TCR_Public/160303.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, March 3, 2016, Vol. 20, No. 63

                            Headlines

AGFEED USA: Gothner's Bid to Dismiss JLL Suit Partially Granted
ALEXZA PHARMACEUTICALS: Confirms Grupo Ferrer Non-binding LOI
ALPHA NATURAL: Judge Says $11.9-Mil. Bonus Plan Justified
ALPHA NATURAL: Spilman Thomas Files Rule 2019 Statement
ALPHA NATURAL: Whiteford Taylor Files Rule 2019 Statement

AMERICAN AXLE: Moody's Raises CFR to Ba3, Outlook Stable
ANACOR PHARMACEUTICALS: Incurs $61.2 Million Net Loss in 2015
ARMOR HOLDCO: Moody's Raises CFR to B3, Outlook Stable
ART AND ARCHITECTURE: Objection to Committee's Subpoena Overruled
ASPEN GROUP: Projects 65% Revenue Increase for Third Quarter

BON-TON STORES: Gabelli Funds Reports 2.4% Stake as of Feb. 25
BOYD GAMING: S&P Raises Rating on $750MM Notes to 'B-'
BRAVA LLC: Foreclosure Sale Set for March 7
BUILDERS FIRSTSOURCE: Has Exchange Agreements with Noteholders
CAESARS ENTERTAINMENT: Swings to $573M Operating Income in 2015

CALIFORNIA EDUCATIONAL: Moody's Lowers Rating on 2007 Bonds to Ba1
CASTELLINO VILLAS: Cal. App. Modifies Mechanic's Lien at $2.4MM
CLEMENTS MANUFACTURING: Trustee Cannot Assign Avoidance Actions
COBALIS CORP: Estopped From Raising Usury Claim, Says 9th Cir.
CONGREGATION OF UNITY: Voluntary Chapter 11 Case Summary

CTI BIOPHARMA: Baxalta Corrects Schedule 13G Report with SEC
CTI BIOPHARMA: Has Net Financial Standing of $78.8M as of Jan. 31
D.J. SIMMONS: Case Summary & 13 Unsecured Creditors
DIFFERENTIAL BRANDS: Incurs $32.3 Million Net Loss in 2015
DOMINICAN UNIVERSITY: Moody's Lowers Rating on Bonds to Ba1

DRAFTDAY FANTASY: Plans to Appeal Nasdaq's Delisting Determination
DRAFTDAY FANTASY: To Appeal NASDAQ Delisting Decision
E Z MAILING: Files Schedules of Assets and Liabilities
EFRON DORADO: Files Schedules of Assets and Liabilities
EJS INCORPORADO: Case Summary & 20 Largest Unsecured Creditors

EXELIXIS INC: May Issue 3.2 Million Shares Under 2014 Equity Plan
EXELIXIS INC: Reports $170 Million Net Loss for 2015
FANNIE MAE: Forty Shareholders Sue Deloitte & Touche in Florida
FEDERATION EMPLOYMENT: Seyfarth Shaw Tapped as Labor Counsel
FINJAN HOLDINGS: USPTO Rejects Symantec's Petitions for IPR

FOREST PARK FORT WORTH: Alvarez's Ronald Winters to Serve as CRO
FOREST PARK FORT WORTH: Hires Forshey & Prostok as Bankr. Counsel
FOREST PARK FORT WORTH: Patient Care Ombudsman Named
FOREST PARK FORTH WORTH: Hires SSG & Chiron as Investment Bankers
FOREST PARK FORTH WORTH: Panel Hires Cole Schotz as Co-Counsel

FREDDIE MAC: Shareholders Preparing to Sue PricewaterhouseCoopers
FTE NETWORKS: 5G Investments Reports 30.3% Stake
GENERAL STEEL: Angela He Quits as Director
GREENHUNTER RESOURCES: Case Summary & 20 Top Unsecured Creditors
GREENHUNTER RESOURCES: Files for Ch. 11 to Sell Assets by May 5

GRIZZLY LAND: Case Summary & 14 Unsecured Creditors
HCA INC: Fitch Gives 'BB+/RR1' Ratings to 2023 Secured Term Loan
HCA INC: Moody's Assigns Ba1 Rating on New $1BB Term Loan Due 2023
HEPAR BIOSCIENCE: Northwest Granted Partial Summary Judgment
INFOMOTION SPORTS: Case Summary & 17 Largest Unsecured Creditors

INTELLIPHARMACEUTICS INT'L: Announces 2015 Year End Results
ION GEOPHYSICAL: S&P Lowers CCR to 'CC', Outlook Negative
LAKE TAHOE: Voluntary Chapter 11 Case Summary
LIFE MEDIA: F-tuan Losses Raise Going Concern Doubt, Says Groupon
LKQ CORP: S&P Lowers Rating to 'BB', Off Watch Negative

LUIS BURGOS: Stipulation to Stay Appeal Deadlines Approved
MARK ANDERSON: Bid to Dismiss Nahlawi's Appeal
MCPK REALTY: UCB Suit Remanded to Determine Mitigation of Damages
MGM RESORTS: Reports $448 Million Net Loss for 2015
MONTREAL MAINE: Suits vs Canadian Pacific to be Moved to Maine

NAVISTAR INTERNATIONAL: Amends 2012 Note Purchase Pact with NFSC
NELCO MLK: U.S. Trustee Unable to Appoint Committee
NEW BRANCHES: S&P Alters Outlook to Stable, Affirms BB- Bond Rating
NEW YORK PRIVATE: Case Summary & 7 Unsecured Creditors
NORANDA ALUMINUM: Seeks Downstream Auction; No Stalking Horse Yet

OCEANIC INN: Maine Court Affirms Judgment for Sloan's Cove
ON SEMICONDUCTOR: Moody's Assigns Ba2 CFR, Outlook Stable
ON SEMICONDUCTOR: S&P Retains 'BB+' CCR on CreditWatch Negative
PALOMBA WEINGARTEN: Cal. App. Remands Anza's Bid to Intervene
PARKVIEW ADVENTIST: Bid to Withdraw Reference of CMHC Suit Denied

PERMIAN HOLDINGS: S&P Affirms 'CCC+' CCR Then Withdraws Rating
PROGRESSIVE PLUMBING: Lawson, et al., Must Deposit Collateral
REPUBLIC AIRWAYS: March 4 Meeting Set to Form Creditors' Panel
RESIDENTIAL CAPITAL: Disallowance of Rozier's Claims Affirmed
RESTAURANT HOLDINGS: Moody's Raises CFR to Caa1, Outlook Stable

ROCK AIRPORT: 3rd Cir. Affirms Dismissal of Ferrone's Appeal
RODOLFO ZAMORA: Trustee's Abandonment Proper, Court Rules
ROOSEVELT UNIVERSITY: Fitch Cuts Ratings on $224.5MM Bonds to BB+
ROOSEVELT UNIVERSITY: Fitch Cuts Revs Bonds Ratings to 'BB+'
RPM AUTOMOTIVE: U.S. Trustee Unable to Appoint Committee

RYCKMAN CREEK: Hires Skadden Arps as Counsel
RYCKMAN CREEK: Taps Evercore Group as Investment Banker
SABINE PASS: Amends 2015 Annual Report to Add Disclosure
SCIENTIFIC GAMES: Widens Net Loss to $1.39 Billion in 2015
SHERIDAN BROADCASTING: Case Summary & 20 Top Unsecured Creditors

SHERWIN ALUMINA: Anderson Lehrman Files Rule 2019 Statement
SPIG INDUSTRY: Confirmation Hearing Today
SPIG INDUSTRY: Grundy Bank Says Settlement Still Not Part of Plan
SPORTS AUTHORITY: Case Summary & 50 Largest Unsecured Creditors
SPORTS AUTHORITY: Files for Ch 11. to Seek Going-Concern Buyer

TALISMAN LV: Fashion Outlet to be Sold at March 28 Auction
TIERRA DEL REY: Expects Disclosures Nod, April Plan Hearing Set
TIERRA DEL REY: Wants Plan Filing Exclusivity Extended Until July
TOYS 'R' US: Moody's Affirms B3 CFR & Changes Outlook to Stable
ULTIMATE ESCAPES: Trustee Fails to Prove Exec's Breach, Court Rules

VERIFONE INC: Moody's Raises CFR to Ba2, Outlook Stable
VERTELLUS SPECIALTIES: S&P Lowers CCR to 'CCC', Outlook Negative
VICTORY MEDICAL: Wants Nobilis to Turnover Funds
WHITTEN FOUNDATION: IberiaBank's Liquidating Plan Confirmed
[*] Deryck Palmer Tapped to Lead Pillsbury's Insolvency Practice

[*] Global Defaults to Reach Highest Level in 7 Yrs., Moody's Says
[*] Weak Demand Continue to Weigh on Steel Industry, Moody's Says
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

AGFEED USA: Gothner's Bid to Dismiss JLL Suit Partially Granted
---------------------------------------------------------------
Judge Brendan Linehan Shannon of the United States Bankruptcy Court
for the District of Delaware granted in part and denied in part the
motion filed by K. Ivan F. Gothner to dismiss the complaint filed
by JLL Consultants, Inc., as trustee for the AgFeed Liquidating
Trust.

JLL commenced an adversary proceeding on February 23, 2015,
alleging that Gothner's conduct during his time as a director,
Chair of the Audit Committee, Vice-Chairman and Chairman of the
Board of AgFeed Industries, Inc. constituted (i) a breach of
fiduciary duty; (ii) gross mismanagement; (iii) an abuse of
control; (iv) a waste of corporate assets; (v) an unjust
enrichment; (vi) a breach of contract; and (vii) fraudulent
transfers.

Gothner filed a motion to dismiss the complaint in its entirety for
failure to state a claim pursuant to Rule 12(b)(6) of the Federal
Rules of Procedure.

Judge Shannon granted the motion without prejudice as to Counts I
to VIII.   The judge found that the complaint failed to state a
claim for breach of fiduciary duty, gross mismanagement, abuse of
control, waste of corporate assets, unjust enrichment, breach of
contract, and for an avoidable fraudulent transfer under 11 U.S.C.
Section 548(a)(1)(B).

As to Count IX, Judge Shannon concluded that this cause of action
failed to state a cause of action against Gothner for actual fraud
under 11 U.S.C. Section 548(a)(1)(A), although the facts alleged
are sufficient to support a claim for constructive fraud under
section 548(a)(1)(B).

Judge Shannon also concluded that with respect to Count X, the
facts alleged by the Trustee are sufficient to support a claim for
constructive fraud under section 544 and the applicable state law.

The motion was denied with respect to Counts XI and XII because the
ninth and tenth causes of action were not being dismissed in their
entirety.

The case is In re: AgFeed USA, LLC, et al, Chapter 11, Debtors. JLL
CONSULTANTS, INC., AS TRUSTEE OF THE AGFEED LIQUIDATING TRUST
Plaintiff, v. K. IVAN F. GOTHNER, Defendant, Case No. 13-11761
(BLS), Adv. No. 15-50210 (BLS) (Bankr. D. Del.).

A full-text copy of Judge Shannon's February 19, 2016 opinion is
available at http://is.gd/kuNtYtfrom Leagle.com.

JLL Consultants, Inc., Not Individually but Solely as Trustee of
the AgFeed Liquidating Trustd is represented by:

          Eric Michael Sutty, Esq.
          ELLIOTT GREENLEAF
          1105 Market Street, Suite 1700
          Wilmington, DE 19801
          Tel: (302)384-9400
          Fax: (302)384-9399
          Email: ems@elliotgreenleaf.com

K. Ivan F. Gothner is represented by:

          William Pierce Bowden, Esq.
          Stacy L. Newman, Esq.
          ASHBY & GEDDES
          500 Delaware Avenue
          Wilmington, DE 19899
          Tel: (302)654-1888
          Fax: (302)654-2067
          Email: wbowden@ashby-geddes.com
                 snewman@ashby-geddes.com

                    About AgFeed Industries

AgFeed Industries, Inc., has 21 farms and five feed mills in China
producing more than 250,000 hogs annually. In the U.S., the
business included 10 sow farms in three states and two feed mills
producing more than one million hogs a year. AgFeed's revenue in
2012 was $244 million.

AgFeed and its affiliates filed voluntary petitions under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 13-11761) on
July 15, 2013, with a deal to sell most of its subsidiaries to The
Maschhoffs, LLC, for cash proceeds of $79 million, absent higher
and better offers. The Debtors estimated assets of at least $100
million and debts of at least $50 million.

Keith A. Maib signed the petition as chief restructuring officer.
Hon. Brendan Linehan Shannon presides over the case. Donald J.
Bowman, Jr., and Robert S. Brady, Esq., at Young, Conaway,
Stargatt & Taylor, serve as the Debtors' counsel. BDA Advisors
Inc. acts as the Debtors' financial advisor. The Debtors' claims
and noticing agent is BMC Group, Inc.

The U.S. Trustee has appointed a five-member official committee of
unsecured creditors to the Chapter 11 cases. The Creditors'
Committee tapped Lowenstein Sandler as lead bankruptcy counsel and
Greenberg Traurig, LLP, as co-counsel. CohnReznick LLP serves as
the Creditors' Committee's financial advisor.

An official committee of equity security holders was also
appointed to the Chapter 11 cases. The Equity Committee tapped
Sugar Felsenthal Grais & Hammer LLP and Elliott Greenleaf as
co-counsel.

Jefferies Leveraged Credit Products and Claims Recovery Group are
represented by Lawrence J. Kotler, Esq., and Catherine B.
Heitzenrater, Esq., at Duane Morris, LLP.

AgFeed USA, LLC, et al., notified the Bankruptcy Court that the
Effective Date of the Revised Second Amended Plan of Liquidation
occurred on Nov. 10, 2014.

As reported in the Troubled Company Reporter on Nov. 7, 2014, the
Court confirmed the revised second amended plan, which was
supported by the Official Committee of Equity Security Holders.


ALEXZA PHARMACEUTICALS: Confirms Grupo Ferrer Non-binding LOI
-------------------------------------------------------------
Alexza Pharmaceuticals, Inc. announced that on Feb. 15, 2016, it
had entered into a non-binding letter of intent with Grupo Ferrer
Internacional, S.A. with respect to Ferrer's proposed acquisition
of all outstanding Common Shares of the Company.  The Letter of
Intent, which was described in Ferrer's recent Schedule 13D filing
with the Securities and Exchange Commission, does not constitute a
binding agreement to consummate such acquisition and it entitles
both Alexza and Ferrer to terminate discussions at any time in
their sole discretion.  Additionally Alexza can, at its discretion,
enter into discussions with third parties and continue to explore
strategic options.  There can be no assurance that such potential
Transaction will be agreed to or consummated.

The entering into the Letter of Intent follows exploration of
strategic options that the Company announced previously.  On
Sept. 28, 2015, the Company announced that it had retained
Guggenheim Securities, LLC to assist in exploring strategic options
to enhance stockholder value, including a possible sale or
disposition of one or more corporate assets, a strategic business
combination, partnership or other transactions.

Alexza's Board of Directors will review and carefully evaluate the
terms of the potential Transaction with its financial and legal
advisors.  Neither the Board nor the Company intends to comment
further at this time.


              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.


ALPHA NATURAL: Judge Says $11.9-Mil. Bonus Plan Justified
---------------------------------------------------------
Judge Kevin R. Huennekens issued a memorandum opinion in connection
with his order (i) authorizing payments to executive insiders under
Alpha Natural Resources, Inc., et al.'s 2015 Annual Incentive Bonus
Plan (the "AIB") and (ii) approving the Debtors' Key Employee
Incentive Plan (the "KEIP").

The 2015 AIB component asked the Court for authorization in the
ordinary course of its business to pay eight of the Debtors'
executive insiders incentives that had been earned pre-petition
under the Debtors' longstanding AIB program. The Court approved the
AIB component on an uncontested basis. The KEIP component sought to
incentivize the Debtors' senior management team to meet and exceed
certain performance goals. Senior management members would receive
monetary rewards based on the performance of the Debtors and the
completion of other restructuring milestones.

The Office of the United States Trustee (the "U.S. Trustee"), the
United Mine Workers of America (the "UMWA"), and six UMWA
associated health and retirement funds (the "UMWA Funds") filed
objections to the KEIP (together, the "Objectors" or the
"Objections").  The Official Committee of Unsecured Creditors (the
"Creditors' Committee"), the Official Committee of Retired
Employees (the "Retiree Committee"), the Debtors' postpetition
lenders, the Debtors' first-lien lenders, and the Debtors'
second-lien lenders (all of which have played an active role in the
jointly administered cases) did not object to the KEIP.

On Jan. 22, 2016, the Court conducted an evidentiary hearing to
consider granting the KEIP Motion (the "Hearing").  At the
conclusion of the Hearing, the Court overruled the Objections and
approved the KEIP.  Accordingly, the Court entered an order
approving the 2015 AIB payments and the KEIP on Jan. 27, 2016 (the
"KEIP Order").

Judge Kevin R. Huennekens on Feb. 24, 2016, issued a Memorandum
Opinion setting forth the Court's findings of fact and conclusions
of law supporting the KEIP Order in accordance with Rule 7052 of
the Federal Rules of Bankruptcy Procedure.

"In conclusion, the Court finds that the KEIP is not a disguised
KERP.  The KEIP is within the sound business judgment of the
Debtors.  The Court has additionally determined independently that
approval of the KEIP is in the best interest of the Debtors and
their creditor constituencies.  The proposed KEIP incentivizes the
KEIP Participants to maximize value over the coming months of the
case.  The value preserved can then flow to the other parties and
lift every other constituency in this case.  If the KEIP
Participants reach their performance goals, every other creditor
constituency will see a benefit," the judge said in his Memorandum
Opinion.

A copy of the Memorandum Opinion is available for free at:

    http://bankrupt.com/misc/Alpha_Nat_1623_Opinion_KEIP.pdf

                             The KEIP

The Debtors designed the KEIP to intent senior management employees
to meet and exceed certain operational goals that will be critical
to the success of the Debtors' restructuring.  Under the KEIP, 15
senior executives could receive as much as $11.9 million in
bonuses.

The KEIP incorporates the four metrics that Meridian Compensation
Partners developed and assigns to each of them a specific weight
for determining the amount of a bonus.  The amount of the bonus is
then determined by which of the three possible payout levels is
achieved.  The KEIP provides a "threshold" level, a "target" level,
and a "maximum" level for each metric.  If the Debtors meet the
"target" level for all four of the performance metrics, the total
bonus pool that will be divided by all the KEIP Participants will
be approximately $6.8 million.  If the Debtors only meet the lower
"threshold" level for all the performance metrics, then the total
payout will be reduced to 50% of the "target" level bonus,
approximately $3.4 million.  In the event, that the Debtors reach
the "maximum" level for all four performance metrics, the bonus
pool available to all KEIP Participants will increase to 175% of
the "target" level bonus, approximately $11.9 million.  The
critical period within which the four performance metrics must be
achieved runs from January 1, 2016 until June 30, 2016.

                  Objections to $11.9M Bonuses

The Objectors raised a number of issues with the proposed KEIP.
Initially, the Objectors question whether the KEIP is actually a
disguised retention plan.  The Objectors contend that the KEIP's
performance goals have been set too low and, therefore, can be too
easily achieved.  The Objectors also claimed that the KEIP is not
justified under the facts and circumstances, given that the Debtors
are paying $11.9 million in bonuses (i) while at the same time
incurring more than $1.3 billion in losses for 2015 (ii) while at
the same time seeking to cut off the health and life insurance
benefits to some 1,200 rank-and-file retirees because it claims it
desperately needs to save $3 million a year; and (iv) after
demonstrating to the Bankruptcy Court that it is so hopelessly
insolvent that its shareholders have no chance of seeing any return
on their investments into the companies.

The bankruptcy judge finds that the KEIP is not a disguised KERP.

"The uncontroverted testimony from the Debtors' restructuring
advisor, Kevin Carmody, was that the performance goals set forth in
the KEIP are aggressive and that the Debtors will struggle to
achieve them.  Carmody repeatedly emphasized the difficulty of
reaching either the liquidity or the cost savings performance goal
in light of the overwhelming pricing pressures facing the coal
industry," Judge Huennekens pointed out.

"The KEIP encourages the Debtors to minimize their cash bleed while
simultaneously cutting expenses and maintaining their safety and
environmental standards.  Achieving the goals set forth in the plan
will give the Debtors a realistic opportunity for a successful
emergence from bankruptcy.  Indeed, if the goals are not met, the
Debtors' prospects will be rather bleak.  The KEIP ensures that the
Debtors maintain a keen focus on the Chapter 11 end-game, by making
a significant part of the bonus pool contingent on confirmation of
a plan of reorganization.  Savings that may be achieved from
collective bargaining modification or from retiree benefit
limitations are carved out from the savings and liquidity metrics,"
the judge added.

The judge also ruled that the KEIP is justified under the
circumstances.

"The Court finds that all fifteen of the KEIP participants are
necessary for the development and implementation of the Debtors'
business plan and for the Debtors' reorganization.  Patrick Hassey,
the chairman of the Debtors' Compensation Committee, testified that
the KEIP Participants are "the employees most responsible for
overseeing the Debtors' operations and more directly involved in
the efforts to expeditiously complete a restructuring." Carmody
agreed that all the KEIP participants were important and
"instrumental" to the Debtors' restructuring efforts."

The judge overruled assertions by the Objectors that the KEIP is
not reasonable in light of the total cost of the KEIP and the
amount of the prospective bonuses.

"The KEIP is designed to maximize value for the benefit of
creditors of the bankruptcy estates.  No expense will be incurred
unless success is achieved.  The financial benefits that the
Debtors will realize if the KEIP goals are met will far exceed the
cost of the program.  It is not simply a drain on the Debtors'
remaining, scarce assets," the judge held.

                           UMWA Appeal

The United Mine Workers of America has taken an appeal from the
Bankruptcy Court's order approving the Key Incentive Plan.

The UMWA's lone issue on appeal is "Whether the Bankruptcy Court
committed reversible error when it held that the Debtors met their
burden under 11 U.S.C. Sec. 503(b) and (c), to prove adequate
grounds for approval of 'Key Employee Incentive Plan' as set forth
in the Motion of the Debtors For Entry of an Order (I) Authorizing
Payments Under 2015 Annual Incentive Bonus Plan and (II) Approving
Key Employee Incentive Plan For Certain Insider Employees For
2016."

UMWA is represented by:

      Sharon Levine, Esq.
      Paul Kizel, Esq.
      Philip J. Gross, Esq.
      Nicole M. Brown, Esq.
      Lowenstein Sandler LLP
      65 Livingston Avenue
      Roseland, NJ 07068
      Tel: (973) 597-2500

           - and -

      Troy Savenko, Esq.
      Kaplan Voekler Cunningham & Frank, PLC
      1401 East Cary Street
      Richmond, VA 23219
      Tel: (804) 823-4000

                       About Alpha Natural

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

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

Judge Kevin R. Huennekens presides over the case.

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

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

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


ALPHA NATURAL: Spilman Thomas Files Rule 2019 Statement
-------------------------------------------------------
Spilman Thomas & Battle, PLLC, submitted a declaration pursuant to
Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose
that it is serving as counsel for these parties in connection with
Alpha Natural Resources, Inc., et al.'s bankruptcy cases:

    Name                             Address
    ----                             -------
Penn Virginia Operating Co., LLC  Three Radnor Corporate Center,
                                  Suite 300 Radnor, PA 19087

McCreery Coal Land Company        130 Main Street, Beckley, WV

Pardee Minerals, LLC              1717 Arch Street, Suite 4010,
                                  Philadelphia, PA

JRY Natural Resources, LLC        990 Washington Street, Suite 315
                                  Dedham, MA 02026
The David J. Pierce Trust
U/A dated February 23, 2011       4281 Express Lane, Suite L4451
                                  Sarasota, FL 34238-2602

Donald L. Blankenship             P.O. Box 927 Belfry, Kentucky

Christian Colliery Company        149 Vassar Drive Lake Worth, FL

Berwind Land Company              300 Summers Street, Suite 1050
                                  Charleston, WV 25301

Westvarendrag, Inc.               P.O. Box 403 Saratoga Springs,
                                  New York 12866-0403

Piney Land Company                130 Main Street, Beckley, WV

Each of the Parties may hold claims against the Debtors arising out
of applicable agreements, law, or equity pursuant to their
respective relationships with the Debtors.  The Parties are in the
process of analyzing their claims against the Debtors and will
identify such claims against the Debtors in proofs of claim filed
prior to the applicable deadline.

At the time of the filing of the petitions by the Debtors, Spilman
had claims in the aggregate approximate amount of $14,000.00
against Independence Coal Company, Inc. (matter concluded), Marfork
Coal Company, Inc. (matter stayed), Knox Creek Coal Corporation
(Fourth circuit appeal – MSHA claim), Sidney Coal Company, Inc.
(matter stayed) for certain discreet litigation matters handled on
behalf of those entities. Except for Independence Coal Company,
none of Penn Virginia, McCreery, Pardee, JRY, Pierce, Blankenship,
Christian Colliery, Berwind, Westvarendrag, or Piney Land has a
claim against any of these entities.

The firm can be reached at:

         Peter M. Pearl, Esq.
         SPILMAN THOMAS & BATTLE, PLLC
         Post Office Box 90
         Roanoke, Virginia 24002
         Telephone: (540) 512-1800
         Facsimile: (540) 342-4480
         E-mail: ppearl@spilmanlaw.com

                       About Alpha Natural

Headquartered in Bristol, Virginia, Alpha Natural --
http://www.alphanr.com/-- is a coal supplier, ranked second
largest among publicly traded U.S. coal producers as measured by
2014 consolidated revenues of $4.3 billion.  As of August 2015,
Alpha had 8,000 full time employees across many different states,
with UMWA representing 1,000 of the employees.

Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896)
and its affiliates filed separate Chapter 11 bankruptcy petitions
on Aug. 3, 2015, listing $9.9 billion in total assets as of June
30, 2015, and $7.3 billion in total liabilities as of June 30,
2015.  

The petitions were signed by Richard H. Verheij, executive vice
president, general counsel and corporate secretary.

Judge Kevin R. Huennekens presides over the cases.

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

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

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


ALPHA NATURAL: Whiteford Taylor Files Rule 2019 Statement
---------------------------------------------------------
Whiteford, Taylor & Preston LLP  submitted a declaration pursuant
to Rule 2019 of the Federal Rules of Bankruptcy Procedure to
disclose that it is serving as counsel for the following parties in
connection with the Alpha Natural Resources, Inc., et al.'s
bankruptcy cases:

       * City National Bank of West Virginia, Trustee under a  
         Trust Agreement dated December 30, 1983 with A.M.
         Prichard, III, Sarah Ann Prichard and Lewis Prichard
         and their respective spouses
         Attn: Charles E. Wilkinson, VP and Trust Officer
         1900 Third Avenue
         Huntington, WV 25703

       * PRC Holdings, LLC
         Attn: Will Carter, Manager
         135 Summers Street, Suite 100
         Charleston, WV 25301
         Riverside Park, Inc.
         Attn: DeArmond L. Arbogast, President

       * Post Office Box 2068
         Charleston, WV 25327
         J.A. Holley Trust
         JPMorgan Chase Co., Trustee
         Attn: Deirdre Santana
         10 S. Dearborn St., Floor 18
         Chicago, IL 60603-2324

       * Prichard School, LLC
         Attn: Edward W. Morrison, Jr., Manager of Prichard School

         Management LLC, the Manager of Prichard School, LLC
         c/o City National Bank of West Virginia
         1900 Third Avenue
         Huntington, WV 25703

Each of the Parties hold claims and has rights against one or more
of the Debtors arising out of certain agreements (including, but
not limited to, a lease of non-residential real property and
related agreements), law, or equity specific to the respective
Parties and their relationships with the Debtors.  The Parties are
in the process of analyzing their claims against the Debtors and
will identify or have identified such claims in proofs of claim or
other applicable pleadings.

At the time of employment of WTP by the Parties, WTP had no claims
against the Debtors or interests in the Debtors.

The firm can be reached at:

         WHITEFORD TAYLOR & PRESTON LLP
         Bradford F. Englander, Esq.
         3190 Fairview Park Drive, Suite 300
         Falls Church, VA 22042
         Tel: (703) 280-9081
         Fax: (703) 280-3370
         E-mail: benglander@wtplaw.com

         Michael J. Roeschenthaler, Esq.
         500 Grant Street, Suite 2900
         Pittsburgh, PA 15219
         Tel: (412) 515-1422
         Fax: (412) 515-1515
         E-mail: mroeschenthaler@wtplaw.com

         Brandy M. Rapp, Esq.
         114 Market Street, Suite 210
         Roanoke, VA 24011
         Tel: (540) 759-3577
         Fax: (540) 759-3569
         E-mail: brapp@wtplaw.com

                       About Alpha Natural

Headquartered in Bristol, Virginia, Alpha Natural --
http://www.alphanr.com/-- is a coal supplier, ranked second
largest among publicly traded U.S. coal producers as measured by
2014 consolidated revenues of $4.3 billion.  As of August 2015,
Alpha had 8,000 full time employees across many different states,
with UMWA representing 1,000 of the employees.

Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896)
and its affiliates filed separate Chapter 11 bankruptcy petitions
on Aug. 3, 2015, listing $9.9 billion in total assets as of June
30, 2015, and $7.3 billion in total liabilities as of June 30,
2015.  

The petitions were signed by Richard H. Verheij, executive vice
president, general counsel and corporate secretary.

Judge Kevin R. Huennekens presides over the cases.

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

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

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


AMERICAN AXLE: Moody's Raises CFR to Ba3, Outlook Stable
--------------------------------------------------------
Moody's Investors Service upgraded American Axle & Manufacturing
Holdings, Inc.'s ratings including Corporate Family and Probability
of Default Ratings to Ba3 and Ba3-PD, from B1 and B1-PD,
respectively.  In a related action Moody's upgraded American Axle's
senior unsecured ratings to B1 from B2 and affirmed the Speculative
Grade Liquidity Rating at SGL-2.  The rating outlook is revised to
stable from positive.

Ratings upgraded:

American Axle & Manufacturing Holdings, Inc.:

  Corporate Family Rating, to Ba3 from B1;

  Probability of Default Rating, to Ba3-PD from B1-PD;
  American Axle & Manufacturing, Inc.:

  $200 million senior unsecured notes due 2019, to B1 (LGD4) from
   B2 (LGD4);

  $550 million senior unsecured notes due 2022, to B1 (LGD4) from
   B2 (LGD4);

  $400 million senior unsecured notes due 2021, to B1 (LGD4) from
   B2 (LGD4);

  $200 million senior unsecured notes due 2019, to B1 (LGD4) from
   B2 (LGD4);

Ratings affirmed:

American Axle & Manufacturing Holdings, Inc.:

  Speculative Grade Liquidity Rating, at SGL-2

  Rating Outlook, Changed to Stable from Positive

                         RATINGS RATIONALE

The upgrade of American Axle's CFR rating to Ba3 reflects the
anticipation that the company's progress on attaining stronger
profit margins and free cash flow generation will be sustained over
the long-term.  While growth in North American automotive demand is
expected to soften in 2015, American Axle is positioned on key
platforms experiencing growing demand with its largest customer.
Over the long-term, strong customer, geographic, and product
diversity in the company's new business backlog should support
additional sales growth and strengthen the company's competitive
position as a supplier of driveline and drivetrain systems, related
components and chassis modules.  For fiscal year ending Dec. 31,
2015, American Axle's EBITA margin (inclusive of Moody's
adjustments) was approximately 9.2% (compared to 8.2% for the prior
year), while debt/EBITDA was 2.7x.

Challenges ahead of American Axle include the loss a portion of
business provided to its largest customer, General Motors, for
model year 2019.  Yet, with no major debt maturities until 2019,
and expected free cash flow generation in the coming years,
American Axle should be well positioned to support the assigned
rating.  Given the change in business mix over the long-term,
American Axle's options on deploying its cash is likely to be
weighted toward strategic growth opportunities rather than
shareholder returns.  The rating reflects Moody's view that
American Axle's approach to its strategic growth incorporates
sustaining credit metrics at their current levels.  A departure
from this trend could create downward rating pressure.

American Axle is anticipated to continue to maintain a good
liquidity profile over the next 12-18 months supported by cash on
hand of approximately $282.5 million as of December 31, 2015 and
the expectation of continued positive free cash flow generation as
a percentage of debt in the high single digits over the next 12-18
months.  Following the full prepayment of the term loan in December
2015, there are no major maturities until 2019. Availability under
the $523.5 million revolving credit facility was $513.1 million
after $10.4 million of outstanding letters of credit.  Revolver
availability should remain at this level over the near-term.
Financial covenants under the revolving credit facility include a
secured net debt/EBITDA test and an EBITDA/cash interest expense
test which are expect to have ample cushion over the next 12-18
months.

A rating upgrade would require continued revenue and earnings
growth, supported through increased customer and regional
diversity.  Support for a positive rating action includes the
expectation of sustained EBITA/Interest coverage above 4.0x and
Debt/EBITDA at 2.0x, while maintaining a good liquidity profile.

A downgrade could arise if industry conditions were to deteriorate
without sufficient offsetting restructuring actions or savings by
the company.  A lower rating could result if EBITA/Interest is
expected to be maintained below 2.5x, Debt/EBITDA is above 3.0x, or
if liquidity deteriorates.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in May 2013.

American Axle & Manufacturing, Inc., headquartered in Detroit, MI,
manufactures, designs, engineers and validates driveline systems
and related components and modules, chassis systems for light
trucks, SUV's, CUV's, passenger cars, and commercial vehicles.  The
company has locations in the USA, Mexico, Brazil, China, Germany,
India, Japan, Luxembourg, Poland, Scotland, South Korea, Sweden and
Thailand.  The company reported revenues of $3.9 billion in 2015.


ANACOR PHARMACEUTICALS: Incurs $61.2 Million Net Loss in 2015
-------------------------------------------------------------
Anacor Pharmaceuticals, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $61.2 million on $82.4 million of total revenues for the
year ended Dec. 31, 2015, compared to a net loss of $87.1 million
on $20.7 million of total revenues for the year ended Dec. 31,
2014.

For the three months ended Dec. 31, 2015, Anacor reported a net
loss of $18.9 million on $21.2 million of total revenues compared
to a net loss of $10.1 million on $9.64 million of total revenues
for the same period in 2014.

As of Dec. 31, 2015, Anacor had $176 million in total assets, $124
million in total liabilities, $49,000 in redeemable common stock,
and $52.3 million in total stockholders' equity.

"The past year has been very productive for Anacor, as we continued
to make considerable progress developing and commercializing
innovative new products derived from our boron chemistry platform.
In July, we announced positive top-line results from our two Phase
3 pivotal studies of crisaborole for the potential treatment of
mild-to-moderate atopic dermatitis in children and adults.  In
October, we announced top-line results from our long-term safety
study in which crisaborole demonstrated a safety profile consistent
with that seen in our Phase 3 pivotal studies, and in January 2016
we submitted our crisaborole NDA ahead of schedule.  We believe
there is a significant unmet medical need for a novel non-steroidal
topical anti-inflammatory treatment option for patients suffering
with mild-to-moderate atopic dermatitis, and we look forward to
working with the FDA as we continue to prepare for the potential
approval and launch of crisaborole in 2017," said Paul L. Berns,
Anacor's Chairman and chief executive officer.  "Turning to our
first approved product, KERYDIN, we were pleased with the growth in
prescriptions and new prescribers in the second half of 2015
following the launch of the consumer-directed commercialization
activities undertaken by PharmaDerm, the branded dermatology
division of Sandoz Inc., responsible for the commercialization of
KERYDIN in the U.S.  We remain confident in the future commercial
potential of KERYDIN, and look forward to the opportunity to
continue to create long-term value for our stakeholders."

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

                      http://is.gd/cEJ2xK

                  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.


ARMOR HOLDCO: Moody's Raises CFR to B3, Outlook Stable
------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
Armor Holdco, Inc, to B3 from Caa1.  Moody's also upgraded the
rating for Armor's senior secured first lien term loan to B2 from
B3 and the rating for its senior secured second lien term loan to
Caa1 from Caa2.  The outlook of the ratings is stable.

                         RATINGS RATIONALE

Moody's said the upgrade reflects the company's improved financial
performance and its sound competitive position in the consolidating
securities transfer and processing business in North America.
Armor's successful integration of acquired entities has reflected
positively on its EBITDA and in turn on Moody's adjusted leverage
and coverage metrics compared to previous years.

Moody's said that Armor's July 2014 acquisition of DF King, a proxy
solicitation and shareholder services company, has been the key
driver behind the firm's growth in 2015 and will be a strong
contributor to additional cross-sell opportunities in the future.
This deal diversified its revenue base with non-proxy businesses
such as bankruptcy services, but also added to Armor's debt
burden.

The firm's ratings also reflect its high leverage and low interest
coverage ratios, which, although improving over the past few years,
remain weak and could weigh on the ratings if they deteriorate.

Some of the other challenges considered by Moody's include Armor's
refinancing concentration risk emanating from the fact that all of
Armor's debt matures within a one-year span beginning in 2020.

What Could Change The Rating – Up

A combination of the following factors could put upward pressure on
the rating:

   -- Continued improvement in profitability and good expense
      control
   -- Reduction in Debt/EBITDA ratio to a level below 5x

What Could Change The Rating -- Down

A combination of the following factors could put downward pressure
on the rating:

   -- Aggressive financial policy (dividends, large acquisitions)
      leading to significant increases in leverage
   -- Unexpected deterioration in cash flow that stalls
      Deleveraging

The methodologies used in these ratings were Global Securities
Industry Methodology published in May 2013, and Business and
Consumer Service Industry published in December 2014.

Armor, through its principal operating subsidiaries including
American Stock Transfer & Trust Company and Canadian Stock Transfer
& Trust Company, is the second largest provider of share registry
and associated services in the U.S. and Canada with around 4,000
small to large-cap clients.  A relatively high percentage of the
firm's revenues are recurring in nature, given the regularity of
client needs for registry and transfer services.


ART AND ARCHITECTURE: Objection to Committee's Subpoena Overruled
-----------------------------------------------------------------
Judge Robert Kwan of the United States Bankruptcy Court for the
Central District of California, Los Angeles Division, declined to
sustain, and disregarded, Ace Gallery New York Corporation's
objection to the Official Committee of Unsecured Creditors'
subpoena to produce documents and information issued to City
National Bank.

Judge Kwan also declined to grant, and disregarded, the Committee's
request to compel City National Bank to comply with the subpoena.

On January 28, 2016, the Committee issued and served a subpoena
duces tecum to City National Bank, requesting the production of
certain documents relating to two bank accounts beginning in
January 2015 through and including the date of production, one of
which is believed to be maintained in the name, or for the benefit,
of Ace New York.

Ace New York filed its objection to the subpoena on February 8,
2016.

