TCR_Public/160215.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 15, 2016, Vol. 20, No. 46

                            Headlines

21ST CENTURY ONCOLOGY: Incurs $54.4 Million Net Loss in Q3
22ND CENTURY: Empery Asset Reports 7.2% Stake as of Feb. 2
30DC INC: Incurs $33,000 Net Loss in Second Quarter
ADVANCED MICRO: Vanguard Group Holds 8.1% Stake as of Dec. 31
AEOLUS PHARMACEUTICALS: Amends 73.4M Shares Resale Prospectus

AEROGROW INTERNATIONAL: Posts $1.7M Net Income for 3rd Quarter
ALASKA COMMUNICATIONS: Vanguard Reports 5% Stake as of Dec. 31
ALEXZA PHARMACEUTICALS: Grupo Ferrer Reports 12.1% Stake
ALLIANCE ONE: Aegis Financial Reports 13.2% Stake as of Dec. 31
ALLIANCE ONE: Delays Filing of Dec. 31 Quarterly Report

ALLIANCE ONE: Donald Smith Reports 9.7% Stake as of Dec. 31
ALLIANCE ONE: T. Rowe Price No Longer Owns Shares as of Dec. 31
ALLY FINANCIAL: Boston Partners Has 5.2% Stake as of Dec. 31
ALLY FINANCIAL: Held Investor Presentation in New York
ALLY FINANCIAL: Third Point No Longer a Shareholder as of Dec. 31

ALLY FINANCIAL: Vanguard Group Reports 6.1% Stake as of Dec. 31
AMERICAN AXLE: Vanguard Group Reports 10.2% Stake as of Dec. 31
AMERICAN COASTAL: Texas High Court Remands Railroad Commission Suit
AMERICAN POWER: Incurs $3.14 Million Net Loss in First Quarter
AMERICAN POWER: Reports First Quarter Fiscal 2016 Results

AMERLINK LTD: N.C. Ct. App. Reverses Trial Court Ruling in "Spoor"
AMPLIPHI BIOSCIENCES: Broadfin Has 9.9% Stake as of Dec. 31
ANACOR PHARMACEUTICALS: Baker Bros, et al., Report 11% Stake
ANACOR PHARMACEUTICALS: FMR LLC Reports 14.9% Stake as of Dec. 31
ANACOR PHARMACEUTICALS: Vanguard Has 6.1% Stake as of Dec. 31

ANACOR PHARMACEUTICALS: Wellington Mgmt, et al., Hold 4.7% Stake
ARKANOVA ENERGY: Incurs $640,000 Net Loss in First Quarter
ATLANTIC POWER: S&P Raises CCR to 'B+', Outlook Stable
BASHAS' INC: 9th Cir. Remands RKAA Conversion Claims Dispute
BAUER AND BLUE: Four Firms Guide Hotel Group's $123M Restructuring

BERRY PLASTICS: College Retirement Reports 2.9% Stake as of Dec. 31
BERRY PLASTICS: Posts $4 Million Net Income for First Quarter
BERRY PLASTICS: Reports First Quarter Fiscal 2016 Results
BERRY PLASTICS: Teachers Advisors Reports 1.5% Equity Stake
BERRY PLASTICS: TIAA-CREF Investment Holds 5% Stake as of Dec. 31

BERRY PLASTICS: Vanguard Group Reports 7.8% Stake as of Dec. 31
BR ENTERPRISES: Plan Confirmed After Deal Reached with Bank
BR ENTERPRISES: Terms of Third Amended Chapter 11 Plan
BURCON NUTRASCIENCE: Incurs C$1.6 Million Net Loss in 3rd Quarter
CAESARS ENTERTAINMENT: To Miss Restructuring Deadline

CARDIAC SCIENCE: Lists $45MM in Assets, $104MM in Debts
CARTER REESE: Court Partially Dismisses Suit vs. Pook & Pook
CATHAY BANK: Fitch Affirms 'BB+' IDR & Revises Outlook to Pos.
CITIUS PHARMACEUTICALS: Incurs $1.22 Million Net Loss in Q1
CLIFFS NATURAL: BlackRock Reports 6.2% Stake as of Dec. 31

CLIFFS NATURAL: G1 Execution Reports 2.6% Stake as of Dec. 31
CLIFFS NATURAL: State Street Reports 5.3% Stake as of Dec. 31
CLIFFS NATURAL: Vanguard Group Reports 5.9% Stake as of Dec. 31
COCRYSTAL PHARMA: Licenses CRISPR Cas Technologies
COMSTOCK MINING: Palmedo Reports 5.2% Stake as of Dec. 31

CRYOPORT INC: Incurs $2.99 Million Net Loss in Third Quarter
CRYOPORT INC: Mitchell Kopin Reports 3.1% Stake as of Dec. 31
CTI BIOPHARMA: BlackRock Reports 4.5% Stake as of Jan. 31
CTI BIOPHARMA: IND for Pacritinib Placed Under Full Clinical Hold
CUI GLOBAL: Marathon Capital Reports 5.9% Stake as of Dec. 31

CUI GLOBAL: Orbital Awarded First Purchase Order for GasPT Tech
CUI GLOBAL: Trigran Investments Reports 6.3% Stake as of Dec. 31
DATA SYSTEMS: Case Summary & 5 Largest Unsecured Creditors
DEB STORES: Deadline to Remove Suits Extended to April 21
DELTA AIR: Moody's Hikes Senior Unsecured Debt Rating From Ba3

DEXIA CREDIT: S&P Lowers Rating on 2008A and B Bonds to 'B+'
DIFFERENTIAL BRANDS: Knight's Bridge Holds 6.5% Stake as of Jan. 28
DIFFUSION PHARMACEUTICALS: David Smith, et al, Hold 5.8% Stake
DIVERSIFIED RESOURCES: Acquires Diversified Energy for 20M Shares
DRAFTDAY FANTASY: Borrows $580,000 From Sillerman

DRAFTDAY FANTASY: Kyle Brink Resigns as General Manager
DRAFTDAY FANTASY: Makes Changes to Board Committees Composition
ENERGY & EXPLORATION: Reaches Restructuring Plan with Lenders
ENERGY FUTURE: Oncor Utility REIT Deal Faces Headwinds in Texas
ENRON CORP: DC Circ. Denies Quick Win Over Unit's Nigeria Contract

ESCO MARINE: Gets Approval of Settlement With Callidus, Committee
ESCO MARINE: Seeks Approval to Settle Dispute With Thalheimer
EXELIXIS INC: BlackRock Reports 7% Equity Stake as of Dec. 31
EXELIXIS INC: Vanguard Group Holds 6.8% Stake as of Dec. 31
FANNIE MAE & FREDDIE MAC: Fresh Attack on Profit Sweep in N.D. Ill.

FINJAN HOLDINGS: Releases Update to The Finjan Mobile Browser
FIRST DATA: BlackRock Holds 4.9% of Class A Shares as of Jan. 31
FIRST DATA: Executive Vice President Sanjiv Das Departs
FIRST DATA: Reports Fourth Quarter 2015 Financial Results
FIRST DATA: Vanguard Group Reports 7.9% Stake as of Dec. 31

FOREST PARK MEDICAL: HCA Agrees to Buy Forest Park Frisco
FOREST PARK SOUTHLAKE: Court Okays $16.3M in Financing
FREEDOM INDUSTRIES: Former Exec. Gets 1 Month Prison, $20K Fines
FTE NETWORKS: Appoints Chris Ferguson to Board of Directors
FUSION TELECOMMUNICATIONS: Unterberg Capital Holds 27.2% Stake

GELTECH SOLUTIONS: Issues $150,000 Convertible Note to M. Reger
GINGER OIL: Has Court Okay to Use Cash Collateral
HAMPTON CSD: Moody's Raises Rating on $5.9MM GO Debt to Ba2
HEMCON MEDICAL: Wins Approval to Hold April Auction
HOVNANIAN ENTERPRISES: Vanguard Has 4.4% Stake as of Dec. 31

IHS INC: S&P Assigns 'BB+' Rating on New &550MM Unsecured Loan
INTERLEUKIN GENETICS: Merlin Nexus Has 4.4% Stake as of Dec. 31
INVENTIV HEALTH: Decides to Pay Notes Interest in Cash
ISTAR FINANCIAL: Diamond Hill Reports 8.6% Stake as of Dec. 31
ISTAR INC: FMR LLC Holds 5.2% Equity Stake as of Dec. 31

ISTAR INC: Vanguard Group Files Amended Schedule 13G with SEC
JEFFERSONVILLE HEALTHCARE: To Close After Medicaid Ruling
JERSEY SHORE: Feb. 25 Meeting Set to Form Creditors' Panel
JOYCE LESLIE: Real Estate Lease Auction Set for Feb. 16
KEYSTONE LUXURY: Case Summary & 6 Largest Unsecured Creditors

LEHMAN BROTHERS: Gets Court Nod of $1.42-Bil. JPMorgan Settlement
LEVEL 3: Vanguard Group Holds 6.9% Equity Stake as of Dec. 31
MAGNUM HUNTER: S&P Withdraws 'D' Corporate Credit Rating
MAGNUM HUNTER: Shareholders to Challenge $900M Valuation
MALIBU LIGHTING: April 5 Fixed as Governmental Bar Date

MALIBU LIGHTING: Court Approves NCOC's $1.8MM Wind-Down Reserve
MALIBU LIGHTING: Files Rule 2015.3 Report for Brinkmann Unit
MARK CULP: Couple Lacking Income Can't Convert Ch. 7 Case
MAUI LAND: TSP Capital Reports 6.9% Stake as of Dec. 31
MAUI LAND: ValueWorks Reports 6% Stake as of Dec. 31

MCCLATCHY CO: Contrarius Investment Owns 10.6% of Class A Shares
MCCLATCHY CO: Reports Fourth Quarter 2015 Results
MEMORIAL HEALTH: Fitch Affirms 'BB' Rating on $60MM 2015 Rev. Bonds
MERRIMACK PHARMACEUTICALS: FMR LLC Reports 14.9% Stake
MERRIMACK PHARMACEUTICALS: Teachers Advisors Has 2.3% Stake

MERRIMACK PHARMACEUTICALS: TIAA-CREF Reports 4.4% Equity Stake
MERRIMACK PHARMACEUTICALS: Vanguard Has 8.9% Stake as of Dec. 31
MGM RESORTS: T. Row Price Reports 13.9% Stake as of Dec. 31
MGM RESORTS: Vanguard Group Reports 5.5% Stake as of Dec. 31
MID-SOUTH BUSINESS: "Windham" Suit Referred to Bankruptcy Court

MILESTONE SCIENTIFIC: Offering $30-Mil. Worth of Securities
MOLYCORP INC: Oaktree Continues to Battle with Creditors
MONEY CENTERS: QCA Can Intervene in Casino Caribbean's Suit
MONITOR COMPANY: Trustee Allowed to Amend Suit vs. James Haskett
MOUNTAIN PROVINCE: BlackRock Has 8.7% Stake as of Dec. 31

MUSCLEPHARM CORP: Ex-President Files Suit for Breach of Contract
NANOSPHERE INC: Perkins Capital Reports 22.4% Stake as of Dec. 31
NAPA CHRYSLER: Case Summary & 20 Largest Unsecured Creditors
NAPA CHRYSLER: Files for Chapter 11 Bankruptcy Protection
NATIONAL CINEMEDIA: Vanguard Reports 6.6% Stake as of Dec. 31

NAVISTAR INTERNATIONAL: Hotchkis and Wiley Reports 13.8% Stake
NAVISTAR INTERNATIONAL: Stockholders Elect 8 Directors
NEONODE INC: AWM Investment Reports 9.2% Stake as of Dec. 31
NEONODE INC: FMR LLC Reports 8.4% Equity Stake as of Feb. 12
NEP/NCP HOLDCO: S&P Affirms 'B' CCR & Revises Outlook to Negative

NEW ENGLAND COMPOUNDING: Over $2.2M Allowed as Trustee's Fees
NORTEL NETWORKS: Bid to Dismiss Suit vs. EMEA Debtors Denied
NORTH ATLANTIC TRADING: S&P Revises Outlook to Stable
OUTER HARBOR: Has Interim OK to Obtain Bankruptcy Loan
PARAGON OFFSHORE: Enters Into Settlement Agreement with Noble

PARAGON OFFSHORE: To File for Bankruptcy With Prearranged Plan
PEABODY ENERGY: To Draw Down Rest of $1.65-Bil. Loan
PEP BOYS-MANNY: S&P Withdraws 'B' CCR Following Acquisition
PHOTOMEDEX INC: Paradigm Capital Has 5.5% Stake as of Feb. 13
PICO HOLDINGS: Leslie & Deuster Quit Board, Brownstein & Marino In

PINNACLE RESORT: Case Summary & 20 Largest Unsecured Creditors
PLY GEM HOLDINGS: Fred Iseman Reports 69.1% Stake as of Dec. 31
PLY GEM HOLDINGS: Gary Robinette Reports 1.6% Stake as of Dec. 31
PUERTO RICO: Needs to Reduce Spending, Bonds Insurer Says
QUANTUM CORP: Vanguard Group Reports 4.8% Stake as of Dec. 31

QUIKSILVER INC: Emerges From Chapter 11 Bankruptcy
RENAISSANCE BROADCASTING: Court Refuses to Vacate Trustee Order
RETROPHIN INC: Consonance Capman Reports 9.6% Stake as of Dec. 31
RETROPHIN INC: QVT Financial Reports 0.63% Stake as of Dec. 31
RITE AID: T. Rowe Price Reports 5.2% Stake as of Dec. 31

RITE AID: Vanguard Group Reports 6.7% Stake as of Dec. 31
SAN BERNARDINO, CA: Firefighters' Bid for Relief from Stay Denied
SANTA FE GOLD: Case Dismissal, $500K for Unsec. Creditors Agreed
SANTA FE GOLD: Court Okays Sale to Lone Bidder Waterton
SANTA FE GOLD: Former President to Get 2.5% NPI in Summit Mine

SCC PARTNERS: Files for Chapter 11 Bankruptcy Protection
SEANERGY MARITIME: Jelco Delta Has 90.8% Stake as of Jan. 27
SEARS HOLDINGS: Liquidity Worsens with 4th Qtr. Results, Fitch Says
SEQUENOM INC: Camber Capital Holds 14.5% Stake as of Dec. 31
SEQUENOM INC: Camber Capital Holds 14.5% Stake as of Dec. 31

SEQUENOM INC: Vanguard Group Reports 7.7% Stake as of Dec. 31
SHERIDAN FUND I: S&P Lowers LT Issuer Credit Ratings to 'SD'
SHERIDAN FUND II: S&P Lowers LT Issuer Credit Ratings to 'SD'
SIGNAL INTERNATIONAL: GGG Partners Settles Max Specialty Claim
SPANISH BROADCASTING: PlusTick Management Reports 8.6% Stake

SPANISH BROADCASTING: Renaissance Tech Holds 6.8% of CL-A Shares
SPORTS AUTHORITY: Must Reinvent Sales & Merchandising Strategies
STOCKTON, CA: Fact Discovery Deadline Moved to March 30
SUMMIT III: Duet Wins Partial Summary Judgment in Clawback Claims
SUN BANCORP: FJ Capital Mgt. Reports 5.5% Stake as of Dec. 31

SUNDEVIL POWER: Joint Administration of Cases Sought
SUNEDISON INC: Investors Win Restraining Order
SYNOVUS FINANCIAL: Fitch Affirms 'BB+' Subordinated Debt Rating
TEMPLAR ENERGY: S&P Affirms 'CC' Rating on 2nd-Lien Debt
TENET HEALTHCARE: Harris Associates Has 8.4% Stake as of Dec. 31

TENET HEALTHCARE: Vanguard Group Reports 8.2% Stake as of Dec. 31
TENET HEALTHCHARE: Waddell & Reed Has 7.3% Stake as of Dec. 31
THERAPEUTICSMD INC: Wellington Mgt. Has 12.9% Stake as of Dec. 31
TRUSLOW LLC: Voluntary Chapter 11 Case Summary
TUSA-EXPO HOLDINGS: 5th Cir. Affirms Ruling Favoring Knoll Inc.

VIASAT INC: S&P Affirms 'B+' CCR & Revises Outlook to Positive
VUZIX CORP: Orin Hirschman Reports 8% Stake as of Dec. 31
WCI COMMUNITIES: Revolver Debt Upsize No Impact on Moody's B3 CFR
WEEKLEY HOMES: S&P Revises Outlook to Neg. & Affirms 'BB-' CCR
WEST CORP: FMR LLC Reports 11% Equity Stake as of Dec. 31

WEST CORP: Thomas H. Lee Reports 21.8% Equity Stake as of Dec. 31
WESTMORELAND COAL: Holds Conference Call to Provide Update
WPCS INT'L: Renaissance Technologies Holds 5.2% Stake as of Nov. 18
YASHAMAR INC: Case Summary & 5 Largest Unsecured Creditors
YRC WORLDWIDE: Masters Capital Holds 6.6% Stake as of Dec. 31

YRC WORLDWIDE: Senvest Management Stake at 0.32% as of Dec. 31
ZLOOP INC: Paid for CEO Son's Racing Career
ZOGENIX INC: Broadfin Capital Reports 4.4% Stake as of Dec. 31
ZOGENIX INC: Federated Investors Has 13% Stake as of Dec. 31
ZOGENIX INC: FMR LLC Reports 13.6% Stake as of Dec. 31

ZOHAR CDO 2003-1: Patriarch Withdraws Involuntary Petitions
ZYNEX INC: Michael Hartberger Named Chief Operating Officer
[*] 8 Firms Boast the Most Client-Savvy Attorneys, Says Law360
[*] Dickstein Shapiro to Merge with Blank Rome
[*] Financial Institution Bankruptcy Act Approved

[*] GCs Name Best of the Best Attorneys
[*] Moody's Concludes Reviews for 11 US Ba-rated E&P Companies
[^] BOND PRICING: For the Week from February 8 to 12, 2016

                            *********

21ST CENTURY ONCOLOGY: Incurs $54.4 Million Net Loss in Q3
----------------------------------------------------------
21st Century Oncology Holdings, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $54.44 million on $257.98 million of total revenues for
the three months ended Sept. 30, 2015, compared to a net loss of
$86.64 million on $257.61 million of total revenues for the same
period in 2014.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss of $129.84 million on $821.67 million of total revenues
compared to a net loss of $320.49 million on $756.91 million of
total revenues for the nine months ended Sept. 30, 2014.

As of Sept. 30, 2015, the Company had $1.09 billion in total
assets, $1.33 billion in total liabilities, $370.47 million in
series A convertible redeemable preferred stock, $19.93 million in
noncontrolling interests and a $623.11 million total deficit.

Certain of the financial information contained in the Quarterly
Report updates and adjusts the preliminary financial results for
the same period set forth in a press release issued by the Company
and furnished to the SEC as Exhibit 99.1 to Form 8-K on Nov. 16,
2015, due to the completion of the Company's financial closing
procedures for the quarter ended Sept. 30, 2015.  The updates and
adjustments relate to additional accrual resulting from the GAMMA
investigation matter, recognition of the Company's freestanding
warrants and the accretion of the Company's Series A Convertible
Preferred Stock.  The Company recognized an additional accrual of
$29.0 million related to the GAMMA investigation matter, recognized
an additional liability of $3.8 million with respect to the
recognition of the freestanding warrants, decreased the amount of
the Series A Convertible Preferred Stock by $33.7 million,
increased additional paid-in capital by $30.7 million and decreased
retained deficit by $29.8 million.

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

                       http://is.gd/DXsZ8I

                       About 21st Century
  
21st Century Oncology, Inc., formerly known as Radiation Therapy
Services, Inc. ("RTS") owns and operates radiation treatment
facilities in the US and Latin America.

                            *     *     *

As reported by the TCR on Feb. 27, 2015, Moody's Investors Service
upgraded 21st Century Oncology, Inc.'s Corporate Family Rating and
Probability of Default Rating to B3 and B3-PD, respectively.
The upgrade of the Corporate Family Rating to B3 and SGL to SGL-2
reflects the receipt of a $325 million preferred equity investment
from the Canada Pension Plan Investment Board and subsequent debt
reduction.

In the April 16, 2015, edition of the TCR, Standard & Poor's
Ratings Services affirmed its 'B-' corporate credit rating on Fort
Myers-based cancer care provider 21st Century Oncology Holdings
Inc.


22ND CENTURY: Empery Asset Reports 7.2% Stake as of Feb. 2
----------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Empery Asset Management, LP, Ryan M. Lane and Martin D.
Hoe disclosed that as of Feb. 2, 2016, they beneficially own
5,479,836 shares of Common Stock and 3,000,001 shares of Common
Stock issuable upon exercise of Warrants of 22nd Century Group,
Inc. representing 7.21 percent of the shares outstanding.  A copy
of the regulatory filing is available at http://is.gd/BBaWb6

                      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.


30DC INC: Incurs $33,000 Net Loss in Second Quarter
---------------------------------------------------
30DC, Inc., filed with the Securities and Exchange Commission its
quarterly report on Form 10-Q disclosing a net loss of $33,491 on
$227,855 of total revenue for the three months ended Dec. 31, 2015,
compared to a net loss of $218,693 on $49,583 of total revenue for
the same period in 2014.

For the six months ended Dec. 31, 2015, the Company reported a net
loss of $404,093 on $295,760 of total revenue compared to a net
loss of $187,013 on $652,827 of total revenue for the six months
ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $1.14 million in total assets,
$2.48 million in total liabilities, and a $1.33 million total
stockholders' deficit.

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

                      http://is.gd/uFeLjG

                        About 30DC Inc.

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

30DC reported a net loss of $1.59 million on $738,000 of total
revenue for the year ended June 30, 2015, compared to net income of
$58,918 on $2.35 million of total revenue for the year ended June
30, 2014.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended June 30, 2015, citing that the Company has accumulated losses
from operations since inception and has a working capital deficit
as of June 30, 2015.  These conditions raise substantial doubt
about the Company's ability to continue as a going concern.


ADVANCED MICRO: Vanguard Group Holds 8.1% Stake as of Dec. 31
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2015,
it beneficially owns 64,096,698 shares of common stock of Advanced
Micro Devices Inc., representing 8.08 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/Xquqza

                   About Advanced Micro Devices

Sunnyvale, California-based Advanced Micro Devices, Inc., is a
global semiconductor company.  The Company's products include x86
microprocessors and graphics.

                          *     *     *

As reported by the TCR on Oct. 22, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Sunnyvale,
Calif.-based Advanced Micro Devices Inc. to 'CCC+' from 'B-'.  
"The downgrade reflects our expectation that AMD will experience a
more gradual return to revenue growth, ongoing competitive
challenges to restore operating profitability, and more severe
operating losses and negative free cash flow through 2016 than we
had previously forecast, despite recent improvements to its
liquidity," said Standard & Poor's credit analyst John Moore.

As reported by the TCR on June 5, 2014, Fitch Ratings had upgraded
the long-term Issuer Default Rating (IDR) for AMD (NYSE: AMD) to
'B-' from 'CCC'.  The upgrade primarily reflects AMD's improved
financial flexibility from recent refinancing activity, which
extends meaningful debt maturities until 2019.

In July 2015, Moody's Investors Service lowered Advanced Micro
Devices, Inc's ("AMD") corporate family rating to Caa1 from B3, and
the ratings on the senior unsecured notes to Caa2 from Caa1.  
The downgrade of the corporate family rating to Caa1 reflects AMD's
prospects for ongoing operating losses over the next year and
negative free cash flow.


AEOLUS PHARMACEUTICALS: Amends 73.4M Shares Resale Prospectus
-------------------------------------------------------------
Aeolus Pharmaceuticals, Inc., filed with the Securities and
Exchange Commission an amended Form S-1 registration statement
relating to the offer and sale from time to time by certain selling
stockholders of up to 73,432,471 shares of the Company's common
stock, par value $0.01 per share.  The Company amended the
Registration Statement to delay its effective date.

The shares include:

   (i) 15,629,676 shares of common stock issued and outstanding;

  (ii) 20,454,546 shares of common stock issuable upon conversion
       of Series C Convertible Preferred Stock; and

(iii) 37,298,249 shares of common stock issuable upon exercise of
       warrants, all of which were issued in connection with a
       private placement which closed in December of 2015.

This prospectus also relates to 50,000 shares of the Company's
common stock issuable upon the exercise of warrants that the
Company issued in 2014.  

The Company is not selling any common stock under this prospectus
and will not receive any of the proceeds from the sale of shares by
the selling stockholders; however, the Company will receive the
proceeds of any cash exercise of the warrants.

Other than underwriting discounts and commissions, and transfer
taxes, if any, the Company has agreed to bear certain expenses
incurred in connection with the registration and sale of the common
stock offered by the selling stockholders.

The Company's common stock is quoted on the OTC Bulletin Board
under the symbol "AOLS."  On Feb. 2, 2016, the closing price of its
common stock was $0.20 per share.

A full-text copy of the Form S-1/A is available for free at:

                      http://is.gd/Br1r6Y

                 About Aeolus Pharmaceuticals

Mission Viejo, California-based Aeolus Pharmaceuticals, Inc., is a
Southern California-based biopharmaceutical company leveraging
significant government investment to develop a platform of novel
compounds in oncology and biodefense.  The platform consists of
over 200 compounds licensed from Duke University and National
Jewish Health.

The Company's lead compound, AEOL 10150, is being developed as a
medical countermeasure ("MCM") against the pulmonary sub-syndrome
of acute radiation syndrome ("Pulmonary Acute Radiation Syndrome"
or "Lung-ARS") as well as the gastrointestinal sub-syndrome of
acute radiation syndrome ("GI-ARS").  Both syndromes are caused by
acute exposure to high levels of radiation due to a radiological
or nuclear event.  It is also being developed for use as a MCM for
exposure to chemical vesicants such as chlorine gas, sulfur
mustard gas and nerve agents.

Aeolus reported a net loss of $2.62 million for the fiscal year
ended Sept. 30, 2015, compared to a net loss of $80,000 for the
fiscal year ended Sept. 30, 2014.

As of Sept. 30, 2015, the Company had $1.77 million in total
assets, $2.62 million in total liabilities and a total
stockholders' deficit of $845,000.


AEROGROW INTERNATIONAL: Posts $1.7M Net Income for 3rd Quarter
--------------------------------------------------------------
Aerogrow International, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income attributable to common shareholders of $1.77 million on
$11.9 million of net revenue for the three months ended Dec. 31,
2015, compared to net income attributable to common shareholders of
$1.02 million on $10.98 million of net revenue for the same period
in 2014.

For the nine months ended Dec. 31, 2015, the Company reported net
income attributable to common shareholders of $782,000 on $14.6
million of net revenue compared to a net loss attributable to
common shareholders of $422,000 on $14.4 million of net revenue for
the nine months ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $15.04 million in total
assets, $12.5 million in total liabilities, all current, and $2.58
million in total stockholders' equity.

"I am extremely pleased with our December quarter results," said
President and CEO J. Michael Wolfe.  "We set out to achieve three
key strategic objectives during this critical selling period, and
we were successful in our execution of all three.  The first was to
continue to grow our top line sales, which we did with huge gains
at Amazon.com (up over 100% vs. last year), solid progress at
Costco.com and other on-line retailers, and in multiple entries
into the housewares channel. Our Direct-to-Consumer channel also
demonstrated solid sales gro wth.

"Second, was to make significant improvements in our gross margin,
and we did exactly that with a 720 basis point improvement vs. last
year.  This improvement was achieved through (1) cost-outs in our
supply chain, (2) revised product pricing resulting in higher
selling costs, and (3) a focus on selling to retail partners with
distribution models that allow us to achieve higher margins.

"Our third key goal was to increase the general brand and category
awareness of our products in the minds of targeted consumers.  This
was successfully achieved through a broad advertising campaign
featuring a series of new commercials for use on TV and in digital
media.  I'm confident that these spots helped drive awareness and
-- ultimately -- sell thru in both the retail and direct to
consumer channel and will continue to add long-term sales lift,
especially when combined with our planned future advertising
initiatives.  If you missed the airings, you can click here to see
a 120 second version of the spot."

"In addition, we launched an innovative new line of AeroGarden
products during the quarter.  These all new AeroGardens captured
the vision that we've been working on for several years -- they are
great looking, grow better than ever and have an efficient
footprint for kitchen countertops.  These new products were very
well received, with all new gardens representing 46% of total
garden sales for the quarter.

"I am also very excited about a series of successful tests we had
in our emerging housewares channel.  We were featured at Bed, Bath
& Beyond (both in-store and online), QVC, and are currently rolling
out at Sur La Table stores nationwide.  We are finding that
customers who shop at these retailers are highly aligned with our
target demographic, making the houseware channel exactly where
customers expect to find AeroGardens.  We also began the process of
selling internationally with a launch on Amazon.uk.

"We are very proud of these results and the progress that we have
made.  We now look forward to continuing our trend of growth,
margin, and profitability improvements while developing additional
sales channels, continuing to innovate our product line and further
establishing our brand.

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

                     http://is.gd/Z3t0Xq

                       About AeroGrow

Boulder, Colo.-based AeroGrow International, Inc., is a developer,
marketer, direct-seller, and wholesaler of advanced indoor garden
systems designed for consumer use and priced to appeal to the
gardening, cooking, and healthy eating, and home and office decor
markets.

AeroGrow reported a net loss attributable to common shareholders of
$1.5 million on $17.9 million of net revenue for the year ended
March 31, 2015, compared with a net loss attributable to common
shareholders of $4.1 million on $9.3 million of of net revenue for
the year ended March 31, 2014.


ALASKA COMMUNICATIONS: Vanguard Reports 5% Stake as of Dec. 31
--------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2015,
it beneficially owns 2,535,820 shares of common stock of
Alaska Communications Systems Group Inc. representing 5.02 percent
of the shares outstanding.  A copy of the regulatory filing is
available for free at http://is.gd/feJ92T

                   About Alaska Communications

Alaska Communications Systems Holdings, Inc., a Delaware
corporation, and its Subsidiaries, is engaged principally in
providing local telephone, wireless, Internet, interexchange
network and other services to its retail consumer and business
customers and wholesale customers in the State of Alaska through
its telecommunications subsidiaries.  The Company was formed in
October of 1998 for the purpose of acquiring and operating
telecommunications properties.  The Company is a wholly owned
subsidiary of Alaska Communications Systems Group, Inc.

                           *    *     *

As reported by the TCR on Dec. 10, 2014, Moody's Investors Service
has affirmed Alaska Communications Systems Holdings' ("ACSH" or
"the company") B2 Corporate Family Rating ("CFR") following the
announcement that the company will sell its wireless subscriber
base and its remaining one-third interest in the Alaska Wireless
Network ("AWN") to GCI, Inc. ("GCI") for $300 million.  ACSH's B2
CFR continues to reflect the secular challenges confronting its
legacy wireline business, the company's competitive position versus
incumbent cable operator GCI and the loss of its wireless
operations.

The Company carries a 'B+' corporate credit rating from
Standard & Poor's Ratings Services.


ALEXZA PHARMACEUTICALS: Grupo Ferrer Reports 12.1% Stake
--------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Grupo Ferrer Internacional, S.A. disclosed that as of
Dec. 31, 2015, it beneficially owns 2,366,935 shares of common
stock of Alexza Pharmaceuticals, Inc. representing 12.1 percent
based upon 19,577,729 shares of the Issuer's common stock
outstanding as of Dec. 31, 2015.  A copy of the regulatory filing
is available for free at http://is.gd/zYJeFt

                About Alexza Pharmaceuticals, Inc.

Alexza Pharmaceuticals is focused on the research, development, and
commercialization of novel, proprietary products for the acute
treatment of central nervous system conditions.  Alexza's products
and development pipeline are based on the Staccato(R) system, a
hand-held inhaler designed to deliver a pure drug aerosol to the
deep lung, providing rapid systemic delivery and therapeutic onset,
in a simple, non-invasive manner.  Active pipeline product
candidates include AZ-002 (Staccato alprazolam) for the management
of epilepsy in patients with acute repetitive seizures and AZ-007
(Staccato zaleplon) for the treatment of patients with middle of
the night insomnia.

Alexza Pharmaceuticals reported a net loss of $36.7 million in 2014
compared to a net loss of $39.6 million in 2013.

As of Sept. 30, 2015, the Company had $26.2 million in total
assets, $95.1 million in total liabilities and a $68.8 million
total stockholders' deficit.

Ernst & Young LLP, in Redwood City, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.


ALLIANCE ONE: Aegis Financial Reports 13.2% Stake as of Dec. 31
---------------------------------------------------------------
Aegis Financial Corporation disclosed in an amended Schedule 13G
filed with the Securities and Exchange Commission that as of
Dec. 31, 2015, it beneficially owns 1,175,914 shares of common
stock of Alliance One International, Inc. representing 13.24
percent of the shares outstanding.  Scott L. Barbee also reported
beneficial ownership of 1,244,414 common shares.  A copy of the
regulatory filing is available for free at http://is.gd/pW8LMk

                       About Alliance One

Alliance One International is principally engaged in purchasing,
processing, storing, and selling leaf tobacco.  The Company
purchases tobacco primarily in the United States, Africa, Europe,
South America and Asia for sale to customers primarily in the
United States, Europe and Asia.

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-'.


ALLIANCE ONE: Delays Filing of Dec. 31 Quarterly Report
-------------------------------------------------------
Alliance One International, Inc. filed with the U.S. Securities and
Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its quarterly report on Form 10-Q for the quarter ended
Dec. 31, 2015.     
     
Alliance One said it is in the process of investigating
discrepancies in accounts receivable and inventory of Alliance One
Tobacco (Kenya) Limited that were discovered in the course of
implementing current global restructuring and cost-saving
initiatives.  As a result of the continued investigation, the
Company was unable to file its Form 10-Q for the three months ended
Dec. 31, 2015, by the prescribed due date without unreasonable
expense or delay.  

The Company related it is working toward filing the Form 10-Q as
soon as practicable.  At this time, the Company said it is unable
to represent that the Form 10-Q will be filed on or before the
fifth calendar day following its prescribed due date.

Based on current information, the Company 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 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.

                      About Alliance One

Alliance One International is principally engaged in purchasing,
processing, storing, and selling leaf tobacco.  The Company
purchases tobacco primarily in the United States, Africa, Europe,
South America and Asia for sale to customers primarily in the
United States, Europe and Asia.

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-'.


ALLIANCE ONE: Donald Smith Reports 9.7% Stake as of Dec. 31
-----------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Donald Smith & Co., Inc., disclosed that as of Dec. 31,
2015, it beneficially owns 944,054 shares of common stock of
Alliance One International, Inc. representing 9.76 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/kw8mol

                      About Alliance One

Alliance One International is principally engaged in purchasing,
processing, storing, and selling leaf tobacco.  The Company
purchases tobacco primarily in the United States, Africa, Europe,
South America and Asia for sale to customers primarily in the
United States, Europe and Asia.

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-'.


ALLIANCE ONE: T. Rowe Price No Longer Owns Shares as of Dec. 31
---------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, T. Rowe Price Associates, Inc. disclosed that as of
Dec. 31, 2015, it ceased to be the beneficial owner of shares of
common stock of Alliance One International Inc.  A copy of the
regulatory filing is available at http://is.gd/T3MnHV

                       About Alliance One

Alliance One International is principally engaged in purchasing,
processing, storing, and selling leaf tobacco.  The Company
purchases tobacco primarily in the United States, Africa, Europe,
South America and Asia for sale to customers primarily in the
United States, Europe and Asia.

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-'.


ALLY FINANCIAL: Boston Partners Has 5.2% Stake as of Dec. 31
------------------------------------------------------------
Boston Partners reported in a Schedule 13G filed with the
Securities and Exchange Commission that as of Dec. 31, 2015, it
beneficially owns 25,305,495 shares of common stock of Ally
Financial Inc. representing 5.25 percent of the shares outstanding.
A copy of the regulatory filing is available for free at
http://is.gd/3UOyVb

                        About Ally Financial

Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/--
is one of the world's largest automotive financial services
companies.  The Company offers a full suite of automotive
financing products and services in key markets around the world.
Ally's other business units include mortgage operations and
commercial finance, and the company's subsidiary, Ally Bank,
offers online retail banking products.  Ally operates as a bank
holding company.

GMAC obtained a $17 billion bailout from the U.S. government in
exchange for a 56.3 percent stake.  Private equity firm Cerberus
Capital Management LP keeps 14.9 percent, while General Motors Co.
owns 6.7 percent.

As of Sept. 30, 2015, the Company had $156 billion in total assets,
$142 billion in total liabilities, and $14.6 billion in total
equity.

                           *     *     *

As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings
Services said it raised its issuer credit rating on Ally Financial
Inc. to 'BB' from 'B+'.  "The upgrade reflects the company's
release from potential legal and financial liabilities stemming
from its ownership of ResCap," said Standard & Poor's credit
analyst Tom Connell.

In the April 3, 2014, edition of the TCR, Fitch Ratings has
upgraded Ally Financial Inc.'s long-term Issuer Default Rating
(IDR) and senior unsecured debt rating to 'BB+' from 'BB'.
The rating upgrade reflects increased clarity around Ally's
ownership structure given Ally's recent announcement that it has
launched an initial public offering those shares of its common
stock held by the U.S. Treasury (the Treasury).

As reported by the TCR on July 16, 2014, Moody's Investors Service
affirmed the 'Ba3' corporate family and 'B1' senior unsecured
ratings of Ally Financial, Inc. and revised the outlook for the
ratings to positive from stable.  Moody's affirmed Ally's ratings
and revised its rating outlook to positive based on the company's
progress toward sustained improvements in profitability and
repayment of government assistance received during the financial
crisis.


ALLY FINANCIAL: Held Investor Presentation in New York
------------------------------------------------------
Members of management of Ally Financial Inc. presented to investors
at its inaugural Investor Day in New York City on Feb. 11, 2016.
The agenda of the presentation are: (i) Enterprise Overview and
Strategy, (ii) Dealer Financial Services, (iii) Deposits and
Customer Products, (iv) Risk Management, (v) Financial Overview and
Outlook (vi) Closing Comments of CEO and Q&A.  The presentation
available for free at http://is.gd/elng1H

                       About Ally Financial

Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/--
is one of the world's largest automotive financial services
companies.  The Company offers a full suite of automotive
financing products and services in key markets around the world.
Ally's other business units include mortgage operations and
commercial finance, and the company's subsidiary, Ally Bank,
offers online retail banking products.  Ally operates as a bank
holding company.

GMAC obtained a $17 billion bailout from the U.S. government in
exchange for a 56.3 percent stake.  Private equity firm Cerberus
Capital Management LP keeps 14.9 percent, while General Motors Co.
owns 6.7 percent.

As of Sept. 30, 2015, the Company had $156 billion in total assets,
$142 billion in total liabilities, and $14.6 billion in total
equity.

                           *     *     *

As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings
Services said it raised its issuer credit rating on Ally Financial
Inc. to 'BB' from 'B+'.  "The upgrade reflects the company's
release from potential legal and financial liabilities stemming
from its ownership of ResCap," said Standard & Poor's credit
analyst Tom Connell.

In the April 3, 2014, edition of the TCR, Fitch Ratings has
upgraded Ally Financial Inc.'s long-term Issuer Default Rating
(IDR) and senior unsecured debt rating to 'BB+' from 'BB'.
The rating upgrade reflects increased clarity around Ally's
ownership structure given Ally's recent announcement that it has
launched an initial public offering those shares of its common
stock held by the U.S. Treasury (the Treasury).

As reported by the TCR on July 16, 2014, Moody's Investors Service
affirmed the 'Ba3' corporate family and 'B1' senior unsecured
ratings of Ally Financial, Inc. and revised the outlook for the
ratings to positive from stable.  Moody's affirmed Ally's ratings
and revised its rating outlook to positive based on the company's
progress toward sustained improvements in profitability and
repayment of government assistance received during the financial
crisis.


ALLY FINANCIAL: Third Point No Longer a Shareholder as of Dec. 31
-----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Third Point LLC and Daniel S. Loeb disclosed that as of
Dec. 31, 2015, they ceased to own shares common stock of Ally
Financial Inc.  A copy of the regulatory filing is available for
free at http://is.gd/t4ksJp

                        About Ally Financial

Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/--
is one of the world's largest automotive financial services
companies.  The Company offers a full suite of automotive
financing products and services in key markets around the world.
Ally's other business units include mortgage operations and
commercial finance, and the company's subsidiary, Ally Bank,
offers online retail banking products.  Ally operates as a bank
holding company.

GMAC obtained a $17 billion bailout from the U.S. government in
exchange for a 56.3 percent stake.  Private equity firm Cerberus
Capital Management LP keeps 14.9 percent, while General Motors Co.
owns 6.7 percent.

As of Sept. 30, 2015, the Company had $156 billion in total assets,
$142 billion in total liabilities, and $14.6 billion in total
equity.

                           *     *     *

As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings
Services said it raised its issuer credit rating on Ally Financial
Inc. to 'BB' from 'B+'.  "The upgrade reflects the company's
release from potential legal and financial liabilities stemming
from its ownership of ResCap," said Standard & Poor's credit
analyst Tom Connell.

In the April 3, 2014, edition of the TCR, Fitch Ratings has
upgraded Ally Financial Inc.'s long-term Issuer Default Rating
(IDR) and senior unsecured debt rating to 'BB+' from 'BB'.
The rating upgrade reflects increased clarity around Ally's
ownership structure given Ally's recent announcement that it has
launched an initial public offering those shares of its common
stock held by the U.S. Treasury (the Treasury).

As reported by the TCR on July 16, 2014, Moody's Investors Service
affirmed the 'Ba3' corporate family and 'B1' senior unsecured
ratings of Ally Financial, Inc. and revised the outlook for the
ratings to positive from stable.  Moody's affirmed Ally's ratings
and revised its rating outlook to positive based on the company's
progress toward sustained improvements in profitability and
repayment of government assistance received during the financial
crisis.


ALLY FINANCIAL: Vanguard Group Reports 6.1% Stake as of Dec. 31
---------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2015,
it beneficially owns 29,303,630 shares of common stock of Ally
Financial Inc. representing 6.08 percent of the shares outstanding.
A copy of the regulatory filing is available for free at
http://is.gd/iqNVKw

                        About Ally Financial

Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/--
is one of the world's largest automotive financial services
companies.  The Company offers a full suite of automotive
financing products and services in key markets around the world.
Ally's other business units include mortgage operations and
commercial finance, and the company's subsidiary, Ally Bank,
offers online retail banking products.  Ally operates as a bank
holding company.

GMAC obtained a $17 billion bailout from the U.S. government in
exchange for a 56.3 percent stake.  Private equity firm Cerberus
Capital Management LP keeps 14.9 percent, while General Motors Co.
owns 6.7 percent.

As of Sept. 30, 2015, the Company had $156 billion in total assets,
$142 billion in total liabilities, and $14.6 billion in total
equity.

                           *     *     *

As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings
Services said it raised its issuer credit rating on Ally Financial
Inc. to 'BB' from 'B+'.  "The upgrade reflects the company's
release from potential legal and financial liabilities stemming
from its ownership of ResCap," said Standard & Poor's credit
analyst Tom Connell.

In the April 3, 2014, edition of the TCR, Fitch Ratings has
upgraded Ally Financial Inc.'s long-term Issuer Default Rating
(IDR) and senior unsecured debt rating to 'BB+' from 'BB'.
The rating upgrade reflects increased clarity around Ally's
ownership structure given Ally's recent announcement that it has
launched an initial public offering those shares of its common
stock held by the U.S. Treasury (the Treasury).

As reported by the TCR on July 16, 2014, Moody's Investors Service
affirmed the 'Ba3' corporate family and 'B1' senior unsecured
ratings of Ally Financial, Inc. and revised the outlook for the
ratings to positive from stable.  Moody's affirmed Ally's ratings
and revised its rating outlook to positive based on the company's
progress toward sustained improvements in profitability and
repayment of government assistance received during the financial
crisis.


AMERICAN AXLE: Vanguard Group Reports 10.2% Stake as of Dec. 31
---------------------------------------------------------------
The Vanguard Group disclosed in an amended Schedule 13G filed with
the Securities and Exchange Commission that as of Dec. 31, 2015, it
beneficially owns 7,768,475 shares of common stock of
American Axle & Manufacturing Holdings Inc. representing 10.21
percent of the shares outstanding.  A copy of the regulatory filing
is available for free at http://is.gd/larEU7

                        About American Axle

Headquartered in Detroit, Michigan, American Axle & Manufacturing
Holdings Inc. (NYSE: AXL) -- http://www.aam.com/-- manufactures,
engineers, designs and validates driveline and drivetrain systems
and related components and chassis modules for light trucks, sport
utility vehicles, passenger cars, crossover vehicles and
commercial vehicles.

As of Sept. 30, 2015, the Company had $3.39 billion in total
assets, $3.17 billion in total liabilities, and $227 million in
total stockholders' equity.

                           *     *     *

In September 2012, Moody's Investors Service affirmed the 'B1'
Corporate Family Rating (CFR) and Probability of Default Rating
(PDR) of American Axle.

American Axle carries a 'BB-' corporate credit rating from
Standard & Poor's Ratings Services.  "The 'BB-' corporate credit
rating on American Axle reflects the company's 'weak' business
risk profile and 'aggressive' financial risk profile, which
incorporate substantial exposure to the highly cyclical light-
vehicle market," S&P said, as reported by the TCR on Sept. 6,
2012.

As reported by the TCR on Sept. 1, 2014, Fitch Ratings had
upgraded the Issuer Default Ratings (IDRs) of American Axle &
Manufacturing Holdings, Inc. (AXL) and its American Axle &
Manufacturing, Inc. (AAM) subsidiary to 'BB-' from 'B+'.  The
upgrade of the IDRs for AXL and AAM is supported by the
fundamental improvement in the drivetrain and driveline supplier's
credit profile over the past several years.


AMERICAN COASTAL: Texas High Court Remands Railroad Commission Suit
-------------------------------------------------------------------
After agreeing with an oil-and-gas lessee to postpone plugging
several abandoned offshore wells, the Railroad Commission of Texas
mistakenly plugged one of those wells.  The lessee sued the
Commission with legislative permission and obtained a favorable
jury verdict on the lessee's negligence and breach-of-contract
claims.  The court of appeals affirmed the judgment on the verdict.
The Commission complains that the trial court erred in failing to
submit a jury question on a statutory good-faith defense, which the
Commission contends forecloses its liability on both claims, and in
failing to submit a question about whether the Commission and
lessee entered into a binding contract before the well was
plugged.

In an Opinion dated January 29, 2016, which is available at
http://is.gd/3pETCPfrom Leagle.com, the Supreme Court of Texas
reversed the Court of Appeal's Judgment and remanded the case for
new trial finding that the trial court erred in failing to submit a
jury question on section 89.045's good-faith defense and for
failing to submit a jury question on contract formation.

The Supreme Court of Texas held that the trial court erred in
refusing to submit a jury question on the good-faith defense.  The
Supreme Court of Texas also held that a fact question exists on the
contract-formation issue.  Accordingly, the Supreme Court of Texas
reverses the court of appeals' judgment and remands the case for a
new trial.

The case is RAILROAD COMMISSION OF TEXAS, Petitioner, v. GULF
ENERGY EXPLORATION CORPORATION, Respondent, No. 14-0534 (Tex.).


AMERICAN POWER: Incurs $3.14 Million Net Loss in First Quarter
--------------------------------------------------------------
American Power Group Corporation filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss available to common stockholders of $3.14 million on
$494,650 of net sales for the three months ended Dec. 31, 2015,
compared with net income available to common stockholders of $2.96
million on $1.05 million of net sales for the same period in 2014.

As of Dec. 31, 2015, the Company had $10.6 million in total assets,
$9.51 million in total liabilities and $1.05 million in total
stockholders' equity.

As of Dec. 31, 2015, the Company had $528,000 in cash, cash
equivalents and restricted certificates of deposit and working
capital deficit of $1.98 million.

"We continue to incur recurring losses from operations, which
raises substantial doubt about our ability to continue as a going
concern unless we secure additional capital to fund our operations
as well as implement initiatives to reduce our cash burn in light
of lower diesel/natural gas price spreads and the impact it has had
on our business as well as the slower than anticipated ramp of our
flare capture and recovery business," the Company stated in the
report.

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

                    http://is.gd/yTkrI6

                 About American Power Group

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

For the 12 months ended Sept. 30, 2015, the Company reported a net
loss available to common shareholders of $1.04 million on $2.95
million of net sales compared to a net loss available to common
shareholders of $920,000 on $6.28 million of net sales for the 12
months ended Sept. 30, 2014.


AMERICAN POWER: Reports First Quarter Fiscal 2016 Results
---------------------------------------------------------
American Power Group Corporation reported a net loss available to
common shareholders of $3.14 million on $495,000 of net sales for
the three months ended Dec. 31, 2015, compared to net income
available to common shareholders of $2.96 million on $1.05 million
of net sales for the same period in 2014.

As of Dec. 31, 2015, the Company had $10.57 million in total
assets, $9.51 million in total liabilities and $1.05 million in
stockholders' equity.

Lyle Jensen, American Power Group Corporation's chief executive
officer, stated, "While our current overall quarterly revenue was
down 53 percent compared to last year due to lower oil prices and
the resulting idling of numerous oil rigs, our quarterly non-oil
and gas stationary revenue grew 166 percent as compared to December
2014.  We have begun to focus our efforts more on sustainability
driven opportunities which resulted in the conversion of multiple
backup diesel generators for a large sportswear manufacturer's
distribution warehouse during the quarter.  Overall vehicular
conversion quarterly revenue was up over $100,000 or over 200
percent over the prior year with growth coming from both domestic
and international markets."

Mr. Jensen concluded, "Despite the current tight economic price
spread between diesel and natural gas, we believe federal and state
driven diesel emission reduction programs, as well as incentive/tax
rebate programs, present key revenue opportunities for us in 2016.
APG's dual fuel solution has achieved some of the lowest documented
NOx levels ever recorded on a Class 8 Heavy Duty truck which, on
average, is an additional 50 percent below the current 2010
EPA/CARB NOx level standard.  With so much emphasis on climate
change and reduction of harmful diesel related emissions, APG is
positioned to take advantage of our emission reduction
capabilities."

                  About American Power Group

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

For the 12 months ended Sept. 30, 2015, the Company reported a net
loss available to common shareholders of $1.04 million on $2.95
million of net sales compared to a net loss available to common
shareholders of $920,000 on $6.28 million of net sales for the 12
months ended Sept. 30, 2014.


AMERLINK LTD: N.C. Ct. App. Reverses Trial Court Ruling in "Spoor"
------------------------------------------------------------------
The Court of Appeals of North Carolina reversed the order of the
trial court granting summary judgment in favor of defendants John
M. Barth ("Barth") and John M. Barth, Jr. ("Barth Jr.").

A complaint was filed by Richard Spoor, chairman and  majority
shareholder of AmerLink, Ltd., alleging that Barth Jr.'s
mismanagement led to AmerLink's financial difficulty and that he
prepared and caused to be prepared false financial reports to
conceal AmerLink's dire financial situation.  The complaint also
alleged breach by Barth and Barth Jr. of an agreement regarding
their purchase of Spoor's controlling interest in AmerLink.

Barth filed a motion for summary judgment, arguing that Spoor
failed to commence the action within the relevant statute of
limitations and that Spoor lacked standing because all claims were
property of the Chapter 7 bankruptcy estate of AmerLink and were
settled by the bankruptcy trustee.  Barth Jr. likewise filed a
motion for summary judgment also arguing Spoor's lack of standing.

On June 19, 2014, the trial court entered an order granting summary
judgment in favor of both Barth and Barth Jr. and dismissing
Spoor's claims against the defendants with prejudice.  Spoor filed
a motion for reconsideration, but was denied by the trial court.

On appeal, the appellate court noted that Barth's arguments were
misplaced as they centered around when Spoor's actions accrued as
to Barth Jr.  The court found that Spoor's cause of action did not
accrue until August 18, 2009 when Barth notified AmerLink's
bankruptcy attorneys that he had no intention of financing
AmerLink's Chapter 11 bankruptcy.  Thus, the appellate court held
that Spoor's first amended complaint filed on February 14, 2012
that included Barth as a defendant would have been commenced within
the relevant statute of limitations.

With regards to Spoor's alleged lack of standing, the appellate
court found that the settlement agreement with the bankruptcy
trustee did not provide for waiver of individual actions between
Spoor, Barth and Barth Jr.  The court also found that Spoor's
claims do not belong to AmerLink and that they were not the
property of AmerLink's bankruptcy estate.

The case is RICHARD B. SPOOR, Individually and Derivatively,
Plaintiff, v. JOHN M. BARTH, JR., JOHN M. BARTH, JOHN DOES 1-5, and
J.R. INTERNATIONAL HOLDINGS, LLC, Defendants, No. COA15-172 (N.C.
Ct. App.).

A full-text copy of the appellate court's January 5, 2016 opinion
is available at http://is.gd/IEHYqQfrom Leagle.com.

Plaintiff-Appellant is represented by:

          Matthew Nis Leerberg, Esq.
          Sidney S. Eagles, Jr., Esq.
          SMITH MOORE LEATHERWOOD LLP
          434 Fayetteville Street Suite 2800
          Raleigh, NC 27601
          Tel: (919)755-8700
          Fax: (919)755-8800
          Email: matt.leerberg@smithmoorelaw.com
                 sid.eagles@smithmoorelaw.com

            -- and –-

          Barry Nakell, Esq.
          149 Dixie Dr
          Chapel Hill, NC 27514-6618
          Orange County
          Tel: (919)967-7325
                
John Barth, Jr. is represented by:

          Judson A. Welborn, Esq.
          J. Whitfield Gibson, Esq.
          MANNING FULTON & SKINNER, P.A.
          3605 Glenwood Avenue Suite 500
          Raleigh, NC 27612
          Tel: (919)787-8880
          Email: welborn@manningfulton.com
                 gibson@manningfulton.com     

John M. Barth is represented by:

          Reginald B. Gillespie, Jr., Esq.
          N. Hunter Wyche, Jr., Esq.
          WILSON & RATLEDGE, PLLC
          4600 Marriott Dr., Suite 400
          Raleigh, NC 27612
          Tel: (919)787-7711
          Fax: (919)787-7710
          Email: rgillespie@wrlaw.com
                 hwyche@wrlaw.com

            -- and --

          Michael J. Small, Esq.
          David B. Goroff, Esq.
          FOLEY & LARDNER LLP
          321 North Clark Street, Suite 2800
          Chicago, IL 60654-5313
          Tel: (312)832-4500
          Fax: (312)832-4700
          Email: msmall@foley.com
                 dgoroff@foley.com


AMPLIPHI BIOSCIENCES: Broadfin Has 9.9% Stake as of Dec. 31
-----------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Broadfin Capital, LLC, Broadfin Healthcare Master Fund,
Ltd. and Kevin Kotler disclosed that as of Dec. 31, 2015, they
beneficially own 585,814 shares of common stock of
AmpliPhi Biosciences Corporation representing 9.9 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/RJNC4M

                         About AmpliPhi

AmpliPhi Biosciences Corp. is a biopharmaceutical company that
develops bacteriophage-based therapeutics.  It also develops an
internally generated pipeline of naturally occurring viruses
called bacteriophage (Phage) for the treatment of bacterial
infection, such as drug-resistant strains of bacteria that are
commonly found in the hospital setting.  The company's Phage
discovery also focuses on acute & chronic lung, sinus and
gastrointestinal infections.  AmpliPhi Biosciences was founded in
March 1989 and is headquartered in Glen Allen, Virginia.

The Company reported net income attributable to common stockholders
of $21.82 million for the year ended Dec. 31, 2014, compared to a
net loss attributable to common stockholders of $65.2 million for
the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $34.07 million in total
assets, $7.47 million in total liabilities, $10.94 million in
series B redeemable convertible preferred stock, and $15.66 million
in total stockholders' equity.


ANACOR PHARMACEUTICALS: Baker Bros, et al., Report 11% Stake
------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC,
Felix J. Baker and Julian C. Baker disclosed that as of
Jan. 15, 2016, they beneficially own 4,871,046 shares of common
stock of Anacor Pharmaceuticals, Inc., representing 11 percent of
the shares outstanding.  A copy of the regulatory filing is
available for free at http://is.gd/Vpx7li

                  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.


ANACOR PHARMACEUTICALS: FMR LLC Reports 14.9% Stake as of Dec. 31
-----------------------------------------------------------------
FMR LLC and Abigail P. Johnson disclosed in an amended 13G filed
with the Securities and Exchange Commission on Feb. 12, 2016, that
they beneficially own 6,618,530 shares of common stock of Anacor
Pharmaceuticals representing 14.99 percent of the shares
outstanding. Select Biotechnology Portfolio also reported
beneficial ownership of 2,603,522 common shares.  A copy of the
regulatory filing is available for free at http://is.gd/9UM3mp

                     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.


ANACOR PHARMACEUTICALS: Vanguard Has 6.1% Stake as of Dec. 31
-------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2015,
it beneficially owns 2,697,484 shares of common stock of Anacor
Pharmaceuticals Inc. representing 6.11 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/iFANsB

                  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.


