enter 2016
with a calculated plan for success.  Every quarter, we become more
and more precise with obtaining, meeting and exceeding our
objectives.  I am proud of what we've accomplished in building this
market and business thus far, and am excited by the path ahead of
us in 2016."

                        About Plug Power

Plug Power Inc. is a provider of alternative energy technology
focused on the design, development, commercialization and
manufacture of fuel cell systems for the industrial off-road
(forklift or material handling) market.

Plug Power reported a net loss attributable to common shareholders
of $88.6 million on $64.2 million of total revenue for the year
ended Dec. 31, 2014, compared to a net loss attributable to common
shareholders of $62.8 million on $26.6 million of total revenue for
the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $205 million in total assets,
$54.8 million in total liabilities, $1.15 million in Series C
redeemable convertible preferred stock and $149 million in total
stockholders' equity.


PRECISION OPTICS: Hershey Management, et al., Hold 17.6% Stake
--------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Hershey Management I, LLC, Hershey strategic capital,
LP and Hershey Strategic Capital GP, LLC disclosed that as of
Dec. 31, 2015, they beneficially own 1,310,000 shares of common
stock of Precision Optics Corporation, Inc., representing 17.6
percent of the shares outstanding.  A copy of the regulatory filing
is available for free at http://is.gd/Nc3HcG

                     About Precision Optics

Headquartered in Gardner, Massachusetts, Precision Optics
Corporation, Inc., has been a developer and manufacturer of
advanced optical instruments since 1982.  The Company designs and
produces high-quality micro-optics, medical instruments and other
advanced optical systems.  The Company's medical instrumentation
line includes laparoscopes, arthroscopes and endocouplers and a
world-class product line of 3-D endoscopes for use in minimally
invasive surgical procedures.

Precision Optics reported a net loss of $1.17 million on $3.91
million of revenues for the year ended June 30, 2015, compared to a
net loss of $1.16 million on $3.65 million of revenues for the year
ended June 30, 2014.

As of Sept. 30, 2015, the Company had $1.72 million in total
assets, $1.33 million in total liabilities, all current, and
$385,000 in total stockholders' equity.

Stowe & Degon LLC, in Westborough, Massachusetts, issued a "going
concern" qualification on the consolidated financial statements for
the year ended June 30, 2015, citing that the Company has suffered
recurring net losses and negative cash flows from operations, which
raises substantial doubt about its ability to continue as a going
concern.


PRESIDENTIAL REALTY: KCG Americas Holds 6.9% Stake as of Dec. 31
----------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, KCG Americas LLC disclosed that as of Dec. 31, 2015, it
beneficially owns 30,598 shares of common stock of Presidential
Realty Corp. representing 6.91% based on the outstanding shares
reported on the Issuer's 10-Q filed with the SEC for the period
ending Sept. 30, 2015.  A copy of the regulatory filing is
available for free at http://is.gd/IwZYco

                   About Presidential Realty

Headquartered in White Plains, New York, Presidential Realty
Corporation, a real estate investment trust, is engaged
principally in the ownership of income-producing real estate and
in the holding of notes and mortgages secured by real estate or
interests in real estate.  On Jan. 20, 2011, Presidential
stockholders approved a plan of liquidation, which provides for
the sale of all of the Company's assets over time and the
distribution of the net proceeds of sale to the stockholders after
satisfaction of the Company's liabilities.


Presidential Realty reported a net loss attributable to the Company
of $941,000 on $871,000 of total revenue for the year ended Dec.
31, 2014, compared to net income attributable to the Company of
$1.02 million on $847,000 of total revenues during the prior year.

As of Sept. 30, 2015, the Company had $1.49 million in total
assets, $2.26 million in total liabilities and a total
stockholders' deficit of $771,223.

Baker Tilly Virchow Krause, LLP, in Melville, New York, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has suffered recurring losses from operations and has a
working capital deficiency.  These factors raise substantial doubt
about its ability to continue as a going concern.


QUANTUM CORP: Incurs $299,000 Net Loss in Third Quarter
-------------------------------------------------------
Quantum Corporation filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $299,000 on $128 million of total revenue for the three months
ended Dec. 31, 2015, compared to net income of $6.93 million on
$142 million of total revenue for the same period in 2014.

For the nine months ended Dec. 31, 2015, the Company reported a net
loss of $22.3 million on $356 million of total revenue compared to
net income of $3.85 million on $405 million of total revenue for
the nine months ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $278 million in total assets,
$355 million in total liabilities and a $76.9 million total
stockholders' deficit.

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

                      http://is.gd/7c3c3Z

                       About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

Quantum reported net income of $16.7 million on $553 million of
total revenue for the year ended March 31, 2015, compared to a net
loss of $21.5 million on $553 million of total revenue for the year
ended March 31, 2014.


QUANTUM CORP: Philip Black Quits as Director
--------------------------------------------
Philip Black resigned from his position as a director of Quantum
Corporation effective Feb. 3, 2016, according to a Form 8-K report
filed with the Securities and Exchange Commission.  Mr. Black had
served as a member of the board of directors of Quantum since
Aug. 7, 2013, and served on the Leadership and Compensation
Committee of the Board.

As stated in his resignation letter, Mr. Black resigned from the
Board because he believes his views regarding business strategies
are different from those of management and a majority of the Board,
and believes that his views will not prevail.

                      About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

Quantum reported net income of $16.7 million on $553 million of
total revenue for the year ended March 31, 2015, compared to a net
loss of $21.5 million on $553 million of total revenue for the year
ended March 31, 2014.

For the nine months ended Dec. 31, 2015, the Company reported a net
loss of $22.28 million on $355.92 million of total revenue compared
to net income of $3.85 million on $405.29 million of total revenue
for the nine months ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $278.20 million in total
assets, $355.06 million in total liabilities and a $76.86 million
total stockholders' deficit.


RESIDENTIAL CAPITAL: 9th Cir. Remands "Robertson" to State Court
----------------------------------------------------------------
Duncan K. Robertson appeals from a final judgment granting judgment
in favor of defendants-appellees GMAC Mortgage, LLC, et al., on
some but not all of Robertson's claims.

Robertson originally filed an action in the King County Superior
Court on June 6, 2012, alleging state-law claims arising out of
efforts made by the defendants-appellees to foreclose on his
property pursuant to a deed of trust.  J.P. Morgan Chase Bank,
N.A., removed the case to federal court, asserting that diversity
of citizenship conferred subject-matter jurisdiction on the
district court.  LSI Title Agency, Inc., filed a motion to dismiss
the claims against it.  Robertson filed a motion to remand the case
to state court asserting a series of defects in Chase's notice of
removal.  LSI filed its own notice of removal, and Robertson filed
a second motion to remand.

The district court granted LSI's motion to dismiss and respectively
denied Robertson's two motions to remand.

After disposing of a large portion of the case through dismissal
and summary judgment over the course of the next year, the district
court entered final judgment in favor of Chase, LSI, Bank of New
York Mellon Trust Company, N.A. (BNY), and First American Title
Insurance Company.  Robertson appealed, challenging the denial of
his motions to remand as well as the district court's decisions on
the merits.

In a Memorandum dated January 5, 2016, which is available at
http://is.gd/qjXjg3from Leagle.com, the United States Court of
Appeals for the Ninth Circuit remanded the case to the King County
Superior Court because removal was improper with instructions to
vacate all of its orders.  The district court is instructed to
conduct an evidentiary hearing to determine the location of LSI's
principal place of business.  Costs on appeal is awarded to
Robertson.

The case is DUNCAN K. ROBERTSON, Plaintiff-Appellant, v. GMAC
MORTGAGE, LLC, et al., Defendants-Appellees. No. 14-35672 (9th
Cir.).

                  About Residential Capital

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012. Neither Ally
Financial nor Ally Bank is included in the bankruptcy filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.7 billion in assets and $15.3 billion in
liabilities at March 31, 2012.

Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap. Morrison & Foerster LLP is acting as legal
adviser to ResCap. Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel. Rubenstein Associates, Inc., is the
public relations consultants to the Company in the Chapter 11
case. Morrison Cohen LLP is advising ResCap's independent
directors. Kurtzman Carson Consultants LLP is the claims and
notice agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.

ResCap sold most of the businesses for a combined $4.5 billion.
The Bankruptcy Court in November 2012 approved ResCap's sale of
its mortgage servicing and origination platform assets to Ocwen
Loan Servicing, LLC and Walter Investment Management Corporation
for $3 billion; and its portfolio of roughly 50,000 whole loans
to Berkshire Hathaway for $1.5 billion.

Judge Martin Glenn in December 2013 confirmed the Joint Chapter 11
Plan co-proposed by Residential Capital and the Official Committee
of Unsecured Creditors.


RESIDENTIAL CAPITAL: Court Affirms Ruling on Reeds' Claims
----------------------------------------------------------
In a Memorandum Opinion and Order dated December 23, 2015, which is
available at http://is.gd/xEhq8Lfrom Leagle.com, Judge Gregory H.
Woods of the United States District Court for the Southern District
of New York affirmed the decision of the Bankruptcy Court in part,
reversed in part, and remanded in the case captioned FRANK REED and
CHRISTINA REED, Appellants, v. RESCAP BORROWER CLAIMS TRUST,
Appellee, No. 1:15-cv-2375-GHW (S.D.N.Y.).

The bankruptcy appeal is the most recent episode in seven years of
litigation involving Frank and Christina Reed and their former
mortgage loan servicer, GMAC Mortgage, LLC.  The Reeds appeal from
the October 6, 2014, Memorandum Opinion and Order of the Bankruptcy
Court Determining the Amount of Allowed Claim of Frank and
Christina Reed arguing that their allowed claim should have been
higher.

The case is In re RESIDENTIAL CAPITAL, LLC, et al., Debtors.

Frank Reed, Appellant, Pro Se.

Christina Reed, Appellant, Pro Se.

ResCap Borrower Claims Trust, Appellee, represented by Norman S.
Rosenbaum, Esq. -- nrosenbaum@mofo.com -- Morrison & Foerster LLP &
Jordan Aaron Wishnew, Esq. -- jwishnew@mofo.com -- Morrison &
Foerster LLP.

                  About Residential Capital

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012. Neither Ally
Financial nor Ally Bank is included in the bankruptcy filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.7 billion in assets and $15.3 billion in
liabilities at March 31, 2012.

Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap. Morrison & Foerster LLP is acting as legal
adviser to ResCap. Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel. Rubenstein Associates, Inc., is the
public relations consultants to the Company in the Chapter 11
case. Morrison Cohen LLP is advising ResCap's independent
directors. Kurtzman Carson Consultants LLP is the claims and
notice agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.

ResCap sold most of the businesses for a combined $4.5 billion.
The Bankruptcy Court in November 2012 approved ResCap's sale of
its mortgage servicing and origination platform assets to Ocwen
Loan Servicing, LLC and Walter Investment Management Corporation
for $3 billion; and its portfolio of roughly 50,000 whole loans
to Berkshire Hathaway for $1.5 billion.

Judge Martin Glenn in December 2013 confirmed the Joint Chapter 11
Plan co-proposed by Residential Capital and the Official Committee
of Unsecured Creditors.


RETROPHIN INC: Jennison Associates Reports 6.5% Equity Stake
------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Jennison Associates LLC disclosed that as of Dec. 31,
2015, it beneficially owns 2,343,659 shares of common stock of
Retrophin, Inc. representing 6.5 percent of the shares outstanding.
A copy of the regulatory filing is available for free at
http://is.gd/oBueNt

                        About Retrophin

Retrophin, Inc., develops, acquires and commercializes therapies
for the treatment of serious, catastrophic or rare diseases.  The
Company offers Chenodal(R), a treatment for gallstones;
Vecamyl(R), a treatment for moderately severe to severe essential
hypertension and uncomplicated cases of malignant hypertension;
and Thiola, for the prevention of kidney stone formation in
patients with severe homozygous cystinuria.

Retrophin reported a net loss of $111 million in 2014 following a
net loss of $34.6 million in 2013.  As of Sept. 30, 2015, the
Company had $512 million in total assets, $221 million in total
liabilities, and $291 million in total stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014.  The accounting firm noted that the Company has
suffered recurring losses from operations, used significant
amounts of cash in its operations, and expects continuing future
losses.  In addition, at Dec. 31, 2014, the Company had
deficiencies in working capital and net assets of $70.2 million and
$37.3 million, respectively.  Finally, while the Company was in
compliance with its debt covenants at Dec. 31, 2014, it expects to
not be in compliance with these covenants in 2015.  These matters
raise substantial doubt about the Company's ability to continue as
a going concern, the auditors said.


RETROPHIN INC: Signs Retirement Agreement with General Counsel
--------------------------------------------------------------
Retrophin, Inc., entered into a Retirement and Transition Agreement
with Margaret Valeur-Jensen, Ph.D., the Company's general counsel,
that supersedes and waives certain provisions of the Employment
Agreement, dated March 2, 2015, between the Company and Dr.
Valeur-Jensen, according to a Form 8-K report filed with the
Securities and Exchange Commission.

Pursuant to the Transition Agreement, Dr. Valeur-Jensen will
continue to be employed as general counsel of the Company through
the Company's hiring and transition to a new general counsel, but
in no event later than Dec. 31, 2016.  During that period of
employment, Dr. Valeur-Jensen will remain eligible to participate
in any Company-sponsored benefit program.

Pursuant to the Transition Agreement, Dr. Valeur-Jensen will be
eligible to receive an annual incentive bonus for calendar years
2015 and 2016, each in accordance with the terms of the Employment
Agreement; provided, however, that any annual incentive bonus for
calendar year 2016 will be pro rated for the number of full
calendar months Dr. Valeur-Jensen is employed by the Company during
such year.  Furthermore, if the Company terminates Dr.
Valeur-Jensen's employment without "cause", Dr. Valeur-Jensen will
be entitled to receive (i) a lump sum payment in an amount equal to
the base salary that otherwise would have been payable to Dr.
Valeur-Jensen through Dec. 31, 2016, and (ii) a lump sum payment in
an amount equal to Dr. Valeur-Jensen's target bonus amount for 2016
(provided, that if such termination occurs before Dr. Valeur-Jensen
receives her annual incentive bonus for 2015, Dr. Valeur-Jensen
shall also receive a lump sum payment in an amount equal to Dr.
Valeur-Jensen's target bonus amount for 2015).

The Transition Agreement also provides that Dr. Valeur-Jensen will
be granted a restricted stock unit award covering 50,000 shares of
the Company's common stock.  The 25,000 shares subject to the RSU
Award will vest on the earlier of (i) the date the Company resolves
its current litigation with the Company's former chief executive
officer and (ii) Dec. 31, 2016.  The remaining 25,000 shares
subject to the RSU Award will vest on the earlier of (i) the
Company's successful transition of Dr. Valeur-Jensen's duties to a
new general counsel and (ii) Dec. 31, 2016.  As a condition to
receipt of the RSU Award and again as a condition to the trigger of
the Retirement Milestone, Dr. Valeur-Jensen has agreed to execute a
general release of claims against the Company.

Pursuant to the Transition Agreement, Dr. Valeur-Jensen waives all
rights to receive any severance benefits that are provided for in
the Employment Agreement, and acknowledges that she will not be
entitled to receive any additional equity awards from the Company,
other than the RSU Award.

                         About Retrophin

Retrophin, Inc., develops, acquires and commercializes therapies
for the treatment of serious, catastrophic or rare diseases.  The
Company offers Chenodal(R), a treatment for gallstones;
Vecamyl(R), a treatment for moderately severe to severe essential
hypertension and uncomplicated cases of malignant hypertension;
and Thiola, for the prevention of kidney stone formation in
patients with severe homozygous cystinuria.

Retrophin reported a net loss of $111 million in 2014 following a
net loss of $34.6 million in 2013.  As of Sept. 30, 2015, the
Company had $512 million in total assets, $221 million in total
liabilities, and $291 million in total stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014.  The accounting firm noted that the Company has
suffered recurring losses from operations, used significant amounts
of cash in its operations, and expects continuing future losses. In
addition, at Dec. 31, 2014, the Company had deficiencies in working
capital and net assets of $70.2 million and $37.3 million,
respectively.  Finally, while the Company was in compliance with
its debt covenants at Dec. 31, 2014, it expects to not be in
compliance with these covenants in 2015.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.


RITE AID: Stockholders Adopt Walgreens Merger Agreement
-------------------------------------------------------
Rite Aid Corporation's stockholders have voted to approve the
adoption of the previously announced Agreement and Plan of Merger,
dated as of Oct. 27, 2015, by and among Rite Aid, Walgreens Boots
Alliance, Inc., and Victoria Merger Sub, Inc., a wholly owned
direct subsidiary of WBA, providing for the merger of Victoria
Merger Sub with and into Rite Aid, with Rite Aid surviving the
Merger as a wholly owned direct subsidiary of WBA, at a special
meeting of stockholders held today.

Approximately 97% of the votes cast at the special meeting of
stockholders voted in favor of the adoption of the Merger
Agreement, which represented approximately 72% of Rite Aid's total
outstanding shares of common stock as of the Dec. 18, 2015, record
date and constitutes a majority of the outstanding shares of Rite
Aid common stock entitled to vote at the special meeting, as
required to adopt the Merger Agreement under the General
Corporation Law of the State of Delaware.  A quorum of 74% of Rite
Aid's total outstanding shares of common stock as of the Dec. 18,
2015 record date voted at the special meeting.

In a separate item, 89% of votes cast by Rite Aid stockholders at
the special meeting approved, by means of a non-binding, advisory
vote, compensation that will or may become payable by Rite Aid to
its named executive officers in connection with the Merger.

Upon completion of the Merger, Rite Aid's stockholders will be
entitled to receive $9.00 in cash for each share of Rite Aid's
common stock that such stockholder owns.  The Merger, which is
expected to be completed in the second half of calendar 2016, is
subject to the satisfaction of certain remaining customary closing
conditions as set forth in the Merger Agreement and discussed in
detail in the definitive proxy statement filed with the U.S.
Securities and Exchange Commission by Rite Aid on Dec. 21, 2015.

                       About Rite Aid Corp.

Rite Aid is a drugstore chain with 4,570 stores in 31 states and
the District of Columbia.

The Company disclosed in its annual report for the year ended
Feb. 28, 2015, that it is highly leveraged.  Its substantial
indebtedness could limit cash flow available for its operations and
could adversely affect its ability to service debt or obtain
additional financing if necessary.

As of Nov. 28, 2015, the Company had $11.7 billion in total assets,
$11.2 billion in total liabilities and $501 million in total
stockholders' equity.

                           *     *     *

In March 2015, Moody's Investor Service confirmed its 'B2'
Corporate Family Rating of Rite Aid.  The confirmation reflects
Moody's expectation that Rite Aid will maintain debt to EBITDA
below 7.0 times after closing the acquisition of Envision
Pharmaceutical Holdings, Inc.

As reported by the TCR on Oct. 2, 2013, Standard & Poor's Ratings
Services said it raised its ratings on Rite Aid, including the
corporate credit rating, which S&P raised to 'B' from 'B-'.

In April 2014, Fitch Ratings upgraded its ratings on Rite Aid,
including its Issuer Default Rating to 'B' from 'B-'.  The upgrades
reflect the material improvement in the company's operating
performance, credit metrics and liquidity profile over the past 24
months.


ROADRUNNER ENTERPRISES: Hires Joyner to Sell Campground & Store
---------------------------------------------------------------
Roadrunner Enterprises, Inc. seeks authorization from the U.S.
Bankruptcy Court for the Eastern District of Virginia to employ
Joyner Commercial as real estate broker.

The Debtor seeks to sell two additional properties through
traditional sale methods, namely the campground and the Route 10
convenience store.

The Debtor requests approval to retain the services of Joyner as
its real estate broker for the purposes of marketing and selling
the campground and the Route 10 convenience store.

The Debtor assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their estates.

Joyner Commercial can be reached at:

       JOYNER COMMERCIAL
       2727 Enterprise Pkwy, Suite 102
       Richmond, VA 23294
       Tel: (804) 270-9440

                 About Roadrunner Enterprises

Headquartered in Chesterfield County, Virginia, Roadrunner
Enterprises Inc. owns the Roadrunner Campground and more than 70
rental properties, lots, and other real estate interests.

Roadrunner Enterprises filed for Chapter 11 bankruptcy protection
(Bank. E.D. Va. Case No. 15-30604) on Feb. 6, 2015.  The petition
was signed by Carl Adenauer, president.  David K. Spiro, Esq., at
Hirschler Fleischer, P.C., serves as the Debtor's counsel.  Judge
Kevin R. Huennekens presides over the case.  The Debtor estimated
assets and liabilities of at least $10 million.


ROADRUNNER ENTERPRISES: Presidential Bank Objects to Broker Hiring
------------------------------------------------------------------
Presidential Bank, FSB filed with the U.S. Bankruptcy Court for the
Eastern District of Virginia an objection to Roadrunner
Enterprises, Inc.'s request to employ Joyner Commercial as real
estate broker.

Presidential Bank objects to the approval of the Listing Agreement
between the Debtor and the Broker, arguing that:

   (a) The Listing Period is for an unreasonably long term. The
       Listing Period ends almost 2 years after this case was
       commenced in February 2015.

   (b) Presidential Bank is seeking relief from stay to sell the
       Roadrunner Campground at a foreclosure sale as set forth
       in the Motion for Relief from Stay.

Presidential Bank is represented by:

       Nicole S. Allnutt, Esq.
       LEVINE & ALLNUTT, PLLC
       5311 Lee Highway
       Arlington, VA 22207
       Tel: (703) 525-2668
       Fax: (703) 525-8393
       E-mail: nicole.allnutt@levineallnutt.com

                 About Roadrunner Enterprises

Headquartered in Chesterfield County, Virginia, Roadrunner
Enterprises Inc. owns the Roadrunner Campground and more than 70
rental properties, lots, and other real estate interests.