Judge Kwan found that Ace New York's objection to the subpoena is
procedurally defective and should be disregarded, if not overruled.
Judge Kwan explained that only the person commanded, in this case
City National Bank, can prevent disclosure by objection.  The judge
further stated that the party to whom the subpoenaed records
pertain cannot simply object, but must instead seek for a
protective order or motion to quash the subpoena.

Likewise, Judge Kwan disregarded the Committee's request to compel
compliance with the subpoena for also being procedurally defective.
The judge explained that the subpoena already has that legal
effect of directing the subpoenaed party to act, and if the
subpoenaed party fails to comply as directed, then the Committee
may seek to properly commence contempt proceedings.

The case is In re: ART AND ARCHITECTURE BOOKS OF THE 21st CENTURY,
a California corporation, Chapter 11, Debtor, Case No.
2:13-bk-14135-RK (Bankr. C.D. Cal.).

A full-text copy of Judge Kwan's February 17, 2016 order is
available at http://is.gd/W1WeeDfrom Leagle.com.

Art and Architecture Books of the 21st Century is represented by:

          Ron Bender, Esq.
          Beth Ann R. Young, Esq.
          Kurt Ramlo, Esq.
          Krikor J. Meshefejian, Esq.
          LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
          10250 Constellation Boulevard, Suite 1700
          Los Angeles, CA 90067
          Tel: (310) 229-1234
          Fax: (310) 229-1244
          Email: rb@lnbyb.com
                 bry@lnbyb.com
                 kr@lnbyb.com
                 kjm@lnbyb.com

            -- and --

          Jerome S Cohen, Esq.
          865 S. Figueroa Street, Suite 1388
          Los Angeles, CA 90017
          Tel: (213)267-1000
          Email: jsc@cohenbordeaux.com

            -- and --

          Thomas M Geher, Esq.
          1900 Avenue of the Stars, 7th Floor
          Los Angeles, CA 90067
          Tel: (310)712-6820
          Fax: (310)712-3302

            -- and --

          David W. Meadows, Esq.
          1801 Century Park East, Suite 1235
          Los Angeles, CA 90067
          Tel: (310)557-8490
          Fax: (310)557-8493
          Email: david@davidwmeadowslaw.com

United States Trustee (LA), U.S. Trustee, is represented by:

          Alvin Mar, Esq.
          OFFICE OF THE UNITED STATES TRUSTEE
          915 Wilshire Blvd., Suite 1850
          Los Angeles, CA 90017
          Tel: (213)894-6811

OFFICIAL COMMITTEE OF UNSECURED CREDITORS, Creditor Committee, is
represented by:

          Asa S Hami, Esq.
          Daniel A Lev, Esq.
          David J Richardson, Esq.
          Victor A Sahn, Esq.
          Steven Werth, Esq.
          David S Kupetz, Esq.
          Jessica Vogel, Esq.
          SULMEYER KUPETZ
          Los Angeles, CA
          333 S. Hope Street, 35th Floor
          Los Angeles, CA 90071
          Tel: (213)626-2311
          Fax: (213)629-4520
          Email: ahami@sulmeyerlaw.com
                 dlev@sulmeyerlaw.com
                 drichardson@sulmeyerlaw.com
                 vsahn@sulmeyerlaw.com
                 swerth@sulmeyerlaw.com
                 dkupetz@sulmeyerlaw.com
                 jvogel@sulmeyerlaw.com


ASPEN GROUP: Projects 65% Revenue Increase for Third Quarter
------------------------------------------------------------
Aspen Group, Inc., pre-announced that revenues for the Q3'16 fiscal
quarter ending Jan. 31, 2016, are projected to rise to over
$2,120,000, an increase of over 65% year-over-year.

Aspen's School of Nursing student body grew by 372 students in the
quarter, from 1,935 in the previous quarter to 2,307 students. That
represented 94% of the growth of Aspen's full-time degree seeking
student body, from 4,015 to 4,412.  Aspen's School of Nursing now
accounts for 52% of Aspen's full-time degree seeking student body.

In Q3 FY'16, new student enrollments increased 75% YoY, as Aspen
delivered 550 new degree-seeking enrollments in the quarter.  Aspen
increased Internet advertising spending by 46% YoY, meaning that
Aspen's cost per enrollment declined by an impressive 16% YoY.

Since Aspen University announced its debtless education solution in
the Spring of 2014, 1,595 students are paying through monthly
payment methods (as of quarter end Jan. 31, 2016), and increasing
at a pace of 90 students/month net.  The total value of those
student monthly payment contracts now exceeds $11 million.

"Aspen has become the university of choice for Registered Nurses
because our monthly payment plan business model is designed to
graduate our students debt-free," said Chairman & CEO, Michael
Mathews.  "We've always believed that if our primary mission is to
focus on our students' educational return-on-investment, growth and
shareholder value would be the ultimate beneficiaries," continued
Mathews.

In the current Q4 FY'16 ending April 30, 2016, Aspen estimates it
will achieve positive Adjusted EBITDA, a reiteration of previous
guidance provided during the fiscal second quarter earnings
conference call.

                        About Aspen Group

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

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

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

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


BON-TON STORES: Gabelli Funds Reports 2.4% Stake as of Feb. 25
--------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Gabelli Funds, LLC reported that as of Feb. 25, 2016,
it beneficially owns 445,000 shares of common stock of The Bon-Ton
Stores, Inc., representing 2.45 percent of the shares outstanding.

Also included in the filing are: GAMCO Asset Management Inc.
(678,000 shares) and Teton Advisors, Inc. (455,000).  A copy of the
regulatory filing is available at http://is.gd/sWZ3hG

                     About Bon-Ton Stores

The Bon-Ton Stores, Inc., with corporate headquarters in York,
Pennsylvania and Milwaukee, Wisconsin, operates 270 stores, which
includes nine furniture galleries and four clearance centers, in
26 states in the Northeast, Midwest and upper Great Plains under
the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman,
Herberger's and Younkers nameplates.  The stores offer a broad
assortment of national and private brand fashion apparel and
accessories for women, men and children, as well as cosmetics and
home furnishings.  For further information, please visit the
investor relations section of the Company's Web site at
http://investors.bonton.com.       

Bon-Ton Stores reported a net loss of $6.97 million on $2.75
billion of net sales for the fiscal year ended Jan. 31, 2015,
compared to a net loss of $3.55 million on $2.77 billion of net
sales for the fiscal year ended Feb. 1, 2014.  The Company reported
a net loss of $21.6 million for the fiscal year ended Feb. 2,
2013.

As of Oct. 31, 2015, the Company had $1.86 billion in total assets,
$1.88 billion in total liabilities and a total shareholders'
deficit of $17.79 million.

                           *     *     *

As reported in the TCR on Dec. 4, 2015, Moody's Investors Service
downgraded Bon-Ton Stores's Corporate Family Rating to Caa1 from
B3. The company's Speculative Grade Liquidity rating was affirmed
at SGL-2. The rating outlook is stable.  The downgrade considers
the continuing and persistent negative pressure on Bon-Ton's
revenue and EBITDA margins which has been accelerating during the
course of fiscal 2015.

Standard & Poor's Ratings Services in December 2015 lowered its
corporate credit rating Bon-Ton Stores to 'CCC+' from 'B-'.
The outlook is negative.  S&P said the downgrade reflects both
Bon-Ton's weakening performance and our forecast for an
unsustainable capital structure and "less than adequate" liquidity.


BOYD GAMING: S&P Raises Rating on $750MM Notes to 'B-'
------------------------------------------------------
Standard & Poor's Ratings Services raised its issue-level ratings
on U.S. gaming operator Boyd Gaming Corp.'s $750 million 6.875%
notes and $350 million 9% notes to 'B-' from 'CCC+' and revised the
recovery rating on this debt to '5' from '6'.  The '5' recovery
rating indicates S&P's expectation for modest (10% to 30%; lower
half of the range) recovery in the event of a payment default.

S&P revised the recovery rating to reflect a lower estimated amount
of secured debt outstanding at default than S&P assumed in its
previous analysis.  The lower balances under the term loan facility
are largely the result of mandatory and voluntary debt repayments.
In 2015, Boyd repaid approximately $148 million of term loan debt.

S&P's 'B' corporate credit rating on Boyd Gaming and S&P's
issue-level ratings on the other debt of the company and its
subsidiary Peninsula Gaming LLC remain unchanged.  The rating
outlook is stable.

                          RECOVERY ANALYSIS

Key analytical factors

   -- S&P's simulated default scenario contemplates a bankruptcy
      filing in 2017 at Boyd or Peninsula Gaming, which in turn
      files into bankruptcy the other company and related
      entities.  This is attributable to S&P's assumption that
      given the strategic relationships between these entities and

      their common management and ownership, Boyd's management
      will make decisions regarding operating and financial
      strategies with a view toward the collective group of
      companies.

   -- S&P's default scenario reflects the company's inability to
      refinance Peninsula's credit facility because of a major
      disruption in the debt markets as well as a significant
      decline in consolidated cash flows resulting from prolonged
      economic weakness and increased competitive pressures across

      the portfolio.

   -- S&P assumes a reorganization following the bankruptcy, using

      an emergence EBITDA multiple of 7x to value the company.

                   Simulated default assumptions

Boyd Gaming Corp.
   -- Year of default: 2017
   -- Boyd consolidated EBITDA at emergence: $350 million
   -- EBITDA multiple: 7x
   -- Consolidated net enterprise value (after 7% administrative
      costs): $2.3 billion

                       Simplified waterfall

Boyd Gaming Corp.
   -- Boyd's share of net enterprise value (70%): $1.6 billion
   -- Secured debt: $1.4 billion
      -- Recovery expectation: 90% to 100%
   -- Senior unsecured debt: $1.1 billion
      -- Recovery expectation: 10% to 30% (lower half of the
      range)

Peninsula Gaming LLC subsidiary

   -- Peninsula's share of net enterprise value (30%):
      $684 million
   -- Secured debt (priority revolver): $44 million
      -- Recovery expectation: 100%
   -- Secured debt (term loan): $660 million
      -- Recovery expectation: 90% to 100%
   -- Senior unsecured debt: $386 million*
      -- Recovery expectation: 0% to 10%

Note: All debt amounts include six months of prepetition interest.
*Includes secured debt not satisfied by the net enterprise value.

RATINGS LIST

Boyd Gaming Corp.
Corporate Credit Rating                 B/Stable/--

Upgraded; Recovery Rating Revised

Boyd Gaming Corp.
                                         To           From
Senior Unsecured                        B-           CCC+
  Recovery Rating                        5L           6



BRAVA LLC: Foreclosure Sale Set for March 7
-------------------------------------------
Domeboro's LLC, as secured party, will hold a public foreclosure
sale under the Uniform Commercial Code of all of the rights, title
and interests of Brava LLC, Brava International LLC, and
Bio-Mecanica on March 7, 2016, at 10:00 a.m. Miami, Florida time,
at the offices of Robinson & Cole LLP, at 777 Brickell Avenue,
Suite 1370 in Miami, Florida.  Prospective purchasers may contact
Adam Anderson, representative of the secured party, at (860)
275-8352.


BUILDERS FIRSTSOURCE: Has Exchange Agreements with Noteholders
--------------------------------------------------------------
Builders FirstSource, Inc. disclosed with the Securities and
Exchange Commission it has entered into separate, privately
negotiated exchange agreements pursuant to which $63.8 million
aggregate principal amount of its 10.75% Senior Notes due 2023 will
be exchanged for $60 million aggregate principal amount of
additional 7.625% Senior Secured Notes due 2021 issued under its
existing indenture, dated as of May 29, 2013.  Following these
transactions, $617.6 million aggregate principal amount of the 2021
Notes and $417.6 million aggregate principal amount of the 2023
Notes will remain outstanding.

This transaction is substantially similar to the debt exchange
announced by the Company on February 8 and allows the Company to
further reduce its long-term debt by approximately $3.8 million and
additionally decrease its annual cash interest expense by
approximately $2.3 million.

The 2021 Notes were offered in exchange in reliance on an exemption
from the registration requirements of the Securities Act of 1933,
as amended, have not been registered under the securities laws of
any state or other jurisdiction and may not be offered or sold in
the United States without registration or an applicable exemption
under the Securities Act and applicable state securities or blue
sky laws.

                    About Builders FirstSource

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

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

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

                           *     *     *

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

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

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


CAESARS ENTERTAINMENT: Swings to $573M Operating Income in 2015
---------------------------------------------------------------
Caesars Entertainment Corporation filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing net
income attributable to the Company of $5.92 billion (primarily due
to a deconsolidation of a bankrupt unit) on $4.65 billion of net
revenues for the year ended Dec. 31, 2015, compared to a net loss
attributable to the Company of $2.78 billion on $8.51 billion of
net revenues for the year ended Dec. 31, 2014.

The Company reported $5.92 billion in total income primarily
because effective Jan. 15, 2015, it deconsolidated majority owned
subsidiary, Caesars Entertainment Operating Company, Inc. (CEOC),
and recognized a gain of $7.1 billion.  CEOC's filing for voluntary
reorganization under Chapter 11 of the Bankruptcy Code resulted in
the deconsolidation of CEOC.  The Company accrued $1.0 billion of
expenses associated with the CEOC restructuring.

The company had income of operations of $573 million in 2015,
compared with a loss from operations of$452 million in 2014.

As of Dec. 31, 2015, Caesars had $12.2 billion in total assets,
$9.96 billion in total liabilities and $2.23 billion in total
stockholders' equity.

Caesars is a highly-leveraged company and had $7.1 billion in debt
outstanding as of Dec. 31, 2015.  As a result, a significant
portion of its liquidity needs are for debt service, including
significant interest payments.  Its estimated debt service
(including principal and interest) is $767 million for 2016 and
$9.5 billion thereafter to maturity.

                          Deconsolidation

Caesars Entertainment recognized a $7.1 billion gain associated
with the deconsolidation of CEOC and recorded a cost method
investment in CEOC of zero due to the negative equity associated
with CEOC's underlying financial position. As of December 31, 2014,
CEOC represented total assets of $11.0 billion and total
liabilities of $18.6 billion, including total long-term debt of
$15.9 billion.  For the 2015 period prior to the deconsolidation,
CEOC segment net revenues totaled $158 million, net loss
attributable to Caesars totaled $76 million, and negative cash flow
from operating activities totaled $220 million.

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

                       http://is.gd/ue62TV

                    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.  CEC did not seek bankruptcy relief.

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.


CALIFORNIA EDUCATIONAL: Moody's Lowers Rating on 2007 Bonds to Ba1
------------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 the California
Educational Facilities Authority (CEFA) Pool 2007 bonds, driven by
a change in rating for Dominican University which holds 52% of the
outstanding principal.

The Ba1 rating for the Series 2007 CEFA Pool Revenue Bonds is based
on the "Weak Link Plus" approach, which places a greater emphasis
on the probability of default by the weakest participant in the
pool.  CEFA's pooled financing is unenhanced, with each institution
responsible only for its portion of total debt service.  The rating
of the pool is capped at Ba1 if one of the participants rating is
non-investment grade.

Rating Outlook

The stable outlook on the Series 2007 incorporates the credit
fundamentals, including market position, operating performance, and
operating and financial leverage, of the pool participants.

Factors that Could Lead to an Upgrade
Upgrade of weakest pool participant

Factors that Could Lead to a Downgrade
Multi-notch rating downgrade of one of the individual participants
Change in relative share in the pool due to scheduled maturities
and refundings

Legal Security
The bonds are secured by several, not joint, obligations of each
borrower with respect to its own bonds.  Borrowing institutions
have obligations to the pool for only their own pro rata share of
the total debt service and are not responsible for the default of
other borrowers.  The debt service reserve fund is comprised of
separate portions of the debt service reserve fund covering each
participant, with no joint reserve fund.  The bonds are secured
equally and ratably by the base loan payments made by each
borrowing institution.  Additionally, each borrower has a lien on
certain property and a gross revenue pledge.  There is no credit
support at the pool level, such as over-collateralization or a
shared reserve fund.

Use of Proceeds
Not applicable

Obligor Profile
California College of the Arts is an art, design, architecture, and
writing school with campuses in San Francisco and Oakland.  The
college enrolls approximately 2,000 students and generates revenue
of approximately $66 million.

Dominican University of California is a small private university
located 12 miles north of San Francisco in San Rafael, Marin
County.  Approximately 74% of the university's 1,759 FTE students
are undergraduate.  The university's operations are also relatively
small with just $55 million of total operating revenue in FY 2015.


CASTELLINO VILLAS: Cal. App. Modifies Mechanic's Lien at $2.4MM
---------------------------------------------------------------
Picerne Construction Corp. agreed to build an apartment complex for
Defendant Castellino Villas, a K.F. LLC.  After construction
started, Castellino refinanced the property, replacing the original
lender with Bank of the West.  Picerne subsequently claimed money
due, recorded a mechanic's lien, and brought the action against
Castellino and Bank of the West to foreclose on the lien.
Following a bench trial, the trial court entered judgment in favor
of Picerne.

Castellino contends that Picerne does not have a valid mechanic's
lien because it did not record its claim within 90 days after
substantial completion of the project; the doctrine of judicial
estoppel prevents Picerne from taking contrary positions at
arbitration and at trial; Picerne did not timely record a claim of
mechanic's lien as to nine distinct buildings within the project;
and the trial court erred in calculating the amount of the lien.

Bank of the West agrees that Picerne failed to timely record its
claim of mechanic's lien.  In addition, Bank of the West contends
that Picerne's complaint against it is time-barred because Picerne
did not name Bank of the West as a defendant in the original
complaint even though it was aware of facts indicating it had a
claim against the bank.

In a Decision dated February 18, 2016, which is available at
http://is.gd/RXbAr3from Leagle.com, the Court of Appeals of
California, Third District, Sacramento, modified the mechanic's
lien in the amount of $2,416,855 and affirmed the judgment as
modified.

The court concluded that Picerne timely recorded its mechanic's
lien; Castellino fails to demonstrate the applicability of judicial
estoppel; the trial court overstated the principal sum due and
failed to subtract the $115,453.50 setoff from the principal sum,
but the other claims of error with regard to the lien amount have
no merit; and the action against Bank of the West is not
time-barred because Picerne timely substituted Bank of the West in
place of a Doe defendant when Picerne learned of the bank's
interest in the property.

The case is PICERNE CONSTRUCTION CORP., Plaintiff and Respondent,
v. CASTELLINO VILLAS et al., Defendants and Appellants, No. C071197
(Cal. App.).

Levy, Small & Lallas, Tom Lallas, Esq. -- tlallas@lsl-la.com, John
P. Mertens,  Esq. -- jmertens@padrm.com --  Pia Anderson Dorius
Reynard & Moss, and Mark D. Hurwitz, Esq. -- -- mhurwitz@lsl-la.com
-- Levy, Small & Lallas for Defendant and Appellant Castellino
Villas.

Bryan Cave, Rimon PC and Richard J. Mooney, Esq. --
richard.mooney@rimonlaw.com -- for Defendant and Appellant Bank of
the West.

Sheppard, Mullin, Richter & Hampton, Scott E. Hennigh, Esq. --
shennigh@sheppardmullin.com -- Meredith A. Jones-McKeown, Esq. --
mjonesmckeown@sheppardmullin.com and Scott A. Vignos, Esq. --
svignos@sheppardmullin.com for Plaintiff and Respondent.


CLEMENTS MANUFACTURING: Trustee Cannot Assign Avoidance Actions
---------------------------------------------------------------
Judge Thomas J. Tucker of the United States Bankruptcy Court for
the Eastern District of Michigan, Southern Division, denied the
motion filed by the Chapter 7 Trustee to compromise and settle the
estate's interest in adversary case nos. 10-06123-TJT and
10-07341-TJT.

The Trustee filed the motion on December 21, 2015, seeking approval
of a settlement in which the Trustee would assign his rights and
powers to avoid and recover several alleged fraudulent transfers,
to a creditor group, who could then pursue such claims on their own
behalf, subject to a requirement to pay the bankruptcy estate 10%
of all sums recovered, up to a maximum payment of $200,000.

Three objections were filed to the motion, by a total of four
creditors, arguing that the Trustee cannot assign to a creditor or
group of creditors the Trustee's rights and powers to avoid and
recover fraudulent transfers under 11 U.S.C. Sections 544, 548, and
550.

Judge Tucker was persuaded that the objecting creditors' view of
the law is correct and thus, denied the Trustee's motion.

The case is In re: CLEMENTS MANUFACTURING LIQUIDATION COMPANY, LLC,
Chapter 7, Debtor, Case No. 09-65895 (Bankr. E.D. Mich.).

A full-text copy of Judge Tucker's February 19, 2016 opinion is
available at http://is.gd/oA9Nu9from Leagle.com.

Clements Manufacturing Liquidation Company, LLC, is represented
by:

          Michael D. Lieberman, Esq.
          31313 Northwestern Hwy., Suite 200
          Farmington Hills, MI 48334
          Tel: (248)539-5500

Charles L. Wells, III, Esq. is represented by:

          Leonora K. Baughman, Esq.
          Richardo I. Kilpatrick, Esq.
          KILPATRICK & ASSOCIATES
          903 N Opdyke Road, Suite C
          Auburn Hills, MI 48326
          Tel: (248)377-0700
          Fax: (248)377-0800
          Email: lbaughman@kaalaw.com
                 rkilpatrick@kaalaw.com


COBALIS CORP: Estopped From Raising Usury Claim, Says 9th Cir.
--------------------------------------------------------------
The United States Court of Appeals for the Ninth Circuit affirmed
the bankruptcy court's dismissal of Cobalis Corporation's adversary
proceeding against YA Global Investments LP and Weneta M.A.
Kosmala.

When Cobalis failed to comply with the terms of its 2006 financing
agreement with YA Global, the latter filed involuntary chapter 7
bankruptcy proceedings against Cobalis.  Cobalis converted the case
to chapter 11, but the case was converted back to chapter 7 after
Cobalis failed to comply with its reorganization plan.  Kosmala was
appointed as the chapter 7 bankruptcy trustee, and she entered into
a settlement agreement with YA Global on behalf of the estate.  In
2011, the bankruptcy court approved the settlement agreement and
authorized the public auction of Cobalis' property.  After YA
Global made a successful credit bid, the bankruptcy court approved
the sale of Cobalis' property and provided that the trustee would
cause Cobalis to be dissolved.

In 2012, over five years after the execution of the financing
agreement and one year after the bankruptcy court's orders, Cobalis
filed a complaint alleging that the loan provided for usurious
interest and also alleging an abuse of process claim against YA
Global and the trustee related to their seeking to dissolve
Cobalis.

The 9th Circuit held that Cobalis is estopped from raising the
usury claim after it failed to include this claim in its disclosure
statement in the Chapter 11 proceedings.  The appellate court noted
that Cobalis had not shown why it could not have known enough facts
about the potential claim to require disclosure prior to plan
confirmation.  Further, the 9th Circuit held that Cobalis failed to
plausibly allege an abuse of process claim.

The case is In the Matter of: COBALIS CORPORATION, Debtor, COBALIS
CORPORATION and MONTENEGREX, by Rey Olsen, Appellants, v. YA GLOBAL
INVESTMENTS LP and WENETA M.A. KOSMALA, Chapter 7 Trustee in
Bankruptcy, Appellees, No. 14-56676 (9th Cir.).

A full-text copy of the Ninth Circuit's February 23, 2016 opinion
is available at http://is.gd/Cv2qcpfrom Leagle.com.

                    About Cobalis Corp

Cobalis Corp. (OTC:CLSC) is an over the counter pharmaceutical and
nutraceutical company.  Its flagship product, PreHistin(R) is
designed to prevent the primary causes of airborne allergies.
PreHistin(R), "The World's FIRST Pre-Histamine"(R) is the only
Phase III clinically tested sublingual product fully patented for
long term and daily use without a prescription to help relieve
allergy sufferers from both indoor and outdoor allergens.

PreHistin(R) has shown in previous clinical studies to modulate
the body's level of immunoglobulin E (IgE), thus reducing the
overproduction of histamines, the primary cause of airborne
allergy symptoms.  Studies have shown that the active ingredient
in PreHistin(R), an FDA safety approved 3.3 mg Cyanocobalamin
(Vitamin B12) mega-dose sub-lingual lozenge has essentially no
risks or adverse side effects to the general population including
sedation and drowsiness found in many allergy medications
currently available.

Cobalis Corp. put itself in October 2007 (Bankr. C.D. Calif. Case
No. 07-12347) in response to an involuntary liquidating Chapter 7
petition filed in August by Y.A. Global Investments LP, the holder
of $3 million in secured convertible debentures.

In August 2009, Cobalis Corporation filed a "five year"
reorganization plan.


CONGREGATION OF UNITY: Voluntary Chapter 11 Case Summary
--------------------------------------------------------
Debtor: The Congregation of Unity, Inc.
        PO Box 546
        Edneyville, NC 28727

Case No.: 16-10069

Chapter 11 Petition Date: March 1, 2016

Court: United States Bankruptcy Court
       Western District of North Carolina (Asheville)

Judge: Hon. George R. Hodges

Debtor's Counsel: R. Kelly Calloway, Jr., Esq.
                  CALLOWAY & ASSOCIATES LAW FIRM, P.C.
                  318 N. Main Street, Ste. 9
                  Hendersonville, NC 28792
                  Tel: (828) 696-8660
                  Fax: (828) 696-8683
                  Email: rkelly@callowaylawfirm.com

Total Assets: $1.71 million

Total Debts: $579,317

The petition was signed by Carol Brawley, director.

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


CTI BIOPHARMA: Baxalta Corrects Schedule 13G Report with SEC
------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Baxalta Incorporated and Baxalta GmbH reported that as
of Dec. 31, 2015, they beneficially own 15,673,981 shares of common
stock of CTI Biopharma Corp. representing 6.8 percent of the shares
outstanding.  The amendment corrects the statement on Schedule 13G
filed by Baxalta on Feb. 12, 2016.

"Due to a clerical error, the Statement incorrectly reported the
percentage of beneficial ownership of the common stock, no par
value, of CTI BioPharma Corp. as 14.8%.  The correct percentage of
beneficial ownership should have been reported as 6.8%," Baxalta
stated in the regulatory filing.

The number of shares beneficially owned was correctly reported as
15,673,981.

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

                        http://is.gd/8nVKgh

                         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 $122.62 million on $16.11 million of total revenues
for the year ended Dec. 31, 2015, compared to a net loss
attributable to common shareholders of $95.99 million on $60.07
million of total revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $144.33 million in total
assets, $96.91 million in total liabilities and $47.41 million in
total shareholders' equity.

The Company's independent registered public accounting firm
included an explanatory paragraph in its reports on its
consolidated financial statements for each of the years ended
Dec. 31, 2007, through Dec. 31, 2011, and for the year ended
Dec. 31, 2014, regarding their substantial doubt as to the
Company's ability to continue as a going concern.  The Company said
that although its independent registered public accounting firm
removed this going concern explanatory paragraph in its report on
our Dec. 31, 2015, consolidated financial statements, the Company
expects to continue to need to raise additional financing to fund
its operations and satisfy obligations as they become due.
According to the Company, the inclusion of a going concern
explanatory paragraph in future years may negatively impact the
trading price of its common stock and make it more difficult, time
consuming or expensive to obtain necessary financing, and the
Company cannot guarantee that it will not receive such an
explanatory paragraph in the future.


CTI BIOPHARMA: Has Net Financial Standing of $78.8M as of Jan. 31
-----------------------------------------------------------------
CTI BioPharma Corp. or CTI Parent Company reported total estimated
and unaudited net financial standing of $78.8 million as of Jan.
31, 2016.  The total estimated and unaudited net financial standing
of CTI Consolidated Group as of Jan. 31, 2016, was $79.6 million.

CTI Parent Company trade payables outstanding for greater than 30
days were approximately $12.7 million as of Jan. 31, 2016.
CTI Consolidated Group trade payables outstanding for greater than
30 days were approximately $15.8 million as of Jan. 31, 2016.
During January 2016, there were solicitations for payment only
within the ordinary course of business and there were no
injunctions or suspensions of supply relationships that affected
the course of normal business.

As of Jan. 31, 2016, there were no amounts overdue of a financial
or tax nature, or amounts overdue to social security institutions
or overdue to employees.

During the month of January 2016, the Company's common stock, no
par value, outstanding increased by 103,936 shares.  As a result,
the number of issued and outstanding shares of Common Stock as of
Jan. 31, 2016, was 280,565,033.

                       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 $122.62 million on $16.11 million of total revenues
for the year ended Dec. 31, 2015, compared to a net loss
attributable to common shareholders of $95.99 million on $60.07
million of total revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $144.33 million in total
assets, $96.91 million in total liabilities and $47.41 million in
total shareholders' equity.

The Company's independent registered public accounting firm
included an explanatory paragraph in its reports on its
consolidated financial statements for each of the years ended
Dec. 31, 2007, through Dec. 31, 2011, and for the year ended
Dec. 31, 2014, regarding their substantial doubt as to the
Company's ability to continue as a going concern.  The Company said
that although its independent registered public accounting firm
removed this going concern explanatory paragraph in its report on
our Dec. 31, 2015, consolidated financial statements, the Company
expects to continue to need to raise additional financing to fund
its operations and satisfy obligations as they become due.
According to the Company, the inclusion of a going concern
explanatory paragraph in future years may negatively impact the
trading price of its common stock and make it more difficult, time
consuming or expensive to obtain necessary financing, and the
Company cannot guarantee that it will not receive such an
explanatory paragraph in the future.


D.J. SIMMONS: Case Summary & 13 Unsecured Creditors
---------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                       Case No.
       ------                                       --------
       D.J. Simmons Company Limited Partnership     16-11763
       1009 Ridgeway Place
       Farmington, NM 87401

       Kimbeto Resources, LLC                       16-11765
       1009 Ridgeway Place
       Farmington, NM 87401

       D.J. Simmons, Inc.                                  -

Type of Business: Oil, Gas & Coal

Chapter 11 Petition Date: March 1, 2016

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

Debtors' Counsel: Ethan Birnberg, Esq.
                  LINDQUIST & VENNUM LLP - DENVER
                  600 17th St., Ste. 1800 South
                  Denver, CO 80202
                  Tel: 303-573-5900
                  Email: ebirnberg@lindquist.com




                                         Total      Total
                                        Assets   Liabilities
                                     ----------- -----------
D.J. Simmons Company                   $9.94MM     $12.85MM
Kimbeto Resources                      $976,190    $9.81MM

The petitions were signed by John Byrom, president of D.J. Simmons,
Inc.

A. List of D.J. Simmons Company's 13 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Bank of Oklahoma                     Bank Loan         $2,956,050
1 One Williams Ctr
Tulsa, OK
74172-0140

Breck Operating                                                $0

Coleman Oil and Gas                                            $0

Conoco Phillips                                                $0

Crownquest Operating                                           $0

D.J. Simmons, Inc.                                     $2,662,704
1009 Ridgeway Pl
Farmington, NM
87401-2092

Dugan Production                                               $0

Office of Natural Resource Revenue                             $0

RKI                                                            $0

Synergy                                                        $0

Thompson                                                       $0

WPX Energy                                                     $0

XTO                                                            $0

B. List of Kimbeto Resources' four Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Bank of Oklahoma                                      $2,956,050
1 One Williams Ctr
Tulsa, OK
74172-0140

D.J. Simmons                                            $463,174
Company, LP
1009 Ridgeway Pl
Farmington, NM
87401-2092

D.J. Simmons                                             $160,000
Company, LP
1009 Ridgeway Pl
Farmington, NM
87401-2092

WPX Energy                                                $40,000


DIFFERENTIAL BRANDS: Incurs $32.3 Million Net Loss in 2015
----------------------------------------------------------
Differential Brands Group Inc. filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss and comprehensive loss of $32.3 million on $80.2 million of
net sales for the year ended Nov. 30, 2015, compared to a net loss
and comprehensive loss of $27.7 million on $84.2 million of net
sales for the year ended Nov. 30, 2014.

As of Nov. 30, 2015, Differential Brands had $76.3 million in total
assets, $65.2 million in total liabilities and $11.02 million in
total stockholders' equity.

"Our business may not generate sufficient cash flow from operations
to enable us to pay our indebtedness or to fund our other liquidity
needs.  In any such circumstance, we may need to refinance all or a
portion of our indebtedness, on or before maturity.  We may not be
able to refinance any indebtedness on commercially reasonable terms
or at all.  If we cannot service our indebtedness, we may have to
take actions such as selling assets, seeking additional equity or
reducing or delaying capital expenditures, strategic acquisitions
and investments. Any such action, if necessary, may not be effected
on commercially reasonable terms or at all.  The instruments
governing our indebtedness may restrict our ability to sell assets
and our use of the proceeds from such sales," the Company stated in
the report.

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

                       http://is.gd/SrkMX5

                    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.


DOMINICAN UNIVERSITY: Moody's Lowers Rating on Bonds to Ba1
-----------------------------------------------------------
Moody's Investors Service has downgraded Dominican University of
California's long-term bond rating to Ba1 with a negative outlook
from Baa3, reflecting continued enrollment declines leading to
softening operations, as well as a decrease in already thin
liquidity as the university invests in campus facilities to support
new programming.

The Ba1 rating reflects the university's strong budgetary oversight
and continued expense control, which yields positive operations and
good debt service coverage despite multi-year enrollment declines.
The rating is further supported by the university's recent
philanthropic support, which helps to support strategic and capital
reinvestment without additional debt issuance.

The university's rating also takes into consideration its small
size which makes it vulnerable to minor changes in operations,
comparatively soft student demand, highly competitive environment,
and increased challenges of expense containment over a multi-year
period.  Weakened liquidity, with just 57 monthly days cash on
hand, hinders the university's financial flexibility.

Rating Outlook

The negative outlook reflects the likelihood that the university
will be challenged to maintain break-even operating performance and
stable liquidity as net tuition revenue stagnates or declines.

Factors that Could Lead to an Upgrade

Sustained improvement in student demand, including
growth of net tuition revenue and enrollment stability

Substantial increase in spendable cash and
investments, as well as monthly liquidity

Factors that Could Lead to a Downgrade

Failure to maintain 9-10% cash flow margins or over
2 times debt service coverage

Deterioration of monthly liquidity below current levels

Material new financial leverage, placing constraints on
the university's budget flexibility

Legal Security

The Series 2006 bonds are a general obligation of the university
with a gross revenue pledge, a mortgage on certain university
property and a cash funded debt service reserve fund.

Use of Proceeds
Not applicable.

Obligor Profile
Dominican University of California is a small private university
located 12 miles north of San Francisco in San Rafael, Marin
County.  Approximately 74% of the university's 1,759 FTE students
are undergraduate.  The university's operations are also relatively
small with just $55 million of total operating revenue in FY 2015.


DRAFTDAY FANTASY: Plans to Appeal Nasdaq's Delisting Determination
------------------------------------------------------------------
As reported on DraftDay Fantasy Sports, Inc.'s Form 8-K filed with
the Securities and Exchange Commission on Nov. 20, 2015, the
Company received a letter from the Listing Qualifications
Department of The Nasdaq Stock Market notifying the Company that
the Staff has determined that the Company violated minimum
stockholders' equity requirements of Listing Rule 5550(b).  Listing
Rule 5550(b) requires that companies listed on the NASDAQ Capital
Market are required to maintain a minimum of $2,500,000 in
stockholders' equity for continued listing.  The Company's
Quarterly Report on Form 10-Q for the period ended Sept. 30, 2015,
reported stockholders' equity of $2,107,000.  In addition, the
Company did not meet NASDAQ's alternatives of market value of
listed securities or net income from continuing operations.

Additionally, the Company did not timely file its Form 10-Q for the
period ended Dec. 31, 2015, as required by listing Rule
5250(c)(1).

On Feb. 23, 2016, the Company received a letter from the Staff
notifying the Company that the Staff has determined that the
Company is unlikely to achieve near term compliance with the
continued listing requirements or sustain such compliance over an
extended period of time.

The Company said it intends to appeal this decision by requesting a
hearing before a Nasdaq Listing Qualifications Panel to review
Nasdaq's decision to delist the Company.  A hearing request by the
Company automatically postpones the delisting of the Company's
securities pending issuance of the Panel's decision.  If the
Staff's determination is upheld, trading of the Company's common
stock on the NASDAQ Stock Market will be suspended and the
Company's securities will be removed from listing and registration
on NASDAQ.
  
                        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: To Appeal NASDAQ Delisting Decision
-----------------------------------------------------
DraftDay Fantasy Sports Inc. on March 1 disclosed that on February
23, 2016, it received a letter from the Listing Qualifications
Department of The NASDAQ Stock Market notifying the Company that
NASDAQ had determined the Company is unlikely to achieve near-term
compliance with certain listing requirements relating to minimum
stockholders' equity and timely filing of quarterly reports.

The Company intends to appeal this decision by requesting a hearing
before a NASDAQ Listing Qualifications Panel to review NASDAQ's
decision to delist the Company.  A hearing request by the Company
automatically postpones the delisting of the Company's securities
pending issuance of the Panel's decision.

                         About DraftDay

DraftDay Fantasy Sports 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.


E Z MAILING: Files Schedules of Assets and Liabilities
------------------------------------------------------
E Z Mailing Services, Inc. filed with the U.S. Bankruptcy Court for
the District of New Jersey its schedules of assets and liabilities,
disclosing:

     Schedule A/B: Assets-Real and Personal Property

          1a. Real property:                            $1,000.00

          1b. Total personal property:             $19,923,448.14
                                                -----------------
          1c. Total of all property:               $19,924,448.14

     Summary of Liabilities

          Schedule D: Creditors Who Have Claims
            Secured by Property                    $13,663,400.21

          Schedule E/F: Creditors Who Have
            Unsecured Claims

              3a. Total claim amounts of  
                  priority unsecured claims           $570,814.54

              3b. Total amount of claims of
                  nonpriority amount of
                  unsecured claims                 $15,789,583.34
                                                -----------------
          Total liabilities                        $30,023,798.09

A copy of the Schedules is available at no extra charge at:

     http://bankrupt.com/misc/EZMAILING_126_sal.pdf

                         About E Z Mailing

E Z Mailing Services Inc. and United Business Freight Forwarders,
transportation logistics companies, filed Chapter 11 bankruptcy
petitions (Bankr. D.N.J. Case Nos. 16-10615 and 16-10616,
respectively) on Jan. 13, 2016.  Ajay Aggarwal, the president,
signed the petitions.  The Debtors each estimated assets and
liabilities in the range of $10 million to $50 million.  Porzio,
Bromberg & Newman, PC, serves as counsel to the Debtors.  Judge
Stacey L. Meisel presides over the cases.


EFRON DORADO: Files Schedules of Assets and Liabilities
-------------------------------------------------------
Efron Dorado, SE filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a motion to submit an amended summary of
its schedules as well as amended schedules A/B, E/F and H, and
Schedule G and Statement of Financial Affairs.