ANACOR PHARMACEUTICALS: Wellington Mgmt, et al., Hold 4.7% Stake
----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Wellington Management Group LLP, Wellington Group
Holdings LLP and Wellington Investment Advisors Holdings LLP
disclosed that as of Dec. 31, 2015, they beneficially own
2,097,242 shares of common stock of Anacor Pharmaceuticals, Inc.,
representing 4.75 percent of the shares outstanding.  A copy of the
regulatory filing is available at http://is.gd/jiTePe

                    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.


ARKANOVA ENERGY: Incurs $640,000 Net Loss in First Quarter
----------------------------------------------------------
Arkanova Energy Corporation filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $640,273 on $86,936 of total revenue for the three months ended
Dec. 31, 2015, compared to a net loss of $728,641 on $158,151 of
total revenue for the same period in 2014.

As of Dec. 31, 2015, the Company had $2.96 million in total assets,
$18.54 million in total liabilities and a total stockholders'
deficit of $15.58 million.

"A prolonged decline in the price of our common stock could result
in a reduction in the liquidity of our common stock and a reduction
in our ability to raise capital.  Because a significant portion of
our operations have been and will be financed through the sale of
equity securities, a decline in the price of our common stock could
be especially detrimental to our liquidity and our operations.
Such reductions may force us to reallocate funds from other planned
uses and may have a significant negative effect on our business
plan and operations, including our ability to develop new
properties and continue our current operations.  If our stock price
declines, we can offer no assurance that we will be able to raise
additional capital or generate funds from operations sufficient to
meet our obligations.  If we are unable to raise sufficient capital
in the future, we may not be able to have the resources to continue
our normal operations," the Company stated in the Quarterly Report.


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

                      http://is.gd/sMjwa4

                         About Arkanova

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

Arkanova reported a net loss of $3.32 million on $452,686 of total
revenue for the year ended Sept. 30, 2015, compared to a net loss
of $3 million on $844,303 of total revenue for the year ended Sept.
30, 2014.

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


ATLANTIC POWER: S&P Raises CCR to 'B+', Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
ratings on diversified power developer Atlantic Power Corp. (APC)
and affiliate Atlantic Power Ltd. Partnership (APLP) to 'B+' from
'B'.  The outlook is stable.

In addition, S&P is raising the issue ratings on the $600 million
secured term loan facility ($473 million outstanding) and $210
million secured revolving credit facility to 'BB-' from 'B+'.  The
recovery rating on this debt remains '2', indicating expectations
of substantial (70% to 90%, at the higher end of the range)
recovery in a payment default.

At the same time, S&P raised its rating on the C$210 million 5.95%
medium-term notes (MTN) due 2036 to 'BB' from 'BB-'.  The recovery
rating on this debt remains '1', indicating expectations of very
high (90% to 100%) in a default.

About $835 million of rated debt is currently outstanding,
consisting of about $473 million of the term loan B, $210 million
of revolving credit facility and C$210 million (U.S.$151 million)
of medium-term notes.  There is about $108 million of nonrecourse
project level debt and about $288 million of U.S and Canadian
dollar denominated convertible unsecured subordinate debentures
that S&P do not rate.  The company's capital structure also has
C$225 million of perpetual preferred stock.

In the past, S&P has assessed Atlantic Power as a project developer
because of significant project level debt, as well as a growth
strategy that utilized nonrecourse financing to fund new projects
and acquisitions.  The company's organization structure was also
structured as a developer, in S&P's view, because APC benefited
from distributions from APLP's 17 projects, and from 11 projects
owned by Atlantic Power's non-APLP subsidiaries, Atlantic Power
Generation (APG) and Atlantic Power Transmission (APT).

The company has sold five non-APLP wind assets along with which
about $250 million of nonrecourse project debt was also
transferred.  The company has also refocused its strategy on
maintaining and optimizing its fleet instead of growing its
portfolio.  As a result of these changes, S&P believes the company
is structured more as a corporate issuer than a developer and now
assess Atlantic Power under S&P's corporate rating methodology.

"Our 'B+' corporate credit rating on APC reflects our assessment of
its business risk profile as fair and a financial risk profile as
highly leveraged," said Standard & Poor's credit analyst Aneesh
Prabhu.  S&P's business risk assessment reflects the company's
reliance on distributions from its underlying portfolio of power
generation projects, limited scale, its near-term focus on
operational improvements in its existing assets rather than growth
projects to increase cash flow, and a portfolio that is mostly
contracted in the medium term but has recontracting risk emerging
from 2020.  The financial risk profile reflects high consolidated
debt per kilowatt and credit measures commensurate with an
assessment of a highly leveraged financial risk profile.

The stable outlook reflects S&P's expectation that the company will
use excess cash flow to sweep down debt and its consolidated debt
to EBITDA will decline to about 5.75x by year-end 2016.  S&P
expects debt to EBITDA levels to be below 5.0x by 2018.  These
financial measures will support current ratings.

A deterioration in financials because of operating cost increases
in the short term, or an inability to recontract expiring PPAs over
the next year, could pressure financial measures.  S&P would lower
the ratings if consolidated debt to EBITDA deteriorates above 6.5x
with no expectation of an immediate decline.

A ratings upgrade will result if cash flow sweeps result in
adjusted FFO to debt improving above 12% on a sustained basis, or
if consolidated debt to EBITDA declines below 5.25x.  S&P could see
this happen by year-end 2017 if cash flow sweeps occur as expected
in our base-case.


BASHAS' INC: 9th Cir. Remands RKAA Conversion Claims Dispute
------------------------------------------------------------
In a Memorandum dated January 29, 2016, which is available at
http://is.gd/ktf6eifrom Leagle.com, the United States Court of
Appeals for the Ninth Circuit affirmed in part and reversed in part
the district court's dismissal of Robert Kubicek Architects &
Associates, Inc.'s conversion claim and remanded for further
proceedings.  

The Ninth Circuit held that the district court didn't err in
dismissing RKAA's copyright infringement claims.  Given the jury
verdict in favor of The Bosley Group, Inc. ("TBG"), the issues
presented in RKAA's claims against Bashas' Inc. for contributory
infringement and vicarious liability are precluded.  Further, the
district court in the Bosley case found that RKAA had failed to
present any "evidence of direct infringement by Bashas'," and thus
granted summary judgment to TBG on RKAA's contributory infringement
claim against TBG.  RKAA didn't challenge this ruling, therefore
the issue of direct infringement by Bashas' is also precluded, the
Ninth Circuit further held.  Because all of RKAA's claims under the
Copyright Act fail, its request for injunctive relief also fails.

The issues raised by RKAA's state-law unjust enrichment and
conversion claims, however, aren't precluded, the Ninth Circuit
added.  The bankruptcy court discharged all pre-petition unjust
enrichment claims because they were claims seeking a "right to
payment," the Ninth Circuit pointed out.  Thus, the district court
correctly dismissed the unjust enrichment claim because there are
"no allegations that would support a claim for post-petition
infringement."  But RKAA's conversion claim is not a "claim" under
Chapter 11 because it doesn't seek a "right to payment" or an
"equitable remedy" giving "rise to a right to payment," the Ninth
Circuit ruled.  Therefore, the bankruptcy court couldn't have
discharged this claim.

The district court didn't abuse its discretion in granting
attorneys' fees, the Ninth Circuit added.  Bashas is awarded
attorneys' fees it incurred in defending this appeal.

The case is In the Matter of: BASHAS' INC., Debtor. ROBERT KUBICEK
ARCHITECTS & ASSOCIATES, INCORPORATED, Plaintiff-Appellant, v.
BASHAS' INCORPORATED, Defendant-Appellee. In the Matter of: BASHAS'
INC., Debtor, ROBERT KUBICEK ARCHITECTS & ASSOCIATES, INCORPORATED,
Plaintiff-Appellant, v. BASHAS' INCORPORATED, Defendant-Appellee,
Nos. 13-16414, 13-17061.

                           About Bashas' Inc.

Bashas' Inc. is a grocery chain that owns retail stores located
throughout Arizona.  It is doing business as National Grocery,
Bashas Food, Bashas' United Drug, Food City, Eddie's Country Store,

A.J. Fine Foods, Western Produce, Bashas' Distribution Center,
Sportsman's, and Bashas' Dine.

Bashas' and its affiliates filed for Chapter 11 bankruptcy
protection (Bankr. D. Ariz. Case No. 09-16050) on July 12, 2009.  
As of the bankruptcy filing, Bashas' owned 158 retail stores.  In
its bankruptcy petition, Bashas' estimated assets and debt of
$100 million to $500 million.

The Debtors tapped Frederick J. Petersen, Esq., at Mesch, Clark &
Rothschild, P.C., as counsel; Michael W. Carmel, Ltd., as
co-counsel; Deloitte Financial Advisory LLP as financial advisors;

and Epiq Bankruptcy Solutions, LLC, served as claims and notice
agent.   

Judge James M. Marlar confirmed Bashas' Chapter 11 reorganization
plan in August 2010.


BAUER AND BLUE: Four Firms Guide Hotel Group's $123M Restructuring
------------------------------------------------------------------
Andrew McIntyre at Bankruptcy Law360 reported that four law firms
steered Italian hotel group Bauer and Blue Skye Investment Group
through a bankruptcy restructuring of Bauer's EUR110 million
($123 million) debt, which includes a new bond issuance and the
sale of hotels and farm businesses, according to a statement on
Feb. 4, 2016.  Craca Di Carlo Guffanti Pisapia Tatozzi & Associati,
Studio Legale RCC and F&C Studio Legale Tributario represented Blue
Skye, a special opportunity fund that arranged the restructuring,
while Gattai Minoli Agostinelli & Partners advised Bauer.


BERRY PLASTICS: College Retirement Reports 2.9% Stake as of Dec. 31
-------------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, College Retirement Equities Fund- Stock Account
disclosed that as of Dec. 31, 2015, it beneficially owns   
3,580,028 shares of common stock of Berry Plastics Group, Inc.,
representing 2.98 percent of the shares outstanding.  A copy of the
regulatory filing is available at http://is.gd/lrEFiR

                    About Berry Plastics

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

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

                           *     *     *

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

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

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


BERRY PLASTICS: Posts $4 Million Net Income for First Quarter
-------------------------------------------------------------
Berry Plastics Group, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
of $4 million on $1.61 billion of net sales for the quarterly
period ended Jan. 2, 2016, compared to net income of $13 million on
$1.22 billion of net sales for the quarterly period ended
Dec. 27, 2014.

As of Jan. 2, 2016, the Company had $7.71 billion in total assets,
$7.77 billion in total liabilities, $12 million in redeemable
non-controlling interest and a total stockholders' deficit of $79
million.

As of the end of the quarter, the Company had cash and cash
equivalents of $282 million, of which approximately 43% was located
outside of the U.S.  The Company's primary sources of cash are the
collection of trade receivables generated from the sales of its
products and services to its customers and amounts available under
its existing lines of credit.

"Based on our current level of operations, we believe that cash
flow from operations and available cash, together with available
borrowings under our senior secured credit facilities, will be
adequate to meet our short-term liquidity needs over the next
twelve months.  We base such belief on historical experience and
the funds available under the revolving credit facility.  However,
we cannot predict our future results of operations and our ability
to meet our obligations involves numerous risks and uncertainties,
including, but not limited to, those described in the "Risk
Factors" section of our most recent Form 10-K filed with the SEC,"
the Company stated in the report.  

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

                        http://is.gd/aIeG2Z

                       About Berry Plastics

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

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

                           *     *     *

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

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

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


BERRY PLASTICS: Reports First Quarter Fiscal 2016 Results
---------------------------------------------------------
Berry Plastics Group, Inc., reported net income of $4 million on
$1.61 billion of net sales for the quarterly period ended Jan. 2,
2016, compared to net income of $13 million on $1.22 billion of net
sales for the quarterly period ended Dec. 27, 2014.

As of Jan. 2, 2016, the Company had $7.71 billion in total assets,
$7.77 billion in total liabilities, $12 million in redeemable
non-controlling interest and a $79 million stockholders' deficit.

"During the quarter we achieved record net sales and operating
EBITDA for any quarter in the Company's history and successfully
closed the Avintiv acquisition on October 1.  The significantly
improved results and volume growth in certain key product
categories are an outcome of our strategy and a testament to the
focus on execution by everyone at Berry.  With a very good start to
the fiscal year and only a few short months since the Avintiv
acquisition, the initial report card has exceeded our
expectations," said Jon Rich, Chairman and CEO of Berry Plastics.

"Given the strong start to our fiscal year we are now increasing
our operating EBITDA guidance for the 2016 fiscal year by $20
million to $1,180 million.  The benefits we anticipated from the
Avintiv acquisition are on track and exceeding initial estimates.
Today, we are reaffirming our fiscal 2016 adjusted free cash flow
guidance of $475 million assuming no significant impact from resin
cost changes.  The estimate includes cash flow from operating
activities of $817 million less $285 million of net additions to
property, plant, and equipment and the $57 million tax receivable
agreement payment made in October 2015," stated Rich.

"A key priority remains debt reduction with a goal to lower our
overall leverage by a half turn per year.  Consistent with this
goal, we have voluntarily used $150 million for early debt
retirement since the start of the fiscal year in October 2015."

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

                       http://is.gd/GrIwiz

                       About Berry Plastics

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

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

                           *     *     *

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

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

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


BERRY PLASTICS: Teachers Advisors Reports 1.5% Equity Stake
-----------------------------------------------------------
Teachers Advisors, Inc. disclosed in an amended Schedule 13G filed
with the Securities and Exchange Commission that as of Dec. 31,
2015, it beneficially owns 1,826,133 shares of comon stock of Berry
Plastics Corporation representing 1.52 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/BVWuY3

                         About Berry Plastics

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

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

                           *     *     *

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

The TCR reported on Sept. 11, 2015, that Standard & Poor's Ratings
Services said it affirmed its 'B+' corporate credit rating on
Evansville, Ind.-based Berry Plastics Group Inc.  "The corporate
credit rating affirmation reflects our view that the AVINTIV
acquisition enhances Berry's operations enough to offset the
additional debt incurred to fund the transaction, resulting in a
neutral effect on credit quality," said Standard & Poor's credit
analyst James Siahaan.


BERRY PLASTICS: TIAA-CREF Investment Holds 5% Stake as of Dec. 31
-----------------------------------------------------------------
TIAA-CREF Investment Management, LLC disclosed in an amended
Schedule 13G filed with the Securities and Exchange Commission that
as of Dec. 31, 2015, it beneficially owns 6,085,985 shares of
common stock of Berry Plastics Corporation representing 5.07
percent of the shares outstanding.  A copy of the regulatory filing
is available for free at http://is.gd/Bec3zN

                       About Berry Plastics

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

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

                           *     *     *

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

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

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


BERRY PLASTICS: Vanguard Group Reports 7.8% Stake as of Dec. 31
---------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2015,
it beneficially owns 9,403,056 shares of common stock of Berry
Plastics Group Inc. representing 7.83 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/mClXyJ

                    About Berry Plastics

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

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

                           *     *     *

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

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

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


BR ENTERPRISES: Plan Confirmed After Deal Reached with Bank
-----------------------------------------------------------
BR Enterprises won confirmation of its Third Amended Chapter 11
Plan after the ranch owner in Cottonwood, California, reached an
agreement with secured creditor Redding Bank of Commerce.

RBC objected to the prior versions of the Plan, including the
Second Amended Plan.

The Court held a hearing on the Second Amended Plan on Nov. 2 and
adjourned the hearing to Nov. 30.

On Nov. 18, 2015, the Debtor's representatives met with RBC's
representatives in an ultimately successful effort to agree upon
consensual plan treatment.

As part of the parties' agreement, RBC has agreed to withdraw its
opposition to a modified "Third Amended" Plan which provides for
interest-only payments on both of RBC's claims pending the payment
thereof within a maximum repayment term of two years.  Discounted
allowed claims have also been agreed upon and are memorialized in
the Plan.  Incentives for early payment are incorporated into the
treatment of the Claim #8 (Class 1(b)).  The Debtor has also
pledged all but $350,000 of any excess net proceeds from the sale
of the collateral securing Claim #7 to the repayment of the Claim
#8(Deficiency) Claim as an additional concession to achieve
settlement and expedite the payoff of the RBC Loan.  RBC has also
agreed to rescind its notice of default, among other concessions.

Antonio Rodriquez III, managing partner of BR, said that in order
to assess the feasibility of making the additional payments
required on the Class 1(b) Claim (i.e. approximately $3,792 a month
for the first 12 months, plus an additional $42,000 lump sum
payment plus approximately $7,292 for the next 12 months), he and
his staff revised the projections attached to the First Amended
Disclosure Statement.

"I believe that the Debtor's concessions regarding the treatment of
the Class 7 and Class 8 claims of RBC are in the best interests of
the Debtor, its creditors and its partners.  The Debtor now has up
to two years to pay off its secured creditors, making it more
likely that the collateral can be sold for close its market value.
Also, the Debtor's cash flow is improved by the interest-only
payment component at rates reasonably close to market rate (prime
to 6.25% depending upon the timing of the payoff).  The concessions
also eliminate the risk, expense and uncertainties of further
litigation as all classes are unimpaired or have accepted the
treatment imposed under the Third Amended Plan, meaning that the
Plan can be confirmed without resorting to a "cramdown," Mr.
Rodriguez said.

A copy of Mr. Rodriguez's declaration including the revised
projections is available for free at:

   http://bankrupt.com/misc/BR_Enterprises_232_Rev_Projections.pdf

                         Other Objections

The Debtor filed its first Chapter 11 Plan and Disclosure Statement
on June 26, 2015, but the Disclosure Statement was not approved by
the court, in part due to the Bank's opposition that the Debtor had
failed to provide its own estimates of the value of its real and
personal property, instead relying upon tax assessed values for
real property and depreciated book value for personal property.  On
Sept. 10, the Debtor filed the First Amended Plan and its First
Amended Chapter 11 Disclosure.  On Sept. 14, the Debtor won
approval of the Disclosure Statement.  The Debtor on Oct. 26 filed
a Second Amended Plan and on Nov. 23 filed a Third Amended Plan to
address the plan confirmation objections.

In its objection to the First Amended Plan, RBC said the Plan
cannot be confirmed because it is not feasible and it violates the
absolute priority rule.   RBC cast a vote rejecting the Plan and
filed an objection notwithstanding the proposed changes in the
Second Amended Plan, arguing that the Plan cannot be confirmed
because it does not provide for any payment to Claim No. 8.  RBC
later withdrew its objection after reaching an agreement with the
Debtor on the treatment of its claims as provided in the Third
Amended Plan.

Hank M. Spacone, the Chapter 11 Trustee of the bankruptcy estate of
Shasta Enterprises, Inc., filed a provisional objection to the
First Amended Plan, in that it does not preserve the rights of the
Trustee under Sec. 502(d).  The Trustee's objection was resolved by
working out a language for modified treatment of Class 5.

Joe L. Curto and L. Lavone Curto also filed an objection but
withdrew the objection after the claim was paid in full following
the sale of collateral.

Copies of the Plan Confirmation Order signed Dec. 1, 2015, and the
Third Amended Plan are available at:

   http://bankrupt.com/misc/BR_Enterprises_236_Plan_Conf_Ord.pdf

The Debtor's attorneys:

         HOLLISTER LAW CORPORATION
         George C. Hollister
         655 University Ave., Suite 200
         Sacramento, CA 95825
         Tel: (916) 488-3400
         E-mail: hollisterlaw@earthlink.net

Attorneys for secured creditors Joe L. Curto and L. Lavone Curto:

         L. Scott Keehn
         KEEHN LAW GROUP, APC
         401 B. Street, Suite 1470
         San Diego, CA 92010
         Tel: (619) 400-2200
         Fax: (619) 400-2201
         E-mail: scottk@keehnlaw.com

Attorneys for Creditor, Hank M. Spacone, Chapter 11 Trustee of
Shasta Enterprises:

          Donald W. Fitzgerald, ESQ.
          FELDERSTEIN FITZGERALD WILLOUGHBY & PASCUZZI LLP
          400 Capitol Mall, Suite 1750
          Sacramento, CA 95814
          Telephone: (916) 329-7400
          Facsimile: (916) 329-7435
          E-mail: dfitzgerald@ffwplaw.com
                  jrios@ffwplaw.com

Attorneys for Redding Bank of Commerce:

          Walter R. Dahl, Esq.
          Andrew Brian Reisinger, Esq.
          DAHL LAW, ATTORNEYS AT LAW
          2304 "N" Street
          Sacramento, CA 95816-5716
          Tel: (916) 446-8800
          Tel: (916) 446-1634
          E-mail: abreisinger@DahlLaw.net
                  wdahl@DahlLaw.net

                       About BR Enterprises

BR Enterprises, a California Partnership, sought Chapter 11
protection (Bankr. E.D. Cal. Case No. 15-21575) in Sacramento,
California, on Feb. 27, 2015, without stating a reason.

BR Enterprises owns 20.17 acres of undeveloped ranch located at
East of Interstate 5 and South of Lake California Drive, 2600 Acres
of undeveloped ranch property located in Cottonwood, California in
Tehama County; and 278 acres of contiguous parcels along HWY I-5.
The properties are valued at $10.5 million, according to the
schedules.

Antonio Rodriguez, III, the managing partner, signed the petition.

The case is assigned to Judge Michael S. McManus.

George C. Hollister, Esq., at Hollister Law Corporation, in
Sacramento, serves as the Debtor's counsel.  The Debtor also tapped
Evanhoe Kellog & Co as certified public accountant and Properties
by Merit, Inc., & Keller Williams Realty as broker/realtors.

The Debtor, in its amended schedules, disclosed total assets of
$14,422,042 and total liabilities of $4,361,491.  The Debtor
disclosed total assets of $14,422,236 and total liabilities of
$6,961,492 in a prior iteration of the schedules.

A related entity, Shasta Enterprises, sought bankruptcy protection
(Case No. 14-30833) on Oct. 31, 2014.


BR ENTERPRISES: Terms of Third Amended Chapter 11 Plan
------------------------------------------------------
BR Enterprises won approval from the Bankruptcy Court of a Chapter
11 plan that promises to pay all creditors in full over time.  

The confirmed Third Amended Plan provides that all allowed claims
of creditors will be paid in full within five years of the
Effective Date either through the sale or refinancing of the real
and/or personal property of the estate, with the exception that all
allowed secured claims (Classes 1 through 3) will be paid in full
within two years of the Effective Date, with amortized monthly
interest-only payments to b e made in the interim commencing on the
Effective Date as provided in the Plan.  The Debtor will generate a
minimum of $450,000 net of closing costs and liens annually during
the Plan term from the sale of Sunset Hills Subdivision Lots.

The Plan specifically proposes to treat claims and interests as
follows:

   * The allowed secured claims of Redding Bank of Commerce
(Class 1) is subdivided into Class 1-A and Class 1-B:

     -- Class 1-A is the allowed secured claim of RBC, represented
by Claim No. 7, which will be deemed allowed in full in the amount
of $1,835,628, and will continue to be secured by a 1st priority
deed of trust against the real property commonly described as
Cottonweed Creek Ranch - Phase II.   The claim will be satisfied as
follows: continuing until paid in full, the loan will bear
non-default interest at the fixed rate of 5.25% per annum;
commencing on the earlier of Jan. 2, 2016 or the effective Date, BR
Enterprises will tender to RBC monthly payments of not less than
interest only; and the loan will be fully due and payable on or
before 24 months following the Effective Date.

     -- Class 1-B is the allowed secured claim of RBC represented
by Claim No. 8 (the Accumulated Deficiency Claim), which will be
deed allowed in full in the amount of $1,400,000 and will continue
to be secured by the first priority deed against 2,600 acres owned
by BR Enterprises.   The Accumulated Deficiency Claim will be
deemed to be fully secured, and BR Enterprises and its partners
waive any right to seek to bifurcate the Accumulated Deficiency
Claim pursuant to Sec. 506 of the Bankruptcy Code.  The Claim will
initially bear non-default interest at the fixed rate of 3.25% per
annum.  In the even the claim has not been paid in full by Dec. 20,
2016, the Claim will bear non-default interest at the rate of 6.25%
per annum from and after the Confirmation Date, and a lump-sum
payment of the accumulated additional interest in the amount of
$42,000 will be due on or before Jan. 2, 2017.  Commencing on the
earlier of Jan. 2, 2016, or the Effective Date, and continuing on
the same day of each month through December 2016, BR Enterprises
will tender to RBC minimum monthly interest payments of $3,792.  In
the event the Claim has not been paid in full by Dec. 20, 2016,
commencing with the monthly payment date in January 2017, and
continuing on the same day each month until paid in full, the
Debtor will tender to RBC for the application to the claim minimum
monthly interest-only payments computed at the interest rate of
6.25% per annum.  In the event that on or before Dec. 20, 2016, the
Debtor tenders to RBC the principal sum of $1,200,000 plus
interest, RBC will discount the principal balance of the Claim by
$200,000.

   * The secured claim of Central Valley Community Bank (Class 2)
will be allowed in the amount of $1,813,269 consisting of
$1,772,367 in principal and $14,474 in interest.  The Claim will be
paid with monthly interest-only payments and will mature on the
24th month following the Effective Date.  All interest will be
amortized over 30 years and accrue interest at the fixed simple
rate of 5.25% per annum until paid in full.

   * The secured claim of Joe & Lavone Curto Family Trust
(Class 3) was paid in full through the sale of collateral.  The
claimant will receive no further distribution in the case.

   * The allowed real property tax claims of Tehama County Tax
Collector (Class 4(a)) and the Riverside County Tax Collector
(Class 4(b)) will be paid in full in the ordinary course.  The
class is not impaired.

   * The disputed contingent claim of Hank Spacone, Chapter 11
Trustee of Shasta Enterprises (Class 5), will be deemed an allowed
unsecured claim at in such amount and at such time, if ever, that
Class 5 Claimant (1) timely files an adversary complaint within the
time period prescribed by 11 U.S.C. Sec. 546(a) and (2) obtains a
final judgment against the Debtor.  So long as he has then timely
filed the adversary proceeding, and except as other ordered by the
Bankruptcy Court, the Class 5 Claimant will withhold from any
dividend then payable to the Debtor by the Shasta Enterprise
estate, and sequester in a blocked account in trust for the Debtor
an amount equivalent to 110% of the maximum claim asserted by the
Class 5 Claimant.

   * Creditors whose claims total less than $2,500 or who
voluntarily reduce their claims to $2,500 (Class 6(a)) ("allowed
unsecured convenience class") will be paid in full on the Effective
Date, without interest.   Allowed unsecured claims not treated as
convenience claims be paid pro rata by the Debtor from available
funds on a semi-annual basis to the extent funds are available, and
interest will accrue at the simple rate of 7 percent per annum
until paid in full.

   * All interests of the Debtor's general partners, Antonio
Rodriguez Jr. and managing partner Antonio Rodriguez III are
unimpaired and the interest holders will retain all interests in
the Debtor.

The prior iteration of the Plan provided that the allowed secured
claims of Redding Bank of Commerce (Class 1), will be allowed in
the amount of $1.84 million, will receive monthly-interest only
payments with interest at 5.25% per annum starting on the first
full month following the Confirmation Date, and will mature and be
due in full on the 24th month following the Effective Date.  The
prior iteration of the Plan provided that Class 3 will be allowed
in the amount of $600,000 and will also be paid after 24 months.
The prior Plan also didn't provide for a separate treatment of
convenience claims.

A copy of the Third Amended Plan is available for free at:

    http://bankrupt.com/misc/BR_Enterprises_230_3rd_Am_Plan.pdf

                       About BR Enterprises

BR Enterprises, a California Partnership, sought Chapter 11
protection (Bankr. E.D. Cal. Case No. 15-21575) in Sacramento,
California, on Feb. 27, 2015, without stating a reason.

BR Enterprises owns 20.17 acres of undeveloped ranch located at
East of Interstate 5 and South of Lake California Drive, 2600 Acres
of undeveloped ranch property located in Cottonwood, California in
Tehama County; and 278 acres of contiguous parcels along HWY I-5.
The properties are valued at $10.5 million, according to the
schedules.

Antonio Rodriguez, III, the managing partner, signed the petition.

The case is assigned to Judge Michael S. McManus.

George C. Hollister, Esq., at Hollister Law Corporation, in
Sacramento, serves as the Debtor's counsel.  The Debtor also tapped
Evanhoe Kellog & Co as certified public accountant and Properties
by Merit, Inc., & Keller Williams Realty as broker/realtors.

The Debtor, in its amended schedules, disclosed total assets of
$14,422,042 and total liabilities of $4,361,491.  The Debtor
disclosed total assets of $14,422,236 and total liabilities of
$6,961,492 in a prior iteration of the schedules.

A related entity, Shasta Enterprises, sought bankruptcy protection
(Case No. 14-30833) on Oct. 31, 2014.


BURCON NUTRASCIENCE: Incurs C$1.6 Million Net Loss in 3rd Quarter
-----------------------------------------------------------------
Burcon NutraScience Corporation reported a loss and comprehensive
loss of C$1.66 million on C$23,588 of revenue for the three months
ended Dec. 31, 2015, compared to a loss and comprehensive loss of
$1.82 million on $30,930 of revenue for the same period in 2014.

For the nine months ended Dec. 31, 2015, the Company reported a
loss and comprehensive loss of C$4.95 million on C$73,240 of
revenue compared to a loss and comprehensive loss of C$5.04 million
on C$79,879 of revenue for the nine months ended Dec. 31, 2014.

As of Dec. 31, 2015, Burcon had C$5.56 million in total assets,
C$374,211 in liabilities and $5.18 million in shareholders'
equity.

A full-text copy of the Form 6-K is available for free at:

                    http://is.gd/7LCADI

                  About Burcon NutraScience        

Headquartered in Vancouver, Canada, Burcon NutraScience
Corporation has developed a portfolio of composition, application,
and process patents originating from its core protein extraction
and purification technology.  The Company's patented processes
utilize inexpensive oilseed meals and other plant-based sources
for the production of purified plant proteins that exhibit certain
nutritional, functional and nutraceutical profiles.


CAESARS ENTERTAINMENT: To Miss Restructuring Deadline
-----------------------------------------------------
Jacqueline Palank, writing for Dow Jones' Daily Bankruptcy Review,
reported that a condition of a restructuring deal between Caesars
Entertainment Operating Co. and senior bondholders is expected to
go unmet, but the bondholders say they are working to preserve the
deal.

According to the report, the deal under which first-lien
bondholders pledged their support for CEOC's restructuring plan
requires that the company secure bankruptcy-court approval of an
outline of that plan by Feb. 15, among other conditions, but the
judge overseeing the chapter 11 case has said it is premature to
move the restructuring plan forward, meaning CEOC will miss the
deadline.

                   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.


CARDIAC SCIENCE: Lists $45MM in Assets, $104MM in Debts
-------------------------------------------------------
Cardiac Science Corporation filed with the U.S. Bankruptcy Court
for the Western District of Wisconsin its schedules of assets and
liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $45,335,596+
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $94,041,940+
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0+
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                       $10,673,737+
                                 -----------      -----------
        Total                    $45,335,596+    $104,715,678+

+ plus undetermined amount

A copy of the schedules are available for free at
http://bankrupt.com/misc/CardiacScience_291_Dec15amendedSALs.pdf

                        About Cardiac Science

Headquartered in Waukesha, Wisconsin, Cardiac Science Corporation
develops, manufactures and sells a variety of advanced diagnostic
and therapeutic cardiology devices and systems, including
automated
external defibrillators, hospital defibrillators and related
products and consumables.

Cardiac Science filed Chapter 11 bankruptcy petition (Bankr. W.D.
Wisc. Case No. 15-13766) on Oct. 20, 2015.  The petition was
signed
by Michael Kang as chief restructuring officer.

The Company currently employs approximately 200 people in two
facilities located in Wisconsin, and another 93 part time
"educators" around the country who educate the Debtor's customers
on how to use its products.  The Debtor has customers in more than
100 countries.

Judge Robert D. Martin presides over the case.

The Company estimated assets in the range of $10 million to $50
million and liabilities of at least $100 million.  Celestica
Electronics (M) SDN BHD is the Debtor's largest unsecured creditor
holding a claim of $2.5 million.  CFS 915 LLC is the largest
creditor of the Debtor, and its $87 million pre-petition loan is
secured by substantially all of the Debtor's assets. CFS has
agreed
to provide $10 million in postpetition financing for the Debtor.

The Debtor has engaged Whyte Hirschboeck Dudek S.C. as bankruptcy
counsel, Livingstone Partners LLC as investment banker and Garden
City Group, LLC as notice and claims agent.

In October 2015, the Office of the U.S. Trustee appointed seven
creditors to the official committee of unsecured creditors.  The
committee is represented by Freeborn & Peters LLP.


CARTER REESE: Court Partially Dismisses Suit vs. Pook & Pook
------------------------------------------------------------
Defendants Pook & Pook, LLC et al., filed multiple motions in a
Lanham Act and antitrust action seeking to dismiss the Amended
Complaint of Plaintiffs Carter P. and Sarah Reese.
  
In a Memorandum dated January 27, 2016, which is available at
http://is.gd/q9moFyfrom Leagle.com, Judge Lawrence F. Stengel of
the United States District Court for the Eastern District of
Pennsylvania granted the pending Motions, save for several common
law claims against Defendants Jay Lowe and Mike Caffarella.

The claims against P&P and the individual Pook Defendants are
subject to dismissal in their entirety.  The MAD Defendants' Motion
is also granted in its entirety.  Lowe's Motion to dismiss is
granted as to Counts II (Lanham Act), III (unfair competition), IV
(antitrust claims), V (commercial disparagement), VI (false light),
VII (injurious falsehood), VIII (breach of fiduciary duty), and X
(breach of contract); Caffarella's Motion is granted as to these
same counts, save Count VIII's claim of breach of fiduciary duty.

Thus, only Lowe and Caffarella remain as defendants. The claims
that remain against Lowe are Count I (conspiracy), IX (negligence),
and XI (unjust enrichment). The claims that remain against
Caffarella are Count I (conspiracy), VIII (breach of fiduciary
duty), IX (negligence), and XI (unjust enrichment).

The case is CARTER P. and SARAH REESE (HUSBAND AND WIFE),
Plaintiffs, v. POOK & POOK, LLC., RON POOK, DEBRA POOK, JAMES POOK,
JAY LOWE, CONNIE & JAY LOWE ANTIQUES, MIKE CAFFARELLA, JAMIE
SHEARER, MAINE ANTIQUE DIGEST, S. CLAYTON PENNINGTON, KATE
PENNINGTON, and LITA SOLIS-COHEN, Defendants, Civil Action No.
14-5715 (E.D. Pa.).

Plaintiffs are represented by JOSEPH A. O'KEEFE, Esq. -- O'KEEFE,
MILLER & THIELEN, P.C..

Defendants are represented by MARK E. LOVETT, Esq. --
markl@bcgl-law.com -- BRUBAKER CONNAUGHTON GOSS & LUCARELLI LLC and
JOHN L. SENFT, Esq. -- SENTFT LAW FIRM, LLC.

Carter P. Reese and Sarah C. Reese filed for Chapter 11 bankruptcy
(Bankr. E.D. Pa. Case No. 12-19376) on Oct. 2, 2012.


CATHAY BANK: Fitch Affirms 'BB+' IDR & Revises Outlook to Pos.
--------------------------------------------------------------
Fitch Ratings has affirmed Cathay General Bancorp's (CATY) and its
principal subsidiary Cathay Bank's long-term Issuer Default Ratings
(IDRs) at 'BB+' and Viability Ratings (VRs) at 'bb+'.  The Rating
Outlook has been revised to Positive from Stable.

The rating action follows a periodic review of the midtier regional
banking group, which includes BankUnited Inc. (BKU), BOK Financial
Corp. (BOKF), Cathay General Bancorp (CATY), East West Bancorp
(EWBC), First Republic Bank (FRC), First Horizon National Corp.
(FHN), First National of Nebraska Inc. (FNNI), Fulton Financial
Corp. (FULT), Hilltop Holdings, Inc. (HTH), Synovus Financial Corp.
(SNV), TCF Financial Corp. (TCB), Trustmark Corp. (TRMK), UMB
Financial Corp. (UMBF) and Wintrust Financial Corp. (WTFC).

                         KEY RATING DRIVERS

                            VR AND IDRS

The rating affirmation incorporates CATY's improved asset quality
metrics, continued strong earnings performance and solid capital
profile.  The Positive Outlook also signals the potential for
upward rating movement if CATY's operating performance remains in
line with or outperforms our expectations.

CATY's asset quality has continued its trend of improvement over
the last three years as management has successfully worked out of
problem credits without incurring significant credit costs.  Fitch
calculates CATY's nonperforming assets (NPA), which includes
accruing restructured loans, at 1.56% at FYE2015, the first year it
has fallen below the 2% mark since the financial crisis.  This
level remains toward to the top end of the peer group average.

CATY's improving credit performance is due to management's proven
ability to work out both nonaccrual loans and accruing restructured
loans, as well as a slowdown of problem loan inflows. As dollar
NPAs decreased by 36% since FYE2012, credit costs have remained
manageable evidenced by net charge-offs that totalled $10.7million
over the last three years.  As a result, CATY has been in a
position to release some of its reserve for credit losses over the
same time period.  Nevertheless, the bank has maintained the second
highest ALLL coverage ratio in the peer group that stood at 266.6%
of nonperforming loans (excluding accruing restructured loans) at
FYE15.

CATY's earnings performance is considered a rating strength.
Despite a higher cost-of-funds relative to its peer group, CATY has
consistently maintained a solid earnings profile over recent years,
with the return on assets (ROAA) averaging 1.23% over the last 10
quarters.  This performance is mainly due to the aforementioned low
credit costs and strong operating cost efficiencies stemming from
its relatively small and concentrated branch network.  CATY is one
of the few banks that have meaningfully grown its net interest
margin (NIM) over the last 12 quarters, attributable to the
decrease in cost of funding resulting from the unwinding of legacy
higher cost long-term repurchase agreements (REPO).

Fitch expects modest further upside in the NIM over the short term
as further REPOs are redeemed, though the benefit from rising rates
will likely be offset in part by a rate-sensitive deposit base.
The bank reported a modestly asset sensitive profile with a
$5.5million rise in net interest income under a 100bps shock in
rates scenario.  Nonetheless, Fitch still expects the bank's ROAA
to remain on the high end of the peer group.

Liquidity remains a rating constraint for CATY.  The bank has a
very high loan to deposit ratio of 98% at 3Q15.  Furthermore,
CATY's cost of deposits is one of the highest in the peer group
with 60% of deposits in high-cost and rate sensitive interest
bearing deposits and Jumbo CDs at 3Q15.

At 3Q15 the bank's Fitch Core Capital ratio stood at 12.8%, the
second highest in the peer group.  Fitch expects CATY to continue
optimizing its capital through distributions in the form of common
dividends and through a new share repurchase program initiated in
2015.  During the third quarter of 2015, CATY issued an additional
$83million worth of common equity as partial payment for the
acquisition of Asia Bancshares, Inc. which was acquired on
July 31, 2015.  As a result of the recent common stock issuance,
the acquisition was neutral to CATY's capital ratios.

CATY is exposed to concentration risk, with 53% of CATY's loan
portfolio consisting of CRE at 3Q15.  Fitch views this cautiously,
given recent CRE values, especially relative to long-term average
growth rates for this asset class.  Despite this concentration,
Fitch believes there has been an improvement in CATY's overall risk
management, owing in part to the lessons learnt from the financial
crisis.  Further, a 3% decrease in C&I loan exposure over the 2015
fiscal year is viewed positively by Fitch given the very
competitive lending environment.

The bank is somewhat reliant on continued growth in the
Chinese-American population, especially in the first generation
which is in turn dependent on immigration rates.  Furthermore,
Fitch believes the recent slowdown in Chinese economic growth will
have a very modest impact on CATY's operating environment and loan
performance since the bank extends loans to U.S. based customers
backed by local collateral.  While the bank maintains a
representative office in China, the only branch outside the U.S. is
in Hong Kong.

             LONG-TERM AND SHORT-TERM DEPOSIT RATINGS

CATY's uninsured deposit ratings are rated one notch higher than
the company's IDR because U.S. uninsured deposits benefit from
depositor preference.  U.S. depositor preference gives deposit
liabilities superior recovery prospects in the event of default.

              SUPPORT RATING AND SUPPORT RATING FLOOR

CATY has a Support Rating of '5' and Support Rating Floor of 'NF'.
In Fitch's view, CATY is not systemically important and therefore,
the probability of support is unlikely.  IDRs and VRs do not
incorporate any support.

                          HOLDING COMPANY

Should CATY begin to exhibit signs of weakness, demonstrate trouble
accessing the capital markets or distributions from its bank
subsidiary, or have inadequate cash flow coverage to meet near-term
obligations, there is the potential that Fitch could notch the
holding company IDR and VR from the ratings of the operating
company.

                         RATING SENSITIVITIES

VR and IDRs

Positive rating action may occur if CATY's capital position remains
at the high end of the peer group and earnings remain stable.  The
Positive Outlook also incorporates incremental deterioration in
asset quality from currently benign levels, though Fitch expects
CATY's credit will perform in line with peers.

Conversely, Fitch may revise the Outlook back to Stable if there is
deterioration in asset quality that exceeds our expectations.
Further, ratings momentum would be impacted if CATY's capital is
managed significantly lower, or the earnings profile deteriorates
materially.

A shift in CATY's risk profile through significant and outsized
growth in higher risk loan categories such as construction loans
could also put downward pressure on the rating or outlook.

The rating also factors in the possibility of further merger and
acquisition (M&A) activity by CATY.  Any further consolidation
activity will not be viewed negatively should it result in
diversification of CATY's loan portfolio, strengthening of the
franchise and remain within CATY's area of expertise, presuming
there are not material execution and integrations risks, or an
outsized decline in capital ratios.

               LONG- AND SHORT-TERM DEPOSIT RATINGS

The long-and short-term deposit ratings are sensitive to any change
to CATY's long- and short-term IDR.

               SUPPORT RATING AND SUPPORT RATING FLOOR

CATY's Support Rating and Support Rating Floor is '5' and 'NF',
respectively, and therefore there is limited likelihood that these
ratings will change over the foreseeable future.

                           HOLDING COMPANY

Should CATY's holding company begin to exhibit signs of weakness,
demonstrate trouble accessing the capital markets, or have
inadequate cash flow coverage to meet near-term obligations, there
is the potential that Fitch could notch the holding company IDR and
VR from the ratings of the operating entity.  This is viewed as
unlikely though for CATY's given the strength of the holding
company liquidity profile.

The rating actions are:

Cathay General Bancorp

   -- Long-term IDR affirmed at 'BB+'; Outlook Positive
   -- Short-term IDR affirmed at 'B';
   -- Viability Rating affirmed at 'bb+';
   -- Support Rating affirmed at '5';
   -- Support Floor affirmed at 'NF'.

Cathay Bank

   -- Long-term IDR affirmed at 'BB+'; Outlook Positive
   -- Long-term deposit rating affirmed at 'BBB-';
   -- Short-term IDR affirmed at 'B';
   -- Short-term deposit rating affirmed at 'F3';
   -- Viability Rating affirmed 'bb+';
   -- Support Rating affirmed at '5';
   -- Support Floor affirmed at 'NF'.


CITIUS PHARMACEUTICALS: Incurs $1.22 Million Net Loss in Q1
-----------------------------------------------------------
Citius Pharmaceuticals, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing
a net loss of $1.22 million on $0 of revenues for the three months
ended Dec. 31, 2015, compared to a net loss of $823,708 on $0 of
revenues for the same period in 2014.

As of Dec. 31, 2015, the Company had $346,890 in total assets,
$1.93 million in total liabilities, all current, and a total
stockholders' deficit of $1.59 million.

"We expect that we will have sufficient funds to continue our
operations for the next three to six months.  We plan to raise
additional capital in the future to support our operations.  There
is no assurance, however, that we will be successful in raising the
needed capital or that the proceeds will be received in a timely
manner to fully support our operations," the Company stated in the
report.

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

                     http://is.gd/VpOYRx

                 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.


CLIFFS NATURAL: BlackRock Reports 6.2% Stake as of Dec. 31
----------------------------------------------------------
BlackRock, Inc., disclosed in an amended Schedule 13G filed with
the Securities and Exchange Commission that as of Dec. 31, 2015, it
beneficially owns 9,615,708 shares of common stock of Cliffs
Natural Resources Inc. representing 6.2 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/SCx1Sx

                   About Cliffs Natural Resources

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

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

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

As of Dec. 31, 2015, the Company had $2.13 billion in total assets,
$3.94 billion in total liabilities and a total deficit of $1.81
billion.

                          *    *     *

As reported by the TCR on Feb. 1, 2016, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on
Cleveland-based iron ore producer Cliffs Natural Resources Inc. to
'CC' from 'B'.  The rating action reflects Cliffs' Jan. 27, 2016,
announcement of a private debt exchange offer for its second-lien
and senior unsecured debt.

The TCR reported on Jan. 8, 2016, that Moody's Investors Service
downgrade Cliffs Natural Resources Inc. Corporate Family Rating and
Probability of Default Rating to Caa1 and Caa1-PD from B1 and B1-PD
respectively.  The downgrade reflects the deterioration in the
company's debt protection metrics and increase in leverage as a
result of continued downward movement in iron ore prices and weak
fundamentals in the US steel industry, which are resulting in lower
shipment levels.


CLIFFS NATURAL: G1 Execution Reports 2.6% Stake as of Dec. 31
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, G1 Execution Services, LLC, Susquehanna Investment
Group and Susquehanna Securities disclosed that as of Dec. 31,
2015, they beneficially own 4,122,795 shares of common stock of
Cliffs Natural Resources Inc. representing 2.6 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/8MjtE8

                 About Cliffs Natural Resources

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

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

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

As of Dec. 31, 2015, the Company had $2.13 billion in total assets,
$3.94 billion in total liabilities and a total deficit of $1.81
billion.

                          *    *     *

As reported by the TCR on Feb. 1, 2016, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on
Cleveland-based iron ore producer Cliffs Natural Resources Inc. to
'CC' from 'B'.  The rating action reflects Cliffs' Jan. 27, 2016,
announcement of a private debt exchange offer for its second-lien
and senior unsecured debt.

The TCR reported on Jan. 8, 2016, that Moody's Investors Service
downgrade Cliffs Natural Resources Inc. Corporate Family Rating and
Probability of Default Rating to Caa1 and Caa1-PD from B1 and B1-PD
respectively.  The downgrade reflects the deterioration in the
company's debt protection metrics and increase in leverage as a
result of continued downward movement in iron ore prices and weak
fundamentals in the US steel industry, which are resulting in lower
shipment levels.


CLIFFS NATURAL: State Street Reports 5.3% Stake as of Dec. 31
-------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, State Street Corporation disclosed that as of Dec. 31,
2015, it beneficially owns 8,072,826 shares of common stock of
Cliffs Natural Resources Inc. representing 5.3 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/qSpMDw

                 About Cliffs Natural Resources

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

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

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

As of Dec. 31, 2015, the Company had $2.13 billion in total assets,
$3.94 billion in total liabilities and a total deficit of $1.81
billion.

                          *    *     *

As reported by the TCR on Feb. 1, 2016, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on
Cleveland-based iron ore producer Cliffs Natural Resources Inc. to
'CC' from 'B'.  The rating action reflects Cliffs' Jan. 27, 2016,
announcement of a private debt exchange offer for its second-lien
and senior unsecured debt.

The TCR reported on Jan. 8, 2016, that Moody's Investors Service
downgrade Cliffs Natural Resources Inc. Corporate Family Rating and
Probability of Default Rating to Caa1 and Caa1-PD from B1 and B1-PD
respectively.  The downgrade reflects the deterioration in the
company's debt protection metrics and increase in leverage as a
result of continued downward movement in iron ore prices and weak
fundamentals in the US steel industry, which are resulting in lower
shipment levels.


CLIFFS NATURAL: Vanguard Group Reports 5.9% Stake as of Dec. 31
---------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2015,
it beneficially owns 9,200,749 shares of common stock of Cliffs
Natural Resources Inc. representing 5.99 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/1dQqi4

                About Cliffs Natural Resources

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

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

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

As of Dec. 31, 2015, the Company had $2.13 billion in total assets,
$3.94 billion in total liabilities and a total deficit of $1.81
billion.

                          *    *     *

As reported by the TCR on Feb. 1, 2016, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on
Cleveland-based iron ore producer Cliffs Natural Resources Inc. to
'CC' from 'B'.  The rating action reflects Cliffs' Jan. 27, 2016,
announcement of a private debt exchange offer for its second-lien
and senior unsecured debt.

The TCR reported on Jan. 8, 2016, that Moody's Investors Service
downgrade Cliffs Natural Resources Inc. Corporate Family Rating and
Probability of Default Rating to Caa1 and Caa1-PD from B1 and B1-PD
respectively.  The downgrade reflects the deterioration in the
company's debt protection metrics and increase in leverage as a
result of continued downward movement in iron ore prices and weak
fundamentals in the US steel industry, which are resulting in lower
shipment levels.


COCRYSTAL PHARMA: Licenses CRISPR Cas Technologies
--------------------------------------------------
Cocrystal Pharma, Inc., has signed an agreement with Duke
University and Emory University to license various patents and
know-how to use CRISPR/Cas9 technologies for developing a possible
cure for hepatitis B virus (HBV) and human papilloma virus (HPV).

"We're pleased to bring the CRISPR/Cas DNA editing technology
developed in our laboratories into the clinic," said Bryan R.
Cullen, Ph.D., the James B. Duke Professor, Department of Molecular
Genetics and Microbiology at Duke University School of Medicine.
"We look forward to adding Cocrystal to our team as they are
committed to helping the development of potential new treatment
options for chronic HBV and HPV infections."

"We are excited to explore the CRISPR/Cas technologies to
potentially develop the first virus targeted genome modifying
treatment that may be able to provide a cure for HPV and HBV,"
stated CEO, Jeffrey Meckler.  "Worldwide, it is estimated 2 billion
people are infected with HBV and this approach could potentially
develop a cure for a serious unmet medical need.  HPV continues to
be the most common sexually transmitted infection despite having
effective vaccines which are currently underutilized and most
effective only when administered during childhood and
adolescence."

In recent years the discovery of clustered regularly-interspaced
short palindromic repeats (CRISPR) and CRISPR-associated proteins
(Cas) has given scientists hope that they will be able to
efficiently edit genomes with a high degree of precision and
flexibility.  CRISPR sequences are expressed in bacteria and match
viral DNA in a way that defends against viruses.  Cas is a related
immune defense mechanism that works with CRISPR to slice through a
virus's DNA and eliminate it.

This license agreement allows Cocrystal to develop and potentially
commercialize a cure for HBV and HPV utilizing the underlying
patents and technologies developed by the universities.

                      About Cocrystal Pharma

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

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

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

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


COMSTOCK MINING: Palmedo Reports 5.2% Stake as of Dec. 31
---------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Peter F. Palmedo, Palmedo Holdings LLLP and Sun Valley
Gold LLC disclosed that as of Dec. 31, 2015, they beneficially own
8,280,222 shares of common stock of Comstock Mining Inc.
representing 5.18 percent of the shares outstanding.  A copy of the
regulatory filing is available at http://is.gd/srdbvP

                      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.


CRYOPORT INC: Incurs $2.99 Million Net Loss in Third Quarter
------------------------------------------------------------
Cryoport, Inc., filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss
attributable to common stockholders of $2.99 million on $1.45
million of revenues for the three months ended Dec. 31, 2015,
compared to a net loss attributable to common stockholders of $1.99
million on $975,188 of revenues for the same period in 2014.

For the nine months ended Dec. 31, 2015, the Company reported a net
loss attributable to common stockholders of $12.27 million on $4.32
million of revenues compared to a net loss attributable to common
stockholders of $8.24 million on $2.73 million of revenues for the
nine months ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $7.45 million in total assets,
$2.46 million in total liabilities and $4.99 million in total
stockholders' equity.

As of Dec. 31, 2015, the Company had cash and cash equivalents of
$5.2 million and working capital of $3.7 million.  Historically,
the Company has financed its operations primarily through sales of
its debt and equity securities.

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

                      http://is.gd/WhHRDd

                         About Cryoport

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

Cryoport reported a net loss attributable to common stockholders of
$12.2 million for the year ended March 31, 2015, compared to a net
loss attributable to common stockholders of $19.6 million for the
year ended March 31, 2014.

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


CRYOPORT INC: Mitchell Kopin Reports 3.1% Stake as of Dec. 31
-------------------------------------------------------------
Mitchell P. Kopin disclosed in an amended Schedule 13G filed with
the Securities and Exchange Commission that as of Dec. 31, 2015, he
beneficially owns 234,258 shares of common stock of Cryoport Inc.
representing 3.1 percent of the shares outstanding.  A copy of the
regulatory filing is available at http://is.gd/TzmEtV

                          About Cryoport

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

Cryoport reported a net loss attributable to common stockholders of
$12.2 million for the year ended March 31, 2015, compared to a net
loss attributable to common stockholders of $19.6 million for the
year ended March 31, 2014.

As of Dec. 31, 2015, the Company had $7.45 million in total assets,
$2.46 million in total liabilities and $4.99 million in total
stockholders' equity.

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


CTI BIOPHARMA: BlackRock Reports 4.5% Stake as of Jan. 31
---------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of Jan. 31, 2016, it
beneficially owns 12,693,653 shares of common stock of CTI
Biopharma Corp. representing 4.5 percent of the shares outstanding.
A copy of the regulatory filing is available for free at
http://is.gd/QY05UZ

                      About CTI BioPharma

CTI BioPharma Corp. (NASDAQ and MTA: CTIC) --
http://www.ctibiopharma.com/-- formerly known as Cell
Therapeutics, Inc., is a biopharmaceutical company focused on
the acquisition, development and commercialization of novel
targeted therapies covering a spectrum of blood-related cancers
that offer a unique benefit to patients and healthcare providers.
The Company has a commercial presence in Europe and a late-stage
development pipeline, including pacritinib, CTI's lead product
candidate that is currently being studied in a Phase 3 program for
the treatment of patients with myelofibrosis.  CTI BioPharma is
headquartered in Seattle, Washington, with offices in London and
Milan under the name CTI Life Sciences Limited.

CTI Biopharma reported a net loss attributable to common
shareholders of $96 million in 2014, compared with a net loss
attributable to common shareholders of $49.6 million in 2013.

As of Sept. 30, 2015, the Company had $63.1 million in total
assets, $90.6 million in total liabilities and a $27.5 million
total shareholders' deficit.
(Jhonas SEC Feb12 2)
(Jhonas SEC Feb12 2)


CTI BIOPHARMA: IND for Pacritinib Placed Under Full Clinical Hold
-----------------------------------------------------------------
CTI BioPharma Corp. provided an update regarding the clinical
studies being conducted under the Company's Investigational New
Drug application for pacritinib.  Following the issuance of the
Company's Feb. 8, 2016, press release describing the partial
clinical hold issued by the U.S. Food and Drug Administration (FDA)
regarding those clinical studies, the Company received an oral
communication from the FDA followed by a letter notifying the
Company that the Company's IND for pacritinib has been placed on
full clinical hold.  The Company has withdrawn its New Drug
Application (NDA) until the Company has had a chance to review the
safety and efficacy data from the PERSIST-2 Phase 3 clinical trial
and decide next steps.

The FDA's Feb. 8, 2016, letter notes the interim overall survival
results from PERSIST-2 show a detrimental effect on survival
consistent with the results from PERSIST-1.  The deaths in
PERSIST-2 in pacritinib-treated patients include intracranial
hemorrhage, cardiac failure and cardiac arrest.  The FDA made
recommendations that supersede the recommendations made by the FDA
in connection with the partial clinical hold imposed by the FDA on
Feb. 4, 2016.  The current recommendations include conducting dose
exploration studies for pacritinib in patients with myelofibrosis,
submitting final study reports and datasets for PERSIST-1 and
PERSIST-2, providing certain notifications, revising relevant
statements in the related Investigator's Brochure and informed
consent documents and making certain modifications to protocols. In
addition, the FDA recommended that the Company request a meeting
prior to submitting a response to full clinical hold.

Under the full clinical hold, all patients currently on pacritinib
must discontinue pacritinib immediately and no patients can be
enrolled or start pacritinib as initial or crossover treatment.

All clinical investigators worldwide have been delivered a notice
of the full clinical hold.

                      About CTI BioPharma

CTI BioPharma Corp. (NASDAQ and MTA: CTIC) --
http://www.ctibiopharma.com/-- formerly known as Cell
Therapeutics, Inc., is a biopharmaceutical company focused on
the acquisition, development and commercialization of novel
targeted therapies covering a spectrum of blood-related cancers
that offer a unique benefit to patients and healthcare providers.
The Company has a commercial presence in Europe and a late-stage
development pipeline, including pacritinib, CTI's lead product
candidate that is currently being studied in a Phase 3 program for
the treatment of patients with myelofibrosis.  CTI BioPharma is
headquartered in Seattle, Washington, with offices in London and
Milan under the name CTI Life Sciences Limited.