Roadrunner Enterprises filed for Chapter 11 bankruptcy protection
(Bank. E.D. Va. Case No. 15-30604) on Feb. 6, 2015.  The petition
was signed by Carl Adenauer, president.  David K. Spiro, Esq., at
Hirschler Fleischer, P.C., serves as the Debtor's counsel.  Judge
Kevin R. Huennekens presides over the case.  The Debtor estimated
assets and liabilities of at least $10 million.


RYCKMAN CREEK: Joint Administration of Chapter 11 Cases Sought
--------------------------------------------------------------
Ryckman Creek Resources, LLC, and certain of its affiliates ask the
Bankruptcy Court to enter an order directing joint administration
of their Chapter 11 cases under the Lead Case No. 16-10292.

According to the Debtors, joint administration of their Chapter 11
cases will permit the Clerk of the Court to use a single general
docket for their cases and to combine notices to creditors and
other parties-in- interest of their respective estates.  The
Debtors anticipate that almost all of the notices, applications,
motions, other pleadings, hearings, and orders in these cases will
relate to all of them.

The Debtors maintain that joint administration will, among other
things, (i) save time and money and avoid duplicative and
potentially confusing filings, (ii) protect parties-in-interest by
ensuring that parties in each of their respective Chapter 11 cases
will be apprised of the various matters before the Court, (iii)
ease the burden on the office of the United States Trustee in
supervising these bankruptcy cases.

The Debtors assure the Court that the rights of the respective
creditors and stakeholders will not be adversely affected by joint
administration inasmuch as the relief sought is purely procedural
and is in no way intended to affect substantive rights.  Each
creditor and other party-in-interest will maintain whatever rights
it has against the particular estate in which it allegedly has a
claim or right.

                           About Ryckman

Ryckman Creek Resources, LLC, Ryckman Creek Resources Holdings LLC,
Peregrine Rocky Mountains LLC and Peregrine Midstream Partners LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos.
16-10292 to 16-10295) on Feb. 2, 2016.  The petitions were signed
by Robert Foss as chief executive officer.  Kevin J. Carey has been
assigned the case.

The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP
as counsel, AP Services, LLC as management provider, Evercore Group
LLC as investment banker, and Kurtzman Carson Consultants LLC as
claims and noticing agent.

The Debtors estimated both assets and liabilities in the range of
$100 million to $500 million.  As of the Petition Date, Ryckman had
approximately $333 million of prepetition bank debt.

Formed on Sept. 8, 2009, the Debtors are engaged in the
acquisition, development, marketing, and operation of an
underground natural gas storage facility (the "Ryckman Creek
Facility"), located in Uinta County, Wyoming.  The Ryckman Creek
Facility is a 50 billion cubic
foot storage facility with a working gas capacity of approximately
42 billion cubic feet.  The Debtors have approximately 35
employees.


RYCKMAN CREEK: Needs More Time to File Schedules and Statements
---------------------------------------------------------------
Ryckman Creek Resources, LLC, and its debtor affiliates ask the
Bankruptcy Court to extend their deadline to file schedules of
assets and liabilities and statements of financial affairs to April
2, 2016.

"[G]iven the burdens already imposed on the Debtors' management by
the commencement of the Chapter 11 cases, the limited number of
employees available to collect the information, the competing
demands upon such employees, and the time and attention the Debtors
must devote to the chapter 11 process, the Debtors may be unable to
complete their Schedules and Statements by the current deadline
imposed by the Local Bankruptcy Rules," according to Sarah E.
Pierce, Esq., Skadden, Arps, Slate, Meagher & Flom LLP, counsel for
the Debtors.  

The Debtors tell the Court that the requested extension will
enhance the accuracy of their Schedules and Statements and avoid
the necessity of substantial subsequent amendments.

To the extent possible, the Debtors will endeavor to file their
Schedules and Statements within the initial 30-day period.

                          About Ryckman

Ryckman Creek Resources, LLC, Ryckman Creek Resources Holdings LLC,
Peregrine Rocky Mountains LLC and Peregrine Midstream Partners LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos.
16-10292 to 16-10295) on Feb. 2, 2016. The petitions were signed by
Robert Foss as chief executive officer. Kevin J. Carey has been
assigned the case.

The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP
as counsel, AP Services, LLC as management provider, Evercore Group
LLC as investment banker, and Kurtzman Carson Consultants LLC as
claims and noticing agent.

The Debtors estimated both assets and liabilities in the range of
$100 million to $500 million. As of the Petition Date, Ryckman had
approximately $333 million of prepetition bank debt.

Formed on Sept. 8, 2009, the Debtors are engaged in the
acquisition, development, marketing, and operation of an
underground natural gas storage facility (the "Ryckman Creek
Facility"), located in Uinta County, Wyoming. The Ryckman Creek
Facility is a 50 billion cubic foot storage facility with a working
gas capacity of approximately 42 billion cubic feet. The Debtors
have approximately 35 employees.


RYCKMAN CREEK: Seeking Approval of $33 Million Credit Facilities
----------------------------------------------------------------
Ryckman Creek Resources, LLC, et al., are requesting authorization
to enter into a senior secured, superpriority debtor-in-possession
bridge facility $3,000,000 bridge facility and up to $30,000,000 of
secured postpetition loans.  ING Capital LLC serves as
administrative agent, Bridge Lender and DIP Lender.

The Debtors are also seeking permission to continue using cash
collateral, which the Prepetition Lenders have consented.

The Bridge Facility has a maturity date of 40 days after the
Petition Date.  The Bridge Facility bears an interest rate of a per
annum rate equal to (a) the Prime Rate, plus (b) 4.5%; provided
that in no event will the Non-Default Interest Rate be less than 8%
per annum.  Effective immediately upon the occurrence of an event
of default, interest on the outstanding loans under the Bridge
Facility will accrue at a rate that is 2% per annum in excess of
the Non-Default Interest Rate.

The DIP Facility will mature on the earliest to occur of: (a) 120
days after the Petition Date; and (b) acceleration of the
obligations under the DIP Facility.  Interest on the DIP Facility
will be paid, in kind, on the last business day of each month on
all outstanding advances under the DIP Facility, accruing at a per
annum floating rate equal to (a) the LIBOR Rate, plus (b) 7.5%.
Effective immediately upon the occurrence of an Event of Default,
unless waived in writing by the Bankruptcy Rule DIP Agent, interest
on the outstanding loans under the DIP Facility will accrue at a
rate that is 2% per annum in excess of the Non-Default Interest
Rate.

"I believe that the Debtors have an immediate need for adequate
postpetition financing to continue operating their business in the
ordinary course and preserve the value of their assets," said
Robert D. Albergotti, vice president of restructuring of Ryckman
Creek.

The Debtors disclosed that as of the Petition Date, they have less
than $200,000 in cash and absent immediate access to the Bridge
Facility, would not be able to pay their employees or operate their
business and, thus, would likely be required to cease operations
and liquidate their assets.

The Debtors seek to grant superpriority administrative expense
claims to the
DIP Agent with respect to all amounts owed by the Debtors to the
DIP Agent pursuant to the Bridge Facility and the DIP Facility.

                         About Ryckman

Ryckman Creek Resources, LLC, Ryckman Creek Resources Holdings LLC,
Peregrine Rocky Mountains LLC and Peregrine Midstream Partners LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos.
16-10292 to 16-10295) on Feb. 2, 2016. The petitions were signed by
Robert Foss as chief executive officer. Kevin J. Carey has been
assigned the case.

The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP
as counsel, AP Services, LLC as management provider, Evercore Group
LLC as investment banker, and Kurtzman Carson Consultants LLC as
claims and noticing agent.

The Debtors estimated both assets and liabilities in the range of
$100 million to $500 million. As of the Petition Date, Ryckman had
approximately $333 million of prepetition bank debt.

Formed on Sept. 8, 2009, the Debtors are engaged in the
acquisition, development, marketing, and operation of an
underground natural gas storage facility (the "Ryckman Creek
Facility"), located in Uinta County, Wyoming. The Ryckman Creek
Facility is a 50 billion cubic foot storage facility with a working
gas capacity of approximately 42 billion cubic feet.


RYCKMAN CREEK: Taps KCC as Claims and Noticing Agent
----------------------------------------------------
Ryckman Creek Resources, LLC, et al., seek permission from the
Bankruptcy Court to employ Kurtzman Carson Consultants LLC as their
claims and noticing agent, nun pro tunc to the Petition Date.  The
Debtors seek KCC's retention as required by Bankruptcy Court rules
given that they have more than 200 creditors or parties-in-
interest listed on their creditor matrix.

The Debtors maintain that by appointing KCC as their Claims and
Noticing Agent, the distribution of notices and the processing of
claims will be expedited, and the Clerk's Office will be relieved
of the administrative burden of processing what may be an
overwhelming number of claims.  KCC will also transmit, receive,
docket, and maintain proofs of claim filed in connection with the
Debtors' Chapter 11 cases.

The Debtors agreed to pay KCC for its services, expenses and
supplies at the rates or prices set by KCC.

Prior to the Petition Date, the Debtors paid KCC an initial
retainer of $10,000.  KCC seeks to first apply the retainer to all
prepetition invoices, and thereafter to have the retainer
replenished to the original retainer amount, and thereafter to hold
the retainer under the Engagement Agreement during the cases as
security for the payment of fees and expenses incurred under the
Services Agreement.

As part of the overall compensation payable to KCC under the terms
of the Services Agreement, the Debtors have agreed to indemnify and
hold harmless KCC, its affiliates, members, directors, officers,
employees, consultants, subcontractors, and agents for any and all
losses, claims, damages, judgments, liabilities, and expenses
resulting from, arising out of or relating to KCC's performance
under the Services Agreement.

KCC has represented that it neither holds nor represents any
interest materially adverse to the Debtors' estates in connection
with any matter on which it would be employed and that it is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.

                         About Ryckman

Ryckman Creek Resources, LLC, Ryckman Creek Resources Holdings LLC,
Peregrine Rocky Mountains LLC and Peregrine Midstream Partners LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos.
16-10292 to 16-10295) on Feb. 2, 2016. The petitions were signed by
Robert Foss as chief executive officer. Kevin J. Carey has been
assigned the case.

The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP
as counsel, AP Services, LLC as management provider, Evercore Group
LLC as investment banker, and Kurtzman Carson Consultants LLC as
claims and noticing agent.

The Debtors estimated both assets and liabilities in the range of
$100 million to $500 million. As of the Petition Date, Ryckman had
approximately $333 million of prepetition bank debt.

Formed on Sept. 8, 2009, the Debtors are engaged in the
acquisition, development, marketing, and operation of an
underground natural gas storage facility (the "Ryckman Creek
Facility"), located in Uinta County, Wyoming.  The Ryckman Creek
Facility is a 50 billion cubic foot storage facility with a working
gas capacity of approximately 42 billion cubic feet.


RYCKMAN CREEK: Wants to Pay $4-Mil. for Critical Vendor Claims
--------------------------------------------------------------
Ryckman Creek Resources, LLC, and certain of its affiliates seek
permission from the Bankruptcy Court to pay, in the ordinary course
of business, the prepetition claims of several critical vendors in
the aggregate amount of up to $500,000 on an interim basis, and in
the aggregate amount of up to $4,000,000 on a final basis.

The Debtors relate that in the ordinary course of operations, they
rely on suppliers, service providers, and specialized engineering
companies for the delivery of goods or services in support of their
operations.  The Critical Vendors supply those essential goods and
services without which the Debtors' businesses either could not
operate or would operate at significantly reduced profitability and
whose Critical Goods and Services cannot be replaced without
significant harm to the business.

The Debtors anticipate that the Critical Vendors will: (a) refuse
to deliver goods and services without payment of their prepetition
claims; (b) refuse to deliver goods and services on reasonable
credit terms absent payment of prepetition claims, thereby
requiring them to use even greater liquidity and increase their
operating costs; or (c) suffer significant financial hardship, such
that the Debtors' non-payment of their prepetition claims could
have a significant negative impact on a Critical Vendor's business
and therefore its ability to supply the Debtors with needed goods
and services.

"The Debtors are highly mindful of their fiduciary obligations to
preserve and maximize the value of their estates," said Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, counsel
for the Debtors.  "The preservation and maximization of the going
concern value of the Debtors' business, including the preservation
of key business relationships, are among management's primary goals
as the Debtors transition into chapter 11," she continued.

The Debtors intend to enter into trade agreements with their
Critical Vendors where possible pursuant to which the Critical
Vendors agree to provide goods and services on beneficial trade
terms.

                         About Ryckman

Ryckman Creek Resources, LLC, Ryckman Creek Resources Holdings LLC,
Peregrine Rocky Mountains LLC and Peregrine Midstream Partners LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos.
16-10292 to 16-10295) on Feb. 2, 2016. The petitions were signed by
Robert Foss as chief executive officer. Kevin J. Carey has been
assigned the case.

The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP
as counsel, AP Services, LLC as management provider, Evercore Group
LLC as investment banker, and Kurtzman Carson Consultants LLC as
claims and noticing agent.

The Debtors estimated both assets and liabilities in the range of
$100 million to $500 million. As of the Petition Date, Ryckman had
approximately $333 million of prepetition bank debt.

Formed on Sept. 8, 2009, the Debtors are engaged in the
acquisition, development, marketing, and operation of an
underground natural gas storage facility (the "Ryckman Creek
Facility"), located in Uinta County, Wyoming. The Ryckman Creek
Facility is a 50 billion cubic foot storage facility with a working
gas capacity of approximately 42 billion cubic feet.


SAMSON RESOURCES: Wants OK on Executive Bonuses Amid Departures
---------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that Samson
Resources Corp. sought permission on Jan. 29, 2016, from a Delaware
bankruptcy judge to award bonuses to the oil driller's three most
senior officers following the recent departure of its former CEO,
saying the incentives are crucial to keep them motivated as the
company's ability to restructure remains uncertain.

The potential bonuses would be paid out to the company's soon-to-be
Chief Executive and General Counsel Andrew Kidd, Chief Operating
Officer Sean Woolverton and Chief Financial Officer Philip Cook and
are contingent upon Samson hitting quarterly business incentives.

                         About Samson Resources

Samson Resources Corporation, et al., filed Chapter 11 bankruptcy
petitions (D. Del. Lead Case No. 15-11934) on Sept. 16, 2015.
Philip W. Cook signed the petition as executive vice president and
chief financial officer.  The Debtors estimated assets and
liabilities of more than $1 billion.

Samson is an onshore oil and gas exploration and production
company
with interests in various oil and gas leases primarily located in
Colorado, Louisiana, North Dakota, Oklahoma, Texas, and Wyoming.
The Operating Companies operate, or have royalty or working
interests in, approximately 8,700 oil and gas production sites.

Samson was acquired by KKR and Crestview from Charles Schusterman
in December 2011 for approximately $7.2 billion.  The investor
group provided approximately $4.1 billion in equity investments as
part of the purchase price.

Kirkland & Ellis LLP represents the Debtors as general counsel.
Klehr Harrison Harvey Branzburg LLP is the Debtors' local counsel.

Alvarez & Marsal LLC acts as the Debtors' financial advisor.
Blackstone Advisory Partners L.P. serves as the Debtors'
investment
banker.  Garden City Group, LLC serves as claims and noticing
agent
to the Debtors.

Andrew Vara, acting U.S. trustee for Region 3, appointed three
creditors of Samson Resources Corp. and its affiliated debtors to
serve on the official committee of unsecured creditors.


SAN MIGUEL LABEL: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: San Miguel Label Mfg. Inc.
        PO Box 1401
        Ciales, PR 00638

Case No.: 16-00820

Chapter 11 Petition Date: February 4, 2016

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Mildred Caban Flores

Debtor's Counsel: Nilda M. Gonzalez Cordero, Esq.
                  GONZALEZ CORDERO LAW OFFICES
                  PO Box 3389
                  Guaynabo, PR 00970
                  Tel: 787-721-3437
                  Email: ngonzalezc@ngclawpr.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Moises San Miguel Lorenzana, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb16-00820.pdf


SANDRIDGE ENERGY: Bonds Plunge as Company Mulls Strategic Options
-----------------------------------------------------------------
Aleksandrs Rozens, writing for Bloomberg Brief - Distress &
Bankruptcy, reported on Feb. 1, 2016, that SandRidge Energy Inc.'s
unsecured bonds are trading below three cents on the dollar after
the company announced that it has almost fully drawn its $500
million borrowing-base credit line and hired strategic advisers.

"When you see a company borrow all of its credit line, it usually
means some sort of bankruptcy or restructuring is not far away,"
Spencer Cutter, credit analyst at Bloomberg Intelligence, said.
"The unsecured bonds are trading below three cents because the
holders don't expect to be repaid and they don't expect much back
through a restructuring."

According to the report, Oklahoma City's SandRidge Energy said in
documents filed with the Securities and
Exchange Commission on Jan. 25 that it has retained Kirkland &
Ellis LLP as legal adviser and Houlihan Lokey, Inc. as financial
adviser to assist it with strategic alternatives.

The company's second-lien bonds, which were issued at 100 cents as
recently as May, are trading below 20 cents, the Feb. 1 Bloomberg
report said.  The energy company's most liquid debt, its unsecured
8.75 percent 2020 bonds, were at 19 cents on Jan. 29, the Bloomberg
report added.

                 *     *     *

The Troubled Company Reporter, on Oct. 13, 2015, reported that
Standard & Poor's Ratings Services lowered its corporate credit
rating on Oklahoma City-based SandRidge Energy Inc. to 'SD'
(selective default) from 'CCC+'.

"The downgrade follows SandRidge's announcement that it has
entered
into an agreement to repurchase a portion of its senior unsecured
notes at a significant discount to par," said Standard & Poor's
credit analyst Ben Tsocanos.


SANUWAVE HEALTH: Amends Prospectus of 50 Million Units
------------------------------------------------------
SANUWAVE Health, Inc., filed with the Securities and Exchange
Commission an amended registration statement on Form S-1/A in
connection with an offering of a minimum of 31,250,000 Units, with
each Unit consisting of (i) one share of the Company's common
stock, $0.001 par value and, (ii) one detachable warrant to
purchase one share of its Common Stock at an exercise price of
$0.08 per share for gross proceeds of $2,500,000 before deduction
of commissions and offering expenses and a maximum of 50,000,000
Units for gross proceeds of $4,000,000 before deduction of
commissions and offering expenses.  The Company amended the
Registration Statement to delay its effective date.

The Units will separate immediately and the Common Stock and
Warrants will be issued separately.  This offering expires on the
earlier of (i) the date upon which all of the Units being offered
have been sold, or (ii) Feb. 19, 2016.  In addition, the Company
may terminate this offering at any time prior to the expiration
date.  All costs associated with the registration will be borne by
the Company.

The Company has engaged Newport Coast Securities, Inc. to act as
its exclusive placement agent in connection with this offering.

A full-text copy of the Form S-1/A is available for free at:

                      http://is.gd/yBOLR8

                     About SANUWAVE Health

Alpharetta, Ga.-based SANUWAVE Health, Inc., is an emerging global
regenerative medicine company focused on the development and
commercialization of noninvasive, biological response activating
devices for the repair and regeneration of tissue, musculoskeletal
and vascular structures.

SANUWAVE Health reported a net loss of $5.97 million on $847,000 of
revenues for the year ended Dec. 31, 2014, compared with a net loss
of $11.3 million on $800,000 of revenues in 2013.

As of Sept. 30, 2015, the Company had $1.50 million in total
assets, $6.62 million in total liabilities and a stockholders'
deficit of $5.12 million.

                        Bankruptcy Warning

"The continuation of the Company's business is dependent upon
raising additional capital before the conclusion of fourth quarter
of 2015 to fund operations.  Management's plans are to obtain
additional capital through the issuance of common or preferred
stock, securities convertible into common stock or secured or
unsecured debt, investments by strategic partner for market
opportunities, which may include strategic partnerships or
licensing arrangements or complete a joint venture, partnership or
sale of the wound product to complete the FDA trial successfully
and begin commercialization of the product in 2016.  These
possibilities, to the extent available, may be on terms that
result in significant dilution to the Company's existing
shareholders.  Although no assurances can be given, management of
the Company believes that potential additional issuances of equity
or other potential financing transactions as discussed above should
provide the necessary funding for the Company to continue as a
going concern.  If these efforts are unsuccessful, the Company may
be forced to seek relief through a filing under the U.S. Bankruptcy
Code," the Company states in the quarterly report for the period
ended Sept. 30, 2015.


SCIENTIFIC GAMES: Plymouth, et al., Do Not Own Class A Shares
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Plymouth Lane Capital Management, LLC, Plymouth Lane
General Partner, LLC, Plymouth Lane Partners (Master), LP and
Jonathan Salinas disclosed that as of Dec. 31, 2015, they ceased to
own shares of Class A common stock, $.01 par value, of Scientific
Games Corporation.  A copy of the regulatory filing is available
for free at http://is.gd/w5y2EY

                        About Scientific Games

Scientific Games Corporation is a developer of technology-based
products and services and associated content for worldwide gaming
and lottery markets.  The Company's portfolio includes instant and
draw-based lottery games; electronic gaming machines and game
content; server-based lottery and gaming systems; sports betting
technology; loyalty and rewards programs; and social, mobile and
interactive content and services.  Visit
http://www.scientificgames.com/      

Scientific Games reported a net loss of $234 million in 2014, a net
loss of $30.2 million in 2013 and a net loss of $62.6 million for
2012.

As of Sept. 30, 2015, the Company had $8.61 billion in total
assets, $9.59 billion in total liabilities and a $981 million total
stockholders' deficit.

                           *     *     *

The TCR reported on May 21, 2014, that Moody's Investors Service
downgraded Scientific Games Corporation's ("SGC") Corporate Family
Rating to 'B1'.  The downgrade reflects Moody's view that slower
than expected growth in SGC's Gaming and Instant Products segments
will cause Moody's adjusted leverage to exceed 6.0 times by the
end of 2014.