The motion was signed by the Debtor's counsel:

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

In its Amended Schedules, the Debtor disclosed:

     Schedule A/B: Assets-Real and Personal Property

          1a. Real property:                       $32,100,000.00

          1b. Total personal property:              $5,252,618.63
                                                -----------------
          1c. Total of all property:               $37,352,618.63

     Summary of Liabilities

          Schedule D: Creditors Who Have Claims
            Secured by Property                    $14,410,900.20

          Schedule E/F: Creditors Who Have
            Unsecured Claims

              3a. Total claim amounts of  
                  priority unsecured claims                 $0.00

              3b. Total amount of claims of
                  nonpriority amount of
                  unsecured claims                 $27,648,232.19
                                                -----------------
          Total liabilities                        $42,059,132.39

A copy of the Debtor's Motion and Schedules is available at no
extra charge at:

     http://bankrupt.com/misc/EFRONDORADO_19_sal.pdf

In its petition, the Debtor listed total assets of $33.18 million
and total debts of $15.15 million.  The petition was signed by
David Efron, partner.

Efron Dorado Se, based in San Juan, Puerto Rico, filed for Chapter
11 bankruptcy protection (Bankr. D. P.R. Case No. 16-00283) on
January 20, 2016.  Charles Alfred Cuprill, Esq., at Charles A
Cuprill, PSC Law Office, serves as its bankruptcy counsel.  


EJS INCORPORADO: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: EJS Incorporado  
           aka EJS Inc.
        PO Box 661
        Bayamon, PR 00960-0061

Case No.: 16-01647

Chapter 11 Petition Date: March 1, 2016

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

Judge: Hon. Edward A Godoy

Debtor's Counsel: Ada M Conde, Esq.
                  ADA M. CONDE, ESQ.
                  PO Box 13268
                  San Juan, PR 00908-3268
                  Tel: 787-721-0401
                  Fax: 787-721-3616
                  E-mail: estudiolegal1611@gmail.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jose Manuel Rodriguez Amador,
president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb16-01647.pdf


EXELIXIS INC: May Issue 3.2 Million Shares Under 2014 Equity Plan
-----------------------------------------------------------------
Exelixis Inc. filed a Form S-8 registration statement with the
Securities and Exchange Commission covering the offer and sale of
3,210,273 shares under the Exelixis, Inc. 2014 Equity Incentive
Plan.  These shares were previously subject to grants of equity
awards under the Exelixis, Inc. 2000 Non-Employee Directors' Stock
Option Plan, the Exelixis, Inc. 2011 Equity Incentive Plan, the
Exelixis, Inc. 2000 Equity Incentive Plan, or the Exelixis, Inc.
2010 Inducement Award Plan on May 28, 2014, the effective date of
the 2014 Plan.  The proposed maximum aggregate offering price is
$12.43 million.  A full-text copy of the prospectus is available
for free at http://is.gd/4sJpdx

                        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 $169.73 million on $37.17 million
of total revenues for the year ended Dec. 31, 2015, compared to a
net loss of $268.54 million on $25.11 million of total revenues for
the year ended Dec. 31, 2014.

As of Dec. 31, 2015, Exelixis had $332.34 million in total assets,
$436.64 million in total liabilities and a $104.30 million total
stockholders' deficit.


EXELIXIS INC: Reports $170 Million Net Loss for 2015
----------------------------------------------------
Exelixis Inc. filed with the Securities and Exchange Commission its
annual report on Form 10-K disclosing a net loss of $170 million on
$37.2 million of total revenues for the year ended Dec. 31, 2015,
compared to a net loss of $269 million on $25.1 million of total
revenues for the year ended Dec. 31, 2014.

For the three months ended Dec. 31, 2015, the Company reported a
net loss of $43.6 million on $9.93 million of total revenues
compared to a net loss of $58.0 million on $7.35 million of total
revenues for the same period in 2014.

As of Dec. 31, 2015, Exelixis had $332 million in total assets,
$437 million in total liabilities and a $104 million total
stockholders' deficit.

The Company anticipates that operating expenses for the full year
2016 will be between $240 million and $270 million, including
approximately $30 million of non-cash items related to stock-based
compensation expense.

"Exelixis began 2016 with significant momentum as a result of the
major milestones that occurred during and shortly after the fourth
quarter," said Michael M. Morrissey, Ph.D., president and chief
executive officer of Exelixis.  "Most notably, we now have a more
complete picture of cabozantinib's clinical activity and potential
in advanced renal cell carcinoma, a patient population greatly in
need of new treatment options.  With the announcement of positive
overall survival data earlier this month, cabozantinib is now the
only therapy to demonstrate in a phase 3 trial statistically
significant improvements as compared to an active comparator,
everolimus, in the three key efficacy parameters of overall
survival, progression-free survival, and objective response rate in
previously-treated patients with advanced renal cell carcinoma. As
regulators continue to review our submitted applications, we are on
track to be commercially ready in the United States by April 1,
should we receive a regulatory decision in advance of the June 22
PDUFA date.  And finally, with this afternoon's announcement, in
Ipsen we now have the ideal partner to maximize the potential for
cabozantinib to have a positive impact on the treatment of cancer
on a global basis."

"Our second Exelixis-discovered compound, cobimetinib, also saw
numerous milestones in the fourth quarter, including regulatory
approval in the United States and European Union, as well as the
presentation of overall survival results in advanced melanoma.
Approval in Canada was also obtained this month.  The collective
progress in advancing both of these compounds sets the company up
for an impactful year, and we remain grateful for the support of
our stakeholders as we continue to make progress in our mission to
meaningfully improve the care and outcomes for people with
cancer."

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

                      http://is.gd/5JIUQ8

                      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.


FANNIE MAE: Forty Shareholders Sue Deloitte & Touche in Florida
---------------------------------------------------------------
A group of forty Fannie Mae shareholders filed a lawsuit Monday
charging Deloitte & Touche, LLP, with failing to conduct its audits
of the mortgage finance giant's in accordance with industry
standards and giving its seal of approval to Fannie Mae's grossly
misstated financial statements.  Worse yet, the lawsuit says,
Deloitte assisted government regulators and the directors and
officers of Fannie Mae to destroy the value of Fannie Mae stock
held by the forty shareholder-plaintiffs.  

The 175-page complaint initiating Edwards v. Deloitte & Touche,
LLP, Case No, 2016-004986-CA-01 (Fla. 11th Cir. Ct.), alleges that
Fannie Mae's officers and directors, the Federal Housing Finance
Agency and the U.S. Department of the Treasury manipulated Fannie
Mae's books by making wildly pessimistic and unrealistic
assumptions about Fannie Mae's future financial prospects in order
to overstate losses and understate assets by hundreds of billions
of dollars with the auditing firm's participation and endorsement.
The shareholder-plaintiffs say that Deloitte's audit opinions
issued in 2009, 2010, 2011, 2012, and 2013 are flawed.  

Many industry observers say a judgment for hundreds of billions of
dollars against Deloitte would render the auditing firm insolvent.


A copy of the complaint is available at http://goo.gl/ZmNwMEat no
charge.

The forty shareholders are represented in this matter by:

          Steven W. Thomas, Esq.
          THOMAS, ALEXANDER & FORRESTER LLP
          14 27th Street
          Venice, CA 90291
          Telephone (310) 961-2536
          E-mail: steventhomas@tafattorneys.com

               - and -

          Hector Lombana, Esq.
          GAMBA & LOMBANA, P.A.
          2701 Ponce de Leon Blvd., Mezzanine
          Coral Gables, FL 33134
          Telephone (305) 448-4010
          E-mail: hlombana@glhlawyers.com

               - and -

          Gonzalo R. Dorta, Esq.
          GONZALO R. DORTA, P.A.
          334 Minorca Avenue
          Coral Gables, FL 33134
          Telephone (305) 441-2299
          E-mail: grd@dortalaw.com


FEDERATION EMPLOYMENT: Seyfarth Shaw Tapped as Labor Counsel
------------------------------------------------------------
Federation Employment and Guidance Service, Inc., d/b/a FEGS sought
and obtained authority from the U.S. Bankruptcy Court for the
Eastern District of New York to employ Seyfarth Shaw as its special
labor counsel.

FEGS employed Seyfarth as one of its ordinary course professionals.
The Court's June 2015 order permits the Debtor to hire ordinary
course professionals who could be paid without further court
application up to the lesser of $20,000 per month per ordinary
course professional or $200,000 in total fees during the pendency
of the Chapter 11 case per ordinary course professional.

Since the firm's retention, the National Labor Relations Board, the
New York State Department of Labor, and Local 215, District Council
1707 each commenced separate, but somewhat interrelated actions
against the Debtor.  Due to this increase in labor-related
litigation, Seyfarth's fees exceeded the monthly limit set by the
OCP Order for the months of May (by $13,972); June (by $2,103);
October ($15,887); and November ($14,299).  The firm has not
received any compensation for the Excess Fees but will make a
request if the firm's employment application is approved.

Dov Kesselman, a member of Seyfarth, attests that his firm does not
hold or represent an interest adverse to the Debtor’s estate and
is a “disinterested person” as that terms is defined in section
101(14) of the Bankruptcy Code.  He may be reached at:

     Dov Kesselman, Esq.
     SEYFARTH SHAW LLP
     620 Eighth Avenue, 32nd Floor
     New York, NY 10018

According to an exhibit to the Debtor's request, Seyfarth's average
hourly rate related to its retention is $450.  Mr. Kesselman
charges $450 an hour.  The firm's Peter Walker and Lori Meyers also
charge $450 an hour.

The firm also holds $32,180 in prepetition claims against the
Debtor for legal fees and expenses incurred in representing the
Debtor.

                            About FEGS

Established in 1934 amidst the Great Depression, Federation
Employment & Guidance Service, Inc. ("FEGS") is a not-for-profit
provider of various health and social services to more than
120,000
individuals annually in the areas of behavioral health,
disabilities, housing, home care, employment/workforce, education,
youth and family services.  At its peak, FEGs' network of programs
operated over 350 locations throughout metropolitan New York and
Long Island and employed 2,217 highly skilled professionals.

FEGS sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case
No. 15-71074) in Central Islip, New York on March 18, 2015.

The Debtor filed applications to hire Garfunkel, Wild, P.C., as
general bankruptcy counsel; Togut, Segal & Segal, LLP, as
co-counsel; JL Consulting LLC as Restructuring Advisor, as
restructuring advisor; Crowe Horwath, LLP as accountants; and Rust
Consulting/Omni Bankruptcy as claims and noticing agent.

The Debtor disclosed $86,697,814 in assets and $45,572,524 in
liabilities as of the Chapter 11 filing.

The U.S. Trustee for Region 2 appointed three members to the
Official Committee of Unsecured Creditors.  The Committee tapped
Pachulski Stang Ziehl & Jones LLP as its counsel.


FINJAN HOLDINGS: USPTO Rejects Symantec's Petitions for IPR
-----------------------------------------------------------
Finjan Holdings, Inc., announced that on Feb. 26, 2016, the Patent
Trial and Appeal Board for the United States Patent & Trademark
Office rejected Symantec Corporation's attempts to invalidate two
of subsidiary, Finjan, Inc.'s, patents through Inter Partes Review.
Symantec's petitions (Cases IPR2015-01895 and IPR2015-01897)
allege that Finjan's patents, U.S. Patent Nos. 7,613,926 ("the '926
Patent") and 8,677,494 ("the '494 Patent") are invalid. The PTAB
determined that Symantec failed to establish a reasonable
likelihood that it would prevail at trial in showing either the
'926 or the '494 Patents are invalid.

Relatedly, on Feb. 25, 2016, the PTAB also denied all three of
Symantec's Request for Rehearing on the PTAB's earlier denials of
Symantec's petitions for IPRs, directed to Finjan's US Patent Nos.
7,756,996 (IPR2015-01545/-01546) and 8,141,154 (IPR2015-01547).

"There can be no doubt that Symantec's last two failed attempts to
institute trial by the PTAB further strengthen not only Finjan's
'926 and '494 Patents but also its portfolio of core cybersecurity
patents as a whole," said Julie Mar-Spinola, Finjan Holdings' CIPO
and VP, Legal.  "Our string of wins against numerous challenges to
our patents in the courts and before the PTAB reinforces our
determination to seek fair and just value for our patents from
those we believe are practicing our patented innovations without a
license."

Current tally of Symantec challenges:

            IPR2015-01548 ('182 Patent): DENIED
            IPR2015-01547 ('154 Patent): DENIED
            IPR2015-01552 ('289 Patent): DENIED
            IPR2015-01549 ('299 Patent): DENIED
            IPR2015-01546 ('996 Patent): DENIED
            IPR2015-01545 ('996 Patent): DENIED
            IPR2015-01895 ('926 Patent): DENIED
            IPR2015-01897 ('494 Patent): DENIED

Following the recent denials to institute the IPRs filed by Sophos,
this is now the tenth consecutive denial of IPR challenges against
Finjan's patents.

Finjan's lawsuit filed in July of 2014 (CAND-3-14-cv-02998) against
Symantec will continue as originally filed.  Finjan also has
pending infringement lawsuits against FireEye, Inc., Proofpoint
Inc., Sophos, Inc., Palo Alto Networks, Inc., and Blue Coat
Systems, Inc. relating to, collectively, more than 20 patents in
the Finjan portfolio.  The court dockets for the foregoing cases
are publicly available on the Public Access to Court Electronic
Records (PACER) website, www.pacer.gov, which is operated by the
Administrative Office of the U.S. Courts.

                           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.


FOREST PARK FORT WORTH: Alvarez's Ronald Winters to Serve as CRO
----------------------------------------------------------------
Forest Park Medical Center at Fort Worth, LLC, sought and obtained
approval from the U.S. Bankruptcy Court for the Northern District
of Texas to employ Alvarez & Marsal Healthcare Industry Group, LLC
to provide the Debtor a Chief Restructuring Officer and certain
additional personnel.

FPMC Forth Worth will designate the firm's Ronald Winters as CRO.
Mr. Winters and other personnel at Alvarez have provided services
to the Debtor prior to the bankruptcy filing, according to an
October 26, 2015 engagement letter.

As CRO, Mr. Winters will:

     (a) manage the Debtor's Chapter 11 case, including, without
         limitation, sole management and oversight of any sale of
         the Debtor's assets and development of a Disclosure
         Statement and Plan of Reorganization;

     (b) manage the "working group" professionals who are
         assisting the Debtor in the reorganization process or
         who are working for the Debtor's various stakeholders to
         improve coordination of their effort and individual work
         product to be consistent with the Debtor's overall
         restructuring goals;

     (c) serve as the principal contact with the Debtor's key
         constituents/creditors with respect to financial and
         operational matters;

     (d) provide assistance in such areas as testimony before
         the Bankruptcy Court on matters that are within the
         scope of this engagement and within his area of
         testimonial competency;

     (e) assist the Debtor and other engaged professionals in
         Bankruptcy planning and preparation including liquidity
         forecasting and planning, negotiating debtor-in-
         possession financing and the use of cash collateral,
         "first day" matters, and court-required reporting and
         disclosures;

     (f) assist in the discussions with and providing information
         to potential investors, secured lenders, official
         committees, the Office of the United States Trustee for
         the Northern District of Texas;

     (g) assist in the overall financial reporting in managing
         the administrative requirements of the Bankruptcy Code,
         including post-petition reporting requirements and claim
         reconciliation efforts;

     (h) assist with the case administration and reporting
         requirements associated with a chapter 11 filing,
         including, but not limited to, preparing schedules of
         assets and statements of financial affairs, monthly
         operating reports, budgets, including in connection with
         DIP financing and cash collateral, claims
         reconciliation, and assumption and rejection analyses;

     (i) assist the Debtor and its other advisors in developing
         Restructuring plans or strategic alternatives for
         maximizing the enterprise value of their various
         business lines; and

     (j) performing other services in connection with the
         restructuring process as reasonably requested or
         directed by the Debtor's board of directors and other
         authorized Debtor personnel, consistent with the role
         played by the Engagement Personnel in this matter and
         not duplicative of services being performed by other
         professionals in these proceedings.

The CRO is not required to report or seek the authority of the
Debtor's Board in order to take, or omit to take, any action on
behalf of the Debtor which he deems, in good faith, to be in the
best interest of the Debtor.

Mr. Winters attests that Alvarez: (i) has no connection with the
Debtor, its creditors, other parties in interest, or the attorneys
or accountants of any of the foregoing, or the United States
Trustee or any person employed in the Office of the United States
Trustee; and (i) does not hold any interest adverse to the Debtor's
estate.  The firm is a "disinterested person" as that term is
defined by section 101 (14) of the Bankruptcy Code.

Mr. Winters may be reached at:

    Ronald Winters
    Alvarez & Marsal Healthcare Industry Group, LLC
    600 Madison Avenue, 6th Floor
    New York, NY 10022
    Telephone: (212) 759-4433
    Facsimile: (212) 759-5532
    E-mail: rwinters@alvarezandmarsal.com

The current hourly billing rates for Alvarez Personnel are:

    (a) Managing Director $750-950
    (b) Director $550-750
    (c) Associate/Consultant $400-550
     (d) Analyst $350-$400

The current hourly billing rate for Mr. Winters is $750.

Alvarez and Mr. Winters will also seek indemnification from the
Debtor.

The firm received $50,000 as retainer from the Debtor in connection
with preparing for and conducting the Chapter 11 filing.  In the 90
days prior to the bankruptcy filing, the firm received retainers
and payments totaling $105,500 from the Debtor.

                          Out of Place?

Vibrant Healthcare Fort Worth, LLC and FPMC Services, LLC run the
Debtor's hospital in Forth Worth.  Vibrant is the manager of the
hospital operations of Debtor, and FPMC Services employs the
employees at Debtor's hospital and those dedicated to servicing the
hospital's "back office" operations.

Vibrant and FPMC Services said they are not opposed to the
appointment of a CRO.  However, the Debtor does not specify how the
Alvarez Application, if granted, will affect the management of the
hospital in general and the Management Team in particular.  Absent
that information, the Alvarez Application should be denied, the
Management Team said.

The Court's Order approving the Firm's engagement provides that
both the Debtor and the Management Team reserve the right to move
the Court at any time to modify the scope of Mr. Winters' authority
as CRO on a prospective basis.  However, the Court's Order will
constitute a final order.

Vibrant and FPMC Services is represented by:

     William A. Brewer III, Esq.
     Michael J. Collins, Esq.
     Robert M. Millimet, Esq.
     BREWER, ATTORNEYS & COUNSELORS
     1717 Main Street, Suite 5900
     Dallas, TX 75201
     Telephone: (214) 653-4000
     Facsimile: (214) 653-1015
     Email: wab@brewerattorneys.com
            mjc@brewerattorneys.com
            rmm@brewerattorneys.com

                     About Forest Park Medical

Forest Park Medical Center at Fort Worth, LLC is a doctor-owned
Texas limited liability company that owns and operates the Forest
Park Medical Center, a state of the art medical facility, including
private rooms, family suites and intensive care rooms located in
West Fort Worth, Texas.  The hospital employs 175 persons on a
full-time or part-time basis.  The hospital offers a broad range of
surgical services.

Forest Park Medical Center at Fort Worth filed a Chapter 11
bankruptcy petition (Bankr. N.D. Tex. Case No. 16-40198) in Ft.
Worth, Texas, on Jan. 10, 2016.  Judge Russell F. Nelms presides
over the case.

The Debtor estimated assets of $10 million to $50 million and debt
of $50 million to $100 million.

J. Robert Forshey, Esq., and Jeff P. Prostok, Esq., at Forshey &
Prostok, LLP, serve as the Debtor's Chapter 11 counsel.  Ronald
Winters at Alvarez & Marsal Healthcare Industry Group, LLC serves
as the Debtor's CRO.  The Debtor tapped SSG Advisors, LLC and
Chiron Financial Group, Inc. as co-investment bankers.

Vibrant Healthcare Fort Worth, LLC and FPMC Services, LLC run the
Debtor's hospital in Forth Worth.  Vibrant is the manager of the
hospital operations of Debtor, and FPMC Services employs the
employees at Debtor's hospital and those dedicated to servicing the
hospital's "back office" operations.  They are represented by
William A. Brewer III, Esq., Michael J. Collins, Esq., and Robert
M. Millimet, Esq., at Brewer, Attorneys & Counselors.

An Official Committee of Unsecured Creditors has been appointed in
this case by the United States Trustee, and is represented by Cole
Schotz PC and Arent Fox, LLP lawyers.


FOREST PARK FORT WORTH: Hires Forshey & Prostok as Bankr. Counsel
-----------------------------------------------------------------
Forest Park Medical Center at Fort Worth, LLC, seeks Bankruptcy
Court authority to employ Forshey & Prostok, LLP as its Chapter 11
attorneys.

The Debtor contemplates that Forshey & Prostok will render general
legal services to the Debtor as needed throughout the course of
this chapter 11 case, including litigation and bankruptcy
assistance and advice.

Forshey & Prostok will charge the Debtors for its legal services on
an hourly basis at these rates:

     Professional                      Fee Range
     ------------                      ---------
     Partners                          $575.00
     Associates or Contract Attorneys  $210.00 to $425.00
     Paralegals                        $150.00 to $195.00

Forshey & Prostok will seek reimbursement of expenses advanced on
behalf of the Debtor according to its customary and usual
practices.

J. Robert Forshey, Esq., discloses that Forshey & Prostok was
retained by the Debtor prior to the Petition Date to provide legal
advice to the Debtor, including restructuring and bankruptcy
advice, and preparation of the requisite petitions, pleadings,
exhibits, lists and schedules relating to the commencement of the
Debtor's chapter 11 case.  In connection with that engagement,
Forshey & Prostok received prepetition payments from the Debtor in
the total amount of $90,945.14.  On October 6, 2015, $23,392.03 was
paid to Forshey & Prostok.  An additional $8,021.70 was paid to
Forshey & Prostok on November 13, 2015.  The firm was also paid
$15,000.00 on December 10, 2015.  A final $30,000 payment was made
to the firm on January 8, 2016.

Prior to the Petition Date, the Debtor became obligated to Forshey
& Prostok for legal services rendered and expenses advanced
exceeding the aggregate amount of the Pre-Petition Payments.  The
Pre-Petition Payments were applied to pre-petition legal services
and expenses incurred in connection with Forshey & Prostok's
representation of the Debtor.

To the extent Forshey & Prostok's pre-petition charges relating to
the Debtor exceeded the Pre-Petition Payments, the firm asserts no
pre-petition claims against the Debtor and has waived any claim.

Forshey & Prostok is a "disinterested person" as defined in Sec.
101(14) of the Bankruptcy Code, Mr. Forshey attests.

                     About Forest Park Medical

Forest Park Medical Center at Fort Worth, LLC is a doctor-owned
Texas limited liability company that owns and operates the Forest
Park Medical Center, a state of the art medical facility, including
private rooms, family suites and intensive care rooms located in
West Fort Worth, Texas.  The hospital employs 175 persons on a
full-time or part-time basis.  The hospital offers a broad range of
surgical services.

Forest Park Medical Center at Fort Worth filed a Chapter 11
bankruptcy petition (Bankr. N.D. Tex. Case No. 16-40198) in Ft.
Worth, Texas, on Jan. 10, 2016.  Judge Russell F. Nelms presides
over the case.

The Debtor estimated assets of $10 million to $50 million and debt
of $50 million to $100 million.

J. Robert Forshey, Esq., and Jeff P. Prostok, Esq., at Forshey &
Prostok, LLP, serve as the Debtor's Chapter 11 counsel.  Ronald
Winters at Alvarez & Marsal Healthcare Industry Group, LLC serves
as the Debtor's CRO.  The Debtor tapped SSG Advisors, LLC and
Chiron Financial Group, Inc. as co-investment bankers.

Vibrant Healthcare Fort Worth, LLC and FPMC Services, LLC run the
Debtor's hospital in Forth Worth.  Vibrant is the manager of the
hospital operations of Debtor, and FPMC Services employs the
employees at Debtor's hospital and those dedicated to servicing the
hospital's "back office" operations.  They are represented by
William A. Brewer III, Esq., Michael J. Collins, Esq., and Robert
M. Millimet, Esq., at Brewer, Attorneys & Counselors.

An Official Committee of Unsecured Creditors has been appointed in
this case by the United States Trustee, and is represented by Cole
Schotz PC and Arent Fox, LLP lawyers.


FOREST PARK FORT WORTH: Patient Care Ombudsman Named
----------------------------------------------------
William T. Neary, United States Trustee for Region 6, appointed:

     Susan N. Goodman, R.N., J.D.
     Mesch, Clark & Rothschild P.C.
     259 N. Meyer Ave.
     Tucson, AZ 85701

as the Patient Care Ombudsman in the Chapter 11 case of Forest Park
Medical Center at Fort Worth, LLC.

The U.S. Bankruptcy Court for the Northern District of Texas
directed the U.S. Trustee to name a patient care ombudsman in the
case.  No party has objected to the appointment of a patient care
ombudsman.

The Patient Care Ombudsman will:

     1) Monitor the quality of care provided to patients/clients of
the Debtor to the extent necessary under the circumstances,
including interviewing patients, physicians, and health care
providers;

     2) Report not later than 60 days after the date of his/her
appointment, and not less frequently than at 60 day intervals
thereafter, to the Court after notice to the parties in interest,
at a hearing or in writing, regarding the quality of patient/client
care at and by the Debtor;

     3) Immediately notify the Court, United States Trustee, and
parties in interest by motion or written report, if he/she
determines that the quality of patient/client care provided by the
Debtor is not adequate, deteriorating, or is otherwise materially
compromised;

     4) Maintain any information obtained by such ombudsman under
11 U.S.C. Sec. 333 that relates to the clients (including
information related to the patient records) as confidential
information.

     5) Without special notice to patients, carry out the
responsibilities under the Court's Appointment Order, provided,
however, that he/she protect the confidentiality of such records as
required under non-bankruptcy law and regulations, including but
not limited to the Health Insurance Portability and Accountability
Act of 1996 (Pub. L. 104-191), and any amendments or implementing
regulations ("HIPAA"), and the Health Information Technology for
Economic and Clinical Health Act, which was enacted as title XIII
of division A and title IV of division B of the American Recovery
and Reinvestment Act of 2009 (Pub. L. 111-5), and any amendments or
implementing regulations ("HITECH"), including the Final Omnibus
Privacy Regulations in 45 C.F.R. Parts 160 and 164 ("Final HIPAA
Rules").

Upon a sale closing after entry of an order approving the sale of a
facility involved in this case, the ombudsman appointment is
terminated.

The U.S. Trustee is represented in the case by:

     Erin Marie Schmidt
     Trial Attorney
     Office of the United States Trustee
     1100 Commerce Street, Room 976
     Dallas, TX 75242
     Tel: (214) 767-1075
     E-mail: Erin.Schmidt2@usdoj.gov

                     About Forest Park Medical

Forest Park Medical Center at Fort Worth, LLC is a doctor-owned
Texas limited liability company that owns and operates the Forest
Park Medical Center, a state of the art medical facility, including
private rooms, family suites and intensive care rooms located in
West Fort Worth, Texas.  The hospital employs 175 persons on a
full-time or part-time basis.  The hospital offers a broad range of
surgical services.

Forest Park Medical Center at Fort Worth filed a Chapter 11
bankruptcy petition (Bankr. N.D. Tex. Case No. 16-40198) in Ft.
Worth, Texas, on Jan. 10, 2016.  Judge Russell F. Nelms presides
over the case.

The Debtor estimated assets of $10 million to $50 million and debt
of $50 million to $100 million.

J. Robert Forshey, Esq., and Jeff P. Prostok, Esq., at Forshey &
Prostok, LLP, serve as the Debtor's Chapter 11 counsel.  Ronald
Winters at Alvarez & Marsal Healthcare Industry Group, LLC serves
as the Debtor's CRO.  The Debtor tapped SSG Advisors, LLC and
Chiron Financial Group, Inc. as co-investment bankers.

Vibrant Healthcare Fort Worth, LLC and FPMC Services, LLC run the
Debtor's hospital in Forth Worth.  Vibrant is the manager of the
hospital operations of Debtor, and FPMC Services employs the
employees at Debtor's hospital and those dedicated to servicing the
hospital's "back office" operations.  They are represented by
William A. Brewer III, Esq., Michael J. Collins, Esq., and Robert
M. Millimet, Esq., at Brewer, Attorneys & Counselors.

An Official Committee of Unsecured Creditors has been appointed in
this case by the United States Trustee, and is represented by Cole
Schotz PC and Arent Fox, LLP lawyers.


FOREST PARK FORTH WORTH: Hires SSG & Chiron as Investment Bankers
-----------------------------------------------------------------
Forest Park Medical Center at Fort Worth, LLC tells the U.S.
Bankruptcy Court for the Northern District of Texas that it needs
the services of SSG Advisors, LLC and Chiron Financial Group, Inc.
as its investment bankers.  The Debtor explains it requires
knowledgeable investment bankers to assist it by (i) reviewing
private placement alternatives available to the Debtor, if any,
including raising debt and/or equity capital; (ii) assisting with
the restructuring of the Debtor's balance sheet with existing
stakeholders; and/or (iii) facilitating the sale of all or part of
the Debtor and/or its assets.  

The Debtor asks the Court for authority to employ both firms.  The
Debtor says the firms are well-qualified to provide the essential
services and are familiar with the Debtor's business operations.

The Debtor signed an engagement agreement with the firms, whereby
they agreed to provide investment banking services to the Debtor,
on November 24, 2015.

The Debtor notes that SSG and Chiron frequently collaborate as
co-investment bankers in chapter 11 cases and in other workout
situations.

The Debtor has agreed to pay the firms an initial fee of $21,000,
which was due upon the signing of the Engagement Agreement.  In
addition, the Engagement Agreement provides that the Advisors will
receive monthly fees of $35,000 per month payable on the first of
each month on December 1, 2015, January 1, 2016, and February 1,
2016, and in the amount of $25,000 per month payable on the first
of each month thereafter for the balance of the Engagement Term.

The firms, as co-investment bankers, will share each of the fees.

Beginning on March 1, 2016, if an asset purchase agreement and/or a
plan of reorganization is approved, then subsequent Monthly Fees
will be credited 50% against any Transaction Fee -- which includes
any Financing Fee, Sale Fee, and Restructuring Fee -- owed by the
Debtor to the Advisors. However, if after the APA and/or Plan is
approved, the Debtor requires a remarketing of its business for
Sale, and/or if either the APA and/or the Plan are unsuccessful,
then the Advisors will cease crediting the Monthly Fees against
subsequent Transaction Fees.

The Engagement Agreement provides for a Financing Fee upon the
closing of a Financing Transaction to any party. Upon the closing
of a Financing Transaction, the Advisors shall be entitled to a
Financing Fee equal to the greater of (a) $375,000, or (b)(i) 2.0%
of any Senior Debt raised from any financing source, plus (ii) 4.0%
of any Tranche B, Traditional Subordinated Debt or Equity raised
raised regardless of whetherthe Debtor chooses to draw down the
full amount of the Financing. However, if the Financing, including
debtor-in-possession Financing, is less than $7 million, then
Advisors shall be entitled to a minimum Financing Fee of $210,000
instead of $375,000.  The Financing Fee shall be payable in cash,
in federal funds via wire transfer or certified check, at and as a
condition of closing of a Financing Transaction.

Upon the closing of a Restructuring Transaction, the Engagement
Agreement provides that the Advisors are entitled to a
Restructuring Fee equal to the greater of (a) $375,000, or (b) 2%
of the value of the Debtor's Gross Restructured Liabilities as of
the effective date and after giving effect to the Restructuring.

Upon the consummation of a Sale Transaction to any party, the
Engagement Agreement provides that the Advisors shall be entitled
to a Sale Fee, payable in cash, equal to the greater of (a)
$375,000, or (b) 2% of the Total Consideration.

In addition, the Engagement Agreement provides that in no event
will the total Transaction Fees paid by the Debtor to the Advisors
exceed $1 million.

In addition to the Initial Fee, Monthly Fees, and Transaction Fees,
the Engagement Agreement provides that the Advisors shall be
entitled to reimbursement for all of their reasonable out-of-pocket
expenses incurred in connection with their engagement by the
Debtor.

The Debtor agrees to indemnify the Advisors as well as SSG Capital
Advisors, LLC and their affiliated entities.

Mark Chesen at SSG Advisors and Jay Krasoff at Chiron disclose that
their firms were retained by the Debtor prior to the Petition Date
to provide investment banking services relating to reviewing
private placement alternatives available to the Debtor, if any,
including raising debt and/or equity capital, assisting with the
restructuring of the Debtor's balance sheets with existing
stakeholders, and/or facilitating the sale of all or part of the
Debtor and/or its assets. Pursuant to the Engagement Agreement, the
Debtor made a payment of $56,000 on December 7, 2015.

Prior to the Petition Date, the Debtor became obligated to the
Advisors in the aggregate amount of $70,162.00.11  After the
Pre-petition Payment was made, the Debtor remained obligated to the
Advisors in the amount of $14,162.00.  To the extent that the
Advisors' pre-petition charges relating to the Debtor exceeded the
Pre-petition Payment, the Advisors have waived any such claim and
assert no pro-petition claim against the Debtor.

Messrs. Chesen and Krasoff attest that the Advisors represent no
interest adverse to the Debtor or to its estate in the matters for
which they are proposed to be retained and are "disinterested
persons" as defined in Sec. 101 (14) of the Bankruptcy Code.

SSG may be reached at:

     Mark E. Chesen, Managing Director
     SSG Capital Advisors, LLC
     Five Tower Bridge, Suite 420
     300 Barr Harbor Drive
     West Conshohocken, PA  19428
     Tel: (610) 940-5801
     E-mail: mchesen@ssgca.com

Chiron may be reached at:

     Jay H. Krasoff
     Managing Director of Chiron Financial Group, Inc.
     First City Tower
     1001 Fannin Street, Suite 4775
     Houston, TX 77002
     Tel: (713) 398-0609
     E-mail: jkrasoff@chironfinance.com

                     About Forest Park Medical

Forest Park Medical Center at Fort Worth, LLC is a doctor-owned
Texas limited liability company that owns and operates the Forest
Park Medical Center, a state of the art medical facility, including
private rooms, family suites and intensive care rooms located in
West Fort Worth, Texas.  The hospital employs 175 persons on a
full-time or part-time basis.  The hospital offers a broad range of
surgical services.

Forest Park Medical Center at Fort Worth filed a Chapter 11
bankruptcy petition (Bankr. N.D. Tex. Case No. 16-40198) in Ft.
Worth, Texas, on Jan. 10, 2016.  Judge Russell F. Nelms presides
over the case.

The Debtor estimated assets of $10 million to $50 million and debt
of $50 million to $100 million.

J. Robert Forshey, Esq., and Jeff P. Prostok, Esq., at Forshey &
Prostok, LLP, serve as the Debtor's Chapter 11 counsel.  Ronald
Winters at Alvarez & Marsal Healthcare Industry Group, LLC serves
as the Debtor's CRO.  The Debtor tapped SSG Advisors, LLC and
Chiron Financial Group, Inc. as co-investment bankers.

Vibrant Healthcare Fort Worth, LLC and FPMC Services, LLC run the
Debtor's hospital in Forth Worth.  Vibrant is the manager of the
hospital operations of Debtor, and FPMC Services employs the
employees at Debtor's hospital and those dedicated to servicing the
hospital's "back office" operations.  They are represented by
William A. Brewer III, Esq., Michael J. Collins, Esq., and Robert
M. Millimet, Esq., at Brewer, Attorneys & Counselors.

An Official Committee of Unsecured Creditors has been appointed in
this case by the United States Trustee, and is represented by Cole
Schotz PC and Arent Fox, LLP lawyers.


FOREST PARK FORTH WORTH: Panel Hires Cole Schotz as Co-Counsel
--------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 case of Forest Park Medical Center at Fort Worth, LLC,
asks the U.S. Bankruptcy Court for the Northern District of Texas
for authority to employ as its bankruptcy co-counsel:

     Michael D. Warner, Esq.
     COLE SCHOTZ P.C.
     301 Commerce Street, Suite 1700
     Fort Worth, TX 76102
     Tel: 817-810-5250
     Fax: 817-810-5255
     E-mail: mwarner@coleschotz.com

          - and -

     Rebecca W. Hollander, Esq.
     COLE SCHOTZ P.C.
     25 Main Street
     P.O. Box 800
     Hackensack, NJ 07602-0800
     Tel: (201) 489-3000
     Fax: (201) 489-1536
     E-mail: rhollander@coleschotz.com

Cole Schotz will:

     i. advise the Committee with respect to its rights, duties
        and powers in this Chapter 11 case;

    ii. assist and advise the Committee in its consultations with
        the Debtor relative to the administration of this Chapter
        11 case;

   iii. assist the Committee in analyzing the claims of the
        Debtor's creditors and the Debtor's capital structure and
        in negotiating with holders of claims;

    iv. assist the Committee in its investigation of the acts,
        conduct, assets, liabilities and financial condition of
        the Debtor and of the operation of the Debtor's business;

     v. assist the Committee in its investigation of the liens
        and claims of the Debtor's lenders and the prosecution of
        any claims or causes of action revealed by that
        investigation;

    vi. assist the Committee in its analysis of, and negotiations
        with, the Debtor or any third-party concerning matters
        related to, among other things, the assumption or
        rejection of leases of nonresidential real property and
        executory contracts, asset dispositions, financing or
        other transactions, and the terms of one or more plans of
        reorganization for the Debtor and accompanying disclosure
        statements and related plan documents;

   vii. assist and advise the Committee in communicating with
        unsecured creditors regarding significant matters in this
        Chapter 11 case;

  viii. represent the Committee at hearings and other
        proceedings;

    ix. review and analyze applications, orders, statements of
        operations and schedules filed with the Court and advise
        the Committee as to their propriety;

     x. assist the Committee in preparing pleadings and
        applications as may be necessary in furtherance of the
        Committee's interests and objectives;

    xi. prepare, on behalf of the Committee, any pleadings,
        including without limitation, motions, memoranda,
        complaints, adversary complaints, objections or comments
        in connection with any of the foregoing; and

   xii. perform other legal services as may be required or
        requested or as may otherwise be deemed in the interests
        of the Committee in accordance with the Committee's
        powers and duties as set forth in the Bankruptcy Code,
        Bankruptcy Rules or other applicable law.

Mr. Warner attests that Cole Schotz (i) does not represent any
other entity having an adverse interest to the Committee, the
Debtor, its estate, or any other party-in-interest in connection
with this case, (ii) has no connection with the U.S. Trustee or any
other person employed in the office of the U.S. Trustee, and (iii)
Cole Schotz has not been paid any retainer against which to bill
fees and expenses.