CTI Biopharma reported a net loss attributable to common
shareholders of $96 million in 2014, compared with a net loss
attributable to common shareholders of $49.6 million in 2013.

As of Sept. 30, 2015, the Company had $63.1 million in total
assets, $90.6 million in total liabilities and a $27.5 million
total shareholders' deficit.
(Jhonas SEC Feb12 2)


CUI GLOBAL: Marathon Capital Reports 5.9% Stake as of Dec. 31
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Marathon Capital Management, LLC disclosed that as of
Dec. 31, 2015, it beneficially owns 1,222,537 shares of common
stock of CUI Global, Inc., representing 5.9 percent of the shares
outstanding.  A copy of the regulatory filing is available at:

                      http://is.gd/vIny3X

                        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.


CUI GLOBAL: Orbital Awarded First Purchase Order for GasPT Tech
---------------------------------------------------------------
CUI Global, Inc., announced that its wholly-owned United Kingdom
energy subsidiary, Orbital Gas Systems Ltd., has successfully been
awarded the initial purchase order for its proprietary GasPT
analyzer from Europe's largest natural gas transmission company.
The order for 400 devices, including 65 high pressure
installations, comes after almost four and a half years of
intensive durability and accuracy testing; certification by
relevant European Union authorities; and a thorough, independent
test protocol conducted by The University of Milan on behalf of the
transmission company.

The total scope of the project includes the deployment of 3,300
analyzers across the Italian pipeline system.  Orbital, through its
Italian Distributor, SOCRATE S.p.A., is the only Vendor providing
analyzers against this first PO.

The roll-out schedule calls for 50 units to be deployed within 30
days; another 250 units to be deployed 50 days thereafter; and the
remainder to be deployed no later than October 2016.  Company
representatives will be attending the "kick-off" meeting in Milan
next week.

"This is a transformational project for the Company," explained
William Clough, CUI Global's president & CEO.  "While we have
previously deployed several hundred of our GasPT devices, this is
the first large scale deployment with Europe's largest natural gas
pipeline company and one of the most respected natural gas
transmission companies in the World."

"We believe that the efficiencies, accuracy, minimal maintenance,
and low-cost nature of our GasPT Technology will produce dramatic
results for this project and will allow our Energy Division to
leverage this exciting project into additional opportunities
throughout Western Europe and into North America," Clough
continued.

"We are very pleased to partner with CUI Global and Orbital on this
project," stated Nicola Giorgio Sorrentino, CEO of SOCRATE. "This
venture is only made possible by the unique nature of the GasPT
analyzer and its ability to cost-effectively and efficiently
monitor natural gas quality in the pipeline.  The initial PO is
only the beginning of what will be a tremendous opportunity for
both Orbital and SOCRATE."

The substantial testing conducted in Italy included, but was not
limited to:

   * A 6-month laboratory bench test for both durability and
     accuracy;

   * An additional 12-month field trial in Mesura, which consisted

     of comparing GasPT measurements with a well-known and much-
     respected gas chromatograph.  Over 12 months the GasPT was
     fully operational 100% of the time, while the GC was offline
     for 14% of the time;

   * Deployment of six units for a 24 month field trial, during
     which the devices demonstrated accuracy of Calorific Value
     and Wobbe measurements typically better than +0.2% error and
     always much better than +0.5% (as required by both The
     International Organization of Legal Metrology and American
     Gas Association); and then,

   * A 6-month comprehensive review of the resulting data by an
     independent third-party (The University of Milan) to confirm
     both durability and accuracy figures.

Besides the multifaceted and comprehensive testing regimen for this
project, Orbital had to obtain all necessary safety certifications
before the tests could begin.  In that regard, the GasPT device
fully complies with, and is certified by such iconic organizations
as: CSA, BASEEFA, OFGEM, PRCI, and IECEx. The device is fully EMC
compliant as well.

While qualifying for the Italian opportunity, Orbital also received
full certification from The International Organization of Legal
Metrology.  Specifically, the device is fully certified and
compliant with OIML R 140 -- Measuring Systems for Gaseous Fuel.
NMi (a highly-respected European test house based in The
Netherlands) was engaged to perform that certification.

According to its charter, OIML is a "worldwide, intergovernmental
organization whose primary aim is to harmonize the regulations and
metrological controls applied by the national metrological
services, or related organizations, of its Member States,"
including Italy.

"This is certainly an inflection point for our Energy Division and
continues to demonstrate the value of our natural gas product
portfolio -- A portfolio of products which allows us to change and
improve the way natural gas is monitored, increase our market
penetration, and, thereby, increase our shareholder value," Clough
concluded.

The Company conducted a conference call and webcast to review the
details on Feb. 11, 2016.

                       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.


CUI GLOBAL: Trigran Investments Reports 6.3% Stake as of Dec. 31
----------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Trigran Investments, Inc., Douglas Granat, Lawrence A.
Oberman, Steven G. Simon and Bradley F. Simon disclosed that as of
Dec. 31, 2015, they beneficially own 1,308,721 shares of common
stock of CUI Global, Inc., representing approximately 6.3% as
(based on 20,805,241 shares of common stock issued and outstanding
per CUI Global, Inc. Form 10-Q dated Nov. 9, 2015).  A copy of the
regulatory filing is available at http://is.gd/MrQ0yO

                       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.


DATA SYSTEMS: Case Summary & 5 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Data Systems, Inc.
        975 SE Sandy Blvd.
        Portland, OR 97214

Case No.: 16-30477

Chapter 11 Petition Date: February 11, 2016

Court: United States Bankruptcy Court
       District of Oregon

Judge: Hon. Randall L. Dunn

Debtor's Counsel: Ted A Troutman, Esq.
                  TROUTMAN LAW FIRM P.C.
                  5075 SW Griffith Dr., Ste 220
                  Beaverton, OR 97005
                  Tel: (503) 292-6788
                  Email: tedtroutman@gmail.com
                         tedtroutman@sbcglobal.net

Estimated Assets: $1 million to $10 million

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

The petition was signed by William F. Holdner, president.

A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/orb16-30477.pdf
(JHONAS_PETITIONS_FEB14)


DEB STORES: Deadline to Remove Suits Extended to April 21
---------------------------------------------------------
U.S. Bankruptcy Judge Kevin Gross has given Deb Stores Holding LLC
until April 21, 2016, to file notices of removal of lawsuits
involving the company and its affiliates.

                    About Deb Stores

Headquartered in Philadelphia, Pennsylvania, Deb Stores is a
mall-based retailer in the juniors "fast-fashion" specialty sector
that operates under the name "DEB" and offers moderately priced,
fashionable, coordinated women's sportswear, dresses, coats,
lingerie, accessories and shoes for junior and plus sizes.  The
company, founded by Philip Rounick and Emma Weiner, opened its
first store under the name JOY Hosiery in Philadelphia,
Pennsylvania in 1932.  As of Sept. 30, 2014, the Company operated a
total of 295 retail store locations (primarily in the East and
Midwest, especially Pennsylvania, Ohio and Michigan) as well as an
e-commerce channel.

On June 26, 2011, Deb Stores' predecessors -- DSI Holdings Inc. and
its subsidiaries -- sought Chapter 11 protection (Bankr. D. Del.
Lead Case No. 11-11941) and closed the sale of the assets three
months later to Ableco Finance, LLC, the agent for the first lien
lenders.

Deb Stores Holding LLC and eight affiliated companies commenced
Chapter 11 bankruptcy cases in Delaware on Dec. 4, 2014.  The
Debtors sought to have their cases jointly administered, with
pleadings maintained on the case docket for Deb Stores Holding
(Case No. 14-12676).  The cases are assigned to Judge Mary F.
Walrath.

Carl D. Neff at Delaware Bankruptcy Litigation reported that by
order dated Dec. 5, 2014, the Debtors' Chapter 11 cases were
consolidated for procedural purposes only and therefore are being
jointly administered pursuant to Bankruptcy Rule 1015(b).

Laura Davis Jones, Esq., Colin R. Robinson, Esq., at and Peter J.
Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington,
Delaware, serve as counsel to the Debtors.  Epiq Bankruptcy
Solutions, LLC, is the claims and noticing agent.

As of Dec. 31, 2014, the Debtors' most recent audited consolidated
financial statements reflected assets totaling $90.5 million and
liabilities totaling $120.1 million.

The Official Committee of Unsecured Creditors tapped Cooley LLP as
its lead counsel; Drinker Biddle & Reath LLP as its co-counsel; and
Zolfo Cooper, LLC as its bankruptcy consultants and financial
advisors.


DELTA AIR: Moody's Hikes Senior Unsecured Debt Rating From Ba3
--------------------------------------------------------------
Moody's Investors Service upgraded most of its debt ratings of
Delta Air Lines, Inc, including the Senior Unsecured to Baa3 from
Ba3, Senior Secured assigned to the company's corporate debt
obligations to Baa2 from Baa3. Moody's also upgraded most of the
company's enhanced equipment trust certificates and the term loan
secured by aircraft. Moody's withdrew the Ba2 Corporate Family,
Ba2-PD Probability of Default and SGL-1 Speculative Grade Liquidity
ratings. The rating outlook is stable.

RATINGS RATIONALE

"The upgrade of the senior unsecured rating to Baa3 is based on the
expectation of continued debt reduction, building on the
significant de-leveraging of the balance sheet that Delta has
achieved since 2009, as well as ongoing stability in Delta's
operations which we believe will enable Delta to continue to handle
the industry's volatility," said Moody's Senior Credit Officer,
Jonathan Root. "We believe that Delta will continue to effectively
manage its network and operations, and build on the
capital-efficient growth strategy to sustain a competitive
operating margin with free cash flow that leads the industry and
compares favorably to other companies rated investment grade,"
continued Root.

The strategy of all US airlines to pursue acceptable returns on
invested capital, the current low global oil prices and steady
passenger demand, both domestically and abroad have without doubt
contributed to improved credit for many airlines. However, in
Moody's view airlines that have not reduced their debt burden as
Delta has, are unlikely to sustain the currently strong credit
metrics without the benefit of low fuel prices, especially in an
environment likely to have fare as well as labor cost pressures.

The upgrade of the senior unsecured rating to Baa3 recognizes the
stronger credit metrics that Delta has achieved and especially the
expectation that metrics will further improve in 2016 as an even
lower cost of fuel and operational efficiency help to offset
expected pressure on revenues from lower fares.

Moody's projects year end 2016 to be somewhat stronger, with an
EBITDA margin of about 29%, Debt to EBITDA of about 2.2 times and
EBIT to Interest of about 6.0 times, and free cash flow in excess
of $6.0 billion for the year, all on a Moody's adjusted basis.
These metrics compare favorably to other companies in the Baa
rating category, providing the financial cushion expected for the
rating level.

The upgrade of the senior unsecured rating to investment grade
anticipates that Delta will continue to:

-- reduce funded debt annually, from the about $8.3 billion at 31

    December 2015 and $12.8 billion at 31 December 2012, to
    achieve its stated net debt target of $4.0 billion by 2020

-- prioritize achieving its targeted return on invested capital
    (currently in the 20% to 25% range), which means it will
    reduce capacity during periods of sustained weak demand or if
    sustained high fuel prices are not offset by higher fares

-- reduce funded debt by at least $500 million per year, and

-- use a majority of free cash flow to repurchase shares, as long

    as free cash flow is greater than $1.5 billion

-- contribute approximately $1 billion per year to its pension
    plans, which are frozen

Moody's also expects that there will be no meaningful changes to
the company's strategy following the upcoming transition in the
executive suite that Delta announced on 3 February 2016, especially
with the pending CEO change.

Upward movement of the ratings is unlikely before 2018, at the
earliest. Sustained Debt to EBITDA of about 2.5 times, Funds from
Operations + Interest to Interest of about 7.0 times, an EBITDA
margin near 20% and steady free cash flow of at least $1.5 billion
per year could support an upgrade at or after that time. The
ratings could be downgraded if Delta was to de-emphasize the
current return on invested capital strategy, if it sustained
unrestricted cash below $2.5 billion or free liquidity (cash plus
revolver availability with no required representation of no
material adverse changes upon drawings) below $4.5 billion or used
debt to repurchase shares. Sustained metrics such as an EBITDA
margin of about 15%, Debt to EBITDA of more than 3.3 times or FFO +
Interest to Interest of below 5.0 times could also lead to a
negative rating action.

The actions on the aircraft enhanced equipment trust certificates
(14 upgrades and 3 affirmations) consider the benefits of the
improved corporate credit profile, and Moody's view of the relative
attractiveness of each transactions' collateral including the
number, age profile and types of aircraft, whether a transaction is
cross-defaulted and cross-collateralized and the equity cushions,
each a consideration that influences the relative likelihood of
disaffirmation of each EETC during bankruptcy.

Changes in Delta's Corporate Family rating, in Moody's opinion of
the importance of particular aircraft models to its network, or in
Moody's estimates of aircraft market values, which will affect
estimates of loan-to-value can result in changes to EETC ratings.

With an industry-leading global network, Delta and the Delta
Connection carriers offer service to 328 destinations in 57
countries on six continents. Headquartered in Atlanta, Delta
employs nearly 80,000 employees worldwide and operates a mainline
fleet of more than 800 aircraft. The company reported $40.7 billion
of revenue in 2015.

Upgrades:

Issuer: Clayton County Development Authority, GA

-- Senior Unsecured Revenue Bonds, Upgraded to Baa3 from Ba3
    (LGD4)

Issuer: Delta Air Lines, Inc.

-- Senior Secured Bank Credit Facility due Oct 18, 2017, Upgraded

    to Baa2 from Baa3 (LGD2)

-- Senior Secured Bank Credit Facility due Sep 30, 2019, Upgraded

    to Baa1 from Baa2

-- Senior Secured Bank Credit Facility due Aug 24, 2022, Upgraded

    to Baa2 from Baa3 (LGD2)

-- Senior Secured Bank Credit Facility due Aug 24, 2020, Upgraded

    to Baa2 from Baa3 (LGD2)

-- Senior Secured Bank Credit Facility due Oct 18, 2018, Upgraded

    to Baa2 from Baa3 (LGD2)

-- Senior Secured Bank Credit Facility due Apr 18, 2016, Upgraded

    to Baa2 from Baa3 (LGD2)

-- Senior Secured Enhanced Equipment Trust Series 2010-2A Nov 23,

    2019, Upgraded to A1 from A2

-- Senior Secured Enhanced Equipment Trust Series 2011-1 Cl. A
    Apr 15, 2019, Upgraded to A1 from A2

-- Senior Secured Enhanced Equipment Trust Series 2010-1 Cl.A Jul

    2, 2018, Upgraded to A1 from A2

-- Senior Secured Enhanced Equipment Trust Series 2012-1 Cl. A
    May 7, 2020, Upgraded to A2 from A3

-- Senior Secured Enhanced Equipment Trust Series 2009-1A Dec 17,

    2019, Upgraded to A1 from A2

-- Senior Secured Enhanced Equipment Trust Series 2015-1 Cl. AA
    Jan 30, 2029, Upgraded to Aa2 from Aa3

-- Senior Secured Enhanced Equipment Trust Series 2009-1B Dec 17,

    2016, Upgraded to Baa1 from Baa2

-- Senior Secured Enhanced Equipment Trust Series 2015-1 Cl. B
    Jan 30, 2025, Upgraded to Baa1 from Baa2

-- Senior Secured Enhanced Equipment Trust Series 2012-1 Cl. B
    May 7, 2019, Upgraded to Baa2 from Baa3

-- Senior Secured Enhanced Equipment Trust Series 2007-1 Cl. B
    Aug 10, 2022 Upgraded to Baa2 from Baa3

Issuer: Northwest Airlines, Inc.

-- Senior Secured Enhanced Equipment Trust Series 2007-1 Cl. A
    Nov 1, 2019, Upgraded to A2 from A3

-- Senior Secured Enhanced Equipment Trust Series 2000-1 Cl. G
    Apr 1, 2021, Upgraded to Baa1 from Ba1

-- Senior Secured Enhanced Equipment Trust Series 2000-1 Cl. G
    (underlying) Apr 1, 2021, Upgraded to Baa1 from Ba1

-- Senior Secured Enhanced Equipment Trust Series 2007-1 Cl. B
    Nov 1, 2017, Upgraded to Baa1 from Baa2

Affirmations:

Issuer: Delta Air Lines, Inc.

-- Senior Secured Enhanced Equipment Trust Series 2007-1 Cl. A
    Aug 10, 2022, Affirmed A3

-- Senior Secured Enhanced Equipment Trust Series 2015-1 Cl. A
    Jan 30, 2029, Affirmed A1

Issuer: Delta Air Lines, Inc. (Old)

-- Senior Secured Enhanced Equipment Trust Series 2002-1 Cl. G-1
    Jul 2, 2024, Affirmed Baa1

-- Senior Secured Enhanced Equipment Trust Series 2002-1 Cl. G-1
    (underlying) Jul 2, 2024, Affirmed Baa1

Issuer: Northwest Airlines, Inc.

-- Senior Secured Enhanced Equipment Trust Series 2002-1 Cl. G-2
    Nov 20, 2021, Affirmed Baa1

-- Senior Secured Enhanced Equipment Trust Series 2002-1 Cl. G-2
    (underlying) Nov 20, 2021, Affirmed Baa1

Withdrawals:

Issuer: Delta Air Lines, Inc.

-- Probability of Default Rating, Withdrawn , previously rated
    Ba2-PD

-- Speculative Grade Liquidity Rating, Withdrawn , previously
    rated SGL-1

-- Corporate Family Rating (Local Currency), Withdrawn ,
    previously rated Ba2

Outlook Actions:

Issuer: Delta Air Lines, Inc.

-- Outlook, Changed To Stable From Positive



DEXIA CREDIT: S&P Lowers Rating on 2008A and B Bonds to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services has corrected by lowering its
long-term rating to 'B+' from 'A-' on Dexia Credit Local's series
DCL 2008A and B custodial receipts relating to the Chicago Board of
Education's series 2008A and B bonds.

At the same time, Standard & Poor's has corrected by raising its
long-term ratings to 'AA-' from 'A+' on Citigroup Global Markets
ROCs/ROLs II-R Trust's series 11230WF custodial receipts and
reset-option long certificates (ROLs) -- and to 'AA-/A-1' from
'A+/A-1' on the series 11230WF reset-option certificates (ROCs) --
relating to California's general obligation (GO) refunding bonds.



DIFFERENTIAL BRANDS: Knight's Bridge Holds 6.5% Stake as of Jan. 28
-------------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Knight's Bridge RG Holdings LLC disclosed that as of
Jan. 28, 2016, it beneficially owns 801,030 shares of common stock
of Differential Brands Group Inc. representing 6.46 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/cfe517

                     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.


DIFFUSION PHARMACEUTICALS: David Smith, et al, Hold 5.8% Stake
--------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, David E. Smith, Shamus, LLC, The Coast Fund L.P. and
Coast Offshore Management (Cayman), Ltd. disclosed that as of
April 1, 2015, they beneficially own 1,085,000 shares of common
stock of Diffusion Pharmaceuticals Inc. representing 5.8 percent of
the shares outstanding.  A copy of the regulatory filing is
available for free at http://is.gd/CXlkXi

               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.


DIVERSIFIED RESOURCES: Acquires Diversified Energy for 20M Shares
-----------------------------------------------------------------
Diversified Resources Inc. disclosed in a regulatory filing with
the Securities and Exchange Commission that it amended the
agreement disclosed in its Form 8-K report dated Dec. 23, 2015.

Pursuant to the terms of the new agreement, on Feb. 5, 2016, the
Company acquired Diversified Energy Resources, Inc. in exchange
for 20,032,710 shares of the Company's common stock.  Diversified
Energy Resources is the holding company for three oilfield service
companies.  These three companies, the oldest of which has been in
operation since 2004, provide the following services
to their customers, most of which are located in northern
Colorado:

  * Crane and Rigging

  * Trucking Various Materials

  * Custom Fabrication

  * Well Site Construction

  * Well Site Supervision

  * Pipeline Construction

  * Pressure Testing

  * Fencing

  * Environmental Remediation

  * Equipment Rental

  * Providing, on an as needed basis, Trained Equipment Operators

  * Repairs to Equipment and Machinery, including Emergency
    Repairs

                    About Diversified Resources

Diversified Resources Inc. is active in oil and gas exploration and
production in the Rocky Mountain region of the U.S.  The Company
maintains its headquarters in Littleton, Colorado.

As of July 31, 2015, the Company had $9.99 million in total assets,
$4.87 million in total liabilities and $5.11 million in total
stockholders' equity.

The Company has incurred significant operating losses since
inception, has an accumulated deficit of $4,196,199 and has
negative working capital of $1,137,099 at July 31, 2015.  As of
July 31, 2015, the Company has limited financial resources.  These
factors, according to the Company, raise substantial doubt about
its ability to continue as a going concern.


DRAFTDAY FANTASY: Borrows $580,000 From Sillerman
-------------------------------------------------
As previously reported by DraftDay Fantasy Sports, Inc., on a Form
8-K filed with the Securities and Exchange Commission on Feb. 2,
2016, Sillerman Investment Company VI LLC, an affiliate of Robert
F.X. Sillerman, the executive chairman and chief executive officer
of the Company, entered into a secured revolving loan agreement
with the Company and its subsidiaries, wetpaint.com, Inc. and
Choose Digital Inc., pursuant to which the Company can borrow up to
$1,500,000.  

On Feb. 5, 2016, the Company borrowed an additional $350,000 under
the Secured Revolving Loan.  On Feb. 11, 2016, the Company borrowed
an additional $230,000 under the Secured Revolving Loan.  

                       About DraftDay

DraftDay Fantasy Sports Inc., formerly known as Viggle Inc., offers
a high quality daily fantasy sports experience directly to
consumers and to businesses desiring turnkey solutions to new
revenue streams.  DraftDay Fantasy Sports Inc. is the largest
shareholder of DraftDay Gaming Group, with a 44% stake.  Sportech
owns 35%.  By combining and capitalizing on the well-established
operational business assets of DraftDay and Sportech, the new
DraftDay is well-positioned to become a significant player in the
explosive fantasy sports market.  DraftDay has paid out over $30
million in prizes with increased player retention and brand
loyalty.  DraftDay Fantasy Sports also operates MyGuy and Viggle
Football both of which offer real-time interactive participation
with professional and college football games; Wetpaint, which
offers entertainment and celebrity news; and Choose Digital, a
digital marketplace platform that allows companies to incorporate
digital content into existing rewards and loyalty programs in
support of marketing and sales initiatives.

Viggle reported a net loss attributable to common stockholders of
$78.9 million on $25.5 million of revenue for the year ended
June 30, 2015, compared to a net loss attributable to common
stockholders of $68.1 million on $18.0 million of revenues for the
year ended June 30, 2014.

As of Sept. 30, 2015, the Company had $74.0 million in total
assets, $59.8 million in total liabilities, $12.04 million in
series C convertible preferred stock and $2.10 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
June 30, 2015, citing that the Company has suffered recurring
losses from operations and at June 30, 2015, has a deficiency in
working capital that raise substantial doubt about its ability to
continue as a going concern.


DRAFTDAY FANTASY: Kyle Brink Resigns as General Manager
-------------------------------------------------------
As previously reported on DraftDay Fantasy Sports, Inc.'s Current
Report on Form 8-K filed with the Securities and Exchange
Commission on Feb. 8, 2016, the Company has entered into an
agreement to sell certain assets to Perk.com, Inc.  As part of the
Perk Transaction, the Company's General Manager, Kyle Brink is
resigning from the Company and taking on a similar role at Perk to
maintain operational continuity of the Viggle-branded properties
that the Company sold to Perk.

                         About DraftDay

DraftDay Fantasy Sports Inc., formerly known as Viggle Inc., offers
a high quality daily fantasy sports experience directly to
consumers and to businesses desiring turnkey solutions to new
revenue streams. DraftDay Fantasy Sports Inc. is the largest
shareholder of DraftDay Gaming Group, with a 44% stake.  Sportech
owns 35%.  By combining and capitalizing on the well-established
operational business assets of DraftDay and Sportech, the new
DraftDay is well-positioned to become a significant player in the
explosive fantasy sports market.  DraftDay has paid out over $30
million in prizes with increased player retention and brand
loyalty.  DraftDay Fantasy Sports also operates MyGuy and Viggle
Football both of which offer real-time interactive participation
with professional and college football games; Wetpaint, which
offers entertainment and celebrity news; and Choose Digital, a
digital marketplace platform that allows companies to incorporate
digital content into existing rewards and loyalty programs in
support of marketing and sales initiatives.

Viggle reported a net loss attributable to common stockholders of
$78.9 million on $25.5 million of revenue for the year ended
June 30, 2015, compared to a net loss attributable to common
stockholders of $68.1 million on $18.0 million of revenues for the
year ended June 30, 2014.

As of Sept. 30, 2015, the Company had $74.0 million in total
assets, $59.8 million in total liabilities, $12.04 million in
series C convertible preferred stock and $2.10 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
June 30, 2015, citing that the Company has suffered recurring
losses from operations and at June 30, 2015, has a deficiency in
working capital that raise substantial doubt about its ability to
continue as a going concern.


DRAFTDAY FANTASY: Makes Changes to Board Committees Composition
---------------------------------------------------------------
At a meeting of DraftDay Fantasy Sports, Inc.'s Board of Directors
on Feb. 4, 2016, the following changes were made to the composition
of the committees of the Company's Board of Directors.  The current
committee membership is as follows:

Audit Committee: Peter Horan, Michael Meyer and Birame Sock

Compensation Committee: Peter Horan, Michael Meyer and Birame Sock

Nominating and Corporate Governance Committee: Peter Horan, Michael
Meyer and Birame Sock

                       About DraftDay

DraftDay Fantasy Sports Inc., formerly known as Viggle Inc., offers
a high quality daily fantasy sports experience directly to
consumers and to businesses desiring turnkey solutions to new
revenue streams. DraftDay Fantasy Sports Inc. is the largest
shareholder of DraftDay Gaming Group, with a 44% stake.  Sportech
owns 35%.  By combining and capitalizing on the well-established
operational business assets of DraftDay and Sportech, the new
DraftDay is well-positioned to become a significant player in the
explosive fantasy sports market.  DraftDay has paid out over $30
million in prizes with increased player retention and brand
loyalty.  DraftDay Fantasy Sports also operates MyGuy and Viggle
Football both of which offer real-time interactive participation
with professional and college football games; Wetpaint, which
offers entertainment and celebrity news; and Choose Digital, a
digital marketplace platform that allows companies to incorporate
digital content into existing rewards and loyalty programs in
support of marketing and sales initiatives.

Viggle reported a net loss attributable to common stockholders of
$78.9 million on $25.5 million of revenue for the year ended
June 30, 2015, compared to a net loss attributable to common
stockholders of $68.1 million on $18.0 million of revenues for the
year ended June 30, 2014.

As of Sept. 30, 2015, the Company had $74.0 million in total
assets, $59.8 million in total liabilities, $12.04 million in
series C convertible preferred stock and $2.10 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
June 30, 2015, citing that the Company has suffered recurring
losses from operations and at June 30, 2015, has a deficiency in
working capital that raise substantial doubt about its ability to
continue as a going concern.


ENERGY & EXPLORATION: Reaches Restructuring Plan with Lenders
-------------------------------------------------------------
Tom Corrigan, writing for Dow Jones' Daily Bankruptcy Review,
reported that East Texas's Energy & Exploration Partners Inc.
unveiled a restructuring plan under which senior lenders will trade
in more than $1 billion of debt for ownership of the troubled
oil-and-gas company.

According to the report, in court papers filed Feb. 10 with the
U.S. Bankruptcy Court in Fort Worth, Texas, Energy & Exploration
Partners said its proposal had already gained the support from a
large majority of key lenders.  If the plan eventually wins Judge
Russell F. Nelms's signature, the company would emerge from
bankruptcy protection in May with much of its debt wiped away, the
report related.

                   About Energy & Exploration

Energy & Exploration Partners, Inc., Energy & Exploration
Partners,
LLC and Energy & Exploration Partners Operating GP, LLC filed
Chapter 11 bankruptcy petitions (Bankr. N.D. Tex. Proposed Lead
Case No. 15-44931) on Dec. 7, 2015.  John R. Castellano signed the
petition as interim chief financial officer.  Judge Russell F.
Nelms has been assigned the case.

The Debtors own approximately 61,323 net acres in Texas and
Wyoming.  In Texas, the Debtors' operations are located throughout
Madison, Grimes, Leon, Houston and Walker Counties, where the
Debtors are pursuing opportunities in the Buda-Rose stacked
comingled play, the Woodbine sandstone, the Eagle Ford shale and
other stacked formations in the region.  As of the Petition Date,
the Debtors employ approximately 59 people across their various
operations.

The Debtors have engaged Bracewell & Giuliani, LLP as counsel,
Evercore Group LLC as financial advisor, AP Services, LLC as
restructuring advisor, Ernst & Young as tax advisor, Hein &
Associates as independent auditor and Prime Clerk LLC as notice,
claims and balloting agent.


ENERGY FUTURE: Oncor Utility REIT Deal Faces Headwinds in Texas
---------------------------------------------------------------
Peg Brickley, writing for Dow Jones' Daily Bankruptcy Review,
reported that investors who want to buy Energy Future Holdings
Corp.'s Oncor electricity transmissions business are facing
headwinds in action before the Public Utility Commission of Texas,
which must approve the complex deal.

According to the report, the proposed takeover, led by Hunt
Consolidated Inc. and backed by billions of dollars of investments
from Energy Future creditors, has been hit with almost unanimous
criticism -- from a collection of big Texas electricity customers,
the AARP and from another potential suitor, NextEra Energy Inc.
They say the deal is risky and potentially dangerous to consumers,
the report related.

                       About Energy Future

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a Portfolio
of competitive and regulated energy businesses in Texas.

Oncor, an 80 percent-owned entity within the EFH group, is the
largest regulated transmission and distribution utility in Texas.

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

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

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

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

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

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

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

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


ENRON CORP: DC Circ. Denies Quick Win Over Unit's Nigeria Contract
------------------------------------------------------------------
Jack Newsham at Bankruptcy Law360 reported that a Cayman
Islands-based Enron affiliate was denied a quick win in its effort
to claim a $12 million arbitrator's award from the Nigerian
government in the D.C. Circuit on Feb. 8, 2016, with the court's
short ruling saying factual questions remained in dispute.

Enron Nigeria Power Holding Ltd. contends that Nigeria had no right
to stay a power purchase agreement inked with the subsidiary of
Enron Corp. in 1999, and it says the agreement remained in force
even after its owner went bankrupt in 2001.

                        About Enron Corp.

Enron Corporation (former New York Stock Exchange ticker symbol
ENE) was an American energy, commodities, and services company
based in Houston, Texas.  Before its collapse and bankruptcy in
2001, Enron employed approximately 20,000 staff and was one of the
world's major electricity, natural gas, communications, and pulp
and paper companies, with claimed revenues of nearly $111 billion
during 2000.

Based in Houston, Texas, Enron Corporation filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 01-16033) on Dec. 2, 2001,
following controversy over accounting procedures that caused its
stock price and credit rating to drop sharply.

Enron hired lawyers at Togut Segal & Segal LLP; Weil, Gotshal &
Manges LLP; Venable; Cadwalader, Wickersham & Taft, LLP for its
bankruptcy case.  The Official Committee of Unsecured Creditors in
the case tapped lawyers at Milbank, Tweed, Hadley & McCloy LLP.

The Debtors won confirmation of their Plan in July 2004, and the
Plan was declared effective on Nov. 17, 2004.  After approval of
the Plan, the new board of directors decided to change the name of
Enron Corp. to Enron Creditors Recovery Corp. to reflect the
current corporate purpose.  ECRC's sole mission is to reorganize
and liquidate certain of the operations and assets of the "pre-
bankruptcy" Enron for the benefit of creditors.

ECRC has been involved in the MegaClaims Litigation, an action
against 11 major banks and financial institutions that ECRC
believes contributed to Enron's collapse; the Commercial Paper
Litigation, an action involving the recovery of payments made to
commercial paper dealers; and the Equity Transactions Litigation,
which ECRC filed against Lehman Brothers Holdings, Inc., UBS AG,
Credit Suisse and Bear Stearns to recover payments made to the
four banks on transactions involving Enron's stock while the
company was insolvent.


ESCO MARINE: Gets Approval of Settlement With Callidus, Committee
-----------------------------------------------------------------
A U.S. bankruptcy court approved Esco Marine Inc.'s settlement
agreement with its Canadian lender and the official committee of
unsecured creditors.

The U.S. Bankruptcy Court for the Southern District of Texas
approved the settlement under which Esco Marine, Callidus Capital
Corp. and the unsecured creditors' committee agree to support a
"post 363-sale" plan of liquidation.

The parties will support the plan on condition that Callidus won't
be required to fund the plan and the settlement will be implemented
even in the absence of such plan.

Callidus, the Canadian financing company that provided loan to get
the Texas-based ship dismantler through bankruptcy, also agrees to
subordinate its administrative claims and establish a line item of
$60,000 for payment of the committee's professional fees in the
post-petition financing budget.

                        Creation of Trusts

Under the agreement, two trusts will be created for payment of
non-priority unsecured creditors: the General Trust and the
Jaross/Levy Trust.

The unsecured claim of Callidus will participate in the Jaross/Levy
Trust on a pro rata basis but will be subordinated to the allowed
claims of all other unsecured creditors in the General Trust.

Callidus will waive its liens on Esco Marine assets contributed to
the trusts, which will be set aside for payment of non-priority
unsecured claims on condition that the trusts will be entitled to
retain and pay the fees and expenses of their respective
professionals.

                        Other Provisions

Esco Marine will contribute to the General Trust 32.5% of the net
proceeds from the sale of its property in Donna, Texas.

Last year, the company hired brokerage firm Armando Avalos Realty,
Inc. to sell the property located along Hutto Road, Donna, Hidalgo
County, Texas.

Also to be distributed to the trusts are commercial tort claims and
so-called Chapter 5 causes of action, according to court filings.

Meanwhile, the company's assets that will be distributed to the
Jaross/Levy Trust include claims and causes of action against
Richard Jaross and Andrew Levy which arose on or after June 30,
2014.

Esco Marine entered into the agreement to resolve its dispute with
the committee over the terms of the bankruptcy loan provided by
Callidus.  

The committee wanted the court to reconsider its ruling that
approved the bankruptcy loan, saying it granted the Canadian lender
blanket liens on Esco Marine's assets to secure the loan.  

At a hearing on July 30 last year, the court allowed the parties to
negotiate a settlement after making an announcement that it was
granting the committee's request to reconsider its ruling.

On July 31, 2015, the court issued an amended final order approving
the bankruptcy loan, according to court filings.

Aside from opposing the Callidus financing, the unsecured
creditors' committee also criticized the sale of Esco Marine's
assets to the lender.  The committee argued the sale did not comply
with the bidding process approved by the court.  

The committee also filed a motion to set a maximum amount that
Callidus would be entitled to credit bid.  After a hearing, the
court set the maximum amount at $31.36 million.

On July 28, 2015, Esco Marine named Callidus as the prevailing
bidder following an auction held at the offices of its counsel in
San Antonio.  No bidder other than the Canadian company appeared,
according to court filings.

On July 30, 2015, the bankruptcy court approved a credit bid by
Callidus that allowed the company to acquire substantially all of
the assets of Esco Marine, which include machinery and equipment,
real property leasehold interests and inventory.

                         About ESCO Marine

ESCO Marine, Inc., and four affiliates sought Chapter 11 Bankruptcy
protection in Corpus Christi, Texas (Bankr. S.D. Tex.) on March 7,
2015.

The cases are assigned to Judge Richard S. Schmidt.  The Court
approved the joint administration of the Debtors' Chapter 11 cases
under ESCO Marine, Inc., Case No. 15-20107.

ESCO Metals, LLC, ESCO Shredding, LLC, Texas Best Recycling, LLC,
and Texas Best Equipment LLC are affiliates of ESCO Marine.  ESCO
Marine is the operating parent company.

The Debtors have tapped Roderick Glen Ayers, Jr., Esq., at Langley
Banack Inc., in San Antonio, as counsel.  The Debtors tapped AP
Services LLC to designate a chief restructuring officer, and Duff &
Phelps Canada Restructuring, Inc. as financial advisors.  

The Debtor disclosed total assets of $85,908,515 and total
liabilities of $93,808,107.

Secured creditor Callidus Capital Corporation is represented by
Nathaniel Peter Holzer, Esq., at Jordan, Hyden, Culbreth & Holzer,
P.C.

On July 30, 2015, the U.S. Bankruptcy Court for the Southern
District of Texas approved a credit bid by Callidus Capital Corp.
that allowed the Canadian company to acquire substantially all of
the Debtors' assets, which include machinery and equipment, real
property leasehold interests and inventory.


ESCO MARINE: Seeks Approval to Settle Dispute With Thalheimer
-------------------------------------------------------------
Esco Marine Inc. asked the U.S. Bankruptcy Court for the Southern
District of Texas to approve a deal that would resolve its dispute
with Thalheimer Brothers Inc. and Thalheimer Brothers LLC.

Under the deal, the companies will pay $85,000 to settle Esco
Marine's claim.  The amount is to be paid in cash within 14 days
after approval of the proposed settlement.

Esco Marine sued the companies in September last year after the
latter questioned the validity of the account receivable owed to
the Texas-based ship dismantler in the amount of $134,215.

The proposed order approving the settlement contains a provision
that the lawsuit will be dismissed "with prejudice," according to
court filings.

                         About ESCO Marine

ESCO Marine, Inc., and four affiliates sought Chapter 11 Bankruptcy
protection in Corpus Christi, Texas (Bankr. S.D. Tex.) on March 7,
2015.

The cases are assigned to Judge Richard S. Schmidt.  The Court
approved the joint administration of the Debtors' Chapter 11 cases
under ESCO Marine, Inc., Case No. 15-20107.

ESCO Metals, LLC, ESCO Shredding, LLC, Texas Best Recycling, LLC,
and Texas Best Equipment LLC are affiliates of ESCO Marine.  ESCO
Marine is the operating parent company.

The Debtors have tapped Roderick Glen Ayers, Jr., Esq., at Langley
Banack Inc., in San Antonio, as counsel.  The Debtors tapped AP
Services LLC to designate a chief restructuring officer, and Duff &
Phelps Canada Restructuring, Inc. as financial advisors.  

The Debtor disclosed total assets of $85,908,515 and total
liabilities of $93,808,107.

Secured creditor Callidus Capital Corporation is represented by
Nathaniel Peter Holzer, Esq., at Jordan, Hyden, Culbreth & Holzer,
P.C.

On July 30, 2015, the U.S. Bankruptcy Court for the Southern
District of Texas approved a credit bid by Callidus Capital Corp.
that allowed the Canadian company to acquire substantially all of
the Debtors' assets, which include machinery and equipment, real
property leasehold interests and inventory.


EXELIXIS INC: BlackRock Reports 7% Equity Stake as of Dec. 31
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of Dec. 31, 2015, it
beneficially owns 15,871,810 shares of common stock of Exelixis
Inc. representing 7 percent of the shares outstanding.  A copy of
the regulatory filing is available for free at http://is.gd/lDPNvA

                      About Exelixis Inc.

Headquartered in South San Francisco, California, Exelixis, Inc.,
develops innovative therapies for cancer and other serious
diseases.  Through its drug discovery and development activities,
Exelixis is building a portfolio of novel compounds that it
believes has the potential to be high-quality, differentiated
pharmaceutical products.

Exelixis reported a net loss of $269 million on $25.1 million of
total revenues for the year ended Dec. 31, 2014, compared with a
net loss of $245 million on $31.3 million of total revenues in
2013.

As of Sept. 30, 2015, the Company had $363 million in total assets,
$437 million in total liabilities and a $74.2 million total
stockholders' deficit.


EXELIXIS INC: Vanguard Group Holds 6.8% Stake as of Dec. 31
-----------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2015,
it beneficially owns 15,619,701 shares of common stock of Exelixis
Inc. representing 6.87 percent of the shares outstanding.  A copy
of the regulatory filing is available at http://is.gd/A84Sdn

                     About Exelixis Inc.

Headquartered in South San Francisco, California, Exelixis, Inc.,
develops innovative therapies for cancer and other serious
diseases.  Through its drug discovery and development activities,
Exelixis is building a portfolio of novel compounds that it
believes has the potential to be high-quality, differentiated
pharmaceutical products.

Exelixis reported a net loss of $269 million on $25.1 million of
total revenues for the year ended Dec. 31, 2014, compared with a
net loss of $245 million on $31.3 million of total revenues in
2013.

As of Sept. 30, 2015, the Company had $363.24 million in total
assets, $437.46 million in total liabilities and a $74.22 million
total stockholders' deficit.


FANNIE MAE & FREDDIE MAC: Fresh Attack on Profit Sweep in N.D. Ill.
-------------------------------------------------------------------
Christopher M. Roberts and Thomas P. Fischer sued the Federal
Housing Finance Agency and the U.S. Treasury last week, challenging
the legality of the government's effective nationalization of and
claim to 100% of Fannie Mae and Freddie Mac's future earnings under
what is known as the Third Amendment Sweep.  The lawsuit says
FHFA's duty as the GSEs' conservator is to rehabilitate the
companies, but the Net Worth Sweep guarantees that this can never
be accomplished.  These shareholders want the Net Worth Sweep
invalidated, the terms of the Government's interests in the GSEs
reformed, and future profits to flow to all shareholders equally.
This latest lawsuit seeking to undo the Net Worth Sweep and restore
to minority shareholders the property rights the federal government
has unlawfully expropriated for itself is captioned Roberts v.
FHFA, Case No. 16-cv-02107 (N.D. Ill.).  Christian D. Ambler, Esq.,
at Stone & Johnson Chtd. represents the GSE shareholder-plaintiffs.


An updated chart is available at no charge at:

     http://bankrupt.com/gselitigationsummary201602.pdf

to help organize information about the many lawsuits challenging
the Third Amendment and Net Worth Sweep, including the cases
challenging the sweep as a confiscation of private property for
public use by our government without just compensation in violation
of the Fifth Amendment to the U.S. Constitution before Judge
Sweeney in the U.S. Court of Federal Claims; the proceedings
pending before the U.S. Court of Appeals for the D.C. Circuit in
Perry v. Lew, No. 14-5243; Saxton v. FHFA, Case No. 15-cv-00047
(N.D. Iowa); Jacobs v. FHFA, Case No. 15-cv-00708 (D. Del.); and
Robinson v. FHFA, Case No. 15-cv-00109 (E.D. Ky.).

Jurisdictional discovery continues in Fairholme v. U.S., Case No.
13-465 (Ct. Fed. Cl.), with the parties bickering about privileges
applicable to 11,000 documents and the testimony of Jim Parrott,
who served for several years in the White House as a senior advisor
at the National Economic Council, the Government doesn't want
Fairholme to have.  Completion of jurisdictional discovery in
Fairholme -- on whatever date it actually happens -- will unleash a
flurry of activity in Judge Sweeney's court including Fairholme
filing its response to the government's motion to dismiss its
complaint and other pre-trial filings by the government and other
aggrieved shareholders.  Fairholme and the Government have proposed
a schedule to Judge Sweeney that might result in her making a
decision about whether or not the cases pending in the Court of
Federal Claims should live or die about a year from now.  

Briefing in the appellate proceedings before the D.C. Circuit is
nearly complete, and oral argument about whether to affirm or
reverse Judge Lamberth's decision dismissing shareholder lawsuits
filed in the U.S. District Court for the District of Columbia, or
remand them for further proceedings, is scheduled for Apr. 15,
2016.

FHFA and Treasury will be filing motions to dismiss an Amended
Complaint in the Saxton lawsuit in Iowa in the coming weeks.  The
Government's also been directed to file an Administrative Record in
the Iowa litigation.  

In Jacobs v. FHFA, where shareholders tell Judge Sleet the terms of
the Net Worth Sweep are impermissible under Delaware General
Corporate Law, FHFA and Treasury should be weighing in this week
about how the shareholder-plaintiffs are terribly confused.  The
Jacobs Plaintiffs have a request for certification pending to ask
the Delaware and Virginia state courts whether the profit sweep is
or isn't permissible under applicable state law.  

In the newest case, Roberts v. FHFA, Case No. 16-cv-02107 (N.D>
Ill.), the Judge Chang has directed the parties to file a Joint
Initial Status Report by Apr. 6, 2016, and appear before him on
Apr. 11, 2016, for an Initial Status Hearing.  

In Robinson v. FHFA, Case No. 15-cv-00109 (E.D. Ky.), Treasury and
FHFA have filed their Motions to Dismiss and are expected to file
their Replies in support of those motions by the end of this month.



FINJAN HOLDINGS: Releases Update to The Finjan Mobile Browser
-------------------------------------------------------------
Finjan Holdings, Inc., announced that its wholly owned subsidiary,
Finjan Mobile, Inc. has released important updates to its Finjan
Mobile Secure Browser, offering users the same layer of security
and ability to keep their data safe with relative ease.  The first
version of the Browser, released in June 2015, has proven
successful by offering a quick and safe way to assess risk of
websites.
"The new and improved Finjan Mobile Secure Browser brings the same
technology developed by its sister company, Finjan, Inc. (Finjan)
to search," said Scot Robinson, senior director of Finjan Mobile,
Inc.  "Users can now type a search term or website address and
assess the risk of each search result on three levels -- Safe,
Suspect or Dangerous.  With this update, Finjan Mobile has made it
even easier, faster, and safer to identify risks by combining
Finjan's patented technologies with the ever-popular internet
search on mobile devices."

"The launch of Finjan's Mobile Secure Browser in June of last year
proved that we can offer consumers a secure mobile application that
is easy to use and keeps data safe while they surf the web on their
devices," said Julie Mar-Spinola, Finjan's chief IP officer and VP
of Legal Ops.  "Importantly the 'new and improved' Browser features
Finjan's patented technologies from four of its U.S. Patents: the
7,747,289, 7,930,299, 8,015,182 and 8,141,154.”

"Finjan Mobile's entry into the mobile application development
market is significant given the non-compete and confidentiality
agreement that was in place with our former licensee, M86, until
March of last year," continued Ms. Mar-Spinola.  "Free to develop
our own cybersecurity products, we are now extending the Best
Practices we formulated years ago for protecting our IP rights to
actively integrating our newest securitycentric innovations into
Finjan Mobile’s newly released offerings."
    
Version 1.1.0 of the Finjan Mobile Secure Browser was released on
Feb. 8, 2016, is free and can be downloaded onto smartphone from
Google's Play Store or Apple's App Store.  Use the Finjan Mobile
Secure Browser app as you would any other browser such as Safari or
Google.

                           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.


FIRST DATA: BlackRock Holds 4.9% of Class A Shares as of Jan. 31
----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of Jan. 31, 2016, it
beneficially owns 8,932,990 shares of Class A Common Stock of
First Data Corp representing 4.9 percent of the shares outstanding.
A copy of the regulatory filing is available for free at
http://is.gd/coSRft

                       About First Data

Based in Atlanta, Georgia, First Data Corporation provides
commerce and payment solutions for financial institutions,
merchants, and other organizations worldwide.

For the 12 months ended Dec. 31, 2015, the Company reported a net
loss attributable to the Company of $1.48 billion on $11.45 billion
of total revenues compared to a net loss attributable to the
Company of $458 million on $11.15 billion of total revenues for the
12 months ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $34.62 billion in total
assets, $30.62 billion in total liabilities, $77 million in
redeemable noncontrolling interest and $3.66 billion in total
equity.

                           *     *     *

The Company carries a 'B3' corporate family rating, with a
stable outlook, from Moody's Investors Service, a 'B' corporate
credit rating, with stable outlook, from Standard & Poor's, and
a 'B' long-term issuer default rating from Fitch Ratings.


FIRST DATA: Executive Vice President Sanjiv Das Departs
-------------------------------------------------------
First Data Corporation disclosed in a Form 8-K report filed with
the Securities and Exchange Commission that Sanjiv Das, executive
vice president of the Company, will leave to pursue other
opportunities.

Mr. Das will remain with First Data for a transition period through
March 31, 2016.  Mr. Das will receive benefits substantially as
described under the First Data's Severance.

                       About First Data

Based in Atlanta, Georgia, First Data Corporation provides
commerce and payment solutions for financial institutions,
merchants, and other organizations worldwide.

First Data reported a net loss attributable to the Corporation of
$458 million on $11.2 billion of total revenues for the year ended
Dec. 31, 2014, compared with a net loss attributable to the
Corporation of $869 million on $10.8 billion of total revenues
during the prior year.

As of Sept. 30, 2015, the Company had $33.4 billion in total
assets, $31.4 billion in total liabilities and $1.98 billion in
total equity.

                           *     *     *

The Company carries a 'B3' corporate family rating, with a
stable outlook, from Moody's Investors Service, a 'B' corporate
credit rating, with stable outlook, from Standard & Poor's, and
a 'B' long-term issuer default rating from Fitch Ratings.


FIRST DATA: Reports Fourth Quarter 2015 Financial Results
---------------------------------------------------------
First Data Corporation reported a net loss attributable to the
Company of $1.21 billion on $2.96 billion of total revenues for the
three months ended Dec. 31, 2015, compared to net income
attributable to the Company of $12 million on $2.88 billion of
total revenues for the same period in 2014.

For the 12 months ended Dec. 31, 2015, the Company reported a net
loss attributable to the Company of $1.48 billion on $11.45 billion
of total revenues compared to a net loss attributable to the
Company of $458 million on $11.15 billion of total revenues for the
12 months ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $34.62 billion in total
assets, $30.62 billion in total liabilities, $77 million in
redeemable noncontrolling interest and $3.66 billion in total
equity.

"During a quarter that saw First Data return to public ownership,
we were pleased to post continued revenue growth, solid margin
expansion, and the refinancing of all our high cost debt earlier
than planned," said Frank Bisignano, First Data Chairman and CEO.
"We expect 2016 to be a year focused on the execution of our growth
initiatives and continued expense management," Bisignano added.

Among recent highlights for First Data, beyond significant capital
structure improvements, were the release of its Clover Go
point-of-sale device, and continued progress on expense management
initiatives which included consolidation of real estate.  In
addition, First Data continues to see wins with large enterprise
clients across all three segments.

A full-text copy of the press release is available at:

                        http://is.gd/DALQLc

                         About First Data

Based in Atlanta, Georgia, First Data Corporation provides
commerce and payment solutions for financial institutions,
merchants, and other organizations worldwide.

First Data reported a net loss attributable to the Corporation of
$458 million on $11.2 billion of total revenues for the year ended
Dec. 31, 2014, compared with a net loss attributable to the
Corporation of $869 million on $10.8 billion of total revenues
during the prior year.

                           *     *     *

The Company carries a 'B3' corporate family rating, with a
stable outlook, from Moody's Investors Service, a 'B' corporate
credit rating, with stable outlook, from Standard & Poor's, and
a 'B' long-term issuer default rating from Fitch Ratings.


FIRST DATA: Vanguard Group Reports 7.9% Stake as of Dec. 31
-----------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2015,
it beneficially owns 14,385,938 shares of common stock of First
Data Corp representing 7.99 percent of the shares outstanding.  A
copy of the regulatory filing is available for free at
http://is.gd/pbQptC

                       About First Data

Based in Atlanta, Georgia, First Data Corporation provides
commerce and payment solutions for financial institutions,
merchants, and other organizations worldwide.

For the 12 months ended Dec. 31, 2015, the Company reported a net
loss attributable to the Company of $1.48 billion on $11.45 billion
of total revenues compared to a net loss attributable to the
Company of $458 million on $11.15 billion of total revenues for the
12 months ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $34.62 billion in total
assets, $30.62 billion in total liabilities, $77 million in
redeemable noncontrolling interest and $3.66 billion in total
equity.

                           *     *     *

The Company carries a 'B3' corporate family rating, with a
stable outlook, from Moody's Investors Service, a 'B' corporate
credit rating, with stable outlook, from Standard & Poor's, and
a 'B' long-term issuer default rating from Fitch Ratings.


FOREST PARK MEDICAL: HCA Agrees to Buy Forest Park Frisco
---------------------------------------------------------
HCA North Texas has agreed to purchase Forest Park Medical Center
in Frisco from SABRA Health Care REIT, Inc. and Forest Park Medical
Center at Frisco, LLC. (FPMC Frisco).  The transactions are subject
to certain closing conditions, including court approval of the sale
by FPMC Frisco and other regulatory approvals.  Closing is expected
on or about March 31, 2016.

Matt Goodman at D Healthcare Daily reports that HCA agreed to a
total cash purchase of $96.25 million.  A hearing on the sale has
been set for Feb. 18, 2016, the report states.

"We continue to expand our network of high quality health care
services for patients in the growing DFW Metroplex.  Our goal is to
deliver excellence always in quality, convenient health care," HCA
Chief Operating Officer Sam Hazen said.

"We look forward to working collaboratively with physicians and
clinicians to deliver a responsive, efficient, patient care
environment at this facility," HCA North Texas Division President
Erol Akdamar stated.

                       About HCA North Texas

HCA North Texas, with the resources and strength of Hospital
Corporation of America (HCA)is one of the region's largest most
comprehensive health care providers and includes 15 hospitals, 79
patient care sites, more than 5500 active physicians and 15,000
employees in Dallas-Fort Worth and Oklahoma.  Four HCA North Texas
hospitals are accredited comprehensive stroke centers, five
hospitals hold the prestigious Magnet Recognized status from the
American Nurses Association, and six have been recognized by Joint
Commission as Top Performers in the nation.

                    About Forest Park Medical

Forest Park Medical Center at Frisco, LLC, filed Chapter 11
bankruptcy petition (Bankr. E.D. Tex. Case No. 15-41684) on Sept.
22, 2015.  The petition was signed by Michael Miller, the CRO.  The
Debtor estimated assets and liabilities in the range of $10 million
to $50 million.

The Debtor is a doctor-owned Texas limited liability company that
owns and operates a 54-bed state-of-the-art medical facility,
including 30 private rooms, 14 family suites, and 10 intensive care
rooms in Frisco, Texas.

Hon. Brenda T. Rhoades is assigned to the case.

Lewis Brisbois Bisgaard & Smith LLP serves as counsel to the
Debtor.


FOREST PARK SOUTHLAKE: Court Okays $16.3M in Financing
------------------------------------------------------
Steve Kaskovich and Max B. Baker at Star-Telegram report that
Forest Park Medical Center at Southlake, LLC, got bankruptcy court
approval to obtain a debtor-in-possession loan from GAHC3 Southlake
Texas Hospital, LLC, of $16.3 million to allow the Hospital to keep
operating.   According to the report, the loan agreement includes
stipulations that the Hospital be sold by May 2016.

As reported by the Troubled Company Reporter on Jan. 26, 2016, the
Hospital sought the bankruptcy court permission for a post-petition
financing of up to $6.5 million on an interim basis, and up to $13
million on a final basis, from GAHC3 Southlake.  The Debtor
anticipated that without continuing liquidity, the value of its
assets would rapidly diminish and would more than likely require it
to close down the Hospital and liquidate its assets.

                        About Forest Park

Forest Park Medical Center at Southlake, LLC, filed a Chapter 11
bankruptcy petition (Bankr. N.D. Tex. Case No. 16-40273) on
Jan. 19, 2016.  Charles Nasem signed the petition as chief
executive officer.  The Debtor estimated both assets and
liabilities in the range of $10 million to $50 million.  Haynes and
Boone, LLP, represents the Debtor as counsel.  Judge Russell F.
Nelms has been assigned the case.


FREEDOM INDUSTRIES: Former Exec. Gets 1 Month Prison, $20K Fines
----------------------------------------------------------------
The Associated Press reported that a former Freedom Industries
executive was sentenced Thursday to one month in federal prison for
a chemical spill that fouled the drinking water supply of 300,000
West Virginians.  Dennis Farrell also was fined $20,000 in U.S.
District Court, the AP report said.

As previously reported by The Troubled Company Reporter, citing the
Associated Press, a former owner of Freedom Industries has been
sentenced to three years of probation and a $20,000 fine for a 2014
chemical spill that fouled the drinking water supply of 300,000
West Virginians.

Media outlets report Charles Herzing was sentenced Feb. 2 in
Charleston federal court.  He's the second of six former Freedom
officials to be sentenced on pollution charges.

The spill of thousands of gallons of the coal-cleaning agent MCHM
into the Elk River contaminated drinking water for residents in
nine counties for up to 10 days.

Robert Reynolds, Freedom's former environmental consultant, was
sentenced to three years of probation and a $10,000 fine.

Former Freedom plant manager Michael Burdette and the company
itself were set to have separate sentencings on Feb. 4.

                     About Freedom Industries

Freedom Industries Inc. is engaged principally in the business of
producing specialty chemicals for the mining, steel and cement
industries.  The Debtor operates two production facilities located
in (a) Nitro, West Virginia; and (b) Charleston, West Virginia.