As reported by the TCR on Aug. 5, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating to 'B+' from 'BB-' on
Scientific Games Corp.

"The downgrade and CreditWatch placement follow Scientific Games'
announcement that it has agreed to acquire Bally Technologies for
$5.1 billion, including the refinancing of about $1.8 billion in
net debt at Bally," said Standard & Poor's credit analyst Ariel
Silverberg.


SEABOARD REALTY: Court Declines to Grant 6-Month Creditor Timeout
-----------------------------------------------------------------
Matt Chiappardi at Bankruptcy Law360 reported that a Delaware
bankruptcy judge declined on Jan. 29, 2016, to grant the request of
a Connecticut-based real estate conglomerate for a timeout of
creditor actions against non-debtor affiliates, ruling the Debtors
hadn't shown why it was integral to their reorganization, but
leaving the door open to revisit the issue.

Ruling from the bench in Wilmington, U.S. Bankruptcy Judge Laurie
Selber Silverstein said that on the record before her, she cannot
find that lenders' efforts to attach non-debtor assets and freeze
non-debtor funds under Connecticut law.

In a previous report, Jeff Montgomery at Bankruptcy Law360 reported
that a Connecticut-based real estate conglomerate asked a Delaware
bankruptcy court on Jan. 28, 2016, to approve a six-month bar on
creditor action against its affiliated, non-debtor properties,
saying the companies now in Chapter 11 need time to reconstruct
finances, protect assets and investigate evidence of fraud.

Financial restructuring consultant Marc Beilinson said during a
hearing on the proposed preliminary injunction that Seaboard Realty
LLC and 14 associated companies need the six-month injunction to
prevent lenders from continuing efforts to attach assets and freeze
non-debtor funds.


SEARS HOLDINGS: ESL Partners Reports 57.2% Stake as of Jan. 28
--------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, ESL Partners, L.P. disclosed that as of Jan. 28, 2016,
it beneficially owns 63,826,561 common shares of Sears Holdings
Corporation, representing 57.2 percent of the shares outstanding.
Other entities included in the filing are:

                                  Shares         Percentage of
                                Beneficially      Outstanding
  Reporting Person                 Owned            Shares
  ----------------              ------------     --------------
  SPE I Partners, LP               150,124            0.1%
  SPE Master I, LP                 193,341            0.2%
  RBS Partners, L.P.             64,170,026          57.6%
  ESL Investments, Inc.          64,170,026          57.6%
  Edward S. Lampert              64,170,026          54.5%

A copy of the regulatory filing is available for free at:
                       
                       http://is.gd/8enGgq

                           About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The Company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

For the year ended Jan. 31, 2015, the Company reported a net loss
attributable to Holdings' shareholders of $1.68 billion compared
to a net loss attributable to Holdings' shareholders of $1.36
billion for the year ended Feb. 1, 2014.

As of Oct. 1, 2015, Sears Holdings had $12.76 billion in total
assets, $14.06 billion in total liabilities and a $1.29 billion
total deficit.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to 'Caa1' from 'B3'.  The rating
outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period.  For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year.  Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014.  "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SEARS HOLDINGS: Extends CEO's Compensation Arrangement Until 2018
-----------------------------------------------------------------
The Board of Directors of Sears Holdings Corporation, with Edward
S. Lampert recusing himself, approved the terms of a letter
agreement providing for an extension of Mr. Lampert's compensation
arrangement with the Company, under which Mr. Lampert will continue
to be eligible during each of the Company's 2016, 2017 and 2018
fiscal years to receive compensation for his service as the
Company's chief executive officer at the same levels and otherwise
on comparable terms as under Mr. Lampert's existing compensation
arrangement that has been in effect since Feb. 1, 2013.

                         About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The Company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

For the year ended Jan. 31, 2015, the Company reported a net loss
attributable to Holdings' shareholders of $1.68 billion compared
to a net loss attributable to Holdings' shareholders of $1.36
billion for the year ended Feb. 1, 2014.

As of Oct. 1, 2015, Sears Holdings had $12.76 billion in total
assets, $14.06 billion in total liabilities and a $1.29 billion
total deficit.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to 'Caa1' from 'B3'.  The rating
outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period.  For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year.  Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014.  "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SFX ENTERTAINMENT: Ch 11 Filing Is Good News, Richie McNeill Says
-----------------------------------------------------------------
Themusic.com-au reports that Richie McNeill, Stereosonic founder
and legend of the Australian dance music scene, believes that
parent company SFX Entertainment, Inc.'s Chapter 11 bankruptcy
filing is "good news".

"Going into a Chapter 11 and a restructure, potentially wiping out
the equity from the shareholders . . . is a great outcome," the
report quoted Mr. McNeill as saying.

Themusic.com-au relates that many speculated that the Company's
Chapter 11 filing meant Stereosonic would face a similar fate to so
many popular festivals that have folded in previous years.  The
report states that Mr. McNeill has assured fans that the annual
festival is in good hands and that there are even plans to expand.

                      About SFX Entertainment

Headquartered in New York, New York, SFX Entertainment, with
approximately $312 million in pro-forma revenues, is a producer of
live events and media and entertainment content focused exclusively
on electronic music culture.

SFX Entertainment, Inc., and 43 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10238 to
16-10281) on Feb. 1, 2016.  The petitions were signed by Michael
Katzenstein as chief restructuring officer.

The Debtors disclosed total assets of $661.6 million and total
debts of $490.2 million.

Greenberg Traurig, LLP serves as the Debtors' counsel.   Kurtzman
Carson Consultants LLC acts as the Debtors' claims and noticing
agent.  

Judge Mary F. Walrath is assigned to the case.


SFX ENTERTAINMENT: Hires KCC as Claims and Noticing Agent
---------------------------------------------------------
SFX Entertainment, Inc., et al., seek permission from the
Bankruptcy Court to employ Kurtzman Carson Consultants LLC a their
claims and noticing agent nunc pro tunc to the Petition Date.

Although the Debtors have not yet filed their schedules of assets
and liabilities, they anticipate that there will be in excess of
several thousand entities to be noticed.

"In view of the number of anticipated claimants and the complexity
of the Debtors' business, the Debtors submit that the appointment
of a claims and noticing agent is both necessary and in the best
interests of both the Debtors' estates and their creditors,"
according to Dennis A. Meloro, Esq., at Greenberg Traurig, LLP,
counsel for the Debtors.

The Debtors assert that by appointing KCC as the claims and
noticing agent, the distribution of notices and the processing of
claims will be expedited, and the clerk's office will be relieved
of the administrative burden of processing what may be an
overwhelming number of claims.

Prior to the Petition Date, the Debtors provided KCC a retainer in
the amount of $50,000.  KCC seeks to first apply the retainer to
all pre-petition invoices, and thereafter, to have the retainer
replenished to the original retainer amount, and thereafter, to
hold the retainer under the Engagement Agreement during the cases
as security for the payment of fees and expenses incurred under the
Engagement Agreement.

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

KCC represents it is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.

                     About SFX Entertainment

SFX Entertainment, Inc., and 43 of its affiliates, a global
producer of live events and digital entertainment content focused
exclusively on the electronic music culture and other world-class
festivals, filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Case Nos. 16-10238 to 16-10281) on Feb. 1, 2016.  The petitions
were signed by Michael Katzenstein as chief restructuring officer.

The Debtors disclosed total assets of $661.6 million and total
debts of $490.2 million.

Greenberg Traurig, LLP serves as the Debtors' counsel.   Kurtzman
Carson Consultants LLC acts as the Debtors' claims and noticing
agent.  

Judge Mary F. Walrath is assigned to the case.


SFX ENTERTAINMENT: Proposes Procedures to Protect NOLs
------------------------------------------------------
SFX Entertainment, Inc., et al., seek authority from the Bankruptcy
Court to, among other things, establish notice, objection and
hearing procedures regarding transfers of beneficial interests in
equity securities.  If left unrestricted, the Debtors believe
trading could severely limit their ability to use valuable assets
of their estates, namely their net operating losses.

The Debtors estimate that, as of the Petition Date, they have
incurred consolidated net operating loss of approximately $178
million and the aggregate tax basis of the Debtors' assets
substantially exceeds the aggregate value of those assets,
resulting in a substantial net "built-in" loss.

The Debtors' consolidated NOL carryforwards are valuable assets of
their estates because the Internal Revenue Code generally permits
corporations to carry forward NOLs to offset future income, thereby
reducing federal income tax liability in future periods.
The NOLs carryforwards and certain other tax attributes, including
their "built-in" losses potentially allow the Debtors to reduce
significantly future U.S. federal income tax liability, depending
upon future operating results of the Debtors and upon potential
asset dispositions, and absent any intervening limitations.

However, the ability of the Debtors to use their NOL carryforwards
is subject to certain statutory limitations.  Section 382 of the
IRC limits the Debtors' ability to use their NOLs and certain other
tax attributes to offset future income if they undergo a change of
ownership.

The Debtors assert that they need the ability to monitor and
possibly object to changes in the ownership of interests and Claims
to assure that (i) a 50% change of ownership does not occur before
the effective date of a Chapter 11 plan in these cases and (ii) for
a change of ownership occurring under a chapter 11 plan, the
Debtors have the opportunity to avail themselves of the special
relief provided by Section 382.

                       Proposed Procedures

(a) Notice of Substantial Equityholder Status

Any person or entity who currently is or becomes a Substantial
Equityholder shall file with the Court, and serve upon the Debtors
and Debtors' counsel, a notice of such status on or before the
later of (A) 10 days after the effective date of the notice of
entry of the Order or (B) 10 days after becoming a Substantial
Equityholder.

(b) Acquisition of Equity Securities

At least 30 calendar days prior to effectuating any transfer of
equity securities that would result in an increase in the amount of
equity securities of SFXE beneficially owned by a Substantial
Equityholder or that would result in a person or entity becoming a
Substantial Equityholder, such person, entity or Substantial
Equityholder shall file with the Court, and serve on the Debtors
and Debtors' counsel, a Notice of Intent to Purchase, Acquire or
Otherwise Accumulate an Equity Interest specifically and in detail
describing the intended transaction acquiring SFXE's equity
securities.

(c) Disposition of Equity Securities

At least 30 calendar days prior to effectuating any transfer of
equity securities that would result in a decrease in the amount of
equity securities of SFXE beneficially owned by a Substantial
Equityholder or that would result in a person or entity ceasing to
be a Substantial Equityholder, such person, entity or Substantial
Equityholder shall file with the Court, and serve on the Debtors
and counsel to the Debtors, a Notice of Intent to Sell, Trade or
Otherwise Transfer an Equity Interest specifically and in detail
describing the intended transaction disposing of equity securities
of SFXE.

(d) Declaration of Worthless Equity Securities.

At least 28 days prior to a 50-percent Equityholder taking a
worthless security deduction with respect to such 50-percent
Equityholder's Equity Securities, such Substantial Equityholder or
50-percent Equityholder shall file with the Court, and serve
upon the Debtors and the Debtors' counsel, an advance written
declaration of the intended worthless security deduction.

The Debtors shall have 21 days after receipt of a Declaration of
Intent to Declare Worthless Equity Securities to file with the
Court and serve on such 50-percent Equityholder an objection to any
proposed intended worthless security deduction described in
Declaration of Intent to Declare Worthless Equity Securities on the
grounds that such transfer might adversely affect the Debtors'
ability to utilize their tax attributes.

If the Debtors file an objection, such transaction would not be
effective unless the Debtors withdraw their objection or such
transaction is approved by a final order of this Court that becomes
nonappealable.  If the Debtors do not object within such 21-day
period, such transaction could proceed solely as set forth in the
Declaration of Intent to Declare Worthless Equity Securities.

(e) Conversion of SFXE Series B Convertible Preferred Stock

No holder may convert any of SFXE Series B Convertible Preferred
Stock into SFXE Common Stock.

(f) Objection Procedures

The Debtors shall have 30 calendar days after actual receipt of an
Equity Acquisition Notice or an Equity Disposition Notice, as the
case may be, to file with the Court and serve on a Proposed
Equity Transferor or a Proposed Equity Transferee, as the case may
be, an objection to any proposed transfer of equity securities of
SFXE described in any Equity Acquisition Notice or Equity
Disposition Notice on the grounds that such transfer may adversely
affect the Debtors' ability to utilize their NOLs or tax attributes
as a result of an ownership change.

                      About SFX Entertainment

SFX Entertainment, Inc., and 43 of its affiliates, a global
producer of live events and digital entertainment content focused
exclusively on the electronic music culture and other world-class
festivals, filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Case Nos. 16-10238 to 16-10281) on Feb. 1, 2016.  The petitions
were signed by Michael Katzenstein as chief restructuring officer.

The Debtors disclosed total assets of $661.6 million and total
debts of $490.2 million.

Greenberg Traurig, LLP serves as the Debtors' counsel.   Kurtzman
Carson Consultants LLC acts as the Debtors' claims and noticing
agent.  

Judge Mary F. Walrath is assigned to the case.


SFX ENTERTAINMENT: Seeks Joint Administration of Cases
------------------------------------------------------
SFX Entertainment, Inc., et al., ask the Bankruptcy Court to enter
an order directing the joint administration of their Chapter 11
cases under Lead Case No. 16-10238.  The Debtors said that joint
administration of their Chapter 11 cases will ease the
administrative burden on the Court and the parties, and protect
creditors of different estates against potential conflicts
of interest.  

The Debtors anticipate that there will be numerous notices,
applications, motions,  other documents, pleadings, hearings and
orders in these Chapter 11 cases.  With affiliated debtors, each
with their own case docket, the failure to administer these Chapter
11 cases jointly would result in numerous duplicative pleadings
being filed and served upon parties identified in separate service
lists, the Debtors maintained.

Joint administration will permit the Clerk to use a single general
docket for each of the Debtors' Chapter 11 cases and to combine
notices to creditors and other parties-in-interest of the Debtors'
respective estates.

According to the Debtors, the rights of the respective creditors
will not be adversely affected by joint administration inasmuch as
the relief requested is procedural in nature only and is in no way
intended to affect substantive rights.  Each party-in-interest will
maintain claims or rights it has against the particular estate in
which it allegedly has a claim or right.

                       About SFX Entertainment

SFX Entertainment, Inc., and 43 of its affiliates, a global
producer of live events and digital entertainment content focused
exclusively on the electronic music culture and other world-class
festivals, filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Case Nos. 16-10238 to 16-10281) on Feb. 1, 2016.  The petitions
were signed by Michael Katzenstein as chief restructuring officer.

The Debtors disclosed total assets of $661.6 million and total
debts of $490.2 million.

Greenberg Traurig, LLP serves as the Debtors' counsel.   Kurtzman
Carson Consultants LLC acts as the Debtors' claims and noticing
agent.  

Judge Mary F. Walrath is assigned to the case.


SFX ENTERTAINMENT: Wants to Pay $10-Mil. Critical Vendor Claims
---------------------------------------------------------------
SFX Entertainment, Inc., et al., seek Bankruptcy Court's authority
to pay all or a portion of their prepetition claims held by
critical vendors and foreign vendors.  The Debtors estimate the
maximum amount needed to pay the Vendor Claims is approximately
$10,000,000.  Of this amount, the Debtors are requesting authority
to pay up to approximately $5,000,000 on an interim basis.

The Debtors asserted they cannot risk an interruption of services
at their events and festivals.  In order to assure their festivals
and related products continue without disruption, the Debtors are
dependent on certain domestic and foreign suppliers or providers of
services, including high-profile artists and DJs.

"If the requested relief is not granted and certain critical
vendors refuse to perform at the Debtors' festivals or to continue
to supply goods and/or services to the Debtors postpetition, the
Debtors will be unable to continue their operations, keep their
customers satisfied, or maintain important relationships with
sponsors and other business partners.  The occurrence of any of
these outcomes will endanger the Debtors' successful
reorganization," said Dennis A. Meloro, Esq., Greenberg Traurig,
LLP, counsel for the Debtors.

The Debtors propose to pay the Vendor Claims of each Critical
Vendor or Foreign Vendor that demands payment of a prepetition
claim, but also agrees to continue to supply goods or services to
them for a period of time acceptable to the Debtors, on (a) the
normal and customary trade terms, practices and programs that were
most favorable to the Debtors and in effect between such Critical
Vendor or Foreign Vendor and the Debtors prior to the Petition
Date.

         Mechanics' Liens and Shipper and Warehousing Charges

As part of their business operations, the Debtors rely on a variety
of service providers, production crews, common carriers, shippers,
truckers and a network of warehouse facilities.  The Debtors use
extravagant and costly sets, lightshows and pyrotechnics to enhance
the customers' experiences at electronic music festivals.  Many of
these sets are built by third-party providers, are in transit
between different venues or are stored for future use both by the
Debtors and third-party licensees.  The Debtors maintained it is
essential to their business that they may transport and use these
sets and accessories without interruption.

"The services provided by the Shippers and Warehousemen, including
the timely, reliable delivery of goods for the Debtors, and the
storage of such goods for later use, is an absolute necessity to
the Debtors' ability to conduct business in an efficient manner,"
according to Mr. Meloro.  "The Debtors' inability to access their
materials in preparation for events would be detrimental to their
business and deteriorate the value of their estates," he added.

Accordingly, the Debtors seek an order authorizing them, inter
alia, to pay Shippers and Warehousemen approximately $200,000.

                   About SFX Entertainment

SFX Entertainment, Inc., and 43 of its affiliates, a global
producer of live events and digital entertainment content focused
exclusively on the electronic music culture and other world-class
festivals, filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Case Nos. 16-10238 to 16-10281) on Feb. 1, 2016.  The petitions
were signed by Michael Katzenstein as chief restructuring officer.

The Debtors disclosed total assets of $661.6 million and total
debts of $490.2 million.

Greenberg Traurig, LLP serves as the Debtors' counsel.   Kurtzman
Carson Consultants LLC acts as the Debtors' claims and noticing
agent.  

Judge Mary F. Walrath is assigned to the case.


SHERMAN HILL: Bank Entitled to Default Interest, Court Rules
------------------------------------------------------------
Marion A. Hecht, Receiver, filed a motion seeking authority to sell
Country Living Mobile Home Park located on Stony Fork Road in
Tioga, Pennsylvania.  The Receiver then filed a motion seeking
approval of the sale of the home park to Cathy and Tim
Driebelbies.

Stony Fork Associates, LLC, a Maryland limited liability company,
is the title owner of Country Living Mobile Home Park, which is
Stony Fork's primary asset.  Northwest Savings Bank is a secured
creditor of Stony Fork.

After the Receiver filed the First Motion, she entered into a
Contract for Sale of Real Property as Seller, and Cathy and Tim
Driebelbies, as Purchaser, by which the Purchaser agreed to buy the
Property for $390,000. No real estate commission is due upon the
sale.  As a result, the Receiver filed the Second Motion, seeking
Court approval of the Contract.

Northwest Savings Bank opposed the two Motions contending that both
motions impermissibly interfere with its contractual and property
rights arising out of a commercial loan to Stony Fork because the
motions would allow the Receiver to sell certain income producing
property of Stony Fork which is collateral for the loan without
paying the Bank the full amounts of the indebtedness secured by the
Property.  The Bank insists that, in addition to its entitlement to
the loan pay off of principal and interest, it is also entitled to
recover default rate interest and attorney's fees incurred in
connection with the sale.  The Receiver disagrees and has replied.


In a Memorandum dated December 22, 2015, which is available at
http://is.gd/3EIqHWfrom Leagle.com, Judge Ellen L. Hollander of
the United States District Court for the District of Maryland
granted the Receiver's motions, as modified, and ruled that the
Bank is entitled to default interest, to be paid at the time of
settlement, upon proper documentation of the default interest due
and owing for the period August 2015 until closing on the
Contract.

The case is SECURITIES AND EXCHANGE COMMISSION Plaintiff, v.
COLONIAL TIDEWATER REALTY INCOME PARTNERS, LLC, et al. Defendants,
Civil Action No. ELH-15-2401 (D. Md.).

Woodlands Bank, Defendant, is represented by David Bryan Applefeld,
Esq. -- DApplefeld@AdelbergRudow.com -- Adelberg Rudow Dorf and
Hendler LLC.

Northwest Savings Bank, Creditor, is represented by Scott William
Foley, Esq. -- swf@shapirosher.com -- Shapiro Sher Guinot and
Sandler.

Marion A. Hecht, Receiver, represented by J Jonathan Schraub, Esq.
-- JJSchraub@SandsAnderson.com -- Sands Anderson PC.


SKYLINE CORP: Appoints Senior Vice President of Operations
----------------------------------------------------------
Skyline Corporation has appointed Jeff Newport to the position of
senior vice president of operations, according to a press release
filed with the Securities and Exchange Commission.  Newport will
oversee Skyline Corporation's manufacturing, purchasing and quality
operations for Skyline's nine operating divisions.

Mr. Newport will receive an annual base salary of $205,000 and is
employed on an at-will basis.  In addition, in connection with his
appointment on Feb. 1, 2016, the Corporation granted Mr. Newport
25,000 stock options pursuant to the Corporation's 2015 Stock
Incentive Plan.  

"Jeff's diverse background in operations management, business
development and proven execution capabilities give him a unique
combination of skills necessary to lead operations at a time when
the fundamental structure of the industry is changing," said Rich
Florea, president and CEO of Skyline Corporation.  "He is a
critical asset to help us drive new operational strategies."

Prior to his new position Newport served as president of Goldshield
Fiberglass, a premier manufacturer of fiberglass components, where
he led a doubling of revenue growth and support of key quality and
lean initiatives that resulted in 400% increase in profitability.

In addition to his to leadership at Goldshield, Newport brings to
the Skyline executive team significant senior management experience
as VP of Operations for Rinker Boats and Dutchmen Manufacturing.

Newport holds a bachelor's degree in Operational Leadership and
Supervision from Purdue University.