The attorneys and paralegals primarily responsible for representing
the Committee, and their current standard hourly rates are:

     Name                  Title       Hourly Rate
     ----                  -----       -----------
     Michael D. Warner     Member          $715
     Jill B. Bienstock     Associate       $375
     Rebecca W. Hollander  Associate       $210
     Kerri L. LaBrada      Paralegal       $230

Other attorneys, paralegals, and case management clerks may assist
in representing the Committee.  The range of hourly rates for such
professionals are:

                           Rates
                           -----
     Members               $425 - $850
     Associates            $195 - $450
     Paralegals            $165 - $270

                     About Forest Park Medical

Forest Park Medical Center at Fort Worth, LLC is a doctor-owned
Texas limited liability company that owns and operates the Forest
Park Medical Center, a state of the art medical facility, including
private rooms, family suites and intensive care rooms located in
West Fort Worth, Texas.  The hospital employs 175 persons on a
full-time or part-time basis.  The hospital offers a broad range of
surgical services.

Forest Park Medical Center at Fort Worth filed a Chapter 11
bankruptcy petition (Bankr. N.D. Tex. Case No. 16-40198) in Ft.
Worth, Texas, on Jan. 10, 2016.  Judge Russell F. Nelms presides
over the case.

The Debtor estimated assets of $10 million to $50 million and debt
of $50 million to $100 million.

J. Robert Forshey, Esq., and Jeff P. Prostok, Esq., at Forshey &
Prostok, LLP, serve as the Debtor's Chapter 11 counsel.  Ronald
Winters at Alvarez & Marsal Healthcare Industry Group, LLC serves
as the Debtor's CRO.  The Debtor tapped SSG Advisors, LLC and
Chiron Financial Group, Inc. as co-investment bankers.

Vibrant Healthcare Fort Worth, LLC and FPMC Services, LLC run the
Debtor's hospital in Forth Worth.  Vibrant is the manager of the
hospital operations of Debtor, and FPMC Services employs the
employees at Debtor's hospital and those dedicated to servicing the
hospital's "back office" operations.  They are represented by
William A. Brewer III, Esq., Michael J. Collins, Esq., and Robert
M. Millimet, Esq., at Brewer, Attorneys & Counselors.

An Official Committee of Unsecured Creditors has been appointed in
this case by the United States Trustee, and is represented by Cole
Schotz PC and Arent Fox, LLP lawyers.  The Committee consists of
(i) Pro Silver Star Limited; (ii) Summit Spine, LLC; and (iii)
Vintage Medical, LLC. The Committee selected Pro Silver to serve as
Committee Chairperson.


FREDDIE MAC: Shareholders Preparing to Sue PricewaterhouseCoopers
-----------------------------------------------------------------
A group of Freddie Mac shareholders is preparing to file a lawsuit
next week charging PricewaterhouseCoopers with failing to conduct
its audits of the mortgage finance giant in accordance with
industry standards and giving its seal of approval to Freddie Mac's
grossly misstated financial statements.  

Like the 175-page complaint filed by forty Fannie Mae shareholders
initiating Edwards v. Deloitte & Touche, LLP, Case No,
2016-004986-CA-01 (Fla. 11th Cir. Ct.), the suit against Freddie
Mac will allege that Freddie Mac's officers and directors, the
Federal Housing Finance Agency and the U.S. Department of the
Treasury manipulated the GSE's books by making wildly pessimistic
and unrealistic assumptions about Freddie's future financial
prospects in order to overstate losses and understate assets by
hundreds of billions of dollars with PricewaterhouseCoopers'
participation and endorsement.  

Many industry observers say a judgment for hundreds of billions of
dollars against PwC would render the auditing firm insolvent.  

For information about joining next week's lawsuit against
PricewaterhouseCoopers contact:

          Michael Ciklin
          PERINI CAPITAL LLC
          1501 Venera Avenue, Suite 320 A
          Coral Gables, FL 33134
          Telephone: (702) 481-3562
          E-mail: mciklin@perinicapital.com
          Twitter: @mike_ciklin




FTE NETWORKS: 5G Investments Reports 30.3% Stake
------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange Commission
on Feb. 29, 2016, 5G Investments, LLC and 5G Management, LLC
disclosed that they beneficially own
19,698,360 shares of common stock of FTE Networks, Inc.,
representing 30.3 percent (based on 45,333,473 shares of common
stock outstanding on Sept. 30, 2015, and, with respect to the
holder, rights to acquire shares of common stock exercisable within
60 days of Sept. 30, 2015).  

On June 19, 2013, 5GI purchased 30,000 shares of Series B Preferred
Stock of Focus Venture Partners, Inc. for $50.00 per share for an
aggregate purchase price of $1,500,000.  Thereafter, on June 19,
2013, the Issuer, Beacon Acquisition Sub, Inc., a Nevada
corporation and wholly owned subsidiary of the Issuer, and Focus
entered into an Amended and Restated Agreement and Plan of Merger.
Pursuant to the Merger Agreement, the Merger Sub merged with and
into Focus with Focus continuing as the surviving corporation.
Pursuant to the terms of the Merger Agreement, among other matters,
all shares of Series B Preferred Stock of Focus owned by 5GI were
converted into the right to receive an aggregate of 375,000 shares
of Series D Preferred Stock of the Issuer, par value $0.01 per
share.  Each Beacon Series D Share (i) entitles its holder to 20
votes per share of common stock of the Issuer on all matters
submitted or required to be submitted to a vote of the common
stockholders of the Issuer, and (ii) is automatically convertible
into Common Stock on a 1 for 20 basis.  During the years ended
Sept. 30, 2015, and 2014, 5GI purchased an additional 195,118
shares and 414,800 shares of Series D preferred stock,
respectively, at $4.00 per share, pursuant to the Purchase
Agreement.

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

                      http://is.gd/IK0cF0

                    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.


GENERAL STEEL: Angela He Quits as Director
------------------------------------------
Ms. Angela He resigned as a member of the Board of Directors of
General Steel Holdings, Inc., effective Feb. 15, 2016, according to
a Form 8-K report filed with the Securities and Exchange
Commission.  The resignation was not due to any disagreement on any
matter relating to the Company's operations, policies or practices,
the filing stated.

On Feb. 28, 2016, the remaining members of the Board appointed Ms.
Tong Yin, to serve as a member of the Board, effective immediately,
and to assume the position of Ms. He on the Audit, Compensation and
Governance and Nominating Committees of the Board.

Ms. Yin has 20 years accounting, finance and management experience
in the manufacturing and mining sectors.  Ms. Yin served as
corporate controller and subsequently VP Corporate Development of
RB Energy Inc. (formerly Canada Lithium Corp., a TSX listed lithium
producer) from 2011 to 2015.  She served as corporate controller of
Torex Gold Resources Inc., a TSX listed gold producer, from 2010 to
2011.  Prior to that, Ms. Yin practiced public accounting serving
public and private audit clients in the industrial, automotive and
energy sectors.  She was staff accountant, senior auditor and audit
manager with KPMG Toronto office from 2001 to 2010.  Ms. Yin also
has experience in the management and finance of Sino-foreign joint
venture companies.

Ms. Yin is a Canadian Chartered Public Accountant (CPA, CA) and
holds a Master of Management and Professional Accounting degree
from the University of Toronto and a Bachelor of Science degree
from Qingdao University.

                  About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi and
Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin
municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net loss
of $42.6 million on $2 billion of sales for the year ended Dec. 31,
2013.

As of March 31, 2015, the Company had $2.5 billion in total assets,
$3.14 billion in total liabilities and a $637 million total
deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


GREENHUNTER RESOURCES: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

      Debtor                                         Case No.
      ------                                         --------
      GreenHunter Resources, Inc..                   16-40956
      1048 Texan Trail
      Grapevine, TX 76051

      Blackwater Services, LLC                       16-40957

      Blue Water Energy Solutions, LLC               16-40958

      GreenHunter Water, LLC                         16-40959

      GreenHunter Wheeling Barge, LLC                16-40960

      Hunter Disposal, LLC                           16-40962

      Hunter Hauling, LLC                            16-40963

      Little Muskingum Drilling, LLC                 16-40964

      MAG Tank Hunter, LLC                           16-40965

      Ritchie Hunter Water Disposal, LLC             16-40966

      Virco Realty, LLC                              16-40967

      White Top Oilfield Construction, LLC           16-40969

      GreenHunter Environmental Solutions, LLC       16-40970

Type of Business: Water Management Services

Chapter 11 Petition Date: March 1, 2016

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

Judge: Hon. Russell F. Nelms

Debtors' Counsel: Larry Alan Levick, Esq.
                  SINGER & LEVICK, P.C.
                  16200 Addison Rd., Suite 140
                  Addison, TX 75001
                  Tel: (972) 380-5533
                  Fax: (972) 380-5748
                  Email: levick@singerlevick.com

Total Assets: $36.29 million

Total Debts: $29.05 million

The petition was signed by Kirk J. Trosclair, EVP and chief
operating officer.

List of GreenHunter Resources, Inc.'s 20 Largest Unsecured
Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Hathaway & Kunz P.C.                                      $5,984

Thompson Reuters Markets LLC                              $3,562

De Lage Landen Financial Services                         $2,871

Ron Wright Tax Assessor                                   $1,079

The Pratt Law Firm PLLC                                   $1,000

Dun & Bradstreet Cred Corp                                  $848

Jack C. Myers                                               $788

UNSi, Inc. FKA Airband Communications, Inc.                 $734

CT Corporation                                              $649

Crown Dealer Services, LLC                                  $588

NFS c/o Sunset Financial Services                           $458

Waste Management of West Virginia Inc.                      $400

Ked Lawn Service                                            $340

Current Business Technologies                               $303

Drill Map                                                   $297

On Time Couriers                                            $251

JV Cleaning Services                                        $178

Aramark Refreshment Services                                $117

Broadridge ICS                                               $99

North Texas Filter LLC                                       $95


GREENHUNTER RESOURCES: Files for Ch. 11 to Sell Assets by May 5
---------------------------------------------------------------
GreenHunter Resources, Inc., and 12 of its affiliates sought
protection under Chapter 11 of the Bankruptcy Code on March 1,
2016, a day prior to the scheduled foreclosure of their assets by
their prepetition secured lender TCFII GH LLC.  The Secured Lender
had declared a default under the prepetition secured notes having
an outstanding principal amount, as of the Petition Date, of $12.6
million.

In papers filed with the Court, the Debtors listed total assets of
$36.29 million and total debts of $29.05 million -- $6 million of
which is unsecured debt.

Other significant secured creditors of the Debtors include
Investment Hunter LLC, which is owed $270,000; Plains Capital Bank
which is owed $1.15 million; Westbanco Bank, Inc., which is owed
$2.52 million; and The Commercial Credit Group which is owed
$258,813.

Engaged in providing water management solutions for the oil and gas
industry, the Debtors said their financial problems are largely a
result of the poor economic conditions facing the energy industry.
They maintained that since their customers are largely oil and gas
companies which have been adversely impacted by the severe and
historic downturn in commodity prices, as well as weak demand,
their revenues have been similarly impacted.

According to Kirk J. Trosclair, executive vice president and chief
operating officer of GreenHunter, the Debtors have undertaken some
cost cutting measures in the past year which have resulted in the
elimination of approximately 40 positions.  He related that the
Debtors also decided to focus their operations to one location in
the Appalachia region and exited Texas and Oklahoma.

"Although the Debtors did engage in cost cutting measures and
succeeded in reducing their administrative and overhead costs, the
Debtors' financial problems continued," Mr. Trosclair maintained.

Prior to the Petition Date, the Debtors and TCF reached an
agreement on terms of a debtor-in-possession financing.  As a
condition to the financing, the parties have agreed that the
Debtors would market their assets for sale.  Among other
milestones, the agreement provides that on or before May 5, 2016,
the Debtors shall have consummated a sale under Section 363 of the
Bankruptcy Code.

Contemporaneously with the petitions, the Debtors filed a number of
first day pleadings seeking authority to, among other things, use
existing cash management system, prohibit utility providers from
discontinuing services, pay employee obligations, pay critical
vendor claims, obtain post-petition financing and use cash
collateral.

Singer & Levick, P.C. represents the Debtors as counsel.  

Judge Russell F. Nelms has been assigned the case.


GRIZZLY LAND: Case Summary & 14 Unsecured Creditors
---------------------------------------------------
Debtor: Grizzly Land LLC
        a Colorado limited liability company
        P.O. Box 670
        Windsor, CO 80550

Case No.: 16-11757

Chapter 11 Petition Date: March 1, 2016

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

Judge: Hon. Thomas B. McNamara

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

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Kirk A. Shiner, DVM, manager.

List of Debtor's 14 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Kloiber Holdings, LLC                                 $10,101,857
Kloiber Real Estate Holdings, LLC
c/o Edward Aro, Esq./
Arnold & Porter
370 17th Street, Suite 4400
Denver, CO
80202-1370

Sopris, LLC                                              $981,095
P.O. Box 670
Windsor, CO 80550

Southern Cross, LLC                                      $275,664
P.O. Box 670
Windsor, CO 80550

Rabo AgriFinance                                          $52,404

Jackson County Treasurer                                  $34,680

Black Tail, LLC                                            $3,850

Sessions & Sons                                            $2,833

Mountain Parks Electric, Inc.                              $2,415

Cris Madera                                                $1,865

Internal Revenue Service                                     $718

Brownstein Hyatt                                             $326

Unidata                                                      $147

Colorado Department of Revenue                                $98

Timberline Builders Supply                                    $47


HCA INC: Fitch Gives 'BB+/RR1' Ratings to 2023 Secured Term Loan
----------------------------------------------------------------
Fitch Ratings has assigned 'BB+/RR1' ratings to HCA Inc.'s $2
billion secured term loan due 2023 and $1 billion senior secured
notes due 2026. The proceeds will be used for general corporate
purposes including refinancing upcoming debt maturities. The Rating
Outlook is Stable. The ratings apply to $30.5 billion of debt
outstanding at Dec. 31, 2015.

KEY RATING DRIVERS

Industry-Leading Financial Flexibility: HCA's financial flexibility
has improved significantly in recent years as a result of organic
growth in the business as well as proactive management of the
capital structure. The company has industry-leading operating
margins and generates consistent and ample discretionary free cash
flow (FCF; operating cash flows less capital expenditures and
distributions to minority interests).

Transition to Public Ownership Complete: The sponsors of a 2006 LBO
previously directed HCA's financial strategy, but their ownership
stake decreased steadily following a 2011 IPO and HCA has appointed
four independent members to the 11-member board of directors (BOD),
bringing the total to seven.

More Predictable Capital Deployment: Under the direction of the LBO
sponsors, HCA's ratings were constrained by shareholder-friendly
capital deployment; the company has funded $7.5 billion in special
dividends and several large repurchases of the sponsors' shares
since 2010. Fitch thinks HCA will have a more consistent and
predictable approach to funding shareholder payouts under public
ownership and an independent BOD.

Expect Stable Leverage: Fitch forecasts that HCA will produce
discretionary FCF of about $2 billion in 2016, and will prioritize
use of cash for organic investment in the business, acquisitions
and share repurchases. At 3.8x, HCA's gross debt/EBITDA is below
the average of the group of publicly traded hospital companies, and
Fitch does not believe that there is a compelling financial
incentive for HCA to apply cash to debt reduction.

Secular Headwinds to Operating Outlook: Measured by revenues, HCA
is the largest operator of for-profit acute care hospitals in the
country, with a broad geographic footprint. The company benefited
from this favorable operating profile during a period of several
years of weak organic operating trends in the for-profit hospital
industry. Although operating trends improved industrywide starting
in mid-2014, secular challenges, including a shift to lower-cost
care settings and health insurer scrutiny of hospital care, are a
continuing headwind to organic growth.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for HCA include:

-- Organic revenue growth of 4%-5% in 2016 and 2017, driven by a
    2%-3% increase in patient volumes with the remainder
    contributed by growth in pricing;

-- Modest Operating EBITDA margin compression of 20-30 basis
    points (bps) in each of 2016 and 2017, primarily as the result

    of negative operating leverage as patient volume growth rates
    normalize versus the higher level seen in 2014-2015 level and
    growth in pricing slows;

-- Fitch forecasts EBITDA of $8.3 billion and discretionary FCF
    of $2 billion in 2016 for HCA, with capital expenditures of
    about $2.7 billion. Higher capital spending is related to
    growth projects that support the expectation of EBITDA growth
    through the forecast period;

-- The majority of discretionary FCF is directed towards share
    repurchases and acquisitions, and debt due in 2016-2018 is
    refinanced, resulting in gross debt/EBITDA of 3.5x-4.0x
    through the forecast period.

RATING SENSITIVITIES

Maintenance of a 'BB' Issuer Default Rating (IDR) considers HCA
operating with debt leverage sustained around 4.0x and with an FCF
margin of 4%-5%. A downgrade of the IDR to 'BB-' is unlikely in the
near term, since these targets afford HCA with significant
financial flexibility to increase acquisitions and organic capital
investment while still returning a substantial amount of cash to
shareholders through share repurchases.

An upgrade to a 'BB+' IDR is possible if HCA maintains debt
leverage of 3.0x-3.5x. In addition to a commitment to operate with
lower leverage, continuation of the recent improvement in organic
operating trends in the hospital industry would support a higher
rating for HCA. Evidence of an improved operating trend would
include continued positive growth in organic patient volumes,
sustained improvement in the payor mix with fewer uninsured
patients and correspondingly lower bad debt expense, and limited
concern that profitability will suffer from drops in reimbursement
rates.

LIQUIDITY

HCA's liquidity profile is solid. Proceeds from the new bank loan
will refinance approximately $2 billion of term loans maturing in
2017. There are no other significant maturities in 2016-2017. In
2018, $2.3 billion of term loans and $500 million of unsecured
notes come due. Fitch believes that HCA's operating outlook and
financial flexibility are amongst the best in the for-profit
hospital industry, affording the company good market access to
refinance upcoming maturities.

At Dec, 31, 2015, HCA's liquidity included $741 million of cash on
hand, $2.2 billion of available capacity on its senior secured
credit facilities and latest 12 months (LTM) discretionary FCF of
about $1.9 billion. HCA's EBITDA/gross interest expense is solid
for the 'BB' rating category at 4.9x and the company had an ample
operating cushion under its bank facility financial maintenance
covenant, which requires debt net of cash maintained at or below
6.75x EBITDA.

Total debt of approximately $30.5 billion at Dec. 31, 2015 included
$8.7 billion of first-lien secured bank debt, $11.1 billion of
first-lien secured notes, $9.3 billion of HCA Inc. unsecured notes,
and $1 billion of Hold Co. unsecured notes. HCA's bank debt
includes approximately $5.6 billion in term loans maturing through
June 2020. The company had full availability on its $2 billion
capacity cash flow revolving loan and roughly $200 million
availability on its $3.25 billion capacity asset-based revolving
loan (ABL facility).

The secured debt rating is one notch above the IDR, illustrating
Fitch's expectation of superior recovery prospects in the event of
default. The first-lien obligations, including the bank debt and
the first-lien secured notes, are guaranteed by all material wholly
owned U.S. subsidiaries of HCA, Inc. that are 'unrestricted
subsidiaries' under the HCA Inc. unsecured note indenture dated
Dec. 16, 1993.

Because of restrictions on the guarantor group as stipulated by the
1993 indenture, the credit facilities and first-lien notes are not
100% secured. At Dec. 31, 2015, the subsidiary guarantors of the
first-lien obligations comprised about 45% of consolidated total
assets. The ABL facility has a first-lien interest in substantially
all eligible accounts receivable (A/R) of HCA, Inc. and the
guarantors, while the other bank debt and first-lien notes have a
second-lien interest in certain of the receivables.  

The HCA Inc. unsecured notes are rated at the same level as the IDR
despite the substantial amount of secured debt to which they are
subordinated, with secured leverage of 2.4x at Dec. 31, 2015. If
HCA were to layer more secured debt into the capital structure,
such that secured debt leverage is greater than 3.0x, it could
result in a downgrade of the rating on the HCA Inc. unsecured notes
to 'BB-'. The bank agreements include a 3.75x first lien secured
leverage ratio debt incurrence test.

The HCA Holdings Inc. unsecured notes are rated two-notches below
the IDR to reflect the substantial structural subordination of
these obligations, which are subordinate in right of payment to all
debt outstanding at the HCA Inc. level. At Dec. 31, 2015, leverage
at the HCA Inc. and HCA Holdings Inc. level was 3.7x and 3.8x,
respectively.

FULL LIST OF RATING ACTIONS

Fitch currently rates HCA as follows:

HCA, Inc.
-- IDR 'BB';
-- Senior secured credit facilities (cash flow and asset backed)
    'BB+/RR1';
-- Senior secured first lien notes 'BB+/RR1';
-- Senior unsecured notes 'BB/RR4'.

HCA Holdings Inc.
-- IDR 'BB';
-- Senior unsecured notes 'B+/RR6'.

The Rating Outlook is Stable.


HCA INC: Moody's Assigns Ba1 Rating on New $1BB Term Loan Due 2023
------------------------------------------------------------------
Moody's Investors Service assigned Ba1 ratings to HCA Inc.'s
proposed $1.0 billion senior secured notes due 2026 and $2.0
billion senior secured term loan due 2023.  Moody's understands
that the proceeds of the notes will be used for general corporate
purposes.  The proceeds of the new term loan will be used to
refinance the company's existing $2.0 billion term loan which
matures in March 2017.  HCA Inc. is a wholly owned subsidiary of
HCA Holdings, Inc. (collectively HCA or the company).

All of HCA's existing ratings, including the company's Ba2
Corporate Family Rating and Ba2-PD Probability of Default Rating
remain unchanged.  The rating outlook is stable.

These ratings have been assigned.

HCA Inc.
  Senior secured term loan due 2023 at Ba1 (LGD 3)
  Senior secured notes due 2026 at Ba1 (LGD 3)

                        RATINGS RATIONALE

HCA's Ba2 Corporate Family Rating reflects the company's
significant scale, its geographic diversification with strong
presence in key markets, relatively stable cash flows and Moody's
expectation of continued organic growth.  The rating also reflects
Moody's belief that HCA will maintain a more conservative financial
policy following the reduction of private equity ownership, the
addition of independent Directors to the company's Board, and the
company's public disclosure of leverage and liquidity targets.
However, Moody's expects that the company will continue to return
capital to shareholders through share repurchases in lieu of debt
repayment.  Further, the ratings also reflect the risks with the
ongoing changes to reimbursement levels that will challenge revenue
growth and margin expansion.

Moody's could upgrade the ratings if HCA maintains a conservative
financial policy with respect to large debt funded acquisitions,
shareholder distributions or share repurchases, improves geographic
diversity, and sustains debt to EBITDA at about 3.5 times.

Moody's could downgrade the ratings if financial metrics weaken due
to deteriorating operating performance, the company incurs a
material amount of debt in order to fund shareholder distributions
or acquisitions, or if Moody's expects debt to EBITDA to be
sustained above 4.5 times.

HCA is the largest for-profit acute care hospital operator in the
US as measured by revenues.  In addition to its acute care hospital
facilities, the company operates psychiatric facilities, a
rehabilitation hospital as well as ambulatory surgery centers and
cancer treatment and outpatient rehab centers located in 20 states
in the U.S. and in England.  The company is headquartered in
Nashville, Tennessee and reported net revenue in excess of $39
billion in the year ended Dec. 31, 2015.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.


HEPAR BIOSCIENCE: Northwest Granted Partial Summary Judgment
------------------------------------------------------------
Judge Karen E. Schreirer of the United States District Court for
the District of South Dakota, Southern Division, granted Northwest
Bank's motion for partial summary judgment on its breach of
contract claim.

Sovereign previously executed multiple guarantees to Northwest to
secure loans made by Northwest to its subsidiary, Hepar Bioscience.
After Hepar Bioscience filed for chapter 11 bankruptcy, Northwest
accelerated the amount due on the loan and demanded that Sovereign
remit full payment on the outstanding debt as provided in the loan
guarantees.  As of May 2015, the outstanding principal on the loan
is $18,561,612.25.

Northwest sued Sovereign Holdings, Inc., Hepar, L.L.C., and Mary
Ellen Nylen, asserting claims for breach of contract, conversion
and fraudulent transfer, breach of fiduciary duty, and injunctive
relief through the imposition of a constructive trust.  The parties
stipulated to the dismissal of all claims except the breach of
contract claim against Sovereign.  Northwest then moved for partial
summary judgment on this claim.

Judge Schreirer found that, contrary to Sovereign's assertion,
Hepar Bioscience's reorganization plan in bankruptcy court provides
neither a basis for rendering Northwest's breach of contract claim
moot nor provide an an avenue to stay the action.

Judge Schreirer also found that Sovereign's promissory estoppel
defense is not relevant to the issue of whether Northwest is
entitled to a judgment in the full amount owed on the breach of
contract claim.

Finally, as to Sovereign's argument that the court should defer
judgment on the claim until a divorce action between its officers,
Mark Nylen and Mary Ellen, is complete, Judge Schreirer held that
the state-court divorce proceeding does not provide a basis for
deferring judgment on the breach of contract claim.

The case is NORTHWEST BANK, formerly known as First National Bank,
Plaintiff, v. SOVEREIGN HOLDINGS, INC., Defendant, No.
4:15-CV-04066-KES (D.S.D.).

A full-text copy of Judge Schreirer's February 23, 2016 meorandum
opinion and order is available at http://is.gd/BXAQ9Yfrom
Leagle.com.

Northwest Bank is represented by:

          Roger W. Damgaard, Esq.
          WOODS, FULLER, SHULTZ & SMITH, PC
          300 South Phillips Ave
          Sious Falls, SD 57104
          Tel: (605)336-3890
          Email: roger.damgaard@woodsfuller.com

            -- and --

          G. Mark Rice, Esq.
          Johannes H. Moorlach, Esq.
          WHITFIELD & EDDY, P.L.C.
          699 Walnut Street, Suite 2000
          Des Moines, IA 50309
          Tel: (515)288-6041
          Fax: (515)246-1474
          Email: rice@whitfieldlaw.com
                 moorlach@whitfieldlaw.com

Sovereign Holdings, Inc., Hepar, L.L.C. are represented by:

          Scott Allen Hindman, Esq.
          BIKAKIS MAYNE ARNESON HINDMAN & HISEY
          701 Pierce Street, Suite 300
          Tel: (712) 277-1434
          Fax: (712) 255-8049
          Email: shindman@maynelaw.com

Mary Ellen Nylen is represented by:

          Jason R. Sutton, Esq.
                        Thomas J. Welk, Esq.
          John P. Mullen, Esq.
          BOYCE LAW FIRM
          300 S. Main Avenue
          Sioux Falls, SD 57104
          Tel: (605)336-2424
          Fax: (605)334-0618

                    About Hepar BioScience

Jefferson, South Dakota-based Hepar BioScience LLC in the business
of receiving porcine (pork) by-products (concentrated peptone, a
functional pork protein and animal fat) and other meat by-products
that are primarily used in the porcine animal nutrition feed
industry (concentrated porcine peptone) and biodiesel or animal
feed business (animal fat).

The Company filed a Chapter 11 bankruptcy petition (Bankr. D. S.D.
Case No. 15-40057) on Feb. 20, 2015.  

Bankruptcy Judge Charles L. Nail, Jr., presides over the case.
Clair R. Gerry, Esq., at Gerry & Kulm Ask, Prof. LLC, represents
the Debtor in its restructuring effort.  The Debtor disclosed
$11,987,018 in assets and $22,243,151 in liabilities as of the
chapter 11 filing.

The U.S. Trustee for Region 12 appointed a five-member Official
Committee of Unsecured Creditors.  The Committee tapped James S.
Simko of Cadwell, Sanford, Deibert & Garry, LLP as its counsel,
and Duff & Phelps Securities, LLC as its valuation advisor.


INFOMOTION SPORTS: Case Summary & 17 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: InfoMotion Sports Technologies, Inc.
        129 Bank Street
        Attleboro, MA 02703-1744

Case No.: 16-10724

Chapter 11 Petition Date: March 1, 2016

Court: United States Bankruptcy Court
       District of Massachusetts (Boston)

Judge: Hon. Joan N. Feeney

Debtor's Counsel: Ira H. Grolman, Esq.
                  GROLMAN LLP
                  The Electric Carriage House
                  321 Columbus Avenue
                  Boston, MA 02116
                  Tel: (617) 859-8966
                  Fax: (617) 859-8903
                  E-mail: ira@grolmanllp.com

                     - and -

                  Patrick Michael Groulx, Esq.
                  GROLMAN LLP
                  The Electric Carriage House
                  321 Columbus Avenue, 6th Floor
                  Boston, MA 02116
                  Tel: (617) 859-8966
                  Fax: (617) 859-8903
                  E-mail: patrick@grolmanllp.com

Debtor's          BEANSTALK CFO GROUP
Accountant:

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Michael Crowley, chief executive
officer.

A list of the Debtor's 17 largest unsecured creditors is available
for free at http://bankrupt.com/misc/mab16-10724.pdf


INTELLIPHARMACEUTICS INT'L: Announces 2015 Year End Results
-----------------------------------------------------------
Intellipharmaceutics International Inc. reported a net loss of
$7.43 million on $4.09 million of revenues for the year ended
Nov. 30, 2015, compared to a net loss of $3.85 million on $8.76
million of revenues for the year ended Nov. 30, 2014.

As of Nov. 30, 2015, the Company had $5.22 million in total assets,
$5.36 million in total liabilities and a $137,686 shareholders'
deficiency.

Dr. Isa Odidi, Chairman and CEO, stated, "Our accomplishments in
2015 mark the repositioning and validation of Intellipharmaceutics
as a specialty new drug delivery company.  In light of this
success, our start to 2016 looks even more promising given the
positive results we announced in January demonstrating that Rexista
Oxycodone XR tested bioequivalent to Oxycontin and the recent news
of the FDA approval of our generic version of Keppra XR.  We
continue to make solid progress towards our stated objective of
filing a New Drug Application for Rexista Oxycodone XR within the
next six months."

The Company had cash of $1.8 million as at Nov. 30, 2015, compared
to $4.2 million as at Nov. 30, 2014.  As of Feb. 25, 2016, the
Company had a cash balance of $0.4 million.  The decrease in cash
is mainly a result of lower cash receipts relating to commercial
sales of our generic Focalin XR capsules for the 15 and 30 mg
strengths, an increase in cash flow used in operating activities
related to R&D activities, a decrease in cash flows provided from
financing activities which were mainly from common share sales
under the Company's at-the-market offering program, partially
offset by a decrease in purchases of production, laboratory and
computer equipment.  For the year ended Nov. 30, 2015, net cash
flows provided from financing activities of $1.7 million related
principally to at-the-market issuances of 471,439 of the Company's
common shares sold on NASDAQ for net proceeds of $1.3 million, and
to the exercise of 225,000 warrants for net proceeds of $0.6
million, partially offset by capital lease and financing cost
payments.  Net cash flows provided from financing activities for
the year ended Nov. 30, 2014, were $5.9 million related primarily
to at-the-market issuances.

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


                        http://is.gd/bDamtQ

                     About Intellipharmaceutics

Toronto, Canada-based Intellipharmaceutics International Inc. is
incorporated under the laws of Canada.  Intellipharmaceutics is a
pharmaceutical company specializing in the research, development
and manufacture of novel and generic controlled-release and
targeted-release oral solid dosage drugs.  Its patented
Hypermatrix(TM) technology is a multidimensional controlled-
release drug delivery platform that can be applied to the
efficient development of a wide range of existing and new
pharmaceuticals.  Based on this technology, Intellipharmaceutics
has a pipeline of product candidates in various stages of
development, including filings with the FDA in therapeutic areas
that include neurology, cardiovascular, gastrointestinal tract,
diabetes and pain.

Deloitte LLP, in Toronto, Canada, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Nov. 30, 2014, citing that the Company's recurring losses
from operations and the accumulated deficit raise substantial doubt
about the Company's ability to continue as a going concern.


ION GEOPHYSICAL: S&P Lowers CCR to 'CC', Outlook Negative
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Houston-based ION Geophysical Corp. to 'CC' from 'CCC'.
The outlook is negative.

At the same time, S&P lowered its issue-level ratings on the
company's outstanding second-lien notes to 'CC' from 'CCC'.  The
recovery rating on these notes remains '4', reflecting S&P's
expectation of average (higher half of the 30% to 50% range)
recovery to creditors in the event of a default.

"The downgrade follows ION's announcement that it has entered into
a support agreement with the holders of more than two-thirds of the
aggregate outstanding principal amount of the company's 8.125%
senior second priority notes due 2018," said Standard & Poor's
credit analyst David Lagasse.  "We view the proposed transaction as
a potential selective default, reflecting the expectation that
lenders could receive below par value and that the terms of the
amended notes would be on less favorable; including an extended
maturity," he added.

The outlook is negative.  Once the transaction has closed, S&P
expects to lower the corporate credit rating to 'SD' (selective
default) and the issue-level rating on the second-lien notes to
'D'.  S&P would then review the ratings based on the new capital
structure and consider an upgrade when there is more certainty that
the company is no longer pursuing distressed exchanges.

The recovery rating remains '4'.  S&P notes that any deal involving
a restructuring of the company's capital structure could have an
effect on the recovery rating.  S&P intends to re-evaluate recovery
prospects at the close of any debt restructuring or exchange.


LAKE TAHOE: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Lake Tahoe Partners LLC
        P.O. Box 2490
        Napa, CA 94558
        United States

Case No.: 16-10150

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: March 1, 2016

Court: United States Bankruptcy Court
       Northern District of California (Santa Rosa)

Judge: Hon. Thomas E. Carlson

Debtor's Counsel: Michael J.M. Brook, Esq.
                  LAW OFFICES OF MICHAEL BROOK
                  645 Fourth Street, #200
                  Santa Rosa, CA 95404
                  Tel: (707) 889-7189
                  E-mail: mbrooklaw@gmail.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Tim Wilkens, CEO.

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

         http://bankrupt.com/misc/canb16-10150.pdf


LIFE MEDIA: F-tuan Losses Raise Going Concern Doubt, Says Groupon
-----------------------------------------------------------------
Groupon, Inc. concluded that there was substantial doubt about Life
Media Limited (F-tuan)'s ability to continue as a going concern for
the foreseeable future.  F-tuan is a minority investee with
operations in China.  

Groupon Chief Executive Officer Rich Williams in a regulatory
filing with the U.S. Securities and Exchange Commission on February
11, 2016 noted that for the year ended December 31, 2013, Groupon
recorded an $85.5 million other-than-temporary impairment of its
investments in F-tuan.

Mr. Williams elaborated: "F-tuan had operated at a loss since its
inception and had used proceeds from equity offerings to fund
investments in marketing and other initiatives to grow its
business.  Groupon participated in an equity funding round in 2013
and the aggregate cash proceeds raised by F-tuan in that round,
which were funded in two installments in September and October 2013
and included proceeds received from another investor, were intended
to fund its operations for approximately six months, at which time
additional financing would be required.  In December 2013, Groupon
was notified by F-tuan's largest shareholder, which had served as a
source of funding and operational support, that they had made a
strategic decision to cease providing support to F-tuan.  At its
December 12, 2013 meeting, Groupon's Board of Directors discussed
its strategy with respect to the Chinese market in light of this
information.

"After that meeting, management pursued opportunities to divest its
minority investment in F-tuan either for cash or in exchange for a
minority equity investment in a larger competitor, but no agreement
was ultimately reached.  At its February 11, 2014 meeting, the
Board of Directors determined that Groupon should not provide
funding to F-tuan in future periods.  At that time, F-tuan required
additional financing to continue its operations.  Given the
uncertainty as to whether it would be able to obtain such financing
and Groupon's decision not to provide significant funding itself,
Groupon concluded that there was substantial doubt as to F-tuan's
ability to operate as a going concern for the foreseeable future.

"Groupon's evaluation of other-than-temporary impairments involves
consideration of qualitative and quantitative factors regarding the
severity and duration of the unrealized loss, as well as Groupon's
intent and ability to hold the investment for a period of time that
is sufficient to allow for an anticipated recovery in value.  As a
result of F-tuan's liquidity needs, the decision by existing
shareholders to cease providing support, Groupon's inability to
find a buyer for its minority investment, Groupon's decision not to
be a source of significant funding itself and the expectation that
any subsequent third party investment would substantially dilute
the existing shareholders, Groupon concluded that its investment in
F-tuan was other-than-temporarily impaired and its best estimate of
fair value was zero.  Accordingly, Groupon recognized an $85.5
million impairment charge in earnings for the year ended December
31, 2013, bringing the fair value of the investment to zero.
Groupon's investments in F-tuan continue to have an estimated fair
value of zero as of December 31, 2015."

At December 31, 2015, Groupon had total assets of $1,796.3 million,
total liabilities of $1,325.7 million and total equity of $470.6
million.

For the year ended December 31, 2015, Groupon posted a net income
of $33.7 million as compared with a net loss of $63.9 million for
the same period in 2014.

A full-text copy of Groupon's annual report is available for free
at: http://tinyurl.com/j3wa38a

Chicago-based Groupon, Inc. is one of the global leaders in local
commerce, enabling people around the world to search and discover
great businesses and merchandise.  Groupon operates online local
commerce marketplaces throughout the world that connect merchants
to consumers by offering goods and services, generally at a
discount.

In 2012, China-based group-buying site Life Media Limited (F-tuan)
merged with Gaopeng, an e-commerce joint venture between Groupon
and Tencent Holdings Ltd.




LKQ CORP: S&P Lowers Rating to 'BB', Off Watch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services said that it has downgraded LKQ
Corp. to 'BB' from 'BB+' and removed all of its ratings on the
company from CreditWatch, where S&P placed them with negative
implications on Dec. 22, 2015.  The outlook is stable.

At the same time, S&P revised its issue-level ratings on LKQ's
senior unsecured notes to 'B+' from 'BB-'.  The '6' recovery rating
remains unchanged, indicating S&P's expectation for negligible
recovery (0%-10%) in a payment default scenario.

Additionally, S&P revised its recovery ratings on LKQ's secured
debt to '2' from '3', indicating S&P's expectation for substantial
recovery (70%-90%; lower half of the range) in a payment default
scenario.  S&P's 'BB+' issue ratings on the debt remain unchanged.

"We downgraded LKQ to reflect the risks related to the integration
of its recent acquisitions and the associated EBITDA margin
pressure," said Standard & Poor's credit analyst Lawrence Orlowski.
"The company expects to fund these acquisitions with debt,
therefore we believe that its credit metrics will be somewhat
weaker than we had previously expected."  Given the size and timing
of these acquisitions, S&P is concerned that it may be difficult
for LKQ to quickly and efficiently integrate these businesses.

The stable outlook reflects S&P's view that LKQ's management will
pace the company's future acquisitions such that it will maintain a
debt leverage metric of less than 3.0x over the next 12 months.