The company, connected to a chemical spill that tainted the water
supply in West Virginia, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. W.Va. Case No. 14-bk-20017) on Jan.
17, 2014.  The case is assigned to Judge Ronald G. Pearson. The
petition was signed by Gary Southern, president.

The Debtor is represented by Mark E Freedlander, Esq., at McGuire
Woods LLP, in Pittsburgh, Pennsylvania; and Stephen L. Thompson,
Esq., at Barth & Thompson, in Charleston, West Virginia.

On Dec. 31, 2013, four companies merged under the umbrella of
Freedom Industries: Freedom Industries Inc., Etowah River
Terminal LLC, Poca Blending LLC and Crete Technologies LLC.

The Debtor disclosed $16 million in assets and $6 million in
liabilities when it filed for bankruptcy.

On Feb. 5, 2014, the U.S. Trustee appointed an official committee
of unsecured creditors.  The Committee retained Frost Brown Todd
LLC as counsel.

On March 18, 2014, the Bankruptcy Court approved the hiring of
Mark Welch at Morris Anderson in Chicago as Freedom's chief
restructuring officer.

                         *     *     *

The effective date of Freedom Industries Inc.'s liquidating plan
occurred Nov. 16, 2015, when all initial distributions to
creditors
were made.

On Oct. 6, 2015, the U.S. Bankruptcy Court for the Southern
District of West Virginia entered an Order Confirming The Debtor's
Third Modified Amended Chapter 11 Plan Of Liquidation.  The
Confirmation Order confirmed and approved the Debtor's Third
Modified Amended Plan of Liquidation dated Aug. 12, 2015.

The definition of Effective Date under the Plan is a Business Day
after the Confirmation Date as mutually agreed by the Debtor and
the Committee that is as soon as reasonably practicable after the
conditions to the effectiveness of the Plan specified in Section
10.1 have been satisfied.

Section 10.1 of the Plan contains six conditions precedent to the
Effective Date of the Plan.  All such conditions have been
satisfied or waived.

On Nov. 16, 2015, the Debtor made all initial distributions
required under the Plan, including without limitation, payments to:
(i) the Spill Claim Plan Administrator with respect to (a) the
payment due to the ERT Remediation Fund from the Debtor, (b)
payment to the Spill Claim Plan Administrator with respect to Class
4 Spill Claims; and (c) payment to Spill Claim Plan Administrator
with respect to Class 5 Spill Claims; and (ii) payment to the GC
Plan Administrator with respect to Class 3 General Unsecured
Claims.


FTE NETWORKS: Appoints Chris Ferguson to Board of Directors
-----------------------------------------------------------
FTE Networks, Inc., has appointed Chris Ferguson to the Company's
Board of Directors and as Chairman of the Compensation Committee.

Mr. Ferguson, 47, currently serves as the managing director of Tern
Capital Partners, LLC, a private equity investment firm founded by
Mr. Ferguson in 2013.  In 2010, Mr. Ferguson co-founded a company
in the fiber network industry, and he served as CEO of the company
until June 2013.

In addition to his duties at Tern Capital, Mr. Ferguson serves as a
member of the Board of Directors for Pennsylvania Youth Theater, a
non-profit children's theater based in Bethlehem, PA, and as a
member of the non-profit organization Embrace Your Dreams, which
teaches life skills to at risk children through golf and tennis
programs.

In August 2001, Mr. Ferguson co-founded Mercer, a provider of
innovative workforce management solutions to a variety of
industries including transportation and engineering, with
co-founder, Michael Traina.

Prior to founding Mercer, Mr. Ferguson and former New Jersey
Governor, James J. Florio, co-founded The Florio Group, a private
equity investment company.  In addition, Mr. Ferguson served as
Chief Financial Officer for Cabot Marsh Corporation in 1995 and
remained as a director for the company until 1999.

Mr. Ferguson has been a member of the New Jersey and Pennsylvania
Bars since 1994.  He graduated from Widener University School of
Law in May of 1994 and received a Bachelor of Arts Degree from
Villanova University in May of 1990.

"We are excited to add a very talented leader like Chris to our
board of directors," said Michael Palleschi, FTE Networks Chairman
and chief executive officer.  "Chris brings a wealth of knowledge
in our industry to the table.  I am confident that Chris will be a
significant contributor to the Company, helping to build value for
our shareholders."

Mr. Ferguson is entitled to receive the following compensation
under the Company's standard compensation for non-employee
directors:

  * An annual payment of $25,000 for service on the Board;

  * Eligibility to receive grants of stock options, restricted
    stock units, and other awards under the Company's Long-Term
    Incentive Plan; and

  * Reimbursement of actual expenses related to meeting attendance

                     About FTE Networks, Inc.

FTE Networks, formerly known as Beacon Enterprise Solutions Group,
Inc., is a vertically integrated company with an international
footprint.  Since its inception, FTE Networks has steadily
advanced its management, operational and technical capabilities to
become a leading provider of services to the telecommunications
and wireless sector with a focus on turnkey solutions.  FTE
Networks provides a comprehensive array of services centered on
quality, efficiency and customer service.

FTE Networks reported a net loss attributable to common
shareholders of $3.63 million on $14.4 million of revenues for the
year ended Sept. 30, 2015, compared to net income of $436,000 on
$16.9 million of revenues for the year ended Sept. 30, 2014.

As of Sept. 30, 2015, the Company had $4.89 million in total
assets, $16.0 million in total liabilities, and a total
stockholders' deficiency of $11.1 million.


FUSION TELECOMMUNICATIONS: Unterberg Capital Holds 27.2% Stake
--------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Unterberg Capital LLC disclosed that as of Feb. 11,
2016, it beneficially owns 4,029,499 shares of common stock of
Fusion Telecommunications International, Inc., representing 27.24
percent of the shares outstanding.  A copy of the regulatory filing
is available for free at http://is.gd/t5fDhR

                  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.


GELTECH SOLUTIONS: Issues $150,000 Convertible Note to M. Reger
---------------------------------------------------------------
GelTech Solutions, Inc., disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it issued Mr. Michael Reger
a $150,000 7.5% secured convertible note in consideration for a
$150,000 loan.  The note is convertible at $0.55 per share and
matures on Dec. 31, 2020.  Repayment of the note is secured by all
of the Company's assets including its intellectual property and
inventory in accordance with a secured line of credit agreement
between the Company and Mr. Reger. Additionally, the Company issued
Mr. Reger 136,364 two-year warrants exercisable at $2.00 per share.


On Feb. 9, 2016, the Company issued Mr. Reger 428,032 shares of
common stock in lieu of a $149,811.22 cash interest payment due
under a convertible note held by Mr. Reger.  

All of the securities were issued without registration under the
Securities Act of 1933 in reliance upon the exemption provided in
Section 4(a)(2) and Rule 506(b) thereunder.

                          About GelTech

Jupiter, Fla.-based GelTech Solutions. Inc., is a Delaware
corporation organized in 2006.  The Company markets four products:
(1) FireIce(R), a water soluble fire retardant used to protect
firefighters, structures and wildlands; (2) Soil2O(R) 'Dust
Control', its new application which is used for dust mitigation in
the aggregate, road construction, mining, as well as, other
industries that deal with daily dust control issues; (3)
Soil2O(R), a product which reduces the use of water and is
primarily marketed to golf courses, commercial landscapers and the
agriculture market; and (4) FireIce(R) Home Defense Unit, a system
for applying FireIce(R) to structures to protect them from
wildfires.

GelTech Solutions reported a net loss of $5.51 million on $800,000
of sales for the year ended June 30, 2015, compared to a net loss
of $7.11 million on $815,000 of sales for the year ended June 30,
2014.

As of Sept. 30, 2015, the Company had $2.09 million in total
assets, $5.79 million in total liabilities, and a $3.69 million
total stockholders' deficit.


GINGER OIL: Has Court Okay to Use Cash Collateral
-------------------------------------------------
The Bankruptcy Court granted Ginger Oil Company's motion for the
emergency use of cash collateral in the amount of $50,573 on Feb.
8, 2016, and approved its plan to offer some security to
Independent Bank of Texas, the Company's chief creditor, in the
form of property and interest payments, Suzanne Edwards at Houston
Business Journal reports.

The Company said in a statement released on Feb. 5, 2016, that the
Company was "not able to fulfill its obligations under a loan
facility."

The Company said in a statement regarding the bankruptcy that its
ordinary shares and preferred shares were put under observation
status.

                        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.


HAMPTON CSD: Moody's Raises Rating on $5.9MM GO Debt to Ba2
-----------------------------------------------------------
Moody's Investors Service has upgraded to Ba2 from Ba3 the
underlying rating of Hampton County School District 2's (SC) $5.9
million of outstanding general obligation debt.  The outlook is
stable.

The Ba2 underlying rating reflects the challenged operating
environment caused by the district's trend of structural imbalance
in recent years, the use of deficit financing to stabilize fiscal
operations, and slow to raise property tax millage sufficient to
meet the district's growing fixed costs and debt service payments.
The rating further incorporates the district's limited, but stable,
tax base that exhibits significant taxpayer concentration and below
average wealth levels, and the district's elevated debt profile
expected to remain above average given average principal payout.

                          Rating Outlook

The stable outlook reflects the improving trend in the district's
financial position as a result of implementation of cost cutting
measures to return to structural balance and increased millage to
levels sufficient to meet current cost structure and annual debt
service payments.  Additionally, the county implemented a temporary
millage increase to restore the losses incurred by the General Fund
in previous years.  The temporary millage increase is in place
through fiscal 2022.  Moody's expects the district's financial
position to continue its trend of improving performance in the
near-term.

Factors that Could Lead to an Upgrade

  Continued trend of structural balance and sustained healthy
   financial flexibility

  Timely repayment of district's emergency loan

  Growth in taxable values and strengthening

Factors that Could Lead to a Downgrade

  Deviation from current expectation of positive fiscal
   performance

Legal Security

The GO bonds are secured by the district's unlimited property tax
pledge.

Use of Proceeds. Not applicable.

Obligor Profile

Hampton County School District 2 is located in the southern South
Carolina and has a population of 7,385.  The district's tax base
encompasses 270 square miles (48.2%) of the county's 560 square
miles.  Hampton 2 offers comprehensive educational programs for
students in pre- indergarten through twelfth grade.  Enrollment for
the 2015-2016 school year was 870 students.

Methodology

The principal methodology used in this rating was US Local
Government General Obligation Debt published in January 2014.


HEMCON MEDICAL: Wins Approval to Hold April Auction
---------------------------------------------------
Lillian Rizzo, writing for Dow Jones' Daily Bankruptcy Review,
reported that HemCon Medical Technologies Inc. got the green light
from a bankruptcy judge to go forward with selling its assets.

According to the report, the company also received approval from
Judge Peter C. McKittrick to allow Chinese company Tricol
International Group Ltd. to serve as the stalking-horse, or lead,
bidder.  A stalking-horse bidder sets the floor for other
interested bidders in a bankruptcy auction, the report related.

As previously reported by The Troubled Company Reporter, the Debtor
entered into the Asset Purchase Agreement with Tricol International
Group Limited as the stalking horse bidder.  The sale proposed
under the Stalking Horse APA is subject to the receipt of higher
and better offers received through a court-approved auction
or sale process.  If the auction yields a higher and better offer,
the Debtor will seek authority to effect a sale with the winning
bidder.

The decision to sell the assets has been approved by Debtor's
board
of directors as necessary given Debtor's lack of sufficient
capital
to continue operations.  The assets are fully encumbered by Tricol
to secure post-petition financing extended by Tricol to Debtor.

Pursuant to the terms of the Asset Purchase Agreement, the
aggregate consideration for Debtor's assets will include:

   (a) $1,600,000 in cash;

   (b) assumption of obligations owing to the Debtor's trade
       creditors totaling approximately $622,550;

   (c) assumption and payment of all administrative expenses,
       including the total obligation owed under the DIP Facility
       and compensation and expenses allowed to Debtor's
       professionals;

   (d) the amount (up to $150,000) required to maintain directors'

       and officers' tail insurance for three years following
       closing of the sale; and

   (e) the total obligation owed under the Pre-Petition Loan (as
       defined in the Asset Purchase Agreement) of $200,000.  

The total consideration paid or payable by Tricol under the Asset
Purchase Agreement will approach $4 million.

The Debtor establishes the following dates and deadlines relating
to competitive bidding and approval of the sale:

Bid Deadline: March 18, 2016, at 5:00 p.m. prevailing Pacific
time,
as the deadline by which all binding bids must be actually
received
by Debtor's counsel pursuant to the Bid Procedures.

Objection Deadline: March 18, 2016, at 5:00 p.m. prevailing
Pacific
time as the deadline to object to the sale transactions and/or the
assumption and assignment of Assumed Agreements or cure costs
related thereto.

Auction: March 28, 2016, at 10:00 a.m. prevailing Pacific time, as
the date and time the auction, if one is needed, will be held at
the offices of Tonkon Torp LLP, 888 S.W. Fifth Avenue, Suite 1600,
Portland, Oregon, 97204.

Sale Hearing: March 30, 2016, at 9:30 a.m. or such other time as
is
announced at the conclusion of the Auction, which will be held
before the Honorable Peter C. McKittrick, United States Bankruptcy
Judge for the United States Bankruptcy Court for the District of
Oregon, Courtroom No. 1 1001 S.W. Fifth Avenue, Portland, Oregon.

                     Auction and Bid Procedures

The Debtor's proposed Bid Procedures are intended to permit a fair
and efficient competitive sale consistent with the time line of
this Chapter 11 case and promptly identify any alternative bid
that
is higher or otherwise better than the bid set forth in the
Stalking Horse APA.  The Bid Procedures establish, among other
things:

  * The deadlines and requirements for becoming a Potential
    Bidder, submitting competing bids and the method and criteria
    by which such competing bids are to become entitled to be
    Qualified Bids sufficient to trigger an Auction, including the
    minimum consideration that must be provided and the terms and
    conditions that must be satisfied by any Bidder (other than
    Tricol) to be entitled to be a Potential Bidder and a     
    Qualified Bidder;

  * The manner in which Qualified Bids will be evaluated by the
    Debtor to determine the starting bid for the Auction;

  * The procedures for conducting the Auction, if any;

  * The criteria by which the "Successful Purchaser" will be
    selected by the Debtor, in consultation with its advisors;
    and

  * Various other matters relating to the sale process
    generally, including the Sale Hearing, designation of a
    Back-Up Bidder, payment of the bid protections, return
    of any Sale Deposits and certain reservations of rights.

Debtor also requests approval of a breakup fee of $200,000.  The
breakup fee would be payable to Tricol in the event another bidder
prevails at the Auction and an alternate sale ultimately is
approved.

               HemCon Medical Technologies, Inc.

HemCon Medical Technologies, Inc. filed Chapter 11 bankruptcy
petition (Bankr. D. Ore. Case No. 16-30119) on Jan. 15, 2016.
The petition was signed by Michael Wax as president and CEO. The
Debtor estimated both assets and liabilities in the range of $10
million to $50 million.  Tonkon Torp LLP represents the Debtor as
counsel.

HemCon began operations in 2001 and today brings advanced wound
care technologies to the worldwide healthcare market.

The Debtor previously filed a Chapter 11 bankruptcy on April 10,
2012, in the District of Oregon (Case No. 12-32652-elp11).  The
Debtor's Fifth Amended Plan of Reorganization was confirmed on
May
6, 2013, and the Final Decree was entered and the case was closed
on Nov. 20, 2013.


HOVNANIAN ENTERPRISES: Vanguard Has 4.4% Stake as of Dec. 31
------------------------------------------------------------
The Vanguard Group disclosed in an amended Schedule 13G filed with
the Securities and Exchange Commission that as of Dec. 31, 2015, it
beneficially owns 5,870,251 shares of common stock of Hovnanian
Enterprises Inc. representing 4.46 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/zO9x9p

                   About Hovnanian Enterprises

Red Bank, New Jersey-based Hovnanian Enterprises, Inc. (NYSE: HOV)
-- http://www.khov.com/-- founded in 1959 by Kevork S. Hovnanian,
is one of the nation's largest homebuilders with operations in
Arizona, California, Delaware, Florida, Georgia, Illinois,
Kentucky, Maryland, Minnesota, New Jersey, New York, North
Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and
West Virginia.  The Company's homes are marketed and sold under
the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton
Homes, Parkwood Builders, Town & Country Homes, Oster Homes and
CraftBuilt Homes.  As the developer of K. Hovnanian's Four Seasons
communities, the Company is also one of the nation's largest
builders of active adult homes.

Hovnanian Enterprises reported a net loss of $16.1 million on $2.14
billion of total revenues for the year ended Oct. 31, 2015,
compared to net income of $307 million on $2.06 billion of total
revenues for the year ended Oct. 31, 2014.  As of Oct. 31, 2015,
the Company had $2.60 billion in total assets, $2.73 billion in
total liabilities and a $128.08 million total stockholders'
deficit.

                           *     *     *

As reported by the Troubled Company Reporter on April 25, 2013,
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Hovnanian Enterprises Inc. to 'B-' from 'CCC+'.
"The upgrade reflects strengthening operating performance
supported by the broader recovery in the housing market that, we
believe, should support modest profitability in 2013," said
Standard & Poor's credit analyst George Skoufis.

In the Dec. 9, 2013, edition of the TCR, Fitch Ratings upgraded
the Issuer Default Rating (IDR) of Hovnanian Enterprises to 'B-'
from 'CCC'.  The upgrade and the Stable Outlook reflects HOV's
operating performance year-to-date (YTD), adequate liquidity
position, and moderately better prospects for the housing sector
during the remainder of this year and in 2014.

The TCR reported on Jan. 9, 2014, that Moody's Investors Service
raised the Corporate Family Rating of Hovnanian Enterprises, Inc.,
to B3 from Caa1.  The upgrade of the Corporate Family Rating to B3
reflects Hovnanian's improved financial performance including
improvement in interest coverage to slightly above 1x and finally
turning net income positive for the fiscal year 2013.


IHS INC: S&P Assigns 'BB+' Rating on New &550MM Unsecured Loan
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue-level
rating with a recovery rating of '3' to Englewood, Colo.-based
resources, transportation, and engineering data and analytics
provider IHS Inc.'s new $550 million unsecured term loan due 2019.
The '3' recovery rating indicates S&P's expectation for meaningful
recovery (50% to 70%, in the upper half of the range) in the event
of payment default.  The company used the proceeds to partially
finance the acquisition of Oil Price Information Services LLC, a
provider of refined petroleum product analytics, for $650 million
in cash.

At the same time, Standard & Poor's affirmed its 'BB+' rating on
IHS's unsecured debt.

In December, IHS acquired Canadian used vehicle data provider
CARPROOF Corp. for C$650 million (approximately $470 million).  Pro
forma for both transactions, we estimate leverage of 3.9x as of
Nov. 30, 2015, up from actual leverage of 3.0x and near S&P's 4.0x
threshold for considering a downgrade.  However, S&P expects IHS to
forgo share repurchases and use its cash flow, as well as any net
proceeds from its upcoming divestitures, for debt repayment until
leverage reaches its 2x–3x target range, which, combined with
organic EBITDA growth, S&P expects to occur within 12 to 18 months
in the absence of other large acquisitions.  The transaction will
result in leverage above the maximum previously allowed by its
credit agreement, but the company and its lenders amended the
covenant requirements to accommodate the acquisition.

CARPROOF is the leading Canadian provider of automotive vehicle
history reports to dealers, original equipment manufacturers,
lenders, insurers, and consumers, among others.  S&P believes IHS
will have opportunities to leverage products and data with its
CARFAX business, which provides similar products in the U.S. OPIS
is a leading source of U.S. refined petroleum pricing, news, and
analytics for racks (i.e., tanker truck filling stations), spot
markets, and retail stations, providing new downstream capabilities
and product synergies with its upstream offerings.

The rating reflects S&P's view of IHS's good market positions, high
recurring revenue, and good track record of operating performance,
as well as its acquisitive growth strategy, which S&P believes
could result in releveraging to the 4.0x area.

RATINGS LIST

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

New Rating

IHS Inc.
$550 mil. term loan due 2019
Senior Unsecured                  BB+
  Recovery Rating                  3H


INTERLEUKIN GENETICS: Merlin Nexus Has 4.4% Stake as of Dec. 31
---------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Merlin Nexus IV, L.P., Merlin BioMed Private Equity
Advisors, LLC and Dominique Semon disclosed that as of Dec. 31,
2015, they beneficially own 7,641,184 shares of common stock of
Interleukin Genetics, Inc., representing 4.4 percent based upon
172,887,221 shares outstanding as of Nov. 11, 2015, as set forth in
the Issuer's Form 10-Q filed with the SEC on Nov. 12, 2015.
A copy of the regulatory filing is available for free at:

                       http://is.gd/3jfH8r

                        About Interleukin

Waltham, Mass.-based Interleukin Genetics, Inc., is a personalized
health company that develops unique genetic tests to provide
information to better manage health and specific health risks.

As of Sept. 30, 2015, the Company had $7.90 million in total
assets, $8.74 million in total liabilities and a total
stockholders' deficit of $845,000.

Grant Thornton LLP, in Boston, Massachusetts, issued a "going
concern" qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has incurred recurring losses from operations and has an
accumulated deficit that raise substantial doubt about the
Company's ability to continue as a going concern.


INVENTIV HEALTH: Decides to Pay Notes Interest in Cash
------------------------------------------------------
inVentiv Health, Inc., disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it determined that it would
not utilize the PIK feature for the period commencing on Feb. 15,
2016, and ending on Aug. 14, 2016, and will pay interest on the PIK
Notes entirely in cash for this period.  The Company will continue
to evaluate this option prior to the beginning of each eligible
interest period, taking into account market conditions and other
relevant factors at that time.

inVentiv Health may, at its option, elect to use the
payment-in-kind feature of its outstanding 10%/12% Junior Lien
Secured Notes due 2018 in lieu of making cash interest payments.
Interest on the PIK Notes is payable semi-annually on February 15
and August 15 of each year.

                     About inVentiv Health

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

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


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

                           *    *    *

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

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


ISTAR FINANCIAL: Diamond Hill Reports 8.6% Stake as of Dec. 31
--------------------------------------------------------------
Diamond Hill Capital Management, Inc., disclosed in an amended
Schedule 13G filed with the Securities and Exchange Commission that
as of Dec. 31, 2015, it beneficially owns 7,261,392 shares of
common stock of iStar Financial Inc. representing 8.6 percent of
the shares outstanding.  A copy of the regulatory filing is
available for free at http://is.gd/6SBfdM

                         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.
(Jhonas SEC Feb12 2)


ISTAR INC: FMR LLC Holds 5.2% Equity Stake as of Dec. 31
--------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, FMR LLC and Abigail P. Johnson disclosed that as of
Dec. 31, 2015, they beneficially own 4,435,191 shares of common
stock of Istar Inc. representing 5.229 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/epIIqL

                          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.


ISTAR INC: Vanguard Group Files Amended Schedule 13G with SEC
-------------------------------------------------------------
The Vanguard Group disclosed in an amended Schedule 13G filed with
the Securities and Exchange Commission that as of Dec. 31, 2015, it
beneficially owns 5,441,597 REIT of iStar Inc. representing 6.41
percent of the shares outstanding.  A copy of the regulatory filing
is available for free at http://is.gd/O0J3bA

                         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.


JEFFERSONVILLE HEALTHCARE: To Close After Medicaid Ruling
---------------------------------------------------------
Katy Stech, writing for Dow Jones' Daily Bankruptcy Review,
reported that a rural Georgia nursing home is preparing to shut
down after a bankruptcy judge ruled that federal health-care
regulators have the power to cut off the pipeline of Medicaid money
to the facility and its 85 patients.

According to the report, with his ruling, Judge Nicholas
Whittenburg said that officials who put Jeffersonville Healthcare &
Rehab LLC into bankruptcy protection in January can't use the law
to prevent the U.S. Department of Health and Human Services from
cutting off payments.


JERSEY SHORE: Feb. 25 Meeting Set to Form Creditors' Panel
----------------------------------------------------------
Andy Vara, Acting United States Trustee of Region 3, will hold an
organizational meeting on Feb. 25, 2016, at 11:00 a.m. in the
bankruptcy case of Jersey Shore Steel, Inc.

The meeting will be held at:
        
         United States Bankruptcy Court
         402 East State Street, Room 129
         Trenton, New Jersey 08608

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.

Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization.  The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.



JOYCE LESLIE: Real Estate Lease Auction Set for Feb. 16
-------------------------------------------------------
Aleksandrs Rozens, writing for Bloomberg Brief - Distress &
Bankruptcy, reported that women's apparel retailer Joyce Leslie
Inc., which filed a Chapter 11 bankruptcy petition in New York's
Southern District in January, has abandoned plans to sell its
business and will now undertake an asset sale that includes
intellectual property, retail store leases and the lease of its
corporate office and distribution center.

"It wasn't that the company didn't try or that its investment
banker didn't have some interest.  We just couldn't get anyone
there in the final hours to get a sale done," chief restructuring
officer Lee Dierck, a partner at Clear Thinking Group LLC, told
Bloomberg.  "We had some other strategic retailers that were
looking at it as a going concern continuing with the Joyce Leslie
banner," Mr. Dierck further told Bloomberg.

Bloomberg said Mr. Dierck declined to name any of the firms that
looked at the Joyce Leslie business, saying the information is
confidential.

Joyce Leslie said in a statement it has court approval to undertake
the sale of assets, the report related.  The company said in a
statement that a real estate lease auction has been set for Feb.
16.  Qualified bids are due by Feb. 11.

Joyce Leslie received a stalking horse  bid from 618 Main Street
Corp. to purchase a number of store leases, related furniture and
fixtures and the company's intellectual property, the report
related.

                       About Joyce Leslie

Joyce Leslie, Inc. filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 16-22035) on
Jan. 9, 2016.  The petition was signed by Lee Diercks as chief
restructuring officer.  The Debtor disclosed total assets of $7
million and total debts of $9 million.

Judge Robert D. Drain has been assigned the case.

The Debtor has engaged Goldberg Weprin Finkel Goldstein LLP as
counsel, Clear Thinking Group as financial advisor, Oberon
Securities, LLC as investment advisor, SB Capital Group LLC, Tiger
Capital Group, LLC, and 360 Merchant Solutions, LLC as liquidation
agents and Rust Consulting/Omni Bankruptcy as claims and noticing
agent.

The Company operates a chain of 47 women's retail clothing stores
located throughout New York, New Jersey, Pennsylvania and
Connecticut.


KEYSTONE LUXURY: Case Summary & 6 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Keystone Luxury Homes, LLC.
        Amanda Myers and Jim Trevorrow, Mgrs
        23110 State Road 54, PMB 264
        Lutz, FL 33549

Case No.: 16-01093

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: February 11, 2016

Court: United States Bankruptcy Court
       Middle District of Florida (Tampa)

Debtor's Counsel: Curran K Porto, Esq.
                  CURRAN K PORTO, PA
                  410 S Ware Blvd, Ste 404
                  Tampa, FL 33619
                  Tel: 813-626-0088
                  Fax: 813-626-5252
                  Email: curran@portolegalcenter.com

Total Assets: $2.28 million

Total Liabilities: $5.37 million

The petition was signed by James Trevorrow or Amanda Myers,
managers.

A list of the Debtor's six largest unsecured creditors is available
for free at http://bankrupt.com/misc/flmb16-01093.pdf


LEHMAN BROTHERS: Gets Court Nod of $1.42-Bil. JPMorgan Settlement
-----------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that a New York
bankruptcy judge on Feb. 8, 2016, approved a $1.42 billion
settlement to resolve most litigation between Lehman Brothers
Holdings Inc. and JPMorgan over transactions that occurred in the
runup to Lehman's 2008 bankruptcy.

The deal, approved by U.S. Bankruptcy Judge Shelley Chapman,
resolves two of the three major pieces of litigation Lehman had
brought against JPMorgan and, when combined with a related release
of a debtor deposit, will result in a $1.49 billion payment to
Lehman creditors.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/--         

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

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

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

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

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

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

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

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

                          *     *     *

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

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


LEVEL 3: Vanguard Group Holds 6.9% Equity Stake as of Dec. 31
-------------------------------------------------------------
The Vanguard Group disclosed in an amended Schedule 13G filed with
the Securities and Exchange Commission that as of Dec. 31, 2015, it
beneficially owns 24,612,651 shares of common stock of Level 3
Communications Inc. representing 6.90 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/qERQE8

                  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.


MAGNUM HUNTER: S&P Withdraws 'D' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services withdrew all of its ratings on
U.S. exploration and production company Magnum Hunter Resources
Corp.  S&P's 'D' corporate credit rating on Magnum Hunter has been
outstanding for more than 30 days, since the company filed for
Chapter 11 bankruptcy protection on Dec. 15, 2015.


MAGNUM HUNTER: Shareholders to Challenge $900M Valuation
--------------------------------------------------------
Shareholders are organizing to challenge a purported $900 million
enterprise valuation of Magnum Hunter Resources Corporation and
certain of its wholly-owned subsidiaries (collectively "Magnum
Hunter") in connection with voluntary petitions for reorganization
filed on December 15, 2015 by Magnum Hunter under Chapter 11 of the
United States Bankruptcy Code.  In contrast to the $900 million
enterprise valuation, Magnum Hunter repeatedly represented to
investors as late as October 2015 a net asset value of between $1.9
billion and $2.9 billion.  According to Magnum Hunter, the agreed
$900 million in its view is not indicative of its actual enterprise
value.  Shareholders are contending the purported $900 million
enterprise valuation agreed to by Magnum Hunter and its debtors
excludes shareholders from receiving any value for their shares.

The valuation was agreed to by Magnum Hunter and its debtors for
purposes of determining equity splits and conversion rates for
claimants.  Magnum Hunter's goal is to facilitate restructuring of
its consolidated balance sheet and transfer all asset value to its
creditors while canceling all shares of its common stock, all
shares of its series C preferred stock, all shares of its series D
preferred stock, and all shares of its series E preferred stock.

Almost two hundred shareholders are involved in the current efforts
and represent over 5% of all outstanding common stock, over 5% of
all outstanding series C preferred stock, and over 5% of all
outstanding series D preferred stock.  Discussions regarding
representation of shareholders are being held with a leading law
firm in bankruptcy law, and an appearance in the proceeding made on
behalf of shareholders challenging the valuation is possible by
Friday, Feb. 19.  Interested shareholders who have yet to join the
coalition are encouraged to contact
Axel Pantin.

Characterizing the situation, Keith Baker -- one of the
shareholders -- said: "The fact is that this whole situation isn't
'fair' for any of us, where a company and its creditors
opportunistically use the bankruptcy laws and lowball valuations to
rid themselves of the existing equity."  Mr. Baker points out: "We
have to keep coming back to the NAV chart in management's own
presentations, available on their website until a month and a half
before they filed," and "the disconnect between those estimates and
the Company's current lowball valuation under which preferred and
commons take nothing."

The proceeding was filed by Magnum Hunter in the United States
Bankruptcy Court for the District of Delaware under the caption In
re Magnum Hunter Resources Corporation, et al., Case No. 15-12533.


                  About Magnum Hunter Resources

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

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

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


MALIBU LIGHTING: April 5 Fixed as Governmental Bar Date
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware established
4:00 p.m., on April 5, 2016, as the deadline for any governmental
units to file proofs of claim against Malibu Lighting Corporation,
et al.

The Court also set Feb. 8, as the deadline for any individual or
entity to file proofs of claim against the Debtors.

Proofs of claim must be submitted to the Debtors' claims agent
Kurtzman Carson Consultants, LLC, or with the Clerk of the
Bankruptcy Court for the District of Delaware, 824 North Market
Street, 3rd Floor, Wilmington, Delaware.

                       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.

Malibu Lighting disclosed total assets of $31,974,071 and total
liabilities of $12,166,857 as of the Chapter 11 filing.

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.


MALIBU LIGHTING: Court Approves NCOC's $1.8MM Wind-Down Reserve
----------------------------------------------------------------
After the U.S. Trustee, Pratt Industries Inc., and the Official
Committee of Unsecured Creditors raised concerns that the sale of
the assets of National Consumer Outdoors Corporation, formerly
known as Dallas Manufacturing Company, Inc., to Central Garden and
Pet Company may leave NCOC's estate administratively insolvent, the
Bankruptcy Court's order approving the asset sale included a
wind-down budget of at least $1.8 million for NCOC.

DMC Acquisition Holdings, LLC, an affiliate of Summit Investment
Management LLC, the stalking horse bidder, was under contract to
purchase the assets for $36,850,000 in cash, plus the assumption of
$9,500,000 in liabilities, absent higher and better offers.
Central Garden and Pet Company emerged as the winning bidder with
an offer of $61 million in cash plus the assumption of
liabilities.

In its sale objection, the Creditors Committee pointed out that it
is unclear if the sale will include sufficient proceeds to pay all
administrative and priority claims and to fund a wind-down budget.
According to Committee, while DMC's $36.85 million cash bid would
satisfy the $25,801,583 of the Lender Prepetition Debt, if NCOC is
required to also satisfy even a portion of the $44,413,950 of
Guarantor Indebtedness, it is unclear how the estate would remain
administratively solvent.

Pratt Industries, which asserts a prepetition claim of $955,430,
and a Sec. 503(b)(9) claim of $341,770, said it does not object to
the sale motion in general, rather it contends that that a sale
order should include a provision the payment of allowed Sec.
503(b)(9) claims.

The U.S. Trustee said that because the cases are administratively
insolvent, the sale must be denied to the extent that it seeks to
distribute the sale proceeds, absent an agreement with the lenders
to make payment in full of all administrative expense claims
relating to employee claims under the self-funded health insurance
plans.

The Sale Order provides that the proceeds will be disbursed as
follows:

     (i) first, to the Debtor in an amount equal to the balance
         of the Carve-Out not already paid or set aside from cash
         collateral,

    (ii) second, to DMC to pay the break-up fee of $942,500 and
         expense reimbursement of $400,000,

   (iii) third to Comerica Bank until the Lender Pre-Petition Debt
         is indefeasibly paid in full,

    (iv) fourth, to Comerica until the DIP Facility Obligations
         are indefeasibly paid in full, and

     (v) fifth, after reserve for the expenses set forth in the
         Wind-Down Budget, to the Guaranty Agent until there are
         no remaining sale proceeds as a result of the
         indefeasible payment in whole or in part of the Guaranty
         Indebtedness.

Notwithstanding, at closing, the sum of $2,432 of the sale proceeds
will be distributed to Dallas County, Texas, in full satisfaction
of the secured personal property tax claims of Dallas County
asserted against the Debtor.  In addition, the sum of $278,745 out
of the sale proceeds will be reserved and segregated by the Debtor
subject to the liens, claims and interests of Henderson County,
Texas, Comerica and the Guaranty Agent.

As set forth in the Wind-Down Budget:

     (a) $500,000 of the sale proceeds otherwise payable to the
         Guaranty Agent will be segregated by the Debtor solely
         for the satisfaction of any and all health claims of the
         Debtors' employees arising in connection with the
         Debtors' self-insured medical plans administered by
         BlueCrosss BlueShield of Texas, arising prior to the
         termination of such medical plans and either prior to or
         after the Petition Date (the "Employee Health Claims");

     (b) to the extent that funds from the Employee Health Claim
         Reserve are used to pay a claim relating to an employee
         of Malibu Lighting Corporation, the Employee Health Claim
         Reserve will be replenished immediately by Malibu;

     (c) upon determination by the Debtor that the Employee Health
         Claim Reserve will exceed the Employee Health Claims, and
         upon the consent of both the Committee and the Office of
         the United States Trustee, the Debtor may transfer all or
         part of the Employee Health Claim Reserve to the Guaranty
         Agent;

     (d) notwithstanding the amount of the Employee Health Claim
         Reserve, the Guaranty Agent will promptly refund to the
         Debtor from the sale proceeds any amount required to
         satisfy any Employee Health Claim not otherwise satisfied
         by the Employee Health Claim Reserve; and

     (e) as set forth in the Wind-Down Budget, $1,300,000 of the
         sale proceeds otherwise payable to the Guaranty Agent
         will be segregated by the Debtor solely for the
         satisfaction of any and all claims against the Debtor
         that are entitled to administrative priority under Sec.
         503(b)(9) of the Bankruptcy Code and are not otherwise
         satisfied by the  Purchaser, and any remaining amount of
         the 503(b)(9) Reserve will be transferred to the Guaranty
         Agent promptly following the satisfaction of such claims.


                          Wind-Down Budget

The proceeds of the auction are estimated to be:

      Auction purchase price                   $61,000,000
      Breakup fee paid to stalking horse       ($1,117,500)
      Expense reimbursement to stalking horse    ($225,000)
      Property tax liens                         ($281,177)
      Medical insurance claim reserve            ($500,000)
      Piper Jaffray fee                        ($1,580,000)
                                              -------------
          NET PROCEEDS                          $57,296,323

Assuming the immediate payoff of the disbursements avbove, the
amount available to immediately pay the second secured lien is $23
million.  This amount is calculated with consideration to
continuing wind-down disbursements and the 503(b)(9) payments.  A
second payment to the second secured lien will occur from the
remaining funds in the Debtor's estate.

The medical insurance reserve is established to full all medical
insurance claims incurred by the Debtors through Dec. 31, 2015, the
termination date of the medical insurance plan.  An actuarial
analysis performed by the provider indicates a total runoff of
$70,000 subsequent to Dec. 31, 2015.  Conservatively, a reserve of
$500,000 is being established.  Remaining funds in the reserve will
be given as a payment to the second lien.  It is expected the
runoff will be complete by April 30, 2016.

Outdoor Distribution Corporation ("ODC"), an affiliated company,
will continue to provide NCOC with services including corporate
insurance, IT services, accounting, and treasury services during
the wind-down period.

The NCOC 503(b)(9) claims total $1,220,505 representing unsecured
creditors' claims, less amounts due to critical vendors per the
APA, as reflected in the Debtor's records.  Assuming a bar date in
early February, payout of the 503(b)(9) would occur by March 31,
2016.

As of Nov. 9, 2015, $4,763,162 of distressed inventory, not
conveyed as part of the purchase agreement, is in the process of
liquidation with Great American, another $238,158 of proceeds is
expected from this liquidation.

The wind up of the Debtor's affairs is expected to occur at April
30, 2016.

A copy of the Sale Order, which includes the Wind-Down Budget, is
available for free at:

       http://bankrupt.com/misc/Malibu_L_270_Sale_Ord_CG.pdf

Counsel to the Official Committee of Unsecured Creditors:

         BLANK ROME LLP
         Bonnie Glantz Fatell, Esq.
         Victoria A. Guilfoyle, Esq.
         1201 Market Street, Suite 800
         Wilmington, DE 19801
         Telephone: (302) 425-6423
         Facsimile: (302) 252-0921
         E-mail: Fatell@BlankRome.com
                 Guilfoyle@BlankRome.com

               - and -

         LOWENSTEIN SANDLER LLP
         Kenneth A. Rosen, Esq.
         Sharon L. Levine, Esq.
         Eric S. Chafetz, Esq.
         65 Livingston Avenue
         Roseland, NJ 07068
         Telephone: (973) 597-2500
         Facsimile: (973) 597-6247
         E-mail: krosen@lowenstein.com
                 slevine@lowenstein.com
                 chafetz@lowenstein.com

Counsel for Pratt Industries:

          SHUMAKER, LOOP & KENDRICK, LLP
          David H. Conaway, Esq.
          David A. Matthews, Esq.
          101 South Tryon Street, Suite 2200
          Charlotte, NC 28280
          Tel: (704) 375-0057
          Fax: (704) 332-1197

                - and -

          SULLIVAN HAZELTINE ALLINSON LLC
          William A. Hazeltine, Esq.
          901 North Market Street, Suite 1300
          Wilmington, DE 19801
          Tel: (302) 428-8191
          Fax: (302) 428-8195
          E-mail: whazeltine@sha-llc.com

Andrew R. Vara, Acting U.S. Trustee, Region 3, is represented by:

          Linda J. Casey, Esquire
          Trial Attorney
          J. Caleb Boggs Federal Building
          844 King Street, Suite 2207, Lockbox 35
          Wilmington, DE 19801
          Tel: (302) 573-6491
          Fax: (302) 573-6497

                       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 petitions were signed by
David M. Baker as chief restructuring officer.  Judge Kevin Gross
is assigned to the cases.

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

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 Debtors engaged Pachulski Stang Ziehl & Jones LLP as counsel,
Piper Jaffray Co. as investment banker and Kurtzman Carson
Consultants as claims and noticing agent.


MALIBU LIGHTING: Files Rule 2015.3 Report for Brinkmann Unit
------------------------------------------------------------
Malibu Lighting Corporation and its affiliated debtors filed a
report as of Nov. 3, 2015, on the value of operations and
profitability of entities in which the Debtors hold a substantial
or controlling interest, as required by Bankruptcy Rule 2015.3.
The Debtors hold a substantial or controlling interest in Brinkmann
International (Hong Kong) Limited, which is 100% owned by Outdoor
Direct Corporation.  A copy of the filing is available for free
at:

  http://bankrupt.com/misc/Malibu_L_204_2015.3_Report_Malibu.pdf

                       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 petitions were signed by
David M. Baker as chief restructuring officer.  Judge Kevin Gross
is assigned to the cases.

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

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 Debtors engaged Pachulski Stang Ziehl & Jones LLP as counsel,
Piper Jaffray Co. as investment banker and Kurtzman Carson
Consultants as claims and noticing agent.


MARK CULP: Couple Lacking Income Can't Convert Ch. 7 Case
---------------------------------------------------------
Diane Davis, writing for Bloomberg Brief - Distress & Bankruptcy,
reported that the right of a debtor to convert from a bankruptcy
filing under Chapter 7 to one under Chapter 13 is not an absolute
right, and the bankruptcy court correctly denied the debtor's
conversion motion, a district court in Delaware held Feb. 5.

According to the report, affirming the judgment of the bankruptcy
court on the conversion order, Judge Leonard P. Stark of the US
District Court for the District of Delaware concluded that the
bankruptcy court had a basis for denying the debtor's conversion
motion.

The report related that the court noted that the debtors failed to
meet their burden to establish regular income and there was no
evidence presented from which the bankruptcy court could conclude
that the
debtors could make payments under a Chapter 13 plan.  The court
also found a lack of good faith on the part of the debtors based on
the totality of the circumstances, the report related.

The civil proceeding is MARK A. CULP and PATRICIA J. CHAMBERLAIN,
Appellants, v. CHARLES A. STANZIALE, JR., Chapter 7 Trustee,
Appellee, Civ. No. 15-914-LPS., 15-916-LPS, 15-917-LPS (D. Del.).

The bankruptcy case is IN RE: MARK A. CULP and PATRICIA J.
CHAMBERLAIN, Chapter 7, Debtors, Bankr. Case No. 14-11592-BLS
(Bankr. D. Del.).

A full-text copy of the Decision is available at
http://is.gd/VKw5lSfrom Leagle.com.



MAUI LAND: TSP Capital Reports 6.9% Stake as of Dec. 31
-------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, TSP Capital Management Group, LLC disclosed that as of
Dec. 31, 2015, it beneficially owns 1,309,933 shares of common
stock of Maui Land & Pineapple Company, Inc., representing 6.9
percent of the shares outstanding.  A copy of the regulatory filing
is available for free at http://is.gd/Ek5TfW

                 About Maui Land & Pineapple Co.

Maui Land & Pineapple Company, Inc. (NYSE: MLP) --
http://mauiland.com/-- develops, sells, and manages residential,  

resort, commercial, and industrial real estate.  The Company owns
approximately 23,000 acres of land on Maui and operates retail,
utility operations, and a nature preserve at the Kapalua Resort.
The Company's principal subsidiary is Kapalua Land Company, Ltd.,
the operator and developer of Kapalua Resort, a master-planned
community in West Maui.

Maui Land reported net income of $17.6 million on $33 million of
total operating revenues for the year ended Dec. 31, 2014, compared
with a net loss of $1.16 million on $15.2 million of total
operating revenues in 2013.

As of Dec. 31, 2014, the Company had $49.3 million in total assets,
$64.5 million in total liabilities and a $15.2 million
stockholders' deficiency.

Accuity LLP, in Honolulu, Hawaii, issued a "going concern"
qualification in its report on the Company's consolidated financial
statements for the year ended Dec. 31, 2014.


MAUI LAND: ValueWorks Reports 6% Stake as of Dec. 31
----------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, ValueWorks, LLC and Charles Lemonides disclosed that as
of Dec. 31, 2015, they beneficially own 1,126,997 shares of common
stock of Maui Land & Pineapple Company, Inc., representing 6
percent of the shares outstanding.  A copy of the regulatory filing
is available for free at http://is.gd/zBM5BL

                 About Maui Land & Pineapple Co.

Maui Land & Pineapple Company, Inc. (NYSE: MLP) --
http://mauiland.com/-- develops, sells, and manages residential,  

resort, commercial, and industrial real estate.  The Company owns
approximately 23,000 acres of land on Maui and operates retail,
utility operations, and a nature preserve at the Kapalua Resort.
The Company's principal subsidiary is Kapalua Land Company, Ltd.,
the operator and developer of Kapalua Resort, a master-planned
community in West Maui.

Maui Land reported net income of $17.6 million on $33 million of
total operating revenues for the year ended Dec. 31, 2014, compared
with a net loss of $1.16 million on $15.2 million of total
operating revenues in 2013.

As of Dec. 31, 2014, the Company had $49.3 million in total assets,
$64.5 million in total liabilities and a $15.2 million
stockholders' deficiency.

Accuity LLP, in Honolulu, Hawaii, issued a "going concern"
qualification in its report on the Company's consolidated financial
statements for the year ended Dec. 31, 2014.


MCCLATCHY CO: Contrarius Investment Owns 10.6% of Class A Shares
----------------------------------------------------------------
Contrarius Investment Management Limited and Contrarius Investment
Management (Bermuda) Limited disclosed in an amended Schedule 13G
filed with the Securities and Exchange Commission that as of
Dec. 31, 2015, they beneficially own 6,493,431 shares of Class A
common stock of The McClatchy Company representing 10.6 percent of
the shares outstanding.  A copy of the regulatory filing is
available for free at http://is.gd/eWaDJd

                   About The McClatchy Company

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

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

As of Sept. 27, 2015, the Company had $1.95 billion in total
assets, $1.74 billion in total liabilities and $202 million in
stockholders' equity.

                           *     *     *

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

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


MCCLATCHY CO: Reports Fourth Quarter 2015 Results
-------------------------------------------------
The McClatchy Company reported net income of $8.83 million on
$285.82 million of revenues for the quarter ended Dec. 27, 2015,
compared to net income of $302.64 million on $310.09 million of
revenues for the quarter ended Dec. 29, 2014.

For the 12 months ended Dec. 27, 2015, the Company reported a net
loss of $300.16 million on $1.05 billion of revenues compared to
net income of $373.98 million on $1.14 billion of revenues for the
12 months ended Dec. 29, 2014.

Pat Talamantes, McClatchy's president and CEO, said, "2015 was the
year our digital transformation accelerated, clearly demonstrating
our skill at evolving with the marketplace.  We have been working
on initiatives and strategies to reinforce our position as the
leading local media company in each of the markets we serve.  As a
result of our efforts, we saw accelerated growth in digital
revenues in the fourth quarter and second half of 2015.  In 2015 we
used free cash flow, distributions from equity investments and
proceeds from asset sales to reduce debt by just over $95 million
and to launch a share repurchase program.  During 2015, we
repurchased a total of 6.1 million shares at an average price of
$1.28 per share."

Talamantes continued, "Revenue initiatives included adding
resources to our digital sales team, revamping our sales forces in
our six largest markets and growing our digital marketing services
to small and medium-sized businesses in our markets.  We also
expanded our video efforts to improve storytelling and generate
more advertising revenues.  With these initiatives, our
digital-only advertising grew 20.3% in the fourth quarter, or up
14.3% on a gross basis.  Also, our audience growth initiatives
resulted in unique visitors to our online products increasing by
16.8% in the fourth quarter and by 3.4% for full-year 2015 --
ending the year with 50.6 million unique visitors.  Our local
unique visitors also had impressive growth, ending the year with
13.2 million local unique visitors, reflecting growth of 7.1% in
the fourth quarter of 2015 compared to the same period last year.

"Our cost initiatives focused on reducing legacy costs, primarily
in production and distribution, including substantial savings in
newsprint costs.  Cash costs were down 9.4% in the fourth quarter
compared to the fourth quarter of 2014.  It's worth highlighting
that we realized more than $30 million of cost savings in all of
2015 from these specific initiatives while still investing in our
digital infrastructure and products.  Helped by the efforts at our
individual media properties, cash expenses declined nearly $58
million in total for all of 2015.  So we enter 2016 with momentum
in digital revenues, a growing online audience and ongoing cost
savings."

A full-text copy of the press release is available at:

                       http://is.gd/waqUyU

                   About The McClatchy Company

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

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

As of Sept. 27, 2015, the Company had $1.95 billion in total
assets, $1.74 billion in total liabilities and $202 million in
stockholders' equity.

                           *     *     *

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

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


MEMORIAL HEALTH: Fitch Affirms 'BB' Rating on $60MM 2015 Rev. Bonds
-------------------------------------------------------------------
Fitch Ratings has affirmed the 'BB' rating on these revenue bonds
issued on behalf of Marietta Area Health Care d/b/a Memorial Health
System, Ohio (the system) bonds:

   -- $60,000,000 Southeastern Ohio Port Authority Hospital
      facilities improvement revenue bonds, (Memorial Health
      System Obligated Group Project) series 2015;

   -- $138,935,000 Southeastern Ohio Port Authority Hospital
      facilities revenue refunding and improvement bonds,
      (Memorial Health System Obligated Group Project) series
      2012.

The Rating Outlook is Stable.

                             SECURITY

The series 2012 and series 2015 bonds are secured by general
revenues of the obligated group, a mortgage on certain system
facilities and debt service reserve funds.

KEY RATING DRIVERS

SIGNIFICANT VOLUME GAINS: Memorial Health System's (MHS) expanded
its patient base at a remarkable pace in fiscal 2015 (Sept. 30
year-end), primarily by capturing new business from the West
Virginia market at its emergency department in Belpre.  Acute
admissions in 2015 grew 24.7% to 12,214 from 9,789 in 2014, ER
visits grew 35.3% to 74,696 from 55,224, inpatient surgeries
increased 24.7% and outpatient surgeries increased 11.0% in 2015.

IMPROVED OPERATING PROFITABILITY: MHS' operating results in fiscal
2015 received a significant boost from improved utilization.
Revenue growth of 21.9% during the year helped spur an increase in
operating margin to 3.9% and an EBITDA margin of 11.2% from 0.4%
and 8.6%, respectively, in 2014.

WEAK AND VOLATILE LIQUIDITY: Despite cash flow improvement and the
sale proceeds from a senior living divestiture that improved
liquidity in 2015, cash reserves remain thin at MHS.  The system
had an adequate $90.7 million in unrestricted cash at fiscal
year-end, equating to 92.5 days cash on hand (DCOH) but dropped to
$66.9 million (69.5 days) as of Dec. 31, partly as a result of
paying back a line of credit that was drawn at year-end and an
uptick in accounts receivables.  Liquidity fluctuations and
volatile cash levels are the primary driver of the non-investment
grade rating.

CHALLENGES MANAGING REVENUE CYCLE: Management continues to address
the inefficiencies in revenue cycle management that has been
reflected in higher than expected days in accounts receivable
(A/R).  After changing vendors in 2015, MMH is currently working
through a backlog in collections.  A/R days as of Dec. 31 was 96.2
days, up from 74.9 days at fiscal year-end 2015.

                       RATING SENSITIVITIES

SUSTAINABILITY OF CURRENT OPERATING PERFORMANCE: With the expansion
of its patient base and operating profile, MHS has the opportunity
to generate continued healthy cash flow and grow its cash reserves.
If the operating results in 2015 and first quarter of 2016 are
sustainable, there may be future positive rating momentum.

IMPLEMENTATION OF IT UPGRADE: MHS will go live with a full system
upgrade of its information system in May.  A successful
implementation of the IT system should yield benefits in the
long-run, but short-term disruptions to the already stressed
revenue cycle process are a credit concern.  Any significant
disruption to timely receipt of revenue could put pressure on
liquidity and would be viewed unfavorably.

                         CREDIT PROFILE

Marietta Area Health Care, Inc. (d/b/a Memorial Health System)
operates the 199-bed Marietta Memorial Hospital (MMH) and a 25-bed
critical access hospital, Selby General Hospital (SGH), as well as
nine outpatient care centers and 26 medical staff offices and
clinical care delivery locations in southeast, OH.

Located in Marietta, OH, the system delivers services primarily in
Washington County (OH) and Wood County (WV).  The obligated group
includes employed physicians and the foundation and accounted for
99.3% of the total net revenues of the system and 99.7% of the
total assets of the system in fiscal 2015.

          GROWTH STRATEGIES YIELDING OPERATING IMPROVEMENT

MHS' ability to maximize its new free-standing emergency department
and ambulatory presence at its Belpre campus elevated the system's
revenue and operating profile in 2015.  Since opening this site
across the Ohio River from Parkersburg, WV, in August 2014, MHS has
been significantly growing its inpatient and outpatient business by
capturing new market share from the West Virginia market.  The
resulting business expansion is reflected in a 21.8% increase in
net patient revenue for 2015 and 13.1% increase in the three month
interim period ending Dec. 31, 2015. Fitch expects that the strong
start to fiscal 2016 will carry through the rest of the year.

The 2014 opening of the Belpre campus coincided with the 2014
closing of the ER at St. Joseph's in Parkersburg, when that
emergency department was consolidated into the ER of West Virginia
University Medicine's Camden Clark Medical Center in Parkersburg.
MHS was able to benefit from the market dislocation that resulted
from the consolidation.  Camden Clark Medical Center has now begun
its own $20 million ER expansion in July 2015.  However, MHS is
continuing to take advantage of the disruption from the
construction on that campus, as well as leveraging its own employed
physician model to continue to capture new patient volumes.  The
project at Camden Clark Medical Center is expected to be completed
by the end of calendar 2016.  While Fitch expects volume to
stabilize at MHS when Camden Clark's ER expansion is complete, MHS
should be able to retain a sizable portion of the patient volume
that it garnered since the end of 2014.

MHS' strategic expansion of its employed physician and clinical
staff base has also contributed to its patient growth and service
expansion, particularly in certain specialties.  MHS is continuing
to enhance its orthopedic line and is acquiring a new practice from
the Parkersburg area which will increase orthopedic surgeries at
the system.  MHS considers its integration and partnership with its
employed clinical staff to be part of its organizational strength
and flexibility.  The number of employed physicians at year-end
2015 numbered 162, an increase from 147 in 2014 and 114 in 2013.

The increased revenue from utilization growth and an improved payor
mix (self-pay had decreased to 2.7% of gross revenues by 2015 with
the expansion of the Medicaid program) allowed MHS to improve its
operating margin to 3.9% operating margin in 2015 from 0.4% in
2014.  EBITDA of $44.1 million produced a strong EBITDA margin of
11.2% and covered maximum annual debt service (MADS) by 2.9x, above
the metrics for the non-investment grade rating category.
Operating margin for the three-month interim period that ended Dec.
31 remained high at 4.7%.

                   WEAK AND FLUCTUATING LIQUIDITY

MHS fell short of its unrestricted cash goals of $103 million by
fiscal year end 2015, although liquidity did increase to $90.7
million (92.5 DCOH) from $69.3 million (76.9 DCOH) in 2014, aided
by the $10.4 million sale proceed from the senior living
divestiture.  However, as in prior years, liquidity decreased
subsequent to the fiscal year end as MHS paid back a $5.0 million
short line of credit that is typically drawn at the end of the
year.  Without the line of credit, DCOH would have measured at 87.4
days in 2015 and 76.9 days in 2014.  Cash also fluctuated in the
first quarter of fiscal 2016 after payment to vendors and a sizable
increase in accounts receivable to 96.2 days as of Dec. 31 from an
already high 74.9 days at fiscal end 2015.  In an effort to improve
revenue cycle, management had changed vendors in 2015, which
instead resulted in further revenue cycle disruptions.  MHS is
currently working through a backlog of receivables which it expects
to resolve by March.  Consequently, unrestricted cash decreased by
$23.8 million to 69.5 days in the first quarter of fiscal 2016.

MHS' higher level of receivables have been a credit concern as
inefficiencies in revenue cycle management have resulted in A/R
days of 74.9 in 2015, 82.1 in 2014 and 77.8 in 2013, all above the
49.8 days median for the non-investment grade rating category.  The
concern is compounded in 2016 as the current backlog in receivables
could be an issue as MHS goes live on May 1 with a system-wide
information system upgrade that integrates its ambulatory physician
component.  Management reports that the IT vendor is on site to
assist in a smooth implementation but Fitch notes that temporary
disruptions in revenue cycle may still occur, particularly if the
system is still working through a backlog of receivables at the
time of the IT implementation.