                       About Skyline Corp

Skyline Corporation was originally incorporated in Indiana in 1959,
as successor to a business founded in 1951.  Skyline Corporation
and its consolidated subsidiaries designs, produces and markets
manufactured housing, modular housing and park models to
independent dealers and manufactured housing communities located
throughout the United States and Canada.  Manufactured housing is
built to standards established by the U.S. Department of Housing
and Urban Development, modular homes are built according to state,
provincial or local building codes, and park models are built
according to specifications established by the American National
Standards Institute.

For the year ended May 31, 2015, the Company reported a net loss of
$10.41 million compared to a net loss of $11.86 million for the
year ended May 31, 2014.

Crowe Horwath LLP, in Fort Wayne, Indiana, issued a "going concern"
qualification on the consolidated financial statements for the year
ended May 31, 2015, citing that the Company has incurred recurring
operating losses and negative cash flows from operating activities.
The Company has a line of credit in place, however prospective
debt covenant violations may limit the Company's ability to access
these funds which would impact its liquidity.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern.


SPANISH BROADCASTING: Gets Noncompliance Notice From NASDAQ
-----------------------------------------------------------
Spanish Broadcasting System, Inc., disclosed in a Form 8-K filed
with the Securities and Exchange Commission it received a written
notice from The Nasdaq Stock Market, advising the Company that the
market value of its Class A common stock for the previous 30
consecutive business days had been below the minimum $15,000,000
required for continued listing on the NASDAQ Global Market pursuant
to NASDAQ Listing Rule 5450(b)(3)(C).

Pursuant to NASDAQ Listing Rule 5810(c)(3)(D), the Company has been
provided an initial grace period of 180 calendar days, or until
July 26, 2016, to regain compliance with the Rule.  The Notice
further provides that NASDAQ will provide written confirmation
stating that the Company has achieved compliance with the Rule if
at any time before July 26, 2016, the market value of the Company's
publicly held shares closes at $15,000,000 or more for a minimum of
10 consecutive business days.  If the Company does not regain
compliance with the Rule by July 26, 2016, NASDAQ will provide
written notification to the Company that the Company's common stock
is subject to delisting from the Nasdaq Global Market, at which
time the Company will have an opportunity to appeal the
determination to a NASDAQ Hearings Panel.

The Company intends to use all reasonable efforts to maintain the
listing of its common stock on the NASDAQ Global Market, but there
can be no guarantee that the Company will regain compliance with
the Market Value of Publicly Held Shares Requirement.

                  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 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.


STEREOTAXIS INC: Fails to Regain Compliance of NASDAQ Rule
----------------------------------------------------------
Stereotaxis, Inc., disclosed in a Form 8-K report filed with the
Securities and Exchange Commission that it received a determination
letter from the Listing Qualifications Staff of The NASDAQ Stock
Market LLC notifying the Company that it has not regained
compliance with Listing Rule 5550(b)(2), the Market Value of Listed
Securities, and as a result, the Company's securities would be
subject to delisting from Nasdaq unless the Company requests a
hearing before the Nasdaq Listing Qualifications Panel.

As previously disclosed, in its Form 10-Q filed on Aug. 7, 2015,
the Company received notification from the Staff on Aug. 5, 2015,
that the Company did not comply with the Rule because the Company
did not maintain a minimum MVLS of $35 million for the 30
consecutive business days prior to the date of the letter.  The
Company was provided 180 calendar days, or until Feb. 1, 2016, to
regain compliance with the Rule.

The Company intends to timely request a hearing before the Panel,
at which it will present its plan to achieve compliance with the
continued listing requirements for The Nasdaq Capital Market.  The
hearing request will automatically stay the delisting of the
Company's securities pending the issuance of the Panel's decision
following the hearing and the expiration of any extension period
granted by the Panel.  Under the Nasdaq Listing Rules, the Panel
may, in its discretion, determine to continue the Company's listing
pursuant to an exception for a maximum of 180 calendar days from
the date of the Staff's determination letter, or through July 31,
2016.

The Company said that while it is diligently working to achieve
compliance with the continued listing requirements for The Nasdaq
Capital Market, there can be no assurance that the Panel will grant
the Company an extension of time to achieve compliance with the
applicable listing requirements.

                           About Stereotaxis

Based in St. Louis, Missouri, Stereotaxis, Inc., is a manufacturer
and developer of a suite of navigation systems in interventional
surgical procedures.  The Company's Epoch Solution is used in the
treatment of arrhythmias and coronary artery disease.

Stereotaxis reported a net loss of $5.20 million in 2014, a net
loss of $68.8 million in 2013 and a net loss of $9.23 million in
2012.

As of Sept. 30, 2015, the Company had $18.63 million in total
assets, $35.21 million in total liabilities and a $16.57 million
total stockholders' deficit.

Ernst & Young LLP, in St. Louis, Missouri, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has incurred recurring
operating losses and has a net capital deficiency.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


SWIFT ENERGY: Gets Approval for $49M La. Asset Sale to Texegy
-------------------------------------------------------------
Jeff Montgomery at Bankruptcy Law360 reported that Swift Energy
told a Delaware bankruptcy judge on Feb. 1, 2016, that it had
cleared all barriers to a $49 million sale of oil and gas assets in
Louisiana, moving the company closer to a Chapter 11 exit heavily
reliant on success in swapping $905 million in debt for company
equity.

Unfinished work on other parts of the plan, however, could foil
hopes for a Friday hearing on the company's critical Chapter 11
disclosure statement, needed in advance of voting on the
restructuring.

                      About Swift Energy

Headquartered in Houston, Texas, Swift Energy Company is an
independent energy company engaged in the exploration,
development, production and acquisition of oil and natural gas
properties.  Its primary assets and operations are focused in the
Eagle Ford trend of South Texas and the onshore and inland waters
of
Louisiana.

Swift Energy Company and eight of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 15-12669 to
15-12677) on Dec. 31, 2015.  The petitions were signed by Alton D.
Heckaman, Jr., the executive vice president and CFO.  Judge Mary
F. Walrath has been assigned the cases.

The Debtors disclosed total assets of $1.02 billion and total debt
of $1.34 billion as of Sept. 30, 2015.

The Debtors engaged Jones Day as general counsel; Richards, Layton
& Finger, P.A., as local counsel; Lazard Freres & Co, LLC as
investment banker; Alvarez & Marsal North America LLC as financial
advisor; and Kurtzman Carson Consultants LLC as claims and
noticing agent.


TARGA RESOURCES: S&P Lowers Corp. Credit Rating to 'BB-'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit and senior unsecured debt ratings on Targa Resources
Partners L.P. (TRP) to 'BB-' from 'BB+' and lowered the preferred
equity rating to 'B-' from 'B+'.  The outlook is negative.

At the same time, S&P lowered its long-term corporate credit and
senior secured debt ratings on Targa Resources Corp. (TRC) to 'B-'
from 'B+' and maintained the ratings on CreditWatch with positive
implications.

"The rating actions on TRP reflect our view that the pro forma
company (Targa) continues to face tough business conditions, owing
to low hydrocarbon prices and challenging capital market access
that will cause its financial leverage to rise above our previous
expectations," said Standard & Poor's credit analyst Nora Pickens.
"We recently lowered our price assumptions for crude oil and
natural gas, and now expect Targa's consolidated debt to EBITDA
ratio will be nearly 6.0x and dividend coverage of slightly under
1.0x through 2017.  Volume risk across the partnership's operating
platform is a key credit issue and continues to exact pressure on
the rating.  Margins are somewhat protected by Targa's 75%
fee-based contract structure, but lower throughput volumes will
result in reduced cash flow since its contracts enjoy only partial
downside protections.  We recognize that the partnership has a
strong competitive position in attractive basins, including the
Permian and Eagle Ford.  In our view, this positioning somewhat
insulates the partnership from more material volume declines
relative to some peers."

The placement of TRC on CreditWatch with positive implications
reflects S&P's expectation that it will raise its ratings in line
with those of TRP's existing ratings.  S&P expects to resolve the
CreditWatch placement once it has better insight into the
transaction's timing and final terms.

The negative rating outlook on TRP reflects S&P's view that the
partnership will continue to face challenging market conditions,
resulting in consolidated debt to EBITDA of nearly 6.0x and a weak
distribution coverage ratio of 0.9x to 1.0x in 2016.

S&P could lower the rating if industry fundamentals weaken further,
leading to tight liquidity or causing S&P to further revise its
forecast downward, such that expected consolidated debt to EBITDA
remains above 6.0x or dividend coverage below 1x for an extended
period.

S&P could revise the outlook to stable if it expects that TRP will
consistently maintain consolidated financial leverage below 5.5x
and distribution coverage comfortably above 1x.



TASEKO MINES: S&P Lowers CCR to 'CCC+', Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit and issue-level ratings on British Columbia-based
copper producer Taseko Mines Ltd. to 'CCC+' from 'B-'.  The outlook
is stable.

Standard & Poor's also revised its recovery rating on the company's
unsecured notes to '5' from '3'.  A '5' recovery rating corresponds
with modest (10%-30%, at the low end of the range) recovery in
S&P's default scenario.  The lower recovery rating primarily
reflects the increase in senior-ranking debt in S&P's analysis
related to Taseko's new secured credit facility.

"The downgrade reflects our view that Taseko's capital structure
appears unsustainable due to very high leverage and interest costs,
although we do not envision a specific default scenario at this
point," said Standard & Poor's credit analyst Jarrett Bilous.

In addition, S&P expects Taseko's high ongoing debt servicing
obligations and maintenance capital expenditures will result in
cash flow deficits that gradually weaken the company's liquidity
position.  S&P estimates the company has sufficient cash to fund
its operations beyond the next 12 months, with an additional
cushion from its recently announced secured credit facility.
However, S&P believes the company's capital structure is likely
unsustainable in the long term, barring a pronounced and sustained
rebound in copper prices.  As a result, S&P views the company as
vulnerable and dependent on favorable business, financial, and
economic conditions to meet its financial commitments, which is
consistent with S&P's criteria for issuers it rates 'CCC+'.

"We base our vulnerable business risk assessment primarily on the
company's limited operating diversity as a single mine operator and
weaker-than-average cost profile.  Taseko derives all production
from its 75%-owned Gibraltar mine, which exposes the company to
copper market fluctuations and unexpected production disruptions
that can impair operating results--as witnessed in late 2014 to
early 2015," S&P said.

Standard & Poor's view of Taseko's financial risk profile as highly
leveraged is primarily based on an expectation that the company
will generate modest cash flow from operations and correspondingly
weak estimated core credit ratios.

The stable outlook on Taseko reflects S&P's expectation that the
company will have sufficient source of liquidity to fund its
operations at least over the next 12 months, but maintain a highly
leveraged financial risk profile and generate cash flow deficits
over this period.

S&P could lower the rating if Taseko's liquidity deteriorates to
the point where the company might not be able to fund its financial
commitments in the next 12-18 months.  S&P believes this could
result from average copper prices at or below its current price
assumption along with intensified cost pressure, or operational
disruptions that materially reduce output.  In this scenario, S&P
would envision a specific path to a payment default.

S&P could upgrade Taseko if the company's cash flow materially
improves, leading to sustained positive free cash flow, interest
coverage that remains above 1.5x, and increased prospects for the
company's debt maturities to be repaid or refinanced at par.  In
this scenario, S&P would expect a sustained improvement in copper
prices and operating costs that materially strengthens Taseko's
margins and balance sheet.



TAYLOR-WHARTON INT'L: Deadline to Remove Suits Extended to May 5
----------------------------------------------------------------
U.S. Bankruptcy Judge Brendan Shannon has given Taylor-Wharton
International LLC until May 5, 2016, to file notices of removal of
lawsuits involving the company and its affiliates.

                       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.

The Office of the U.S. Trustee appointed Pension Benefit Guaranty
Corp. and O'Neal Steel Inc. to serve on the official committee of
unsecured creditors.  Harsco Corp., which was appointed on Oct. 16,
2015, resigned from the committee.  The committee is represented by
Lowenstein Sandler LLP.


TORQUED-UP ENERGY: Court Authorized Joint Administration of Cases
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Texas
authorized the joint administration of the Chapter 11 cases of
Torqued-Up Energy Services, Inc., with Arctic Acquisition
Corporation; and Torqued-Up Enterprises, LLC.

The cases will be jointly administered under case no. 15-60796
(Torqued-Up Energy Services, Inc.

In a separate filing, the Torqued-Up Energy Services, Inc., filed
with the Court Official Form 206A/B.  A copy of the filing is
available for free at:

    http://bankrupt.com/misc/Torqued-UpEnergy_92_Dec22SALs.pdf

                      About Torqued-Up Energy

Torqued-Up Energy Services, Inc., Arctic Acquisition Corporation
and Torqued-up Enterprises, LLC filed Chapter 11 bankruptcy
petitions (Bankr. E.D. Tex. Case Nos. 15-60796, 15-60798, and
15-60799, respectively) on Nov. 24, 2015.  The petition was signed
by Kelly W. Prentiss as CEO.  The Debtors estimated both assets
and liabilities in the range of $10 million to $50 million.
Ireland,
Carroll, & Kelley and Searcy & Searcy, P.C. serve as the Debtors'
counsel.  Judge Bill Parker has been assigned the case.

Arctic and Enterprises, while non-operating, are guarantors on
debt
to the senior secured lenders and have pledged assets to secure
that debt.

As of Oct. 9, 2015, the Company had on hand the sum of
approximately $1.2 million in cash.  The Debtor also owns
approximately $3 million in outstanding accounts receivables of
which approximately $1.5 million is collectible.

The Company's other non-insider, third-party debt is approximately
$1.5 million as of Oct. 9, 2015, consisting largely of
approximately 41 capital leases.

The Company has unsecured subordinated debt which has been
advanced by one or more equity owners over time.  That sub-debt is
contractually subordinated to the secured debt of the Banks and as
of Oct. 9, 2015, totals in the amount of $32.5 million.  No
interest or other payments have been made on the sub-debt.


TRANS-LUX CORP: Unit Closes Sale-Lease Back Transaction
-------------------------------------------------------
Trans-Lux Midwest Corporation, a wholly owned subsidiary of
Trans-Lux Corporation, consummated on Feb. 1, 2016, a sale-lease
back transaction relating to its facility in Des Moines, Iowa,
according to a Form 8-K document filed with the Securities and
Exchange Commission.  Under the terms of the sale-lease back,
Trans-Lux Midwest sold its property in Des Moines, Iowa to Penta
Partners, LLC for approximately $1,100,000 and as part of the
transaction, Trans-Lux Midwest's outstanding mortgage obligation of
$329,000 was paid-in-full.  In conjunction with sale, the Company
entered into a two-year lease at the facility effective as of Feb.
1, 2016, at an annual base rental of $157,380.

                     About Trans-Lux Corporation

Norwalk, Conn.-based Trans-Lux Corporation (NYSE Amex: TLX) is a
designer and manufacturer of digital signage display solutions for
the financial, sports and entertainment, gaming and leasing
markets.

Trans-Lux Corporation incurred a net loss of $4.62 million on $24.4
million of total revenue for the year ended Dec. 31, 2014, compared
with a net loss of $1.86 million on $20.9 million of total revenue
for the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $15.4 million in total
assets, $18.6 million in total liabilities and a total
stockholders' deficit of $3.24 million.

BDO USA, LLP, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that the Company has suffered recurring losses from
operations and has a significant working capital deficiency that
raise substantial doubt about its ability to continue as a going
concern.  Further, the auditors said, the Company is in default of
the indenture agreements governing its outstanding 9-1/2%
Subordinated debentures which were due in 2012 and its 8-1/4%
Limited convertible senior subordinated notes which were due in
2012 so that the trustees or holders of 25% of the outstanding
Debentures and Notes have the right to demand payment immediately.
Additionally, the Company has a significant amount due to their
pension plan over the next 12 months.


TRI STATE TRUCKING: Lists $8.3MM in Assets, $5.5MM in Debts
-----------------------------------------------------------
Tri State Trucking Company filed with the U.S. Bankruptcy Court for
the Middle District of Pennsylvania its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                  $525,000
  B. Personal Property            $7,848,299
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $2,773,218
  E. Creditors Holding
     Unsecured Priority
     Claims                                          $303,497
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                        $2,445,324
                                 -----------      -----------
        Total                     $8,373,299       $5,522,039

A copy of the schedules is available for free at
http://bankrupt.com/misc/TriStateTrucking_65_Nov17SALs.pdf

                     About Tri State Trucking

Tri State Trucking Company filed Chapter 11 bankruptcy petition
(Bankr. M.D. Pa. Case No. 15-04444) on Oct. 13, 2015.  William E.
Robinson signed the petition as president.  The Debtor estimated
assets in the range of $10 million to $50 million and liabilities
of at least $1 million.  Mette, Evans, & Woodside represents the
Debtor as counsel.  Judge John J Thomas is assigned to the case.

Tri State operates an over the road logistics company hauling
various freight of its customers.  The Debtor employs approximately
50 people and operates from its headquarters located at 16064 Route
6, Mansfield, Pennsylvania 16933.


TRUMP ENTERTAINMENT: UHH Not Entitled to Admin. Claim
-----------------------------------------------------
Unite Here Health's trustees adopted the Seventh Amended and
Restated Agreement and Declaration of Trust Governing UNITE HERE,
which provided that UHH would provide medical and disability
benefits for Union members.

UHH provided uninterrupted health and welfare benefits through
October 31, 2014.  UHH estimates that Trump Entertainment owes it
$806,365.24, plus audited amounts for unpaid health care
contributions from the Petition Date through October 31, 2014. UHH
casts its claim and seeks payment.

The Debtor and Icahn Agency Services, LLC, Icahn Partners LP, Icahn
Partners Master Fund LP, and IEH Investments I LLC, the First Lien
Parties, object to the Motion.  The Debtor argues that: (1) the
order allowing it to terminate the collective bargaining agreement
relieved it of liability or obligation nunc pro tunc to September
26, 2014, and (b) the payment for the October contribution, the
subject matter of the administrative claim, was not required to be
made until after the entry of the CBA Order.  The Debtor argues
that any costs which UHH incurred did not confer any benefit upon
Debtor's estate to qualify as an administrative expense.  The First
Lien Parties further argue that UHH was not a party to the CBA and
has not established its status as a creditor of Debtor.

In a Memorandum Opinion dated January 20, 2016, which is available
at http://is.gd/FyvBT6from Leagle.com, Judge Kevin Gross of the
United States Bankruptcy Court for the District of Delaware found
that UHH is not entitled to an administrative claim thus denied its
Motion.

The case is In re TRUMP ENTERTAINMENT RESORTS, INC., et al.,
Chapter 11, Debtors, Case No. 14-12103(KG) Jointly Administered.

Trump Entertainment Resorts, Inc. , Debtor, represented by Jennifer
Arbuse, Esq. -- Stroock & Stroock & Lavan LLP,  John M Donnelly,
Esq. -- Donnelly Clark, Erez Gilad, Esq. -- egilad@stroock.com --
Stroock & Stroock & Lavan LLP, Kristopher M. Hansen, Esq. --
khansen@stroock.com -- Stroock & Stroock & Lavan LLP, Patrick A.
Jackson, Esq. -- pjackson@ycst.com -- Young Conaway Stargatt &
Taylor, LLP, Ashley E. Jacobs, Esq. -- ajacobs@ycst.com -- Young
Conaway Stargatt & Taylor, Jerrold S. Kulback, Esq. --
jkulback@archerlaw.com -- Archer & Greiner, Curtis C. Mechling,
Esq. -- cmechling@stroock.com -- Stroock & Stroock & Lavan LLP,
Michael S. Neiburg, Esq. -- mneiburg@ycst.com, Young Conaway
Stargatt & Taylor, LLP,  Ian J. Bambrick, Esq. --
ibambrick@ycst.com -- Young Conaway Stargatt & Taylor, LLP, Matthew
B. Lunn, Esq. -- mlunn@ycst.com -- Young Conaway Stargatt & Taylor,
LLP, Robert F. Poppiti, Jr., Esq. -- rpoppiti@ycst.com -- Young
Conaway Stargatt & Taylor, LLP, Kenneth Pasquale, Esq. --
kpasquale@stroock.com -- Stroock & Stroock & Lavan LLP, Gabriel
Sasson, Esq. -- gsasson@stroock.com -- Stroock & Stroock & Lavan
LLP.

                   About Trump Entertainment

Based in Atlantic City, New Jersey, Trump Entertainment Resorts
Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and   
operates three casino hotel properties in Atlantic City, New
Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza
Hotel and Casino, and Trump Marina Hotel Casino.  The Company
conducts gaming activities and provides customers with casino
resort and entertainment.

Donald Trump is a shareholder of the Company and, as its non-
executive Chairman, is not involved in the daily operations of the
Company.  The Company is separate and distinct from Mr. Trump's
privately held real estate and other holdings.

Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other
affiliates filed for Chapter 11 protection on Feb. 17, 2009
(Bankr. D. N.J. Lead Case No. 09-13654).  The Company tapped
Charles A. Stanziale, Jr., Esq., at McCarter & English, LLP, as
lead counsel, and Weil Gotshal & Manges as co-counsel.  Ernst &
Young LLP served as the Company's auditor and accountant and
Lazard Freres & Co. LLC was the financial advisor.  Garden City
Group was the claims agent.  The Company disclosed assets of
$2,055,555,000 and debts of $1,737,726,000 as of Dec. 31, 2008.

Trump Hotels & Casino Resorts, Inc., filed for Chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925).  Trump Hotels obtained the Court's confirmation
of its Chapter 11 plan on April 5, 2005, and in May 2005, it
exited from bankruptcy under the name Trump Entertainment Resorts
Inc.

                           *     *     *

The Troubled Company Reporter, on March 19, 2015, reported that
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware confirmed Trump Entertainment Resorts, Inc., et al.'s
Third Amended Joint Plan of Reorganization and Disclosure Statement
pursuant to Section 1129 of the Bankruptcy Code.