S&P could lower its ratings on LKQ if the company's debt-to-EBITDA
metric remains above 3x while its FOCF-to-debt ratio falls below
15% on a sustained basis because of operating problems, the loss of
business, the company's inability to efficiently integrate its
acquired properties, or other adverse market conditions such as an
unfavorable change in how auto insurers fulfill collision claims.
S&P could also lower our ratings if LKQ undertakes another sizeable
debt-financed acquisition in the year ahead, or if there was a
change in its financial policy because of a shift in management's
business operations or shareholder value creation strategy.

For S&P to upgrade LKQ, S&P would need to believe that the
company's EBITDA margins would approach their historical levels (of
about 14%-15%) on a sustained basis as it integrates its recent
acquisitions without significant missteps.  S&P would also need the
company to realize operating synergies from its acquisitions and
would require management to commit to maintain their strategic
focus.  If this occurs, S&P would likely revise its CRA modifier on
LKQ to neutral from negative.  Moreover, S&P would also need to
believe that the company's strategic business and financial
policies and governance and capital structure would be consistent
with a higher rating.  Additionally, LKQ would have to continue to
maintain debt leverage in the 2x-3x range and a FOCF-to-debt ratio
above 15%.


LUIS BURGOS: Stipulation to Stay Appeal Deadlines Approved
----------------------------------------------------------
In the case captioned In re: JONATHAN B. GOLDSMITH, Appellant, v.
UNITED STATES TRUSTEE, Appellee, Case No. 2:15-cv-2473-JAD (D.
Nev.), Judge Jennifer A. Dorsey of the United States District Court
for the District of Nevada approved a stipulation to stay appeal
deadlines and for limited remand to the United States Bankruptcy
Court to consider a proposed settlement.  The stipulation was filed
by Tracy Hope Davis, the United States Trustee for Region 17, and
Jonathan B. Goldsmith.

The parties stated that they have negotiated and reached a
settlement that would, if approved by the bankruptcy court, resolve
the pending appeal.  Although a prior extension was already granted
on January 20, 2016, the parties sought a stay of the current
briefing deadlines pending approval of the proposed settlement.

The parties also sought a remand to the bankruptcy court in the
underlying bankruptcy case, In re Luis Burgos and Dorian Burgos,
Case No. 12-16894-MKN, for the limited purpose of allowing the
bankruptcy court to consider the proposed settlement agreement.

A full-text copy of Judge Dorsey's February 19, 2016 order is
available at http://is.gd/105XUgfrom Leagle.com.

Jonathan B. Goldsmith is represented by:

          Jonathan B. Goldsmith, Esq.
          617 Hoover Ave
          Las Vegas, NV 89101
          Tel: (702)818-4739
          Email: jonathan@vegaslawsite.com

United States Trustee is represented by:

          Brian E. Goldberg, Esq.
          Terri H. Didion, Esq.
          OFFICE OF THE UNITED STATES TRUSTEE
          300 Las Vegas Boulevard South, Suite 4300
          Las Vegas, NV 89101
          Tel: (702)388-6600
          Fax: (702)388-6658


MARK ANDERSON: Bid to Dismiss Nahlawi's Appeal
-----------------------------------------------
This case is about Appellant Ayad M. Nahlawi's repeated and
continued failure to meet court-ordered and statutorily imposed
deadlines.  After the Bankruptcy Court dismissed Nahlawi's
Adversary Complaint for being untimely filed, Nahlawi filed an
untimely motion to extend time for appeal, which was denied.  Not
surprisingly, when Nahlawi appealed the Bankruptcy Court's
decision, he failed to file a statement of issues and designation
of record within the deadlines imposed by Rule 8009 of the Federal
Rules of Bankruptcy Code.

Presently before this court is Appellees Carol S. Anderson et al's
motion to dismiss Nahlawi's appeal under Rules 8001 and 8009 of the
Federal Rules of Bankruptcy Procedure. Although timeliness issues
under Rule 8009 are a matter of discretion, multiple failures are
generally unacceptable.

In a Memorandum Opinion and Order dated February 12, 2016, which is
available at http://is.gd/WDOR0vfrom Leagle.com, Senior District
Judge Milton I. Shadur of the United States District Court for the
Northern District of  Illinois, Eastern Division, granted the
Appellees' motion to dismiss with prejudice.  The appeal is
dismissed for lack of prosecution.

The case is AYAD M. NAHLAWI, Appellant, v. CAROL S. ANDERSON, et
al., Appellees, Case No. 15 C 11303.
Ayad M Nahlawi, Appellant, is represented by Kevin S. Besetzny,
Esq. -- Besetzny Law, P.C. & Ron A. Cohen, Esq. -- Law Offices of
Ron A. Cohen.

Mark E Anderson, Appellee, is represented by David K. Welch, Esq.
-- dwelch@craneheyman.com -- Crane, Keyman, Simon, Welch & Clar,
Arthur Gary Simon, Esq. -- asimon@craneheyman.com -- Crane, Heyman,
Simon, Welch & Clar, Brian Patrick Welch, Esq. --
bwelch@craneheyman.com -- Crane, Heyman, Simon, Welch & Clar, Harry
Charles Lee, III, Esq. -- Law Offices of Harry C. Lee & Jeffrey
Chad Dan, Esq. -- jdan@craneheyman.com -- Crane, Heyman, Simon,
Welch & Clar.

Carol S. Anderson, Appellee, represented by David K. Welch, Crane,
Keyman, Simon, Welch & Clar, Arthur Gary Simon, Crane, Heyman,
Simon, Welch & Clar, Brian Patrick Welch, Crane, Heyman, Simon,
Welch & Clar, Harry Charles Lee, III, Law Offices of Harry C. Lee &
Jeffrey Chad Dan, Crane, Heyman, Simon, Welch & Clar.

Service List, represented by US Bankruptcy Clerk (Chicago), Eastern
Division Office.

Service List, represented by United States Trustee, Office of the
United States Trustee.

Service List, represented by Judge Cox, United States Bankruptcy
Court.


MCPK REALTY: UCB Suit Remanded to Determine Mitigation of Damages
-----------------------------------------------------------------
The Superior Court of New Jersey, Appellate Division, affirmed in
part, and reversed and remanded in part an October 10, 2014
judgment granting United Central Bank ("UCB") a $195,309.51
deficiency judgment on two commercial notes against the defendants
Bhavani Fruit and Vegetable, LLC, Bhavani Food, Inc., Shree
Bhavani, Inc., Mukund Patel and Chhaya Patel.

The figure represented a foreclosure judgment amount of
$5,145,464.06, less appropriate credits and rent from the
defendants' tenants that UCB was entitled to collect, pursuant to
an assignment, during the pendency of the foreclosure proceedings.
UCB, however, had failed to retain a rent receiver to recover this
rent.  

UCB appealed from the judgment, arguing that the judge erred by
reducing the amount of the judgment based on its alleged failure to
mitigate damages by not seeking to collect the rents through a rent
receiver.

The Superior Court of New Jersey affirmed the amount of the
judgment entered in UCB's favor, but disagreed with the trial
judge's finding that UCB was required to retain a rent receiver,
because such an obligation did not exist under the contract terms
of the assignment.  The superior court, however, pointed out that
this does not relieve UCB from its duty to mitigate damages.  The
case was thus remanded, in part, for further proceedings on the
issue of mitigation of damages.

The case is UNITED CENTRAL BANK,
Plaintiff-Appellant/Cross-Respondent, v. BHAVANI FRUIT AND
VEGETABLE LLC, BHAVANI FOOD, INC., SHREE BHAVANI, INC., MUKUND
PATEL AND CHHAYA PATEL, Individually,
Defendants-Respondents/Cross-Appellants, No. A-0837-14T3 (N.J.
Super. Ct. App. Div.).

A full-text copy of the Superior Court's February 24, 2016 opinion
is available at http://is.gd/wOkjGRfrom Leagle.com.

Appellant/Cross-Respondent is represented by:

          David K. DeLonge, Esq.
          SCHUMANN HANLON, L.L.C.
          Harborside Plaza 10
          3 Second Street, Suite 1201
          Jersey City, NJ 07311
          Tel: (201)451-1400
          Email: dkdelonge@shdlaw.com

Respondents/Cross-Appellants are represented by:
          
          Bryan T. Eggert, Esq.
          I. Dominic Simeone, Esq.
          Kenneth E. Raynor, Esq.
          SIMEONE & RAYNOR, L.L.C.
          Harvard Law Building
          1522 Rt. 38
          Cherry Hill, NJ 08002
          Tel: (856)663-6700
          Fax: (856)663-6701


MGM RESORTS: Reports $448 Million Net Loss for 2015
---------------------------------------------------
MGM Resorts International filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
attributable to the Company of $448 million on $9.94 billion of
revenues for the year ended Dec. 31, 2015, compared to a net loss
attributable to the Company of $150 million on $10.84 billion of
revenues for the year ended Dec. 31, 2014.  As of Dec. 31, 2015,
MGM had $25.2 billion in total assets, $17.5 billion in total
liabilities and $7.76 billion in total stockholders' equity.  A
full-text copy of the Form 10-K is available for free at:          
         http://is.gd/VKxdHZ

                       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.

                           *     *     *

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.


MONTREAL MAINE: Suits vs Canadian Pacific to be Moved to Maine
--------------------------------------------------------------
Judge Jon D. Levy of the United States District Court for the
District of Maine granted the motions to transfer the Illinois
case, 1:15-cv-08751 and Texas cases, 3:15-cv-2673-C and
3:15-cv-3032-B, against Canadian Pacific Railway Co. to the
District of Maine.

In July of 2013, a freight train operated by Montreal Maine &
Atlantic Railway, Ltd., derailed in Lac-Megantic, Quebec, leading
to a series of explosions that destroyed part of the downtown area
and caused the death of 47 people.  The following month, MMA filed
a chapter 11 bankruptcy proceeding in the District of Maine and
simultaneously sought similar protection in Canada.  Civil
proceedings against Canadian Pacific which spawned from the
derailment were removed to the Northern District of Illinois and
the Northern District of Texas.

Two motions were filed requesting the transfer of the Illinois and
Texas cases to the District of Maine:

     1) Motion filed by 35 individual plaintiffs to transfer the
        personal injury tort and wrongful death cases pending in
        the United States District Court for the Northern
        District of Illinois.

     2) Motion filed by Robert J. Keach, chapter 11 bankruptcy
        trustee for MMA, to transfer two putative class actions    
  
        against Canadian Pacific pending in the United States
        District Court for the Northern District of Texas.

Judge Levy held that although MMA is not a named party in the
Illinois and Texas cases, the bankruptcy estate will be involved in
the litigation of those cases due to a "proportionate judgment
reduction" provision in the Trustee's plan of liquidation under
which Canadian Pacific's liability for the Lac-Megantic disaster,
if any, may be reduced by the comparative fault of MMA, which
operated the train.

Judge Levey found that the bankruptcy estate and the preservation
of its assets will benefit from the centralization of the Illinois
and Texas cases in a single judicial forum.  The judge also found
that the transfer of the cases to the District of Maine will
promote the convenience of the parties and witnesses and will
enhance the availability of evidence because, of the three forums
at issue, the District of Maine is geographically closest to the
locus of the train derailment.  Finally, Judge Levey held that
expediency and efficiency will be promoted by a section 157(b)(f)
transfer to the District of Maine and the management of the cases
by a single judge.

The case is IN RE: MONTREAL MAINE & ATLANTIC RAILWAY, LTD., DEBTOR,
Nos. 1:15-mc-00355-JDL, 1:15-mc-00356-JDL (D. Me.).

A full-text copy of Judge Levy's February 22, 2016 order is
available at http://is.gd/H1vOmkfrom Leagle.com.

ROBERT J KEACH, Movant, represented by D. SAM ANDERSON --
sanderson@bernsteinshur.com -- BERNSTEIN SHUR SAWYER & NELSON &
LINDSAY K. ZAHRADKA -- lzahradka@bernsteinshur.com -- BERNSTEIN
SHUR SAWYER & NELSON.

DEVLAR ENERGY MARKETING LLC, LARIO OIL & GAS COMPANY, DEVO TRADING
& CONSULTING CORPORATION, SLAWSON EXPLORATION COMPANY INC,
Respondents, represented by STEVEN E. COPE, COPE LAW FIRM.

OASIS PETROLEUM INC, OASIS PETROLEUM LLC, INLAND OIL & GAS
CORPORATION, WHITING PETROLEUM CORPORATION, ENERPLUS RESOURCES USA
CORPORATION, HALCON RESOURCES CORPORATION, TRACKER RESOURCES,
WHITING CANADIAN HOLDING COMPANY ULC, GOLDEN EYE RESOURCES LLC,
Respondents, represented by KELLEY J. FRIEDMAN --
kfriedman@jandflaw.com -- JOHANSON & FAIRLESS, LLP & TIMOTHY H.
NORTON -- tnorton@krz.com -- KELLY, REMMEL & ZIMMERMAN.

ARROW MIDSTREAM HOLDINGS LLC, Respondent, represented by ELIZABETH
T. JOZEFOWICZ, CLAUSEN MILLER, PC, MARK W. ZIMMERMAN --
mzimmerman@clausen.com -- CLAUSEN MILLER, PC & MICHAEL K. MARTIN --
mmartin@pmhlegal.com -- PETRUCCELLI, MARTIN & HADDOW LLP.

MARATHON OIL COMPANY, Respondent, represented by JEREMY R. FISCHER
-- jfischer@dwmlaw.com -- DRUMMOND WOODSUM.

QEP RESOURCES INC, Respondent, represented by JEREMY R. FISCHER --
jfischer@dwmlaw.com -- DRUMMOND WOODSUM.

RAIL WORLD INC, RAIL WORLD HOLDINGS LLC, RAIL WORLD LOCOMOTIVE
LEASING LLC, EDWARD BURKHARDT, LMS ACQUISITION CORP, SAN LUIS
CENTRAL RAILROAD CO, PEA VINE CORPORATION, Respondents, represented
by ALAN S. GILBERT -- alan.gilbert@dentons.com -- DENTON US LLP &
PATRICK CARR MAXCY -- patrick.maxcy@dentons.com -- DENTON US LLP.

GENERAL ELECTRIC RAILCAR SERVICES CORPORATION, GENERAL ELECTRIC
COMPANY, Respondents, represented by JEFFREY C. STEEN --
jsteen@sidley.com -- SIDLEY AUSTIN LLP & KEITH J. CUNNINGHAM --
kcunningham@pierceatwood.com -- PIERCE ATWOOD LLP.

TRINITY INDUSTRIES INC, TRINITY INDUSTRIES LEASING COMPANY, TRINITY
TANK CAR INC, TRINITY RAIL GROUP LLC, Respondents, represented by
ANTHONY J. MANHART, PRETI, FLAHERTY, BELIVEAU, & PACHIOS, LLP,
JENNIFER A. KENEDY, LOCKE LORD LLP, GREGORY PAUL HANSEL, PRETI,
FLAHERTY, BELIVEAU, & PACHIOS, LLP & MICHAEL S. SMITH, PRETI,
FLAHERTY, BELIVEAU, & PACHIOS, LLP.

UNION TANK CAR COMPANY, UTLX INTERNATIONAL DIVISION OF UTCC, MARMON
GROUP, PROCOR LIMITED, Respondents, represented by JAMES K.
ROBERTSON, CARMODY TORRANCE SANDAK HENNESSEY LLP, JASON R. GAGNON,
CARMODY TORRANCE SANDAK HENNESSEY LLP & REGAN M. HAINES, CURTIS,
THAXTER, STEVENS, BRODER & MICOLEAU.

ENSERCO ENERGY LLC, CONOCOPHILLIPS COMPANY, Respondents,
represented by DARCIE P.L. BEAUDIN, SKELTON, TAINTOR & ABBOTT &
JULIE HARDIN, REED SMITH LLP.

FIRST UNION RAIL CORPORATION, Respondent, represented by CURTIS E.
KIMBALL, RUDMAN & WINCHELL & ROBERT C. BOWERS, MOORE & VAN ALLEN
PLLC.

SHELL OIL COMPANY, SHELL TRADING US COMPANY, Respondents,
represented by JAMES F. MOLLEUR, LAW OFFICE OF JAMES F. MOLLEUR,
OMAR J. ALANIZ, BAKER BOTT LLP &WILLIAM K. KROGER, BAKER BOTT LLP.

INCORR ENERGY GROUP LCC, Respondent, represented by JEREMY R.
FISCHER, DRUMMOND WOODSUM & TIMOTHY A. DAVIDSON, II, ANDREWS KURTH
LLP.

SMBC RAIL SERVICES LLC, Respondent, represented by FREDERICK C.
MOORE, SCHULTE & MOORE, JOHN EGGUM, LAW OFFICE OF JOHN EGGUM &
SUSAN GUMMOW, FORAN GLENNON.

CANADIAN PACIFIC RAILWAY COMPANY, Respondent, represented by AARON
P. BURNS, PEARCE & DOW, LLC, CHLOE PEDERSEN, FLETCHER & SIPPEL,
LLC, JAMES A. FLETCHER, FLETCHER & SIPPEL, LLC, JOHN R. MCDONALD,
BRIGGS & MORGAN, JOSHUA R. DOW, PEARCE & DOW, LLC,MARK F.
ROSENBERG, SULLIVAN & CROMWELL, PAUL J. HEMMING, BRIGGS AND MORGAN
PA & TIMOTHY ROBERT THORNTON, BRIGGS & MORGAN.

WORLD FUEL SERVICES CORPORATION, WORLD FUEL SERVICES INC, WORLD
FUEL SERVICES CANADA INC, STROBEL STAROSTKA TRANSFER LLC, DAKOTA
PLAINS MARKETING LLC, DAKOTA PLAINS HOLDINGS INC, DAKOTA PLAINS
TRANSLOADING LLC, DAKOTA PETROLEUM TRANSPORT SOLUTION LLC, DPTS
MARKETING INC, WESTERN PETROLEUM CO, PETROLEUM TRANSPORT SOLUTIONS
LLC, Respondents, represented by ADAM PAUL, KIRKLAND & ELLIS,
DANIEL FELKEL, TROUBH HEISLER, DENNIS M. RYAN, FAEGRE BAKER DANIELS
LLP, JAY S. GELLER, LAW OFFICE OF JAY S. GELLER, LESLIE M. SMITH,
KIRKLAND & ELLIS & WILLIAM K. MCKINLEY, TROUBH HEISLER.

IRVING OIL LIMITED, IRVING OIL COMPANY LIMITED, IRVING OIL
OPERATIONS GENERAL PARTNER LIMITED, IRVING OIL COMMERCIAL GP,
Respondents, represented by CHRISTIAN NEMETH, MCDERMOTT, WILL &
EMERY.

TRINITY RAIL LEASING 2012 LLC, Respondent, represented by FERGUSON
MCNIEL, VINSON & ELKINS LLP, GREGORY PAUL HANSEL, PRETI, FLAHERTY,
BELIVEAU, & PACHIOS, LLP & MICHAEL S. SMITH, PRETI, FLAHERTY,
BELIVEAU, & PACHIOS, LLP.

TOUPS CLASS ACTION PLAINTIFFS, Respondent, represented by MITCHELL
A. TOUPS, WELLER, GREEN, TOUPS & TERRELL, LLP & JOSEPH M. BETHONY,
GROSS, MINSKY & MOGUL, P.A..

WEBSTER CLASS ACTION PLAINTIFFS, Respondent, represented by JASON
C. WEBSTER, THE WEBSTER LAW FIRM & JOSEPH M. BETHONY, GROSS, MINSKY
& MOGUL, P.A..

                    About Montreal Maine

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

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

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

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

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

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

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

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


NAVISTAR INTERNATIONAL: Amends 2012 Note Purchase Pact with NFSC
----------------------------------------------------------------
Navistar Financial Securities Corporation, as the seller, Navistar
Financial Corporation, as the servicer, and Credit Suisse AG, New
York Branch, as a managing agent, Credit Suisse AG, Cayman Islands
Branch, as a committed purchaser, Alpine Securitization Corp., as a
conduit purchaser, Bank of America, National Association, as
administrative agent, as a managing agent and as a committed
purchaser (the "Purchaser Parties"), and New York Life Insurance
Company, as a Managing Agent and a Committed Purchaser, and New
York Life Insurance and Annuity Corporation, as a Managing Agent
and a Committed Purchaser, entered into Amendment No. 6 to Note
Purchase Agreement and Amendment No. 1 to Fourth Amended and
Restated Fee Letter.  As disclosed in a Form 8-K filed with the
Securities and Exchange Commission, the NPA Amendment amends the
Note Purchase Agreement, dated as of Aug. 29, 2012, among NFSC, NFC
and the Purchaser Parties, to evidence the joinder of NYLIC and
NYLIAC as parties thereto with commitments of $50 million and $75
million, respectively.

                   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.


NELCO MLK: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------
The Office of the U.S. Trustee disclosed in a filing with the U.S.
Bankruptcy Court for the Middle District of Florida that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Nelco MLK Property, LLC.

                         About Nelco MLK

Nelco MLK Property LLC filed a Chapter 11 petition in the U.S.
Bankruptcy Court for the Middle District of Florida (Tampa) on
January 29, 2016.  The case (Case No. 16-00737) is assigned to
Judge Catherine Peek McEwen.  The Debtor has tapped David W Steen,
P.A., as its legal counsel.


NEW BRANCHES: S&P Alters Outlook to Stable, Affirms BB- Bond Rating
-------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to stable
from negative and affirmed its 'BB-' long-term rating on Michigan
Public Educational Facilities Authority's series 2010
limited-obligation revenue bonds, issued for New Branches Charter
Academy.

"The revised outlook reflects our view of New Branches improved
operational performance, which has led to an increase in maximum
annual debt service coverage," said Standard & Poor's credit
analyst Ryan Quakenbush.  "The rating further reflects our view of
the school's decision to hire a management company, and we expect
stable financial performance going forward, despite lower
enrollment," Mr. Quakenbush added.  

Initially chartered in 1994, New Branches is in Grand Rapids,
Mich., and serves 309 students in kindergarten through eighth
grade.


NEW YORK PRIVATE: Case Summary & 7 Unsecured Creditors
------------------------------------------------------
Debtor: New York Private Insurance Agency, LLC
        3351 Eagle Run Dr. NE
        Grand Rapids, MI 49525

Case No.: 16-01036

Chapter 11 Petition Date: March 1, 2016

Court: United States Bankruptcy Court
       Western District of Michigan (Grand Rapids)

Judge: Hon. John T. Gregg

Debtor's Counsel: Perry G. Pastula, Esq.
                  DUNN, SCHOUTEN & SNOAP, P.C.
                  2745 DeHoop Avenue SW
                  Wyoming, MI 49509
                  Tel: (616) 538-6380
                  E-mail: ppastula@dunnsslaw.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Guy L. Hiestand III, member.

A list of the Debtor's seven largest unsecured creditors is
available for free at http://bankrupt.com/misc/miwb16-01036.pdf


NORANDA ALUMINUM: Seeks Downstream Auction; No Stalking Horse Yet
-----------------------------------------------------------------
Noranda Aluminum Holding Corporation at a hearing on March 21,
2016, at 9:30 a.m. (prevailing Central Time), will ask Judge Barry
S. Schermer for approval of bidding procedures in connection with
the proposed sale of their flat rolled products business owned and
operated by Norandal USA, Inc.

Objections to the proposed bidding procedures are due March 14,
2016, at 5:00 p.m.

The Debtors seek to run a sale process that (i) is open to all
potential bidders, including current participants in the Debtors'
capital structure, parties previously involved in the Morgan
Stanley process and other potential third party purchasers and (ii)
protects the best interests of the Debtors' estates and creditors.

To meet the milestones in their DIP Financing Facilities the
Debtors is pursuing an expedited launch of the sale process without
the delay attendant to first negotiating a stalking horse
agreement.  The Debtors though reserve their right to select a
Stalking Horse Bidder under appropriate circumstances in accordance
with the bidding procedures.

The Debtors propose this timeline for the sale:

   * April 28, 2016 at 5:00 p.m. (prevailing Eastern Time):
     Bid Deadline;

   * May 2, 2016 at 5:00 p.m. (prevailing Central Time): Sale
     Objection Deadline;

   * May 6, 2016 at 10:00 a.m. (prevailing Eastern Time):
     Auction; and

   * May 10, 2016 at 2:00 p.m. (prevailing Central Time): Sale
     Hearing.

The DIP Lenders and the Prepetition Lenders will have the right,
subject in all respects to the Bankruptcy Code and other applicable
law, to credit bid all or any portion of the aggregate amount of
their applicable outstanding secured obligations pursuant to
Section 363(k) of the Bankruptcy Code, the DIP Order or other
applicable law.

The Debtors reserve the right, at any time before April 29, 2016,
to enter into a purchase agreement -- Stalking Horse Agreement --
subject to higher or otherwise better offers at the Auction, with
any qualified bidder that submits a Qualified Bid -- Stalking Horse
Bidder -- acceptable to the Debtors to establish a minimum
qualified bid at the auction.  The Debtors seek approval to offer a
Stalking Horse Bidder: (i) a break-up fee; (ii) reimbursement of
reasonable fees and expenses up to an agreed upon limitation;
and/or (iii) initial overbid protection.

To participate in the auction, interested parties must submit
qualified bids, each including a good faith deposit, must provide
for same or better terms as the stalking horse bid (if a stalking
horse is selected), and proof of financial ability to perform.  The
proposed bids must be received by these parties:

   (1) The Debtors:

         Noranda Aluminum Inc.
         801 Crescent Drive, Suite 600
         Franklin, TN 37067
         Attn: Dale W. Boyles, CFO
              Gail Lehman, General Counsel
              Robert Caruso, CRO
         E-mail: dale.boyles@noralinc.com
                 gail.lehman@noralinc.com
                 rcaruso@alvarezandmarsal.com

   (2) Counsel for the Debtors:

         PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
         1285 Avenue of the Americas
         New York, NY 10019
         Attention: Elizabeth R. McColm, Esq.
                    Diane Meyers, Esq.
                    Sarah Harnett, Esq.
         E-mail: emccolm@paulweiss.com
                 dmeyers@paulweiss.com
                 sharnett@paulweiss.com

                  - and -

         CARMODY MACDONALD P.C.
         120 S. Central Avenue, Suite 1800
         St. Louis, Missouri 63105,
         Attention: Christopher J. Lawhorn       
         E-mail: cjl@carmodymacdonald.com

   (3) Investment banker for the Debtors:

         PJT PARTNERS LP
         280 Park Avenue, 20th Floor
         New York, NY 10017,
         Attn: James H. Baird
               Kerry Greer
         E-mail: baird@pjtpartners.com
                 greer@pjtpartners.com

   (4) Counsel for the ABL DIP Agent:

         PARKER HUDSON RAINER & DOBBS LLP
         303 Peachtree St. NE, Suite 3600
         Atlanta, GA 30308
         Attention: C. Edward Dobbs
         E-mail: edobbs@phrd.com

                  - and -

         LEWIS RICE LLC
         600 Washington Ave., Suite 2500
         St. Louis, Missouri 63101,
         Attention: Larry E. Parres;

   (5) Counsel for the Term DIP Agent and Pre-Petition
       Term Agent:

         KAYE SCHOLER LLP
         70 W. Madison Street, Suite 4200
         Chicago, IL, 60614
         Attn: Michael D Messersmith
               Seth J. Kleinman
         E-mail: michael.messersmith@kayescholer.com
                 seth.kleinman@kayesholer.com

                  - and -

         THOMPSON COBURN LLP
         One US Bank Plaza, St. Louis, MO 63101
         Attn: Mark V. Bossi
         E-mail: mbossi@thompsoncoburn.com

   (6) Counsel for the Term DIP Lenders:

         WEIL, GOTSHAL & MANGES LLP
         767 Fifth Avenue
         New York, NY 10153
         Attn: Matt Barr
               Robert J. Lemons
         E-mail: matt.barr@weil.com
                 robert.lemons@weil.com

                  - and -

         HUSCH BLACKWELL LLP, 190
         Carondelet Plaza, Suite 600
         St. Louis, MO 63105,
         Attn: Marshall C. Turner        
         E-mail: marshall.turner@huschblackwell.com

   (7) Counsel for the Official Committee of Unsecured Creditors:

         LOWENSTEIN SANDLER LLP
         65 Livingston Avenue
         Roseland, NJ 07068
         Attn: Jeffrey D. Prol
         E-mail: JProl@Lowenstein.com

                  - and -

         GOLDSTEIN & PRESSMAN, P.C.
         10326 Old Olive Street Road
         St. Louis, Missouri 63141



         Attn: Stephen Goldstein
         E-mail: sg@goldsteinpressman.com

   (8) Financial advisor for the Committee:

         HOULIHAN LOKEY, INC.,
         245 Park Avenue, 20th Floor
         New York, NY 10167
         Attn: Bradley Jordan
         E-mail: bjordan@hlhz.com

If at least two qualified bids are received by the deadline, the
Debtors propose an auction to take place on May 6, 2016 at 10:00
a.m. (prevailing Eastern Time) at the offices of counsel for the
Debtors, Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285
Avenue of the Americas, New York, NY 10019.

                       Downstream Business

The "Downstream Business" is owned and operated by Norandal USA,
Inc. ("Norandal"). It consists of three rolling mills located in
(a) Salisbury, North Carolina, (b) Huntingdon, Tennessee, and (c)
Newport, Arkansas (collectively, the "Rolling Mills").

Dale W. Boyles, the CFO, previously said in a court filing that the
Downstream Business is one of the largest aluminum foil producers
in North America, and the Rolling Mills have a combined maximum
annual production capacity of approximately 410 million pounds.

The products produced by the Downstream Business include (i) heavy
gauge foil products such as finstock and semi-rigid container
stock, (ii) light gauge converter foils used for packaging
applications, (iii) consumer foils, and (iv) light gauge sheet
products such as transformer windings and building products. The
Debtors primarily sell such products to original equipment
manufacturers of air conditioners, transformers, semi-rigid
containers and foil packaging, most of whom are located in the
Eastern and Central parts of the United States.

                          DIP Milestones

Noranda Aluminum Holding on March 8, 2016, will seek final approval
of two separate, but coordinated facilities in the form of an
asset-based revolving credit facility and a new money term loan
facility.  The Debtors filed their DIP financing motion on Feb. 8,
and obtained interim approval of the DIP financing on Feb. 9.  The
DIP Facilities require the Debtors to comply with these
milestones:

   -- Within 15 business days following the Petition Date, file
      a motion seeking approval of Downstream Sale Process.

   -- Within 35 days of the Petition Date, entry of the Final
      DIP Order

   -- Within 45 business days of the Petition Date, the New
      Madrid smelter shall be idled.

   -- Within 45 days of Petition Date, entry of an order
      approving the Downstream Sale Process.

   -- Within 60 days of the Petition Date, entry of either an
      order approving rejection of the Sherwin Contract or an
      order approving a Sherwin Settlement pursuant to Rule 9019.

   -- Within 60 days of the Petition Date, provision of an
      Acceptable Business Plan.

   -- Within 95 days of the Petition Date, entry of a sale
      approving the Downstream Asset Sale.

   -- Within 120 days of the Petition Date, close of the sale of
      the Downstream Business.

   -- Within 90 days of the Petition Date, filing of an
      acceptable Reorganization Plan and related disclosure
      statement or the Upstream Sale Motion;

   -- If Plan Filing Date occurs, the Debtors will comply with
      the following Plan Milestones:

      * Within 35 days of filing the Reorganization Plan, entry
        of an order approving the disclosure statement and plan
        solicitation procedures.

      * Within 90 days after filing the Reorganization Plan,
        entry of an order confirming the Reorganization Plan.

      * Within earlier of 30 days after entry of the Confirmation
        Order and 210 days after the Petition Date.

      * If the Debtors do not comply with any Plan Milestones,
        file the Upstream Sale Motion within 5 Business Days.

                     About Noranda Aluminum

Noranda Aluminum Holding Corporation is an integrated producer of
primary aluminum and high-quality rolled aluminum coils.  The
Company has two businesses: an Upstream Business and a Downstream
Business.  The Upstream Business consists of a smelter near New
Madrid, Missouri, referred to as "New Madrid," and supporting
operations at a bauxite mining operation ("St. Ann") and an alumina
refinery ("Gramercy").  The Downstream, or Flat-Rolled Products
Business is one of the largest aluminum foil producers in North
America, and consists of four rolling mill facilities.  Noranda had
approximately 1,857 employees as of the Petition Date.

Noranda Aluminum, Inc., et al., filed separate Chapter 11
bankruptcy petitions (Bankr. E.D. Mo. Lead Case No. 16-10083) on
Feb. 8, 2016.  The petitions were signed by Dale W. Boyles, the
chief financial officer.  Judge Barry S. Schermer is assigned to
the cases.

The Debtors estimated both assets and liabilities in the range of
$1 billion to $10 billion.  As of the Petition Date, the Debtors
had approximately $529.6 million in outstanding principal amount of
secured indebtedness, consisting of a revolving credit facility and
a term loan facility.

The Debtors have engaged Paul, Weiss, Rifkind, Wharton & Garrison
LLP as general counsel, Carmody MacDonald P.C. as local counsel,
PJT Partners, LP as investment banker, Alvarez & Marsal North
America, LLC as restructuring advisors and Prime Clerk LLC as
claims, solicitation and balloting agent.

                          *     *     *

The Court on Feb. 9, 2016, entered an order granting joint
administration of the Chapter 11 cases under Case No.
16-10083-399.

On Feb. 11, 2016, the Court entered an order confirming that the
Debtors are entitled to statutory protections under Sec. 105, 362
and 525 of the Bankruptcy Code.

The meeting of creditors under 11 U.S.C. Sec. 341(a) is scheduled
for April 13, 2016, at 11:00 a.m. at U.S. Attorney Conference Room,
21.130.  The last day to oppose discharge or dischargeability is
June 13, 2016.


OCEANIC INN: Maine Court Affirms Judgment for Sloan's Cove
----------------------------------------------------------
The Supreme Judicial Court of Maine affirmed a comprehensive
judgment entered in the Business and Consumer Docket in favor of
Sloan's Cove, LLC, with only an amendment to correct a clerical
error.

In September 2013, Oceanic Inn, Inc., and Armand A. Vachon filed an
11-count complaint against Sloan's Cove after the latter executed a
power of sale foreclosure on Vachon's real property in Old Orchard
Beach, claiming that Sloan's Cove conducted the sale improperly.

With its answer, Sloan's Cove filed a counterclaim seeking a
declaration that its foreclosure by sale of the Oceanic Inn
property was legal and effective.  Sloan's Cover also moved to
dismiss all of Oceanic's claims except the action for accounting.


After the case was transferred to the Business and Consumer Docket,
the court dismissed nine of Oceanic's claims, including breach of
fiduciary duty and negligent infliction of emotional distress.
Sloan Cove's motion was denied only as to Oceanic's breach of
contract claim.  However, upon motion by Sloan Cove, the court
later entered summary judgments in Sloan's Cove's favor on
Oceanic's claims for breach of contract and accounting and on
Sloan's Cove's counterclaim for a declaratory judgment.

On appeal, Oceanic challenged the dismissals of its claims for
breach of fiduciary duty and negligent infliction of emotional
distress, and argued that the court also erred in entering summary
judgments in favor of Sloan's Cove.

The Supreme Judicial Court of Maine found that Oceanic failed to
allege sufficient facts to show that a fiduciary or "special"
relationship existed between Sloan's Cove and either Oceanic Inn or
Vachon, and thus held that the court did not err in dismissing
Oceanic's claims for breach of fiduciary duty and negligent
infliction of emotional distress.

The Supreme Judicial Court also held that Oceanic cannot make out a
prima facie case for its breach of contract claim because it has
not demonstrated that a genuine issue of material fact exists as to
Sloan's Cove's compliance with the power of sale statute or as to
the reasonableness of the sale.

The Supreme Judicial Court also found that the lower court
correctly granted summary judgment in Sloan's Cove's favor with
regards to its counterclaim.  It likewise affirmed the judgment on
the action for accounting, although with an amendment to reflect
that, as of the date of the foreclosure sale, Vachon owed Sloan's
Cove accrued regular interest of $16,743.21.

The case is OCEANIC INN, INC., et al. v. SLOAN'S COVE, LLC, No.
BCD-15-30 (Me.).

A full-text copy of the Supreme Judicial Court of Maine's February
23, 2016 ruling is available at http://is.gd/rlZTTLfrom
Leagle.com.

Oceanic Inn, Inc. and Armand Vachon are represented by:

          John S. Campbell, Esq.
          59 Baxter Boulevard
          Portland, ME 04101
          Tel: (207)775-2330
          Email: john@mainestatelegal.com

Sloan's Cove, LLC is represented by:

          Daniel L. Cummings, Esq.
          NORMAN, HANSON & DETROY, LLC
          Two Canal Plaza
          Portland, ME 04112
          Tel: (207)774-7000
          Fax: (207)775-0806
          Email: dcummings@nhdlaw.com


ON SEMICONDUCTOR: Moody's Assigns Ba2 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service assigned ratings to the debt of the ON
Semiconductor Corp. -- Corporate Family Rating at Ba2, new Senior
Secured First Lien Credit Facilities (Revolver and Term Loan B) at
Ba1, and new Senior Notes at Ba3.  The rating outlook is stable.

ON Semi will use the proceeds of the Term Loan and the Senior
Notes, along with balance sheet cash, to purchase Fairchild
Semiconductor International, Inc., refinance Fairchild's debt, and
to pay transaction fees.

All of the ratings are contingent on the closing of ON Semi's
acquisition of Fairchild. If ON Semi fails to complete the
acquisition, Moody's expects to withdraw all of ON Semi's ratings.

                         RATINGS RATIONALE

The Ba2 CFR reflects ON Semi's starting leverage proforma for the
acquisition of Fairchild, which at nearly 5x debt to EBITDA
(Moody's adjusted, proforma 12 months ended December 31, 2015
excluding anticipated synergies) is high both for the Ba2 rating
and given the significant execution risks entailed in integrating
Fairchild.  The integration execution risk is significant, since
the acquisition will increase ON Semi's revenue base by over 35%
and will add over 6,000 employees, three wafer fabrication
facilities, and two testing facilities.

Moreover, both ON Semi and Fairchild are exposed to the cyclical
semiconductor industry broadly, and to specific end markets such as
the automotive market, which is highly-cyclical, and the mobile
phone market, which is subject to very short product life cycles,
requiring ongoing research and development to obtain share in new
customer platforms.  Although Moody's believes that ON Semi may
hold leadership positions in certain automotive semiconductor
niches, ON Semi's overall automotive market share is modest
relative to other automotive semiconductor suppliers, such as
STMicroelectronics (Ba1/stable) and NXP BV (Ba1/stable).