DEBT PROFILE

All of MHS' long-term debt is fixed rate and MHS is not a party to
any derivative agreements.


MERRIMACK PHARMACEUTICALS: FMR LLC Reports 14.9% Stake
------------------------------------------------------
(Jhonas SEC Feb14 3)
In an amended Schedule 13G filed with the Securities and Exchange
Commission on Feb. 12, 2016, FMR LLC and Abigail P. Johnson
disclosed that they beneficially own 17,336,119 shares of common
stock of Merrimack Pharmaceuticals, Inc. representing 14.999
percent of the shares outstanding.  A copy of the regulatory filing
is available for free at http://is.gd/PynNv3

                         About Merrimack

Cambridge, Mass.-based Merrimack Pharmaceuticals, Inc., a
biopharmaceutical company discovering, developing and preparing to
commercialize innovative medicines consisting of novel
therapeutics paired with companion diagnostics.  The Company's
initial focus is in the field of oncology.  The Company has five
programs in clinical development.  In it most advanced program,
the Company is conducting a pivotal Phase 3 clinical trial.

Merrimack reported a net loss of $83.6 million on $103 million of
collaboration revenues for the year ended Dec. 31, 2014, compared
with a net loss of $131 million on $47.8 million of collaboration
revenues during the prior year.

As of Sept. 30, 2015, the Company had $103 million in total assets,
$243 million in total liabilities, $481,000 in non-controlling
interest and a $141.14 million total stockholders' deficit.


MERRIMACK PHARMACEUTICALS: Teachers Advisors Has 2.3% Stake
-----------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Teachers Advisors, Inc. disclosed that as of Dec. 31,
2015, it beneficially owns 2,664,951 shares of common stock of
Merrimack Pharmaceuticals Inc. representing 2.31 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/RRsrFw

                         About Merrimack

Cambridge, Mass.-based Merrimack Pharmaceuticals, Inc., a
biopharmaceutical company discovering, developing and preparing to
commercialize innovative medicines consisting of novel
therapeutics paired with companion diagnostics.  The Company's
initial focus is in the field of oncology.  The Company has five
programs in clinical development.  In it most advanced program,
the Company is conducting a pivotal Phase 3 clinical trial.

Merrimack reported a net loss of $83.6 million on $103 million of
collaboration revenues for the year ended Dec. 31, 2014, compared
with a net loss of $131 million on $47.8 million of collaboration
revenues during the prior year.

As of Sept. 30, 2015, the Company had $103 million in total assets,
$243 million in total liabilities, $481,000 in non-controlling
interest and a $141.14 million total stockholders' deficit.


MERRIMACK PHARMACEUTICALS: TIAA-CREF Reports 4.4% Equity Stake
--------------------------------------------------------------
TIAA-CREF Investment Management, LLC disclosed in a Schedule 13G
filed with the Securities and Exchange Commission that as of Dec.
31, 2015, it beneficially owns 5,088,489 shares of common stock of
Merrimack Pharmaceuticals, Inc., representing 4.40 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/RRsrFw

                       About Merrimack

Cambridge, Mass.-based Merrimack Pharmaceuticals, Inc., a
biopharmaceutical company discovering, developing and preparing to
commercialize innovative medicines consisting of novel
therapeutics paired with companion diagnostics.  The Company's
initial focus is in the field of oncology.  The Company has five
programs in clinical development.  In it most advanced program,
the Company is conducting a pivotal Phase 3 clinical trial.

Merrimack reported a net loss of $83.6 million on $103 million of
collaboration revenues for the year ended Dec. 31, 2014, compared
with a net loss of $131 million on $47.8 million of collaboration
revenues during the prior year.

As of Sept. 30, 2015, the Company had $103 million in total assets,
$243 million in total liabilities, $481,000 in non-controlling
interest and a $141.14 million total stockholders' deficit.


MERRIMACK PHARMACEUTICALS: Vanguard Has 8.9% Stake as of Dec. 31
----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2015,
it beneficially owns 10,313,245 shares of common stock of
Merrimack Pharmaceuticals Inc. representing 8.92 percent of the
shares outstanding.  A copy of the regulatory filing is available
for free at http://is.gd/nYU5kZ

                        About Merrimack

Cambridge, Mass.-based Merrimack Pharmaceuticals, Inc., a
biopharmaceutical company discovering, developing and preparing to
commercialize innovative medicines consisting of novel
therapeutics paired with companion diagnostics.  The Company's
initial focus is in the field of oncology.  The Company has five
programs in clinical development.  In it most advanced program,
the Company is conducting a pivotal Phase 3 clinical trial.

Merrimack reported a net loss of $83.6 million on $103 million of
collaboration revenues for the year ended Dec. 31, 2014, compared
with a net loss of $131 million on $47.8 million of collaboration
revenues during the prior year.

As of Sept. 30, 2015, the Company had $103 million in total assets,
$243 million in total liabilities, $481,000 in non-controlling
interest and a $141.14 million total stockholders' deficit.


MGM RESORTS: T. Row Price Reports 13.9% Stake as of Dec. 31
-----------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, T. Row Price Associates, Inc. disclosed that as of Dec.
31, 2015, it beneficially owns 78,779,146 shares of common stock of
MGM Resorts International representing 13.9 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/txff3o

                         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.


MGM RESORTS: Vanguard Group Reports 5.5% Stake as of Dec. 31
------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2015,
it beneficially owns 31,278,874 shares of common stock of MGM
Resorts International representing 5.55 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/fHHFum

                     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.


MID-SOUTH BUSINESS: "Windham" Suit Referred to Bankruptcy Court
---------------------------------------------------------------
Judge Debra M. Brown of the United States District Court for the
Northern District of Mississippi, Oxford Division, granted Mechanic
Bank's motion to refer to the bankruptcy court the case captioned
THOMAS L. WINDHAM, SR., MD, R.TAYLOR WINDHAM, MISSISSIPPI SPINE
CENTER, INC., AND MID-SOUTH BUSINESS ASSOCIATES, LLC Plaintiffs, v.
MECHANICS BANK, Defendant, No. 3:14-CV-00087-DMB-SAA (N.D. Miss.).

On March 18, 2014, a suit was initiated against Mechanics Bank in
the Chancery Court of Lafayette County, Mississippi, arising from a
check-kiting scheme perpetrated against the plaintiffs by Mechanics
Bank and several nonparty banking institutions.

On April 22, 2014, after the plaintiffs each filed for bankruptcy,
Mechanics Bank removed the Chancery Court case to the district
court.  The bank later moved to refer the action to the United
States Bankruptcy Court for the Northern District of Mississippi.
The plaintiffs opposed the motion, arguing that the matter involves
claims that are not core proceedings, and asserting their right to
a jury trial.

Judge Brown held that the plaintiffs' argument that the claims in
this action are non-core does not preclude her court from referring
the case to the bankruptcy court because the bankruptcy court may
properly determine that issue.  Judge Brown also found the
plaintiffs' jury trial argument to be both premature and
unpersuasive at this time.

A full-text copy of Judge Brown's January 12, 2016 order of
referral is available at http://is.gd/BrkDYXfrom Leagle.com.

Thomas L. Windham, Sr MD, R. Taylor Windham, North Mississippi
Spine Center, Inc. and Mid-South Business Associates, LLC are
represented by:

          J. Hale Freeland, Esq.
          FREELAND MARTZ PLLC
          Freeland Martz, PLLC
          302 Enterprise Drive, Suite A
          Oxford, MS 38655
          Tel: (662)234-1711
          Fax: (662)234-1739
          Email: hale@freelandmartz.com

Mechanics Bank is represented by:

          John Adam Crawford, Jr., Esq. ridgeland
          Charles E. Griffin, Esq.
          Robert M. Frey, Esq.
          BUTLER SNOW LLP
          Renaissance at Colony Park
          1020 Highland Colony Parkway, Suite 1400
          Ridgeland, MS 39157
          Tel: (601)948-5711
          Fax: (601)985-4500
          Email: jack.crawford@butlersnow.com
                 charles.griffin@butlersnow.com
                 bob.frey@butlersnow.com


MILESTONE SCIENTIFIC: Offering $30-Mil. Worth of Securities
-----------------------------------------------------------
Milestone Scientific Inc. filed with the Securities and Exchange
Commission a Form S-3 registration statement relating to a public
offering of $30,000,000 worth of common stock, preferred stock,
debt securities, warrants and units.

The Company's common stock is listed on the NYSE MKTS under the
symbol "MLSS".  As of Feb. 9, 2016, the aggregate market value of
the Company's outstanding common stock held by non-affiliates was
$22,454,944 based on 21,687,164 shares of outstanding common stock,
of which 16,633,292 shares are held by non-affiliates, and a per
share price of $1.35 which was the closing sale price of the
Company's common stock as quoted on the NYSE MKTS on Feb. 9, 2016.


A full-text copy of the Form S-3 prospectus is available at:

                      http://goo.gl/0F7OnB

                   About Milestone Scientific

Livingston, N.J.-based Milestone Scientific Inc. is engaged in
pioneering proprietary, innovative, computer-controlled injection
technologies and solutions for the medical and dental markets.

The Company reported a net loss attributable to the Company of $1.7
million on $10.33 million of net product sales for the year ended
Dec. 31, 2014, compared to net income attributable to the Company
of $1.46 million on $10.01 million of net product sales for the
year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $14.06 million in total
assets, $2.13 million in total liabilities, all current and $11.9
million in total equity.


MOLYCORP INC: Oaktree Continues to Battle with Creditors
--------------------------------------------------------
Steven Church, writing for Bloomberg Brief - Distress & Bankruptcy,
reported that warring creditors of Molycorp Inc. are nowhere near a
deal to reorganize the bankrupt mining company, but at least they
can joke about it.

According to the report, on Feb. 11, U.S. Bankruptcy Judge
Christopher Sontchi in Wilmington, Delaware, teased the two main
creditor lawyers battling over the company's fate about plans to
announce an end to their disputes.

"I might not recommend you hold your breath," Andrew Leblanc,
attorney for Oaktree Capital Management LP, told Judge Sontchi
during a brief hearing, the report related.  "Oh well, laugh or
cry, Mr. Leblanc," Judge Sontchi responded, the report further
related.

The report noted that Oaktree, Molycorp's senior lender, is
battling a committee of lower-ranking creditors over the size of
its loans and how best to restructure the company.  Oaktree and
Molycorp agree that loans made before and after the bankruptcy
bring the amount owed to Oaktree to $514 million, the report said.
Other creditors, including bondholders owed $1.4 billion, are
disputing that figure, the report added.

                       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.

                            *     *     *

The U.S. Bankruptcy Court for the District of Delaware will
convene
a hearing to consideration confirmation of Molycorp, Inc., et
al.'s
Plan, including the approval of the sale of substantially all of
the Debtors' assets pursuant to the Plan, on March 28, 2016, 10:00
a.m., Eastern Time.

Judge Christopher Sontchi in Delaware approved the disclosure
statement explaining the Debtors' Plan on Jan. 20, 2015, after the
Debtors revised the Disclosure Statement to incorporate certain
modifications directed by the Court during the Jan. 14 hearing.

The Plan contemplates two possible outcomes: (1) the sale of
substantially all of the Debtors' assets if certain conditions set
forth in the Plan are satisfied and (2) (a) the sale of the assets
associated with the Debtors' Mountain Pass mining facility in San
Bernardino County, California; and (b) the stand-alone
reorganization around the Debtors' other three business units.


MONEY CENTERS: QCA Can Intervene in Casino Caribbean's Suit
-----------------------------------------------------------
Casino Caribbean, et al., commenced an adversary proceeding against
Money Center of America, Inc., et al., alleging that one of the
Debtors, pursuant to a contractual relationship, held funds owned
by them as a mere conduit.

The Plaintiffs seek a ruling that these funds are not property of
the estate, and therefore the automatic stay should be lifted and
the Debtors should be required to remit them to the Plaintiffs.
Because the Debtors' Operating Reports showed a risk that the cash
burn associated with paying professionals may leave the Debtors
with insufficient cash to pay the Plaintiffs, the Plaintiffs
requested, and were granted subject to certain conditions, a order
to ensure the Debtors' cash balance did not dip below $900,000.

Quapaw Casino, like the Plaintiffs, is a casino operator who had a
contract prepetition with one of the Debtors.  QCA, like the
Plaintiffs, believes that the Debtors hold funds, owned by QCA, as
a mere conduit under their prepetition contract.  QCA requests the
same relief as the Plaintiffs.  QCA was not involved with the order
that set aside funds to pay the Plaintiffs' claims.  Nonetheless,
QCA now seeks intervention in the adversary proceeding, claiming
intervention as a matter of right.  The Plaintiffs, fearing that
the set-aside funds will be insufficient to pay both their claims
and QCA's claims, oppose intervention.

In an Opinion dated January 28, 2016, which is available at
http://is.gd/ARkS4Ofrom Leagle.com, Judge Christopher S. Sontchi
of the United States Bankruptcy Court for the District of Delaware
granted the Motion to Intervene having found that QCA has a right
to intervene and that permissive intervention is warranted.

The adversary proceeding is CASINO CARIBBEAN, LLC, MACAU CASINO,
LLC, MACAU SOUTHCENTER, LLC, and Yakima CARDROOM, LLC, Plaintiffs,
v. MONEY CENTERS OF AMERICA, INC. CHECK HOLDINGS, LLC, Defendants,
Adv. Proc. Case No. 14-50437 (Bankr. D. Del.).

The bankruptcy case is In re MONEY CENTER OF AMERICA, INC., et al.,
Chapter 11, Debtors, Case No. 14-10603(CSS), Jointly Administered
(Bankr. D. Del.).

Money Centers of America, Inc., et al., Debtor, is represented by
Kevin Scott Mann, Cross & Simon, LLC.

Michael St. Patrick Baxter, Trustee, is represented by Dennis B.
Auerbach, Esq. -- dauerbach@cov.com -- Covington & Burling LLP,
Kendra K Bader, Esq. -- kbader@askllp.com -- Ask LLP, Kara E
Casteel, Esq. -- kcasteel@askllp.com -ASK Financial LLP, Diane F.
Coffino, Esq. -- dcoffino@cov.com -- Covington & Burling LLP, Alex
Govze, Esq. -- agovze@askllp.com -- ASK Financial, LLP, Ronald A.
Hewitt, Esq. -- rhewitt@cov.com -- Covington & Burling LLP, James
P. Hughes, Esq. -- jhughes@cov.com -- Covington & Burling LLP,
Jason Levine, Esq. -- jlevine@cov.com -- Covington & Burling LLP,
Brigette G. McGrath, Esq. -- bmcgrath@askllp.com -- ASK LLP, Norman
L. Pernick, Esq. -- npernick@coleschotz.com -- Cole Schotz
P.C.,Benjamin J. Razi, Esq. -- brazi@cov.com -- Covington & Burling
LLP, Patrick J. Reilley, Cole Schotz P.C., Therese Anne Scheuer,
Esq. -- tscheuer@coleschotz.com -- Cole Schotz P.C., Joseph L.
Steinfeld, Jr., Esq. -- jsteinfeld@askllp.com -- ASK LLP, Marianna
Udem, Esq. -- mudem@askllp.com -- ASK LLP, Gary D. Underdahl,
gunderdahl@askllp.com -- ASK Financial LLP.

Money Centers of America, Inc. filed a Chapter 11 petition
(Bankr. D. Del. Case No. 14-10603) on March 21, 2014, in Trenton,
New Jersey.  Kevin Scott Mann, Esq., at Cross & Simon, LLC in
Wilmington, in Delaware, serves as counsel to the Debtor.  The
Debtor estimated up to $1 million to $10 million in both assets
and liabilities.  The petition was signed by Christopher
Wolfington, Chairman & CEO.


MONITOR COMPANY: Trustee Allowed to Amend Suit vs. James Haskett
----------------------------------------------------------------
In a complaint, Alfred Thomas Giuliano, in his capacity as the
Chapter 7 Trustee of MCG Limited Partnership, et al., alleged the
following facts: (1) one transfer was made by Monitor Company Group
Limited Partnership to James Haskett in the aggregate amount of
$14,110; (2) the transfer was made via check number 75212 and was
sent on September 7, 2012, addressed to James Haskett c/o James B.
Haskett & Associates and the check subsequently cleared on
September 18, 2012; and (3) the Defendant was the initial
transferee of all of the transfers and/or the entity for whose
benefit some or all of the transfers were made or was an immediate
or mediate transferee of such initial transfers.

The Defendant filed a motion to dismiss the complaint on the bases
of insufficient service of process and failure to state a claim
upon which relief could be granted.

In an Opinion dated January 28, 2016, which is available at
http://is.gd/WWr72Dfrom Leagle.com, Judge Christopher S. Sontchi
of the United States Bankruptcy Court for the District of Delaware
granted, in part, and denied, in part, the Motion to Dismiss.

More specifically, the Court denied the Motion to Dismiss on the
grounds that service of the Complaint was improper.  Also the Court
found that the Complaint fails to describe the nature of the
antecedent debt that is the subject of this preference action, thus
the Court granted, without prejudice, the Motion to Dismiss for
failure to state a claim; however, the Court granted Trustee's
motion for leave to amend the Complaint to plead adequately facts
to support his claims against Defendant.

The adversary proceeding is Alfred T. Giuliano, in his capacity as
Chapter 7 Trustee of MCG Limited Partnership, et al. Plaintiff, v.
HASKETT, JAMES, Defendant,  Adv. Pro. No. 14-50536 (CSS)(Bankr. D.
Del.).

The bankruptcy case is In re: MCG Limited Partnership, (f/k/a
Monitor Company Group Limited Partnership), et al., Chapter 7,
Debtors, Case No. 12-13042 (CSS)(Bankr. D. Del.).

Alfred Thomas Giuliano, Chapter 7 Trustee, in his capacity as the
Chapter 7 Trustee of MCG Limited Partnership, et al., Plaintiff, is
represented by Erin K. Brignola, Esq. --
ebrignola@cooperlevenson.com -- Cooper Levenson, P.A., Jeffrey N.
Medio, Esq. -- Medio Law Firm.

James Haskett, Defendant, is represented by Julia Bettina Klein,
Esq. -- klein@teamrosner.com  -- The Rosner Law Group LLC, Scott J.
Leonhardt, Esq. -- leonhardt@teamrosner.com -- The Rosner Law Group
LLC,Frederick Brian Rosner, Esq. -- rosner@teamrosner.com -- The
Rosner Law Group LLC.

                     About Monitor Company

Monitor Company Group LP -- http://www.monitor.com/-- was a  
global consulting firm with 1,200 personnel in offices across 17
countries worldwide.  Founded in 1983 by six entrepreneurs, and
headquartered in Cambridge, Massachusetts, Monitor advised for-
profit, sovereign, and non-profit clients on growing their
businesses and economies and furthering their charitable purposes.

Monitor and several affiliates filed for Chapter 11 bankruptcy
(Bankr. D. Del. Case Nos. 12-13042 to 12-13062) on Nov. 7, 2012.
Judge Hon. Christopher S. Sontchi presides over the case.  Pepper
Hamilton LLP and Ropes & Gray LLP served as the Debtors' counsel.
The financial advisor was Carl Marks Advisory Group LLC.  Epiq
Bankruptcy Solutions, LLC served as claims and noticing agent.

The petitions were signed by Bansi Nagji, president.

Cole, Schotz, Meisel, Forman & Leonard, P.A., represented the
Committee of Unsecured Creditors as counsel.

Bank of America was represented in the case by Jinsoo Kim, Esq.,
and Timothy Graulich, Esq., at Davis Polk & Wardwell LLP; and Mark
D. Collins, Esq., at Richards Layton & Finger PA.

J. Gregory Milmoe, Esq., and Shana A. Elberg, Esq., at Skadden
Arps Slate Meagher & Flom LLP in New York; and Mark Chehi, Esq.,
and Christopher DiVirgilio, Esq., at Skadden Arps in Delaware,
represented Deloitte Consulting LLP.

Caltius Partners IV LP; Caltius Partners Executive IV, LP; and CP
IV Pass-Through (Monitor) LP were represented by John Sieger,
Esq., at Katten Muchin Rosenman LLP.

Monitor's consolidated unaudited financial statements as of
June 30, 2012, which include the assets and liabilities of non-
Debtor foreign subsidiaries, reflected total assets of roughly
$202 million (including $93 million in current assets) and total
liabilities of roughly $200 million.

Monitor filed for bankruptcy to sell substantially all of their
businesses and assets to Deloitte Consulting LLP, a Delaware
registered limited liability partnership and DCSH Limited, a UK
company limited by shares, subject to higher or otherwise better
offers.  The base purchase price set forth in the Stalking Horse
Agreement is $116.2 million, plus (i) assumption of certain
liabilities and (ii) certain cure costs for assumed contracts.
The Stalking Horse Agreement provides for the Stalking Horse
Bidder to receive a combined breakup fee and expense reimbursement
of $4 million.

The Debtors held an auction on Nov. 28, 2012, at the offices of
the Sellers' counsel, Ropes & Gray LLP in New York.  In mid-
January 2013, Judge Sontchi allowed the Debtors to sell its assets
to Deloitte Consulting for $116.2 million.

In July 2013, Monitor Co. and the official creditors' committee
decided that the liquidation can be most efficiently concluded now
that the business was sold by converting the Chapter 11
reorganization to a liquidation in Chapter 7.


MOUNTAIN PROVINCE: BlackRock Has 8.7% Stake as of Dec. 31
---------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchnage
Commission, BlackRock, Inc. disclosed that as of Dec. 31, 2015, it
beneficially owns 13,957,683 shares of common stock of Mountain
Province Diamonds Inc. representing 8.7 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/9PE7hQ

                About Mountain Province Diamonds

Headquartered in Toronto, Canada, Mountain Province Diamonds Inc.
(TSX: MPV, NYSE AMEX: MDM) -- http://www.mountainprovince.com/--
is a Canadian resource company in the process of permitting and
developing a diamond deposit known as the "Gahcho Kue Project"
located in the Northwest Territories of Canada.  The Company's
primary asset is its 49 percent interest in the Gahcho Kue
Project.

Mountain Province incurred a net loss of C$4.39 million in 2014,  a
net loss of C$26.6 million in 2013 and a net loss of C$3.33 million
in 2012.

As of Sept. 30, 2015, the Company had C$553.29 million in total
assets, $235 million in total liabilities and $318 million in total
shareholders' equity.

KPMG LLP, in Toronto, Canada, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company's ability to continue
operations is dependent upon its ability to obtain sufficient
financing to fund its operations and development costs.


MUSCLEPHARM CORP: Ex-President Files Suit for Breach of Contract
----------------------------------------------------------------
Richard Estalella, former president of MusclePharm Corp, filed a
complaint in Colorado state court against the Company and Ryan
Drexler, the Company's executive chairman, alleging, among other
things, that the Company breached an Employment Agreement, and
seeking certain equitable relief and unspecified damages.

On Dec. 30, 2015, the Company accepted notice by Mr. Estalella to
terminate his employment as the Company's president.  Although
Estalella sought to terminate his employment with the Company for
"Good Reason," as defined in Estalella's employment agreement with
the Company, the Company advised Estalella that it deemed his
resignation to be without Good Reason.

The Company believes that Estalella's claims are without merit and
intends to vigorously defend itself.

Despite his resignation, Estalella remains a member of the
Company's board of directors.

                       About MusclePharm

Headquartered in Denver, Colorado, MusclePharm Corporation
(OTC BB: MSLP) -- http://www.muslepharm.com/-- is a healthy life-
style company that develops and manufactures a full line of
National Science Foundation approved nutritional supplements that
are 100 percent free of banned substances.  MusclePharm is sold in
over 120 countries and available in over 5,000 U.S. retail
outlets, including GNC and Vitamin Shoppe.  MusclePharm products
are also sold in over 100 online stores, including
bodybuilding.com, Amazon.com and Vitacost.com.

MusclePharm Corporation reported a net loss of $13.8 million in
2014, a net loss of $17.7 million in 2013 and a net loss of $19
million in 2012.

As of Sept. 30, 2015, the Company had $62.2 million in total
assets, $67.8 million in total liabilities and a $5.54 million
total stockholders' deficit.


NANOSPHERE INC: Perkins Capital Reports 22.4% Stake as of Dec. 31
-----------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Perkins Capital Management, Inc. disclosed that as of
Dec. 31, 2015, it beneficially owns 3,076,338 shares of common
stock of Nanosphere, Inc., representing 22.4 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/5CcODv

                        About Nanosphere

Nanosphere, Inc., develops, manufactures and markets an advanced
molecular diagnostics platform, the Verigene System, that enables
simple, low cost and highly sensitive genomic and protein testing
on a single platform.  The Verigene System includes a bench-top
molecular diagnostics workstation that is a universal platform for
genomic and protein testing and provides for multiple tests to be
performed on a single platform, including both genomic and protein
assays, from a single sample.  Its proprietary nanoparticle
technology provides the ability to run multiple tests
simultaneously on the same sample.  Nanosphere was founded by Chad
A. Mirkin and Robert Letsinger on December 30, 1999 and is
headquartered in Northbrook, IL.

As of Sept. 30, 2015, Nanosphere had $37.11 million in total
assets, $22.68 million in total liabilities and $14.43 million in
total stockholders' equity.

As of Sept. 30, 2015, the Company has incurred net losses of $446.8
million since inception, and has funded those losses primarily
through the sale and issuance of equity securities and secondarily
through the issuance of debt.

"While the Company is currently in the commercialization stage of
operations, the Company has not yet achieved profitability and
anticipates that it will continue to incur net losses in the
foreseeable future," the Company stated in its quarterly report for
the period ended Sept. 30, 2015.

The Company had cash and cash equivalents of $16.3 million, of
which $4 million is restricted cash as of Sept. 30, 2015, and net
cash used in operating activities of $20.6 million for the nine
months period ended Sept. 30, 2015.


NAPA CHRYSLER: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Napa Chrysler, Inc.
           dba Napa Chrysler Jeep Dodge Ram Volvo Kia
        333 Soscol Avenue
        Napa, CA 94559

Case No.: 16-10087

Chapter 11 Petition Date: February 11, 2016

Court: United States Bankruptcy Court
       Northern District of California (Santa Rosa)

Judge: Hon. Alan Jaroslovsky

Debtor's Counsel: Steven M. Olson, Esq.
                  LAW OFFICES OF STEVEN M. OLSON
                  100 E St. #104
                  Santa Rosa, CA 95404
                  Tel: (707) 575-1800
                  Email: smo@smolsonlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Patrick R. Smorra, Jr., vice president
and secretary.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/canb16-10087.pdf


NAPA CHRYSLER: Files for Chapter 11 Bankruptcy Protection
---------------------------------------------------------
Napa Chrysler Inc. filed for Chapter 11 bankruptcy protection in
the U.S. Bankruptcy Court for the Northern District of California,
Santa Rosa, on Feb. 11, 2016, Jennifer Huffman at Napa Valley
Register reports.

The Company, according to court documents, estimated its assets and
liabilities at between $1 million and 10 million each.

Napa Valley Register relates that a total of 74 creditors are
listed, including:

      -- the State Board of Equalization, owed at $320,000;
      -- Comcast, owed at $120,000;
      -- the IRS, owed at $97,000;
      -- the city of Napa water department;
      -- Big O Tires;
      -- Exertec Fitness Center;
      -- the Grasser Foundation, owed at $24,000;
      -- Napa Tire;
      -- Napa Recycling and Waste Services;
      -- Napa Valley Towing;
      -- New Life Auto Salon; and
      -- various other auto dealer and related businesses amounts
         from $11,000 to $173,000.

Napa Valley Register quoted Joe Peatman of Gasser Foundation, the
owner of a Soscol Avenue property that the Company leases, as
saying, "We knew that Napa Chrysler struggled in the last recession
like many owners, but it appeared they were bouncing back.

Napa Chrysler Inc. is a dealership that also sells Dodge, Jeep and
Ram vehicles.


NATIONAL CINEMEDIA: Vanguard Reports 6.6% Stake as of Dec. 31
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2015,
it beneficially owns 4,092,692 shares of common stock of National
CineMedia Inc. representing 6.65 percent of the shares outstanding.
A copy of the regulatory filing is available for free at
http://is.gd/SPA5y4

                     About National CineMedia

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

As of Oct. 1, 2015, the Company had $1 billion in total assets,
$1.23 billion in total liabilities and a $228 million total
deficit.

                            *     *     *

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


NAVISTAR INTERNATIONAL: Hotchkis and Wiley Reports 13.8% Stake
--------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Hotchkis and Wiley Capital Management, LLC disclosed
that as of Dec. 31, 2015, it beneficially owns 11,362,032 shares of
common stock of Navistar International Corp. representing 13.88
percent of the shares outstanding.  Hotchkis and Wiley Mid-Cap
Value Fund also reported beneficial ownership of 5,605,800 common
shares.  A copy of the regulatory filing is available for free at:

                        http://is.gd/wukRJ8

                    About Navistar International

Navistar International Corporation (NYSE: NAV) --
http://www.navistar.com/-- is a holding company whose            
subsidiaries and affiliates subsidiaries produce International(R)
brand commercial and military trucks, MaxxForce(R) brand diesel
engines, IC Bus(TM) brand school and commercial buses, Monaco RV
brands of recreational vehicles, and Workhorse(R) brand chassis
for motor homes and step vans.  It also is a private-label
designer and manufacturer of diesel engines for the pickup truck,
van and SUV markets.  The Company also provides truck and diesel
engine parts and service.  Another affiliate offers financing
services.

Navistar International reported a net loss attributable to the
Company of $619 million for the year ended Oct. 31, 2014, compared
to a net loss attributable to the Company of $898 million for the
year ended Oct. 31, 2013.

                          *     *     *

In the Oct. 9, 2013, edition of the TCR, Moody's Investors Service
affirmed the ratings of Navistar International Corp., including the
'B3' corporate family rating.  The ratings reflect Moody's
expectation that Navistar's successful incorporation of Cummins
engines throughout its product line up will enable the company to
regain lost market share, and that progress in addressing component
failures in 2010 vintage-engines will significantly reduce warranty
expenses.

As reported by the TCR on Oct. 9, 2013, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on Navistar
International to 'CCC+' from 'B-'.  "The rating downgrades reflect
our increased skepticism regarding NAV's prospects for achieving
the market shares it needs for a successful business turnaround,"
said credit analyst Sol Samson.

In January 2013, Fitch Ratings affirmed the issuer default ratings
for Navistar International at 'CCC' and removed the negative
outlook on the ratings.  The removal reflects Fitch's view that
immediate concerns about liquidity have lessened, although
liquidity remains an important rating consideration as NAV
implements its selective catalytic reduction engine strategy.


NAVISTAR INTERNATIONAL: Stockholders Elect 8 Directors
------------------------------------------------------
Navistar International Corporation held its 2016 annual meeting of
stockholders on Feb. 10, 2016, at which the stockholders:

  (a) elected Troy A. Clarke, Michael N. Hammes, Vincent J.
      Intrieri, James H. Keyes, General (Retired) Stanley A.
      McChrystal, Samuel J. Merksamer, Mark H. Rachesky and
      Michael F. Sirignano as directors;

  (b) approved the non-binding advisory vote on executive
      compensation;

   (c) approved the ratification of the appointment of KPMG LLP as
       the Company's independent registered public accounting firm
       for the fiscal year ending Oct. 31, 2016.

Dennis D. Williams did not stand for election at the Annual Meeting
and his term of office as a director continued after the meeting.
Mr. Williams fills a seat that is appointed by the United
Automobiles, Aerospace and Agricultural Implement Workers of
America and is not elected by stockholders.  His term of office
continues until his removal by the UAW.

                   About Navistar International

Navistar International Corporation (NYSE: NAV) --
http://www.navistar.com/-- is a holding company whose            
subsidiaries and affiliates subsidiaries produce International(R)
brand commercial and military trucks, MaxxForce(R) brand diesel
engines, IC Bus(TM) brand school and commercial buses, Monaco RV
brands of recreational vehicles, and Workhorse(R) brand chassis
for motor homes and step vans.  It also is a private-label
designer and manufacturer of diesel engines for the pickup truck,
van and SUV markets.  The Company also provides truck and diesel
engine parts and service.  Another affiliate offers financing
services.

Navistar International reported a net loss attributable to the
Company of $619 million for the year ended Oct. 31, 2014, compared
to a net loss attributable to the Company of $898 million for the
year ended Oct. 31, 2013.

                          *     *     *

In the Oct. 9, 2013, edition of the TCR, Moody's Investors Service
affirmed the ratings of Navistar International Corp., including the
'B3' corporate family rating.  The ratings reflect Moody's
expectation that Navistar's successful incorporation of Cummins
engines throughout its product line up will enable the company to
regain lost market share, and that progress in addressing component
failures in 2010 vintage-engines will significantly reduce warranty
expenses.

As reported by the TCR on Oct. 9, 2013, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on Navistar
International to 'CCC+' from 'B-'.  "The rating downgrades reflect
our increased skepticism regarding NAV's prospects for achieving
the market shares it needs for a successful business turnaround,"
said credit analyst Sol Samson.

In January 2013, Fitch Ratings affirmed the issuer default ratings
for Navistar International at 'CCC' and removed the negative
outlook on the ratings.  The removal reflects Fitch's view that
immediate concerns about liquidity have lessened, although
liquidity remains an important rating consideration as NAV
implements its selective catalytic reduction engine strategy.


NEONODE INC: AWM Investment Reports 9.2% Stake as of Dec. 31
------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, AWM Investment Company, Inc. disclosed that as of Dec.
31, 2015, it beneficially owns 4,024,446 shares of common stock of
Neonode Inc. representing 9.2 percent of the shares outstanding.  A
copy of the regulatory filing is available for free at
http://is.gd/TrNTgn

                       About Neonode Inc.

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

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


NEONODE INC: FMR LLC Reports 8.4% Equity Stake as of Feb. 12
------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission on Feb. 12, 2016, FMR LLC and Abigail P. Johnson
disclosed that they beneficially own 3,687,341 shares of common
stock of Neonode Inc. representing 8.433 percent of the shares
outstanding.  Fidelity Low-Priced Stock Fund also reported
beneficial ownership of 3,002,751 common shares.  A copy of the
regulatory filing is available for free at http://is.gd/XH2Kbq

                        About Neonode Inc.

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

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


NEP/NCP HOLDCO: S&P Affirms 'B' CCR & Revises Outlook to Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
corporate credit rating on Pittsburgh, Pa.-based NEP/NCP Holdco
Inc. and revised the outlook to negative from stable.

S&P also raised its issue-level rating on NEP's first-lien credit
facility to 'B+' from 'B' and revised our recovery rating to '2'
from '3'.  The '2' recovery rating indicates S&P's expectation for
substantial recovery (70% to 90%; lower half of the range) of
principal in the event of a payment default.  In addition, S&P
affirmed its 'B-' issue-level rating on NEP's second-lien term
loan.  The recovery rating remains '5', indicating S&P's
expectation for modest recovery (10% to 30%; revised to the upper
half of the range from the lower) of principal in the event of a
payment default.

"The outlook revision to negative reflects our view that the
company's elevated leverage has narrowed its margin of compliance
to below 10% over our two-year forecast horizon," said Standard &
Poor's credit analyst Dylan Singh.

NEP made several acquisitions in 2015 that it funded with a
combination of debt, sponsor-provided equity, and cash on hand.
This has increased pro forma adjusted leverage to about 6.5x on a
trailing-12-month basis as of Sept. 30, 2015.

The negative outlook reflects S&P's expectation that NEP's covenant
cushion will be about 10% by the end of 2016 and continue to remain
below 15% through 2017.  It also reflects S&P's view that an
unexpected increase in capital spending may further pressure
liquidity and the already narrow margin of covenant compliance,
necessitating access to the revolver which may in turn accelerate
the narrowing of the margin of compliance.


NEW ENGLAND COMPOUNDING: Over $2.2M Allowed as Trustee's Fees
-------------------------------------------------------------
Judge Henry J. Boroff of the United States Bankruptcy Court for the
District of Massachusetts, Eastern Division, allowed the chapter 11
trustee's fee application in the total amount of $2,271,509,
exclusive of the reimbursement of expenses already previously
allowed, and of which the sum of $1,135,754 has already been paid
in a previous order dated December 30, 2015.

Paul D. Moore, the Chapter 11 Trustee of the debtor New England
Compounding Pharmacy, Inc. ("NECC") filed a fee application
requesting compensation in the total amount of $3,750,000.00 –- a
sum less than the maximum commission set by Sec. 326 of the United
States Bankruptcy Code, but greater than the so-called "lodestar
amount."  On December 30, 2015, the court allowed payment of the
lodestar amount ($1,135,754.85) and reimbursement for expenses
($416.52).  However, objections were filed to the payment of
additional compensation beyond the fees already allowed, one by
certain tort creditors who served as members of the Creditors'
Committee and one by the Plaintiffs' Steering Committee ("PSC").

Judge Boroff recognized that the Trustee managed to transform a
case that was likely to be hopelessly administratively insolvent
into a vehicle by which the hundreds (if not thousands) of NECC's
victims will receive some compensation for their suffering from a
pool of funds the size of which could not possibly have been
seriously projected at the outset of the case.  Thus, given the
exceptional results and the efficiency and speed with which the
Trustee was able to accomplish far more than could reasonably have
been anticipated at the beginning, Judge Boroff found that a
reasonable fee is equal to 2 times the lodestar amount.

The case is In re: NEW ENGLAND COMPOUNDING PHARMACY, INC., Chapter
11, Debtor, Case No. 12-19882-HJB (Bankr. D. Mass.).

A full-text copy of Judge Boroff's January 15, 2016 memorandum of
decision is available at http://is.gd/XRgaqffrom Leagle.com.

New England Compounding Pharmacy, Inc. is represented by:

          Daniel C. Cohn, Esq.
          MURTHA CULLINA LLP
          99 High Street 20th Floor
          Boston, MA 02110
          Tel: (617)457-4000
          Fax: (617)482-3868
          Email: dcohn@murthalaw.com  

            -- and –-

          Jeffrey D. Sternklar, Esq.
          JEFFREY D. STERNKLAR LLC
          225 Franklin Street, 26th Floor
          Boston, MA 02110
          Tel: (617)733-5171

            -- and –-

          Robert A. White, Esq.
          MURTHA CULLINA LLP
          City Place I
          185 Asylum Street, 29th Floor
          Hartford, CT 06103
          Tel: (860)240-6000
          Fax: (860)240-6150
          Email: rwhite@murthalaw.com

John Fitzgerald, Assistant U.S. Trustee is represented by:

          Jennifer L. Hertz, Esq.
          U.S. DEPARTMENT OF JUSTICE
          OFFICE OF THE U.S. TRUSTEE
          5 Post Office Square, Suite 1000
          Boston, MA 02109-3934
          Tel: (617)788-0400
          Fax: (617)565-6368

Paul D. Moore is represented by:

          Michael R. Lastowki, Esq.
          DUANE MORRIS LLP
          222 Delaware Avenue, Suite 1600
          Wilmington, DE 19801-1659
          Tel: (302)657-4900
          Fax: (302)657-4901
          Email: mlastowski@duanemorris.com

Official Committee of Unsecured Creditors is represented by:

          Rebecca Fordon, Esq.
          David J. Molton, Esq.
          BROWN RUDNICK LLP
          7 Times Square
          New York, NY 10036
          Tel: (212)209-4800
          Fax: (212)209-4801
          Email: dmolton@brownrudnick.com

                    About New England Compounding Pharmacy

New England Compounding Pharmacy Inc., filed a Chapter 11 petition
(Bankr. D. Mass. Case No. 12-19882) in Boston on Dec. 21, 2012,
after a meningitis outbreak linked to an injectable steroid,
methylprednisolone acetate ("MPA"), manufactured by NECC, killed
39 people and sickened 656 in 19 states, though no illnesses have
been reported in Massachusetts.  The Debtor owns and operates the
New England Compounding Center is located in Framingham, Mass.  In
October 2012, the company recalled all its products, not just
those associated with the outbreak.

Paul D. Moore, Esq., at Duane Morris LLP, in Boston, has been
appointed as Chapter 11 Trustee of NECC.  He is represented by
Jeffrey D. Sternklar, Esq., at DUANE MORRIS LLP.

An Official Committee of Unsecured Creditors appointed in the case
has been represented by BROWN RUDNICK LLP's William R. Baldiga,
Esq., Rebecca L. Fordon, Esq., Jessica L. Conte, Esq., and
David J. Molton, Esq.


NORTEL NETWORKS: Bid to Dismiss Suit vs. EMEA Debtors Denied
------------------------------------------------------------
Judge Kevin Gross of the United States Bankruptcy Court for the
District of Delaware denied a motion filed by Nortel Networks,
Inc., et al.'s European, Middle Eastern and African affiliates
("EMEA Debtors"), through their joint administrators, to dismiss
the Third Party Complaint filed by the debtors Nortel Networks,
Inc., and its affiliated entities.

SNMP Research International, Inc. and SNMP Research, Inc.
(collectively, "SNMP") initiated an adversary proceeding against
the debtors and Avaya, Inc. for copyright infringement for the
transfer and purchase of SNMP's copyrighted software.

On July 7, 2015, the debtors filed a motion in the adversary
proceeding seeking leave to file a third-party complaint against
the EMEA Debtors, asserting that the EMEA Debtors be required to
contribute to any judgment SNMP might receive, based on the
proportion of sale proceeds to which the EMEA Debtors are
entitled.

Following a motion filed by the EMEA Debtors on August 10, 2015,
the court enjoined SNMP and the debtors from "pursuing pre-Petition
claims against the EMEA Debtors" except before the English court,
but denied the EMEA Debtors' stay motion.

The Debtors filed the Third Party Complaint agains the EMEA Debtors
on October 22, 2015.  The EMEA Debtors sought to dismiss, alleging
that the court lacks personal jurisdiction over them and that the
Third Party Complaint fails to state a claim upon which the court
can grant relief.

Judge Gross found that the EMEA Debtors participated in the Chapter
11 case "continuously and systematically" and are therefore subject
to the court's in personam jurisdiction.  Judge Gross also held
that it is premature to assert that the release that the EMEA
Debtors received in the settlement agreement is a bar to their
being sued by the debtors.  The judge held that the determination
of whether the settlement agreement released the EMEA Debtors from
the debtors' claims must await their filing of a responsive
pleading to the Third Party Complaint.

The case is In re: NORTEL NETWORKS INC., et al., Chapter 11,
Debtors. SNMP Research International, Inc. and SNMP Research, Inc.,
Plaintiffs, v. Nortel Networks Inc., et al., and Avaya Inc.
Defendants. Nortel Networks Inc., et al., Third Party Plaintiffs,
v. Nortel Networks UK Limited, et al., Third Party Defendants. In
re Nortel Networks UK Limited, et al., Chapter 15 Debtors in a
Foreign Proceeding, Case Nos. 09-10138(KG), 09-11972(KG), (Jointly
Administered), Adv. Proc. No. 11-53454(KG) (Bankr. D. Del.).

A full-text copy of Judge Gross' February 1, 2016 memorandum
opinion is available at http://is.gd/U8FmRFfrom Leagle.com.

SNMP Research International, Inc. is represented by:

          Nicholas J. Brannick, Esq.
          Norman L. Pernick, Esq.
          COLE SCHOTZ P.C.
          500 Delaware Avenue, Suite 1410
          Wilmington, DE 19801
          Tel: (302)652-3131
          Fax: (302)652-3117
          Email: nbrannick@coleschotz.com
                 npernick@coleschotz.com

            -- and –-

          Gilbert D. Dean, Esq.
          COLE SCHOTZ P.C.
          300 East Lombard Street, Suite 1450
          Baltimore, MD 21202
          Tel: (410)230-0660
          Fax: (410)230-0667
          Email: ddean@coleschotz.com

            -- and –-

          John L. Wood, Esq.
          EGERTON, MCAFEE, ARMISTEAD & DAVIS, P.C.
          900 S. Gay Street
          Riverview Tower 14th Floor
          Knoxville, TN 37902
          Tel: (865)546-0500
          Fax: (865)525-5293
          Email: jwood@emlaw.com

Nortel Networks Inc. is represented by:

          Tamara K. Minott, Esq.
          Andrew R. Remming, Esq.
          MORRIS, NICHOLS, ARSHT & TUNNEL LLP
          1201 North Market Street, 16th Floor
          Wilmington, DE 19899-1347
          Tel: (302)658-9200
          Fax: (302)658-3989
          Email: tminott@mnat.com
                 aremming@mnat.com

Avaya Inc. is represented by:

          Elihu Ezekiel Allinson, III, Esq.
          William A. Hazeltine, Esq.
          William D. Sullivan, Esq.
          SULLIVAN HAZELTINE ALLINSON LLC
          901 North Market Street, Suite 1300
          Wilmington, DE 19801
          Tel: (302)428-8191
          Fax: (302)428-8195
          Email: zallinson@sha-llc.com
                 whazeltine@sha-llc.com
                 bsullivan@sha-llc.com

            -- and –-

          Michael Joseph Custer, Esq.
          PEPPER HAMILTON LLP
          Hercules Plaza, Suite 5100
          1313 Market Street
          Wilmington, DE 19899-1709
          Tel: (302)777-6500
          Fax: (302)421-8390
          Email: custerm@pepperlaw.com

            -- and –-

          Tor Frederick, Esq.
          Paul R. Gupta, Esq.
          Clifford R. Michel, Esq.
          ORRICK HERRINGTON & SUTCLIFFE LLP
          The Orrick Building
          405 Howard Street
          San Francisco, CA 94105-2669
          Tel: (415)773-5700
          Fax: (415)773-5759
          Email: fholden@orrick.com

            -- and –-

          Joshua Krumholz, Esq.
          John J. Monaghan, Esq.
          HOLLAND & KNIGHT LLP
          10 St. James Avenue, 11th Floor
          Boston, MA 02116
          Tel: (617)523-2700
          Fax: (617)523-6850
          Email: joshua.krumholz@hklaw.com
                 john.monaghan@hklaw.com

            -- and –-

          Barbra Rachel Parlin, Esq.
          HOLLAND & KNIGHT LLP
          31 West 52nd Street
          New York, NY 10019
          Tel: (212)513-3200
          Fax: (212)385-9010
          Email: barbra.parlin@hklaw.com

James L. Garrity, Jr., Mediator, is represented by:

          Colm F. Connolly, Esq.
          MORGAN, LEWIS & BOCKIUS LLP
          1007 N. Orange St., Ste. 501
          Wilmington, DE 19801
          Tel: (302)574-3000
          Email: cconnolly@morganlewis.com

                    About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation and
its various affiliated entities provided next-generation
technologies, for both service provider and enterprise networks,
support multimedia and business-critical applications.  Nortel did
Networks Limited was the principal direct operating subsidiary of
Nortel Networks Corporation.

On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent
Nortel Networks Corporation, NNI's direct corporate parent Nortel
Networks Limited and certain of their Canadian affiliates commenced
a proceeding with the Ontario Superior Court of Justice under the
Companies' Creditors Arrangement Act (Canada) seeking relief from
their creditors.  Ernst & Young was appointed to serve as monitor
and foreign representative of the Canadian Nortel Group.  That same
day, the Monitor sought recognition of the CCAA Proceedings in U.S.
Bankruptcy Court (Bankr. D. Del. Case No. 09-10164) under Chapter
15 of the U.S. Bankruptcy Code.

That same day, NNI and certain of its affiliated U.S. entities
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10138).

In addition, the High Court of England and Wales placed 19 of NNI's
European affiliates into administration under the control of
individuals from Ernst & Young LLP.  Other Nortel affiliates have
commenced and in the future may commence additional creditor
protection, insolvency and dissolution proceedings around the
world.

On May 28, 2009, at the request of administrators, the Commercial
Court of Versailles, France, ordered the commencement of secondary
proceedings in respect of Nortel Networks S.A.  On June 8, 2009,
Nortel Networks UK Limited filed petitions in U.S. Bankruptcy Court
for recognition of the English Proceedings as foreign main
proceedings under Chapter 15.

U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and
15 cases.  Mary Caloway, Esq., and Peter James Duhig, Esq., at
Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as
Chapter 15 petitioner's counsel.

In the Chapter 11 case, James L. Bromley, Esq., and Howard S.
Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York,
serve as the U.S. Debtors' general bankruptcy counsel; Derek C.
Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington,
serves as Delaware counsel.  The Chapter 11 Debtors' other
professionals are Lazard Freres & Co. LLC as financial advisors;
and Epiq Bankruptcy Solutions LLC as claims and notice agent.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors in respect of the U.S. Debtors.

An ad hoc group of bondholders also was organized.  An Official
Committee of Retired Employees and the Official Committee of
Long-Term Disability Participants tapped Alvarez & Marsal
Healthcare Industry Group as financial advisor.  The Retiree
Committee is represented by McCarter & English LLP as Delaware
counsel, and Togut Segal & Segal serves as the Retiree Committee.
The Committee retained Alvarez & Marsal Healthcare Industry Group
as financial advisor, and Kurtzman Carson Consultants LLC as its
communications agent.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated
assets of $11.6 billion and consolidated liabilities of $11.8
billion.  The Nortel Companies' U.S. businesses are primarily
conducted through Nortel Networks Inc., which is the parent of
majority of the U.S. Nortel Companies.  As of Sept. 30, 2008, NNI
had assets of about $9 billion and liabilities of $3.2 billion,
which do not include NNI's guarantee of some or all of the Nortel
Companies' about $4.2 billion of unsecured public debt.

Since the commencement of the various insolvency proceedings,
Nortel has sold its business units and other assets to various
purchasers.  Nortel has collected roughly $9 billion for
distribution to creditors.  Of the total, $4.5 billion came from
the sale of Nortel's patent portfolio to Rockstar Bidco, a
consortium consisting of Apple Inc., EMC Corporation,
Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In
Motion Limited, and Sony Corporation.  The consortium defeated a
$900 million stalking horse bid by Google Inc. at an auction.  The
deal closed in July 2011.

Nortel has filed a proposed plan of liquidation in the U.S.
Bankruptcy Court.  The Plan generally provides for full payment on
secured claims with other distributions going in accordance with
the priorities in bankruptcy law.

The trial on how to divide proceeds among creditors in the U.S.,
Canada, and Europe commenced on Sept. 22, 2014.  The question of
how to divide $7.3 billion raised in the international bankruptcy
of Nortel Networks Corp. was answered on May 12, 2015, by two
judges, one in the U.S. and one in Canada.

According to The Wall Street Journal, Justice Frank Newbould of the
Ontario Superior Court of Justice in Toronto and Judge Kevin Gross
of the U.S. Bankruptcy Court in Wilmington, Del., agreed on the
outcome: a modified pro rata split of the money.


NORTH ATLANTIC TRADING: S&P Revises Outlook to Stable
-----------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Louisville, Ky.-based North Atlantic Trading Co. Inc. to stable
from positive and affirmed S&P's 'B-' corporate credit rating on
the company.

At the same time, S&P raised its issue-level rating on the
company's first-lien debt to 'B' from 'B-', and affirmed the 'CCC'
rating on the company's second-lien debt.  S&P revised the recovery
rating on the first-lien debt to '2' from '3', indicating S&P's
expectation of substantial recovery (70%-90%, at the high end of
the range) in the event of a default.  The recovery rating on the
second-lien debt remains '6', indicating S&P's expectation of
negligible recovery (0-10%).

"The outlook revision to stable reflects the company's
weaker-than-expected credit metrics," said Standard & Poor's credit
analyst Brennan Clark.  "While cash interest expense declined as
expected, revenue and EBITDA growth have been stagnant, as the
company has faced intense competition and ongoing declines in most
product categories as tobacco consumption slowly shrinks."

Standard & Poor's ratings on NATC reflect its narrow business focus
and weak position in intensely competitive subsegments of the
"other tobacco products" industry.  The company maintains leading
positions in the cigarette papers and chewing tobacco segments, but
these products are in secular decline.  The company also lacks the
scale, financial flexibility, and brand equity of larger peers such
as Altria and Reynolds.  S&P believes these dominant players also
have substantial leverage over retailers' tobacco lineups,
resulting in NATC having to fight for shelf space.  While not as
significant as for cigarette manufacturers, S&P also believes the
company is exposed to regulatory and litigation risk, since it is
narrowly focused in the tobacco sector.

S&P also considers NATC's "asset-light" business model and supplier
concentration risk.  While the asset-light model (the company
outsources nearly 90% of production) can be viewed as a positive
because it results in more flexible operations and modest capital
requirements, S&P also believes companies using this model have
relatively less control over costs, quality, and delivery
performance.  S&P notes that the company mitigates these risks to
an extent with supply agreements that allow for on-site testing and
monitoring and for cost-containment provisions based on inflation.
Nevertheless, NATC is generally reliant on one partner to supply
each of its brands, so the company is exposed to the risk of supply
disruption if a supplier encounters issues such as work stoppages,
severe weather conditions, or other operating difficulties.

S&P's ratings on NATC also reflect its significant debt burden and
financial sponsor ownership.  S&P believes the financial sponsor,
Standard General, will continue to shape the company's financial
policy and likely prevent it from achieving leverage under 5x in
the near term (in the absence of an IPO).  S&P's view is primarily
rooted in the typical financial policies of most financial
sponsor-owned companies, which focus on generating investment
returns over short time horizons and typically operate with high
debt levels.  S&P forecasts credit metrics will slowly improve over
the next year primarily through debt reduction, but will remain
weak.

The stable outlook reflects S&P's expectation that NATC will
continue to generate steady free cash flow as price increases
offset secular declines across most product categories.  S&P
forecasts credit ratios will improve slightly over the next year,
including leverage in the high-5x area, and EBITDA cash interest
coverage in the low-2x area.


OUTER HARBOR: Has Interim OK to Obtain Bankruptcy Loan
------------------------------------------------------
Dawn McCarty, writing for Bloomberg Brief - Distress & Bankruptcy,
reported that Outer Harbor Terminal LLC, which provides container
terminal operations at Port of Oakland, received interim approval
to obtain up to $6.8 million in bankruptcy loans and advances from
HHH Oakland Inc. and Terminal Investment Ltd SA are providing the
funding.

According to the report, the financing allows Outer Harbor to fund
its business during its wind-down.

Oakland, California-based port operator Outer Harbor Terminal,
LLC,
filed for Chapter 11 protection (Bankr. D. Del. Case No. 16-10283)
on Feb. 1, 2016.

The Hon. Laurie Selber Silverstein presides over the case.  
Milbank, Tweed, Hadley & Mccloy LLP is the Debtor's general
counsel.  Mark D. Collins, Esq., at Richards, Layton & Finger,
P.A., serves as its Delaware counsel.

The Debtor estimated assets and debts at $100 million to $500
million.  The petition was signed by Heather Stack, chief
financial
office


PARAGON OFFSHORE: Enters Into Settlement Agreement with Noble
-------------------------------------------------------------
Noble Corporation plc on Feb. 12 announced a settlement agreement
in principle with Paragon Offshore plc, the company spun-off by
Noble in 2014, following the public announcement by Paragon that it
has reached agreement with certain of its creditors in connection
with its previously announced restructuring efforts and intends to
seek court approval of a pre-negotiated bankruptcy plan.  Pursuant
to the terms of the settlement between Noble and Paragon, once the
settlement agreement becomes effective, Paragon would release Noble
from all claims relating to the spin-off of Paragon by Noble in
2014, including any fraudulent conveyance claim that could be
brought on behalf of Paragon's creditors, and Noble would assume
certain pre-spin-off obligations relating to Paragon's Mexican tax
matters.

In exchange for the release, Noble would take control of the
administration and defense of Paragon's Mexican income, value-added
and customs tax audit and assessment matters for specified years up
to and including 2010.  For the pertinent years, Noble would assume
the Mexican income and value added tax liabilities relating to the
Paragon business arising out of the audit and assessment process to
the extent incurred in Noble's own legal entities.  Paragon and
Noble would equally share the other income, value-added and customs
tax liabilities arising out of such audit and assessment process.
Noble would post any required tax appeal bond, and Noble and
Paragon would share the other costs of administering and defending
these tax matters.  Paragon would retain liability for all years
not covered by the agreement.  Noble is not making any cash
settlement payment or assuming any other obligations in exchange
for the release.

The Company expects the tax liability payments related to the
settlement to be spread over a number of years.  Based on its
understanding of these matters and its experience to date in
Mexico, the Company currently expects the net amount that it will
actually pay over the period of the settlement for its portion of
the taxes to be in the range of $8 to $12 million, although the
final amount and the timing of such payments will depend on a
number of factors.  Once the settlement with Paragon is approved by
the bankruptcy court, the Company would take a charge related to
such payments as well as its share of the expenses expected to be
incurred in connection with those tax liabilities.