The Debtors filed on January 5, 2015, the Plan and accompanying
Disclosure Statement to, among other things, provide that holders
of General Unsecured Claims will receive Distribution Trust
Interests, which will include $1 million in cash and the proceeds,
if any, of certain avoidance actions.  Under the revised plan,
holders of general unsecured claims are estimated to recover 0.47%
to 0.43% of their total allowed claim amount.  The Amended Plan
also includes language reflecting the recently-approved $20 million
loan from Carl Icahn.


US BOARD: Prelim Hearing Set on Bank's Stay Modification Request
----------------------------------------------------------------
Judge Cynthia C. Jackson of the United States Bankruptcy Court for
the Middle District of Florida, Orlando Division, issued a notice
setting a preliminary non-evidentiary hearing on the motion to
terminate, annul or modify the automatic stay filed by Richard
Webber, on behalf of Centennial Bank, in the case captioned In re:
US Board Co LLC, Chapter 11, Debtor, Case No. 6:15-bk-09760-CCJ
(M.D. Fla.).

A full-text copy of the Judge Jackson's January 4, 2016 notice and
order is available at http://is.gd/tnCXHPfrom Leagle.com.

US Board Co LLC is represented by:

          Jeffrey Ainsworth, Esq.
          Robert B. Branson, Esq.
          BRANSONLAW PLLC
          Branson Law
          1501 E. Concord Street
          Orlando, FL 32803
          Tel: (407)894-6834
          Fax: (407)894-8559
          Email: jeff@bransonlaw.com
                 robert@bransonlaw.com

United States Trustee - ORL is represented by:

          Elena L. Escamilla, Esq.
          OFFICE OF THE UNITED STATES TRUSTEE
          George C. Young Federal Building
          400 West Washington Street, Suite 1100
          Orlando, FL 32801
          Tel: (407)648-6301
          Fax: (407)648-6323

US Board Co LLC sought protection under Chapter 11 of the
Bankruptcy Code on Nov. 19, 2015 (Bankr. M.D. Fla., Case No.
15-09760).  The Debtor is represented by Jeffrey Ainsworth, Esq.,
at BRANSONLAW PLLC.


VARIANT HOLDING: Seek to Sell Assets to Beach Point for $190MM
--------------------------------------------------------------
Variant Holding Company, LLC, et al., seek authority from the U.S.
Bankruptcy Court for the District of Delaware to sell the real
property, improvements, and related personal property they own to
BPC VHI, L.P., Beach Point Total Return Master Fund, L.P., and
Beach Point Distressed Master Fund, L.P., for $190 million.

The Debtors relate that after the sale of the Full Portfolio under
the Reinstated PSA failed, the Debtors considered a number of
potential alternatives to maximize the value of their Assets.  Due
to the fact that the Properties, on an aggregate basis, continue to
operate at an operating loss of approximately $1 million per month,
the Debtors concluded that the only feasible alternative to realize
value for creditors was a sale of the Debtors' remaining
properties.  The Debtors relate that it was unable to identify any
purchaser willing to pay a purchase price commensurate with the
believed value for the Properties, thus the Debtors began arms'
length negotiations with the Beach Point Funds regarding their
willingness to acquire the Properties and after weeks of
negotiations, the Debtors have entered into the Stalking Horse
Agreement with the Beach Point Funds for the purchase of the Full
Portfolio for $190,000,000.

Pursuant to the Stalking Horse Agreement, the Beach Point Funds
have committed to purchasing the Full Portfolio of Properties and
related Assets for which the Purchase Price will be satisfied
through: a credit bid of the Beach Point Funds' secured claim under
that Amended and Restated Debtor-in-Possession Loan, Security and
Guaranty Agreement, the payment or assumption of the
Property-Owning Debtors' senior mortgage debt, the payment or
assumption of the Property-Owning Debtors' allowed unsecured and
administrative expense claims, and waiver of distributions on
account of the Beach Point Funds' outstanding debt obligations
required to be paid pursuant to that Settlement Agreement approved
by the Court on November 3, 2014.

The Debtors also seek authority from the Court to pay the Beach
Point Funds a 2% breakup fee and an expense reimbursement up to a
maximum amount of $1,000,000.  The Debtors assert that the proposed
Bid Protections are relatively modest compared to the $20 million
the Beach Point Funds are committing to loan the Debtors under the
DIP Agreement.  According to the Debtors, if a third party acquires
the Full Portfolio by overbidding only the minimum overbid amount
of $5,050,000 and the Beach Point Funds advance the full commitment
amount under the DIP Loan, then the Beach Point Funds will not have
realized the benefit of almost $15 million in advanced funds.  Not
only are the Beach Point Funds incurring significant additional
costs to act as the Stalking Horse Purchaser but they are also
incurring significant risk so that the Debtors may conduct another
open and fair marketing process, the Debtors point out.  The
Debtors assert that under these circumstances, the Bid Protections
under the Stalking Horse Agreement are well within the range of
acceptable bid protections under Third Circuit precedent.

Variant Holding Company, LLC, et al. are represented by:

     Peter J. Keane, Esq.
     Richard M. Pachulski, Esq.
     Maxim B. Litvak, Esq.
     PACHULSKI STANG ZIEHL & JONES LLP
     919 North Market Street, 17th Floor
     P.O. Box 8705
     Wilmington, Delaware 19899-8705 (Courier 19801)
     Telephone: (302) 652-4100
     Facsimile: (302) 652-4400
     email: pkeane@pszjlaw.com
            rpachulski@pszjlaw.com
            mlitvak@pszjlaw.com

               About Variant Holding

Tucson, Arizona-based Variant Holding Company, LLC, and its direct
and indirect subsidiaries are a commercial real estate business
with direct and indirect ownership interests in 23 real property
interests in various states.

Variant Holding commenced bankruptcy proceedings under Chapter 11
of the U.S. Bankruptcy Code in Delaware (Case No. 14-12021) on Aug.
28, 2014.  Variant Holding estimated $100 million to $500 million
in assets and less than $100 million in debt.

Members holding the majority of the interests in the company,
namely Conix WH Holdings, LLC, Conix Inc., Numeric Holding Company,
LLC, Walkers Dream Trust, and Variant Royalty Group, LP, signed the
resolution authorizing the bankruptcy filing.

Variant's subsidiaries filed voluntary Chapter 11 petitions on Jan.
12, 2016.  Variant's property-owning subsidiaries, which own 23
apartment complexes, and which are debtors are: (1) Broadmoor
Apartments, LLC, Chesapeake Apartments, LLC, Holly Ridge
Apartments, LLC, Holly Tree Apartments, LLC, Preston Valley
Apartments, LLC, Ravenwood Hills Apartments, LLC, River Road
Terrace Apartments, LLC, and Sandridge Apartments, LLC
(collectively, the "FX3 Portfolio Debtors"); (2) 10400 Sandpiper
Apartments, LLC, 10301 Vista Apartments, LLC, Pines of Westbury,
Ltd., 201 Ashton Oaks Apartments, LLC, 13875 Cranbook Forest
Apartments, LLC, 5900 Crystal Springs Apartments, LLC, 7107 Las
Palmas Apartments, LLC, 11911 Park Texas Apartments, LLC, 1201 Oaks
of Brittany Apartments LLC, 3504 Mesa Ridge Apartments, LLC, 667
Maxey Village Apartments, LLC, 17103 Pine Forest Apartments, LLC,
7600 Royal Oaks Apartments, LLC, and 4101 Pointe Apartments, LLC
(collectively, the "H14 Portfolio Debtors"); and (3) The Oaks of
Stonecrest Apartments, LLC ("Oaks at Stonecrest")(the FX3 Portfolio
Debtors, the H14 Portfolio Debtors and Oaks at Stonecrest are
collectively referred as the "Property-Owning Debtors").

The FX3 Portfolio Debtors own 8 apartment projects in Texas,
Maryland, Virginia, and South Carolina, which properties total
1,850 housing units.  The H14 Portfolio Debtors own 14 apartment
projects in Texas, which consist of a total of 5,050 housing units.
Oaks at Stonecrest owns a single apartment project in Lithonia,
Georgia, which has 280 housing units.

The Debtors have tapped Pachulski Stang Ziehl & Jones LLP, as
counsel and UpShot Services LLC as claims and noticing agent.


VERMONT LAW: Moody's Withdraws Ba1 Rating on Series 2011A Bonds
---------------------------------------------------------------
Moody's Investors Service has withdrawn Vermont Law School's Ba1
rating on its Series 2011A bonds. Moody's has withdrawn the ratings
for its own business ratings.





VIRTUAL PIGGY: Issues $90,000 Unsecured Promissory Notes
--------------------------------------------------------
Virtual Piggy, Inc. issued $90,000 in aggregate principal amount of
unsecured Promissory Notes to three accredited investors pursuant
to Promissory Note Agreements on Jan. 29, 2016, and
Feb. 3, 2016, according to a Form 8-K report filed with the
Securities and Exchange Commission.  The Investors also received
two-year Warrants to purchase an aggregate of 18,000 shares of
Company common stock at an exercise price of $0.90 per share.

The Notes bear interest at a rate of 10% per annum and mature on
the six month anniversary of the issuance date, or on such earlier
date that (i) the Company completes the closing of a specified
joint venture agreement or (ii) the Company completes the sale of
at least an additional $1 million of 10% Secured Convertible
Promissory Notes.

                  About Oink (Virtual Piggy, Inc.)

Virtual Piggy is the provider of Oink, a secure online and in-store
teen wallet.  Oink enables teens to manage and spend money within
parental controls, while gaining valuable financial management
skills.  The technology company also delivers payment platforms
designed for the Under 21 age group in the global market, and
enables online businesses the ability to function in a  manner
consistent with the Children's Online Privacy Protection Act and
similar international children's privacy laws.  The company, based
in Hermosa Beach, CA, is on the Web at: http://www.oink.com/and
holds three technology patents, US Patent No. 8,762,230, 8,650,621
and 8,812,395.

Virtual Piggy reported a net loss of $9.65 million in 2014, a net
loss of $16 million in 2013 and a net loss of $12.03 million in
2012.

As of Sept. 30, 2015, the Company had $1.31 million in total
assets, $6.26 million in total liabilities, all current, and a
$4.94 million stockholders' deficit.

Morison Cogen LLP, in Bala Cynwyd, PA, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company's losses from
development stage activities raise substantial doubt about its
ability to continue as a going concern.


VISCOUNT SYSTEMS: Amends 2014 Annual Report to Add Information
--------------------------------------------------------------
Viscount Systems, Inc., filed with the U.S. Securities and Exchange
Commission an amended annual report on Form 10-K/A for the year
ended Dec. 31, 2014, for the purposes of including the information
required by Part III (Items 10-14) of Form 10-K.  The Company filed
the amendment as it did not file its definitive proxy statement
within 120 days of the end of its fiscal year ended
Dec. 31, 2014.

Part III relates to disclosure regarding (i)Directors, Executive
Officers, and Corporate Governance, (ii) Executive Compensation,
(iii) Security Ownership of Certain Beneficial Owners and
Management and Related Stockholder Matters, (iv) Certain
Relationships and Related Transactions, and Director Independence,
(v) Principal Accounting Fees and Services, (vi) Exhibits,
Financial Statement Schedules.
   
A full-text copy of the Form 10-K/A is available for free at:

                      http://is.gd/pGh4Yy

                     About Viscount Systems

Burnaby, Canada-based Viscount Systems, Inc., is a manufacturer,
developer and service provider of access control security
products.

Viscount Systems reported a net loss and comprehensive loss of
C$991,000 on C$4.76 million of sales for the year ended Dec. 31,
2014, compared to a net loss and comprehensive loss of C$3.08
million on C$4.13 million of sales in 2013.

As of June 30, 2015, the Company had C$1.84 million in total
assets, C$1.74 million in total liabilities, C$16,696 in
convertible redeemable preferred stock and C$88,796 in total
stockholders' equity.

Dale Matheson Carr-Hilton Labonte LLP, in Vancouver, Canada, issued
a "going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has incurred losses in developing its business, and further
losses are anticipated in the future.  The Company requires
additional funds to meet its obligations and the costs of its
operations and there is no assurance that additional financing can
be raised when needed.  These factors raise substantial doubt about
the Company's ability to continue as a going concern.


VISUALANT INC: Diker GP, et al., Report 5.8% Stake as of Dec. 31
----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Diker GP, LLC, Diker Management, LLC, Charles M. Diker
and Mark N. Diker disclosed that as of Dec. 31, 2015, they
beneficially own 70,002 shares of common stock of Visualant,
Incorporated representing 5.8 percent of the shares outstanding.  A
copy of the regulatory filing is available for free at:

                     http://is.gd/gSOebd

                     About Visualant Inc.

Seattle, Wash.-based Visualant, Inc., was incorporated under the
laws of the State of Nevada on Oct. 8, 1998.  The Company
develops low-cost, high speed, light-based security and quality
control solutions for use in homeland security, anti-
counterfeiting, forgery/fraud prevention, brand protection and
process control applications.

Visualant reported a net loss of $2.63 million on $6.29 million of
revenue for the year ended Sept. 30, 2015, compared to a net loss
of $1.01 million on $7.98 million of revenue for the year ended
Sept. 30, 2014.

As of Sept. 30, 2015, the Company had $2.46 million in total
assets, $7.83 million in total liabilities, all current, and a
$5.37 million total stockholders' deficit.

PMB Helin Donovan, LLP, in Seattle, Washington, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Sept. 30, 2015, citing that Company has sustained a
net loss from operations and has an accumulated deficit since
inception.  These factors raise substantial doubt about the
Company's ability to continue as a going concern.


VIVID SEATS: S&P Assigns Preliminary 'B' CCR, Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
preliminary 'B' corporate credit rating to Chicago-based Vivid
Seats LLC.  The rating outlook is stable.

At the same time, S&P assigned its preliminary 'B' issue-level
rating and preliminary '3' recovery rating to the company's
proposed $20 million first-lien senior secured revolving credit
facility due 2021 and $240 million first-lien senior secured term
loan due 2023.  The preliminary '3' recovery rating indicates S&P's
expectation for meaningful recovery (50%-70%; upper half of the
range) of principal in the event of a payment default.

"The preliminary 'B' corporate credit rating on Vivid Seats
reflects the company's highly substitutable product and services,
the somewhat low barriers to entry in the secondary ticket
marketplace, and the influence of the company's aggressive
financial policy," said Standard & Poor's credit analyst Khaled
Lahlo.  "These weaknesses are partially offset by Vivid Seats'
strong relationships with professional ticket brokers, our
expectation for healthy discretionary cash flow in 2016, and the
company's adequate liquidity."

The stable rating outlook reflects S&P's expectation that Vivid
Seats will enjoy good operating performance with double-digit
revenue growth in 2016 and possibly in 2017, while maintaining
adequate liquidity.  However, S&P believes that adjusted debt
leverage will likely remain above 5x due to the company's financial
sponsor ownership.

S&P could lower its corporate credit rating on Vivid Seats if poor
operating performance causes the company's discretionary cash flow
to decline to a near breakeven level.  This could occur if revenue
growth declines by 3% and gross margin decreases to below 70% in
2016.  Additionally, S&P could lower the rating if the company's
business risk profile assessment weakens due to a significant
increase in competitive pressure (likely from a new competitor),
market share losses, or lower-than-expected return on marketing
investments.

S&P could raise the rating if the company reduces leverage to below
5x on a sustained basis and commits to a less aggressive financial
policy.  S&P believes this is less likely, given the company's
private equity ownership.


WARNER MUSIC: Reports Net Income of $27 Million for Fiscal Q1
-------------------------------------------------------------
Warner Music Group Corp. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income attributable to the Company of $27 million on $849
million of revenue for the three months ended Dec. 31, 2015,
compared to a net loss attributable to the Company of $42 million
on $829 million of revenue for the same period in 2014.

As of Dec. 31, 2015, the Company had $5.61 billion in total assets,
$5.37 billion in total liabilities and $239 million in total
equity.

At Dec. 31, 2015, the Company had $2.986 billion of debt, $278
million of cash and equivalents (net debt of $2.708 billion,
defined as total long-term debt, including the current portion,
less cash and equivalents) and $223 million of Warner Music Group
Corp. equity.  This compares to $2.994 billion of debt, $246
million of cash and equivalents (net debt of $2.748 billion) and
$221 million of Warner Music Group Corp. equity at Sept. 30, 2015.

"We delivered another strong quarter, thanks to great music from
our artists and excellent execution from our worldwide team," said
Stephen Cooper, Warner Music Group's CEO.  "Subscription streaming
is a major driver of our growth and streaming revenue remains on a
trajectory to become our largest revenue source."

"We achieved robust growth in revenue, OIBDA, margin and cash
flow," added Eric Levin, Warner Music Group's executive vice
president and CFO.  "I am also pleased with our recently announced
plans to redeem $50 million of our senior notes with cash on hand,
which will further strengthen our balance sheet."

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

                       http://is.gd/caFi4Z

                     About Warner Music Group

Based in New York, Warner Music Group Corp. (NYSE: WMG)
-- http://www.wmg.com/-- was formed by a private equity
consortium of investors on Nov. 21, 2003.  The Company is the
direct parent of WMG Holdings Corp., which is the direct parent of
WMG Acquisition Corp.  WMG Acquisition Corp. is one of the world's
major music-based content companies and the successor to
substantially all of the interests of the recorded music and music
publishing businesses of Time Warner Inc.

The Company classifies its business interests into two fundamental
operations: Recorded Music and Music Publishing.  The Company's
Recorded Music business primarily consists of the discovery and
development of artists and the related marketing, distribution and
licensing of recorded music produced by such artists.  The
Company's Music Publishing operations include Warner/Chappell, its
global Music Publishing company, headquartered in New York with
operations in over 50 countries through various subsidiaries,
affiliates and non-affiliated licensees.

In May 2011, Warner Music Group Corp. and Access Industries, the
U.S.-based industrial group, announced the execution of a
definitive merger agreement under which Access Industries will
acquire WMG in an all-cash transaction valued at $3.3 billion.
The purchase includes WMG's entire recorded music and music
publishing businesses.

On July 20, 2011, the Company notified the New York Stock
Exchange, Inc., of its intent to remove the Company's common stock
from listing on the NYSE and requested that the NYSE file with the
SEC an application on Form 25 to report the delisting of the
Company's common stock from the NYSE.  On July 21, 2011, in
accordance with the Company's request, the NYSE filed the Form 25
with the SEC in order to provide notification of that delisting
and to effect the deregistration of the Company's common stock
under Section 12(b) of the Securities Exchange Act of 1934, as
amended.  On August 2, 2011, the Company filed a Form 15 with the
SEC in order to provide notification of a suspension of its duty
to file reports under Section 15(d) of the Exchange Act.  The
Company continues to file reports with the SEC pursuant to the
Exchange Act in accordance with certain covenants contained in the
instruments governing the Company's outstanding indebtedness.

Warner Music reported a net loss attributable to the Company of $91
million on $2.96 billion of revenues for the fiscal year ended
Sept. 30, 2015, compared to a net loss attributable to the Company
of $308 million on $3.02 billion of revenues for the fiscal year
ended Sept. 30, 2014.

                           *    *     *

As reproted by the TCR on Oct. 23, 2015, Standard & Poor's Ratings
Services lowered its corporate credit rating on New York City-based
Warner Music Group Corp. (WMG) to 'B' from 'B+'.  "The downgrades
reflect our expectations that WMG's adjusted
leverage will remain elevated for the next two years -- above our
5x threshold for the 'B+' corporate credit rating," said Standard &
Poor's credit analyst Naveen Sarma.


WIRE COMPANY: Adfors IP Not A Purchased Asset, Court Rules
----------------------------------------------------------
Judge Laurie Selber Silverstein of the United States Bankruptcy
Court for the District of Delaware issued an order resolving
Saint-Govain Adfors America, Inc.'s motion for clarification of the
Court's order authorizing the sale of substantially all of Wire
Company Holdings, Inc., et al.'s assets.

In its motion, Adfors asked the Court to clarify that the Sale
Order did not transfer the Debtors' interest in certain Licensed
Marks or any rights related thereto to the Purchaser.
Alternatively, Adfors seeks reconsideration of the Court's Sale
Order to the extent that the Sale Order and the asset purchase
agreement between the Debtor and the Purchaser unlawfully permitted
the assumption and assignment to the Purchaser the Trademark
License Agreement executed by Adfors and the Debtor and/or
transferred the Debtors' interest in the Licensed Marks to the
Purchaser.

Adfors contended that for Section 365(c)(1) of the Bankruptcy Code
to apply, the applicable law must specifically state that the
contracting party is excused from accepting performance from a
third party under circumstances where it is clear from the statute
that the identity of the contracting party is crucial to the
contract.  Adfors pointed out that the substantial weight of
authority holds that under federal trademark law, trademark
licenses are not assignable in the absence of some express
authorization from the licensor, in other words, federal trademark
law generally bans assignment of trademark licenses absent the
licensor's consent because, in order to ensure that all products
bearing its trademark are of uniform quality, the identity of the
licensee is crucially important to the licensor.

According to Adfors, the Trademark Agreement clearly forbids
assignment of the Licensed Marks and the related rights to an
assignee which is a competitor of Adfors.  Moreover, had Adfors
been asked about the assignment of the Licensed Marks to a
competitor like the Purchaser, it never would have consented to
such a transfer, Adfors said.  Nonetheless, the APA appears to
improperly attempt to transfer ownership of the Licensed Marks
given their inclusion on APA Schedule 4.9, even though they do not
belong to the Debtors, Adfors added.  The only way they could
possibly have been transferred to the Purchaser is by complying
with the requirements under section 365, which the Debtors did not.


Judge Silverstein ordered, among others, that the Adfors
intellectual property is not a Purchased Asset and the Trademark
Agreement, the Assignment Agreement and the Supply Agreement will
be terminated effective immediately upon Closing under the APA.