Still, we believe that the acquisition will lift ON Semi to the
second largest market share in the Power semiconductor segment
behind industry leader Infineon and will also increase the breadth
of both ON Semi's power semiconductor portfolio and its analog
portfolio.  Moreover, ON Semi's increasing exposure to relatively
high growth, high margin analog end markets (automotive,
industrial, mobility), along with an anticipated $150 million in
annual operating synergies, should produce an increasing EBITDA
margin.  Moody's expects increasing free cash flow, reflecting the
modest capital expenditure requirements relative to cash from
operations ("CFO"), as ON Semi outsources a portion of its
manufacturing and as an analog semiconductor manufacturer,
production does not require advanced process technology.  ON Semi
is benefitting from positive secular trends driving increasing
semiconductor content per unit (automobile, phone, industrial
machinery) in each of these end markets.  Moreover, the broad
product base limits customer and product platform concentration
risk, which limits revenue volatility.

Moody's expects ON Semi to follow a conservative financial policy,
reducing debt such that debt to EBITDA (Moody's adjusted) is on
pace to decline toward 3.5x over the next two years, which is a
level more appropriate for the Ba2 rating.

The Credit Facilities are rated Ba1, one notch higher than the CFR,
due to the collateral and the cushion of unsecured liabilities.
The Senior Notes are rated Ba3, one notch lower than the CFR, due
to the absence of collateral and the large portion of secured
liabilities in the capital structure.

The liquidity rating of SGL-2 reflects ON Semi's very good
liquidity, benefitting from strong FCF, which we expect to exceed
$250 million over the next year, a cash balance of over $250
million, and the Revolver, which we expect will remain undrawn.

The stable outlook reflects our expectation that EBITDA will
increase with revenue growth and an improving EBITDA margin as ON
Semi begins to capture operating synergies and due to an improving
product mix due to growth in higher margin end markets such as
automotive.  Moody's expects that this increasing EBITDA will
produce increasing FCF, a large portion of which ON Semi will use
for debt repayment such that debt to EBITDA (Moody's adjusted) will
decline to below 4x over the next year.

The ratings could be upgraded if ON Semi successfully integrates
Fairchild without material operational disruption and shows
evidence that they are well on-course to achieve the anticipated
$150 million in cost synergies.  Moody's would expect the EBITDA
margin (Moody's adjusted) to improve to at least the low twenties
percent level.  Moody's would also expect ON Semi to follow a
conservative financial policy, with debt to EBITDA (Moody's
adjusted) maintained at or below 3x.

The ratings could be downgraded if EBITDA margins decline toward
the mid teens percent level (Moody's adjusted) or if we believe
that debt to EBITDA (Moody's adjusted) will be sustained above 4x.

Assignments:

Issuer: ON Semiconductor Corporation
  Senior Secured Bank Credit Facilities (Revolver, Term Loan B),
   Assigned Ba1 (LGD3)
  Senior Unsecured Regular Bond/Debenture, Assigned Ba3 (LGD5)
  Probability of Default Rating, Assigned Ba2-PD
  Corporate Family Rating, Assigned Ba2
  Speculative Grade Liquidity, Assigned SGL-2

Outlook Actions:

Issuer: ON Semiconductor Corporation
  Outlook is Stable

ON Semiconductor Corp., based in Phoenix, Arizona, manufactures a
broad array of discrete and integrated circuit analog,
mixed-signal, and logic semiconductors, serving the automotive,
industrial, mobile telephony, and consumer electronics markets.

The principal methodology used in this rating was Semiconductor
Industry Methodology published in December 2015.


ON SEMICONDUCTOR: S&P Retains 'BB+' CCR on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings, including
the 'BB+' corporate credit rating, on Phoenix-based ON
Semiconductor Corp. remain on CreditWatch with negative
implications, where S&P placed them on Nov. 18, 2015.  S&P expects
to lower the corporate credit rating to 'BB' from 'BB+', remove it
from CreditWatch, and assign a stable outlook if the proposed
capital structure is unchanged at the close of the transaction.

S&P assigned its 'BB' issue-level rating and '3' recovery rating to
ON Semiconductor's proposed $2 billion secured term loan due 2023
and $400 million secured revolving credit facility due 2021. The
'3' recovery rating indicates S&P's expectation for meaningful
recovery (50% to 70%; upper half of the range) in the event of
payment default.

S&P also expects to lower its issue-level rating on the company's
$690 million senior unsecured convertible notes due 2020 to 'BB-'
from 'BB+' and revise the recovery rating to '5' from '3'.  The '5'
recovery rating would indicate S&P's expectation for modest
recovery (10% to 30%, in the lower half of the range) in the event
of payment default.

Finally, S&P expects to lower its issue-level rating on the
company's subordinated convertible notes to 'B+' from 'BB-'.  S&P
expects the '6' recovery rating to remain unchanged and it
indicates our expectation for negligible recovery (0% to 10%) in
the event of payment default.

S&P will rate the company's proposed $400 million senior notes when
more details emerge.  S&P will withdraw its ratings on the
company's existing revolving credit facility following the close of
the transaction, which will be terminated at that time.

"The prospective downgrade reflects our expectation that leverage
will decrease to the 3x-area in 2017 from the low-4x area pro forma
for the acquisition (but excluding management's cost saving
adjustments) as of Dec. 31, 2015, and up from actual leverage of
1.7x, as ON Semiconductor realizes cost savings and repays debt,"
said Standard & Poor's credit analyst Christian Frank.

The rating also reflects the company's fragmented, competitive, and
cyclical power management and discrete product segments, poor
results from its System Solutions Group (SSG; formerly the acquired
SANYO business), and operating track records at both companies that
have lagged their addressable markets in S&P's view.  It also
reflects long-term growth opportunities for the company's imaging
products and automotive end market, and near-term opportunities for
products supporting Intel's Skylake power management framework for
personal computers and wireless charging for mobile phones.

S&P will monitor developments related to the proposed acquisition
and resolve the CreditWatch listing after the close of the
transaction.  At that time, S&P expects to lower the corporate
credit rating to 'BB' from 'BB+' and remove it from CreditWatch if
the capital structure is implemented as proposed.  If ON
Semiconductor changes the proposed financing, S&P could revise the
existing ratings differently than it has described and S&P could
change its ratings on the new debt.

"If we lower the corporate credit rating as we describe, the
outlook would be stable and would reflect our expectation for ON
Semiconductor to deliver revenues consistent with pro forma levels,
and that it would realize cost savings and use most of its free
cash flow for debt repayment, resulting in meaningful leverage
reduction by the end of 2017.  We could lower the rating over the
12 months following the transaction if global macroeconomic
weakness, a semiconductor industry downturn, or integration
missteps, preclude the company's path to establishing leverage
below 4x.  We could also lower the rating if we believe that the
company cannot sustain leverage below 4x through a cycle because of
additional acquisitions or meaningful share buybacks. We estimate
that ON would need to grow EBITDA by $70 million from pro forma
levels or reduce adjusted debt by $280 million to reduce leverage
to under 4x.  Although not expected over the 12 months following
the acquisition, we could raise the rating if, after ON has
realized merger cost savings and repaid debt, we believe it can
pursue its acquisition and shareholder return objectives, and it
can absorb a cyclical downturn while maintaining leverage below 3x.
We estimate that ON Semiconductor would need to grow EBITDA by 25%
from pro forma levels and reduce adjusted debt by $600 million to
establish leverage below 3x," S&P said.


PALOMBA WEINGARTEN: Cal. App. Remands Anza's Bid to Intervene
-------------------------------------------------------------
Anza Butterfield Road 34, LLC, appeals a judgment entered in favor
of plaintiffs Pointe San Diego Residential Community, L.P., Gosnell
Builders Corporation of California, and Pointe SDMU, L.P., and
against defendants Palomba Weingarten, W.W.I. Properties, LLC,
Atlas Holdings Corporation, and Astra Management Corp. and
prejudgment orders denying Anza's motions for leave to intervene in
the action.

Anza contends the trial court erred by denying its motions for
leave to intervene in the action and entering the judgment on the
parties' stipulation for rescission of some of the various
transactions among them that occurred more than 17 years earlier.
Anza asserts that, contrary to the court's conclusion, its first
motion for leave to intervene in Pointe's fifth cause of action for
rescission complied with all of the requirements for mandatory
intervention under Code of Civil Procedure section 387, subdivision
(b).  It also asserts the court erred by entering the judgment on
stipulation because the rescission agreement between Pointe and
Weingarten is invalid and/or void.

In an Opinion dated February 19, 2016, which is available at
http://is.gd/ZKuUY6from Leagle.com, the Court of Appeals of
California, Fourth District, Division One, reversed the March 14,
2014, order denying Anza's motion for leave to intervene and the
judgment entered on June 12, 2014, and remanded the matter with
directions that the trial court vacate its March 14, 2014, order
and issue a new order granting Anza's motion for leave to intervene
under section 387, subdivision (b), and conduct further proceedings
consistent with this opinion.

The case is POINTE SAN DIEGO RESIDENTIAL COMMUNITY, L.P. et al.,
Plaintiffs and Respondents, v. PALOMBA WEINGARTEN et al.,
Defendants; ANZA BUTTERFIELD ROAD 34, LLC, Intervener and
Appellant,No. D066395 (Cal. App.).

Best Best & Krieger, Robert J. Hanna, Esq. --
Robert.Hanna@bbklaw.com,  Matthew L. Green, Esq. --
Matthew.Green@bbklaw.com, and Irene S. Zurko, Esq. --
Irene.Zurko@BBKLaw.com for Intervener and Appellant.

Vivoli Sacuzzo, Michael W. Vivoli, Esq. -- mvivoli@vivolilaw.com;
Dentons US and Charles A. Bird, Esq. -- charles.bird@dentons.com
for Plaintiffs and Respondents.


PARKVIEW ADVENTIST: Bid to Withdraw Reference of CMHC Suit Denied
-----------------------------------------------------------------
Judge Jon D. Levy of the United States District Court for the
District of Maine denied the motion filed by Parkview Adventist
Medical Center to withdraw the reference of the adversary
proceeding, PARKVIEW ADVENTIST MEDICAL CENTER, Plaintiff, v.
CENTRAL MAINE HEALTHCARE CORPORATION, et al., Defendants, No.
2:15-mc-00304-JDL (D. Me.), from the United States Bankruptcy
Court.

Parkview filed an amended complaint, which included a jury demand,
against Central Maine Healthcare Corporation, Central Maine Medical
Center, and Bridgton Hospital (together, "CMHC")on September 17,
2015.  On the same day, Parkview filed a motion to withdraw the
adversary proceeding from the bankruptcy court.

Parkview argued that withdrawal is mandatory under the "federal
law" prong of 28 U.S.C.A. Section 157(d) because the amended
complaint asserts in Count XIII a cause of action under the Sherman
Act.  However, Judge Levy found that Parkview has not demonstrated
that "substantial and material consideration" of the Sherman Act by
the judges of the district court will be required.

Alternatively, Parview argued that permissive withdrawal should be
granted under the "for cause" prong of 28 U.S.C.A. Section 157(d).
However, after consideration of all relevant factors, Judge Levy
concluded that the interests of judicial economy and an expeditious
bankruptcy process are best achieved by not withdrawing the
adversary proceeding at this time and by instead having the
bankruptcy court manage the case until it is ready for trial.

A full-text copy of Judge Levy's February 23, 2016 order is
available at http://is.gd/heQRU2from Leagle.com.

Parkview Adventist Medical Center is represented by:

          David C. Johnson, Esq.
          George J. Marcus, Esq.
          Lee H. Bals, Esq.
          MARCUS, CLEGG & MISTRETTA, P.A.
          One Canal Plaza, Suite 600
          Portland, ME 04101
          Tel: (207)828-8000
          Fax: (207)773-3210
          Email: djohnson@mcm-law.com
                 gmarcus@mcm-law.com
                 lbals@mcm-law.com

Central Maine Healthcare Corporation, Central Maine Medical Center,
Bridgton Hospital are represented by:

          Amy P. Dieterich, Esq.
          Benjamin J. Smith, Esq.
          Theodore A. Small, Esq.
          Michael Poulin, Esq.
          SKELTON, TAINTOR & ABBOTT
          95 Main Street
          Auburn, ME 04210
          Tel: (207)784-3200
          Fax: (207)784-3345
          Email: adieterich@sta-law.com
                 bsmith@sta-law.com
                 tsmall@sta-law.com
                 mpoulin@sta-law.com

            -- and --

          Jeremy R. Fischer, Esq.
          DRUMMOND WOODSUM
          84 Marginal Way, Suite 600
          Portland, ME 04101-2480
          Tel: (207)772-1941
          Fax: (207)772-3627
          Email: jfischer@dwmlaw.com

                    About Parkview Adventist

Parkview Adventist Medical Center, a Maine non-profit corporation,
operates the Parkview Hospital, a faith-based acute care community
hospital located in Brunswick, Maine, affiliated with the Seventh
Day Adventist Church.  Its mission is to provide services
supporting the physical, emotional and spiritual wellness of its
patients.

Parkview sought Chapter 11 protection (Bankr. D. Maine Case No.
15-20442) in Portland, Maine, on June 16, 2015.  The case is
assigned to Judge Peter G. Cary.

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

The Debtor is represented by George J. Marcus, Esq., at Marcus,
Clegg & Mistretta, PA, in Portlane, Maine.


PERMIAN HOLDINGS: S&P Affirms 'CCC+' CCR Then Withdraws Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' corporate
credit rating on Dallas-based oilfield services company Permian
Holdings Inc.  At the same time, S&P affirmed its 'CCC+'
issue-level ratings on the company's senior secured debt.  The
recovery rating remains '4', indicating S&P's expectation of
average (30% to 50%, lower half of the range) recovery in the event
of a payment default.

S&P then withdrew the corporate credit and debt ratings at the
company's request.


PROGRESSIVE PLUMBING: Lawson, et al., Must Deposit Collateral
-------------------------------------------------------------
Judge Roy B. Dalton of the United States District Court for the
Middle District of Florida, Orlando Division, granted Allied World
Specialty Insurance Company's motion for preliminary injunction in
the case captioned ALLIED WORLD SPECIALITY INSURANCE COMPANY,
Plaintiff, v. LAWSON INVESTMENT GROUP, INC.; CENTRAL FLORIDA
PLUMBING SUPPLY, INC.; WILLIAM E. LAWSON; and CHARLENE H. LAWSON,
Defendants, Case No. 6:15-cv-1397-Orl-37TBS (M.D. Fla.).

In accordance with an indemnity agreement, Allied World, a
corporation authorized and qualified to conduct a  surety business,
previously issued performance bonds and labor and material payment
bonds on nine construction projects for which Progressive Plumbing,
Inc. ("PPI") was the bond principal.  PPI was unable to continue
the bonded construction projects and defaulted on its obligations.
Several entities then asserted claims for performance and payment
against Allied World, and Allied World paid several claims and
incurred losses for which Lawson Investment Group, Inc., Central
Florida Plumbing Supply, Inc., William E. Lawson, and Charlene H.
Lawson (the "non-debtor indemnitors") are responsible under the
indemnity agreement.  Allied World then demanded collateral
security puruant to the collateral deposit provision in the
agreement, but none of the non-debtor indemnitors responded or
posted the collateral demanded.

Allied World then initiated a lawsuit and sought a preliminary
injunction compelling the non-debtor indemnitors to deposit
collateral with Allied World in the amount of $1,611,069.94
pursuant to the terms of an indemnity agreement.

Judge Dalton ruled that Allied World has established the
requirements for injunctive relief.

Judge Dalton found that Allied World has established a likelihood
of success on the merits on its claim for specific performance of
the collateral deposit provision, which unambiguously provided that
the indemnitors agreed to "deposit with [Plaintiff] as
collateral... amount determined by [Plaintiff], to cover liability
for Loss."

The judge also found that Allied World demonstrated that it will
suffer irreparable harm if the non-debtor indemnitors are not
compelled to deposit the requested collateral, as this was
expressly acknowledged by the non-debtor indemnitors by way of the
agreement.

Next, Judge Dalton found that the harm Allied World would suffer in
the absence of a preliminary injunction outweighs any harm that the
non-debtor indemnitors may suffer if the requested injunction is
issued because without the injunction, Allied World will be demoted
to the position of an unsecured creditor.

Finally, Judge Dalton held that Allied World has established that a
preliminary injunction will not disserve the public interest.

A full-text copy of Judge Dalton's February 22, 2016 order is
available at http://is.gd/rhHFjRfrom Leagle.com.

Allied World Specialty Insurance Company is represented by:

          Jonathan Philip Cohen, Esq
          JONATHAN P. COHEN, P.A.
          500 East Broward Blvd., Suite 1710
          Fort Lauderdale, FL 33394
          Tel: (954)462-8850
          Fax: (954)848-2987

Lawson Investment Group, Inc., Central Florida Plumbing Supply,
Inc., William E. Lawson, Charlene H. Lawson, are represented by:

          J. Stephen McDonald, Esq.
          Robert Clayton Roesch, Esq.
          SHUFFIELD, LOWMAN & WILSON, PA
          1000 Legion Place, Suite 1700
          Orlando, FL 32801
          Tel: (407)581-9800
          Email: smcdonald@shuffieldlowman.com
                 croesch@shuffieldlowman.com


REPUBLIC AIRWAYS: March 4 Meeting Set to Form Creditors' Panel
--------------------------------------------------------------
William K. Harrington, United States Trustee of Region 2, will hold
an organizational meeting on March 4, 2016, at 11:00 a.m. in the
bankruptcy case of Republic Airways Holdings Inc., et al.

The meeting will be held at:
        
         Office of the United States Trustee
         80 Broad Street
         4th Floor
         New York, NY 10004

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.


RESIDENTIAL CAPITAL: Disallowance of Rozier's Claims Affirmed
-------------------------------------------------------------
Judge Katherine Polk Failla of the United States District Court for
the Southern District of New York affirmed the bankruptcy court's
order disallowing and expunging the claims of Karen Michele Rozier,
as well as the related order denying Rozier's motion for
reconsideration.

Two claims were filed by Rozier on November 12, 2012 in the
Residential Capital bankruptcy proceeding, each for $666,000:
(a)claim number 4738 against GMAC Mortgage, LLC ("GMACM") based on
"wrongful foreclosure" and (b)claim number 5632 against Executive
Trustee Services ("ETS") based on "gross negligence, harassment,
other affirmative defenses raised."

On December 23, 2013, Rozier moved for immediate payment of what
she termed her "unopposed claims[s]."  On February 26, 2014, the
bankruptcy court sustained the objection to Rozier's motions for
payment and denied her motion to reconsider in a subsequent order
dated June 2, 2014.

On December 22, 2014, the bankruptcy court entered an order
disallowing and expunging both of Rozier's claims and denied
Rozier's motions to strike.  Rozier sought reconsideration of the
bankruptcy court's order on January 21, 2015.  On April 9, 2015,
the bankruptcy court entered an order denying Rozier's motion for
reconsideration.

On April 13, 2015, Rozier filed a notice of appeal of the claims
disallowance order and the reconsideration order.  Rozier argued
that the bankruptcy court erred in (i) denying her motion for
payment and related motions, (ii) disallowing and expunging the
claims, and (iii) denying her motion for reconsideration.

Judge Failla held that her court has no jurisdiction to review the
payment orders because Rozier failed to designate these orders in
the notice of appeal.

As to Rozier's wrongful foreclosure claim, Judge Failla found the
claim to be premature and misdirected because there was no evidence
in the record that a foreclosure sale was completed during the time
the debtors serviced Rozier's loan or held an interest in the deed
of trust.

Judge Failla also found that the bankruptcy court correctly
disallowed Rozier's fraud-based claims.  Rozier had filed a chapter
13 bankruptcy petition herself on August 22, 2011, and on January
12, 2012, the case was converted to chapter 7.  The bankruptcy
court found that claims that accrued before January 12, 2012 are
property of Rozier's bankruptcy estate and may generally be brought
only by the chapter 7 trustee.  Since Rozier's fraud-based claim
arose prior to January 12, 2012, the bankruptcy court held, to
which Judge Failla agrees, that Rozier lacked standing to pursue
the claims.

Finally, Judge Failla found that the bankruptcy court did not abuse
its discretion in finding that Rozier's reconsideration motion was
untimely and that it failed on the merits because Rozier had
identified neither an intervening change in the controlling law,
newly discovered evidence, nor the need to correct a clear error.

The case is In re: RESIDENTIAL CAPITAL, LLC, et al., Debtors. KAREN
MICHELE ROZIER, Appellant, v. RESCAP BORROWER CLAIMS TRUST,
Appellee, No. 15 Civ. 3248 (KPF) (S.D.N.Y.).

A full-text copy of Judge Failla's February 22, 2016 opinion and
order is available at http://is.gd/H2ik10from Leagle.com.

ResCap Borrower Claims Trust is represented by:

          Norman S. Rosenbaum, Esq.
          Jordan Aaron Wishnew, Esq.
          MORRISON & FOERSTER LLP
          250 West 55th Street
          New York, NY 10019-9601
          Tel: (212)468-8000
          Fax: (212)468-7900
          Email: nrosenbaum@mofo.com
                 jwishnew@mofo.com

                    About Residential Capital

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012. Neither Ally
Financial nor Ally Bank is included in the bankruptcy filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.7 billion in assets and $15.3 billion in
liabilities at March 31, 2012.

Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap. Morrison & Foerster LLP is acting as legal
adviser to ResCap. Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel. Rubenstein Associates, Inc., is the
public relations consultants to the Company in the Chapter 11
case. Morrison Cohen LLP is advising ResCap's independent
directors. Kurtzman Carson Consultants LLP is the claims and
notice agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.

ResCap sold most of the businesses for a combined $4.5 billion.
The Bankruptcy Court in November 2012 approved ResCap's sale of
its mortgage servicing and origination platform assets to Ocwen
Loan Servicing, LLC and Walter Investment Management Corporation
for $3 billion; and its portfolio of roughly 50,000 whole loans
to Berkshire Hathaway for $1.5 billion.

Judge Martin Glenn in December 2013 confirmed the Joint Chapter 11
Plan co-proposed by Residential Capital and the Official Committee
of Unsecured Creditors.


RESTAURANT HOLDINGS: Moody's Raises CFR to Caa1, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Restaurant
Holding Company, LLC, including its Corporate Family Rating to Caa1
from Caa2 and Probability of Default Rating (PDR) to Caa1-PD from
Caa2-PD.  Moody's also upgraded the company's $145 million senior
secured term loan and $10 million senior secured revolver to B3
from Caa1.  RHC's $50 million 2nd lien term loan is affirmed at
Caa3. The outlook is stable.

The rating action reflects RHC's improved earnings performance and
lower debt to EBITDA (to 6.0 times from 6.7 times) driven by
consumer demand for its core products and lower operating costs
both of which were driven in large part by lower gasoline prices as
well as commodity deflation.  The revised ratings reflects the
company's weak interest coverage and high leverage with EBIT to
interest of well under 1.0 time, debt to EBITDA of approximately
6.0 times and adequate liquidity.

Ratings upgraded are;

  Corporate Family Rating to Caa1 from Caa2

  Probability of Default Ratings to Caa1-PD from Caa2-PD

  $145 million senior secured 1st lien term loan to B3 (LGD 3)
   from Caa1 (LGD 3)

  $10 million senior secured Revolving Credit Facility to B3
  (LGD 3) from Caa1 (LGD 3)

Ratings affirmed are:

  $50 million senior secured 2nd lien term loan at Caa3 (LGD 5)

The rating outlook is stable

                         RATINGS RATIONALE

The Caa1 CFR reflects RHC's high leverage and weak interest
coverage in addition to its sole reliance on the recessionary
climate of Puerto Rico which has limited its ability to generate a
material improvement in earnings.  For the LTM period ending
October 31, 2015, debt to EBITDA was over 6.0 times and EBIT
coverage of interest expense is well under 1.0 time.  The rating is
supported by the company's leading position in the Puerto Rico QSR
segment as a result of its exclusive development agreement within
Puerto Rico, the strength of the Burger King brand and adequate
liquidity.

The stable outlook reflects Moody's view that credit metrics will
remain around current levels and that liquidity will remain
adequate over the next twelve months.

Factors that could result in an upgrade include a material and
sustained improvement in credit metrics.  Specifically, a higher
rating would require leverage of under 5.5 times and EBIT coverage
of interest of around 1.5 times on a sustained basis.  A higher
rating would also require maintaining at least adequate liquidity.
Factors that could result in a downgrade include a deterioration in
liquidity for any reason or a material deterioration in coverage
with EBITDA less maintenance capex to interest sustained above 1.0
time.

Restaurant Holding Company, LLC is owned by BHK Acquisition Corp.,
which in turn, is majority-owned by Castle Harlan Partners, a
private equity firm that purchased the company in 2004.  Through
its subsidiary -- Caribbean Restaurants LLC -- RHC has an exclusive
territorial development agreement with Burger King Corporation,
which makes RHC the sole franchisee of Burger King restaurants in
Puerto Rico with approximately 178 units as of Oct. 31, 2015.  RHC
is also the immediate parent company of Latin American Subs, LLC,
which is the master franchisee of Firehouse Subs in Puerto Rico.
There are currently 12 Firehouse Subs restaurants operating in
Puerto Rico.  RHC is a private company and as such, does not file
public financials.  Annual revenues are approximately $270 million
in total revenues.

The principal methodology used in these ratings was Restaurant
Industry published in September 2015.


ROCK AIRPORT: 3rd Cir. Affirms Dismissal of Ferrone's Appeal
------------------------------------------------------------
The United States Court of Appeals for the Third Circuit affirmed
the judgment of the United States District Court for the Western
District of Pennsylvania, which dismissed as moot Rock Ferrone's
appeal of two orders of the United States Bankruptcy Court for the
Western District of Pennsylvania.

Rock Ferrone is the sole owner of debtor Rock Airport of
Pittsburgh, LLC, and also the sole shareholder of K-Cor, Inc., a
Pennsyvania company that designs, manufactures, and sells newspaper
equipment.

In April 2013, Natalie Lutz Cardiello, trustee of the Rock Airport
bankruptcy estate, sought an order approving the sale of Rock
Airport's assets to  Alaskan Property Management Company, LLC.
Among the assets listed was a building and a parcel of land located
at 1000 Rockpointe Boulevard, at Rock Airport, in Tarentum,
Pennsylvania ("the Rock Built Parcel").  Ferrone objected to the
motion, arguing that K-Cor owned the Rock Built Parcel, and thus,
the property should not be included in the asset sale.

On September 10, 2014, the bankruptcy court ruled that the Rock
Built Parcel was owned by Rock Airport.  On September 16, 2014, the
bankruptcy court approved the sale of Rock Airport's assets to
Alaskan.  Ferrone filed an emergency motion for stay pending
appeal, but this was denied by the bankruptcy court.  On September
30, 2014, the trustee and Alaskan closed on the sale of the
debtor's assets, which included the Rock Built Parcel.

Ferrone timely appealed the bankruptcy court's September 14 and
September 16, 2014 orders, but the district court dismissed
Ferrone's appeal as moot.

On further appeal, the 3rd Circuit concluded that the district
court correctly determined that Ferrone's appeal had been rendered
moot under section 363(m).  The appellate court noted that although
Ferrone sought a stay pending appeal, Ferrone was unsuccessful in
securing one.  Additionally, the 3rd Circuit agreed with the
district court that despite Ferrone's repeated assertions, there
was no evidence upon which to conclude that Alaskan was not a
good-faith purchaser, or that Cardiello and Alaskan acted in bad
faith.

The case is IN RE: ROCK AIRPORT OF PITTSBURGH, LLC, Debtor. ROCK
FERRONE, Appellant, No. 15-1094 (3rd Cir.).

A full-text copy of the Third Circuit's February 22, 2016  opinion
is available at http://is.gd/LcNpzafrom Leagle.com.

                    About Rock Airport

Rock Airport of Pittsburgh, LLC, based in Pittsburgh,
Pennsylvania, filed for Chapter 11 bankruptcy (Bankr. W.D. Pa.
Case No. 09-23155) on April 30, 2009.  Robert O. Lampl, Esq.,
serves as Rock Airport's counsel.  In its petition, Rock Airport
estimated $1 million to $10 million in both assets and debts.  A
full-text copy of the petition, including the Debtor's list of 16
largest unsecured creditors, is available for free at
http://bankrupt.com/misc/pawb09-23155.pdf   

The petition was signed by Rock Ferrone, president of the Company.

Its affiliate, Pittsburgh-based RPP LLC, filed for Chapter 11
bankruptcy (Bankr. W.D. Pa. Case No. 13-20868) on Feb. 28, 2013,
disclosing $6,710,000 in assets and $6,200,000 in liabilities.
Elliott J. Schuchardt, Esq., at Schuchardt Law Firm, serves as
RPP's counsel.  The petition was signed by Rock Ferrone, managing
member.


RODOLFO ZAMORA: Trustee's Abandonment Proper, Court Rules
---------------------------------------------------------
Debtors Rodolfo and Maria Zamora filed a Chapter 11 petition on
April 5, 2010.  The case was converted to Chapter 7 on October 10,
2011.  Marc Del Piero was appointed as the Chapter 7 trustee. The
case was closed on September 12, 2014. The estate was very meager,
with no money going to creditors and only enough funds to pay
administrative creditors, including Del Piero and his attorneys,
about half of their allowed fees.

On June 24, 2015, the court granted the Zamoras' request to reopen
the case so that they could schedule a claim for wrongful
foreclosure against creditors Gerald J. Morris, et al., and obtain
its abandonment. Trustee Del Piero quickly determined that the
action was not worth pursuing and agreed to abandonment. The
abandonment was duly noticed pursuant to Rule 6007(a) of the
Federal Rules of Bankruptcy Procedure, and Morris objected. In his
objection, he offered to withdraw his claims and pay $15,000.00 to
the bankruptcy estate.

Trustee Del Piero explained to the court that he did not think the
wrongful foreclosure claim had any value to the estate worth
prosecuting. He noted that there would be legal issues over whether
the claims being asserted arose before or after the bankruptcy
filing, and that litigation between Morris and the Zamoras in
bankruptcy court had been "ferocious," so that prosecution would be
very difficult. He noted that the $15,000.00 offered by Morris
would not be anywhere near sufficient to return a dividend to
creditors.

In a Memorandum dated February 16, 2016, which is available at
http://is.gd/u0YtGdfrom Leagle.com, Judge Alan Jaroslovsky of the
United States Bankruptcy Court for the Northern District of
California ruled that abandonment was proper.

The court finds Del Piero's reasons for agreeing to abandonment to
be based on sound business judgment made in good faith. The claim
for wrongful foreclosure is burdensome because it would embroil a
bankruptcy estate without resources in ferocious litigation of
dubious merit. The offer made by Morris is of inconsequential value
because it would result in no dividend to unsecured creditors.

The case is In re RODOLFO and MARIA ZAMORA, Debtor(s), No.
10-53496.

Rodolfo Zamora, Debtor, is represented by Judson T. Farley, Esq. --
Law Offices of Judson T. Farley, Charles B. Greene, Esq. -- Law
Offices of Charles B. Greene.

Marc Del Piero, Trustee, is represented by Jason G. Cinq-Mars, Esq.
-- Stromsheim and Associates, Johnson C.W. Lee, Esq. -- Stromsheim
and Associates, Reidun Stromsheim, Esq. -- Stromsheim and Assoc..

Office of the U.S. Trustee / SJ, U.S. Trustee, is represented by
John S. Wesolowski, Office of the United States Trustee.


ROOSEVELT UNIVERSITY: Fitch Cuts Ratings on $224.5MM Bonds to BB+
-----------------------------------------------------------------
Fitch Ratings has downgraded the rating on $224.5 million Illinois
Finance Authority revenue bonds, series 2007 and 2009, issued on
behalf of Roosevelt University (Roosevelt), to 'BB+' from 'BBB-'.

The Rating Outlook is Stable.

SECURITY

The bonds are a general obligation of the university. Additional
security provisions for series 2009 only include a cash-funded debt
service reserve, funded at maximum annual debt service (MADS), and
a first lien mortgage on the financed facilities.

KEY RATING DRIVERS

DEFICITS DRIVE DOWNGRADE: The downgrade to 'BB+' reflects the
university's fifth consecutive year of negative operating margins,
and another deficit projected for fiscal 2016.

HIGH STUDENT-REVENUE DEPENDENCY: Roosevelt's reliance on
student-generated revenues makes it highly dependent on enrollment,
which has been uneven, contributing to flat net tuition over the
past three fiscal years. An enrollment decline in fall 2015 is
expected to contribute to another operating deficit.

HIGH DEBT LEVERAGE: The university has a limited balance sheet
combined with high debt leverage. MADS burden was a very high 15.7%
of fiscal 2015 operating revenues.

WEAK MADS COVERAGE: Roosevelt generated thin 1.1x MADS coverage in
fiscal 2015 (current debt service coverage was 1.2x). However, an
escalating debt structure adds risk, as MADS will increase to $19
million in fiscal 2021, up from the current $16 million. Fitch
views the university as having no new debt capacity.

LEADERSHIP CHANGES: Roosevelt has a new president with a
track-record of fundraising, who has initiated marketing, budget
and admissions reforms. The university is in the process of filling
several key leadership positions, including enrollment management
and development.

RATING SENSITIVITIES

STRESSED ENROLLMENT: Failure to increase enrollment, grow net
tuition revenue and improve operating performance will likely
result in rating pressure for Roosevelt University.

OPERATING DEFICITS: Inability to steadily improve GAAP operating
results in fiscal 2017 will further pressure Roosevelt's rating.

DEBT SERVICE COVERAGE: Failure to meet current debt service
coverage (DSC), as calculated by Fitch, in fiscal 2016 could add
increased rating risk for Roosevelt University. Bond documents for
the university, however, do not have coverage or liquidity
covenants.

CREDIT PROFILE

Founded in 1945, Roosevelt's main campus is located in the historic
auditorium building in downtown Chicago, IL. The recently opened
Wabash building serves as a 'vertical campus' and academic center
and provides additional student housing. The university also owns
and operates a 30-acre suburban campus in Schaumburg, IL, a
northwest suburb of Chicago.

In fall 2015, Roosevelt enrolled 4,285 full-time equivalent (FTE)
students, an 11% decrease from fall 2014. Management attributes
this not to lack of demand, but to admissions systems failures.
Management assures Fitch that admissions issues have been
corrected.

Following a national search, Roosevelt's board selected Dr. Ali
Malekzedah as the university's sixth president as of July 1, 2015.
Dr. Malekzedah has extensive fundraising experience, and served as
business dean at various private and public universities over the
past two decades. Other significant senior leadership positions are
in the process of being filled, including senior positions in
enrollment management and advancement.

CONTINUING OPERATING DEFICITS

Roosevelt has generated negative GAAP operating margins since at
least fiscal 2011, including fiscal 2015. Another GAAP deficit is
expected in fiscal 2016. The margin in fiscal 2015 was negative
3.8% (a $4.7 million deficit), which compares to negative 2.8% in
fiscal 2014, and negative 3.1% in fiscal 2013.

Management projects negative fiscal 2016 results due to enrollment
declines in fall 2015, attributed to admissions process issues,
which have been fixed.

The university's operations rely heavily on student generated
revenues, about 88% in fiscal 2015. Fitch is uncertain of
management's ability to curb expenses significantly, as the
university has been actively controlling expenses for several
years. Roosevelt's new leadership is focused on increasing both
enrollment and net student revenues; Fitch views success with these
efforts as necessary to maintain the current rating.

Undergraduate tuition increased a modest 1.5% in both fall 2015 and
fall 2014, and net tuition revenue has remained stable between
fiscal years 2013 and 2015. Tuition will increase an average 3.6%
in fall 2016.

STRESSED ENROLLMENT

Fall 2015 enrollment was down 12.4% to 5,352; FTE enrollment was
down by 529 (11%) to 4,285. Management expects improvement for fall
2016 and reports that first-time freshman applications are up, as
are admissions. Roosevelt students are primarily from the Chicago
metro area. A new marketing campaign focusing on the quality of
Roosevelt's academic programs is about to begin.

Management reports the enrollment decline in fall 2015 was
primarily due to admissions process failures, and not weak demand.
The university reports that process changes have been fixed. Fitch
expects that Roosevelt's fall 2016 enrollment will improve.

Enrollment has declined at Roosevelt's Schaumburg campus over time.
The president is studying new programs to reverse the decline.
Roosevelt's pharmacy program is based in Schaumburg.

HIGH DEBT LEVERAGE

Available funds, defined by Fitch as cash and investments not
permanently restricted, totaled $90.9 million at Aug. 31, 2015.
This represented 72.2% of fiscal 2015 operating expenses and a
narrower 37.9% of outstanding debt (about $240 million).
Outstanding debt is slightly overstated, as it includes loans
payable and not related receivables. Both liquidity metrics
weakened from fiscal 2014 levels. Fitch views Roosevelt's limited
financial cushion, in combination with high debt leverage, as a
concern.

Annual debt service will increase significantly in 2021 from $15
million to about $19 million, which is very close to MADS in 2036.
The university's MADS burden in fiscal 2015 is very high at 15.7%.
Positively, Roosevelt achieved 1.1x MADS coverage in fiscal 2015
(1.2x current coverage), and management expects to meet MADS
coverage in fiscal 2016. The university has no new debt plans at
this time.


ROOSEVELT UNIVERSITY: Fitch Cuts Revs Bonds Ratings to 'BB+'
------------------------------------------------------------
Fitch Ratings has downgraded the rating on $224.5 million Illinois
Finance Authority revenue bonds, series 2007 and 2009, issued on
behalf of Roosevelt University (Roosevelt), to 'BB+' from 'BBB-'.

The Rating Outlook is Stable.

SECURITY

The bonds are a general obligation of the university. Additional
security provisions for series 2009 only include a cash-funded debt
service reserve, funded at maximum annual debt service (MADS), and
a first lien mortgage on the financed facilities.

KEY RATING DRIVERS

DEFICITS DRIVE DOWNGRADE: The downgrade to 'BB+' reflects the
university's fifth consecutive year of negative operating margins,
and another deficit projected for fiscal 2016.

HIGH STUDENT-REVENUE DEPENDENCY: Roosevelt's reliance on
student-generated revenues makes it highly dependent on enrollment,
which has been uneven, contributing to flat net tuition over the
past three fiscal years. An enrollment decline in fall 2015 is
expected to contribute to another operating deficit.

HIGH DEBT LEVERAGE: The university has a limited balance sheet
combined with high debt leverage. MADS burden was a very high 15.7%
of fiscal 2015 operating revenues.

WEAK MADS COVERAGE: Roosevelt generated thin 1.1x MADS coverage in
fiscal 2015 (current debt service coverage was 1.2x). However, an
escalating debt structure adds risk, as MADS will increase to $19
million in fiscal 2021, up from the current $16 million. Fitch
views the university as having no new debt capacity.

LEADERSHIP CHANGES: Roosevelt has a new president with a
track-record of fundraising, who has initiated marketing, budget
and admissions reforms. The university is in the process of filling
several key leadership positions, including enrollment management
and development.