David W. Williams, Chairman, President and Chief Executive Officer
of Noble Corporation plc, stated, "Like many companies, Paragon has
been hard hit by the unanticipated deterioration in oil prices that
has persisted into 2016.  Noble established Paragon in a manner it
believed would allow Paragon to fully succeed and believes this
proposed restructuring will assist Paragon in its efforts to manage
this unforeseen, severe downturn.  We are pleased to have found a
way to constructively engage with Paragon in a manner that can
assist them in their restructuring efforts, while at the same time
reaching an arrangement that avoids the distraction and expense of
the litigation, regardless of merit, that would otherwise
inevitably follow a bankruptcy filing by Paragon.  Noble is
familiar with the tax positions and history, and we believe Noble
is well-positioned to manage these matters in a way that should
result in limited actual liability and without any material impact
to our liquidity.  Our ability to defend and administer these tax
matters allowed us to find a mutually agreeable solution that is in
Noble's best interests."

The settlement agreement is subject to finalization of definitive
agreements and bankruptcy court approval, which will be sought as
part of the bankruptcy plan to be filed by Paragon.  Noble plans to
assume control of the audit and assessment matters under an interim
agreement so that it can immediately begin its efforts to mitigate
the tax liability and any bonding requirements.

                     About Paragon Offshore

Paragon -- http://www.paragonoffshore.com/-- is a global provider
of offshore drilling rigs. Paragon's operated fleet includes 34
jackups, including two high specification heavy duty/harsh
environment jackups, and six floaters (four drillships and two
semisubmersibles).  Paragon's primary business is contracting its
rigs, related equipment and work crews to conduct oil and gas
drilling and workover operations for its exploration and production
customers on a dayrate basis around the world.  Paragon's principal
executive offices are located in Houston, Texas.  Paragon is a
public limited company registered in England and Wales with company
number 08814042 and registered office at 20-22 Bedford Row,
London,WC1R 4JS, England.


PARAGON OFFSHORE: To File for Bankruptcy With Prearranged Plan
--------------------------------------------------------------
Stephanie Gleason, writing for Dow Jones' Daily Bankruptcy Review,
reported that offshore drilling rig operator Paragon Offshore PLC
will file for bankruptcy under the terms of a prearranged deal
cutting about $1.1 billion in debt from its balance sheet.

According to the report, the company said on Feb. 12 that it has
reached an agreement with 77% of two groups of its unsecured
bondholders and 89% of senior lenders, under which each of these
groups will receive cash payments in return for agreeing to reduce
the principal balance of their debt or modify the terms of their
loan.

As previously reported by The Troubled Company Reporter, citing
Bloomberg Brief - Distress & Bankruptcy, investors in Paragon
Offshore are weighing what some analysts say is a risky strategy:
blame the parent.

According to the report, should restructuring efforts fail,
Paragon
could wind up in bankruptcy, giving creditors the chance to sue
Noble Corp., which spun Paragon off in 2014.  In its lawsuit,
creditors could argue that Noble's offspring was doomed to fail
from the outset, the report said.  Such so-called
fraudulent-conveyance suits are often used by creditors looking to
boost their recovery in a bankruptcy, the report noted.

"The distressed community feels confident about the fraudulent
conveyance overtones for this case," Kevin Starke, a managing
director at CRT Capital Group LLC, told Bloomberg in a phone
interview.

                     About Paragon Offshore

Paragon -- http://www.paragonoffshore.com/-- is a global provider
of offshore drilling rigs. Paragon's operated fleet includes 34
jackups, including two high specification heavy duty/harsh
environment jackups, and six floaters (four drillships and two
semisubmersibles).  Paragon's primary business is contracting its
rigs, related equipment and work crews to conduct oil and gas
drilling and workover operations for its exploration and production
customers on a dayrate basis around the world.  Paragon's principal
executive offices are located in Houston, Texas.  Paragon is a
public limited company registered in England and Wales with company
number 08814042 and registered office at 20-22 Bedford Row, London,
WC1R 4JS, England.

                         *     *     *

The TCR, on Jan. 20, 2016, reported that Standard & Poor's Ratings
Services lowered its corporate credit
rating on offshore drilling company Paragon Offshore PLC to 'CC'
from 'CCC-' and the issue-level ratings on the company's term loan
to 'CCC-' from 'CCC'.  The recovery rating on the company's secured
debt remains '2', indicating S&P's estimate of substantial (70% to
90%, higher end of the range) recovery in the event of a payment
default.  The ratings on the company's unsecured debt remain 'C',
with a '6' recovery rating, indicating negligible (0%-10%) recovery
in the event of a default.  

"The 'CC' rating reflects Paragon's announcement that it has
missed
its interest payment on its 6.75% senior notes due 2022, and our
belief that the company will either enter into default when the
30-day grace period ends, or negotiate a restructuring with its
creditors before the grace period expires," said Standard & Poor's
credit analyst Michael Tsai.  "If the company successfully
negotiates a restructuring, we would likely view the potential
transaction as distressed based on the company's current rating,
market indicators, and likelihood it would default without such a
transaction," said Mr. Tsai.


PEABODY ENERGY: To Draw Down Rest of $1.65-Bil. Loan
----------------------------------------------------
Matt Jarzemsky, writing for Dow Jones' Daily Bankruptcy Review,
reported that Peabody Energy Corp. is planning to draw down the
remaining available balance of its $1.65 billion revolving credit
facility, a move that would give the company much-needed cash to
weather the coal industry's deep downturn.

The St. Louis company, which has been in talks with bondholders to
reduce its $6.3 billion debt load, may max out the loan as soon as
this week, the report said, citing people familiar with the
matter.

As previously reported by The Troubled Company Reporter, citing
Bloomberg Brief - Distress & Bankruptcy, an environmental advocacy
group is calling on the Illinois Department of Natural Resources to
strip Peabody Energy'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 Bloomberg 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'.

The TCR, on Feb. 10, 2016, reported that participations in a
syndicated loan under which Peabody Energy Power Corp is a borrower
traded in the secondary market at 42.30 cents-on-the-dollar during
the week ended Friday, Jan. 29, 2016, according to data compiled by
LSTA/Thomson Reuters MTM Pricing.  This represents a decrease of
1.40 percentage points from the previous week.  Peabody Energy pays
325 basis points above LIBOR to borrow under the $1.2 billion
facility. The bank loan matures on Sept. 20, 2020 and carries
Moody's B3 rating and Standard & Poor's B rating.  The loan is one
of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Jan. 29.


PEP BOYS-MANNY: S&P Withdraws 'B' CCR Following Acquisition
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew all of its ratings,
including the 'B' corporate credit rating, on Philadelphia-based
Pep Boys–Manny, Moe & Jack, at the company's request.  The
withdrawal follows the completion of Icahn Enterprises L.P.'s
acquisition of Pep Boys and subsequent repayment of the company's
rated term loan.


PHOTOMEDEX INC: Paradigm Capital Has 5.5% Stake as of Feb. 13
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Paradigm Capital Management, Inc. disclosed that as of
Dec. 31, 2015, it beneficially owns 1,230,700 shares of common
stock of PhotoMedex, Inc., representing 5.57 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/iFkP6t

                       About PhotoMedex

PhotoMedex, Inc., is a global health products and services company
providing integrated disease management and aesthetic solutions to
dermatologists, professional aestheticians, ophthalmologists,
optometrists, consumers and patients.  The Company provides
proprietary products and services that address skin conditions
including psoriasis, vitiligo, acne, actinic keratosis, photo
damage and unwanted hair, as well as fixed-site laser vision
correction services at our LasikPlus(R) vision centers.

PhotoMedex and its subsidiaries has entered into a second
amended and restated forbearance agreement with the lenders that
are parties to the credit agreement dated May 12, 2014, and with JP
Morgan Chase, as administrative agent for the Lenders pursuant to
which the Lender have agreed to forbear from exercising their
rights and remedies with respect to certain events of default from
Aug. 25, 2014, until April 1, 2016, or earlier if an event of
default occurs, according to a document filed with the Securities
and Exchange Commission in March 2015.

As of June 30, 2015, the Company had $67.7 million in total assets,
$23.9 million in total liabilities and $43.8 million in total
stockholders' equity.

                        Bankruptcy Warning

"If, in the future, PhotoMedex is required to obtain similar
forbearance agreements as a result of our inability to meet the
terms of the credit agreement, there can be no assurance that those
forbearance agreements will be available on commercially reasonable
terms or at all.  If, as or when required, we are unable to repay,
refinance or restructure our indebtedness under those credit
facilities, or amend the covenants contained therein, the lenders
could elect to terminate their commitments under the credit
facilities and institute foreclosure proceedings against our
assets.  Under such circumstances, we could be forced into
bankruptcy or liquidation.  In addition, any additional events of
default or declaration of acceleration under one of those
facilities or the forbearance agreement could also result in an
event of default under one or more of these agreements.  Such a
declaration would have a material adverse impact on our liquidity,
financial position and results of operations," the Company stated
in its 2014 annual report.


PICO HOLDINGS: Leslie & Deuster Quit Board, Brownstein & Marino In
------------------------------------------------------------------
By Geoffrey J. Bailey -- gjbaileypb@hotmail.com -- PICO Holdings,
Inc. (Nasdaq:PICO), based in La Jolla, Calif., is a diversified
holding company reporting recurring losses since 2008. PICO owns
57% of UCP, Inc. (NYSE:UCP), 100% of Vidler Water Company, Inc., a
securities portfolio and various interests in small businesses.
Central Square Management LLC and River Road Asset Management LLC
collectively own more than 14% of PICO and have agitated for
governance and financial changes.  Sean Leder owns 1% of PICO
shares and seeks shareholder authorization to call a Special
Meeting to remove and replace five directors.  Other activists at
http://ReformPICONow.com/have taken to the Internet to advance the
shareholder cause.

PICO announced that Chairwoman of the Board, Kristina Leslie, and
fellow Director Robert Deuster, have resigned. They will be
replaced by Howard Brownstein and Ray Marino.

"Howard and Ray are outstanding additions to the PICO Board and we
are confident that the extensive experience each of them brings to
the PICO Board will benefit PICO and our shareholders as we
continue to move forward with our previously announced new business
plan that contemplates, as assets are monetized, we would return
capital back to shareholders through stock repurchases or through
other means such as special dividends," said John Hart, PICO's
Chief Executive Officer.

Mr. Brownstein has extensive experience in finance, restructurings
and turnarounds, strategic planning, valuing and selling businesses
and corporate governance, as well as public company board
experience. Mr. Brownstein is a nationally-known turnaround and
crisis management professional and currently serves as the
President of The Brownstein Corporation, which provides turnaround
management and advisory services to companies and their
stakeholders, as well as investment banking services, fiduciary
services, and litigation consulting, investigations and valuation
services.

Mr. Marino has extensive experience in real estate, investment
management, executive-level management, risk oversight, strategic
planning, financial reporting and corporate governance, as well as
public company board experience. For more than a decade, Mr. Marino
served as the President and Chief Operating Officer and a member of
the board of directors of Mission West Properties, Inc., a publicly
traded real estate investment trust involved in the development,
investment and management of a portfolio that exceeded 9 million
square feet.

Activist bloggers at www.ReformPICONow.com are overjoyed at Mrs.
Leslie's departure, whom they label "The 401(K) Destroyer," but are
not as sanguine as Mr. Hart about the newest appointments. Calling
the action "too little, too late," the bloggers note that the PICO
Board has dragged its feet for almost a year now, since River Road
filed its first 13-D. The bloggers claim that, since the existing
Board has proven itself incapable and inattentive to shareholder
interests, nominees need to come from shareholders, not the
incumbent directors. The appointment of two new directors hardly
improves the situation at a company with as many problems as PICO.
The new directors only represent two voices on a Board of 7, not
enough to effect real change. Last, Leder has a clear path to an
almost-complete overhaul of the Board via a Special Shareholder
meeting, an outcome which the bloggers state would be more
favorable to shareholders.

The activist bloggers suggest that Mr. Leder substitute Directors
Eric Speron and Michael Machado for the now-departed Leslie and
Deuster, thereby leaving the newest directors, Brownstein and
Marino, not subject to election at the Special Meeting.


PINNACLE RESORT: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Pinnacle Resort, LLC
        30 Corbin Drive # 1064
        Darien, CT 06820

Case No.: 16-50204

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: February 11, 2016

Court: United States Bankruptcy Court
       District of Connecticut (Bridgeport)

Debtor's Counsel: Daniel S. DiBartolomeo, Esq.
                  DIBARTOLOMEO LAW FIRM
                  203 Circle Drive
                  Bantam, CT 06750
                  Tel: 203-797-9903
                  Email: atty.dibartolomeo@yahoo.com

Estimated Assets: $1 million to $10 million

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

The petition was signed by Frank Nocito, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ctb16-50204.pdf


PLY GEM HOLDINGS: Fred Iseman Reports 69.1% Stake as of Dec. 31
---------------------------------------------------------------
Frederick J. Iseman disclosed in an amended Schedule 13G filed with
the Securities and Exchange Commission that as of Dec. 31, 2015, he
beneficially owns 48,161,549 shares of common stock of Ply Gem
Holdings, Inc., representing 69.1 percent of the shares
outstanding.

As of Dec. 31, 2015, Caxton-Iseman (Ply Gem), L.P. may be deemed to
be the beneficial owner of 12,426,937 shares of Common Stock and
Caxton-Iseman (Ply Gem) II, L.P. may be deemed to be the beneficial
owner of 38,150,918 shares of Common Stock, which, in each case,
includes the 2,441,306 Management Shares.

As of Dec. 31, 2015, Rajaconda Holdings, Inc. and FJI Gloucester
LLC may each be deemed to be the beneficial owner of 48,136,549
shares of Common Stock, consisting of the 9,985,631 shares of
Common Stock held by CI Partnership I, the 35,709,612 shares of
Common Stock held by CI Partnership II and the 2,441,306 Management
Shares.

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

                        http://is.gd/m3Q4mv

                          About Ply Gem

Based in Cary, North Carolina, Ply Gem Holdings Inc. is a
diversified manufacturer of residential and commercial building
products, which are sold primarily in the United States and
Canada, and include a wide variety of products for the residential
and commercial construction, the do-it-yourself and the
professional remodeling and renovation markets.

Ply Gem reported a net loss of $31.3 million on $1.56 billion of
net sales for the year ended Dec. 31, 2014, compared to a net loss
of $79.5 million on $1.36 billion of net sales for the year ended
Dec. 31, 2013.

As of Oct. 3, 2015, the Company had $1.31 billion in total assets,
$1.39 billion in total liabilities and a $80.8 million total
stockholders' deficit.

                            *     *     *

In May 2010, Standard & Poor's Ratings Services raised its
(unsolicited) corporate credit rating on Ply Gem to 'B-' from
'CCC+'.  "The ratings upgrade reflects our expectation that the
Company's credit measures are likely to improve modestly over the
next several quarters to levels that we would consider more in
line with the 'B-' corporate credit rating," said Standard &
Poor's credit analyst Tobias Crabtree.


PLY GEM HOLDINGS: Gary Robinette Reports 1.6% Stake as of Dec. 31
-----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Gary E. Robinette disclosed that as of Dec. 31, 2015,
he beneficially owns 1,105,983 shares of common stock of Ply Gem
Holdings, Inc., representing 1.6 percent of the shares
outstanding.

Also included in the filing are: Shawn K. Poe (361,943 shares);
John Wayne (265,550 shares); John L. Buckley (134,104 shares);
Lynn Morstad (349,997 shares); David N. Schmoll (129,729 shares);
and Timothy D. Johnson (94,000 shares).

A copy of the Schedule 13G/A is available for free at:

                       http://is.gd/mZkPHD

                          About Ply Gem

Based in Cary, North Carolina, Ply Gem Holdings Inc. is a
diversified manufacturer of residential and commercial building
products, which are sold primarily in the United States and
Canada, and include a wide variety of products for the residential
and commercial construction, the do-it-yourself and the
professional remodeling and renovation markets.

Ply Gem reported a net loss of $31.3 million on $1.56 billion of
net sales for the year ended Dec. 31, 2014, compared to a net loss
of $79.5 million on $1.36 billion of net sales for the year ended
Dec. 31, 2013.

As of Oct. 3, 2015, the Company had $1.31 billion in total assets,
$1.39 billion in total liabilities and a $80.8 million total
stockholders' deficit.

                            *     *     *

In May 2010, Standard & Poor's Ratings Services raised its
(unsolicited) corporate credit rating on Ply Gem to 'B-' from
'CCC+'.  "The ratings upgrade reflects our expectation that the
Company's credit measures are likely to improve modestly over the
next several quarters to levels that we would consider more in
line with the 'B-' corporate credit rating," said Standard &
Poor's credit analyst Tobias Crabtree.


PUERTO RICO: Needs to Reduce Spending, Bonds Insurer Says
---------------------------------------------------------
Michelle Kaske and Alexander Lopez, writing for Bloomberg Brief -
Distress & Bankruptcy, reported that the question of whether
bankruptcy is a good option for Puerto Rico came to a head at an
investor conference featuring the island's top restructuring
adviser and head of one of the bond insurers with the most exposure
to the commonwealth's securities.

According to the report, Jim Millstein, founder of Millstein & Co.
and the commonwealth's restructuring expert, said bankruptcy would
help bring all creditors together to make concessions.  Nader
Tavakoli, the chief executive officer of Ambac Financial Group,
which guarantees repayment on $10.4 billion of Puerto Rico
principal and interest payments through 2054, disagrees, the report
related.

The island needs to reduce spending and must repay its obligations,
Mr. Tavakoli said, which sparked applause at the 2016 Puerto Rico
Investment Summit in San Juan, where hedge-fund manager John
Paulson is a keynote speaker, the report related.  Mr. Tavakoli,
according to Bloomberg, said that "bankruptcy is a huge mistake."


QUANTUM CORP: Vanguard Group Reports 4.8% Stake as of Dec. 31
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2015,
it beneficially owns 12,817,563 shares of common stock of Quantum
Corp. representing 4.85 percent of the shares outstanding.  A copy
of the regulatory filing is available at http://is.gd/GnDc60

                       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.

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.
(Jhonas SEC Feb12 2)


QUIKSILVER INC: Emerges From Chapter 11 Bankruptcy
--------------------------------------------------
Laylan Connelly, writing for Ocregister.com, reports that
Quiksilver is hoping to reconnect with its fan base with its new
Boardriders surf shops, as the brand emerges from bankruptcy,
effective Feb. 11, 2016.

David Tanner, managing director of Oaktree Capital Management and
who will be chief turnaround officer in the Company, said that
loyal customers are a key reason Oaktree Capital investors bailed
out the brand, resurrecting the Company with a $175 million
investment, Ocregister.com relates.

Ocregister.com quoted Quiksilver President Greg Healy as saying,
"It's given us a whole new chance, a new life for the Company."

According to Ocregister.com, Mr. Healy said that the Boardriders
retail shop will mixe entertainment like a barbershop, live music
and a bar within the retail space, while a carousel with
boardshorts or surfboards rotates on the roof inside the store.

Citing Mr. Tanner, Ocregister.com states that the first move after
emerging from bankruptcy is to take a step back to make the "brand
strategies crisper," and to find out where it fits within the
constantly changing action-sports landscape.  The report adds that
another key fix is to tighten internal production by figuring out
whether regional operations could be done more efficiently on a
global scale.

Ocregister.com reports that Mr. Tanner couldn't say for certain
whether there would be layoffs in the near future.  "We're going to
continue to look at our business, and if we need to adapt, we will.
We're not slash-and-burn guys.  We're going to be thinking about
long-term growth," the report quoted him as saying.

                       About Quiksilver Inc.

Quiksilver, Inc., and its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. D. Del., Case Nos. 15-11880 to 15-11890) on
Sept. 9, 2015. Andrew Bruenjes signed the petition as chief
financial officer.  The Debtors disclosed total assets of $337
million and total debts of $826 million.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as the
Debtors' legal advisor, FTI Consulting, Inc. as their
restructuring advisor, and Peter J. Solomon Company as their
investment banker.  Kurtzman Carson Consultants LLC acts as the
Debtors' claims and noticing agent.

The Debtors' First Amended Joint Chapter 11 Plan of Reorganization
provides that on the effective date, Reorganized Quiksilver will
issue new common stock to be distributed as follows: (a) first,
19% to holders of Allowed Secured Notes Claims; (b) second, up to
77% to Rights Offering Participants; and (c) third, 4% to the
Backstop Parties.  As of the Effective Date, the anticipated value
of the New Quiksilver Common Stock will be approximately $276
million.

The U.S. trustee overseeing the Chapter 11 cases of Quiksilver
Inc. and its affiliates appointed seven members to the official
committee of unsecured creditors.  The Committee tapped Akin Gump
Strauss Hauer & Feld LLP, and Pepper Hamilton LLP as its
co-counsel as co-counsel; Province Inc. as its financial advisor
and PJT Partners Inc. as investment banker.


RENAISSANCE BROADCASTING: Court Refuses to Vacate Trustee Order
---------------------------------------------------------------
In an Opinion dated January 28, 2016, which is available at
http://is.gd/HvuvIlfrom Leagle.com, Judge Anne E. Thompson of the
United States District Court for the District of New Jersey denied
Donald C. McKean's motion to vacate the Bankruptcy Court's October
7, 1983 Order directing the appointment of a Chapter 11 Trustee in
Renaissance Broadcasting Corp.'s bankruptcy case.

Judge Thompson held that the arguments contained in McMeans' motion
have been made numerous times over several decades, and in every
instance, they have been rejected by the Court and the Third
Circuit.  Therefore, the Court finds that McMeans' request for
relief is barred by the doctrine of res judicata.  

Judge Thompson pointed out that all three elements of res judicata
are met in this case.  McMeans received a final judgment on the
merits on the issue of the Trustee Order from the Bankruptcy Court
on October 7, 1983.  The U.S. District Court affirmed the Trustee
Order, and the appeal to the Third Circuit was withdrawn.
Moreover, McMeans received additional judgments noting that the
issue of the Trustee Order had been fully resolved in proceedings
in this Court in 1985, 1995, and 2006.  Now, McMeans brings another
suit based on the same cause of action, the issuance of the Trustee
Order.  The case involves the same parties as the earlier
bankruptcy litigation: McMeans on behalf of RBC and the United
States Trustee.  Given that all three elements of res judicata are
met, Appellant's request is barred, and the motion will be denied,
Judge Thompson held.

The case is In re RENAISSANCE BROADCASTING CORP., Debtor.
RENAISSANCE BROADCASTING CORP., Appellant, v. GIRARD BANK and
UNITED STATES TRUSTEE, Appellee, Civ. No. 83-3996 (D.N.J.).


RETROPHIN INC: Consonance Capman Reports 9.6% Stake as of Dec. 31
-----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Consonance Capman GP LLC disclosed that as of Dec. 31,
2015, it beneficially owns 3,460,323 shares of common stock of
Retrophin, Inc., representing 9.6% based on 36,148,930 shares of
common stock outstanding as of Nov. 2, 2015, as reported in the
Issuers Form 10-Q/A filed with the SEC on Dec. 22, 2015.  A
full-text copy of the regulatory filing is available for free at:

                      http://is.gd/kuGEwf

                       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: QVT Financial Reports 0.63% Stake as of Dec. 31
--------------------------------------------------------------
QVT Financial LP, QVT Financial GP LLC, et al., disclosed in an
amended Schedule 13G filed with the Securities and Exchange
Commission that as of Dec. 31, 2015, they beneficially own
229,753 shares of common stock of Retrophin, Inc. representing 0.63
percent of the shares outstanding.  A copy of the regulatory filing
is available for free at http://is.gd/SLu7Fc

                         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: T. Rowe Price Reports 5.2% Stake as of Dec. 31
--------------------------------------------------------
T. Rowe Price Associates, Inc., disclosed in an amended Schedule
13G filed with the Securities and Exchange Commission that as of
Dec. 31, 2015, it beneficially owns 54,669,902 shares of common
stock of Rite Aid Corp., representing 5.2 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/xhtdoQ

                       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.


RITE AID: Vanguard Group Reports 6.7% Stake as of Dec. 31
---------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2015,
it beneficially owns 70,299,320 shares of common stock of Rite Aid
Corp representing 6.71 percent of the shares outstanding.  A copy
of the regulatory filing is available for free at:

                       http://is.gd/W21ma9

                       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.


SAN BERNARDINO, CA: Firefighters' Bid for Relief from Stay Denied
-----------------------------------------------------------------
Judge Otis D. Wright, II, of the United States District Court for
the Central District of California affirmed the bankruptcy court's
order denying the motion for relief from stay filed by the San
Bernardino City Professional Firefighters Local 891.

The bankruptcy court previously held that the Firefighters could
not pursue an action in state court against the City of San
Bernardino and its officers for violating state law by reducing the
Firefighters' salaries and benefits following the city's unilateral
rejection of their collective bargaining agreement.

On appeal, Judge Wright rejected the Firefighters' arguments and
saw no abuse of discretion in the bankruptcy court's ruling.  The
judge also noted that the Firefighters are not limited to the
bankruptcy claims process to resolve their state law claims,
because the Firefighters can file an adversary proceeding before
the bankruptcy court.

The civil proceeding is SAN BERNARDINO CITY PROFESSIONAL
FIREFIGHTERS LOCAL 891, Appellant, v. CITY OF SAN BERNARDINO,
CALIFORNIA, Appellee, Case No. 5:15-cv-00014-ODW, (C.D. Calif.).

The bankruptcy case is In re: CITY OF SAN BERNARDINO, CALIFORNIA,
Debtor, U.S. Bankruptcy Court Case No. 6:12-bk-28006-MJ (Bankr.
C.D. Calif.).

A full-text copy of Judge Wright's January 12, 2016 opinion is
available at http://is.gd/DdDk0yfrom Leagle.com.

San Bernardino City Professional Firefighters Local 891 is
represented by:

          Corey William Glave, Esq.
          COREY W GLAVE ATTORNEY AT LAW
          1042 2nd St.
          Hermosa Beach, CA 90254
          Fax: (310) 379-0456

            -- and --

          David M. Goodrich, Esq.
          SULMEYERKUPETZ APC
          333 S. Hope Street Thirty-Fifth Floor
          Los Angeles, CA 90071
          Tel: (213) 626-2311
          Fax: (213) 629-4520
          Email: dgoodrich@sulmeyerlaw.com  

City of San Bernardino is represented by:

          Fred Neufeld, Esq.
          Kathleen D DeVaney, Esq.
          Laura L Buchanan, Esq.
          Paul Robert Glassman, Esq.
          STRADLING YOCCA CARLSON AND RAUTH PC
          100 Wilshire Boulevard, Fourth Floor
          Santa Monica, CA 90401
          Tel: (424)214-7000
          Fax: (424)214-7010
          Email: fneufeld@sycr.com
                 kdevaney@sycr.com
                 lbuchanan@sycr.com
                 pglassman@sycr.com

            -- and --

          Gary David Saenz, Esq.
          SAN BERNARDINO CITY ATTORNEYS OFFICE
          300 N. "D" Street, 6th Floor
          San Bernardino, CA 92418
          Tel: (909)384-5355
          Fax: (909)384-5238

                    About San Bernardino

San Bernardino, California, filed an emergency petition for
municipal bankruptcy under Chapter 9 of the U.S. Bankruptcy Code
(Bankr. C.D. Cal. Case No. 12-28006) on Aug. 1, 2012.  San
Bernardino, a city of about 210,000 residents roughly 65 miles
(104 km) east of Los Angeles, estimated assets and debt of more
than $1 billion in the bare-bones bankruptcy petition.

The city council voted on July 10, 2012, to file for bankruptcy.
The move lets San Bernardino bypass state-required mediation with
creditors and proceed directly to U.S. Bankruptcy Court.

The city is represented that Paul R. Glassman, Esq., at Stradling
Yocca Carlson & Rauth.

San Bernardino joined two other California cities in bankruptcy:
Stockton, an agricultural center of 292,000 east of San Francisco,
and Mammoth Lakes, a mountain resort town of 8,200 south of
Yosemite National Park.

The City was granted Chapter 9 protection on Aug. 28, 2013.

The City filed on May 14, 2015, a Plan to exit court protection.
The Plan proposes to some bondholders a penny on the dollar but
maintains pension benefits for retired city workers.  The Plan
proposes to make full payments into the pension fund run by
California Public Employees' Retirement System.

                          *     *     *

The Troubled Company Reporter, on Oct. 28, 2015, reported that the
hearing on the disclosure statement with respect to the Plan for
the Adjustment of Debts of the City of San Bernardino, California,
has been continued to Dec. 23, 2015, at 1:30 p.m.


SANTA FE GOLD: Case Dismissal, $500K for Unsec. Creditors Agreed
----------------------------------------------------------------
The Bankruptcy Court order approving the sale of the assets of
debtors Santa Fe Gold Corp., et al., to stalking horse bidder and
prepetition lender Waterton Global Value LP, includes a settlement
reached by the Debtors, the buyer and the Official Committee of
Unsecured Creditors.

The settlement resolves the Committee's objection to the sale and
potential claims against Waterton.  Pursuant to the deal, the
parties agreed on a structured dismissal of the Debtors' Chapter 11
cases, and the allocation of funds for the benefit of unsecured
creditors.  The buyer has agreed to provide:

     (i) $500,000 contribution for a recovery trust fund for
         unsecured creditors,

    (ii) $325,000 for the payment of the Committee's professional
         fees, and

   (iii) $100,000 to fund the trust for general unsecured
         creditors.  

"Litigation with the Committee would be a time-consuming and costly
endeavor, dissipating the Debtors' limited resources, derailing the
Sale, and virtually guaranteeing that the Chapter 11 Cases are
converted, leaving no funds available for creditor distributions.
On the other hand, the resolution embodied in the Settlement will
allow the Sale to proceed, which is the only viable means of
creating value and moving these cases to their conclusion.  In
addition, pursuant to its terms, the Settlement provides for a
meaningful recovery to holders of GUCs, which they would otherwise
likely not be entitled to.  Finally, the Settlement provides for a
consensual resolution of the Chapter 11 Cases through an orderly
structured dismissal process upon notice to all of the Debtors'
creditors and stakeholders.  Accordingly, the Settlement is to the
benefit of the Debtors' estates, creditors, and all interested
parties," the settlement parties said in a joint court filing.

The specific terms of the Settlement are:

   * SETTLEMENT FUNDING: On the earlier of (1) the business day
after the Dismissal Process Order becomes a final order and (2) the
later of (x) the closing of a sale of substantially all assets of
the Debtors to Waterton or its affiliates and (y) 5 business days
after the entry of an order approving the settlement embodied in
this term sheet (the "Approval Order"): (a) Waterton will deposit
the following cash amounts in a trust account specifically
designated by the Committee: (i) $500,000 (the "GUC Recovery Trust
Fund Contribution"), (ii) $325,000 (the "GUC Professional Fees
Contribution"), and (iii) $100,000 (the "GUC Trust Funding", and
together with the GUC Recovery Trust Fund Contribution and the
GUC Professional Fees Contribution, the "Committee Settlement
Funding Obligations") and (b) Waterton will deposit $75,000 in an
account specifically designated by the Debtors (the "Debtors
Professional Fees Contribution").

     The GUC Recovery Trust Fund Contribution will be used for the
pro-rata distribution to holders of allowed general unsecured
claims (collectively, the "GUCs"), provided, however, that any
deficiency claims of Waterton will be excluded from the GUCs.

     The GUC Professional Fees Contribution will be used for the
exclusive payment on a pro rata basis of any unpaid fees and costs
approved by the Court and owed, or that will be owed, to the
Committee's retained professionals ("Committee Professional
Fees").  For the avoidance of doubt, the GUC Professional Fees
Contribution will be in addition to the $325,000 allocated for the
fees and costs of the Committee's Professionals already authorized,
approved and paid, or to be paid, in accordance with the DIP
Budget.  Waterton will have no obligation to fund Committee
Professional Fees in excess of the GUC Professional Fees
Contribution, plus the amounts already authorized and approved in
the DIP Budget and the Committee will waive its right to assert a
claim against Waterton pursuant to Section 506(c) of the Bankruptcy
Code or otherwise.

     The GUC Trust Funding will be used for the benefit of a trust
(the "GUC Trust") to be established for the sole and exclusive
benefit of the holders of GUCs, provided, however, that any
deficiency claims of Waterton will be excluded from the GUCs.

     The Debtors Professional Fees Contribution will be used for
the exclusive payment of any fees and costs approved by the Court
and owed, or that will be owed, to Young Conaway Stargatt & Taylor,
LLP ("YCST"), the Debtors' bankruptcy counsel ("YCST Fees").   For
the avoidance of doubt, the Debtors Professional Fees Contribution
will be in addition to the $300,000 allocated for the fees and
costs of YCST already authorized, approved and paid, or to be paid,
in accordance with the DIP Budget. Waterton will have no obligation
to fund YCST Fees in excess of the Debtors Professional Fees
Contribution, plus the amounts already authorized and approved in
the DIP Budget, including YCST's share of the Wind-Down Cash to the
extent available, and the Debtors will waive their right to assert
a claim against Waterton pursuant to Section 506(c) of the
Bankruptcy Code or otherwise.

   * WIND-DOWN CASH: All cash remaining in the Debtors' bank
accounts following (a) their full draw-down of all amounts
authorized in the DIP Budget, and (b) the Sale will be used to fund
the wind-down of the Chapter 11 Cases. The Wind-Down Cash will be
used, first, to fund any unpaid allowed administrative expenses in
the Chapter 11 Cases, second, to fund up to an additional $75,000
in YCST Fees, and third, as additional funding for the GUC Trust.
To the extent that there is insufficient Wind-Down Cash to pay up
to $75,000 in YCST Fees (a "YCST Deficiency"), the GUC Trust
Funding will be reduced up to a maximum of $25,000 and the
Committee will transfer an amount equal to the YCST Deficiency (up
to a maximum of $25,000) to YCST as soon as practicable after a
YCST Deficiency has been determined to exist.

   * GUC TRUST: The Dismissal Process Order will provide for, inter
alia, the establishment of the GUC Trust, which will, inter alia,
(a) distribute, on a pro rata basis, the GUC Recovery Trust Fund
Contribution to the holders of GUCs; (b) hold the beneficial
interest in the GUC NPI (as defined below) on behalf of, and to
distribute, on a pro rata basis, any Net Profit Interest ("NPI") to
the holders of GUCs, and (c) except as otherwise set forth herein,
investigate, commence and prosecute any claims or causes of action
on behalf of the Debtors' estates. A trustee for the GUC Trust (the
"GUC Trustee") will be selected exclusively by the Committee. The
GUC Trust will initially be funded by the GUC Trust Funding and any
remaining Wind-Down Cash, provided that when such funding has been
exhausted, the GUC Trust will be funded from the amount of any NPI
received by the GUC Trust.

   * GUC NPI: Upon the closing of the Sale, Waterton will
irrevocably convey and transfer to the GUC Trust a NPI in the
Debtors' underground silver-gold mine located in Grant County, New
Mexico (the "Summit Mine") in the amount of 7% per year for a
period of 5 years from the commencement of the re-start of the
Summit Mine (the "GUC NPI"), with the terms and conditions of such
interest to be agreed upon in an NPI agreement to be entered into
between Waterton and the GUC Trustee (the "NPI Agreement") in form
and substance reasonably satisfactory to the Committee and
Waterton. In the event of a sale, transfer or conveyance of the
Summit Mine, the purchaser or transferee will be bound by the terms
of the NPI Agreement.

   * ADMINISTRATIVE CLAIMS: Waterton will continue to advance to
the Debtors, on a current and as needed basis, any undrawn amounts
committed under the DIP Facility to ensure current payment of all
allowed administrative expenses incurred in the Chapter 11 Cases in
accordance with the DIP Budget, but in any event, within 10
business days following entry of the Dismissal Process Order, at
the latest.  Notwithstanding the foregoing, Waterton will have no
obligation to fund payments of allowed administrative expenses
incurred by the professionals retained by: (a) the Committee (the
"Committee's Professionals") in excess of the (i) GUC Professional
Fees Contribution, and (ii) $325,0000 already authorized and
approved in the DIP Budget for the Committee's Professionals (the
"Aggregate Committee's Professional Fees"); and (b) the Debtors
(the "Debtors' Professionals") in excess of the (i) Debtors
Professional Fees Contribution, and (ii) $917,500 already
authorized and approved in the DIP Budget for the Debtors'
Professionals (comprised of $300,000 for YCST, $525,000 for
Canaccord Genuity and $92,500 for the claims agent).  

     Waterton will also consent to the use of up to $75,000 of the
Wind-Down Cash to satisfy YCST Fees (the use of such cash together
with subpart (b) in the immediately preceding sentence, the
"Aggregate Debtors' Professional Fees").  Waterton and the Debtors
agree that they will not raise or assert, or cause any other party
to raise or assert any objection to an award by the Court of
amounts sought by the Committee's Professionals for fees and
expenses and payment to the Committee's Professionals of the
Aggregate Committee's Professional Fees. Waterton and the Committee
agree that they will not raise or assert, or cause any other party
to raise or assert  any objection to an award by the Court of
amounts sought by the Debtors' Professionals for fees and expenses
and payment to the Debtors' Professionals of the Aggregate Debtors'
Professional Fees.

     In addition, after funding (a) the Committee Settlement
Funding Obligations, (b) the Debtors Professional Fee Contribution,
(c) any amounts required to be paid pursuant to the order approving
the Sale (the "Sale Order"), and (d) the amounts set forth in the
DIP Budget, Waterton and its affiliates will have no further
funding obligations in connection with the Debtors, their estates,
the Chapter 11 Cases or any other proceeding involving the
Debtors.

    * ASSIGNMENT OF CLAIMS AND CAUSES OF ACTION:  Upon entry of the
Approval Order, the Debtors will irrevocably transfer, convey and
assign to the GUC Trust any and all claims and causes of action
they have against any third party, including the Debtors' former
and present officers, directors and employees, other than any
claims or causes of action against Waterton, as further described
below; provided, however, that (a) the Debtors (including their
current officers, directors, employees, and
attorneys), (b) the Committee (including its members in their
capacity as such, its attorneys and financial advisor), and (c)
Waterton (including its current officers, directors, employees,
attorneys and other advisors) will neither have, nor incur, any
liability to any Entity (as defined in section 101(15) of the
Bankruptcy Code, including any holder of a claim or interest or any
other Entity) for any act taken or omitted to be taken, forbearance
from action, decision, or exercise of discretion taken at any time
after the Petition Date in connection with, relating to, or arising
out of, the Chapter 11 Cases, the administration of the Debtors'
property, or any contract, instrument, release, or other agreement
or document created or entered into in connection with the Chapter
11 Cases, through and including entry of the Dismissal Process
Order; provided further, however, that the foregoing will not
affect the liability of any person that otherwise would result from
any such act or omission to the extent such act or omission is
determined by a final order to have constituted fraud, willful
misconduct, gross negligence, bad faith, self-dealing or breach of
duty of loyalty.

     * STRUCTURED DISMISSAL: The Committee, the Debtors and
Waterton will agree to seek from the Court an order authorizing a
"structured dismissal" of the Chapter 11 Cases, with a motion
seeking such relief to be filed as soon as practicable following
entry into this term sheet and prior to Court approval of the
Sale.


                             Objection

Pierce Carson, former president of the Debtor and an unsecured
creditor, objected to the settlement reached by debtors Santa Fe
Gold Corp., et al., buyer and lender Waterton Global Value LP, and
the Official Committee of Unsecured Creditors.

Mr. Carson opposed the settlement because it purports to assign to
a trust ("GUC Trust") causes of action against former officers of
the Debtors without the corresponding statutory and contractual
obligations to indemnify former officers.  As a former officer of
the Debtor, he claims that he qualifies for indemnification and to
advancement of his fees in the event the Debtors or their assignees
bring a claim against him.

Mr. Carson also asserted that the settlement is an impermissible
"sub rosa" plan.  He explained that the "structured" dismissal
proposed by the settlement has been contrived to evade the
procedural protections and safeguards of the plan confirmation or
conversion process.

The Court approved the sale and the settlement notwithstanding the
issues raised in the objection.

                             *    *     *

Counsel to the Debtors:

         YOUNG CONAWAY STARGATT & TAYLOR, LLP
         Robert S. Brady, Esq.
         Edmon L. Morton, Esq.
         Kenneth J. Enos, Esq.
         Ian J. Bambrick, Esq.
         1000 N. King Street
         Rodney Square
         Wilmington, DE 19801
         Telephone: (302) 571-6600
         Facsimile: (302) 571-1253

Counsel to the Official Committee of Unsecured Creditors:

         POLSINELLI PC
         Christopher A. Ward, Esq.
         Shanti M. Katona, Esq.
         222 Delaware Avenue, Suite 1101
         Wilmington, DE 19801
         Telephone: (302) 252-0920
         Facsimile: (302) 252-0921
         E-mail: cward@posinelli.com
                 skatona@polsinelli.com

                - and -

         SQUIRE PATTON BOGGS (US) LLP
         Norman N. Kinel, Esq.
         Nava Hazan, Esq.
         30 Rockefeller Plaza, 23rd Floor
         New York, NY 10112
         Telephone: (212) 872-980
         Facsimile: (212) 872-9815
         E-mail: norman.kinel@squirepb.com
                 Nava.hazan@squirepb.com

                - and -

         Stephen Lerner, Esq.
         221 E. Fourth St., Ste. 2900
         Cincinnati, OH 45202
         Telephone: (513) 361-1200
         Facsimile: (513) 361-1201
         E-mail: stephen.lerner@squirepb.com

Counsel to Waterton Global Value, L.P.:

         RICHARDS, LAYTON & FINGER, P.A.
         Mark D. Collins, Esq.
         Marisa A. Terranova Fissel, Esq.
         One Rodney Square
         920 North King Street
         Wilmington, DE 19801
         Telephone: (302) 651-7700
         Facsimile: (302) 651-7701
         E-mail: collins@rlf.com
                 terranova@rlf.com

                - and -

         SIDLEY AUSTIN LLP
         Jessica C.K. Boelter, Esq.
         Matthew G. Martinez, Esq.
         Geoffrey M. King, Esq.
         One South Dearborn
         Chicago, IL 60603
         Telephone: (312) 835-7000
         Facsimile: (312) 835-7036
         E-mail: jboelter@sidley.com
                 matthew.martinez@sidley.com
                 gking@sidley.com

                        About Santa Fe Gold

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

The case is pending before the Honorable Mary F. Walrath.  The
cases are being jointly administered for procedural purposes.  

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

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

The Official Committee of Unsecured Creditors tapped Polsinelli PC
and Squire Patton Boggs (US) LLP as attorneys.

Waterton Global Value, L.P., the prepetition lender, the DIP lender
and buyer of the assets, is represented by Richards, Layton &
Finger, P.A., and Sidley Austin LLP.


SANTA FE GOLD: Court Okays Sale to Lone Bidder Waterton
-------------------------------------------------------
Judge Mary F. Walrath on Feb. 5, 2016, entered an order approving
the sale of substantially all of the assets of Santa Fe Gold Corp.,
et al., to lone bidder Waterton Global Value LP.

Waterton affiliate Pyramid Peak Mining, LLC, serves as buyer.  The
consideration to be paid for the assets is equal to a credit bid in
an amount equal to the Debtor's obligations to Waterton under the
DIP facility and the prepetition credit agreement, the assumption
of liabilities, and cure amounts.

In addition, as part of a global settlement with the Official
Committee of Unsecured Creditors, the buyer has agreed to provide:

     (i) $500,000 contribution for a recovery trust fund for
         unsecured creditors,

    (ii) $325,000 for the payment of the Committee's professional
         fees, and

   (iii) $100,000 to fund the trust for general unsecured
         creditors.

The purchaser has also agreed to deposit $75,000 for the Debtor's
professional fees, and agreed that all cash remaining in the
Debtor's bank accounts at closing will be used to fund the
wind-down of the Chapter 11 cases.

"I do not believe that any further sale or marketing process would
generate additional interest in the Acquired Assets and I,
therefore, believe that the sale terms proposed in the Stalking
Horse Purchase Agreement represent the highest and best possible
return to the estates on account of the Acquired Assets,"
Canaccord's Geoffrey A. Richards said in a declaration.

Jakes Jordaan, president and CEO and a director of Santa Fe, said,
"The Debtors entered into the Purchase Agreement and agreed to
pursue the sale process only after thorough examination of
available alternatives, and the Debtors and the Purchaser expended
considerable time and effort in negotiations to reach agreement on
the terms set forth in the Purchase Agreement."

                            Sale Timeline

On Sept. 25, 2015, the Debtors filed a motion seeking approval of
bidding procedures for the sale of the acquired assets and a
related auction process.

On Oct. 20, 2015, the Court entered an order approving, among other
things, the Bidding Procedures.

Canaccord Genuity Inc., the Debtors' investment banker, transmitted
a "teaser" package and confidentiality agreement to 98 potential
startegic and financial acquirers.  Of these parties, eight
executed a confidentiality agreement and were provided with due
diligence information.

Ultimately, none of the potentially interested parties that
executed a confidentiality agreement submitted a Qualified Bid.

On Jan. 12, 2016, following the deadline for potential bidders to
submit qualified bids for the assets, the Debtors filed a notice
with the Court certifying that no qualified bids other than that of
the Stalking Horse Bidder had been received and that the auction
was cancelled.

Following a sale hearing on Feb. 5, 2015, the Court entered an
order approving the sale to Waterton.  A copy of the Sale Order is
available for free at:

      http://bankrupt.com/misc/Santa_Fe_Gold_297_Sale_Order.pdf

The Debtors' investment banker can be reached at:

         CANACCORD GENUITY INC.
         Geoffrey A. Richards
         U.S. Head, Debt Finance & Restructuring
         350 Madison Avenue
         New York, NY 10017
         Tel: (312) 404 5435
         E-mail: grichards@canaccordgenuity.com

                       About Santa Fe Gold

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

The case is pending before the Honorable Mary F. Walrath.  The
cases are being jointly administered for procedural purposes.  

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

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

The Official Committee of Unsecured Creditors tapped Polsinelli PC
and Squire Patton Boggs (US) LLP as attorneys.

Waterton Global Value, L.P., the prepetition lender, the DIP lender
and buyer of the assets, is represented by Richards, Layton &
Finger, P.A., and Sidley Austin LLP.


SANTA FE GOLD: Former President to Get 2.5% NPI in Summit Mine
--------------------------------------------------------------
Pierce Carson, former president of Santa Fe Gold Corp., and an
unsecured creditor, filed an objection to the sale of substantially
all assets of Santa Fe Gold et al., to lone bidder Waterton Global
Value LP., pointing out that he is the beneficiary of a recorded
royalty interest in certain property of the Debtors included in the
sale.  

Mr. Carson noted that his royalty interest runs with the land and
the Debtors' property cannot be sold free and clear of that
interest.  Accordingly, he argued, that any sale of the Debtors'
assets must be subject to his royalty interest and all amounts
presently due and payable to him by his royalty interest should be
paid in full.

The Sale Order signed Feb. 5, 2016, provides that, upon closing,
the Purchaser will convey and transfer to Mr. Carson a net profit
interest in the underground silver-gold mine called the Summit Mine
located in Grant County, New Mexico in the amount of 2.5% per year
for a period of five years from the commencement of the re-start of
the Summit Mine, with the terms and conditions of such interest to
be set forth in an agreement to be entered into between the
Purchaser and Mr. Carson.  

In the event of a sale, transfer or conveyance of the Summit Mine,
the purchaser or transferee will be bound by the terms of the
Carson NPI Agreement.  

Upon recordation of the Carson NPI Agreement, the Production
Royalty Agreement dated May 19, 2009, between Mr. Carson and Santa
Fe Gold Corporation will be deemed terminated.

Pierce Carson, former president of the Debtor, is represented by:

          MANION GAYNOR & MANNING LLP
          March J. Phillips
          The Nemours Building
          1007 North Orange Street, 10th Floor
          Wilmington, DE 19801
          Tel: (302) 657-2100
          Fax: (302) 657-2104
          E-mail: mphillips@mgmlaw.com

                 - and -

          HOLLAND & HART LLP
          Timothy A. Lukas
          5441 Kietzke Lane, Second Floor
          Reno, NV 89511
          Tel: (775) 327-3000
          Fax: (775) 786-6179
          E-mail: ECFlukast@hollandhart.com

                 - and -

          HOLLAND & HART LLP
          Matthew J. Ochs
          555 Seventeenth Street, Suite 3200
          Post Office Box 8749
          Denver, CO 80201-8749
          Tel: (303) 295-8299
          Fax: (303) 416-8951
          E-mail: mjochs@hollandhart.com

                       About Santa Fe Gold

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

The case is pending before the Honorable Mary F. Walrath.  The
cases are being jointly administered for procedural purposes.  

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

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

The Official Committee of Unsecured Creditors tapped Polsinelli PC
and Squire Patton Boggs (US) LLP as attorneys.

Waterton Global Value, L.P., the prepetition lender, the DIP lender
and buyer of the assets, is represented by Richards, Layton &
Finger, P.A., and Sidley Austin LLP.


SCC PARTNERS: Files for Chapter 11 Bankruptcy Protection
--------------------------------------------------------
SCC Partners Group, LLC, filed for Chapter 11 bankruptcy protection
(Bankr. D. Colo. Case No. 16-11003) on Feb. 9, 2016, estimating its
assets at up to $50,000 and its liabilities at between $10 million
and $50 million.  The petition was signed by Steven H. Miller,
manager.

Mr. Miller said in a statement that "the Company is working
diligently to move forward with its plan and obtain the appropriate
financing to generate sufficient, sustainable revenues to satisfy
its obligations and exit this process as quickly as possible."

Judge Michael E. Romero presides over the case.

Kenneth J. Buechler, Esq., at Buechler Law Office, L.L.C., serves
as the Company's bankruptcy counsel.

According to Jason Blevins at The Denver Post Business, the
bankruptcy filing has made the Company's plan for Vaspen water
uncertain.  The Denver Post reports that the Company has been
peddling a plan to develop the water bottling facility, and the
idea was to establish a premium water brand sourced in the Rocky
Mountains.  

SCC Partners Group, LLC, is headquartered in Castle Rock, Colorado.
It  owns the spring-fed Sweetwater Lake on 500 acres bordering the
Flat Tops Wilderness Area northwest of Dotsero.


SEANERGY MARITIME: Jelco Delta Has 90.8% Stake as of Jan. 27
------------------------------------------------------------
Jelco Delta Holding Corp reported in an amended Schedule 13G filed
with the Securities and Exchange Commission that as of Jan. 27,
2016, it beneficially owns 35,649,230 shares of common stock of
Seanergy Maritime Holdings Corp. representing 90.8 percent of the
shares outstanding.

On Jan. 27, 2016, Seanergy and Jelco entered into an amendment to
the revolving convertible promissory note issued by the Issuer to
Jelco, dated Sept. 7, 2015, as amended on Dec. 1, 2015, and
Dec. 14, 2015, to increase the maximum principal amount available
to be drawn under the Convertible Promissory Note from $11,765,000
to $13,765,000.  Pursuant to the Third Amended Convertible
Promissory Note, the outstanding principal amount of the Third
Amended Convertible Promissory Note is convertible into shares of
Common Stock at any time at Jelco's option at a conversion price of
$0.90 per share (as adjusted from $0.18 per share to account for
the Reverse Stock Split).

A full-text copy of the regulatory filing is available at:

                     http://is.gd/snzegr

                       About Seanergy

Athens, Greece-based Seanergy Maritime Holdings Corp. is an
international company providing worldwide seaborne transportation
of dry bulk commodities.  The Company owns and operates a fleet
of seven dry bulk vessels that consists of three Handysize, two
Supramax and two Panamax vessels.  Its fleet carries a variety of
dry bulk commodities, including coal, iron ore, and grains, as
well as bauxite, phosphate, fertilizer and steel products.

Ernst & Young (Hellas) Certified Auditors-Accountants S.A., in
Athens, Greece, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that following the disposal of the Company's entire fleet in
early 2014 in the context of its restructuring plan, the Company
was unable to generate sufficient cash flow to meet its obligations
and sustain its continuing operations that raise substantial doubt
about the Company's ability to continue as a going concern.

The Company disclosed net income of $80.3 million on $2.01 million
of net vessel revenue for the year ended Dec. 31, 2014, compared
with net income of $10.9 million on $23.1 million of net vessel
revenue for the year ended Dec. 31, 2013.

As of June 30, 2015, the Company had $19.6 million in total
assets, $10.2 million in total liabilities, and $9.42 million in
stockholders' equity.


SEARS HOLDINGS: Liquidity Worsens with 4th Qtr. Results, Fitch Says
-------------------------------------------------------------------
Sears preannounced its fourth quarter results with projected 2015
EBITDA of negative $750 million to $800 million, about $150 million
worse than previously expected by Fitch Ratings.

This reflects the company's first negative fourth quarter EBITDA,
projected at negative $50 million to $100 million on negative
comparable store sales of 7.1%.  Fitch expects comps to remain in
the negative mid-single digit range in 2016 and 2017, with top-line
declining potentially in the high single-digit range as Sears
continues to close stores.  As a result, Fitch expects 2016 EBITDA
to be in the negative $800 million to $1 billion range, even
assuming cost reductions as targeted of $550 million to $650
million.

Significant Cash Burn: Sears' year-end liquidity was approximately
$1.4 billion worse than anticipated, with total cash and revolver
availability of approximately $550 million, comprised of $238
million in cash plus availability under its domestic credit
facility of $316 million.

This is relative to Fitch's expectations of $1.8 billion to $2
billion in liquidity at year-end given that the company had raised
$3.1 billion through asset sales in the first nine months of the
year.  With an EBITDA shortfall of $150 million relative to
expectations, the material decline in liquidity suggests that
working capital could have been a use of funds in 2015 (relative to
$300 million to $400 million contribution over the past four years
as the company has cut back on inventory buys and closed/sold
assets), and there could have been other material cash charges.

$2.5 Billion Liquidity Needed in 2016: Sears' interest expense,
capex and pension plan contributions are expected to total $800
million annually in 2016 and 2017.  Together with Fitch's negative
EBITDA expectation and assuming no material swings in working
capital leads to cash burn (CFO after capex and pension
contributions) of $1.6 billion-$1.8 billion in 2016.  Sears also
needs to fund seasonal working capital needs with inventory
expected to range from approximately $5 billion at year end to
$6.0-$6.2 billion at holiday peak.  This suggests $700 million to
$850 million is required to fund working capital assuming payables
to inventory ratio of 30%.

Shrinking Assets Fund Operations: Sears injected $3.1 billion in
liquidity through October 2015, with $429 million from real estate
joint ventures (JVs) related to 31 stores and $2.7 billion from the
sale-leaseback transaction with Seritage Growth Properties
(Seritage), in which it sold 235 owned properties and its 50%
interest in the JV.  This is on top of the $6.8 billion (including
expense and working capital reductions and debt-financing
activities) between 2012 and 2014 to fund ongoing operations given
material declines in internally generated cash flow.

Potential Sources of Liquidity: Sears still owns and could monetize
approximately 269 unencumbered Kmart discount and Sears full-line
mall stores (this excludes 125 Sears full-line mall stores in a
bankruptcy-remote vehicle and 27 specialty stores).  If the
unencumbered real estate was valued at a similar price per square
foot as the 235 properties sold under the Seritage transaction,
Fitch estimates Sears could generate an additional $2.6 billion in
proceeds.  However, the remaining portfolio could be of lower value
if the stores are in smaller markets or declining malls, and there
could be restrictions on the sale of some of these properties based
on mall operating covenants.  There could also be value in
below-market leases, but the potential proceeds are difficult to
estimate.  The company could also separate its Sears Auto Center
business.

The company's ability to issue incremental debt secured by
receivables and inventory -- which governs the borrowing base that
determines the borrowing capacity on its existing credit facility,
after netting out the first lien term loan and second lien secured
notes -- is limited given the significant reduction in working
capital over the past few years.

This has been exemplified over the past few quarters with total
availability under its $3,275 million revolver restricted to $1.8
billion in the fourth quarter of 2015 (and $2.3 billion at seasonal
working capital peak at 3Q15) after the effect of the springing
fixed charge coverage ratio covenant and the borrowing base
limitation.

                       RATING SENSITIVITIES

Negative Rating Action: A negative rating action could result if
Sears is unable to inject the needed liquidity to fund ongoing
operations.

Positive Rating Action: A positive rating action could result from
a sustained improvement in comps and EBITDA to a level where the
company is covering its fixed obligations.  This is not anticipated
at this time.

Fitch currently rates Sears as:

Sears Holdings Corporation

   -- Long-term Issuer Default Rating (IDR) 'CC';
   -- $302 million second-lien secured notes 'CCC+/RR1';
   -- $625 million unsecured notes 'C/RR6'.

Sears, Roebuck and Co.

   -- Long-term IDR 'CC'.

Sears Roebuck Acceptance Corp.

   -- Long-term IDR 'CC';
   -- Short-term IDR 'C';
   -- Commercial paper 'C';
   -- $3.275 billion secured bank facilities ($1.304 billion due
      April 8, 2016, and $1.971 billion secured bank facility due
      July 20, 2020,) 'CCC+/RR1' (as co-borrower);
   -- $979 million first lien term loan 'CCC+/RR1' (as co-
      borrower);
   -- Senior unsecured notes 'CC/RR4'.