Judge Silverstein held that the Sale Order did not approve the
assumption and assignment of the Adfors IP to the Purchaser and
therefor there has not been any transfer of any of the Debtors'
rights or interest in the Adfors IP to the Purchaser.  Without
limiting the foregoing, no rights in and to the "New York Wire"
Trade Names, Trademarks and/or Domain Names are being sold or
transferred in any way to the Purchaser.

The Court directed the Purchaser to issue a revised Press Release
to be sent to all recipients of and through all the same channels
it published its original December 8, 2015 Press Release.

The Inventory of now held by Debtor for Saint-Gobain ADFORS will be
delivered as per the Purchase Orders.  The Inventory now held by
Debtor of other pre-sold goods, approximately $630,000 will be
delivered to its other customers as per existing Purchase Orders.
The remaining unsold approximately $600,000, but marked with "New
York Wire," Inventory of Debtor will be sold in the normal course
of business within ninety days after Closing, but none thereafter.

The Purchaser may, without charge, for 30 days post-Closing only,
continue to use the Adfors IP in connection with the Products as
defined in the Trademark License on the following documents
produced using the company's KBM/AS400 ERP program: Invoices, Bills
of Lading, UPC's, Order Confirmations, Customer Statements and
Purchase Orders; and also its ISO Registration Certifications and
Payroll checks produced by other means. Thereafter, all those uses
will cease.  Neither Purchaser nor any new entity it may form will
use "New York Wire" as a trademark, Trade Name or Domain Name
post-Closing, except as explicitly set forth in the Order.

The Debtors will not assume and assign or otherwise transfer their
rights or interest in the Adfors IP without the express written
consent of Adfors.

Saint-Gobain Adfors America, Inc., formerly known as Saint-Gobain
Technical Fabrics America, Inc., is represented by:

     Donald J. Detweiler, Esq.
     John H. Schanne, II, Esq.
     PEPPER HAMILTON LLP
     Hercules Plaza, Suite 5100
     1313 Market Street
     Wilmington, Delaware 19899-1709
     Telephone: (303) 777-6500
     email: detweilerd@pepperlaw.com
            schannej@pepperlaw.com

        -- and --

     Francis J. Lawall, Esq.
     PEPPER HAMILTON LLP
     3000 Two Logan Square
     18th & Arch Streets
     Philadelphia, PA 19103-2799
     Telephone: (215) 981-4000
     email: lawallf@pepperlaw.com

              About Wire Company Holdings

With headquarters in Hanover, Pennsylvania, Wire Company Holdings,
Inc. and Wire Property Holdings, LLC, are manufacturers of wire and
wire mesh products servicing a broad range of applications.  The
wire and mesh products can be used in diverse functions: as support
for filter media in the automobile industry, as filtering in the
appliance industry, as EMF shielding in the electronics industry,
or as a signal receiver in the communications industry, to name
just a few.

For the year ended Dec. 31, 2014, Wire Company reported a net loss
of $4,942,000 on revenues of $44,399,000 on a consolidated basis.
For the year ended Dec. 31, 2013, Wire Company reported a net loss
of approximately $4,145,000 on revenues of $46,712,000.  Through
August 2015, it reported a net loss of $3,859,000 on revenues of
$27,617,000 on a consolidated basis.  As of Sept. 1, 2015, it
employed approximately 237 individuals.

Wire Company Holdings and Wire Property Holdings filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 15-12097 and
15-12098) on Oct. 8, 2015.  Sandeep Gupta, the chief restructuring
officer, signed the petitions.

Wire Company estimated both assets and liabilities of $10 million
to $50 million.

The Debtors engaged Polsinelli PC and Lowenstein Sandler LLP as
counsel; and Kurtzman Carson Consultants LLC as claims and noticing
agent.


WOMETCO DE PUERTO RICO: PREPA Granted $95K Admin. Claim
-------------------------------------------------------
Judge Brian K. Tester of the United States Bankruptcy Court for the
District of Puerto Rico granted the motion for allowance of an
administrative payment to Puerto Rico Electric Power Authority.

On June 23, 2015, PREPA filed the motion requesting $94,932 for
electricity sold to the Wometco de Puerto Rico Inc. during the
20-day period prior to the Petition Date.

Judge Tester agreed with PREPA in considering electricity as a
"good" for purposes of Section 503(b)(9) of the Bankruptcy Code.
The judge concluded that electricity falls within the definition of
"good" under the Uniform Commercial Code because it is movable at
the time of identification of the contract for sale.  Judge Tester
thus held that PREPA should be entitled to an administrative
expense claim for the value of the electricity sold to the debtor.

The case is IN RE: WOMETCO DE PUERTO RICO INC MANTECADOS WOMETCO
INC, Chapter 11, Consolidated Debtor(s), Case No. 15-02264 (Bankr.
D.P.R.).

A full-text copy of Judge Tester's January 12, 2016 opinion and
order is available at http://is.gd/XjLSOXfrom Leagle.com.

Wometco de Puerto Rico Inc. is represented by:

          Phillip W. Bohl, Esq.
          GRAY PLANT MOOTY
          80 South 8th Street
          500 IDS Center
          Minneapolis, MN 55402
          Tel: (612)632-3000
          Fax: (612)632-4444
          Email: phillip.bohl@gpmlaw.com

            -- and --

          Charles Alfred Cuprill, Esq.
          CHARLES A CURPILL, PSC LAW OFFICE
          356 Calle Fortaleza, Second Floor
          San Juan, PR 00901
          Tel: (787)977-0515
          Email: cacuprill@cuprill.com

            -- and --

          Ubaldo M. Fernandez Barrera, Esq.
          O'NEILL & BORGES
          250 Munoz Rivera Avenue, Suite 800
          San Juan, PR 00918-1813
          Tel: (787)764-8181
          Fax: (787)753-8944
          Email: ubaldo.fernandez@oneillborges.com

Wometco de Puerto Rico, Inc., aka Baskin Robbins, aka Dunkin
Donuts, sought protection under Chapter 11 of the Bankruptcy Code
on March 27, 2015 (Bankr. D.P.R., Case No. 15-02264).  The Debtor's
counsel is Charles Alfred Cuprill, Esq.  The petition was signed by
Michael S. Brown, president.


WORLD HEALTH JETS: Case Summary & 10 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: World Health Jets LLC
        350 W Woodrow Wilson #132
        Jackson, MS 39213

Case No.: 16-00296

Chapter 11 Petition Date: February 2, 2016

Court: United States Bankruptcy Court
       Southern District of Mississippi
       (Jackson-3 Divisional Office)

Judge: Hon. Neil P. Olack

Debtor's Counsel: Mitchell J. Carrington, Esq.
                  BUTLER SNOW LLP
                  PO Box 6010
                  Ridgeland, MS 39158
                  Tel: 601-985-4403
                  Fax: 601-985-4500
                  Email: Mitch.Carrington@butlersnow.com

                    - and -

                  Thomas M Hewitt, Esq.
                  BUTLER SNOW LLP
                  1020 Highland Colony Pkwy Ste 1400
                  Ridgeland, MS 39157
                  Tel: 601-948-5711
                  Fax: 601-985-4500
                  Email: thomas.hewitt@butlersnow.com

                    - and -

                  Christopher R. Maddux, Esq.
                  BUTLER SNOW LLP
                  PO Box 6010
                  Ridgeland, MS 39158-6010
                  Tel: 601-985-4502
                  Fax: 601-985-4500
                  Email: chris.maddux@butlersnow.com

                    - and -

                  Stephen W. Rosenblatt, Esq.
                  BUTLER SNOW LLP
                  P.O. Box 6010
                  Ridgeland, MS 39158-6010
                  Tel: 601-985-4504
                  Fax: 601-985-4500
                  Email: Steve.Rosenblatt@butlersnow.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jack West, operations manager.

A list of the Debtor's 10 largest unsecured creditors is available
for free at http://bankrupt.com/misc/mssb16-00296.pdf


WPCS INTERNATIONAL: Alpha Capital no Longer a Shareholder
---------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission on Feb. 3, 2016, Alpha Capital Anstalt disclosed that it
t no longer owns any securities of WPCS International Incorporated.
A copy of the regulatory filing is available for free at
http://is.gd/GAeuLI

                About WPCS International Incorporated

WPCS -- http://www.wpcs.com/-- operates in two business segments
including: (1) providing communications infrastructure contracting
services to the public services, healthcare, energy and corporate
enterprise markets worldwide; and (2) developing a Bitcoin trading
platform.

WPCS reported a net loss attributable to the Company's common
shareholders of $11.3 million on $24.4 million of revenue for the
year ended April 30, 2015, compared with a net loss attributable to
the Company's common shareholders of $11.2 million on $15.7 million
of revenue for the year ended April 30, 2014.

As of Oct. 31, 2015, the Company had $7.42 million in total assets,
$4.58 million in total liabilities and $2.84 million in total
equity.


WRIGHTWOOD GUEST: Chapter 11 Trustee Taps Arent Fox as Counsel
--------------------------------------------------------------
Richard J. Laski, the Chapter 11 trustee of Wrightwood Guest Ranch,
LLC, asks for permission from the Hon. Scott C. Clarkson of the
U.S. Bankruptcy Court for the Central District of California to
employ Arent Fox LLP as his general bankruptcy and restructuring
counsel effective January 20, 2016.

The Chapter 11 Trustee requires Arent Fox to:

   (a) investigate, identify, restructure, and/or liquidate
       assets of the Estate;

   (b) assist the Trustee with preparing and confirming a Chapter
       11 plan, if necessary;

   (c) investigate and analyze the scope and validity of any
       avoidance claims, and file any necessary actions;

   (d) assist the Trustee to employ other professionals, as
       needed;

   (e) assist the Trustee in other matters necessary for the
       efficient administration of the Estate;

   (f) generally prepare on behalf of the Trustee all necessary
       motions, applications, answers, orders, reports and papers
       in support of positions taken by the Trustee;

   (g) appear, as appropriate, before the Court and other courts
       in which matters may be heard and protect the interests of
       the Trustee and the Debtor's Estate before said courts and
       the Office of the United States Trustee; and

   (h) perform all other necessary legal services in this case
       requested by the Trustee.

Arent Fox will be paid at these hourly rates:

       Aram Ordubegian          $735
       M. Douglas Flahaut       $530
       Partners                 $600-$965
       Of Counsel               $495-$820
       Associates               $330-$585
       Paraprofessionals        $195-$335

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

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

Arent Fox can be reached at:

       Aram Ordubegian, Esq.
       ARENT FOX LLP
       555 W. Fifth St., 48th Floor
       Los Angeles, CA 90013
       Tel: (213) 629-7410
       E-mail: aram.ordubegian@arentfox.com

                    About Wrightwood Guest Ranch

Wrightwood Guest Ranch LLC, a California limited liability company,
provides recreational services such as Snow Play, Zip Line,
endurance races, logging and other outdoor events at a 300-acre
property it owns in Wrightwood area of Los Angeles County.  WGR
also operates a wedding and special event center at a 2.45-acre
property at Wrightwood area.

WGR is 60% owned by Richard and Judy Halllett and 40% owned by GREF
WGR I, LLC, an affiliate of secured creditor GreenLake Real Estate
Fund, LLC.  WGR owns 100% of the interests in Wrightwood Guest
Ranch Holdings, LLC, which in turns owns 100% of the interests in
Wrightwood Canopy Tours, LC.

Being concerned about GreenLake's threat of foreclosure, unsecured
creditors Masterpiece Marketing, Larry Rundle, and Snyder
Dorenfeld, filed an involuntary petition against Wrightwood Guest
Ranch LLC (Bankr. C.D. Cal. Case No. 15-17799) on Aug. 5, 2015.
The Petitioners' counsel is Douglas A Plazak, Esq., at Reid &
Hellyer, APC, in Riverside, California.

The Bankruptcy Court on Aug. 31, 2015, granted Wrightwood Guest
Ranch's request for relief under Chapter 11 and vacated the
Involuntary Petition filed against the Debtor.

The case is assigned to Judge Scott C. Clarkson.

The Debtor tapped Walter & Wilhelm Law Group as bankruptcy counsel;
Hall & Company as accountants; and Baker, Manock & Jensen as
special counsel.

The Debtor filed a proposed Plan and Disclosure Statement on Oct.
26, 2015.  On Dec. 4, 2014, it filed an amended Plan and Disclosure
Statement.

The Court subsequently appointed Richard J. Laski as the Chapter 11
trustee of the Debtor's estate.


YRC WORLDWIDE: Reports Q4 and Full-Year Results for 2015
--------------------------------------------------------
YRC Worldwide Inc. reported a net loss of $23.5 million on $1.14
billion of operating revenue for the three months ended Dec. 31,
2015, compared to net income of $6.2 million on $1.21 billion of
operating revenue for the same period in 2014.

For the 12 months ended Dec. 31, 2015, the Company reported net
income of $700,000 on $4.83 billion of operating revenue compared
to a net loss of $67.7 million on $5.06 billion of operating
revenue for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, YRC had $1.89 billion in total assets, $2.27
billion in total liabilities and a $379.4 million total
shareholders' deficit.

"In 2015, we successfully executed our strategy of improving price,
freight mix and profitability over volume and market share while
lowering our consolidated operating ratio to 98.1," said James
Welch, chief executive officer of YRC Worldwide.  "Despite the
challenges of decreasing fuel surcharge revenue and a flattening
economy in the second half of the year, our full-year operating
income more than doubled prior year results even after the impact
of a non-cash pension settlement charge," stated Welch.

Welch continued, "For the year, our capital expenditures combined
with the capital equivalent value of new operating leases for
revenue equipment increased to 5.0% of consolidated revenue.  We
expect continued investments in safety, revenue equipment and
technology to enhance operational efficiencies today and into the
foreseeable future.  We were able to invest back into the business
and still improve our liquidity during the year, but we could not
have made these investments nor achieved these results without our
employees, and I am extremely proud of their support and hard work.
Hard work matters, and in this case, so do results, and I am proud
of our employees that drove the improved operating performance at
the Regional segment and will receive the profit sharing bonus.
This bonus not only solidifies our commitment to reward our
employees when they perform but also illustrates the fact that the
better they perform, the better the company performs, the more they
can make.

"We would obviously like for the freight environment to be better
and improve throughout 2016.  We will stay the course and remain
focused on providing our customers excellent service, improving our
freight mix and profitability which we believe ultimately drives
long-term shareholder value," concluded Welch.

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

                      http://is.gd/vJJol0

                        About YRC Worldwide

Headquartered in Overland Park, Kan., YRC Worldwide Inc. (NASDAQ:
YRCW) -- http://www.yrcw.com/-- is a holding company that offers
its customers a wide range of transportation services.  These
services include global, national and regional transportation as
well as logistics.

YRC Worldwide reported a net loss attributable to common
shareholders of $85.8 million in 2014, a net loss attributable to
common shareholders of $83.6 million in 2013 and a net loss
attributable to common shareholders of $140.4 million in 2012.

                            *    *    *

As reported by the TCR on Feb. 18, 2014, Moody's Investors Service
had upgraded the Corporate Family Rating for YRC Worldwide from
'Caa3' to 'B3', following the successful closing of its refinancing
transactions.

In the Aug. 11, 2015, TCR report, Standard & Poor's Ratings
Services said that it has raised its corporate credit rating on
Overland, Kan.-based less-than-truckload (LTL) trucking company YRC
Worldwide to 'B-' from 'CCC+'.

"The upgrade reflects YRC's earnings growth and improved liquidity
position, along with our belief that gradual improvement in the
company's operating performance will result in credit measures that
are commensurate with the rating," said Standard & Poor's credit
analyst Michael Durand.


ZERGA PHIN-KER: Has Interim OK to Access $500K in DIP Loan
----------------------------------------------------------
Judge Brenda T. Rhoades of the United States Bankruptcy Court for
the Eastern District of Texas, Sherman Division, entered an interim
order authorizing Zerga Phin-Ker LP to obtain postpetition senior
secured indebtedness.

The Debtor is authorized to obtain interim DIP Loans in the maximum
principal amount of $500,000.  Each DIP Loan will bear interest at
the rate of 11% per annum from the date of funding until repaid in
full.  Upon and during the occurrence of a Termination Event, the
DIP Loans will bear interest at a rate per annum equal to the
Stated Rate plus 2%, for a total of 13%.

As additional partial adequate protection and in consideration for
the DIP Facility, the Debtor will promptly pay or reimburse the
Indenture Trustee and the DIP Lender for, the costs, fees and
expenses of the Indenture Trustee and the DIP Lender and the costs,
fees and expenses of any attorneys, accountants and financial
advisors for the Indenture Trustee and the DIP Lender incurred in
connection with the DIP Facility, the Prepetition Obligations, the
Adequate Protection Obligations or the Bond Documents. Such
Professional Fees shall be drawn from the Trust Estate Funds, which
are not property of the Debtor’s estate, and shall not increase
the amount of the DIP Facility.

The DIP Lender is granted an allowed superpriority administrative
expense claim pursuant to Section 364(c)(l) of the Bankruptcy Code
for all DIP Obligations having priority over any and all other
claims against the Debtor.

The Debtor need the post-petition financing to continue its
operations, not only to preserve the value of the assets of the
estate but also to use the funds to significantly increase the
value of the Facilities and claiming that so long as the
construction of the Facilities remains incomplete, the Debtor is
without means to generate revenue and the Debtor is unable to
obtain financing in the form of unsecured credit allowable under
Section 503(b)(1) as an administrative expense or solely in
exchange for the grant of a super-priority administrative expense
claim pursuant to Section 364 of the Bankruptcy Code.

The Debtor tells the Court that as a condition of providing the DIP
Facility, the DIP Lender is requiring the Debtor to retain a chief
restructuring officer and has indicated that the firm CohnReznick
LLP, and Chad J. Shandler, a partner of CohnReznick, would be
acceptable choices for the roles of the Debtor's as Restructuring
Advisor and the CRO, respectively.  During the Interim Period, the
CRO will analyze options with respect to the completion of the
Facilities and make recommendations as to the amount of additional
funds to be advanced to the Debtor under the DIP Facility, the
Debtor continued.  The Debtor adds that the DIP Lender has already
advanced approximately $27,000 for payment to bind casualty
insurance for the IL Facility on December 7, 2015, which the Debtor
and DIP Lender seek to include this advance in the DIP Facility.

               U.S. Trustee Objects

The U.S. Trustee complains that it has not appointed a creditors'
committee in this case, and, based upon the response to
solicitation efforts to date, it does not appear likely that a
committee will be appointed in this case.

According to the U.S. Trustee, it is generally concerned that the
appointment of a CRO post-petition in a Chapter 11 case supplants
the Bankruptcy Code-based remedy of the appointment of a Chapter 11
trustee.  The U.S. Trustee asserts that the fundamental change in
the Debtor's management attendant to the retention of a CRO is not
a matter that should be finalized on an emergency basis and
requests the Court that any initial retention of a CRO will be on
an interim basis only, and will be subject to an objection period
and an opportunity for a final hearing.

The U.S. Trustee further asserts that the proposed CRO and his
firm, CohnReznick, are based in New York, and bill at rate
commensurate with a practice based there, a situation that will
create additional substantial travel and lodging expense.  The U.S.
Trustee requests that the Court order the CRO to prepare a budget
and staffing plan for this case, to be filed or provided to parties
before any final hearing on the CRO Motion, and that the budget and
staffing plan be updated throughout the course of this case, as
variations are required as the result of case and business
developments should the court authorize the retention of the
proposed CRO on an interim basis.

The U.S. Trustee also objects to any provision in the interim or
final DIP financing arrangement that requires the Debtor to pay the
professional fees and expenses of the Indenture Trustee, U.S. Bank
National Association, because the bondholders involved in this case
are under-secured.  The U.S. Trustee points out that Section 506(b)
of the Bankruptcy Code provides for secured parties to be paid ". .
. reasonable fees, costs or charges' provided under their security
agreement with the Debtor only if it can be shown that the party is
over-secured.

Accordingly, the U.S. Trustee requests that the Court order the
Indenture Trustee to submit any invoice for fees and expenses to
the U.S. Trustee at the same time such is presented to the Debtor
should the court authorize the payment of the Indenture Trustee's
reasonable fees and expenses by the Debtor as a part of the DIP
financing arrangement with a ten business day period for the U.S.
Trustee and the parties to resolve any issues as to reasonableness,
or for the U.S. Trustee to request Court’s determination of
reasonableness.

             Creditors Oppose CRO Retention

Kendall Phinney and Phin-Ker Ventures, LLC, complain that while
there was a meeting with the CRO on January 6, 2016, as of the
deadline for objecting to the retention of CohnReznick, no
additional information promised at that meeting nor any additional
budgeting or staffing proposals, as promised at the preliminary
hearing, has been provided by the interim Chief Restructuring
Officer.

The creditors further complain that the CRO has nothing to
"restructure" and that there is no benefit to the estate that will
justify the $500,000 price-tag of the exit strategy promised by the
CRO, which is a sale of the project, because a Chapter 11 Trustee
could do the same job for a lot less than $500,000, and also, a
Trustee would be independent not someone imposed by the
bondholders.

The creditors contend that it is illusory for hiring a half-million
dollar chief restructuring officer and then liquidating estate
assets is in the interest of creditors, as well as the benefit to
the estate of incurring a half-million dollars in additional
superpriority and secured debt so that the bondholders improve
their collateral and security position.  In addition, the DIP
financing is being advanced with the requirement that there be a
collateral assignment of Chapter 5 causes of action as additional
collateral, for which assignment no justification has been
advanced, except that the lender wants it, the creditors assert.

              Gregg County Objects to Interim Order

Gregg County complains that the Interim Order does not preserve the
senior priority of its liens because of the Interim Order's
provision that acknowledges liens that prime Gregg County's
prepetition and its administrative expense claims arising from
operation of law and is senior to all other liens against the
Debtor's real property, including preexisting liens, pursuant to
Texas Law.