RATING SENSITIVITIES

STRESSED ENROLLMENT: Failure to increase enrollment, grow net
tuition revenue and improve operating performance will likely
result in rating pressure for Roosevelt University.

OPERATING DEFICITS: Inability to steadily improve GAAP operating
results in fiscal 2017 will further pressure Roosevelt's rating.

DEBT SERVICE COVERAGE: Failure to meet current debt service
coverage (DSC), as calculated by Fitch, in fiscal 2016 could add
increased rating risk for Roosevelt University. Bond documents for
the university, however, do not have coverage or liquidity
covenants.

CREDIT PROFILE

Founded in 1945, Roosevelt's main campus is located in the historic
auditorium building in downtown Chicago, IL. The recently opened
Wabash building serves as a 'vertical campus' and academic center
and provides additional student housing. The university also owns
and operates a 30-acre suburban campus in Schaumburg, IL, a
northwest suburb of Chicago.

In fall 2015, Roosevelt enrolled 4,285 full-time equivalent (FTE)
students, an 11% decrease from fall 2014. Management attributes
this not to lack of demand, but to admissions systems failures.
Management assures Fitch that admissions issues have been
corrected.

Following a national search, Roosevelt's board selected Dr. Ali
Malekzedah as the university's sixth president as of July 1, 2015.
Dr. Malekzedah has extensive fundraising experience, and served as
business dean at various private and public universities over the
past two decades. Other significant senior leadership positions are
in the process of being filled, including senior positions in
enrollment management and advancement.

CONTINUING OPERATING DEFICITS

Roosevelt has generated negative GAAP operating margins since at
least fiscal 2011, including fiscal 2015. Another GAAP deficit is
expected in fiscal 2016. The margin in fiscal 2015 was negative
3.8% (a $4.7 million deficit), which compares to negative 2.8% in
fiscal 2014, and negative 3.1% in fiscal 2013.

Management projects negative fiscal 2016 results due to enrollment
declines in fall 2015, attributed to admissions process issues,
which have been fixed.

The university's operations rely heavily on student generated
revenues, about 88% in fiscal 2015. Fitch is uncertain of
management's ability to curb expenses significantly, as the
university has been actively controlling expenses for several
years. Roosevelt's new leadership is focused on increasing both
enrollment and net student revenues; Fitch views success with these
efforts as necessary to maintain the current rating.

Undergraduate tuition increased a modest 1.5% in both fall 2015 and
fall 2014, and net tuition revenue has remained stable between
fiscal years 2013 and 2015. Tuition will increase an average 3.6%
in fall 2016.

STRESSED ENROLLMENT

Fall 2015 enrollment was down 12.4% to 5,352; FTE enrollment was
down by 529 (11%) to 4,285. Management expects improvement for fall
2016 and reports that first-time freshman applications are up, as
are admissions. Roosevelt students are primarily from the Chicago
metro area. A new marketing campaign focusing on the quality of
Roosevelt's academic programs is about to begin.

Management reports the enrollment decline in fall 2015 was
primarily due to admissions process failures, and not weak demand.
The university reports that process changes have been fixed. Fitch
expects that Roosevelt's fall 2016 enrollment will improve.

Enrollment has declined at Roosevelt's Schaumburg campus over time.
The president is studying new programs to reverse the decline.
Roosevelt's pharmacy program is based in Schaumburg.

HIGH DEBT LEVERAGE

Available funds, defined by Fitch as cash and investments not
permanently restricted, totaled $90.9 million at Aug. 31, 2015.
This represented 72.2% of fiscal 2015 operating expenses and a
narrower 37.9% of outstanding debt (about $240 million).
Outstanding debt is slightly overstated, as it includes loans
payable and not related receivables. Both liquidity metrics
weakened from fiscal 2014 levels. Fitch views Roosevelt's limited
financial cushion, in combination with high debt leverage, as a
concern.

Annual debt service will increase significantly in 2021 from $15
million to about $19 million, which is very close to MADS in 2036.
The university's MADS burden in fiscal 2015 is very high at 15.7%.
Positively, Roosevelt achieved 1.1x MADS coverage in fiscal 2015
(1.2x current coverage), and management expects to meet MADS
coverage in fiscal 2016. The university has no new debt plans at
this time.



RPM AUTOMOTIVE: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The Office of the U.S. Trustee disclosed in a filing with the U.S.
Bankruptcy Court for the District of Minnesota that no official
committee of unsecured creditors has been appointed in the Chapter
11 case of RPM Automotive, LLC.

                      About RPM Automotive

RPM Automotive, LLC filed a Chapter 11 petition in the U.S.
Bankruptcy Court for the District of Minnesota Minneapolis) on
January 29, 2016.  The case (Case No. 16-40239) is assigned to
Judge Michael E. Ridgway.  The Debtor has tapped Yvonne R. Doose,
Esq., as its legal counsel.


RYCKMAN CREEK: Hires Skadden Arps as Counsel
--------------------------------------------
Ryckman Creek Resources, LLC and its debtor-affiliates seek
authorization from the U.S. Bankruptcy Court for the District of
Delaware to employ Skadden, Arps, Slate, Meagher & Flom LLP and its
affiliated law practice entities as counsel for the Debtors, nunc
pro tunc to the February 2, 2016 petition date.

The Debtors require Skadden to:

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

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

   (c) take all necessary actions to protect and preserve the
       Debtors' estates, including the prosecution of actions on
       their behalf, the defense of actions commenced against
       their estates, negotiations concerning litigation in
       which the Debtors may be involved, and objections to claims

       filed against the estates;

   (d) prepare on behalf of the Debtors all motions, applications,

       answers, orders, reports, and papers necessary to the
       administration of the estates;

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

   (f) appear before this Court, any appellate courts, and the
       United States Trustee, and protect the interests of the
       Debtors' estates before such courts and the United States
       Trustee; and

   (g) perform all other necessary legal services and provide all
       other necessary or appropriate legal advice to the Debtors
       in connection with the Chapter 11 Cases.

Skadden will be paid at these hourly rates:

       Partners              $935-$1,425
       Counsel               $925-$1,040
       Associates            $390-$920
       Legal Assistants and
       Support Staff         $210-$365

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

Skadden received a retainer in the initial amount of $200,000. On
February 1, 2016 Skadden received a supplemental retainer amount of
$175,000. Accordingly, as of the Petition Date and before
application to any prepetition fees, the amount of the Retainer was
$375,000.

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

Skadden can be reached at:

       Sarah E. Pierce, Esq.
       SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
       One Rodney Square
       P.O. Box 636
       Wilmington, DE 19899-0636
       Tel: (302) 651-3000
       Fax: (302) 651-3001

          - and -

       George N. Panagakis, Esq.
       Jessica S. Kumar, Esq.
       SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
       155 N. Wacker Dr.
       Chicago, IL 60606
       Tel: (312) 407-0700
       Fax: (312) 407-0411

                          About Ryckman

Ryckman Creek Resources, LLC, Ryckman Creek Resources Holdings LLC,
Peregrine Rocky Mountains LLC and Peregrine Midstream Partners LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos.
16-10292 to 16-10295) on Feb. 2, 2016.  The petitions were signed
by Robert Foss as chief executive officer.  Kevin J. Carey has been
assigned the case.

The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP
as counsel, AP Services, LLC as management provider, Evercore Group
LLC as investment banker, and Kurtzman Carson Consultants LLC as
claims and noticing agent.

The Debtors estimated both assets and liabilities in the range of
$100 million to $500 million.  As of the Petition Date, Ryckman had
approximately $333 million of prepetition bank debt.


RYCKMAN CREEK: Taps Evercore Group as Investment Banker
-------------------------------------------------------
Ryckman Creek Resources, LLC and its debtor-affiliates seek
authorization from the U.S. Bankruptcy Court for the District of
Delaware to employ Evercore Group LLC as investment banker to the
Debtor, nunc pro tunc to the February 2, 2016 petition date.

The Debtors require Evercore to:

   (a) review and analyze the Company's business, operations, and
       financial projections;

   (b) analyze the value of the Company and deliver a written
       report on such valuation, including testimony, as     
       necessary, in any proceedings under the Bankruptcy Code
       that are pending before a court exercising jurisdiction
       over the Company as a debtor;

   (c) advise and assist the Company in a Restructuring, DIP
       Financing, and/or Sale transaction, if the Company
       determines to undertake such a transaction; provided that
       Evercore shall only provide services related to a
       Restructuring and/or Sale transaction if the Company, with
       the approval of the agent under that certain Amended and
       Restated Credit Agreement, dated as of May 2014, provides a

       written request for such services;

   (d) upon receipt of a Written Request for services related to a

       Restructuring, providing financial advice in developing and

       implementing a Restructuring, which would include:

       -- assisting the Company in developing a restructuring plan

          or plan of reorganization, including a plan of
          reorganization pursuant to the Bankruptcy Code;

       -- advising the Company on tactics and   strategies for
          negotiating with various stakeholders regarding the
          Plan; and

       -- providing the Company with other financial restructuring

          advice as Evercore and the Company may deem appropriate.

   (e) if the Company pursues a DIP Financing, assisting the
       Company in:

       -- structuring and effecting a DIP Financing;

       -- identifying potential investors and, at the Company's
          request, contacting such Investors; and

       -- working with the Company in negotiating with potential
          investors.

   (f) if the Company pursues a Sale, upon receipt of a Written
       Request for services related to a Sale, assisting the
       Company in:

       -- structuring and effecting a Sale;

       -- identifying interested parties and/or potential
          acquirers and, at the Company's request, contacting such

          interested parties and potential acquirors; and

       -- advising the Company in connection with negotiations
          with potential interested parties and/or acquirors and
          aiding in the consummation of a Sale transaction.

The Debtors will pay Evercore according to this Fee and Expense
Structure:

   -- A monthly fee of $100,000, payable on execution of this
      agreement and on the 22nd day of each month commencing
      February 22, 2016 until the earlier of the consummation of
      the Restructuring transaction or the termination of
      Evercore's engagement. 25% of the first three monthly fees
      paid to Evercore shall be credited against any Valuation fee

      payable; provided, that, in the event of a Chapter 11
      filing, any such credit of fees contemplated by this
      sentence shall only apply to the extent that all such
      Monthly Fees and the Valuation Fee are approved in their
      entirety by the Bankruptcy Court pursuant to a final order
      not subject to appeal and which order is acceptable to
      Evercore.

   -- Valuation Report fee of $750,000 in respect of a Valuation
      Report, and any amendments or updates of such Valuation
      Reports, payable upon the delivery of the Valuation Report.

   -- Restructuring Fee payable upon the consummation of any
      Restructuring equal to $3,293,000; provided however, that
      the Restructuring Fee shall not be payable unless the
      Company, with the approval of the Agent, has provided a
      Written Request to Evercore to provide services related to a

      Restructuring transaction.

   -- Sale Fee payable upon consummation of any Sale of
      substantially all of the Company's assets, equal to the
      greater of (i) $2,000,000 and (ii) the product of (a) the
      Aggregate Consideration and (b) 1.25%; provided however,
      that the Sale Fee shall not be payable unless the Company,
      with the approval of the Agent, has provided a Written
      Request to Evercore to provide services related to a Sale
      transaction.

   -- DIP Financing Fee equal to (i) $150,000 if the Company's
      existing lenders provide a DIP Financing, or (ii) the
      greater of (a) $250,000 and (b) 1.10% of the gross proceeds
      of the DIP Financing, if the DIP Financing is provided by
      any party other than the existing lenders, payable upon
      Bankruptcy Court approval of the DIP Financing; provided
      further however, that no DIP Financing Fee shall be payable
      unless the aggregate proceeds of the DIP Financing together
      with any bridge financing or other facility provided to the
      Company during the pendency of Evercore's engagement
      hereunder are equal to $10,000,000 or more.

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

Stephen Hannan, senior managing director of Evercore, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Evercore can be reached at:

       Stephen Hannan
       EVERCORE GROUP LLC
       55 East 52nd Street
       New York, NY 10055
       Tel: +1 (212) 857-3100
       Fax: +1 (212) 857-3101

                          About Ryckman

Ryckman Creek Resources, LLC, Ryckman Creek Resources Holdings LLC,
Peregrine Rocky Mountains LLC and Peregrine Midstream Partners LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos.
16-10292 to 16-10295) on Feb. 2, 2016.  The petitions were signed
by Robert Foss as chief executive officer.  Kevin J. Carey has been
assigned the case.

The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP
as counsel, AP Services, LLC as management provider, Evercore Group
LLC as investment banker, and Kurtzman Carson Consultants LLC as
claims and noticing agent.

The Debtors estimated both assets and liabilities in the range of
$100 million to $500 million.  As of the Petition Date, Ryckman had
approximately $333 million of prepetition bank debt.


SABINE PASS: Amends 2015 Annual Report to Add Disclosure
--------------------------------------------------------
Sabine Pass LNG, L.P. has amended its annual report on Form 10-K
for the year ended Dec. 31, 2015, to disclose recently provided
information pursuant to Section 219 of the Iran Threat Reduction
and Syria Human Rights Act of 2012.

Pursuant to Section 13(r) of the Securities Exchange Act of 1934,
as amended, if during the fiscal year ended Dec. 31, 2015, the
Company or any of our affiliates had engaged in certain
transactions with Iran or with persons or entities designated under
certain executive orders, the Company would be required to disclose
information regarding such transactions in our Annual Report on
Form 10-K as required under Section 219 of the Iran Threat
Reduction and Syria Human Rights Act of 2012.  According to the
Company, during the fiscal year ended Dec. 31, 2015, it did not
engage in any transactions with Iran or with persons or entities
related to Iran.

Blackstone CQP Holdco LP, an affiliate of Blackstone Group L.P., is
a holder of more than 29% of the outstanding equity interests of
Cheniere Energy Partners, L.P. and has three representatives on the
Board of Directors of Cheniere Partners' general partner.
Accordingly, Blackstone Group may be deemed an "affiliate" of
Cheniere Partners, as that term is defined in Exchange Act Rule
12b-2.  Blackstone Group has included in its Annual Report on Form
10-K for the fiscal year ended Dec. 31, 2015, disclosures pursuant
to ITRA regarding two of its portfolio companies that may be deemed
to be affiliates of Blackstone Group.  Because of the broad
definition of "affiliate" in Exchange Act Rule 12b-2, these
portfolio companies of Blackstone Group, through Blackstone Group's
ownership of Cheniere Partners, may also be deemed to be affiliates
of ours.  The Company has not independently verified the disclosure
described in the following paragraphs.

"Blackstone Group has reported that Hilton Worldwide Holdings Inc.
has engaged in the following activity: during the fiscal year ended
December 31, 2015, an Iranian governmental delegation stayed at the
Transcorp Hilton Abuja for one night.  The stays were booked and
paid for by the government of Nigeria.  The hotel received revenues
of approximately $5,320 from these dealings, and net profit to
Hilton from these dealings was approximately $495, as reported by
Blackstone Group. Hilton believes that the hotel stays were exempt
from the Iranian Transactions and Sanctions Regulations, 31 C.F.R.
Part 560, pursuant to the International Emergency Economic Powers
Act and under 31 C.F.R. Section 560.210 (d).  Blackstone Group has
reported that the Transcorp Hilton Abuja intends to continue
engaging in future similar transactions to the extent they remain
permissible under applicable laws and regulations."

"Blackstone Group has reported that Travelport Worldwide Limited
has engaged in the following activities: as part of its global
business in the travel industry, Travelport provides certain
passenger travel related Travel Commerce Platform and Technology
Services to Iran Air.  Travelport also provides certain airline
Technology Services to Iran Air Tours.  The gross revenues and net
profits attributable to such activities by Travelport during the
fiscal year ended December 31, 2015 were reported by Travelport to
be approximately $551,000 and $389,000, respectively.  Blackstone
Group has reported that Travelport intends to continue these
business activities with Iran Air and Iran Air Tours as such
activities are either exempt from applicable sanctions prohibitions
or specifically licensed by the Office of Foreign Assets Control."

                         About Sabine Pass

Sabine Pass LNG, L.P. owns, develops and operates an LNG receiving
and regasification terminal in western Cameron Parish, Louisiana.
Based in Houston, the Company's LNG terminal includes existing
infrastructure of five LNG storage tanks with 16.9 Bcfe capacity,
two docks that can hold vessels up to 265,000 cubic meters, and
vaporizers with capacity of 4.0 Bcf/d.

Sabine Pass reported net income of $242 million on $523 million of
total revenues for the year ended Dec. 31, 2015, compared with net
income of $257 million on $523 million of total revenues for the
year ended Dec. 31, 2014.

As of Dec. 31, 2015, Sabine Pass had $1.59 billion in total assets,
$2.19 billion in total liabilities and a partners' deficit of $602
million.


SCIENTIFIC GAMES: Widens Net Loss to $1.39 Billion in 2015
----------------------------------------------------------
Scientific Games Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$1.39 billion on $2.75 billion of total revenue for the year ended
Dec. 31, 2015, compared to a net loss of $234.3 million on $1.78
billion of total revenue for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, Scientific had $7.73 billion in total assets,
$9.22 billion in total liabilities and a total stockholders'
deficit of $1.49 billion.

"If we do not have adequate liquidity or are unable to obtain
financing for these upfront costs and our other cash needs on
favorable terms or at all, we may not be able to bid on certain
contracts, which could result in our losing business or could
restrict our ability to grow which could have a material adverse
effect on our results of operations, cash flows and financial
condition.  Moreover, we may not realize the return on investment
that we anticipate on new or renewed contracts due to a variety of
factors, including lower than anticipated retail sales or amounts
wagered, higher than anticipated capital or operating expenses and
unanticipated regulatory developments or litigation.  We may not
have adequate liquidity to pursue other aspects of our strategy,
including bringing our products and services to new customers or
new or underpenetrated geographies (including through equity
investments) or pursuing strategic acquisitions.  In the event we
pursue significant acquisitions or other expansion opportunities,
conduct significant repurchases of our outstanding securities, or
refinance or repay existing debt, we may need to raise additional
capital either through the public or private issuance of equity or
debt securities or through additional borrowings under our existing
financing arrangements, which sources of funds may not necessarily
be available on terms acceptable to us, if at all," the Company
stated in the filing.

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

                      http://is.gd/qXFJp4

                    About Scientific Games

Scientific Games Corporation is a developer of technology-based
products and services and associated content for worldwide gaming
and lottery markets.  The Company's portfolio includes instant and
draw-based lottery games; electronic gaming machines and game
content; server-based lottery and gaming systems; sports betting
technology; loyalty and rewards programs; and social, mobile and
interactive content and services.  Visit
http://www.scientificgames.com/      

                           *     *     *

The TCR reported on May 21, 2014, that Moody's Investors Service
downgraded Scientific Games Corporation's ("SGC") Corporate Family
Rating to 'B1'.  The downgrade reflects Moody's view that slower
than expected growth in SGC's Gaming and Instant Products segments
will cause Moody's adjusted leverage to exceed 6.0 times by the
end of 2014.

As reported by the TCR on Aug. 5, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating to 'B+' from 'BB-' on
Scientific Games Corp.

"The downgrade and CreditWatch placement follow Scientific Games'
announcement that it has agreed to acquire Bally Technologies for
$5.1 billion, including the refinancing of about $1.8 billion in
net debt at Bally," said Standard & Poor's credit analyst Ariel
Silverberg.


SHERIDAN BROADCASTING: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Sheridan Broadcasting Networks, Inc.
        960 Penn Avenue, Suite 400
        Pittsburgh, PA 15222

Case No.: 16-20722

Chapter 11 Petition Date: March 1, 2016

Court: United States Bankruptcy Court
       Western District of Pennsylvania (Pittsburgh)

Judge: Hon. Thomas P. Agresti

Debtor's Counsel: Robert O Lampl, Esq.
                  ROBERT O LAMPL, ATTORNEY AT LAW
                  960 Penn Avenue, Suite 1200
                  Pittsburgh, PA 15222
                  Tel: 412-392-0330
                  Fax: 412-392-0335
                  E-mail: rol@lampllaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ronald R. Davenport, CEO.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/pawb16-20722.pdf


SHERWIN ALUMINA: Anderson Lehrman Files Rule 2019 Statement
-----------------------------------------------------------
Anderson, Lehrman, Barre & Maraist LLP disclosed in a court filing
that it represents these companies in the Chapter 11 cases of
Sherwin Alumina Company LLC and its affiliates:

     (1) Stream Construction
         1814 Holly Rd.
         Corpus Christi, Texas 78417

     (2) Rexco Inc.
         1104 Mildred Dr.
         Port Lavaca, Texas 77979

     (3) E-Crane
         1332 Freese Worksplace
         Galion, Ohio 44833

E-Crane and Stream Construction assert $350,000 claim and $68,390,
respectively.  Meanwhile, Rexco asserts $662,001 claim against
Sherwin Alumina, according to the filing.

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

The firm can be reached through:

   Timothy Dowling
   Anderson, Lehrman, Barre & Maraist LLP
   1001 Third St., Suite 1
   Corpus Christi, Texas 78404
   Phone: (361) 884-4981
   Fax: (361) 884-1286
   Email: tdowling@albmlaw.com

                     About Sherwin Alumina

Sherwin Alumina Company, LLC and Sherwin Pipeline, Inc. filed
Chapter 11 bankruptcy petitions (Bankr. S.D. Tex. Case Nos.
16-20012 and 16-20013, respectively) on Jan. 11, 2016.  Thomas
Russell signed the petitions as authorized signatory.  Judge David
R Jones has been assigned the case.

The Debtors have engaged Kirkland & Ellis LLP as general counsel,
Zack A. Clement PLLC as local counsel, Huron Consulting Services
LLC as financial advisor and Kurtzman Carson Consultants LLC as
claims, notice and balloting agent.

Sherwin operates an alumina plant in Gregory, Texas that produces
aluminum oxide (or alumina), which is the primary component of
aluminum, from bauxite.  Sherwin produces alumina through the
"Bayer Process," a refining technique that produces alumina from
bauxite ore by dissolving the bauxite in a caustic solution.

On Feb. 5, 2016, the Debtors disclosed total assets of $254,617,187
and total liabilities of $218,177,760.


SPIG INDUSTRY: Confirmation Hearing Today
-----------------------------------------
Spig Industry, LLC, is slated to seek confirmation of its proposed
reorganization plan on March 3, 2016, at 1:30 P.M. at US District
Courtroom, US Courthouse, 180 W. Main St., Abingdon, VA.

Spig Industry has proposed a reorganization plan that lets
unsecured creditors choose to (i) receive payment in full if they
wait up to four years, or (i) receive 15 cents on the dollar if
they want payment immediately after the plan is confirmed.  

The Debtor filed its original Plan and Disclosure Statement on Nov.
6, 2015.  After receiving objections from the Official Committee of
Unsecured Creditors and other parties, the Debtor on Dec. 31, filed
an Amended Disclosure Statement.  A copy of the Amended Disclosure
Statement is available for free at:

     http://bankrupt.com/misc/Spig_Industry_86_Am_DS.pdf

The Court on Jan. 20, 2016, entered an order approving the Amended
Disclosure Statement and setting a March 3, 2016 hearing to
consider confirmation of the Plan.  Objections to confirmation were
due Feb. 25.

                         The Chapter 11 Plan

After filing for bankruptcy protection, SPIG began the process of
continuing its prior search for investors so it could restart its
operations.  The Debtor's sister company, Selco Construction,
provided working capital, so Spig has commenced manufacturing
operations on a limited basis, but not at a level to service its
debt.

The existing owner will provide funding for the Plan.  As a result
of certain litigation, the Debtor's business has been for the most
part idled since 2012. One of the Debtor's principals, Joshua
Harman is entitled to certain funds in connection with judgments on
various qui tam actions brought in his individual capacity as a
relator under applicable state and federal laws.  Some of the
Judgments are presently on appeal. Mr. Harman has received some
funding in the form of a loan collateralized by an assignment of a
portion of the Judgment Proceeds.

Under the Plan, the Debtor will borrow a part of the Initial
Proceeds from Joshua Harman, sufficient to pay the priority and
administrative claims, in full, to pay distributions to unsecured
creditors who elect for immediate payment and to provide startup
funding for business operations.

Holders of general unsecured claims, except for Jones Day, can opt
for (i) a one-time cash payment of 15% of their allowed claim
within 30 days of confirmation, in full satisfaction of their
Claims against the estate, or a (ii) a 100% payout of the allowed
claim no later than four years following confirmation.

Holders of unsecured claims may be paid earlier than the Back-End
Payment Date in the event Joshua Harman receives the balance of the
Judgment Proceeds in which case Mr. Harman shall loan additional
funds to the Reorganized Debtor sufficient to pay the claims in
full.  In addition, if the Debtor reaches certain operational
milestones during its post reorganization operations prior to
unsecured creditors being paid in full, it will pay, except to
Jones Day, incremental dividends -- Incremental Operational
Distributions -- to holders of the claims.  While possible, the
Debtor does not believe that Incremental Operational Distributions
are likely.

As for its secured creditors, Grundy National Bank and Jones Day,
the Plan incorporates agreements that Joshua Harman has negotiated
with Bank (Class 2) and Jones Day (Class 3 and Class 4). Joshua
Harman is a guarantor of the Debtor's obligations to Bank and is a
co-obligor with the Debtor with respect to the Jones Day
obligations.  Jones Day holds an Allowed secured claim against the
Debtor in the amount of $6,928,786.38.

A copy of the Amended Disclosure Statement filed Dec. 31, 2015, is
available for free at:

        http://bankrupt.com/misc/Spig_Industry_68_DS.pdf

                    Disclosure Objections Addressed

The Committee raised concerns in its objection to the Disclosure
Statement asserting that the Debtor has underestimated the cost of
constructing a galvanizing facility which will be necessary for the
Debtor to achieve the ongoing profit necessary to meet its
financial projections to repay its creditors under the terms of the
Plan.  In response, the Debtor asserts that the Debtor's projection
regarding the construction of the galvanizing facility is based
upon estimates whereby principals of the Debtor will act in the
role of, among other things, General Contractor, which will result
in significant savings and as a result, based on past experience of
the principals of the Debtor in related construction projects, the
estimates set forth in the Disclosure Statement are reasonable and
achievable.

Objections of the Industrial Development Authority of Washington
County, Virginia were based primarily on the fact that the Debtor's
schedules did not list the Industrial Development Authority as a
creditor.  This was an oversight on the part of the Debtor, and the
Industrial Development Authority has filed a proof of claim in the
case which is not disputed.  The Industrial Development Authority
will be treated as all other general unsecured creditors in the
case under the proposed Chapter 11 plan.

Counsel for the Debtor:

         Robert T. Copeland, Esq.
         COPELAND LAW FIRM, P.C.
         P.O. Box 1296
         Abingdon, VA 24212
         Tel: (276) 628-9525
         Fax: (276) 628-4711

Counsel to Industrial Development Authority of Washington County:

         Mary F. Russell
         HALE & RUSSELL
         P.O. Box 274
         Bristol, TN 37621-0274
         Tel: 276-466-6555
         Fax: 423-989-6550

Counsel for the Official Committee of Unsecured Creditors:

         Peter M. Pearl, Esq.
         SPILMAN THOMAS & BATTLE, PLLC
         P. O. Box 90
         Roanoke, VA 24002
         Telephone: (540) 512-1832
         Facsimile: (540) 342-4480
         E-mail: ppearl@spilmanlaw.com

                         About Spig Industry

Spig Industry, LLC is a Bristol, Virginia-based manufacturer of
guard rails and other safety products.  The business began in 2007
when it was formed by two brothers, Josh and Chris Harman.  

The business grew rapidly, and in the year 2009 the company decided
to manufacture its own designed head end, because it felt that the
patents covering the unit were no longer valid.  Trinity believed
its patents were still valid and filed a lawsuit against Spig.  The
litigation was expensive, costing Spig $12 million.

Spig Industry, LLC filed a Chapter 11 bankruptcy petition (Bankr.
W.D. Va. 15-70310) in Roanoke, Virginia, on March 16, 2015, with
$21.0 million in assets against $11.7 million in debt.

The case is assigned to Judge Paul M. Black.  The Debtor tapped
Robert Tayloe Copeland, Esq., at Copeland Law Firm, P.C., in
Abingdon, Virginia, serves as counsel.

The U.S. Trustee has named an Official Committee of Unsecured
Creditors in the case.  The Committee retained Spilman Thomas &
Battle, PLLC as counsel.


SPIG INDUSTRY: Grundy Bank Says Settlement Still Not Part of Plan
-----------------------------------------------------------------
Grundy National Bank is opposing confirmation of Spig Industry,
LLC's Amended Plan of Reorganization because Spig did not
incorporate the terms of their settlement agreement into the Plan.

"Confirmation of the Plan would not make sense. The Plan does not
provide for payment of Grundy National Bank's allowed, secured
claims; it violates the terms of the Settlement Agreement; and, it
is too vague to be implemented," the Bank argued in its
confirmation objection.

On Dec. 23, 2015, the Debtor, Grundy National Bank and others
entered into a detailed, 10-page Settlement Agreement, subject to
approval of the Court as part of an amended plan to be filed by the
Debtor.  The Settlement Agreement does set out a repayment plan to
the Bank.

On Dec. 31, 2015, the Debtor filed an Amended Disclosure Statement,
which included a copy of the Settlement Agreement as an exhibit.
The Debtor, however, did not incorporate the Settlement into an
Amended Plan nor filed or filed an Amended Plan.

The Bank points out that the Plan does not propose to make the
payments to the Bank required by the Settlement Agreement.  In
addition, confirmation of the Plan, in its present form, would
violate the express terms of the Settlement Agreement, according to
the Bank.  The Bank claims that the Debtor has failed to comply
with these provisions of the Settlement Agreement:

   * Spig will immediately give timely, proper and effective notice
to all creditors and parties-in-interest, pursuant to the
Bankruptcy Code and the local and national Bankruptcy Rules
including, but not limited to, Bankruptcy Rule 2002(a)(3), and any
other applicable rules or statutes, and shall promptly ask the
Bankruptcy Court to hold a hearing to confirm the Amended Plan and
conclusively establish, among other claims in the Bankruptcy Case,
the validity of GNB's Claim #10 and that GNB has valid, perfected,
fully secured, first priority security interests and liens in the
Collateral.

   * Pursuant to 11 U.S.C. Sec. 1141 (c) and (d), the Amended Plan
and the order confirming the Amended Plan shall provide that Spig
will continue to have personal liability to GNB for all debts and
claims, that this liability shall not be discharged in bankruptcy,
and that GNB shall continue to have valid, perfected, fully
secured, first priority security interests and liens in the
Collateral.  The terms and conditions of the Amended Plan and the
Confirmation Order are subject to approval by GNB and its counsel.

   * The terms and conditions of this Settlement Agreement will be
expressly incorporated by reference in the Amended Plan and the
Confirmation Order and approved by the Bankruptcy Court in
accordance with 11 U.S.C. Sec. 1123(b)(3)(A), Bankruptcy Rule 9019,
and any other applicable statutes or rules.  This Settlement
Agreement shall automatically terminate, and will have no force or
effect, in the event the Bankruptcy Court dismisses the Bankruptcy
Case or denies the inclusion of the terms and conditions of this
Settlement Agreement in either the Amended Plan or the Confirmation
Order.

   * The Other Parties [a defined term which includes the Debtor]
will cooperate in seeking and obtaining court approval of this
Settlement Agreement, so that it will be final and binding and will
protect GNB from any additional cost, litigation, or risk.

   * The Other Parties shall not fund, propose, cooperate with or
concede to, but rather shall object to, any bankruptcy plan,
motion, order or complaint that objects to GNB's Claim #10, or to
GNB's perfected status as a fully secured holder of first priority
security interests and liens in the Collateral or that allows any
objections to claims after confirmation of the Amended Chapter 11
plan or that violates this Settlement Agreement in any way.

Grundy National Bank's attorneys:

         Michael L. Shortridge, Esq.
         SHORTRIDGE AND SHORTRIDGE, P.C.
         329 W. Main St.
         Abingdon, VA 24210
         Tel: 276-628-5001
         Fax: 276-628-4009
         E-mail: shortridge4you@embarqmail.com

                         About Spig Industry

Spig Industry, LLC is a Bristol, Virginia-based manufacturer of
guard rails and other safety products.  The business began in 2007
when it was formed by two brothers, Josh and Chris Harman.  

The business grew rapidly, and in the year 2009 the company decided
to manufacture its own designed head end, because it felt that the
patents covering the unit were no longer valid.  Trinity believed
its patents were still valid and filed a lawsuit against Spig.  The
litigation was expensive, costing Spig $12 million.

Spig Industry, LLC filed a Chapter 11 bankruptcy petition (Bankr.
W.D. Va. 15-70310) in Roanoke, Virginia, on March 16, 2015, with
$21.0 million in assets against $11.7 million in debt.

The case is assigned to Judge Paul M. Black.  The Debtor tapped
Robert Tayloe Copeland, Esq., at Copeland Law Firm, P.C., in
Abingdon, Virginia, serves as counsel.

The U.S. Trustee has named an Official Committee of Unsecured
Creditors in the case.  The Committee retained Spilman Thomas &
Battle, PLLC as counsel.


SPORTS AUTHORITY: Case Summary & 50 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                       Case No.
       ------                                       --------
       Sports Authority Holdings, Inc.              16-10527
          aka Sports Authority
       1050 West Hampden Avenue
       Englewood, CO 80110

       Slap Shot Holdings, Corp.                    16-10528

       The Sports Authority, Inc.                   16-10529

       TSA Stores, Inc.                             16-10530

       TSA Gift Card, Inc.                          16-10531

       TSA Ponce, Inc.                              16-10532

       TSA Caribe, Inc.                             16-10533

Type of Business: Sporting Goods Retailers

Chapter 11 Petition Date: March 2, 2016

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Judge: Hon. Mary F. Walrath

Debtors' General         Robert A. Klyman, Esq.
Counsel:                 Matthew J. Williams, Esq.
                         Jeremy L. Graves, Esq.
                         Sabina Jacobs, Esq.
                         GIBSON, DUNN & CRUTCHER LLP
                         333 South Grand Avenue
                         Los Angeles, CA 90071-1512
                         Tel: (213) 229-7000
                         Fax: (213) 229-7520
                         Email: rklyman@gibsondunn.com
                                mjwilliams@gibsondunn.com
                                jgraves@gibsondunn.com
                                sjacobs@gibsondunn.com

Debtors' Co-Counsel:     Michael R. Nestor, Esq.
                         Kenneth J. Enos, Esq.
                         Andrew L. Magaziner, Esq.
                         YOUNG CONAWAY STARGATT & TAYLOR, LLP
                         Rodney Square
                         1000 North King Street
                         Wilmington, DE 19801
                         Tel: (302) 571-6600
                         Fax: (302) 571-1253
                         Email: mnestor@ycst.com
                                kenos@ycst.com
                                amagaziner@ycst.com

Debtors'                 ROTHSCHILD INC.
Investment
Banker:

Debtors'                 FTI CONSULTING, INC.
Financial
Advisor:

Debtors'                 KURTZMAN CARSON CONSULTANTS LLC
Notice, Claims,
Solicitation,
Balloting and
Tabulation Agent:

Total Assets: $1.6 billion

Total Secured Debts: $1.1 billion

The petition was signed by Michael E. Foss, chairman & chief
executive officer.