Kmart Holding Corporation

   -- Long-term IDR 'CC';

Kmart Corporation

   -- Long-term IDR 'CC';
   -- $3.275 billion secured bank facilities ($1.304 billion due
      April 8, 2016, and $1.971 billion secured bank facility due
      July 20, 2020,) 'CCC+/RR1' (as co-borrower);
   -- $979 million first lien term loan 'CCC+/RR1' (as co-
      borrower).


SEQUENOM INC: Camber Capital Holds 14.5% Stake as of Dec. 31
------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Camber Capital Management LLC and Stephen DuBois
disclosed that as of Dec. 31, 2015, they beneficially own
17,250,000 shares of common stock of Sequenom, Inc. representing
14.55 percent of the shares outstanding.  A copy of the regulatory
filing is available for free at http://is.gd/6Ud1r7

                          About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a
life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions.  Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets.  The company was founded in 1994 and is
headquartered in San Diego, California.

As of Sept. 30, 2015, the Company had $129 million in total assets,
$156 million in total liabilities and a $27.7 million total
stockholders' deficit.

"If we fail to generate enough cash flow from our operations or
otherwise obtain the capital necessary to fund our operations, our
financial results, financial condition and our ability to continue
as a going concern will be adversely affected and we will have to
cease or reduce further commercialization efforts or delay or
terminate some or all of our diagnostic testing services or other
product development programs," the Company said in its 2014 annual
report.


SEQUENOM INC: Camber Capital Holds 14.5% Stake as of Dec. 31
------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Camber Capital Management LLC and Stephen DuBois
disclosed that as of Dec. 31, 2015, they beneficially own
17,250,000 shares of common stock of Sequenom, Inc. representing
14.55 percent of the shares outstanding.  A copy of the regulatory
filing is available for free at http://is.gd/6Ud1r7

                          About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a
life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions.  Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets.  The company was founded in 1994 and is
headquartered in San Diego, California.

As of Sept. 30, 2015, the Company had $129 million in total assets,
$156 million in total liabilities and a $27.7 million total
stockholders' deficit.

"If we fail to generate enough cash flow from our operations or
otherwise obtain the capital necessary to fund our operations, our
financial results, financial condition and our ability to continue
as a going concern will be adversely affected and we will have to
cease or reduce further commercialization efforts or delay or
terminate some or all of our diagnostic testing services or other
product development programs," the Company said in its 2014 annual
report.


SEQUENOM INC: Vanguard Group Reports 7.7% Stake as of Dec. 31
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2015,
it beneficially owns 9,173,758 shares of common stock of Sequenom
Inc. representing 7.73 percent of the shares outstanding.  A copy
of the regulatory filing is available for free at:

                        http://is.gd/QErfGq

                          About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a
life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions.  Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets.  The company was founded in 1994 and is
headquartered in San Diego, California.

As of Sept. 30, 2015, the Company had $129 million in total assets,
$156 million in total liabilities and a $27.7 million total
stockholders' deficit.

"If we fail to generate enough cash flow from our operations or
otherwise obtain the capital necessary to fund our operations, our
financial results, financial condition and our ability to continue
as a going concern will be adversely affected and we will have to
cease or reduce further commercialization efforts or delay or
terminate some or all of our diagnostic testing services or other
product development programs," the Company said in its 2014 annual
report.


SHERIDAN FUND I: S&P Lowers LT Issuer Credit Ratings to 'SD'
------------------------------------------------------------
Standard & Poor's Ratings Services said, on Feb. 2, 2016, it
lowered its long-term issuer credit ratings on Sheridan Production
Partners I-A, Sheridan Investment Partners I, and Sheridan
Production Partners I-M (collectively referred to as "Sheridan Fund
I") to 'SD' (selective default) from 'CCC'.

At the same time, S&P lowered its issue ratings on both of the
first-lien senior secured term loan tranches to 'D' from 'B-'.  S&P
also lowered the ratings on the fund's revolving credit facilities
to 'CCC+' from 'B-' and placed the ratings on CreditWatch with
negative implications.

The downgrade reflects the outcome of Sheridan Fund I's below-par
prepayment of its first-lien senior secured term loans by which
Sheridan Fund I prepaid $40 million in aggregate principal amount
of notes, for an amount corresponding to 43.94% of their notional
value.  The cash consideration for Sheridan Fund I was about
$18 million.

"According to our criteria, we view the below-par prepayment as
distressed and, hence, a de facto restructuring and a default on
the fund's obligations," said Standard & Poor's credit analyst
Trevor Martin.  The fund's borrowing base was recently reduced to
$1.0 billion.  Following the tender offer, the fund will have
$1.025 billion of debt outstanding. In accordance with the fund's
credit agreements, it has six months from the borrowing base
determination to regain compliance with the required 1.0x asset
coverage.  Since the fund is still overdrawn on its borrowing base,
S&P believes there is a substantial likelihood for additional
below-par prepayments of debt.  S&P could raise the ratings if it
feels, at some point, that the likelihood of additional
prepayments, and de facto restructurings, becomes remote.

If the fund's managers reduce the debt burden below the borrowing
base, S&P could raise the issuer credit rating, likely to 'CCC-'. A
rating of 'CCC-' indicates that S&P believes further restructurings
would be likely within six months.  Because S&P don't expect to
raise the rating to 'CCC' if the fund emerges from selective
default, S&P has decided that 'CCC-' should be the starting point
for the recovery ratings on the revolving credit facilities.  The
current recovery rating of '1' results in a two-notch uplift from
that starting point, for an issue rating of 'CCC+'.  S&P has placed
that 'CCC+' rating on the revolver on CreditWatch with negative
implications, however, because S&P is awaiting additional
information from the fund to update its recovery analysis.


SHERIDAN FUND II: S&P Lowers LT Issuer Credit Ratings to 'SD'
-------------------------------------------------------------
Standard & Poor's Ratings Services said on Feb. 2, 2016, it lowered
its long-term issuer credit ratings on Sheridan Production Partners
II-A, Sheridan Investment Partners II, and Sheridan Production
Partners II-M (collectively referred to as Sheridan Fund II) to
'SD' (selective default) from 'CCC'.

At the same time, S&P lowered its issue ratings on the first-lien
senior secured term loans to 'D' from 'CCC+'.  S&P also lowered its
ratings on the fund's revolving credit facilities to 'CCC' from
'CCC+' and placed the ratings on CreditWatch with negative
implications.

"The downgrade reflects the outcome of Sheridan Fund II's below-par
prepayment of its first-lien senior secured term loans by which
Sheridan Fund II repaid $70 million in aggregate principal amount
of notes, for an amount corresponding to 55% of their notional
value," said Standard & Poor's credit analyst Trevor Martin.  The
cash consideration paid by Sheridan Fund II was about $39 million.


According to S&P's criteria, it views the below-par prepayment as
distressed and, hence, a de facto restructuring and a default on
the company's obligations.  The fund's borrowing base was recently
reduced to $1.2 billion.  Following the below-par prepayment, the
company will have $1.251 billion of debt outstanding.  In
accordance with the fund's credit agreements, it has six months
from the borrowing base determination to regain compliance with the
required 1.0x asset coverage.  Since the fund is still overdrawn on
its borrowing base, S&P believes the likelihood of additional
below-par prepayments of debt is substantial.  S&P could raise the
ratings if it believes, at some point, that the likelihood of
additional below-par prepayments, and de facto restructurings,
becomes remote.

If the fund does reduce the debt burden below the borrowing base,
S&P could raise the issuer credit rating, likely to 'CCC-'.  A
rating of 'CCC-' indicates that S&P believes further restructurings
would be likely within six months.  Because S&P don't expect to
raise the rating to 'CCC' if the fund emerges from selective
default, it has decided that 'CCC-' should be the starting point
for determining S&P's issue rating on the revolving credit
facilities.  The current recovery rating of '2L' results in a
one-notch uplift from that issuer credit rating, to 'CCC'.  S&P has
placed the 'CCC' rating on the revolvers on CreditWatch with
negative implications, however, because S&P is awaiting additional
information from the fund to update its recovery analysis.


SIGNAL INTERNATIONAL: GGG Partners Settles Max Specialty Claim
--------------------------------------------------------------
GGG Partners LLC received court approval for a deal that would
resolve the claim of Max Specialty against Signal International
LLC.

Under the agreement, Max Specialty's claim, designated as Claim No.
1641, will be allowed as a Class 5 general unsecured claim in the
amount of $3.98 million under Signal International's liquidating
plan.

As settlement, Max Specialty will receive $925,000 from an escrow
agent.  The allowed general unsecured claim will be assigned to the
Teachers' Retirement System of Alabama and Employees' Retirement
System of Alabama subject to Max Specialty's receipt of the
settlement amount.

Lawyer for Signal Liquidating Trust, Kenneth Enos, Esq., at Young
Conaway Stargatt & Taylor LLP, in Wilmington, Delaware, said his
firm did not receive any objection to the settlement.

GGG Partners, which oversees the Signal Liquidating Trust, is
considered a "judicial substitute" for Signal International and its
affiliates pursuant to the liquidating plan, which was confirmed by
the bankruptcy court on Nov. 24, 2015.  The plan went effective on
Dec. 14, 2015.

                   About Signal International

Signal International Inc. -- http://www.signalint.com/-- primarily
engages in the business of offshore drilling rig overhaul, repair,
upgrade, and conversion, as well as new shipbuilding construction.
Additionally, Signal provides services to the general marine and
heavy fabrication markets for barges, power plants, and modular
construction.  

Signal International, LLC ("SI LLC"), was organized on Dec. 6,
2002, as a limited liability company after acquiring the assets of
the Offshore Division of Friede Goldman Halter from bankruptcy.  SI
Inc. was incorporated on Oct. 12, 2007, and began operations with
offshore fabrication and repair in Mississippi.  Today, Signal's
corporate headquarters are in Mobile, Alabama, with operations in
Alabama and Mississippi, and a sales office in Texas.

On Oct. 3, 2014, Signal International Texas, L.P., sold
substantially all of its assets to Westport Orange Shipyard, LLC,
in a partially seller-financed transaction for a total purchase
price of $35,900,000.  As part of the transaction, Westport
provided a down payment of $7,000,000 and delivered a promissory
note in the principal amount of $28,900,000 to SI Texas due on or
before Oct. 3, 2019 (the "Texas Note").

On July 12, 2015, SI Inc. and its direct and indirect wholly owned
subsidiaries, including SI LLC, commenced cases under chapter 11 of
title 11 of the United States Code (Bankr. D. Del. Lead Case No.
15-11498).

The Debtors tapped Young Conaway Stargatt & Taylor LLP as
bankruptcy counsel, Hogan Lovells US LLP as general corporate
counsel, GGG Partners, LLC, as financial and restructuring
advisors, and Kurtzman Carson Consultants LLC as claims and
noticing agent.

Signal International Inc. estimated $10 million to $50 million in
assets and $50 million to $100 million in debt.

The U.S. Trustee for Region 3 appointed seven creditors to serve on
the official committee of unsecured creditors.


SPANISH BROADCASTING: PlusTick Management Reports 8.6% Stake
------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, PlusTick Management LLC and Thomas J. Hill disclosed
that as of Dec. 31, 2015, they beneficially own 359,608 shares of
common stock of Spanish Broadcasting System, Inc., representing
8.63 percent of the shares outstanding.  A copy of the regulatory
filing is available for free at http://is.gd/RnmXzr

                  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.


SPANISH BROADCASTING: Renaissance Tech Holds 6.8% of CL-A Shares
----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Renaissance Technologies LLC and Renaissance
Technologies Holdings Corporation disclosed that as of Dec. 31,
2015, they beneficially own 283,220 shares of Class A common stock
of Spanish Broadcasting System, Inc., representing 6.80 percent of
the shares outstanding.  A copy of the regulatory filing is
available for free at http://is.gd/BQsqto

                 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.


SPORTS AUTHORITY: Must Reinvent Sales & Merchandising Strategies
----------------------------------------------------------------
Closing stores and shedding debt will not help Sports Authority
Inc. if the Company does not also reinvent its sales and
merchandising strategies, Emilie Rusch at The Denver Post reports,
citing analysts like Longmont retail and marketing consultant Jon
Schallert.

As reported by the Troubled Company Reporter on Feb. 9, 2016, Jodi
Xu Klein and Lauren Coleman-Lochner, writing for Bloomberg Brief -
Distress & Bankruptcy, reported that people familiar with the
matter say that the Company is preparing to file for bankruptcy as
it faces a debt payment due this month.

The Denver Post quoted Mr. Schallert as saying, "If they do go into
bankruptcy and if they do close stores, what they'll blame it on is
underperforming stores.  In reality, it's not underperforming
stores.  It's stores that no longer meet the needs of demanding
consumers."

Sports Authority Inc. is a sporting-goods chain in the U.S.

                       *     *     *

As reported by the Troubled Company Reporter on Jan. 22, 2016,
Moody's Investors Service downgraded The Sports Authority Inc.'s
Corporate Family Rating and $300 million secured term loan due
2017 rating to Caa3 from Caa1 due to the company's announcement
that it elected to not make the approximately $21 million
subordinated notes interest payment that was due Jan. 15, 2016.
The ratings outlook is negative.


STOCKTON, CA: Fact Discovery Deadline Moved to March 30
-------------------------------------------------------
Judge Edmund F. Brennan of the United States District Court for the
Eastern District of California issued an order that the deadline
for fact discovery and for any motion to compel discovery be
extended, each by 30 days.

On May 28, 2015, the automatic stay following the City of
Stockton's entrance into a Chapter 9 bankruptcy proceeding was
lifted.  On July 17, 2015, the case was reassigned to Judge Brennan
and on August 12, 2015, the court issued an amended pretrial
scheduling order.

The parties sought to renew discovery after some years of dormancy
due to the bankruptcy stay and requested a short amount of time to
conclude discovery.  Thus, by stipulation between the parties, the
deadline for fact discovery, currently February 29, 2016, is
extended to March 30, 2015, and the deadline to hear any motion to
compel discovery, currently set for February 3, 2016, is extended
to March 4, 2016.

The case is THOMAS WAGNER TAMMY WAGNER, Plaintiffs, v. CITY OF
STOCKTON, a municipal corporation; BLAIR ULRING, in his capacity of
chief of police for CITY OF STOCKTON; MARK BERG (Stockton Police
Department Star #0486); JEFFERY TACAZON (Stockton Police Department
Star #1395); MICHELLE GUTHRIE (Stockton Police Department Star
#1524); Defendants, Case No. 2:11-cv-02490 EFB (E.D. Cal.).

A full-text copy of Judge Brennan's January 13, 2016 stipulation
and order is available at http://is.gd/mQQIDIfrom Leagle.com.

Tammy Wagner is represented by:

          Che Lewellyn Hashim, Esq.
          LAW OFFICE OF CHE L. HASHIM
          861 Bryant Street
          San Francisco, CA 94103
          Tel: (415)487-1700

Mark Berg, Jeffery Tacazon and Michelle Guthrie are represented
by:

          Neal Christopher Lutterman, Esq.
          WILKE FLEURY HOFFELT GOULD & BIRNEY
          400 Capitol Mall, Twenty-Second Floor
          Sacramento, CA 95814
          Tel: (916)441-2430
          Fax: (916)442-6664
          Email: nlutterman@wilkefleury.com

            -- and --

          Bryan David Rome, Esq.
          James F. Wilson, Esq.
          Ted Daniel Wood, Esq.
          STOCKTON CITY ATTORNEY'S OFFICE
          425 N. El Dorado Street, 2nd Floor
          Stockton, CA 95202
          Tel: (209)937-8333
          Fax: (209)937-8898

                    About Stockton, Calif.

The City of Stockton, California, filed a Chapter 9 petition
(Bankr. E.D. Cal. Case No. 12-32118) in Sacramento on June 28,
2012, becoming the largest city to seek creditor protection in
U.S. history.  The city was forced to file for bankruptcy after
talks with bondholders and labor unions failed.  Stockton
estimated more than $1 billion in assets and in excess of
$500 million in liabilities.

The city, with a population of about 300,000, identified the
California Public Employees Retirement System as the largest
unsecured creditor with a claim of $147.5 million for unfunded
pension costs.  In second place is Wells Fargo Bank NA as trustee
for $124.3 million in pension obligation bonds.  The list of
largest creditors includes $119.2 million owing on four other
series of bonds.

The city is being represented by Marc A. Levinson, Esq., and John
W. Killeen, Esq., at Orrick, Herrington & Sutcliffe LLP.  The
petition was signed by Robert Deis, city manager.

Mr. Levinson also represented the city of Vallejo, Cal. in its
2008 bankruptcy.  Vallejo filed for protection under Chapter 9
(Bankr. E.D. Cal. Case No. 08-26813) on May 23, 2008, estimating
$500 million to $1 billion in assets and $100 million to $500
million in debts in its petition.  In August 2011, Vallejo was
given green light to exit the municipal reorganization.   The
Vallejo Chapter 9 plan restructures $50 million of publicly held
debt secured by leases on public buildings.  Although the Plan
doesn't affect pensions, it adjusts the claims and benefits of
current and former city employees.  Bankruptcy Judge Michael
McManus released Vallejo from bankruptcy on Nov. 1, 2011.

The bankruptcy judge on April 1, 2013, ruled that the city of
Stockton is eligible for municipal bankruptcy in Chapter 9.

Judge Klein, in late October 2014, confirmed the debt-adjustment
plan by the city of Stockton, rejecting arguments that it unfairly
discriminated among creditors by chopping a mutual fund's recovery
to near zero while shielding city retirees from any impairment at
all.

Stockton, California city manager Kurt Wilson said the city's First
Amended Plan of Adjustment, as Modified, became effective; and the
Company emerged from Chapter 9 protection, following the U.S.
Bankruptcy Court's confirmation of the plan on Feb. 4, 2015.

                       *     *     *

The Troubled Company Reporter, on Sep. 26, 2014, reported that
Moody's Investors Service has affirmed the long-term ratings of
the city of Stockton's (CA) water and sewer enterprises' debts at
Ba1. Moody's have also changed the outlook on the city's water
bond rating to developing from stable, while the developing
outlook on the sewer system's rating remains the same.

The TCR, on Nov. 10, 2014, reported that Moody's Investors Service
has upgraded to Ba3 from Caa3 the City of Stockton's (CA) series
2006 lease revenue bonds and affirmed the city's 2007 pension
obligation at Ca. Moody's have removed the developing outlook from
the Series 2006 bonds and Moody's have removed the negative
outlook from the Series 2007 bonds.

The TCR, on Nov. 14, 2014, reported that Standard & Poor's Ratings
Services raised its long-term rating and underlying rating (SPUR)
to 'B-' from 'CCC' on the Stockton Public Financing Authority,
Calif.'s series 2003A and 2003B certificates of participation
(COPs) and its SPUR to 'B-' from 'CCC' on the authority's series
2006A lease revenue refunding bonds.  Standard & Poor's also
affirmed its 'CC' SPUR on Stockton Redevelopment Agency's series
2004 (arena project) revenue bonds.  All series are appropriation
obligations of Stockton.  The outlook on the series 2003A and
2003B COP long-term rating and SPUR and on the 2006A lease revenue
refunding bond SPUR is stable, and the outlook on the series 2004
revenue bond rating (arena project) is negative.


SUMMIT III: Duet Wins Partial Summary Judgment in Clawback Claims
-----------------------------------------------------------------
Craig Duet seeks summary judgment regarding the fraudulent and
preferential transfer claims asserted against him by Thomas H.
Fluharty, the Chapter 7 trustee of the bankruptcy estate of Debtor
Summit III, LLC.  Mr. Duet asserts that summary judgment is
appropriate because the payments he received from the Debtor do not
qualify as fraudulent or preferential transfers.  The Trustee
asserts that summary judgment is not appropriate as there are
disputes of material facts relevant to all of his claims against
the Defendant.

In a Memorandum Opinion dated January 28, 2016, which is available
at http://is.gd/WQw7u6from Leagle.com, Judge Patrick M. Flatley of
the United States Bankruptcy Court for the Northern District of
West Virginia denied in part and granted in part the Defendant's
summary judgment as to Counts II and III of the Trustee's
complaint, and denied the Defendant summary judgment as to Count I
of the Trustee's complaint regarding the initial transfer of
$30,000.

The adversary proceeding is THOMAS H. FLUHARTY, TRUSTEE, Plaintiff,
v. CRAIG M. DUET, Defendant, Adversary No. 2:13-ap-00045 (Bankr.
W.D.W.Va.).

The bankruptcy case is In re: SUMMIT III, LLC, Chapter 7, Debtor,
Case No. 2.11-bk-01448 (Bankr. N.D.W.Va.).

Thomas H. Fluharty, Trustee, Plaintiff, is represented by Steven L.
Thomas, Esq. -- sthomas@kaycasto.com -- Kay, Casto & Chaney.

Craig M Duet, Defendant, is represented by Richard R. Marsh, Esq.
-- rrmarsh@wvlawyers.com -- McNeer, Highland, McMunn and Varner,
Michael J. Romano, Esq. -- attorney@wvlegalcounsel.com -- Law
Offices of David J. Romano, Debra Tedeschi Varner,Esq. --
dtvarner@wvlawyers.com -- McNeer, Highland, McMunn & Varner.


SUN BANCORP: FJ Capital Mgt. Reports 5.5% Stake as of Dec. 31
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, FJ Capital Management, LLC disclosed that as of Dec.
31, 2015, it beneficially owns 1,024,701 shares of common stock of
Sun Bancorp (SNBC) representing 5.48 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/GMpGIR

                     About Sun Bancorp. Inc.

Sun Bancorp, Inc. is a bank holding company headquartered in Mount
Laurel, New Jersey.  Its primary subsidiary is Sun National Bank, a
community bank serving customers throughout New Jersey. Sun
National Bank -- http://www.sunnationalbank.com/-- is an Equal    


Housing Lender and its deposits are insured up to the legal maximum
by the Federal Deposit Insurance Corporation (FDIC).

Sun Bancorp reported a net loss available to common shareholders of
$29.8 million in 2014, a net loss available to common shareholders
of $9.94 million in 2013, and a net loss available to common
shareholders of $50.49 million in 2012.


SUNDEVIL POWER: Joint Administration of Cases Sought
----------------------------------------------------
Sundevil Power Holdings, LLC and SPH Holdco LLC ask the Bankruptcy
Court enter an order directing consolidation of their Chapter 11
cases for procedural purposes only.  The Debtors also request that
the Clerk of the Court maintain one file and one docket for all of
the Cases, which file and docket shall be the file and docket for
Sundevil Power Holdings, LLC.

The Debtors anticipate that notices, applications, motions, other
pleadings, hearings, and orders in the Cases may affect both of
them.  If each Case were administered independently, there would be
a number of duplicative pleadings and overlapping service, thus
wasting the resources of their estates, as well as the resources of
the Court and of other parties-in-interest, the Debtors said.

According to the Debtors, joint administration will, among other
things:

  (a) permit the Clerk of the Court to use a single general
      docket for all of the Cases and to combine notices to
      creditors and other parties-in- interest by ensuring that
      all parties-in-interest will be able to review one docket to
      stay apprised of the various matters before the Court  
      regarding both of the Cases;

  (b) simplify the supervision of the administrative aspects of
      the Cases by the Office of the United States Trustee for the
      District of Delaware; and

  (c) promote the economical and efficient administration of
      their estates.

The Debtors maintained that the rights of their respective
creditors will not be adversely affected by the proposed joint
administration because they will continue as separate and distinct
legal entities and will continue to maintain separate books and
records.  Each creditor will be required to file a proof of claim
against the applicable estate in which it allegedly has a claim or
right and will retain whatever claims or rights it has against the
particular estate.

                        About Sundevil Power

Merchant power generators Sundevil Power Holdings, LLC and SPH
Holdco LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case Nos. 16-10369 and 16-10370,
respectively), on Feb. 12, 2016.  The petitions were signed by
Blake M. Carlson as authorized signatory.

The Debtors estimated assets in the range of $100 million to $500
million and liabilities of at least $100 million.  

The Debtors have engaged Vinson & Elkins LLP as legal counsel,
Drinker Biddle & Reath LLP as Delaware counsel, and Garden City
Group as claims and noticing agent.

Judge Kevin J. Carey is assigned to the case.


SUNEDISON INC: Investors Win Restraining Order
----------------------------------------------
Peg Brickley, writing for Dow Jones' Daily Bankruptcy Review,
reported that a New York judge issued a temporary restraining order
barring troubled solar developer SunEdison Inc. from making any
unusual moves with its assets pending a showdown with unhappy
investors in a Latin America venture.

According to the report, the temporary restraining order, or TRO,
from New York Supreme Court Justice Charles E. Ramos will stay in
place until a Feb. 25 court hearing in a lawsuit brought by
investors in Latin America Power Holding B.V. against SunEdison in
connection with its failed buyout of Latin America Power.


SYNOVUS FINANCIAL: Fitch Affirms 'BB+' Subordinated Debt Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Synovus Financial Corp. (SNV) ratings at
'BBB-/F3'.  The Rating Outlook remains Stable.

The rating action follows a periodic review of the midtier regional
banking group, which includes BankUnited Inc. (BKU), BOK Financial
Corp. (BOKF), Cathay General Bancorp (CATY), East West Bancorp
(EWBC), First Republic Bank (FRC), First Horizon National Corp.
(FHN), First National of Nebraska Inc. (FNNI), Fulton Financial
Corp. (FULT), Hilltop Holdings, Inc. (HTH), Synovus Financial Corp.
(SNV), TCF Financial Corp. (TCB), Trustmark Corp. (TRMK), UMB
Financial Corp. (UMBF) and Wintrust Financial Corp. (WTFC).

                        KEY RATING DRIVERS

IDRs, VRs, AND SENIOR DEBT

Fitch upgraded SNV's rating to their current level in November
2015.  The affirmation reflects SNV's improvement in asset quality,
its stable operating performance, along with the maintenance of
strong regulatory capital ratios and the company's solid franchise
in Georgia.

Asset quality is in-line with similarly rated peers.  Fitch
calculates SNV's nonperforming assets (NPAs) at 2.10% at third
quarter 2015 (3Q15), an improvement of 145 basis points (bps)
year-over-year.  Over the same time period, the dollar volume of
NPAs has dropped another 42% as management has remained successful
in working out of problem loans (nonaccrual as well as accruing
troubled debt restructures) and disbursing foreclosed property.

Nonperforming loan (NPL) inflows have normalized considerably as
well, averaging just $28 million per quarter over the last five
quarters which has also played a role in reducing NPAs over time.
Fitch notes that the reduction in NPAs has not come at the cost of
significantly higher credit costs evidenced by year-to-date (YTD)
net charge-offs (NCOs) of 15bps versus 40bps through the first nine
months of 2014.  Further asset quality improvement is likely over
time.  However, SNV's level of asset class concentration in
commercial real estate and geographic concentration within the
state of Georgia are seen as rating constraints in the medium to
long term.

SNV's operating performance has become more consistent and
relatively in-line with other similarly rated peer banks.  SNV has
been able to generate reasonable returns over recent periods,
primarily due to lower credit-related costs (provisions,
litigations costs, OREO expenses and, etc.) as well as improved
operating efficiencies and a steady level of fee revenue.  Through
3Q15, the company generated a return on average assets (ROA) of
80bps, a reasonable improvement over SNV's 72bps ROA through 3Q'14
and 61bps through 3Q13.

Assuming a marginal increase in interest rates into 2016, Fitch
believes SNV's ROA could modestly improve given its disclosed asset
sensitive balance sheet.  However, Fitch expects operating
performance to remain below that of higher rated peers over the
near to medium term due to SNV's relatively higher cost structure
and a greater reliance on spread revenue.

Fitch views SNV's capital as adequate relative to both its risk
profile and rating.  SNV reports one of the highest tangible common
equity (TCE) ratios among its peer group and a strong estimated,
fully phased-in Basel III common equity tier 1 (CET1) ratio of 10%
well above the 7% requirement.  The bank has now increased its
quarterly dividend two years in a row due to the above mentioned
earnings improvement and announced a $300 million share buyback
program to be completed over the remainder of 2015 and all of 2016.
This comes on the heels of a $250 million buyback program executed
over the last four quarters.  These actions are in line with
Fitch's expectations given SNV's continued improvement in its
financial condition.

Fitch expects that SNV will continue to distribute some of this
capital to shareholders; however, these distributions will be
constrained by regulatory and internal stress testing, and as such,
Fitch expects SNV's capital ratios will likely stay elevated over
the near term.  Fitch also observes that SNV has over $200 million
in a disallowed deferred tax asset (DTA) that will continue to
accrete into CET1 going forward, providing additional support to
regulatory capital ratios and capital distributions.

Fitch's believes that management has successfully executed on
rehabilitating SNV's financial profile and strengthened risk
oversight while maintaining the bank's solid Southeastern U.S.
franchise.  SNV continues to have strong market presence,
particularly in rural markets of southwest Georgia and eastern
Alabama.  This could have a net positive impact to funding costs
and to the company's bottom line over time if it is able to
successfully lag deposit pricing in those more isolated markets
where it has dominant market share in a rising rate environment.

           SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

SNV's subordinated debt is notched one level below its Viability
Rating (VR) of 'bbb-' for loss severity.  SNV's preferred stock is
notched five levels below its VR, two times for loss severity and
three times for non-performance.  These ratings are in accordance
with Fitch's criteria and assessment of the instruments
non-performance and loss severity risk profiles.

               LONG- AND SHORT-TERM DEPOSIT RATINGS

The uninsured deposit ratings of SNV are rated one notch higher
than SNV's Issuer Default Rating (IDR) and senior unsecured debt
because U.S. uninsured deposits benefit from depositor preference.
U.S. depositor preference gives deposit liabilities superior
recovery prospects in the event of default.

                         HOLDING COMPANY

SNV's IDR and VR are equalized with those of Synovus Bank,
reflecting its role as the bank holding company, which is mandated
in the U.S. to act as a source of strength for its bank
subsidiaries.  Ratings are also equalized reflecting the very close
correlation between holding company and subsidiary failure and
default probabilities.

              SUPPORT RATING AND SUPPORT RATING FLOOR

SNV has a Support Rating of '5' and Support Rating Floor of 'NF'.
In Fitch's view, SNV is not systemically important and therefore,
the probability of support is unlikely.  IDRs and VRs do not
incorporate any support.

                        RATING SENSITIVITIES

VR, IDRs, AND SENIOR DEBT

Fitch considers further upward movement of the company's ratings as
limited in the near to medium term.  Fitch expects earnings and
asset quality to improve over the rating time horizon.  This
expectation is incorporated into today's rating action.  Fitch
could take adverse rating action should earnings and asset quality
improvement not come to fruition as expected evidenced by
flat-to-deteriorating ROA or reversal in AQ trends.

Fitch also expects that SNV will begin to more seriously seek
merger and acquisition (M&A) opportunities in order to build out
its franchise and potentially gain further operating efficiencies.
Fitch expects SNV's M&A activity to be absorbed effectively,
reasonable in size, in geography and within the bank's core
competencies.  To the extent that Fitch observes SNV partaking in
M&A activity that does not fit these attributes and/or results in
earnings and capital metrics that are not commensurate with its
rating level, Fitch could take negative rating action.

Moreover, should wholesale funding revert back to the level it was
leading up to the 2007-2009 financial crisis, negative rating
action is likely.

Over the long term, SNV could see upward rating movement given the
bank's solid franchise in its primary operating markets.
Improvement in SNV's ratings over the long term would be predicated
on the maintenance of sound risk appetite leading to asset quality
metrics more in-line with higher rated peers as well as earnings
performance (both by level and revenue mix) improving to above peer
averages.

           SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The ratings for SNV and its operating companies' subordinated debt
and preferred stock are sensitive to any change to SNV's VR.

                LONG- AND SHORT-TERM DEPOSIT RATINGS

The long-and short-term deposit ratings are sensitive to any change
to SNV's long- and short-term IDR.

                          HOLDING COMPANY

Should SNV's holding company begin to exhibit signs of weakness,
demonstrate trouble accessing the capital markets, or have
inadequate cash flow coverage to meet near-term obligations, there
is the potential that Fitch could notch the holding company IDR and
VR from the ratings of the operating companies.

              SUPPORT RATING AND SUPPORT RATING FLOOR

Since SNV's Support and Support Rating Floors are '5' and 'NF',
respectively, there is limited likelihood that these ratings will
change over the foreseeable future.

Fitch has affirmed these ratings:

Synovus Financial Corp.

  -- Long-term IDR at 'BBB-'; Outlook Stable;
  -- Short-term IDR at 'F3';
  -- Viability Rating at 'bbb-';
  -- Senior unsecured at 'BBB-';
  -- Subordinated debt at 'BB+';
  -- Preferred stock at 'B';
  -- Support '5';
  -- Support Floor 'NF'.

Synovus Bank

  -- Long-term IDR at 'BBB-'; Outlook Stable;
  -- Short-term IDR at 'F3';
  -- Viability Rating at 'bbb-';
  -- Long-term deposits at 'BBB';
  -- Short-term deposits at 'F3';
  -- Support '5';
  -- Support Floor 'NF'.


TEMPLAR ENERGY: S&P Affirms 'CC' Rating on 2nd-Lien Debt
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CC' issue-level
rating on Templar Energy LLC's second-lien debt and removed it from
CreditWatch, where S&P placed it with negative implications on Feb.
9, 2016.  The recovery rating remains '5', indicating S&P's
expectation of modest (10% to 30%, upper half of the range)
recovery in the event of a payment default.  The 'CCC-' corporate
credit rating and negative outlook are unaffected.

"The rating action follows our updated recovery analysis for
Templar," said Standard & Poor's credit analyst Michael Tsai.

The valuation for Templar reflects the company's year-end 2015
PV-10 report, using S&P's revised recovery price assumptions of $50
per barrel for West Texas Intermediate (WTI) crude oil, $3.00 per
million British thermal unit for Henry Hub natural gas, and natural
gas liquids priced at the historical 12-month average realization.


The 'CCC-' corporate credit rating on Templar reflects S&P's
assessment of the increased risk the company will be overdrawn on
its reserve-based lending facility when the borrowing base is
redetermined in spring 2016.  As of Sept. 30, 2015, the company had
$450 million drawn on the facility and a current borrowing base of
$560 million, which was lowered in November 2015 from $640 million.
Since then, crude oil and natural gas prices have moved lower,
which likely effect the price decks lenders will use to determine
the borrowing base in the spring.  Additionally, the continued
expiration of hedges, which can support a higher borrowing base,
will result in a negative bias during the next redetermination.
With only about $26 million cash on hand as of Sept. 30, 2015, S&P
expects the company would likely need to restructure debt with
lenders and/or call down capital from its financial sponsor to
avoid entering into a default.

S&P assesses Templar's business risk as weak.  S&P assess Templar's
financial risk as highly leveraged, which reflects S&P's projected
credit measures and its financial sponsor ownership.  S&P assess
liquidity as less than adequate, which reflects the increased risk
the company will be overdrawn on its reserve-based lending facility
when the borrowing base is redetermined in spring 2016.

The negative outlook reflects the likelihood S&P would lower the
rating if the company successfully executes an exchange or
repurchase of its second-lien debt at discount, which S&P would
likely consider distressed, or if the company is in breach of
covenants on its reserve-based lending facility or if the borrowing
base decreased such that the company would be overdrawn and are
unable to pay down required amounts.

S&P could raise the rating if the company is able to successfully
manage liquidity through the borrowing-base redetermination cycle,
and S&P expects there would not be the likelihood of a distressed
exchange.


TENET HEALTHCARE: Harris Associates Has 8.4% Stake as of Dec. 31
----------------------------------------------------------------
Harris Associates L.P. and Harris Associates Inc. disclosed in an
amended Schedule 13G filed with the Securities and Exchange
Commission that as of Dec. 31, 2015, they beneficially own
8,346,668 shares of common stock of Tenet Healthcare representing
8.4 percent of the shares outstanding.  A copy of the regulatory
filing is available for free at http://is.gd/xWiec7
(Jhonas SEC Feb12 2)

                          About Tenet

Tenet Healthcare Corporation -- http://www.tenethealth.com/-- is  

a national, diversified healthcare services company with 110,000
employees united around a common mission: to help people live
happier, healthier lives.  The company operates 80 hospitals, 214
outpatient centers, six health plans and Conifer Health Solutions,
a leading provider of healthcare business process services in the
areas of revenue cycle management, value based care and patient
communications.

Tenet Healthcare reported net income attributable to the Company's
shareholders of $12 million for the year ended Dec. 31, 2014,
compared to a net loss attributable to the Company's shareholders
of $134 million during the prior year.

As of Sept. 30, 2015, the Company had $23.2 billion in total
assets, $20.5 billion in total liabilities, $1.68 billion in
redeemable noncontrolling interests in equity of consolidated
subsidiaries and $1.01 billion in total equity.

                         *    *    *

Tenet carries a 'B' IDR from Fitch Ratings, 'B' corporate credit
rating from Standard & Poor's Ratings Services and 'B1' Corporate
Family Rating from Moody's Investors Service.


TENET HEALTHCARE: Vanguard Group Reports 8.2% Stake as of Dec. 31
-----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, The Vanguard Group disclosed that as of Dec. 31, 2015,
it beneficially owns 8,156,633 shares of common stock of Tenet
Healthcare Corp representing 8.18 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/TaBYAz
(Jhonas SEC Feb12 2)

                            About Tenet

Tenet Healthcare Corporation -- http://www.tenethealth.com/-- is  

a national, diversified healthcare services company with 110,000
employees united around a common mission: to help people live
happier, healthier lives.  The company operates 80 hospitals, 214
outpatient centers, six health plans and Conifer Health Solutions,
a leading provider of healthcare business process services in the
areas of revenue cycle management, value based care and patient
communications.

Tenet Healthcare reported net income attributable to the Company's
shareholders of $12 million for the year ended Dec. 31, 2014,
compared to a net loss attributable to the Company's shareholders
of $134 million during the prior year.

As of Sept. 30, 2015, the Company had $23.2 billion in total
assets, $20.5 billion in total liabilities, $1.68 billion in
redeemable noncontrolling interests in equity of consolidated
subsidiaries and $1.01 billion in total equity.

                         *    *    *

Tenet carries a 'B' IDR from Fitch Ratings, 'B' corporate credit
rating from Standard & Poor's Ratings Services and 'B1' Corporate
Family Rating from Moody's Investors Service.


TENET HEALTHCHARE: Waddell & Reed Has 7.3% Stake as of Dec. 31
--------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Waddell & Reed Financial, Inc. disclosed that as of
Dec. 31, 2015, it beneficially owns 7,267,400 shares of common
stock of Tenet Healthcare Corp. representing 7.3 percent of the
shares outstanding.  Also included in the filing are Ivy Investment
Management Company, Waddell & Reed Financial Services, Inc.,
Waddell & Reed, Inc. and Waddell & Reed Investment Management
Company.  A copy of the Schedule 13G/A is available at:

                        http://is.gd/WV3yNo

                            About Tenet

Tenet Healthcare Corporation -- http://www.tenethealth.com/-- is  

a national, diversified healthcare services company with 110,000
employees united around a common mission: to help people live
happier, healthier lives.  The company operates 80 hospitals, 214
outpatient centers, six health plans and Conifer Health Solutions,
a leading provider of healthcare business process services in the
areas of revenue cycle management, value based care and patient
communications.

Tenet Healthcare reported net income attributable to the Company's
shareholders of $12 million for the year ended Dec. 31, 2014,
compared to a net loss attributable to the Company's shareholders
of $134 million during the prior year.

As of Sept. 30, 2015, the Company had $23.2 billion in total
assets, $20.5 billion in total liabilities, $1.68 billion in
redeemable noncontrolling interests in equity of consolidated
subsidiaries and $1.01 billion in total equity.

                         *    *    *

Tenet carries a 'B' IDR from Fitch Ratings, 'B' corporate credit
rating from Standard & Poor's Ratings Services and 'B1' Corporate
Family Rating from Moody's Investors Service.


THERAPEUTICSMD INC: Wellington Mgt. Has 12.9% Stake as of Dec. 31
-----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Wellington Management Group LLP, Wellington Group
Holdings LLP and Wellington Investment Advisors Holdings LLP
disclosed that as of Dec. 31, 2015, they beneficially own
24,898,575 shares of common stock of TherapeuticsMD, Inc.,
representing 12.90 percent of the shares outstanding.  A copy of
the regulatory filing is available for free at http://is.gd/lDZ9Ng

                     About TherapeuticsMD

Boca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is a
women's healthcare product company focused on creating and
commercializing products targeted exclusively for women.  The
Company currently manufactures and distributes branded and generic
prescription prenatal vitamins as well as over-the-counter
vitamins and cosmetics.  The Company is currently focused on
conducting the clinical trials necessary for regulatory approval
and commercialization of advanced hormone therapy pharmaceutical
products designed to alleviate the symptoms of and reduce the
health risks resulting from menopause-related hormone
deficiencies.

TherapeuticsMD reported a net loss of $54.2 million on $15.02
million of net revenues for the year ended Dec. 31, 2014, compared
with a net loss of $28.4 million on $8.77 million of net revenues
for the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $90.5 million in total
assets, $12.9 million in total liabilities and $77.6 million in
total stockholders' equity.


TRUSLOW LLC: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Truslow, LLC
        6841 Elm St. #216
        Mc Lean, VA 22101

Case No.: 16-10469

Chapter 11 Petition Date: February 11, 2016

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

Judge: Hon. Brian F. Kenney

Debtor's Counsel: Daniel M. Press, Esq.
                  CHUNG & PRESS, P.C.
                  6718 Whittier Ave., Suite 200
                  McLean, VA 22101
                  Tel: (703) 734-3800
                  Fax: (703) 734-0590
                  Email: dpress@chung-press.com

Total Assets: $1.61 million

Total Liabilities: $800,000

The petition was signed by Brigman Owens, managing member.

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


TUSA-EXPO HOLDINGS: 5th Cir. Affirms Ruling Favoring Knoll Inc.
---------------------------------------------------------------
Trustee Marilyn D. Garner filed an adversary proceeding against
Knoll, Incorporated seeking to avoid transfers from Debtor Tusa
Office Solutions, Incorporated, to Knoll, its creditor, as
preferences under Section 547 of the Bankruptcy Code.

The district court affirmed the bankruptcy court's order concluding
that the bankruptcy court had not abused its discretion in granting
Knoll's motion to amend its answer and that it had not erred in
concluding alternatively that, even if the transfers were
preferences, Knoll had established that the exception to avoidance
applied.  The Trustee timely filed a notice of appeal.

In a Decision dated January 28, 2016, which is available at
http://is.gd/6g2eJhfrom L eagle.com, the United States Court of
Appeals for the Fifth Circuit affirmed the judgment of the district
court affirming the bankruptcy court's Order.

The case is In Re: TUSA-EXPO HOLDINGS, INCORPORATED, Debtor MARILYN
D. GARNER, Appellant, v. KNOLL, INCORPORATED, Appellee, No.
15-10274 (5th Cir.).




VIASAT INC: S&P Affirms 'B+' CCR & Revises Outlook to Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+'
corporate credit rating on Carlsbad, Calif.-based ViaSat Inc., and
revised the rating outlook to positive from stable.

"The outlook revision reflects the company's good revenue and
EBITDA growth through the first nine months of fiscal 2016 relative
to our base-case expectations," said Standard & Poor's credit
analyst Rose Askinazi.

During this period, revenue and EBITDA improved 5% and 16%,
respectively, year over year, driven by strong performance in the
company's satellite and government services segments.

The positive outlook reflects the possibility of an upgrade over
the next 12 months if good operating performance continues and the
company is able to show progress toward executing its long-term
strategy while maintaining adjusted leverage below 4.5x.


VUZIX CORP: Orin Hirschman Reports 8% Stake as of Dec. 31
---------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Orin Hirschman disclosed that as of Dec. 31, 2015, he
beneficially owns 1,279,1831 shares of common stock of Vuzix
Corporation representing 8 percent of the shares outstanding.  A
copy of the regulatory filing is available for free at:

                        http://is.gd/CMbP3h

                      About Vuzix Corporation

Vuzix -- http://www.vuzix.com/-- is a supplier of Video Eyewear
products in the consumer, commercial and entertainment markets.
The Company's products, personal display devices that offer users
a portable high quality viewing experience, provide solutions for
mobility, wearable displays and virtual and augmented reality.
Vuzix holds 33 patents and 15 additional patents pending and
numerous IP licenses in the Video Eyewear field.  Founded in 1997,
Vuzix is a public company with offices in Rochester, NY, Oxford,
UK and Tokyo, Japan.

The net loss for the year 2014 was $7.87 million versus a net loss
of $10.1 million in 2013.

As of Sept. 30, 2015, the Company had $22.13 million in total
assets, $2.74 million in total liabilities and $19.38 million in
total stockholders' equity.


WCI COMMUNITIES: Revolver Debt Upsize No Impact on Moody's B3 CFR
-----------------------------------------------------------------
Moody's said that the upsize and extension of WCI Communities,
Inc.'s revolving credit facility is credit positive, but it does
not impact the company's ratings, including its B3 corporate family
rating, B3-PD probability of default rating, B3 rating on its $250
million 6.875% senior unsecured notes due 2021, SGL-2 speculative
grade liquidity rating, or stable outlook.

WCI Communities, Inc., headquartered in Bonita Springs, is a
Florida-based homebuilder and a developer of master planned
communities. The company focuses on move-up, second home and active
adult buyers, and operates three business segments, including
Homebuilding, Real Estate Services (brokerage and title services),
and Amenities within its communities. In the last twelve months
ending September 30, 2015, WCI generated approximately $550 million
in revenues.


WEEKLEY HOMES: S&P Revises Outlook to Neg. & Affirms 'BB-' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its rating
outlook on Houston-based Weekley Homes LLC. to negative from
stable.  S&P also affirmed its 'BB-' corporate credit rating on the
company and S&P's 'BB-' issue-level rating on its $200 million
senior unsecured notes, due March 2023.  The recovery rating on the
term loan is '3', indicating S&P's expectation for meaningful (50%
to 70%; low end of the range) recovery to debtholders in the event
of default.

"Our negative outlook reflects both Weekley's projected year-end
leverage, which we forecast to be above 4.0x, and our view that its
exposure to Houston may cause additional headwinds for its overall
operating performance in fiscal 2016, and thus we view this as a
potential downside risk to our forecast," said Standard & Poor's
credit analyst Christopher Andrews.

S&P may lower its corporate credit rating on the company in the
event that the leverage improvement S&P expects over the next 12 to
18 months does not materialize and S&P believes that debt to EBITDA
will remain above 4.0x.  This may be a result of further
deterioration in the Houston market and its impact on the company,
or if gross margins come in weaker than our forecast.

S&P may consider returning the outlook to stable in the event that
leverage improves faster than S&P anticipates or if the Houston
market begins to stabilize and S&P believes the company's debt to
EBITDA will remain below 4x.

S&P views an upgrade as unlikely over the next 12 months based on
its expectation of elevated leverage.  In addition, S&P do not
expect the company's limited size and diversity relative to
similarly rated peers to improve materially over this timeframe.


WEST CORP: FMR LLC Reports 11% Equity Stake as of Dec. 31
---------------------------------------------------------
FMR LLC and Abigail P. Johnson disclosed in an amended Schedule 13G
filed with the Securities and Exchange Commission that as of Dec.
31, 2015, they beneficially own 9,233,331 shares of common stock of
West Corporation representing 11.094% of the shares outstanding.  A
copy of the regulatory filing is available for free at
http://is.gd/Sv41BN

                   About West Corporation

Omaha, Neb.-based West Corporation is a global provider of
communication and network infrastructure solutions.  West helps
manage or support essential enterprise communications with services
that include conferencing and collaboration, public safety
services, IP communications, interactive services such as automated
notifications, large-scale agent services and telecom services.

West Corp reported net income of $158 million in 2014 following net
income of $143 million in 2013.

As of Sept. 30, 2015, the Company had $3.55 billion in total
assets, $4.15 billion in total liabilities and a $596 million
stockholders' deficit.

                       Bankruptcy Warning

"If we cannot make scheduled payments on our debt, we will be in
default, and as a result:

   * our debt holders could declare all outstanding principal and
     interest to be due and payable;

   * the lenders under our Senior Secured Credit Facilities could
     terminate their commitments to lend us money and foreclose
     against the assets securing our borrowings; and

   * we could be forced into bankruptcy or liquidation," the    
     Company states in the quarterly report for the period ended
     Sept. 30 ,2015.

                          *     *     *

As reported by the TCR on June 21, 2013, Standard & Poor's Ratings
Services raised its corporate credit rating on West Corp. to 'BB-'
from 'B+'.  The upgrade reflects Standard & Poor's view that lower
debt leverage and a less aggressive financial policy will
strengthen the company's financial profile.

In the April 4, 2013, edition of the TCR, Moody's Investor Service
upgraded West Corporation's Corporate Family Rating to 'B1' from
'B2'.  "The CFR upgrade to B1 reflects West's shift to a more
conservative capital structure and financial policies as a publicly
owned company," stated Moody's analyst Suzanne Wingo.


WEST CORP: Thomas H. Lee Reports 21.8% Equity Stake as of Dec. 31
-----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Thomas H. Lee Advisors, LLC disclosed that as of Dec.
31, 2015, it beneficially owns 18,176,113 shares of common stock of
West Corporation representing 21.84 percent of the shares
outstanding.  The calculation of the percentage is based on
83,223,627 shares of Common Stock outstanding as of Oct. 30, 2015,
as reported in the Issuer's Quarterly Report on Form 10-Q filed
with the SEC on Nov. 6, 2015.  A full-text copy of the regulatory
filing is available for free at http://is.gd/vOw9kl

                   About West Corporation

Omaha, Neb.-based West Corporation is a global provider of
communication and network infrastructure solutions.  West helps
manage or support essential enterprise communications with services
that include conferencing and collaboration, public safety
services, IP communications, interactive services such as automated
notifications, large-scale agent services and telecom services.

West Corp reported net income of $158 million in 2014 following net
income of $143 million in 2013.

As of Sept. 30, 2015, the Company had $3.55 billion in total
assets, $4.15 billion in total liabilities and a $596 million
stockholders' deficit.

                       Bankruptcy Warning

"If we cannot make scheduled payments on our debt, we will be in
default, and as a result:

   * our debt holders could declare all outstanding principal and
     interest to be due and payable;

   * the lenders under our Senior Secured Credit Facilities could
     terminate their commitments to lend us money and foreclose
     against the assets securing our borrowings; and

   * we could be forced into bankruptcy or liquidation," the    
     Company states in the quarterly report for the period ended
     Sept. 30 ,2015.

                          *     *     *

As reported by the TCR on June 21, 2013, Standard & Poor's Ratings
Services raised its corporate credit rating on West Corp. to 'BB-'
from 'B+'.  The upgrade reflects Standard & Poor's view that lower
debt leverage and a less aggressive financial policy will
strengthen the company's financial profile.

In the April 4, 2013, edition of the TCR, Moody's Investor Service
upgraded West Corporation's Corporate Family Rating to 'B1' from
'B2'.  "The CFR upgrade to B1 reflects West's shift to a more
conservative capital structure and financial policies as a publicly
owned company," stated Moody's analyst Suzanne Wingo.


WESTMORELAND COAL: Holds Conference Call to Provide Update
----------------------------------------------------------
Westmoreland Coal Company hosted a conference call to discuss with
investors the Company's recently announced acquisition of San Juan
Coal Company and San Juan Transportation Company, and to provide a
general business update.  The conference call was made available to
the public via dial-in and webcast.  The transcript of the
conference call is available for free at http://is.gd/05Yjp6

                     About Westmoreland Coal

Colorado Springs, Colo.-based Westmoreland Coal Company (NYSE
AMEX: WLB) -- http://www.westmoreland.com/-- is the oldest        

independent coal company in the United States.  The Company's coal
operations include coal mining in the Powder River Basin in
Montana and lignite mining operations in Montana, North Dakota and
Texas.  Its power operations include ownership of the two-unit
ROVA coal-fired power plant in North Carolina.

Westmoreland Coal Company reported a net loss applicable to common
shareholders of $173 million in 2014, a net loss applicable to
common shareholders of $6.05 million in 2013 and a net loss
applicable to common shareholders of $8.58 million in 2012.

As of Sept. 30, 2015, the Company had $1.72 billion in total
assets, $2.21 billion in total liabilities and a $489 million total
deficit.

                            *     *     *

As reported by the TCR on Nov. 20, 2014, Standard & Poor's Rating
Services raised its corporate credit rating on Westmoreland Coal
Co. one-notch to 'B' from 'B-'.  "The stable outlook is supported
by Westmoreland's committed sales position over the next year,
which should result in stable cash flows," said Standard & Poor's
credit analyst Chiza Vitta.

Moody's upgraded the corporate family rating (CFR) of Westmoreland
Coal Company to 'B3' from 'Caa1', and assigned 'Caa1' rating to the
company's proposed new $300 million First Lien Term Loan, the TCR
reported on Nov. 20, 2014.  The upgrade of the CFR reflects the
company's successful integration of the Canadian mines acquired in
April 2014, and Moody's expectation that the company's Debt/ EBITDA
will track at around 5x in 2015 and 2016 and that the company will
be break-even to modestly free cash flow positive over the same
time period.
(Jhonas SEC Feb12 2)


WPCS INT'L: Renaissance Technologies Holds 5.2% Stake as of Nov. 18
-------------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Renaissance Technologies LLC and Renaissance
Technologies Holdings Corporation disclosed that as of Nov. 18,
2015, they beneficially own 135,119 shares of common stock of WPCS
International Incorporated representing 5.27 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/3bkeBH

               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.


YASHAMAR INC: Case Summary & 5 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Yashamar, Inc.
           dba Comfort Inn and Suites
        1800 U.S. 20
        Porter, IN 46304

Case No.: 16-20264

Chapter 11 Petition Date: February 11, 2016

Court: United States Bankruptcy Court
       Northern District of Indiana (Hammond Division)

Judge: Hon. Philip J. Klingeberger

Debtor's Counsel: K. C. Cohen, Esq.
                  KC COHEN, LAWYER, PC
                  151 N. Delaware Street, Ste 1104
                  Indianapolis, IN 46204-2573
                  Tel: (317) 715-1845
                  Email: kc@esoft-legal.com
                         kc@smallbusiness11.com

Total Assets: $2.27 million

Total Liabilities: $3.74 million

The petition was signed by Ramesh Savani, president.

A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/innb16-20264.pdf


YRC WORLDWIDE: Masters Capital Holds 6.6% Stake as of Dec. 31
-------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Masters Capital Management, LLC and Michael Masters
disclosed that as of Dec. 31, 2015, they beneficially own 2,138,629
shares of common stock of YRC Worldwide Inc. representing 6.6
percent of the shares outstanding.  A copy of the regulatory filing
is available for free at http://is.gd/nEXYrV

                        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.


YRC WORLDWIDE: Senvest Management Stake at 0.32% as of Dec. 31
--------------------------------------------------------------
Senvest Management, LLC and Richard Mashaal disclosed in an amended
Schedule 13G filed with the Securities and Exchange Commission that
as of Dec. 31, 2015, they beneficially own 106,000 shares of common
stock of YRC Worldwide Inc. representing 0.32 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/x7M6UV

                      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.


ZLOOP INC: Paid for CEO Son's Racing Career
-------------------------------------------
Katy Stech, writing for Dow Jones' Daily Bankruptcy Review,
reported that Zloop Inc., a North Carolina recycler, was having a
rough 2014, as it needed cash, and an investor was suing the
company and Chief Executive Robert Boston for overpromising on
revenue expectations.

So maybe the company shouldn't have spent heavily on the stock-car
racing career of Mr. Boston's son, a bankruptcy-court watchdog
said, the report related.  In the 20 months before filing for
bankruptcy, Zloop spent roughly $1.7 million for a Kyle Busch
Motorsports racing-sponsorship deal that made Mr. Boston's son,
Justin, the lead driver, the report said.

                        About ZLOOP, Inc.

ZLOOP, Inc., and two affiliates sought Chapter 11 protection
(Bankr. D. Del. Case No. 15-11660) on Aug. 9, 2015.  

ZLOOP operates a proprietary, state of the art, 100% landfill free
eWaste recycling company headquartered in Hickory, North Carolina.

The Debtors tapped DLA Piper LLP as counsel.

As of the Petition Date, the Debtors' unaudited consolidated
balance sheet reflect total assets of approximately $25 million,
including the land and improvements, but excluding certain
commodity inventories that are the output of eWaste recycling, and
total liabilities of approximately $32 million.

On Sept. 2, 2015, the U.S. trustee overseeing the Debtors' Chapter
11 cases appointed Recycling Equipment Inc., E Recycling Systems
LLC and Carolina Metals Group to serve on the official committee
of unsecured creditors.  The committee is represented by Cole
Schotz P.C.


ZOGENIX INC: Broadfin Capital Reports 4.4% Stake as of Dec. 31
--------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Broadfin Capital, LLC, Broadfin Healthcare Master Fund,
Ltd. and Kevin Kotler disclosed that as of Dec. 31, 2015, they
beneficially own 1,087,112 shares of common stock of Zogenix Inc.
representing 4.39 percent of the shares outstanding.  A copy of the
regulatory filing is available for free at:

                    http://is.gd/WsIKjL

                     About Zogenix Inc.

Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego and
Emeryville, California, is a pharmaceutical company
commercializing and developing products for the treatment of
central nervous system disorders and pain.

Zogenix reported net income of $8.58 million in 2014 following a
net loss of $80.85 million in 2013.

As of June 30, 2015, the Company had $246.7 million in total
assets, $138.6 million in total liabilities and $108.1 million in
total stockholders' equity.

Ernst & Young LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2014, citing that the Company's
recurring losses from operations and negative cash flows from
operating activities raise substantial doubt about its ability to
continue as a going concern.


ZOGENIX INC: Federated Investors Has 13% Stake as of Dec. 31
------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Federated Investors, Inc., et al., disclosed that as of
Dec. 31, 2015, they beneficially own 3,372,356 shares of common
stock of Zogenix Inc. representing 13 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/kuuY3C

                       About Zogenix Inc.

Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego and
Emeryville, California, is a pharmaceutical company
commercializing and developing products for the treatment of
central nervous system disorders and pain.

Zogenix reported net income of $8.58 million in 2014 following a
net loss of $80.85 million in 2013.

As of June 30, 2015, the Company had $246.7 million in total
assets, $138.6 million in total liabilities and $108.1 million in
total stockholders' equity.

Ernst & Young LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2014, citing that the Company's
recurring losses from operations and negative cash flows from
operating activities raise substantial doubt about its ability to
continue as a going concern.


ZOGENIX INC: FMR LLC Reports 13.6% Stake as of Dec. 31
------------------------------------------------------
FMR LLC and Abigail P. Johnson disclosed in an amended Schedule 13G
filed with the Securities and Exchange Commission on Feb. 12, 2016,
that they beneficially own 3,452,521 shares of common stock of
Zogenix Inc. representing 13.65 percent of the shares outstanding.
Select Biotechnology Portfolio also reported beneficial ownership
of 2,768,431 common shares.  A copy of the regulatory filing is
available at http://is.gd/futxz7

                       About Zogenix Inc.

Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego and
Emeryville, California, is a pharmaceutical company
commercializing and developing products for the treatment of
central nervous system disorders and pain.

Zogenix reported net income of $8.58 million in 2014 following a
net loss of $80.85 million in 2013.

As of June 30, 2015, the Company had $246.7 million in total
assets, $138.6 million in total liabilities and $108.1 million in
total stockholders' equity.

Ernst & Young LLP, in San Diego, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2014, citing that the Company's
recurring losses from operations and negative cash flows from
operating activities raise substantial doubt about its ability to
continue as a going concern.


ZOHAR CDO 2003-1: Patriarch Withdraws Involuntary Petitions
-----------------------------------------------------------
Patriarch Partners XV, LLC, on Feb. 6, 2016, submitted to the U.S.
Bankruptcy Court for the Southern District of New York a notice
saying that it is withdrawing its involuntary Chapter 11 petitions
for Zohar-I and it now agrees to the dismissal of the bankruptcy
cases.

On Nov. 22, 2015, Patriarch Partners filed involuntary petitions
against Zohar CDO 2003-1, Limited, Zohar CDO 2003-1, Corp., and
Zohar CDO 2003-1, LLC.

On Dec. 14, 2015, Zohar-I filed an Answer and Motion of Alleged
Debtors for an Order Dismissing the Involuntary Petitions or, in
the Alternative, Abstaining Pursuant to 11 U.S.C. Sec. 305.

On Dec. 29, 2015, Patriarch XV filed a Response and Objection to
the Motion.

On Jan. 4, 2016, the Debtors filed a Reply in further support of
the Motion.

On Jan. 6, 2016, the Court held an initial hearing on the Motion to
Dismiss, during which the Court granted MBIA Inc. and MBIA
Insurance Corporation permission to participate in the proceedings
as parties-in-interest.

On Jan. 28, 2016, MBIA and the Debtors submitted supplemental
papers to the Court in further support of the Motion to Dismiss.

On Jan. 28, 2016, Patriarch XV submitted supplemental papers to the
Court in further support of its Objection to the Motion to
Dismiss.

On Feb. 1, 2016, the Court held an evidentiary hearing on the
Motion to Dismiss, which was adjourned until a future date prior to
its conclusion.

On Feb. 5, 2016, Patriarch XV informed the Court, the Debtors and
MBIA that it has withdrawn its Objection to Zohar-I's Motion to
Dismiss, and on that same date, the parties held a telephonic
conference with the Court.

As directed by the Court in the telephonic conference held on Feb.
5, 2016, Patriarch XV notifies Zohar-I and all parties in interest
that it withdraws its Involuntary Petitions and requests that the
Court enter an order dismissing the cases.

Counsel to Patriarch Partners XV, LLC:

          SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
          Jay M. Goffman, Esq.
          Jay B. Kasner, Esq.
          Mark A. McDermott, Esq.
          Scott D. Musoff, Esq.
          Christopher P. Malloy, Esq.
          Four Times Square
          New York, NY 10036
          Tel: (212) 735-3000

                  - and -

          Anthony W. Clark, Esq.
          Paul J. Lockwood, Esq.
          920 N. King Street
          Wilmington, DE 19899
          Tel: (302) 651-3000

                      About Zohar CDO 2003-1

Patriarch Partners XV, LLC filed involuntary Chapter 11 bankruptcy
petitions against Zohar CDO 2003-1, Corp., Zohar CDO 2003-1,
Limited and Zohar CDO 2003-1, LLC (Bankr. S.D.N.Y. Case Nos.
15-23681 to 15-23682) on Nov. 22, 2015.

Patriarch Partners disclosed that it has filed, through one of its
affiliates, an involuntary Chapter 11 petition for Zohar CDO
2003-1, Limited.  Patriarch is Zohar I's largest creditor, holding
$286.5 million face amount of Zohar I notes.  Patriarch has placed
Zohar I into Chapter 11 in order to protect Zohar I and Patriarch
from the efforts of MBIA Inc. and MBIA Insurance Corporation,
another creditor of Zohar I, to obtain Zohar I's assets for
itself.

Patriarch claimed it has been forced to pursue this route because
of MBIA's fraudulent scheme to induce Patriarch XV to spend over
$103 million to buy out a third-party noteholder in Zohar-I to
facilitate a restructuring of Zohar-I.

Lynn Tilton is CEO of Patriarch.

Patriarch's restructuring counsel is Skadden, Arps, Slate, Meagher
& Flom LLP and its financial advisor is Moelis & Co.


ZYNEX INC: Michael Hartberger Named Chief Operating Officer
-----------------------------------------------------------
Mr. Michael Hartberger commenced employment at Zynex, Inc., as
chief operating officer effective Feb. 1, 2016, according to a Form
8-K filed with the Securities and Exchange Commission.

Mr. Hartberger, age 52, will report to the Company's Chief
Executive Officer, Thomas Sandgaard, and Mr. Hartberger will be in
charge Company's operations, principally Zynex Medical, Inc.
electrotherapy products.  The Company closed its Pharmazy division
in January 2016.  Mr. Hartberger will also assist Mr. Sandgaard in
dealing with the Company's announced liquidity challenges due to
low revenues and limited availability of borrowings under its
existing revolving credit facility.  Notwithstanding the Company
being in covenant defaults under the terms of the loan agreement,
the lender (TBK Bank, SSB) has continued to make advances to the
Company based on cash collections and the Company has been able to
utilize its key bank accounts.

Mr. Hartberger has more than 25 years experience in multiple
industries with proven leadership in operations, general management
and finance roles from start-up support to M&A and divestitures.
Mr. Hartberger worked in various areas of business operations,
including business and operations strategy, operations planning,
quality systems, cultural change and organizational development.
Prior to joining the Company, Mr. Hartberger previously worked as
chief operating officer and chief financial officer for Peak 10
Publishing LLC.  From 2013 to 2015, Mr. Hartberger worked as the
chief operating officer of Summit Container Corporation.  Prior to
working with Summit Container Corporation, Mr. Hartberger spent 12
years (from 1998 to 2010) with Plantronics, Inc. (NYSE:PLT), in two
of their divisions (Clarity and Altec Lansing), he acted as vice
president of Operations, vice president of Finance/Accounting and
Director of Finance, Administration and Operations.  From 1990 to
1998, Mr. Hartberger worked at Greentree Investment Corporation, in
which he held various senior-level positions, with the last being
Vice President/General Manager for one of Greentree Investment
Corporation’s portfolio companies.  Mr. Hartberger holds a
Bachelor of Science degree in Accounting from Clarion University of
Pennsylvania and executive studies from Harvard Law, Darden
Graduate School of Business, Belmont Graduate School of Business
and Slone School of Management (MIT).

Mr. Hartberger's employment will be on an at-will basis.  The Offer
Letter provides for an initial base salary of $200,000.

Pursuant to the Offer Letter, Mr. Hartberger was awarded stock
options for 200,000 shares of common stock under the Company's
stock incentive plan, which vest over 4 years and are exercisable
until Jan. 31, 2026, at a strike price of $.39 per share.  Mr.
Hartberger's at-will employment was approved by Mr. Sandgaard on
Jan. 12, 2016.

                          About Zynex

Zynex, Inc. (OTCQB: ZYXI) specializes in the production and sale of
non-invasive medical devices for pain management, stroke
rehabilitation, neurodiagnostic equipment, cardiac and blood volume
monitoring.  The company maintains its headquarters in Lone Tree,
Colorado.

As of Sept. 30, 2015, Zynex had $4.98 million in total assets,
$7.90 million in total liabilities and a total stockholders'
deficit of $2.92 million.

"Our negative working capital and limited liquidity may restrict
our ability to carry out our current business plans and curtail our
future revenue growth.  For the nine months ended September 30,
2015, we reported cash provided from operating activities of $82.
In addition, we reported a net loss of $1,711 for the nine months
ended September 30, 2015.  These conditions raise substantial doubt
about our ability to continue as a going concern," the Company
stated in its quarterly report for the period ended Sept. 30, 2015.



[*] 8 Firms Boast the Most Client-Savvy Attorneys, Says Law360
--------------------------------------------------------------
Aebra Coe at Bankruptcy Law360 announced that the names of eight
law firms were repeatedly on the lips of general counsel this year
as they reported which attorneys stood out to them as the best of
the best in client service.

A tiny 10 percent of BigLaw firms were home to multiple attorneys
lavished with praise this year by general counsel on their superior
ability to serve clients, according to the 2016 BTI Client Service
All-Stars report by BTI Consulting Group (Wellesley, Mass.), which
surveyed more than 300 legal decision makers.

An even shorter list, eight firms, had at least five attorneys land
on BTI’s All-Star list. The adroit eight include Jones Day,
Skadden Arps Slate Meagher & Flom LLP, Dentons, BakerHostetler LLP,
Gibson Dunn, Mayer Brown LLP, Reed Smith LLP and Morgan Lewis &
Bockius LLP.

Jones Day and Skadden each had a whopping eight partners named as
All-Stars, with Dentons coming in a close third with seven.

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

http://www.law360.com/articles/755753/8-firms-boast-the-most-client-savvy-attorneys


[*] Dickstein Shapiro to Merge with Blank Rome
----------------------------------------------
Elizabeth Olson, writing for The New York Times' DealBook, reported
that after several years of turbulence, including the indictment of
J. Dennis Hastert, a former House speaker who led its public policy
practice, the once-prominent Washington law firm Dickstein Shapiro
is folding and becoming part of a larger Philadelphia firm, Blank
Rome.

According to the report, of those left at Dickstein, about 100
lawyers and staff will join Blank Rome, which has about 470
lawyers, the Philadelphia firm announced.  The report said that
Dickstein Shapiro has been buffeted in recent years as the legal
economy has changed.  Known particularly for its regulatory,
litigation and intellectual property practices, the 53-year-old
firm in its heyday had 400 lawyers with five offices, including one
in New York, the report related.  Its profit per partner -- a
public measure of the firm rankings by the publication The American
Lawyer -- was around $1 million as recently as 2014, the report
further related.


[*] Financial Institution Bankruptcy Act Approved
-------------------------------------------------
Diane Davis, writing for Bloomberg Brief - Distress & Bankruptcy,
reported that the House Judiciary Committee Feb. 11 approved by a
vote of 25–0 the Financial Institution Bankruptcy Act of 2016,
which would amend the Bankruptcy Code in order to improve the
efficient resolution of a financial firm through the bankruptcy
process.

According to the report, H.R. 2947, or "FIBA" as referred to by the
committee, incorporates the recommendations of hearing witnesses,
regulators, and experts from four committee hearings over the past
two years.

The measure is the product of a bipartisan coalition within the
House Judiciary Committee to "strengthen our nation's bankruptcy
laws so that the process will be well-equipped to administer
bankruptcy cases related to financial institutions," the report
said, citing a statement released Feb. 11 by the committee.

The bill would allow for a "speedy transfer of the operating assets
of a financial firm over the course of a weekend," according to a
statement by House Chairman Bob Goodlatte (R-Va.), the report
related.  "This quick transfer allows the financial firm to
continue to operate in the normal course, which preserves the value
of the enterprise for the creditors of the bankruptcy without a
significant impact on the firm's employees, suppliers, and
customers," Mr. Goodlatte said, the report further related.


[*] GCs Name Best of the Best Attorneys
---------------------------------------
Melissa Maleske at Bankruptcy Law360 reported that more than 60
lawyers have been recognized by corporate counsel for cracking the
code of client satisfaction and standing out among their peers for
at least two years straight.

Of the 312 attorneys from 163 law firms named by general counsel in
the 2016 BTI Client Service All-Stars report by BTI Consulting
Group (Wellesley, Mass.), 61 have been recognized more than once,
earning them honors as MVPs.   BTI conducted 322 phone interviews
with general counsel and other high-ranking legal decision makers
to compile the list.

"Being a client service All-Star comes naturally to some; others
work at it really, really hard," said BTI Consulting Group's
president and founder Michael Rynowecer.  "My biggest piece of
advice is work at it. The BTI client service All-Stars by and large
never worry about billable hours or where the next client comes
from. They have a large, steady and lucrative client base, and that
will drive the success of any attorney."

The full list of 61 client service MVPs includes H. Rodgin Cohen of
Sullivan & Cromwell LLP, who has been named for 14 consecutive
years; Leslie A. Lanusse of Adams and Reese LLP, who has been named
for six consecutive years; Gerald L. Maatman Jr. of Seyfarth Shaw
LLP and Jeffrey Ostrager of Curtis Mallet-Prevost Colt & Mosle LLP,
who have been named for five consecutive years; Tom Clare of Clare
Locke LLP, Douglas R. Marvin of Williams & Connolly LLP, Allen J.
Ruby of Skadden Arps Slate Meagher & Flom LLP and Douglas W.
Sullivan of Crowell & Moring LLP, who have been named for four
consecutive years; Bobby R. Burchfield of King & Spalding LLP,
Jacob D. Bylund of Faegre Baker Daniels, Greg M. Frenette of Blake
Cassels & Graydon LLP, Wayne A. Graver of Lavin O’Neil Cedrone &
DiSipio, Michael Hoffman of Arena Hoffman LLP, Michael A. Kahn of
Crowell & Moring, William J. Kelly III of Kelly & Walker LLC, Tracy
E. Kern of Jones Walker LLP, Patrick J. Lamb of Valorem Law Group
LLP, Michael R. Lazerwitz of Cleary Gottlieb Steen & Hamilton LLP,
E. Mabry Rogers of Bradley Arant Boult Cummings LLP, Steven A.
Rosenblum of Wachtell Lipton Rosen & Katz, E. Joshua Rosenkranz of
Orrick Herrington & Sutcliffe LLP, Mary K. Ryan of Nutter McClennen
& Fish LLP, Charles T. Speth II of Ogletree Deakins Nash Smoak &
Stewart PC, James B. Aronoff of Thompson Hine LLP, John T. Baecher
of Chadbourne & Parke LLP, Steven M. Baumer of Bryan Cave LLP,
David E. Constine III of Troutman Sanders LLP and Robert M. Conway
of Duane Morris LLP, who have been named for three consecutive
years; and Ariel J. Deckelbaum of Paul Weiss Rifkind Wharton &
Garrison LLP, Stacy Leshock Dee of Reiferson Miller PLC, John
Dembeck of Debevoise & Plimpton LLP, Robert W. Dockery of
Polsinelli PC, James P. Dougherty of Jones Day, Sean C. Doyle of
Skadden, Christian W. Fabian of Mayer Brown LLP, Scott Ferrell of
Newport Trial Group, Eric M. Feuerstein of Gibson Dunn, Joel S.
Forman of Vedder Price PC, John G. Froemming of Jones Day, Robert
B. Gilmore of Stein Mitchell Cipollone Beato & Missner LLP, Stephen
Glover of Gibson Dunn, Robert D. Goldbaum of Paul Weiss, Howard M.
Goldwasser of K&L Gates LLP, Michael A. Gordon of Sidley Austin
LLP, William E. Hannum III of Schwartz Hannum PC, Elizabeth G.
Hester of Kaufman & Canoles PC, A. Gregory Junge of Van Ness
Feldman LLP, Ethan A. Klingsberg of Cleary Gottlieb and Paula E.
Litt of Schopf & Weiss LLP — now Honigman Miller Schwartz and
Cohn LLP — as well as Kirk T. May of Rouse Hendricks German May
PC, David McIntosh of Ropes & Gray LLP, Teri Lynn McMahon of Alston
& Bird LLP, Karrin Powys-Lybbe of Torys LLP, Steven W. Quattlebaum
of Quattlebaum Grooms & Tull PLLC, Pankaj K. Sinha of Skadden,
Richard S. Soble of Honigman, Michael J. Solecki of Jones Day, Marc
F. Sperber of Mayer Brown, Jay Tabor of Gibson Dunn, H. Glenn
Tucker of Greenberg Dauber Epstein & Tucker and Jeffrey J. Wild of
Benesch Friedlander Coplan & Aronoff LLP, who have been named for
two consecutive years.

A full-text copy of the article is available for free at:
http://www.law360.com/articles/755841/gcs-name-best-of-the-best-attorneys


[*] Moody's Concludes Reviews for 11 US Ba-rated E&P Companies
--------------------------------------------------------------
Moody's Investors Service, on Feb. 11, 2016, concluded rating
reviews on 11 Ba-rated US exploration and production (E&P)
companies. Moody's confirmed three companies' ratings, and
downgraded three companies' ratings two notches, two companies'
ratings three notches, two companies' ratings four notches and one
company's ratings five notches.

RATINGS RATIONALE

Oil prices have dropped substantially reflecting continuing
oversupply in the global oil markets, very high inventory levels
and additional Iranian oil exports coming on line. Furthermore,
North American natural gas and natural gas liquids prices remain
quite weak. Moody's lowered its oil price estimates on January 21
and expects a slow recovery for oil prices over the next several
years. For E&P companies, cash flow declines in tandem with oil and
natural gas prices, with the decline weakening credit metrics and
liquidity, and increasing their negative free cash flow. The drop
in energy prices and corresponding capital markets concerns will
also raise financing costs and increase refinancing risks for E&P
companies.

The drop in oil prices and weak natural gas prices has caused a
fundamental change in the energy industry, and its ability to
generate cash flow has fallen substantially. Moody's believes this
condition will persist for several years. As a result, Moody's is
recalibrating the ratings of many energy companies to reflect this
industry shift. However, the impact of the drop in oil prices and
low natural gas prices will vary substantially from issuer to
issuer. Therefore, Moody's confirmed the current ratings of some
companies, while downgrading others by multiple notches.

Antero Resources Corporation

Moody's confirmed Antero Resources' Ba2 Corporate Family Rating
(CFR), which reflects its strong hedge book through 2018 and good
liquidity. Antero has $3.1 billion in unrealized hedging gains, $3
billion of availability under its $4 billion committed revolving
credit facility and a 67% ownership interest in Antero Midstream
Partners LP. Antero is exposed to the prolonged nature of the
energy price downturn and the risk that the company's continued
heavy capital spending through 2018 may pressure its already high
financial leverage. Antero will generate significant negative free
cash flow as a result of its aggressive growth strategy, and the
company has the ability to fund this shortfall with a number of
tools including post-2018 hedge monetization, the sale of Antero
Midstream units and potential equity market access.

Concho Resources Inc.

Moody's confirmed Concho's Ba1 Corporate Family Rating (CFR), which
reflects its oil focused production mix, good hedging program and
competitive cost structure that will support leading cash margins
and good cash flow generation even in a weak commodity price
environment. Although production growth will stall with lower
capital spending, its production scale and leverage, interest
coverage, and cash flow metrics will remain supportive of the Ba1
rating. The rating also incorporates Concho's history of using
internal cash flow generation, asset sales and equity offerings to
reduce debt balances. Geographic concentration risks associated
with all operations being in a single hydrocarbon basin are high
but the Permian Basin remains one of the most prolific oil
producing regions in North America.

Energen Corporation

Moody's downgraded Energen's Corporate Family Rating (CFR) to B1
from Ba1. This considers the severe negative impact of weak
commodity prices on Energen's credit metrics including its retained
cash flow to debt. Moody's expects a significant drop in Energen's
2016 and 2017 EBITDA resulting in much weaker leverage metrics.
Energen could potentially breach its Debt to EBITDAX covenant by
the end of 2016 unless the outstanding borrowings under its senior
secured revolving credit facility are reduced significantly or an
amendment is secured.

Hilcorp Energy I, L.P

Moody's confirmed Hilcorp's Ba1 Corporate Family Rating (CFR),
which reflects its modest debt leverage and disciplined approach in
adhering to a cost-focused operating strategy. Absolute debt levels
have doubled since 2013 to $1.6 billion, but remain modestly sized
relative to cash flow, production and proved developed (PD)
reserves. Moody's expects cash flow metrics to weaken in 2016
reflecting the company's monetization of its oil price hedges,
before strengthening in 2017, a function of its focus on cost
reduction and disciplined hedging of production. Acquisitions have
added geological diversification to Hilcorp's traditional
Texas-Louisiana Gulf Coast base of operations, such that about
one-third of Hilcorp's proved reserves are now attributable to its
expansion into Alaska. Moody's expects that Hilcorp's debt levels
are unlikely to expand materially, although the Ba1 rating
recognizes the high call on cash flow of future development costs,
including asset retirement obligations. The singular control Mr.
Jeffery Hildebrand wields over Hilcorp's operations through his
ownership of Hilcorp's general partner is also reflected in the Ba1
CFR; however, Moody's notes that the company has prospered under
his control and leadership, limiting its exploitation of debt
financing and maintaining a solid credit profile.

Newfield Exploration Company

Moody's downgraded Newfield's Corporate Family Rating (CFR) to Ba3
from Ba1. This reflects the decline in cash flow generation,
material worsening of cash flow credit metrics, and a gradual
increase in liquidity stress as the hedge roll off accelerates
through 2017. This is partially mitigated by the company's hedging
program, large drilling inventory and geographically diverse
portfolio of properties that provides flexibility to reduce capital
spending in 2016. Newfield's focus on areas with the best returns
such as the STACK and SCOOP plays will reduce its cost structure to
combat low commodity prices. A reduced capital budget will avoid
significantly higher debt balances through 2016. However, a
concerted effort to diversify its asset base and increase its
liquids production over the past four years contributed to
relatively weak capital efficiency. Despite significant
improvements in its cost structure and forecasted efficiency gains
through focused drilling, expected low oil and gas prices will keep
capital efficiency metrics at weak levels through 2017.

QEP Resources Inc.

Moody's downgraded QEP's Corporate Family Rating (CFR) to B1 from
Ba1. This reflects the risks of the company's capital intensive
process of transitioning its portfolio towards a more balanced mix
of oil and gas exposure, especially in the current depressed price
environment for all hydrocarbons. Even though both organic
improvements and acquisitions have added more commodity and basin
diversification to its property portfolio, QEP's cash margins and
returns are expected to weaken at least through 2017. We expect the
company to cut capex in 2016 but still modestly outspend its
generated cash flow. Nonetheless, QEP's B1 rating is supported by
the expectation of reasonable leverage and interest coverage
metrics, which will be aided by the company's hedges for 2016-17.
The rating also recognizes QEP's track record of conservative
financial policies and Moody's expectation of good liquidity with
meaningful cash balances and an undrawn revolver as of early 2016.

Range Resources Corporation

Moody's downgraded Range Resources' Corporate Family Rating (CFR)
to Ba3 from Ba1. This reflects the impact of weaker commodity
prices on Range's cash flow-based financial leverage metrics in
2016 and particularly in 2017, as Range's hedge book rolls off.
Helping to offset weak cash flow-based credit metrics are Range's
strong asset-based financial leverage metrics. The Ba3 rating is
supported by Range's leading position in the Marcellus Shale
region, its considerable size and scale, and its history of strong
operational efficiency.

SM Energy Company

Moody's downgraded SM Energy's (SM) Corporate Family Rating (CFR)
to B2 from Ba1, which reflects the likelihood of a dramatic
increase in financial leverage in 2017. SM entered this downturn
with less leverage than many of its peers and the company has
significantly lowered its cost structure since late 2014 to cope
with the collapse in commodity prices. However, as hedges roll off
and production declines due to restrained capital investments, the
company will see a sharper drop in 2017 EBITDAX increasing the risk
of a potential covenant violation. The company has price protection
for 44% of its projected 2016 production, plans to manage its capex
program within EBITDAX and has $1.3 billion of availability under
its $1.5 billion committed revolver. SM has limited borrowing base
reduction risk and refinancing risk.

Unit Corporation

Moody's downgraded Unit's Corporate Family Rating (CFR) to B2 from
Ba3, which reflects its elevated risk of a covenant violation
because of increasing financial leverage. The company may breach
the 4x consolidated funded debt to EBITDA covenant later in 2016 if
commodity prices remain depressed. However, Unit's unsecured
capital structure may help in negotiations with its banks and allow
the company to shed assets without material constraints. Unit has
historically maintained low leverage and it plans to live within
operating cash flow in 2016. Unit also has low refinancing risk
given its revolver expires in April 2020 and the nearest bond
maturity is in December 2021.

Whiting Petroleum Corporation

Moody's downgraded Whiting's Corporate Family Rating (CFR) to Caa1
from Ba2. This reflects Moody's expectations of very weak cash
flow-based leverage metrics in 2016 and particularly in 2017, when
its hedges roll off. With the company facing structurally low oil
prices through 2017 and a heavy debt burden, there is a heightened
risk of a debt restructuring. Whiting's Caa1 CFR is supported by
the company's reserves and production scale and its long-lived
reserves profile. While we recognize the steps that Whiting has
undertaken in response to weak pricing levels, we believe the
ability to further adjust to a lower price environment will be more
challenging and the timing and execution of assets sales more
uncertain.

WPX Energy, Inc.

Moody's downgraded WPX's Corporate Family Rating (CFR) to B2 from
Ba1. This reflects its elevated leverage and Moody's expectation
that the company's cash flows and credit metrics will worsen in
2017 when its hedged production volumes decline. The company's
financial results in 2016 will be buffered by the strong hedge
position (three fourths of oil production and substantially all of
natural gas production is hedged after the Piceance assets sale),
but in 2017 hedged volumes drop. WPX continues to have material
capital spending requirements to keep production flat, such that it
will generate negative free cash flow in 2017. WPX had $3.4 billion
of balance sheet debt as of September 30, 2015, but asset sales
will allow it to reduce debt and address the $400 million notes
maturing in January 2017. Even after the sale of its Piceance basin
operations ($910 million cash proceeds), the company will benefit
from diverse operations with exposure to the Williston, Permian and
San Juan basins. However, asset sales and capital spending
reductions will result in much smaller production in 2016. The
company may need to amend its revolving credit facility's financial
covenants, but is expected to be able to do so and maintain
adequate liquidity.

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

-- Issuer: SM Energy Company

Downgrades:

-- Probability of Default Rating, Downgraded to B2-PD from Ba1-PD

-- Corporate Family Rating, Downgraded to B2 from Ba1

-- Senior Unsecured Regular Bond/Debentures, Downgraded to B3
    (LGD 4) from Ba2 (LGD 5)

Lowered:

-- Speculative Grade Liquidity Rating, lowered to SGL-3 from SGL-
    2

Outlook Actions:

--Outlook, Changed To Negative From Rating Under Review

-- Issuer: Newfield Exploration Company

Downgrades:

-- Probability of Default Rating, Downgraded to Ba3-PD from Ba1-
    PD

-- Corporate Family Rating, Downgraded to Ba3 from Ba1

-- Pref. Shelf , Downgraded to (P)B2 from (P)Ba3

-- Pref. shelf Non-cumulative, Downgraded to (P)B2 from (P)Ba3

-- Subordinate Shelf, Downgraded to (P)B1 from (P)Ba2

-- Senior Subordinate Shelf, Downgraded to (P)B1 from (P)Ba2

-- Senior Unsec. Shelf, Downgraded to (P)Ba3 from (P)Ba1

-- Senior Unsecured Regular Bond/Debentures, Downgraded to Ba3
    (LGD 3) from Ba1 (LGD 4)

Affirmations:

-- Speculative Grade Liquidity Rating, Affirmed SGL-2

Outlook Actions:

-- Outlook, Changed To Negative From Rating Under Review

-- Issuer: Range Resources Corporation

Downgrades:

-- Probability of Default Rating, Downgraded to Ba3-PD from Ba1-
    PD

-- Corporate Family Rating, Downgraded to Ba3 from Ba1

-- Senior Subordinated Regular Bond/Debentures, Downgraded to B1
    (LGD 5) from Ba2 (LGD 5)

-- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3
    (LGD3) from Ba1 (LGD 3)

Affirmations:

-- Speculative Grade Liquidity Rating, Affirmed SGL-2

Outlook Actions:

-- Outlook, Changed To Negative From Rating Under Review

-- Issuer: Concho Resources Inc.

Confirmations:

-- Probability of Default Rating, Confirmed at Ba1-PD

-- Corporate Family Rating, Confirmed at Ba1

-- Senior Unsecured Regular Bond/Debentures, Confirmed at Ba2
    (LGD 4)

Affirmations:

-- Speculative Grade Liquidity Rating, Affirmed SGL-2

Outlook Actions:

--Outlook, Changed To Stable From Rating Under Review

-- Issuer: Hilcorp Energy I, L.P

Confirmations:

-- Probability of Default Rating, Confirmed at Ba1-PD

-- Corporate Family Rating, Confirmed at Ba1

-- Senior Unsecured Regular Bond/Debentures, Confirmed at Ba2
    (LGD 5)

Outlook Actions:

--Outlook, Changed To Stable From Rating Under Review

-- Issuer: QEP Resources, Inc.

Downgrades:

-- Probability of Default Rating, Downgraded to B1-PD from Ba1-PD

-- Corporate Family Rating, Downgraded to B1 from Ba1

-- Senior Unsecured Regular Bond/Debentures, Downgraded to B1
    (LGD 4) from Ba1(LGD 4)

Affirmations:

-- Speculative Grade Liquidity Rating, Affirmed SGL-2

Outlook Actions:

-- Outlook, Changed To Stable From Rating Under Review

-- Issuer: WPX Energy, Inc.

Downgrades:

-- Probability of Default Rating, Downgraded to B2-PD from Ba1-PD

-- Corporate Family Rating, Downgraded to B2 from Ba1

-- Senior Unsecured Regular Bond/Debentures, Downgraded to B2
    (LGD 4) from Ba1 (LGD 4)

-- Senior Unsecured Shelf, Downgraded to (P)B2 from (P)Ba1

Raised:

-- Speculative Grade Liquidity Rating, raised to SGL-2 from SGL-3

Outlook Actions:

--Outlook, Changed To Negative From Rating Under Review

-- Issuer: Energen Corporation

Downgrades:

-- Probability of Default Rating, Downgraded to B1-PD from Ba1-PD

-- Corporate Family Rating, Downgraded to B1 from Ba1

-- Senior Unsec. Shelf, Downgraded to (P)B3 from (P)Ba2

-- Senior Unsecured Medium-Term Note Program, Downgraded to (P)B3

    from (P)Ba2

-- Senior Unsecured Regular Bond/Debentures, Downgraded to B3
    (LGD 5)from Ba2 (LGD 5)

Lowered:

-- Speculative Grade Liquidity Rating, Lowered to SGL-3 from SGL-
    2

Outlook Actions:

-- Outlook, Changed To Negative From Rating Under Review

-- Issuer: Whiting Petroleum Corporation

Downgrades:

-- Probability of Default Rating, Downgraded to Caa1-PD from Ba2-
    PD

-- Corporate Family Rating, Downgraded to Caa1 from Ba2

-- Senior Subordinated Regular Bond/Debenture, Downgraded to
    Caa3(LGD 6) from B1 (LGD 6)

-- Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to
    Caa2(LGD 5) from Ba3 (LGD 4)

-- Senior Unsecured Regular Bond/Debentures, Downgraded to Caa2
    (LGD 5) from Ba3 (LGD 4)

Lowered:

-- Speculative Grade Liquidity Rating, Lowered to SGL-3 from SGL-
    2

Outlook Actions:

-- Outlook, Changed To Negative From Rating Under Review

-- Issuer: Antero Resources Corporation

-- Probability of Default Rating, Confirmed at Ba2-PD

-- Corporate Family Rating, Confirmed at Ba2

-- Senior Unsecured Regular Bond/Debentures, Confirmed at Ba3
   (LGD 5)

Affirmations:

-- Speculative Grade Liquidity Rating, Affirmed SGL-2

Outlook Actions:

-- Outlook, Changed To Negative From Rating Under Review

-- Issuer: Antero Resources Finance Corporation

-- Senior Unsecured Regular Bond/Debentures, Confirmed at Ba3
    (LGD 5)

Outlook Actions:

-- Outlook, Changed To Negative From Rating Under Review

-- Issuer: Unit Corporation

Downgrades:

-- Probability of Default Rating, Downgraded to B2-PD from Ba3-PD

-- Corporate Family Rating, Downgraded to B2 from Ba3

-- Senior Subordinated Regular Bond/Debentures, Downgraded to B3
    (LGD 5) from B1 (LGD 5)

Lowered:

-- Speculative Grade Liquidity Rating, Lowered to SGL-3 from SGL-
    2

Outlook Actions:

-- Outlook, Changed To Negative From Rating Under Review


[^] BOND PRICING: For the Week from February 8 to 12, 2016
----------------------------------------------------------
   Company                  Ticker  Coupon Bid Price   Maturity
   -------                  ------  ------ ---------   --------
99 Cents Only Stores LLC    NDN     11.000    31.400 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    71.500 12/15/2016
A. M. Castle & Co           CAS     12.750    71.500 12/15/2016
AAR Corp                    AIR      2.250    99.000   3/1/2016
ACE Cash Express Inc        AACE    11.000    43.500   2/1/2019
ACE Cash Express Inc        AACE    11.000    46.500   2/1/2019
AK Steel Corp               AKS      7.625    36.903  5/15/2020
AV Homes Inc                AVHI     7.500    96.614  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      6.250     0.772   6/1/2021
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     0.500   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    10.000 10/15/2018
American Eagle
  Energy Corp               AMZG    11.000    17.250   9/1/2019
American Eagle
  Energy Corp               AMZG    11.000    17.000   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   7.119    25.000   8/1/2019
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    23.500   8/1/2019
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp              AMEPER   7.375    22.000  11/1/2021
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp              AMEPER   7.125    22.000  11/1/2020
American Gilsonite Co       AMEGIL  11.500    48.000   9/1/2017
American Gilsonite Co       AMEGIL  11.500    48.000   9/1/2017
Approach Resources Inc      AREX     7.000    18.500  6/15/2021
Appvion Inc                 APPPAP   9.000    32.000   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      8.000     1.375  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    36.625 12/15/2019
Aspect Software Inc         ASPECT  10.625    70.612  5/15/2017
Aspect Software Inc         ASPECT  10.625    73.875  5/15/2017
Aspect Software Inc         ASPECT  10.625    73.875  5/15/2017
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp              ARP      9.250    13.033  8/15/2021
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp              ARP      7.750    16.100  1/15/2021
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp              ARP      9.250    13.750  8/15/2021
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp              ARP      9.250    13.750  8/15/2021
Atwood Oceanics Inc         ATW      6.500    36.885   2/1/2020
Avaya Inc                   AVYA    10.500    20.750   3/1/2021
Avaya Inc                   AVYA    10.500    20.566   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     3.693   3/1/2049
Basic Energy Services Inc   BAS      7.750    18.083  2/15/2019
Basic Energy Services Inc   BAS      7.750    17.563 10/15/2022
Berry Petroleum Co LLC      LINE     6.375     5.125  9/15/2022
Berry Petroleum Co LLC      LINE     6.750     2.970  11/1/2020
Bon-Ton Department
  Stores Inc/The            BONT    10.625    50.300  7/15/2017
Bon-Ton Department
  Stores Inc/The            BONT    10.625    51.000  7/15/2017
Bon-Ton Department
  Stores Inc/The            BONT    10.625    51.000  7/15/2017
Bonanza Creek Energy Inc    BCEI     6.750    30.500  4/15/2021
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp    BBEP     7.875    12.787  4/15/2022
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp    BBEP     8.625    13.250 10/15/2020
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp    BBEP     8.625    14.250 10/15/2020
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp    BBEP     8.625    14.250 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    32.250 12/15/2018
Caesars Entertainment
  Operating Co Inc          CZR     11.250    71.500   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    30.660   6/1/2016
Caesars Entertainment
  Operating Co Inc          CZR     10.000    32.500 12/15/2018
Caesars Entertainment
  Operating Co Inc          CZR     10.000     8.000 12/15/2015
Caesars Entertainment
  Operating Co Inc          CZR      5.750    30.125  10/1/2017
Caesars Entertainment
  Operating Co Inc          CZR     11.250    71.375   6/1/2017
Caesars Entertainment
  Operating Co Inc          CZR     10.000    32.000 12/15/2018
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    32.125 12/15/2018
Caesars Entertainment
  Operating Co Inc          CZR     11.250    71.375   6/1/2017
California Resources Corp   CRC      8.000    24.000 12/15/2022
California Resources Corp   CRC      6.000    11.000 11/15/2024
California Resources Corp   CRC      5.000    10.500  1/15/2020
California Resources Corp   CRC      5.500    11.000  9/15/2021
California Resources Corp   CRC      8.000    19.750 12/15/2022
California Resources Corp   CRC      6.000    10.625 11/15/2024
California Resources Corp   CRC      5.000    11.750  1/15/2020
California Resources Corp   CRC      6.000    10.625 11/15/2024
California Resources Corp   CRC      5.000    11.750  1/15/2020
Cenveo Corp                 CVO     11.500    47.250  5/15/2017
Cenveo Corp                 CVO      7.000    43.250  5/15/2017
Chaparral Energy Inc        CHAPAR   7.625     8.000 11/15/2022
Chaparral Energy Inc        CHAPAR   9.875     4.000  10/1/2020
Chaparral Energy Inc        CHAPAR   8.250    10.000   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    93.500  3/15/2016
Chesapeake Energy Corp      CHK      6.500    32.260  8/15/2017
Chesapeake Energy Corp      CHK      6.625    15.174  8/15/2020
Chesapeake Energy Corp      CHK      3.872    14.500  4/15/2019
Chesapeake Energy Corp      CHK      7.250    20.250 12/15/2018
Chesapeake Energy Corp      CHK      2.500    21.000  5/15/2037
Chesapeake Energy Corp      CHK      5.750    14.250  3/15/2023
Chesapeake Energy Corp      CHK      6.125    14.500  2/15/2021
Chesapeake Energy Corp      CHK      4.875    16.000  4/15/2022
Chesapeake Energy Corp      CHK      6.875    15.099 11/15/2020
Chesapeake Energy Corp      CHK      2.250    15.500 12/15/2038
Chesapeake Energy Corp      CHK      5.375    13.600  6/15/2021
Chesapeake Energy Corp      CHK      2.500    18.000  5/15/2037
Chesapeake Energy Corp      CHK      6.875    13.625 11/15/2020
Claire's Stores Inc         CLE      8.875    16.060  3/15/2019
Claire's Stores Inc         CLE      7.750    15.000   6/1/2020
Claire's Stores Inc         CLE     10.500    57.000   6/1/2017
Claire's Stores Inc         CLE      7.750    14.875   6/1/2020
Clayton Williams
  Energy Inc                CWEI     7.750    47.102   4/1/2019
Clean Energy Fuels Corp     CLNE     5.250    40.224  10/1/2018
Cliffs Natural
  Resources Inc             CLF      5.950    15.525  1/15/2018
Cliffs Natural
  Resources Inc             CLF      5.900    11.500  3/15/2020
Cliffs Natural
  Resources Inc             CLF      4.875    10.150   4/1/2021
Cliffs Natural
  Resources Inc             CLF      6.250    10.660  10/1/2040
Cliffs Natural
  Resources Inc             CLF      7.750    13.060  3/31/2020
Cliffs Natural
  Resources Inc             CLF      4.800    10.550  10/1/2020
Cliffs Natural
  Resources Inc             CLF      7.750    13.738  3/31/2020
Cloud Peak Energy
  Resources LLC /
  Cloud Peak Energy
  Finance Corp              CLD      8.500    35.078 12/15/2019
Community Choice
  Financial Inc             CCFI    10.750    33.238   5/1/2019
Comstock Resources Inc      CRK     10.000    32.750  3/15/2020
Comstock Resources Inc      CRK      7.750     9.180   4/1/2019
Comstock Resources Inc      CRK      9.500     9.700  6/15/2020
Comstock Resources Inc      CRK     10.000    33.888  3/15/2020
Cumulus Media Holdings Inc  CMLS     7.750    29.063   5/1/2019
Denbury Resources Inc       DNR      5.500    18.500   5/1/2022
Denbury Resources Inc       DNR      4.625    15.900  7/15/2023
Denbury Resources Inc       DNR      6.375    25.094  8/15/2021
EP Energy LLC / Everest
  Acquisition Finance Inc   EPENEG   9.375    21.250   5/1/2020
EP Energy LLC / Everest
  Acquisition Finance Inc   EPENEG   6.375    18.000  6/15/2023
EP Energy LLC / Everest
  Acquisition Finance Inc   EPENEG   7.750    20.250   9/1/2022
EP Energy LLC / Everest
  Acquisition Finance Inc   EPENEG   6.375    18.250  6/15/2023
EP Energy LLC / Everest
  Acquisition Finance Inc   EPENEG   7.750    19.875   9/1/2022
EP Energy LLC / Everest
  Acquisition Finance Inc   EPENEG   6.375    18.250  6/15/2023
EP Energy LLC / Everest
  Acquisition Finance Inc   EPENEG   7.750    19.875   9/1/2022
EPL Oil & Gas Inc           EXXI     8.250     3.904  2/15/2018
EV Energy Partners LP /
  EV Energy Finance Corp    EVEP     8.000    25.500  4/15/2019
EXCO Resources Inc          XCO      7.500    10.000  9/15/2018
EXCO Resources Inc          XCO      8.500    10.063  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     2.750   4/1/2019
Energy & Exploration
  Partners Inc              ENEXPR   8.000     1.899   7/1/2019
Energy & Exploration
  Partners Inc              ENEXPR   8.000     1.899   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     10.000     3.125  12/1/2020
Energy Future
  Intermediate Holding
  Co LLC / EFIH
  Finance Inc               TXU      9.750    16.000 10/15/2019
Energy Future
  Intermediate Holding
  Co LLC / EFIH
  Finance Inc               TXU      6.875     2.875  8/15/2017
Energy XXI Gulf Coast Inc   EXXI    11.000    10.750  3/15/2020
Energy XXI Gulf Coast Inc   EXXI     9.250     4.842 12/15/2017
Energy XXI Gulf Coast Inc   EXXI     7.500     4.050 12/15/2021
Energy XXI Gulf Coast Inc   EXXI     6.875     0.993  3/15/2024
Energy XXI Gulf Coast Inc   EXXI     7.750     5.030  6/15/2019
FBOP Corp                   FBOPCP  10.000     1.843  1/15/2009
FTS International Inc       FTSINT   6.250     9.750   5/1/2022
FairPoint
  Communications Inc/Old    FRP     13.125     1.879   4/2/2018
Federal Farm Credit Banks   FFCB     1.980   100.000   3/4/2021
Federal Farm Credit Banks   FFCB     1.430    99.800  2/19/2019
Federal Farm Credit Banks   FFCB     2.875    99.387  2/19/2025
Federal Farm Credit Banks   FFCB     2.170    99.653  9/17/2021
Federal Farm Credit Banks   FFCB     2.270    99.619 11/16/2021
Federal Farm Credit Banks   FFCB     2.000    99.560  3/26/2021
Federal Farm Credit Banks   FFCB     1.990   100.000   1/8/2021
Federal Farm Credit Banks   FFCB     1.570    99.673  8/14/2019
Federal Farm Credit Banks   FFCB     1.940    99.785  2/18/2020
Federal Farm Credit Banks   FFCB     1.500    99.609  6/28/2019
Federal Farm Credit Banks   FFCB     1.590   100.000  10/2/2019
Federal Farm Credit Banks   FFCB     2.000    99.775  1/13/2021
Federal Farm Credit Banks   FFCB     1.540    99.676 11/13/2019
Federal Farm Credit Banks   FFCB     1.740    99.685  2/13/2020
Federal Farm Credit Banks   FFCB     1.500    99.482   7/2/2019
Federal Home Loan Banks     FHLB     3.480    99.800 10/29/2029
Federal Home Loan Banks     FHLB     3.400    99.448  12/4/2026
Federal Home Loan
  Mortgage Corp             FHLMC    1.225    99.791  5/18/2018
Federal Home Loan
  Mortgage Corp             FHLMC    1.750    99.660  5/19/2020
Federal Home Loan
  Mortgage Corp             FHLMC    1.750    99.660  5/19/2020
Fleetwood Enterprises Inc   FLTW    14.000     3.557 12/15/2011
Forbes Energy Services Ltd  FES      9.000    32.692  6/15/2019
GT Advanced
  Technologies Inc          GTAT     3.000     1.000  10/1/2017
GT Advanced
  Technologies Inc          GTAT     3.000     0.100 12/15/2020
Gastar Exploration Inc      GST      8.625    49.030  5/15/2018
Gibson Brands Inc           GIBSON   8.875    46.250   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    34.449   7/1/2018
Goodrich Petroleum Corp     GDPM     8.875     1.060  3/15/2019
Goodrich Petroleum Corp     GDPM     8.875     4.375  3/15/2018
Goodrich Petroleum Corp     GDPM     5.000     0.500  10/1/2032
Goodrich Petroleum Corp     GDPM     8.875     1.574  3/15/2018
Goodrich Petroleum Corp     GDPM     8.875     0.919  3/15/2019
Goodrich Petroleum Corp     GDPM     8.875     0.919  3/15/2019
Gulfmark Offshore Inc       GLF      6.375    26.500  3/15/2022
Gymboree Corp/The           GYMB     9.125    20.500  12/1/2018
Halcon Resources Corp       HKUS     9.750     8.964  7/15/2020
Halcon Resources Corp       HKUS     8.875     5.500  5/15/2021
Halcon Resources Corp       HKUS    13.000    26.000  2/15/2022
Halcon Resources Corp       HKUS     9.250    18.250  2/15/2022
Halcon Resources Corp       HKUS    13.000    14.000  2/15/2022
Helix Energy
  Solutions Group Inc       HLX      3.250    52.735  3/15/2032
Hexion Inc                  HXN      7.875    24.000  2/15/2023
Hexion Inc                  HXN      9.200    24.500  3/15/2021
Horsehead Holding Corp      ZINC     3.800    10.000   7/1/2017
Horsehead Holding Corp      ZINC    10.500    56.000   6/1/2017
Horsehead Holding Corp      ZINC     9.000    20.000   6/1/2017
Horsehead Holding Corp      ZINC    10.500    57.500   6/1/2017
Horsehead Holding Corp      ZINC    10.500    57.500   6/1/2017
ION Geophysical Corp        IO       8.125    38.490  5/15/2018
Illinois Power
  Generating Co             DYN      7.000    47.719  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
Key Energy Services Inc     KEG      6.750    10.500   3/1/2021
Las Vegas Monorail Co       LASVMC   5.500     5.042  7/15/2019
Laureate Education Inc      LAUR     9.250    44.250   9/1/2019
Laureate Education Inc      LAUR     9.250    63.240   9/1/2019
Legacy Reserves LP /
  Legacy Reserves
  Finance Corp              LGCY     6.625    11.500  12/1/2021
Legacy Reserves LP /
  Legacy Reserves
  Finance Corp              LGCY     8.000    12.000  12/1/2020
Lehman Brothers
  Holdings Inc              LEH      5.000     5.375   2/7/2009
Lehman Brothers
  Holdings Inc              LEH      4.000     5.375  4/30/2009
Lehman Brothers
  Holdings Inc              LEH      2.070     5.375  6/15/2009
Lehman Brothers Inc         LEH      7.500     3.750   8/1/2026
Light Tower Rentals Inc     LHTTWR   8.125    44.500   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     2.637  4/15/2020
Linn Energy LLC /
  Linn Energy Finance Corp  LINE     6.500     2.880  5/15/2019
Linn Energy LLC /
  Linn Energy Finance Corp  LINE    12.000     7.750 12/15/2020
Linn Energy LLC /
  Linn Energy Finance Corp  LINE     7.750     2.001   2/1/2021
Linn Energy LLC /
  Linn Energy Finance Corp  LINE     6.250     1.250  11/1/2019
Linn Energy LLC /
  Linn Energy Finance Corp  LINE     6.500     2.000  9/15/2021
Linn Energy LLC /
  Linn Energy Finance Corp  LINE     6.250     2.785  11/1/2019
Linn Energy LLC /
  Linn Energy Finance Corp  LINE     6.250     2.785  11/1/2019
Logan's Roadhouse Inc       LGNS    10.750    30.300 10/15/2017
MF Global Holdings Ltd      MF       3.375    22.250   8/1/2018
MF Global Holdings Ltd      MF       9.000    22.250  6/20/2038
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     6.625  5/15/2018
Magnetation LLC /
  Mag Finance Corp          MAGNTN  11.000     6.625  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    25.563   5/1/2021
Memorial Production
  Partners LP / Memorial
  Production Finance Corp   MEMP     6.875    20.143   8/1/2022
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO     10.000    26.750   6/1/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO     10.750     0.125  10/1/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO      9.250     0.750   6/1/2021
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO     10.000    28.250   6/1/2020
Modular Space Corp          MODSPA  10.250    28.000  1/31/2019
Modular Space Corp          MODSPA  10.250    27.875  1/31/2019
Molycorp Inc                MCP     10.000    11.030   6/1/2020
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    11.313  4/15/2021
Murray Energy Corp          MURREN   9.500    11.625  12/5/2020
Murray Energy Corp          MURREN  11.250    13.750  4/15/2021
Murray Energy Corp          MURREN   9.500    11.625  12/5/2020
Natural Resource
  Partners LP /
  NRP Finance Corp          NRP      9.125    51.780  10/1/2018
Natural Resource
  Partners LP /
  NRP Finance Corp          NRP      9.125    49.875  10/1/2018
Natural Resource
  Partners LP /
  NRP Finance Corp          NRP      9.125    49.875  10/1/2018
Navistar
  International Corp        NAV      4.750    32.000  4/15/2019
Navistar
  International Corp        NAV      4.500    44.120 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     5.000  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    21.393  3/15/2019
Nine West Holdings Inc      JNY      6.875    15.500  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     1.000   6/1/2019
Nuverra Environmental
  Solutions Inc             NESC     9.875     7.000  4/15/2018
OMX Timber Finance
  Investments II LLC        OMX      5.540    13.000  1/29/2020
Peabody Energy Corp         BTU      6.000     4.750 11/15/2018
Peabody Energy Corp         BTU      6.500     3.119  9/15/2020
Peabody Energy Corp         BTU     10.000     6.250  3/15/2022
Peabody Energy Corp         BTU      6.250     3.300 11/15/2021
Peabody Energy Corp         BTU      4.750     2.500 12/15/2041
Peabody Energy Corp         BTU      7.875     5.276  11/1/2026
Peabody Energy Corp         BTU     10.000     8.000  3/15/2022
Peabody Energy Corp         BTU      6.000     4.784 11/15/2018
Peabody Energy Corp         BTU      6.000     4.784 11/15/2018
Peabody Energy Corp         BTU      6.250     5.250 11/15/2021
Peabody Energy Corp         BTU      6.250     5.250 11/15/2021
Penn Virginia Corp          PVAH     8.500     5.750   5/1/2020
Penn Virginia Corp          PVAH     7.250     8.000  4/15/2019
Permian Holdings Inc        PRMIAN  10.500    38.625  1/15/2018
Permian Holdings Inc        PRMIAN  10.500    38.625  1/15/2018
PetroQuest Energy Inc       PQ      10.000    55.175   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    36.748   5/1/2020
Rex Energy Corp             REXX     8.875    11.187  12/1/2020
Rex Energy Corp             REXX     6.250     6.600   8/1/2022
Rex Energy Corp             REXX     8.875    10.625  12/1/2020
Rex Energy Corp             REXX     8.875    10.625  12/1/2020
Rolta LLC                   RLTAIN  10.750    51.000  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     6.625  9/15/2020
Sabine Oil & Gas Corp       SOGC     7.500     6.625  9/15/2020
SandRidge Energy Inc        SD       8.750    21.063   6/1/2020
SandRidge Energy Inc        SD       7.500     2.588  3/15/2021
SandRidge Energy Inc        SD       8.750     3.000  1/15/2020
SandRidge Energy Inc        SD       8.125     4.000 10/15/2022
SandRidge Energy Inc        SD       7.500     4.000  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     2.632  3/15/2021
SandRidge Energy Inc        SD       7.500     2.632  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     5.071  7/15/2022
Seventy Seven
  Operating LLC             SSE      6.625     9.020 11/15/2019
Seventy Seven
  Operating LLC             SSE      6.625    17.000 11/15/2019
Seventy Seven
  Operating LLC             SSE      6.625     9.750 11/15/2019
Sidewinder Drilling Inc     SIDDRI   9.750    39.500 11/15/2019
Sidewinder Drilling Inc     SIDDRI   9.750    39.500 11/15/2019
Solazyme Inc                SZYM     6.000    45.729   2/1/2018
Speedy Cash Intermediate
  Holdings Corp             SPEEDY  10.750    52.500  5/15/2018
Speedy Cash Intermediate
  Holdings Corp             SPEEDY  10.750    55.500  5/15/2018
Speedy Cash Intermediate
  Holdings Corp             SPEEDY  10.750    54.625  5/15/2018
Speedy Cash Intermediate
  Holdings Corp             SPEEDY  10.750    54.625  5/15/2018
Speedy Group Holdings Corp  SPEEDY  12.000    55.000 11/15/2017
Speedy Group Holdings Corp  SPEEDY  12.000    55.000 11/15/2017
SquareTwo Financial Corp    SQRTW   11.625    32.000   4/1/2017
Stone Energy Corp           SGY      7.500    27.000 11/15/2022
Stone Energy Corp           SGY      1.750    64.000   3/1/2017
SunEdison Inc               SUNE     2.000    17.000  10/1/2018
SunEdison Inc               SUNE     0.250    11.236  1/15/2020
SunEdison Inc               SUNE     2.750    17.068   1/1/2021
Swift Energy Co             SFY      7.875     9.250   3/1/2022
Swift Energy Co             SFY      7.125     4.255   6/1/2017
Swift Energy Co             SFY      8.875     4.900  1/15/2020
Syniverse Holdings Inc      SVR      9.125    39.011  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    30.500  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     6.125  11/1/2015
Triangle USA
  Petroleum Corp            TPLM     6.750    15.000  7/15/2022
Triangle USA
  Petroleum Corp            TPLM     6.750    27.000  7/15/2022
Trilogy International
  Partners LLC /
  Trilogy International
  Finance Inc               TRIINT  10.250    88.063  8/15/2016
Trilogy International
  Partners LLC /
  Trilogy International
  Finance Inc               TRIINT  10.250    96.500  8/15/2016
UCI International LLC       UCII     8.625    27.526  2/15/2019
Vanguard Natural
  Resources LLC /
  VNR Finance Corp          VNR      7.875    13.348   4/1/2020
Venoco Inc                  VQ       8.875     4.975  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     9.250  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc           VRS     11.750     9.250  1/15/2019
W&T Offshore Inc            WTI      8.500    18.750  6/15/2019
Walter Energy Inc           WLTG     9.500    27.000 10/15/2019
Walter Energy Inc           WLTG     9.500    28.500 10/15/2019
Walter Energy Inc           WLTG     9.500    29.500 10/15/2019
Walter Energy Inc           WLTG     9.500    29.500 10/15/2019
Whiting Petroleum Corp      WLL      5.000    38.000  3/15/2019
Whiting Petroleum Corp      WLL      6.500    28.000  10/1/2018
iHeartCommunications Inc    IHRT    10.000    38.926  1/15/2018
iHeartCommunications Inc    IHRT     6.875    52.511  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 ***