According to Gregg County, it holds a claim for prepetition ad
valorem real property taxes for tax year 2015 in the amount of
$91,582 assessed against the property of the Debtor located within
its jurisdiction and also a holder of an administrative expense
claim for year 2016 ad valorem real property taxes.  Gregg County
alleges that its prepetition and administrative expense claims are
secured by unavoidable, perfected, first priority liens on all of
the Debtor’s real property pursuant to Texas Tax.

Additionally, Gregg County complains to a provision in the Interim
Order which deprives Gregg County of its right to object to and
modify any provisions in the Interim Order that alter the state law
priority of its liens, violating Gregg County's right to due
process and thus have the effect of a final order that may have
already irreparably harmed Gregg County.  Accordingly, Gregg County
is not adequately protected, Gregg County tells the Court.  Thus,
Gregg County requests that the Court will modify the Interim Order
and any final order to provide that Gregg County retains the senior
statutory priority of its prepetition and post-petition liens nunc
pro tunc to the petition date, eliminating paragraphs 21 and 22 in
their entirety and grant Gregg County such other and further relief
to which it may be justly entitled.

Zerga Phin-Ker LP is represented by:

     Vickie L. Driver, Esq.
     Emily S. Chou, Esq.
     LEWIS BRISBOIS BISGAARD & SMITH, LLP
     2100 Ross Avenue, Suite 2000
     Dallas, Texas 75201
     Telephone: (214) 722-7100
     Facsimile: (214) 722-7111
     Email: vickie.driver@lewisbrisbois.com
            emily.chou@lewisbrisbois.com

United States Trustee is represented by:

     Timothy W. O'Neal, Esq.
     Assistant U.S. Trustee
     OFFICE OF THE UNITED STATES TRUSTEE
     United States Department of Justice
     300 Plaza Tower
     110 N. College
     Tyler, Texas 75702
     Telephone: (903) 590-1450 Ext. 215
     Facsimile: (903) 590-1461

Gregg County is represented by:

     Laurie Huffman, Esq.
     LINEBARGER GOGGAN BLAIR & SAMPSON, LLP
     2777 N. Stemmons Fwy, Suite 1000
     Dallas, TX 75207
     Telephone: (214) 880-0089
     Facsimile: (469) 221-5002
     Email: Laurie.Huffman@lgbs.com

Kendall Phinney and Phin-Ker Ventures, LLC is represented by:

     Joseph D. Martinec
     MARTINEC, WINN & VICKERS, P.C.
     919 Congress Avenue, Suite 200
     Austin, TX 78701-2117
     Telephone: (512) 476-0750
     Facsimile: (512) 476-0753
     Email: martinec@mwvmlaw.com

         About Zerga Phin-Ker

Zerga Phin-Ker LP filed a Chapter 11 bankruptcy petition (Bankr.
E.D. Tex. Case No. 15-42087) on Nov. 20, 2015.  The petition was
signed by Jerry Green as co-president.  The Debtor estimated both
assets and liabilities in the range of $10 million to $50 million.
Lewis Brisbois Bisgaard & Smith LLP represents the Debtor as
counsel. Judge Brenda T. Rhoades is assigned to the case.

Proofs of claim due by March 17, 2016.  Government proofs of Claim
due are due by May 18, 2016.


ZUCKER GOLDBERG: Creditors Agree to Name a Chapter 11 Examiner
--------------------------------------------------------------
Martin Bricketto at Bankruptcy Law360 reported that Zucker Goldberg
& Ackerman LLC and its creditors have agreed to have an examiner
investigate possible claims against current and former members of
the bankrupt foreclosure law firm and related "insiders," but
attorneys for the parties argued over the appointee's exact
responsibilities at a hearing on Jan. 29, 2016,  in New Jersey.

The bulk of the proceeding in Newark federal court before U.S.
Bankruptcy Judge Christine M. Gravelle was spent hammering out the
order that will form a roadmap for the examiner's work in the
Chapter 11 case.

                   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.


[*] Moody's Says Wireline Firms to Decline Without Investment
-------------------------------------------------------------
Constraints such as capital allocation practices that favor
shareholder returns, lagging infrastructure relative to cable
companies and high cost of capital will prevent wireline
telecommunications companies (telcos) from taking the necessary
steps to fuel growth, resulting in their slow yet steady decline,
says Moody's Investors Service.

Telcos such as CenturyLink Inc. (Ba1 negative), Frontier
Communications Corp. (Ba3 stable) and Windstream Services LLC (B1
stable) all have high dividend yields that promote a cycle that
steadily erodes each company's value and scale.

"These telcos have strong operating cash flows and the ability to
invest more, but they are hindered by market expectations for
dividends," said Mark Stodden, a Moody's Vice President and Senior
Credit Officer. "Their weak market position can only be changed by
increased investment, but this would threaten dividends and is
unpalatable to both equity investors and management teams."

Moody's notes that the high cost of capital has kept these
companies from investing in the necessary infrastructure to provide
faster-speed service to residential and small-business customers.
This has resulted in a widening competitive gap between these
telcos that provide DSL service versus cable operators that offer
faster broadband service.

To compete with cable operators, DSL telcos would need to make
significant investments in fiber-optic service, which they are
generally unwilling to do, according to the report "Wireline
Telecommunications -- US - Boxed In: Wireline Telcos Face
Continued, Painfully Slow Decline."

These factors will together force telcos to make credit-negative
decisions pertaining to capital re-allocation that will slowly
erode their competitive positions, and ultimately, their credit
metrics.



[*] S&P Revises Recovery Ratings on 7 Cos.' Credit Facilities
-------------------------------------------------------------
Standard & Poor's Ratings Services, on Jan. 28, 2016, said that it
is revising its recovery ratings on seven companies' revolving
credit facilities to '1+' from '1' following the publication of an
interpretation of its criteria on recovery ratings of '1+'.  As a
result, S&P is also raising the issue-level ratings on these
instruments by one notch.

The interpretation explains that if S&P considers a debt instrument
to have significant overcollateralization and strong structural
features and, as a result, have very high confidence that it will
realize a full recovery, even if S&P assumes that the instrument
and any incremental facilities provided for in its governing
document are fully drawn, then the debt instrument qualifies for a
'1+' recovery rating.  If the recovery rating is '1+', the
corresponding issue rating can be up to three notches above the
corporate credit rating.

Ratings List

Ratings Raised
                                        To        From
Affinity Gaming
$35 mil. rev. facility                  BB        BB-
Recovery Rating                        1+        1

Boyd Gaming Corp.
Peninsula Gaming LLC
$50 mil. rev. facility                 BB         BB-
Recovery Rating                        1+         1

Marina District Development Co. LLC
Marina District Finance Co. Inc.
$60 mil. rev. facility                  BB+        BB
Recovery Rating                        1+         1

Yonkers Racing Corp.
$10 mil. rev. facility                  BB         BB-
Recovery Rating                        1+         1

Intrawest Operations Group LLC
$25 mil. rev. facility                  BB         BB-
Recovery Rating                        1+         1

Gray Television Inc.
$60 mil. rev. facility                 BB+        BB
Recovery Rating                        1+         1

Sorenson Communications Inc.
$25 mil. rev. facility                 B+         B
Recovery Rating                        1+         1



[*] Shkreli Defeat Points to Complicity of Kaye Scholer Attorney
----------------------------------------------------------------
Andrew Strickler at Bankruptcy Law360 reported that federal
prosecutors who won access to e-mails between indicted former fund
manager Martin Shkreli and a Kaye Scholer LLP partner who
represented the fund likely cleared the high bar for piercing the
attorney-client privilege with damning evidence against the
attorney independent of questionable emails pointing to planned
investor fraud, experts say.  In most cases, federal judges are
strongly inclined to rebuff prosecutors' calls for a crime-fraud
exception to the privilege protection.


[*] UHY Advisors Appoints Five New Managing Directors
-----------------------------------------------------
UHY Advisors, Inc., is a professional services firm, on Feb.3
announced the appointment of five new managing directors: Brad
Baer, Harold Mohn, Robert Scope, Mehmet Sengulen and Aaron
Witalec.

"We are excited to announce the newest class of managing directors.
They all bring unique skills and experiences to lead our
professionals in providing outstanding client service of the
highest quality," said Mr. Anthony Frabotta, UHY Advisors' chief
executive officer and chairman of the board.

Richard David, chief operating officer of UHY Advisors, adds,
"Increasing demand from our dynamic clients drove the need for
additional leaders within our firm.  By increasing our ranks of
managing directors, we can bring added resources to our current and
prospective clients."

Brad Baer is a managing director of UHY Advisors GA, Inc.  With
over 20 years of experience he is a leader in the firm's management
consulting practice, which provides high-value consultative
services to help clients meet their business, accounting and
finance objectives.  Mr. Baer is responsible for client
acquisition, client management and solution creation.

Mr. Baer's work was directly responsible for helping the firm
achieve BlackLine's first ever Platinum Implementation Partner
status and be recognized as the global services leader for
BlackLine.  He is frequently asked to speak at finance events
throughout the country.  Mr. Baer received his M.S. in Accounting
and B.S. in Business Administration from the University of Florida.
He is a BlackLine Certified Implementation Professional and
licensed CPA in the state of Florida.

Harold Mohn is a managing director of UHY Advisors Mid-Atlantic MD,
Inc. and partner of UHY LLP.  Looking at tax efficiency, estate,
financial, business and retirement planning, Mr. Mohn helps
individuals and families create a holistic wealth management plan
that accounts for all aspects of their lives.  With over 25 years
of experience, the core of his practice lies in his passion for
helping clients navigate through wealth management, tax efficient
strategies, business succession, estate planning and 401(k)
planning matters.  Mr. Mohn received his M.S. in Taxation from the
University of Baltimore and B.S. in Accounting from Columbia Union
College. He is on the board and past president of The Historical
Society of Frederick County.  Mr. Mohn is a licensed CPA in the
states of Maryland, Virginia and the District of Columbia.  He is
also FINRA Series 65 licensed.

Robert Scope is a managing director of UHY Advisors MI, Inc.,
partner of UHY LLP and co-leader of the firm's national audit
practices committee.  He specializes in attest services and has
extensive experience with business combinations and purchase price
allocations.  Mr. Scope assists with the firm's internal quality
inspections and peer reviews.  He has developed and instructed
programs for both local and national audit training.  Mr. Scope is
regularly called upon to speak at professional education events and
is a member of the MICPA Employee Benefits Task Force Committee.
He received his B.A. in Accounting from Oakland University and is a
licensed CPA in the state of Michigan.  Mr. Scope has been with the
firm and its predecessors since 1994.

Mehmet Sengulen is a managing director of UHY Advisors NY, Inc. and
partner of UHY LLP.  He has over 13 years of diversified public and
private accounting experience with two Fortune 100 public companies
and two Big 4 accounting firms, where he worked with clients in the
manufacturing and distribution, technology and oil and gas
industries.  He is a subject matter expert for the firm's SEC
practice as well as one of the leaders of the technology and
software industry services sector.  During his tenure in private
industry, Mr. Sengulen specialized in the compliance and reporting
requirements of the Sarbanes Oxley Act of 2002 for two global
companies and participated in the post-merger integration for a
multi-billion dollar transaction.  He was honored by SmartCEO
Magazine with their 2014 Accounting Rising Star award.  Mr.
Sengulen received his B.S. and M.B.A. from St. John's University
where he was the president of Beta Alpha Psi, the national honors
fraternity.  He is a licensed CPA in the state of New York.

Aaron Witalec is a Michigan-based managing director of UHY Advisors
Corporate Finance, LLC.  He specializes in sell-side investment
banking and buy-side advisory services for strategic and private
equity clients engaged in acquisitions, divestitures,
restructuring, carve-outs, private capital raising and venture
capital.  Mr. Witalec has over 14 years of investment banking and
transaction services experience and has advised on more than 200
domestic and cross-border transactions ranging in value from $25
million to $2 billion across a broad range of industries.  In 2015,
he consulted on "Deal of the Year" as named by Crain's Detroit
Business in cooperation with the Detroit chapter of the Association
for Corporate Growth.  Mr. Witalec is a University of
Michigan-Dearborn alumni and received B.S. degrees in Mechanical
Engineering and Engineering Mathematics, as well as M.S. degrees in
Accounting, Finance and Mechanical Engineering.  He is a licensed
CPA and in the state of Michigan and holds Series 7, 79, 63 and 24
licenses.

                      About UHY Advisors

UHY Advisors -- http://www.uhy-us.com-- provides tax and advisory
services to entrepreneurial and other organizations, principally
those enterprises in the dynamic middle market.  UHY LLP, a
licensed CPA firm, provides audit and other attest services to
publicly traded, privately owned and nonprofit organizations in a
number of industry sectors.  UHY Advisors, operating in an
alternative practice structure with UHY LLP, forms one of the
largest professional services firms in the US.


[] Seeley Joins Tiger Valuation as Machinery & Equipment Director
-----------------------------------------------------------------
Bryan Seeley, a 21-year veteran of the industrial asset appraisal
field, has joined Tiger Valuation Services, a division of Tiger
Capital Group, as Director, Machinery and Equipment.

In his new role with the asset valuation, disposition and advisory
services firm, Mr. Seeley will interface with Tiger's North
American operations and business development teams on machinery and
equipment appraisals.  He will be based in Tiger's headquarters at
99 Park Avenue in Manhattan.

Over the course of a career that began with Daley-Hodkin Appraisal
Company in 1995, Mr. Seeley has managed complex machinery and
equipment appraisals in various industries, including printing,
converting, packaging, pharmaceuticals, textiles, plastics,
woodworking, metalworking, food processing and healthcare.  He has
also been involved in all phases of the liquidation process.  All
told, Mr. Seeley has supervised over 1,000 appraisals, with total
assets valued in excess of $1.5 billion.

"Bryan will be an invaluable resource on the industrial asset front
for our business development team," said Ryan Davis, Tiger's
Director of Appraisals.  "He will also work with the operations
staff to build upon the strong foundation in M&E appraisals that
Kevin Boland, Taran Singh and our entire M&E appraisal team have
successfully managed.  Bryan's addition will bring our product and
service to an even higher level."

A resident of Farmingville, N.Y., Seeley attended Hofstra
University, Hempstead, N.Y.  He has completed the Uniform Standards
of Professional Appraisal Practice course administered by the
American Society of Appraisers and is a member of the Turnaround
Management Association, a Candidate Member of the American Society
of Appraisers and has testified as an expert witness in several
bankruptcy proceedings.

                   About Tiger Capital Group

Tiger Capital Group -- http://www.TigerGroup.com/-- provides asset
valuation, advisory and disposition services to a broad range of
retail, wholesale, and industrial clients.  With over 40 years of
experience and significant financial backing, Tiger offers a
uniquely nimble combination of expertise, innovation and financial
resources to drive results.  Tiger's seasoned professionals help
clients identify the underlying value of assets, monitor asset risk
factors and, when needed, provide capital or convert assets to
capital quickly and decisively.  Tiger's collaborative,
straightforward approach is the foundation for its many long-term
'partner' relationships and decades of success.  Tiger maintains
domestic offices in New York, Los Angeles, Boston, Chicago, and San
Francisco, and international offices in Sydney, Perth, and
Brisbane, Australia.


[^] BOND PRICING: For the Week from February 1 to 5, 2016
---------------------------------------------------------
  Company                  Ticker  Coupon  Bid Price   Maturity
  -------                  ------  ------  ---------   --------
99 Cents Only Stores LLC    NDN     11.000    34.100 12/15/2019
A. M. Castle & Co           CAS     12.750    74.950 12/15/2016
A. M. Castle & Co           CAS      7.000    39.000 12/15/2017
A. M. Castle & Co           CAS     12.750    70.875 12/15/2016
A. M. Castle & Co           CAS     12.750    70.875 12/15/2016
ACE Cash Express Inc        AACE    11.000    45.000   2/1/2019
ACE Cash Express Inc        AACE    11.000    46.500   2/1/2019
AK Steel Corp               AKS      7.625    36.950  5/15/2020
AV Homes Inc                AVHI     7.500    99.950  2/15/2016
Alpha Appalachia
  Holdings Inc              ANR      3.250     0.250   8/1/2015
Alpha Natural
  Resources Inc             ANR      7.500     0.500   8/1/2020
Alpha Natural
  Resources Inc             ANR      4.875     0.100 12/15/2020
Alpha Natural
  Resources Inc             ANR      3.750     0.750 12/15/2017
Alpha Natural
  Resources Inc             ANR      7.500     2.352   8/1/2020
Alpha Natural
  Resources Inc             ANR      7.500     0.826   8/1/2020
Alta Mesa Holdings LP /
  Alta Mesa Finance
  Services Corp             ALTMES   9.625    33.350 10/15/2018
American Eagle
  Energy Corp               AMZG    11.000    17.250   9/1/2019
American Eagle
  Energy Corp               AMZG    11.000     5.250   9/1/2019
American Energy-Permian     
  Basin LLC / AEPB
  Finance Corp              AMEPER   7.125    25.031  11/1/2020
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp              AMEPER   7.375    31.000  11/1/2021
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp              AMEPER   7.119    25.000   8/1/2019
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp              AMEPER   7.119    27.456   8/1/2019
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp              AMEPER   7.125    23.625  11/1/2020
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp              AMEPER   7.375    27.875  11/1/2021
American Gilsonite Co       AMEGIL  11.500    53.500   9/1/2017
American Gilsonite Co       AMEGIL  11.500    53.250   9/1/2017
Approach Resources Inc      AREX     7.000    20.250  6/15/2021
Appvion Inc                 APPPAP   9.000    33.938   6/1/2020
Appvion Inc                 APPPAP   9.000    38.250   6/1/2020
Arch Coal Inc               ACI      7.250     0.450  6/15/2021
Arch Coal Inc               ACI      9.875     0.750  6/15/2019
Arch Coal Inc               ACI      8.000     0.875  1/15/2019
Arch Coal Inc               ACI      8.000     5.030  1/15/2019
Armstrong Energy Inc        ARMS    11.750    36.033 12/15/2019
Armstrong Energy Inc        ARMS    11.750    41.375 12/15/2019
Aspect Software Inc         ASPECT  10.625    65.000  5/15/2017
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp              ARP      7.750    15.125  1/15/2021
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp              ARP      9.250    15.125  8/15/2021
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp              ARP      9.250    15.250  8/15/2021
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp              ARP      9.250    15.250  8/15/2021
Avaya Inc                   AVYA    10.500    25.000   3/1/2021
Avaya Inc                   AVYA    10.500    29.000   3/1/2021
BPZ Resources Inc           BPZR     8.500     4.000  10/1/2017
BPZ Resources Inc           BPZR     6.500     4.000   3/1/2015
BPZ Resources Inc           BPZR     6.500     3.842   3/1/2049
Basic Energy Services Inc   BAS      7.750    24.550  2/15/2019
Basic Energy Services Inc   BAS      7.750    23.215 10/15/2022
Berry Petroleum Co LLC      LINE     6.375     7.500  9/15/2022
Berry Petroleum Co LLC      LINE     6.750     9.000  11/1/2020
BioMed Realty LP            BMR      2.625   100.000   5/1/2019
Black Elk Energy Offshore
  Operations LLC /
  Black Elk Finance Corp    BLELK   13.750     2.600  12/1/2015
Bon-Ton Department
  Stores Inc/The            BONT     8.000    32.485  6/15/2021
Bon-Ton Department
  Stores Inc/The            BONT    10.625    64.583  7/15/2017
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp    BBEP     7.875    13.750  4/15/2022
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp    BBEP     8.625    15.970 10/15/2020
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp    BBEP     8.625    17.875 10/15/2020
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp    BBEP     8.625    17.875 10/15/2020
CNG Holdings Inc            CNGHLD   9.375    41.500  5/15/2020
CNG Holdings Inc            CNGHLD   9.375    42.000  5/15/2020
Caesars Entertainment
  Operating Co Inc          CZR     10.000    32.750 12/15/2018
Caesars Entertainment
  Operating Co Inc          CZR     11.250    73.000   6/1/2017
Caesars Entertainment
  Operating Co Inc          CZR     10.750    26.250   2/1/2016
Caesars Entertainment
  Operating Co Inc          CZR     12.750    32.250  4/15/2018
Caesars Entertainment
  Operating Co Inc          CZR      6.500    30.000   6/1/2016
Caesars Entertainment
  Operating Co Inc          CZR     10.000    32.000 12/15/2018
Caesars Entertainment
  Operating Co Inc          CZR      5.750    29.250  10/1/2017
Caesars Entertainment
  Operating Co Inc          CZR      5.750    12.250  10/1/2017
Caesars Entertainment
  Operating Co Inc          CZR     10.000    32.000 12/15/2018
Caesars Entertainment
  Operating Co Inc          CZR     10.000    32.000 12/15/2018
Caesars Entertainment
  Operating Co Inc          CZR     10.000    32.000 12/15/2018
California Resources Corp   CRC      6.000    13.750 11/15/2024
California Resources Corp   CRC      5.000    17.450  1/15/2020
California Resources Corp   CRC      5.500    15.000  9/15/2021
California Resources Corp   CRC      6.000    14.000 11/15/2024
California Resources Corp   CRC      5.000    35.750  1/15/2020
California Resources Corp   CRC      5.000    13.625  1/15/2020
California Resources Corp   CRC      6.000    14.000 11/15/2024
Cenveo Corp                 CVO     11.500    40.250  5/15/2017
Cenveo Corp                 CVO      7.000    44.500  5/15/2017
Chaparral Energy Inc        CHAPAR   7.625    12.500 11/15/2022
Chaparral Energy Inc        CHAPAR   9.875    17.750  10/1/2020
Chaparral Energy Inc        CHAPAR   8.250    18.000   9/1/2021
Chassix Holdings Inc        CHASSX  10.000     8.000 12/15/2018
Chassix Holdings Inc        CHASSX  10.000     8.000 12/15/2018
Chesapeake Energy Corp      CHK      3.250    95.000  3/15/2016
Chesapeake Energy Corp      CHK      6.500    43.993  8/15/2017
Chesapeake Energy Corp      CHK      6.625    25.705  8/15/2020
Chesapeake Energy Corp      CHK      3.872    23.000  4/15/2019
Chesapeake Energy Corp      CHK      7.250    33.250 12/15/2018
Chesapeake Energy Corp      CHK      2.500    44.125  5/15/2037
Chesapeake Energy Corp      CHK      6.125    24.250  2/15/2021
Chesapeake Energy Corp      CHK      5.375    23.653  6/15/2021
Chesapeake Energy Corp      CHK      6.875    24.411 11/15/2020
Chesapeake Energy Corp      CHK      2.250    23.383 12/15/2038
Chesapeake Energy Corp      CHK      2.500    44.250  5/15/2037
Chesapeake Energy Corp      CHK      6.875    24.625 11/15/2020
Claire's Stores Inc         CLE      8.875    11.460  3/15/2019
Claire's Stores Inc         CLE      7.750    15.000   6/1/2020
Claire's Stores Inc         CLE     10.500    44.720   6/1/2017
Claire's Stores Inc         CLE      7.750    17.500   6/1/2020
Clean Energy Fuels Corp     CLNE     5.250    42.109  10/1/2018
Cliffs Natural
  Resources Inc             CLF      5.950    19.313  1/15/2018
Cliffs Natural
  Resources Inc             CLF      5.900    13.382  3/15/2020
Cliffs Natural
  Resources Inc             CLF      4.875    10.500   4/1/2021
Cliffs Natural
  Resources Inc             CLF      6.250    15.115  10/1/2040
Cliffs Natural
  Resources Inc             CLF      7.750    16.000  3/31/2020
Cliffs Natural
  Resources Inc             CLF      4.800    11.156  10/1/2020
Cliffs Natural
  Resources Inc             CLF      7.750    18.000  3/31/2020
Cloud Peak Energy
  Resources LLC /
  Cloud Peak Energy
  Finance Corp              CLD      8.500    37.200 12/15/2019
Community Choice
  Financial Inc             CCFI    10.750    31.000   5/1/2019
Comstock Resources Inc      CRK     10.000    36.500  3/15/2020
Comstock Resources Inc      CRK      7.750    11.031   4/1/2019
Comstock Resources Inc      CRK      9.500    11.000  6/15/2020
Comstock Resources Inc      CRK     10.000    38.181  3/15/2020
Cumulus Media Holdings Inc  CMLS     7.750    40.100   5/1/2019
EP Energy LLC / Everest
  Acquisition Finance Inc   EPENEG   9.375    27.000   5/1/2020
EP Energy LLC / Everest
  Acquisition Finance Inc   EPENEG   7.750    25.500   9/1/2022
EPL Oil & Gas Inc           EXXI     8.250     4.000  2/15/2018
EV Energy Partners LP /
  EV Energy Finance Corp    EVEP     8.000    31.250  4/15/2019
EXCO Resources Inc          XCO      7.500    31.525  9/15/2018
EXCO Resources Inc          XCO      8.500    17.250  4/15/2022
Eagle Rock Energy
  Partners LP /
  Eagle Rock Energy
  Finance Corp              EROC     8.375    17.000   6/1/2019
Emerald Oil Inc             EOX      2.000    35.500   4/1/2019
Energy & Exploration
  Partners Inc              ENEXPR   8.000     2.809   7/1/2019
Energy & Exploration
  Partners Inc              ENEXPR   8.000     2.809   7/1/2019
Energy Conversion
  Devices Inc               ENER     3.000     7.875  6/15/2013
Energy Future
  Holdings Corp             TXU      9.750    35.050 10/15/2019
Energy Future Intermediate
  Holding Co LLC / EFIH
  Finance Inc               TXU     10.000     3.250  12/1/2020
Energy Future Intermediate
  Holding Co LLC / EFIH
  Finance Inc               TXU      9.750    33.000 10/15/2019
Energy Future Intermediate
  Holding Co LLC / EFIH
  Finance Inc               TXU     10.000     3.125  12/1/2020
Energy Future Intermediate
  Holding Co LLC / EFIH
  Finance Inc               TXU      6.875     2.875  8/15/2017
Energy XXI Gulf Coast Inc   EXXI     9.250     5.916 12/15/2017
Energy XXI Gulf Coast Inc   EXXI    11.000    18.250  3/15/2020
Energy XXI Gulf Coast Inc   EXXI     7.500     2.875 12/15/2021
Energy XXI Gulf Coast Inc   EXXI     6.875     1.500  3/15/2024
Energy XXI Gulf Coast Inc   EXXI     7.750     3.000  6/15/2019
FBOP Corp                   FBOPCP  10.000     1.843  1/15/2009
FTS International Inc       FTSINT   6.250    15.000   5/1/2022
FairPoint Communications
  Inc/Old                   FRP     13.125     1.879   4/2/2018
Federal Farm Credit Banks   FFCB     2.250    98.740   2/7/2022
Federal Farm Credit Banks   FFCB     3.250    98.924  5/14/2027
Federal Farm Credit Banks   FFCB     2.250   100.000  2/25/2022
Federal Farm Credit Banks   FFCB     2.950    99.620  12/4/2024
Federal Farm Credit Banks   FFCB     3.400   100.000   6/8/2028
Federal Farm Credit Banks   FFCB     2.750   100.000  11/6/2023
Federal Farm Credit Banks   FFCB     3.540   100.009  5/28/2030
Federal Farm Credit Banks   FFCB     1.470   100.003  2/27/2019
Federal Farm Credit Banks   FFCB     3.330    99.425  1/14/2028
Federal Farm Credit Banks   FFCB     3.350    99.975  10/5/2027
Federal Farm Credit Banks   FFCB     2.550   100.000  1/26/2023
Federal Farm Credit Banks   FFCB     3.050    99.619  5/27/2025
Federal Farm Credit Banks   FFCB     2.230    99.489   2/9/2022
Federal Home Loan Banks     FHLB     1.550    99.667  1/23/2020
Federal Home Loan Banks     FHLB     2.000    99.020 11/12/2021
Federal Home Loan Banks     FHLB     4.000   100.033  7/27/2040
Federal Home Loan
  Mortgage Corp             FHLMC    2.510    99.414  11/8/2023
Federal Home Loan
  Mortgage Corp             FHLMC    1.325    99.876  8/10/2018
Federal Home Loan
  Mortgage Corp             FHLMC    0.900    99.847  8/10/2017
Federal Home Loan
  Mortgage Corp             FHLMC    1.350   100.000  11/9/2018
Federal Home Loan
  Mortgage Corp             FHLMC    1.400    99.778  5/10/2019
Federal Home Loan
  Mortgage Corp             FHLMC    1.600    99.802 11/12/2019
Federal Home Loan
  Mortgage Corp             FHLMC    1.825    99.792  8/10/2020
Federal Home Loan
  Mortgage Corp             FHLMC    2.000    99.531  5/12/2021
Federal Home Loan
  Mortgage Corp             FHLMC    0.900    99.847  8/10/2017
Federal National
  Mortgage Association      FNMA     3.050    99.978  5/17/2027
Federal National
  Mortgage Association      FNMA     3.060   100.035  2/14/2028
Fleetwood Enterprises Inc   FLTW    14.000     3.557 12/15/2011
Forbes Energy
  Services Ltd              FES      9.000    36.500  6/15/2019
GT Advanced
  Technologies Inc          GTAT     3.000     0.500  10/1/2017
GT Advanced
  Technologies Inc          GTAT     3.000     0.303 12/15/2020
Gastar Exploration Inc      GST      8.625    50.705  5/15/2018
Gibson Brands Inc           GIBSON   8.875    47.000   8/1/2018
Gibson Brands Inc           GIBSON   8.875    55.500   8/1/2018
Gibson Brands Inc           GIBSON   8.875    56.750   8/1/2018
Goodman Networks Inc        GOODNT  12.125    34.474   7/1/2018
Goodrich Petroleum Corp     GDPM     8.875     4.300  3/15/2019
Goodrich Petroleum Corp     GDPM     8.875     4.375  3/15/2018
Goodrich Petroleum Corp     GDPM     5.000     2.000  10/1/2032
Goodrich Petroleum Corp     GDPM     5.000     0.600  10/1/2029
Goodrich Petroleum Corp     GDPM     8.875     1.574  3/15/2018
Goodrich Petroleum Corp     GDPM     8.875     1.044  3/15/2019
Goodrich Petroleum Corp     GDPM     8.875     1.044  3/15/2019
Gymboree Corp/The           GYMB     9.125    26.754  12/1/2018
Halcon Resources Corp       HKUS     9.750    10.750  7/15/2020
Halcon Resources Corp       HKUS    13.000    26.000  2/15/2022
Halcon Resources Corp       HKUS     8.875    10.750  5/15/2021
Halcon Resources Corp       HKUS     9.250    18.250  2/15/2022
Halcon Resources Corp       HKUS    13.000    25.875  2/15/2022
Hexion Inc                  HXN      7.875    15.948  2/15/2023
Hexion Inc                  HXN      9.200    24.500  3/15/2021
Horsehead Holding Corp      ZINC     3.800    13.000   7/1/2017
Horsehead Holding Corp      ZINC    10.500    57.750   6/1/2017
Horsehead Holding Corp      ZINC     9.000    20.000   6/1/2017
Horsehead Holding Corp      ZINC    10.500    56.000   6/1/2017
Horsehead Holding Corp      ZINC    10.500    56.000   6/1/2017
ION Geophysical Corp        IO       8.125    30.000  5/15/2018
Illinois Power
  Generating Co             DYN      7.000    48.100  4/15/2018
Interactive Network Inc /
  FriendFinder
  Networks Inc              FFNT    14.000    47.250 12/20/2018
James River Coal Co         JRCC     7.875     3.000   4/1/2019
James River Coal Co         JRCC     4.500     0.400  12/1/2015
James River Coal Co         JRCC     3.125     0.500  3/15/2018
Kellwood Co                 KWD      7.625    64.000 10/15/2017
Key Energy Services Inc     KEG      6.750     9.900   3/1/2021
Las Vegas Monorail Co       LASVMC   5.500     5.042  7/15/2019
Laureate Education Inc      LAUR     9.250    42.250   9/1/2019
Legacy Reserves LP /
  Legacy Reserves
  Finance Corp              LGCY     6.625    16.000  12/1/2021
Legacy Reserves LP /
  Legacy Reserves
  Finance Corp              LGCY     8.000    24.295  12/1/2020
Lehman Brothers
  Holdings Inc              LEH      5.000     5.500   2/7/2009
Lehman Brothers
  Holdings Inc              LEH      4.000     5.500  4/30/2009
Lehman Brothers Inc         LEH      7.500     3.750   8/1/2026
Light Tower Rentals Inc     LHTTWR   8.125    44.250   8/1/2019
Light Tower Rentals Inc     LHTTWR   8.125    44.000   8/1/2019
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     8.625     2.125  4/15/2020
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     6.500     1.900  5/15/2019
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     6.250     4.100  11/1/2019
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     7.750     2.000   2/1/2021
Linn Energy LLC / Linn
  Energy Finance Corp       LINE    12.000    19.000 12/15/2020
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     6.500     1.750  9/15/2021
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     6.250     2.015  11/1/2019
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     6.250     2.015  11/1/2019
Logan's Roadhouse Inc       LGNS    10.750    25.000 10/15/2017
MBIA Insurance Corp         MBI     11.882    26.750  1/15/2033
MBIA Insurance Corp         MBI     11.882    17.000  1/15/2033
MF Global Holdings Ltd      MF       6.250    22.125   8/8/2016
MF Global Holdings Ltd      MF       3.375    23.000   8/1/2018
MModal Inc                  MODL    10.750    10.125  8/15/2020
Magnetation LLC /
  Mag Finance Corp          MAGNTN  11.000     6.000  5/15/2018
Magnetation LLC /
  Mag Finance Corp          MAGNTN  11.000     6.125  5/15/2018
Magnetation LLC /
  Mag Finance Corp          MAGNTN  11.000     6.125  5/15/2018
Magnum Hunter
  Resources Corp            MHRC     9.750    24.000  5/15/2020
Memorial Production
  Partners LP / Memorial
  Production Finance Corp   MEMP     7.625    31.900   5/1/2021
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO     10.000    28.500   6/1/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO     10.750     5.052  10/1/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO      9.250     3.000   6/1/2021
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO     10.000    28.250   6/1/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO     10.750     3.998  10/1/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO     10.750     3.998  10/1/2020
Modular Space Corp          MODSPA  10.250    32.500  1/31/2019
Modular Space Corp          MODSPA  10.250    32.250  1/31/2019
Molycorp Inc                MCP     10.000    11.030   6/1/2020
Molycorp Inc                MCP      6.000     1.000   9/1/2017
Molycorp Inc                MCP      5.500     1.500   2/1/2018
Morgan Stanley & Co LLC     MS       2.412    96.000  2/28/2016
Murray Energy Corp          MURREN  11.250    13.250  4/15/2021
Murray Energy Corp          MURREN   9.500    15.250  12/5/2020
Murray Energy Corp          MURREN  11.250    13.750  4/15/2021
Murray Energy Corp          MURREN   9.500    15.250  12/5/2020
Navient Corp                NAVI     2.171    99.750  2/12/2016
Navistar
  International Corp        NAV      4.750    40.000  4/15/2019
Navistar
  International Corp        NAV      4.500    45.000 10/15/2018
New Enterprise Stone &
  Lime Co Inc               NEENST  11.000    57.500   9/1/2018
New Gulf Resources LLC/
  NGR Finance Corp          NGREFN  12.250     8.750  5/15/2019
New Gulf Resources LLC/
  NGR Finance Corp          NGREFN  12.250    23.500  5/15/2019
New Gulf Resources LLC/
  NGR Finance Corp          NGREFN  12.250    16.250  5/15/2019
Nine West Holdings Inc      JNY      8.250    22.250  3/15/2019
Nine West Holdings Inc      JNY      6.875    16.300  3/15/2019
Nine West Holdings Inc      JNY      6.125    14.000 11/15/2034
Nine West Holdings Inc      JNY      8.250    23.250  3/15/2019
Noranda Aluminum
  Acquisition Corp          NOR     11.000     5.518   6/1/2019
Nuverra Environmental
  Solutions Inc             NESC     9.875     9.000  4/15/2018
OMX Timber Finance
  Investments II LLC        OMX      5.540    13.000  1/29/2020
Peabody Energy Corp         BTU      6.000     8.433 11/15/2018
Peabody Energy Corp         BTU      6.500     5.551  9/15/2020
Peabody Energy Corp         BTU      6.250     6.375 11/15/2021
Peabody Energy Corp         BTU     10.000     9.750  3/15/2022
Peabody Energy Corp         BTU      4.750     3.500 12/15/2041
Peabody Energy Corp         BTU      7.875     6.500  11/1/2026
Peabody Energy Corp         BTU     10.000    10.250  3/15/2022
Peabody Energy Corp         BTU      6.000     7.750 11/15/2018
Peabody Energy Corp         BTU      6.000    17.250 11/15/2018
Peabody Energy Corp         BTU      6.250     5.500 11/15/2021
Peabody Energy Corp         BTU      6.250     5.500 11/15/2021
Penn Virginia Corp          PVAH     8.500    13.450   5/1/2020
Penn Virginia Corp          PVAH     7.250    12.348  4/15/2019
Permian Holdings Inc        PRMIAN  10.500    39.000  1/15/2018
Permian Holdings Inc        PRMIAN  10.500    38.625  1/15/2018
PetroQuest Energy Inc       PQ      10.000    50.933   9/1/2017
Prospect Holding Co LLC /
  Prospect Holding
  Finance Co                PRSPCT  10.250    50.500  10/1/2018
Prospect Holding Co LLC /
  Prospect Holding
  Finance Co                PRSPCT  10.250    46.800  10/1/2018
Quicksilver Resources Inc   KWKA     9.125     2.500  8/15/2019
Quicksilver Resources Inc   KWKA    11.000     1.250   7/1/2021
Quiksilver Inc /
  QS Wholesale Inc          ZQK     10.000     7.250   8/1/2020
Quiksilver Inc /
  QS Wholesale Inc          ZQK      7.875    20.375   8/1/2018
Quiksilver Inc /
  QS Wholesale Inc          ZQK      7.875    20.125   8/1/2018
Resolute Energy Corp        REN      8.500    35.150   5/1/2020
Rex Energy Corp             REXX     8.875    12.375  12/1/2020
Rex Energy Corp             REXX     6.250    12.436   8/1/2022
Rex Energy Corp             REXX     8.875    13.125  12/1/2020
Rex Energy Corp             REXX     8.875    13.125  12/1/2020
Rolta LLC                   RLTAIN  10.750    53.000  5/16/2018
Sabine Oil & Gas Corp       SOGC     7.250     7.125  6/15/2019
Sabine Oil & Gas Corp       SOGC     7.500     6.500  9/15/2020
Sabine Oil & Gas Corp       SOGC     7.500     6.750  9/15/2020
Sabine Oil & Gas Corp       SOGC     7.500     6.750  9/15/2020
SandRidge Energy Inc        SD       8.750    23.500   6/1/2020
SandRidge Energy Inc        SD       7.500     1.070  3/15/2021
SandRidge Energy Inc        SD       8.750     2.900  1/15/2020
SandRidge Energy Inc        SD       8.125     1.000 10/15/2022
SandRidge Energy Inc        SD       7.500     1.493  2/15/2023
SandRidge Energy Inc        SD       8.125     0.375 10/16/2022
SandRidge Energy Inc        SD       8.750    25.000   6/1/2020
SandRidge Energy Inc        SD       7.500     1.003  3/15/2021
SandRidge Energy Inc        SD       7.500     1.003  3/15/2021
Savient
  Pharmaceuticals Inc       SVNT     4.750     0.225   2/1/2018
Sequa Corp                  SQA      7.000    20.750 12/15/2017
Sequa Corp                  SQA      7.000    20.375 12/15/2017
Seventy Seven Energy Inc    SSE      6.500     4.500  7/15/2022
Seventy Seven
  Operating LLC             SSE      6.625    16.332 11/15/2019
Seventy Seven
  Operating LLC             SSE      6.625    38.000 11/15/2019
Seventy Seven
  Operating LLC             SSE      6.625    48.000 11/15/2019
Sidewinder Drilling Inc     SIDDRI   9.750    43.375 11/15/2019
Sidewinder Drilling Inc     SIDDRI   9.750    43.375 11/15/2019
Solazyme Inc                SZYM     6.000    51.734   2/1/2018
Speedy Cash Intermediate
  Holdings Corp             SPEEDY  10.750    55.000  5/15/2018
Speedy Cash Intermediate
  Holdings Corp             SPEEDY  10.750    55.500  5/15/2018
Speedy Cash Intermediate
  Holdings Corp             SPEEDY  10.750    55.125  5/15/2018
Speedy Cash Intermediate
  Holdings Corp             SPEEDY  10.750    55.125  5/15/2018
Speedy Group Holdings Corp  SPEEDY  12.000    54.000 11/15/2017
Speedy Group Holdings Corp  SPEEDY  12.000    54.000 11/15/2017
SquareTwo Financial Corp    SQRTW   11.625    26.000   4/1/2017
Stone Energy Corp           SGY      1.750    64.000   3/1/2017
SunEdison Inc               SUNE     2.000    29.625  10/1/2018
SunEdison Inc               SUNE     0.250    20.101  1/15/2020
Swift Energy Co             SFY      7.875     9.250   3/1/2022
Swift Energy Co             SFY      7.125     5.220   6/1/2017
Swift Energy Co             SFY      8.875     4.720  1/15/2020
Syniverse Holdings Inc      SVR      9.125    39.500  1/15/2019
TMST Inc                    THMR     8.000    15.250  5/15/2013
Talos Production LLC /
  Talos Production
  Finance Inc               TALPRO   9.750    34.750  2/15/2018
Talos Production LLC /
  Talos Production
  Finance Inc               TALPRO   9.750    35.000  2/15/2018
Terrestar Networks Inc      TSTR     6.500    10.000  6/15/2014
TetraLogic
  Pharmaceuticals Corp      TLOG     8.000    26.500  6/15/2019
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc               TXU     10.250     4.700  11/1/2015
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc               TXU     11.500    32.250  10/1/2020
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc               TXU     15.000     6.150   4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc               TXU     10.250     7.000  11/1/2015
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc               TXU     15.000     2.800   4/1/2021
Texas Competitive
   Electric Holdings
  Co LLC / TCEH
  Finance Inc               TXU     11.500    32.000  10/1/2020
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc               TXU     10.250     2.422  11/1/2015
Triangle USA
  Petroleum Corp            TPLM     6.750    18.000  7/15/2022
Triangle USA
  Petroleum Corp            TPLM     6.750    27.000  7/15/2022
UCI International LLC       UCII     8.625    28.750  2/15/2019
Vanguard Natural
  Resources LLC /
  VNR Finance Corp          VNR      7.875    16.100   4/1/2020
Venoco Inc                  VQ       8.875     4.992  2/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS     11.750    15.872  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS     11.750    18.500  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS     11.750     2.000  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS     11.750     7.250  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS     11.750     0.079  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS     11.750     7.250  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS     11.750     0.079  1/15/2019
W&T Offshore Inc            WTI      8.500    25.332  6/15/2019
Walter Energy Inc           WLTG     9.500    26.000 10/15/2019
Walter Energy Inc           WLTG     9.500    28.500 10/15/2019
Walter Energy Inc           WLTG     9.500    25.750 10/15/2019
Walter Energy Inc           WLTG     9.500    25.750 10/15/2019
iHeartCommunications Inc    IHRT    10.000    38.938  1/15/2018
iHeartCommunications Inc    IHRT     6.875    52.250  6/15/2018


                            *********

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

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

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

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

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

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

                            *********

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

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

Copyright 2016.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.

                   *** End of Transmission ***