Consolidated List of Debtors' 50 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
TCW/Crescent Mezzanine              Mezzanine Debt    $62,708,611
Partners III, L.P.
ATTN: Elizabeth Ko
865 South Figueroa Street
Los Angeles, CA 90017
Tel: (310) 235-5973
Fax: (310) 235-5967
Email: elizabeth.ko@crescentcap.com

Caisse De Depot                     Mezzanine Debt    $47,913,872
ATTN: Louise Lalonde Centre
CDP Capital
1000 Place Jean-Paul-Riopelle
Montreal , Quebec H 2Z 2B3
Tel: (514) 847-2857
Fax: (514) 281-9368
Email: llalonde@lacaisse.com

Nike USA, Inc.                        Trade Debt      $47,874,846
ATTN: Christopher Clipper
8605 Sw Creekside Pl
Beaverton, OR 97005
Tel: (800) 344-6453
Email: christopher.clipper@nike.com

TCW/Crescent Mezzanine Partners      Mezzanine Debt   $41,381,614
IV, L.P.
ATTN: Elizabeth Ko
865 South Figueroa Street
Los Angeles, CA 90017
Tel: (310) 235-5973
Fax: (310) 235-5967
Email: elizabeth.ko@crescentcap.com

TCW/Crescent Mezzanine Partners      Mezzanine Debt   $33,657,898

IVB, L.P.
ATTN: Elizabeth Ko
865 South Figueroa Street
Los Angeles, CA 90017
Tel: (310) 235-5973
Fax: (310) 235-5967
Email: elizabeth.ko@crescentcap.com

280 Funding I                        Mezzanine Debt    $24,467,058
ATTN: Alice Taormina
345 Park Avenue 31St Floor
New York, NY 10154
Tel: (212) 503-2100
Fax: (212) 503-6930
Email: sal.aloia@gsocap.com and
alice.taormina@gsocap.com

ASICS America Corporation           Consignment and    $23,268,366

ATTN: Kenji Sakai                   Other Trade Debt
80 Technology Drive
Irvine, CA 92618
Tel: (949) 453-8888
Email: Kenjis@asicsamerica.com

Under Armour                           Trade Debt      $23,168,557
1020 Hull Street
Baltimore, MD 21230
Tel: (888) 427-6687

NY Life                              Mezzanine Debt    $22,595,117
ATTN: C/O GoldPoint Partners LLC
51 Madison Avenue Suite 1600
New York, NY 10010
Tel: (212) 576-6500
Fax: (212) 576-5591
Email: lsmith@goldpointpartners.com /
Nancy_Scotton@nylim.com

Stichting PensioEnfonds               Mezzanine Debt   $16,610,142
ATTN: C/O AlpInvest Partners B.V.
Jachthavenweg 118 1081 KJ
Amsterdam , Netherlands
Email: investment.accounting@alpinvest.com /
thomas.spoto@alpinvest.com

NY Life Inv. Mgt.                     Mezzanine Debt   $15,501,735
ATTN: C/O GoldPoint Partners LLC
51 Madison Avenue Suite 1600
New York, NY 10010
Tel: (212) 576-6500
Fax: (212) 576-5591
Email: lsmith@goldpointpartners.com /
Nancy_Scotton@nylim.com

NW Mutual Life                        Mezzanine Debt   $13,309,409
720 E. Wisconsin Avenue Milwaukee,
WI 53202-4797
Tel: (414) 665-1679
Email: privateinvest@northwesternmutual.com /
jebbentley@northwesternmutual.com

GSO Domestic Capital Funding LLC      Mezzanine Debt   $12,799,286
ATTN: Alice Taormina
345 Park Avenue 31St Floor
New York, NY 10154
Tel: (212) 503-2100
Fax: (212) 503-6930
Email: sal.aloia@gsocap.com and
alice.taormina@gsocap.com

Stichting PensioEnFonds               Mezzanine Debt   $11,073,428
ATTN: C/O AlpInvest Partners B.V.
Jachthavenweg 118 1081 KJ
Amsterdam , Netherlands
Email: investment.accounting@alpinvest.com
/thomas.spoto@alpinvest.com

Varma Mutual Pension Insurance        Mezzanine Debt   $10,647,527
Company
Salmisaarenranta 11
Helsinki, Finland
Tel: 358-10-244-3230
Fax: 358-10-244-5068
Email: risto.autio@varma.fi /
Oili.Auranen@varma.fi

Conn General                          Mezzanine Debt    $9,982,057
ATTN: Edward Lewis
900 Cottage Grove Road A4Aa
Bloomfield, CT 6002
Tel: (860) 226-8432
Fax: (860) 226-8596
Email: edward.lewis@cigna.com

TCW/Crescent Mezzanine Trust III      Mezzanine Debt    $9,769,106
ATTN: Elizabeth Ko
865 South Figueroa Street
Los Angeles, CA 90017
Tel: (310) 235-5973
Fax: (310) 235-5967
Email: elizabeth.ko@crescentcap.com

Implus Footcare LLC                     Trade Debt      $9,400,729
2001 TW Alexander Drive Box 13925
Durham, NC 27709-3925
Tel: (800) 446-7587

Agron Inc.                              Trade Debt      $9,219,174
2440 South Sepulveda Blvd
Los Angeles, CA 90064
Tel: (800) 966-7697

MAC Capital                           Mezzanine Debt    $7,504,377
ATTN: Nakietha Richard Elizabeth Ko
865 South Figueroa Street
Los Angeles, CA 90017
Tel: (310) 235-5973
Fax: (310) 235-5967
Email: elizabeth.ko@crescentcap.com /
Nakietha.Richard@wellsfargo.com

NYLim Parallel                        Mezzanine Debt    $7,155,138
ATTN: C/O GoldPoint Partners LLC
51 Madison Avenue Suite 1600
New York, NY 10010
Tel: (212) 576-6500
Fax: (212) 576-5591
Email: lsmith@goldpointpartners.com /
Nancy_Scotton@nylim.com

Partners Group Prime                  Mezzanine Debt    $6,106,357
Yield Sarl
ATTN: Roland Roffler
Zugerstrasse 57
Ch 6341 Baar Zug, Switzerland
Tel: 41 41 784 60 00
Fax: 41 41 784 65 64
Email: pgadmin@partnersgroup.com
lu-pgprimeyield@intertrustgoup.com
NTGL CST@ntrs.com
PartnersFA@ntrs.com

M J Soffe LLC                          Trade Debt       $5,347,700
ATTN: Keith Bilyeu
P O Box2507 Fayetteville, NC 28302
Tel: (910) 483-2500
Email: Keith.Bilyeu@mjsoffe.com

Easton Baseball/SoftBall Inc.          Trade Debt       $4,560,452
ATTN: Mark Tripp
7855 Haskell Avenue Suite 200
Van Nuys, CA 91406-1901
Tel: (800) 347-3901
Email: Mark.tripp@easton.com

Partners Group Mezz Fin II LP        Mezzanine Debt     $4,530,523
ATTN: Roland Roffler
Zugerstrasse 57
Ch 6341 Baar Zug, Switzerland
Tel: 41 41 784 60 00
Fax: 41 41 784 65 64
Email: pgadmin@partnersgroup.com

Wilson Team Sports                     Trade Debt       $4,460,227

8700 W Bryn Mawr
Chicago, IL 60631
Tel: (800) 562-1900

Thorlo Inc.                            Trade Debt       $4,455,428
ATTN: Tommy Morton
2210 Newton Dr
Statesville, NC 28677
Tel: (800) 438-0209
Email: tmorton@thorlo.com

Golden Viking Sports LLC               Trade Debt       $4,397,377
Import
21929 67Th Ave South
Kent, WA 98032
Tel: (253) 520-8868

Burton Snowboards                      Trade Debt       $3,918,208
PO Box 4449
Burlington, VT 054064449
Tel: (802) 862-4500

Life Insurance Co of North           Mezzanine Debt     $3,327,352
America
ATTN: Edward Lewis
900 Cottage Grove Road
Bloomfield, CT 6002
Tel: (860) 226-8432
Fax: (860) 226-8596
Email: edward.lewis@cigna.com

Shock Doctor Inc.                      Trade Debt       $3,167,445
ATTN: Dennis Goetz (United
Sports Brands)
110 Cheshire Lane Suite 120
Minnetonka, MN 55305
Tel: (952) 767-2300
Email: dgoetz@unitedspb.com

Pearl Holdings Limited               Mezzanine Debt     $3,151,668
ATTN: Roland Roffler
Zugerstrasse 57
Ch 6341 Baar Zug, Switzerland
Tel: 41 41 784 60 00
Fax: 41 41 784 65 64
Email: pgadmin@partnersgroup.com

Partners Group Private Equity        Mezzanine Debt     $3,151,668
Performance Holding
ATTN: Roland Roffler
Zugerstrasse 57
Ch 6341 Baar Zug, Switzerland
Tel: 41 41 784 60 00
Fax: 41 41 784 65 64
Email: pgadmin@partnersgroup.com

CastleWood Apparel Corp.               Trade Debt       $2,878,654
42 W 39th St 2nd Floor
New York, NY 10018
Tel: (212) 391-9797

Icon Health & Fitness Inc.             Trade Debt      $2,875,313
1500 S 1000 W
Logan, UT 84321
Tel: (435) 750-5000

Rawlings Sporting Goods                Trade Debt      $2,766,058
510 Maryville University Drive
Chesterfield, MO 63141
Tel: (800) 729-7770

HanesBrands Inc.                       Trade Debt      $2,713,300
1000 E Hanes Mill Road
Winston Salem, NC 27105
Tel: (336) 519-4400

TCW/Crescent Mezzanine                Mezzanine Debt   $2,561,795
Partners III Netherlands, L.P.
ATTN: Elizabeth Ko
865 South Figueroa Street
Los Angeles, CA 90017
Tel: (310) 235-5973
Fax: (310) 235-5967
Email: elizabeth.ko@crescentcap.com

K2 Corporation                          Trade Debt     $2,535,706
4201 6Th Ave South
Seattle, WA 98108
Tel: (206) 805-4800

Taylormade-Adidas Golf Company          Trade Debt     $2,516,979
5545 Fermi Court
Carlsbad, CA 92008
Tel: (800) 456-8633

RIP Curl                                Trade Debt     $2,511,087
3030 Airway Ave
Costa Mesa, CA 92626
Tel: (714) 422-3600

Escalade Sports                         Trade Debt     $2,146,877
PO Box 889
Evansville, IN 47706
Tel: (812) 467-1200

Hot Chillys                             Trade Debt     $2,072,014
4145 Santa Fe #1
San Luis Obispo, CA 93401
Tel: (800) 468-2445

Brooks Sports Inc.                      Trade Debt     $2,013,899
3400 Stone Way N Ste 500
Seattle, WA 98103
Tel: (800) 227-6657

Credit Suisse                         Mezzanine Debt   $1,772,813

ANLAGESTIFTUNG 2 SAULE
ATTN: Roland
RofflerZugerstrasse 57 Ch 6341
Baar Zug, Switzerland
Tel: 41 41 784 60 00
Fax: 41 41 784 65 64
Email: pgadmin@partnersgroup.com lu-
pgprimeyield@intertrustgoup.com
NTGL
CST@ntrs.comPartnersFA@ntrs.com

Hi-Tec Sports USA                        Trade Debt    $1,758,705
4801 Stoddard Rd
Modesto, CA 95356
Tel: (800) 521-1698

Cordini USA Inc.                         Trade Debt    $1,757,811
67 Allen Martin Drive
Essex Junction, VT 05452
Tel: (800) 467-3464

McDavid Knee Guard                       Trade Debt    $1,735,293
10305 Argonne Drive
Woodridge, IL 60517
Tel: (800) 237-8254

New Balance Athletic Shoe Inc.           Trade Debt    $1,610,743
20 Guest Street
Boston, MA 02135-2088
Tel: (800) 343-4648

New Era Cap Co.                          Trade Debt    $1,564,210
8061 Erie Road
Derby, NY 14047
Tel: (800) 989-0445


SPORTS AUTHORITY: Files for Ch 11. to Seek Going-Concern Buyer
--------------------------------------------------------------
Sports Authority Holdings, Inc. and certain of its affiliates
sought protection under Chapter 11 of the Bankruptcy Code saying
they have struggled under the weight of their secured and
subordinated debt obligations -- more than $1.1 billion in funded
debt -- which have resulted in significant interest expenses.  The
Debtors said their secured obligations are scheduled to mature
within the next two years and anticipated not being able to pay or
refinance those debts outside of the Chapter 11 cases.

To restructure their operations, the Debtors intend to run a
dual-track process.  The Debtors have initiated and will run an
expedited sale process and, at the same time, they will negotiate
with their creditors regarding a plan of reorganization.

Court documents show that for 2015, the Debtors recorded, on a
consolidated basis, sales of approximately $2.6 billion and net
losses, before taxes, of approximately $156.6 million.  As of the
Petition Date, the Debtors owe approximately $178.9 million in
trade debt.  As of Jan. 30, 2016, the Debtors have approximately
$1.6 billion in assets.

"[T]he Debtors have recently accumulated substantial losses,
primarily as a result of changing market trends, shifting sales
from traditional brick and mortar retailers to a proliferation of
online resellers," said Jeremy Aguilar, chief financial officer of
Sports Authority.  Major industry trends, such as the steady
decline in the popularity of golf, and certain regional issues,
like the Los Angeles port labor dispute and the reduced number of
South American tourists in Florida, have also weighed on the
Debtors' operational performance, Mr. Aguilar added.

On Jan. 15, 2016, the Debtors missed a $21.5 million interest
payment on their Subordinated Debt Obligations.  Despite attempts
to negotiate with their key creditor constituencies for a
consensual restructuring of their capital structure, the Debtors
failed to reach an agreement prior to the date of the scheduled
interest payment.  

"The missed interest payment, coupled with a lack of a
comprehensive forbearance, resulted in an almost immediate erosion
of certain key vendor support, further exacerbating the Debtor's
financial situation and threatening their ability to operate their
business," Mr. Aguilar maintained.  He added that the sudden loss
of some key vendor support required the Debtors to quickly change
strategy and intensified their efforts to locate a going-concern
buyer.  According to Mr. Aguilar, the Debtors have marketed their
assets to date, however, no party has yet submitted a final
proposal for a sale transaction.

                 Financing and Plan/Sale Timeline

The Debtors negotiated with certain of their lenders regarding
potential debtor-in-possession postpetition financing.  Certain ABL
Lenders and FILO Lenders jointly agreed to provide the Debtors with
postpetition financing in the form of a senior secured,
super-priority asset based revolving credit facility of up to $500
million and a senior secured, super-priority first in last out term
loan credit facility of up to $95.28 million in aggregate principal
amount pursuant to a Senior Secured, Super-Priority Revolving
Debtor-in-Possession Credit Agreement dated as of March 2016.  The
DIP Credit Agreement is conditioned on the following case
milestones:

   * Petition Date: The Debtors must file (i) the Bid Procedures
     Motion, (ii) a motion seeking authority to close and
     liquidate up to 180 stores operated by the Debtors and to
     engage a liquidator in respect thereof, and (iii) a motion
     seeking to extend the time period to assume or reject leases
     to not less than 210 days from the Petition Date;

   * March 16, 2016: The Debtors must have obtained an order
     approving the Store Closing Motion on an interim basis;

   * April 1, 2016: The Debtors must have obtained an order
     approving the Lease Designation Extension Motion;

   * April 11, 2016: To the extent not previously delivered, the
     Debtors must deliver bid packages to any potential bidders
     for the Debtors' businesses or assets that are identified by
     the DIP Agent;

   * April 21, 2016: Deadline to receive/submit binding bids with
     respect to the Proposed Sale Transaction;

   * April 25, 2016: Auction (if necessary);

   * April 27, 2016: Hearing for the Proposed Sale Transaction;
     and

   * April 28, 2016: Deadline to close Proposed Sale Transaction.

In consultation with their advisors, the Debtors determined to
immediately close up to 200 stores and two of their five
distribution centers.  The Debtors said they began preparing for
these closures prior to the Petition Date, and are fully prepared
to launch "store closing" sales at the affected store locations.

                         First Day Motions

To enable the Debtors to operate effectively and minimize potential
adverse effects from the commencement of these Chapter 11 cases,
the Debtors have requested certain relief in "first day" motions
and applications filed with the Court.  The First Day Motions,
seek, among other things, to (a) use existing cash management
system, (b) pay employee obligations, (c) pay critical vendor
claims, (d) prohibit utility providers from discontinuing services,
(e) pay prepetition taxes and fees, and (f) obtain post-petition
financing and use cash collateral.

A full-text copy of the declaration in support of the First Day
Motions is available for free at:

      http://bankrupt.com/misc/22_SPORTS_Declaration.pdf

                      About Sports Authority

Sports Authority Holdings, et al., are sporting goods retailers
with roots dating back to 1928.  The Debtors currently operate 464
stores and five distribution centers across 40 U.S. states and
Puerto Rico.  The Debtors offer a broad selection of goods from a
wide array of household and specialty brands, including Adidas,
Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and
Fitness, Nike, The North Face, and Under Armour, in addition to
their own private label brands.  The Debtors employ 13,000 people.

Sports Authority and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to
16-10533) on March 2, 2016.  The petitions were signed by Michael
E. Foss as chairman & chief executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.


TALISMAN LV: Fashion Outlet to be Sold at March 28 Auction
----------------------------------------------------------
Jones Lang LaSalle, on behalf of Primm Mezz Holdings LLC, the
assignee of BREF III Series B LLC, is selling 100% of the limited
liability company membership interest in Fashion Outlet of Las
Vegas LLC at a public auction on March 28, 2016, 3:00 p.m. at the
offices of Cleary Gottlieb Steen & Hamilton LLP, One Liberty Plaza,
New York, New York.

The interests are owned by Talisman LV Fashion LLC located at 1801
NE 123rd Street, Suite 305, North Miami, Florida.

All bids must be for cash, and the successful bidder must be
prepared to deliver immediately available good funds with 24 hours
after the sale and otherwise comply with the bidding requirements.
Further information concerning the interests, the requirements for
obtaining information and bidding on the interest and the terms of
the sale can be found at

    http://www.fashion-outlets-of-las-vegas-ucc-foreclosure.com/

Fashion Outlet is the sole owner of the outlet mall shopping center
commonly know as the Fashion Outlet of Las Vegas at 32100 Las Vegas
Blvd., South Primm, Nevada.


TIERRA DEL REY: Expects Disclosures Nod, April Plan Hearing Set
---------------------------------------------------------------
Tierra Del Rey, LLC, expects to shortly receive approval of the
latest iteration of an amended disclosure statement and is now
prepping for an April 21, 2016, hearing to consider confirmation of
its bankruptcy-exit plan.

The Debtor submitted an initial plan of reorganization on Sept. 25,
2015.  On Dec. 31, the Debtor filed a Disclosure Statement along
with a First Amended Plan of Reorganization.

The Plan, as amended, provides for the Debtor to pay all allowed
claims in full from the proceeds of refinancing the Debtor's real
property.  The Debtor has obtained a loan commitment for
$7,100,000, which the Debtor believes will be sufficient to pay all
allowed claims in full.

Hearings on the Debtor's motion to approve the Disclosure Statement
were held on Feb. 11 and Feb. 23, 2016.

The Debtor on Feb. 18, 2016, filed a Second Amended Disclosure
Statement, a copy of which is available for free at:

     http://bankrupt.com/misc/Tierra_Del_Rey_186_2d_Am_DS.pdf

According to the Debtor, during the hearing on Feb. 23, the Court
indicated that, subject to some additional changes to the
Disclosure Statement, the Disclosure Statement will be approved.

The confirmation hearing is scheduled for April 21, at 2:00 p.m.,
according to a court filing by the Debtor.

                      The Chapter 11 Plan

The Debtor's Reorganization Plan is a full-payment plan whereby the
Reorganized Debtor will remain current on all debts arising
post-confirmation while using the proceeds of the $7,100,000
refinance loan and income generated from operations to pay claims
as provided for in the Plan.

According to the 2nd Amended Disclosure Statement, the secured
claim of Fannie Mae (Class 1), the secured claim of AP Mortgage
Company (Class 2), the priority non-tax claims (Class 3), general
unsecured claims (Class 4), and membership interests (Class 5) are
unimpaired under the Plan.  Creditors will be paid in cash 100% of
the allowed amount of their claims, without interest on the
effective date of the Plan.

The Debtor's balance sheet at Nov. 30, 2015, showed it had total
assets of $10.7 million, and total liabilities of $5.45 million,
which is comprised of Fannie Mae's $5 million secured claim, AP
Mortgage's $400,000 secured claim and unsecured claims of $50,000.

The Debtor on Feb. 9, 2016 shared a copy of a commitment letter
provided by Columbia Pacific Advisors LLC, which has agreed to
provide a refinance loan of $7,100,000 -- an increase of $100,000
from the previously stated.  The loan will have a fixed interest of
9% and will have a term of 12 months from closing date, subject to
an extension option of 6 months.  There will be an origination fee
of 3% to CPA and 1.5% to Grace Capital Group, an exit fee of 1% and
an extension fee of 1%.  The loan will close as soon as practicable
after the Confirmation Date, but not later than 30 days after the
Confirmation Date unless the Bankruptcy Court extends such deadline
for up to 60 days, which may be done on an ex parte basis based
upon evidence that the loan is likely to close by the extended
deadline.

The Debtor says that the Columbia commitment letter is without
prejudice to consideration of all its options.  The Debtor said
that it has received a preliminary indication that another lender
is interested in providing bridge financing.

                    Disclosure Statement Objections

AP Mortgage Company and Fannie Mae have submitted disclosure
statement objections.  The Debtor filed amendments to the
disclosure statements in light of the objections filed by these
creditors.

Fannie Mae said that the Disclosure Statement and Plan should not
be approved and the U.S. Trustee should be assigned to take over
the Debtor and liquidate the property.

"The Debtor perhaps hopes that Fannie Mae and the Court will not
read its Disclosure Statement carefully and note these glaring
problems, the lack of a firm commitment, the lack of any timetable,
or the lack of any marketing or sale proposal.  The Debtor appears
content to blame others for its problems, take no responsibility
for how it got into its current predicament, and subscribe to a
"smoke and mirrors" approach to its reorganization -- which has no
place in this single asset proceeding," Fannie Mae said in its
objection to the First Amended Disclosure Statement.

In response, the Debtor stated that Fannie Mae remains committed to
derailing the Debtor's reorganization effort so that it can attempt
to preserve the grossly excessive prepayment penalty of more than
$600,000 to which Fannie contends it is entitled. Indeed, according
to the Debtor, Fannie is so fixated on the prospect of losing the
prepayment penalty that Fannie:

   (1) Failed to notice that the First Amended Plan provides for
payment in full of the allowed amount of Fannie's claim (rendering
Fannie unimpaired) and no longer modifies Fannie's claim
automatically to eliminate the more than $600,000 prepayment
penalty;

   (2) Misrepresents that the Plan eliminates the prepayment
penalty and

   (3) Continues to misrepresent other important facts, just like
it did in connection with its motion to appoint a trustee.

The Debtor also asks the Court to overrule AP Mortgage's
objections.

"AP does not want the Debtor to confirm a plan because AP faces
litigation concerning its having foreclosed postpetition on a
parcel real property collateral that secures its claim (the parcel
was owned by the Debtor's parent entity) and having credited only
$5,000 toward the debt.  The Debtor was entitled to a credit of not
less than $1 million.  In addition, AP faces litigation to set
aside the foreclosure sale not only due to the shockingly low
"sale" price and irregularity in the foreclosure sale, but also
because AP's predecessor took a judgment against the Debtor's
parent before foreclosing non-judicially on the property such that
the non-judicial foreclosure sale violated California's one form of
action rule," the Debtor said in its response to AP Mortgage's
objection to the First Amended Disclosure Statement.

Notwithstanding the latest amendments to the Disclosure Statement,
AP Mortgage complains that the Second Amended Disclosure Statement
and Plan does not (i) provide for the rights of the tenants of the
Debtor's apartment complex, (ii) provide for an adequate valuation
information, (iii) provide for a fund sufficient to pay AP Mortgage
on its Sec. 501(b) rights, and (iv) does not describe how the
Debtor will comply with Sec. 1124 and compensate AP Mortgage for
defaults.

"AP Mortgage has not received any payment on its loan since 2014.
The Plan proposes a lengthy wait and the Disclosure Statement
describes a funding process that is not likely cover the entirety
of AP Mortgage's over-secured claim, all while holding AP
Mortgage's funds hostage.  The Plan would strip AP Mortgage of its
lien and pay junior creditors ahead of secureds.  Both the Plan and
the Disclosure Statement are inadequate.  The Court should not
approve the Disclosure Statement," AP Mortgage said in its Feb. 22
objection to the Second Amended Disclosure Statement.

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

  http://bankrupt.com/misc/Tierra_Del_Rey_184_2nd_Am_DS_RL.pdf

Prospective take-out lender Columbia Pacific:

           Billy Meyer
           COLUMBIA PACIFIC ADVISORS, LLC
           Tel: (206) 734-3979
           E-mail: BillyM@columbiapacific.com

The Debtor:

         TIERRA DEL REY, LLC
         Attn: Cheryl R. Lee, CEO
         1902 Wright Place, Ste. 200
         Carlsbad, CA 92008

The Debtor's Counsel:

         K. Todd Curry, Esq.
         CURRY ADVISORS
         525 B Street, Ste. 1500
         San Diego, CA 92101

Attorneys for creditor AP Mortgage Company:

         Michael Wright, Esq.
         LAW OFFICES OF MICHAEL WRIGHT
         5190 Governor Dr., Suite 207
         San Diego, CA 92122
         Telephone: (858) 554-1830
         Facsimile: (858) 554-0033
         E-mail: mwright@cochranohio.com

               - and -

         Michael Y. MacKinnon, Esq.
         Gerald N. Sims, Esq.
         PYLE SIMS DUNCAN & STEVENSON
         401 B Street, Suite 1500
         San Diego, CA 92101
         Telephone: (619) 687-5200
         Facsimile: (619) 687-5210
         E-mail: miguelm@psdslaw.com
                 jerrys@psdslaw.com

Attorney for Fannie Mae:

         David M. Hershorin, Esq.
         Jean Wilcox, Esq.
         Thomas S. Van, Esq.
         HERSHORIN & HENRY, LLP
         27422 Portola Parkway, Suite 360
         Foothill Ranch, CA 92610
         Tel: (949) 859-5600
         Fax: (949) 859-5680
         E-mail: davidh@hhlawgroup.com
                 jeanw@hhlawgroup.com
                 thomasv@hhlawgroup.com

                       About Tierra Del Rey

Tierra Del Rey, LLC, owns the Tierra Del Rey Apartments, an 80-unit
multi-family apartment complex at 3675 King Street and 6975 Waite
Street in La Mesa, California.  The property is valued at $10.6
million and secures a debt of $4.21 million debt to Fannie Mae (1st
trust deed) and a $1.27 million debt to AP Mortgage Company, Inc.
(2nd trust deed).

A receiver seized control of the apartment complex on June 19,
2015.  The receiver, Trigild Inc., was appointed at the behest of
AP Mortgage, which commenced the suit styled, AP Mortgage Company,
Inc. vs. Bay Vista Methodist Heights et al.
37-2015-00012044-CU-OR-CTL, SDSC Central Division.

Tierra Del Rey filed a Chapter 11 bankruptcy petition (Bankr. S.D.
Cal. Case No. 15-04253) on June 29, 2015, disclosing assets of
$10.8 million against $5.54 million in debt.

The Debtor tapped Craig E. Dwyer, Esq., in San Diego, California,
as counsel.


TIERRA DEL REY: Wants Plan Filing Exclusivity Extended Until July
-----------------------------------------------------------------
Tierra Del Rey, LLC, seeks a 120-day extension, through and
including July 1, 2016, of its exclusive period to propose a plan
of reorganization.

In seeking an extension, the Debtor pointed out that it has filed a
proposed plan of reorganization and a disclosure statement.
Hearings on the motion to approve the disclosure statement were
held on Feb. 11 and Feb. 23, 2016.  During the Feb. 23 hearing, the
Bankruptcy judge indicated that he will approve the disclosure
statement after additional changes are made.  The confirmation
hearing is scheduled for April 21, 2016, at 2:00 p.m.

During this Chapter 11 case, in addition to pursuing refinancing
and reorganization options, the Debtor and its counsel have spent
and/or will spend considerable time addressing the following
matters in this case: A relief from stay motion filed by second
lien holder AP Mortgage Company ("AP"), which motion AP withdrew on
October 8, 2015 after AP admitted that the real property appraisal
obtained by first lien holder Fannie Mae was more in line with the
Debtor's position that the Debtor's real property is worth more
than $10 million; cash collateral issues (including Fannie Mae's
opposition to use of cash collateral that was replete with
inaccurate, incomplete, and misleading factual allegations); and
Fannie Mae's motion to appoint a trustee or to convert the Chapter
11 case to a case under Chapter 7.  These matters to some degree
distracted the Debtor and its counsel from the reorganization
effort.

On Oct. 27, 2015, the Debtor filed a motion to extend the exclusive
period during which only it can file a plan of reorganization.  By
Order entered Jan. 14, 2016, the Court extended, through and
including Dec. 31, 2015, the exclusive period during which only the
Debtor may file a plan, and, conditioned on the Debtor filing a
disclosure statement and amended plan on or before Dec. 31, 2015,
the Court further extended the exclusive period through and
including March 1, 2016.

In its second exclusivity extension motion, the Debtor requests
that the exclusive period during which only the Debtor may file a
plan be further extended by approximately 120 days, through and
including July 1, 2016, to enable the Debtor to negotiate with
creditors and otherwise complete its reorganization effort; the
Debtor is not seeking an extension for purposes of unduly
pressuring creditors.

The Debtor submits that in light of the progress it has made by
filing a Plan, by filing a Disclosure Statement that will be
approved shortly, and by scheduling a confirmation hearing for
April 21, 2016, and in light of other matters that have consumed
the time of the Debtor and its counsel and the modest length of
time the Chapter 11 case has been pending, good cause exists for a
further extension of the exclusive period within which only the
Debtor may file a plan.

A hearing on the second exclusivity motion is scheduled for April
21, 2016, at 2:00 p.m.  Objections are due March 18.

                       About Tierra Del Rey

Tierra Del Rey, LLC, owns the Tierra Del Rey Apartments, an 80-unit
multi-family apartment complex at 3675 King Street and 6975 Waite
Street in La Mesa, California.  The property is valued at $10.6
million and secures a debt of $4.21 million debt to Fannie Mae (1st
trust deed) and a $1.27 million debt to AP Mortgage Company, Inc.
(2nd trust deed).

A receiver seized control of the apartment complex on June 19,
2015.  The receiver, Trigild Inc., was appointed at the behest of
AP Mortgage, which commenced the suit styled, AP Mortgage Company,
Inc. vs. Bay Vista Methodist Heights et al.
37-2015-00012044-CU-OR-CTL, SDSC Central Division.

Tierra Del Rey filed a Chapter 11 bankruptcy petition (Bankr. S.D.
Cal. Case No. 15-04253) on June 29, 2015, disclosing assets of
$10.8 million against $5.54 million in debt.

The Debtor tapped Craig E. Dwyer, Esq., in San Diego, California,
as counsel.


TOYS 'R' US: Moody's Affirms B3 CFR & Changes Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service changed Toys "R" Us, Inc.'s outlook to
stable from negative, and affirmed the B3 Corporate Family and the
SGL-2 Speculative Grade Liquidity ratings.

"The actions recognize the significant progress Toys has made over
the past year in improving its operating performance via much
stronger execution of a well-thought out strategy, with the result
we estimate debt/EBITDA will end the year below 6 times," stated
Moody's Vice President Charlie O'Shea.  "Toys has reversed several
negative trends, and is also gaining traction in key online-related
areas including mobile and more customer-focused marketing,"
continued O'Shea.  "A key remaining risk is the next round of debt
maturities, $450 million of Caa2-rated Holdco notes in August 2017,
and $725 million of Ba3-rated mortgage debt at Propco II in
December 2017.  We note that since the July 2005 LBO, Toys has been
in almost constant refinance mode with its highly-leveraged capital
structure.  Our ratings and stable outlook assume that future
refinancings will be successfully executed as well."

Outlook Actions:

Issuer: Toys 'R' Us Property Company I, LLC
  Outlook, Changed To Stable From Negative

Issuer: Toys 'R' Us Property Company II, LLC
  Outlook, Changed To Stable From Negative

Issuer: Toys 'R' US, Inc.
  Outlook, Changed To Stable From Negative

Issuer: Toys 'R' Us-Delaware, Inc.
  Outlook, Changed To Stable From Negative

Affirmations:

Issuer: Toys 'R' Us Property Company I, LLC
  Senior Unsecured Bank Credit Facility, Affirmed Caa1(LGD5)

Issuer: Toys 'R' Us Property Company II, LLC
  Senior Secured Regular Bond/Debenture, Affirmed Ba3(LGD2)

Issuer: Toys 'R' US, Inc.
  Probability of Default Rating, Affirmed B3-PD
  Speculative Grade Liquidity Rating, Affirmed SGL-2
  Corporate Family Rating, Affirmed B3
  Senior Unsecured Regular Bond/Debenture, Affirmed Caa2(LGD6)

Issuer: Toys 'R' US, Inc. (Old)
  Senior Unsecured Regular Bond/Debenture (Local Currency) Oct 15,

   2018, Affirmed Caa2(LGD6)
  Senior Unsecured Regular Bond/Debenture (Local Currency) Sep 1,
   2021, Affirmed Caa1(LGD5)

Issuer: Toys 'R' Us-Delaware, Inc.
  Senior Secured Bank Credit Facility (Local Currency), Affirmed
   Ba3(LGD2)
  Senior Secured Bank Credit Facility (Local Currency) May 25,
   2018, Affirmed B3(LGD3)
  Senior Secured Bank Credit Facility (Local Currency) Aug 25,
   2018, Affirmed B3(LGD3)
  Senior Secured Bank Credit Facility (Local Currency) Apr 24,
   2020, Affirmed B2(LGD3)

                        RATINGS RATIONALE

The B3 rating primarily considers Toys' weak, though improving,
quantitative credit profile, which is hamstrung by the significant
levels of LBO debt that still remain, with improvements in
debt/EBITDA (which we estimate will be below 6 times at FYE January
2016) offset to a degree by still-weak EBITA/interest that we
believe will barely exceed 1 time.  The rating also relies on the
company's market position, which while challenged by a formidable
set of core competitors such as Walmart, Target, and Amazon,
remains a key positive rating factor, as are its relationships with
key vendors such as Mattel and Hasbro. Financial sponsor ownership
by affiliates of Kohlberg, Kravis, Roberts; Bain Capital, and
Vornado is also a rating factor due to the inherent financial
policy issues that can arise.  The company's good liquidity,
reflected in the SGL-2 rating, is another key factor driving the B3
rating.  We note affirmation of the current SGL-2 rating is
dependent on the timing of the execution of the upcoming debt
maturities.

The stable outlook recognizes the significant improvement in Toys'
operating performance during 2015, and our expectation that at
least current levels of performance will continue regardless of
product cycles, as well as our view that consistent with past
practice, the company will expeditiously and economically address
the upcoming 2017 maturities.  A downgrade of the Corporate Family
rating could occur if debt/EBITDA was sustained above 7 times, or
if the pending 2017 refinancings are not handled smoothly and
economically.  An upgrade would require the company to maintain
debt/EBITDA at around current levels while also maintaining
interest coverage of above 1.25 times.

Headquartered in Wayne, NJ, Toys "R" Us is the world's largest
dedicated toy retailer, with revenues of around $11.8 billion.  It
is owned by affiliates of KKR, Bain, and Vornado.

The principal methodology used in these ratings was Retail Industry
published in October 2015.


ULTIMATE ESCAPES: Trustee Fails to Prove Exec's Breach, Court Rules
-------------------------------------------------------------------
Judge Richard G. Andrews of the United States District Court for
the District of Delaware overruled the objections of the Trustee of
the UE Liquidating Trust, Edward T. Gavin, and adopted the
bankruptcy court's February 5, 2015 proposed findings of facts and
conclusions of law.

The Trustee, on behalf of the estates of Ultimate Escapes Holdings,
LLC, et al., filed a complaint for breach of fiduciary duty against
UE's former officer and director James M. Tousignant and former
director Richard Keith.  The Trustee contended that Tousignant and
Keith breached their fiduciary duties of care, loyalty, and good
faith owed to UE and its creditors by entering into an Agreement on
behalf of UE with Club Holdings, LLC, dated August 6, 2010, which
essentially transferred UE's Membership Information, a
multi-million dollar asset, to CH, a direct competitor, for a mere
$115,000.

Following trial, the bankruptcy court filed its proposed findings
of fact and conclusions of law, finding that the Agreement only
intended for the transfer of member information for the limited
purpose of converting approximately 30 UE members to CDH.  The
bankruptcy court also found that Tousignant's decision to enter the
Agreement was attributable to a rational business purpose, and the
Trustee failed to articulate or prove facts sufficient to prove
that Tousignant breached his duty of loyalty or duty of care.
Thus, the Trustee had not met the burden necessary to rebut the
presumption that the business judgment rule applied.  Lastly, the
bankruptcy court found no evidence that Keith had actual knowledge
of the terms of the Agreement and the record reflected that it was
negotiated and executed without his approval.

On March 12, 2015, the Trustee filed his objections to the proposed
findings of fact and conclusions of law.

Overruling the Trustee's objections, Judge Andrews found that the
bankruptcy court's analysis was consistent with Delaware law and
that the evidence on record supports the bankruptcy court's
findings.

The bankruptcy case is IN RE: ULTIMATE ESCAPES HOLDINGS, LLC, et
al., Chapter 11, Debtors, Bankr. Case No. 10-12915-BLS (Bankr. D.
Del.).

The civil case is EDWARD T. GAVIN, Trustee of the UE Liquidating
Trust, on behalf of the Estates of Ultimate Escapes Holdings, LLC,
et al., Plaintiff, v. JAMES M. TOUSIGNANT and RICHARD KEITH,
Defendants, Civ. No. 15-241-RGA, Adv. No. 12-50849-BLS (D. Del.).

A full-text copy of Judge Andrews' February 23, 2016 memorandum
opinion is available at http://is.gd/Yh5TkKfrom Leagle.com.

Edward T. Gavin is represented by:

          Todd H. Bartels, Esq.
          Shanti M. Katona, Esq.
          Christopher A. Ward, Esq.
          POLSINELLI, PC
          222 Delaware Avenue, Suite 1101
          Wilmington, DE 19801
          Tel: 302-252-0920
          Fax: 302-252-0921
          Email: tbartels@polsinelli.com
                 skatona@polsinelli.com
                 cward@polsinelli.com

            -- and --

          Robert V Spake, Jr., Esq.
          POLSINELLI, PC
          900 W. 48th Place, Suite 900
          Kansas City, MO 64112
          Tel: (816)753-1000
          Fax: (816)753-1536
          Email: rspake@polsinelli.com

James M. Tousignant is represented by:

          James S. Yoder, Esq.
          WHITE & WILLIAMS
          824 N. Market Street, Suite 902
          Wilmington, DE 19899-0709
          Tel: (302)654-0424
          Fax: (302)654-0245
          Email: yoderj@whiteandwilliams.com

            -- and --

          Michael N. Onufrak, Esq.
          Siobhan K. Cole, Esq.          
          1650 Market Street
          One Liberty Place, Suite 1800
          Philadelphia, PA 19103-7395
          Tel: (215)864-7000
          Fax: (215)864-7123
          Email: onufrakm@whiteandwilliams.com
                 coles@whiteandwilliams.com

Richard Keith is represented by:

          John J. Barrett, Jr.
          Arthur D. Kuhl, Esq.
          Louis J. Rizzo, Jr., Esq.
          REGER, RIZZO, & DARNALL, LLP
          Cira Centre, 13th Floor
          2929 Arch Street
          Philadelphia, PA 19104
          Tel: 215-495-6548
          Fax: 215-495-6600
          Email: jbarrett@regerlaw.com
                 akuhl@regerlaw.com
                 lrizzo@regerlaw.com

                    About Ultimate Escapes

Ultimate Escapes, Inc. -- http://www.ultimateescapes.com/-- was a
luxury destination club that sold club memberships offering
members reservation rights to use its vacation properties, subject
to the rules of the club member's Club Membership Agreement.  The
Company's properties are located in various resort locations
throughout the world.

Kissimmee, Florida-based Ultimate Escapes Holdings, LLC, filed for
Chapter 11 bankruptcy protection (Bankr. D. Del. Case No.
10-12915) on Sept. 20, 2010.  Affiliates Ultimate Resort, LLC;
Ultimate Operations, LLC; Ultimate Resort Holdings, LLC; Ultimate
Escapes, Inc. (fka Secure America Acquisition Corporation); P & J
Partners, LLC; UE Holdco, LLC; UE Member, LLC, et al., filed
separate Chapter 11 petitions.

Scott D. Cousins, Esq., Sandra G. M. Selzer, Esq., and Nancy A.
Mitchell, Esq., at Greenberg Traurig LLP, served as bankruptcy
counsel to the Debtor.  CRG Partners Group LLC was the
Debtors' chief restructuring officer.  BMC Group Inc. was the
Company's claims and notice agent.

Christopher A. Ward, Esq., Shanti M. Katona, Esq., and Peter W.
Ito, Esq., at Polsinelli Shughart PC, represented the Creditors
Committee.

Ultimate Escapes estimated assets at $10 million to $50 million
and debts at $100 million to $500 million as of the Petition Date.

As reported in the TCR on Feb. 1, 2012, the Effective Date of the
Second Amended Chapter 11 Liquidating Plan proposed by Ultimate
Escapes Holdings, LLC, et al., occurred on Jan. 3, 2012.


VERIFONE INC: Moody's Raises CFR to Ba2, Outlook Stable
-------------------------------------------------------
Moody's Investors Service upgraded VeriFone, Inc's Corporate Family
Rating to Ba2, from Ba3, its Probability of Default Rating (PDR) to
Ba3-PD, from B1-PD, and the ratings for its 1st lien senior credit
facilities to Ba2, from Ba3.  The ratings have a stable outlook.
Moody's also raised VeriFone's Speculative Grade Liquidity rating
to SGL-1 from SGL-2.

                        RATINGS RATIONALE

The upgrade of the CFR reflects VeriFone's improved financial
profile driven by accelerated debt repayment and EBITDA growth. Net
debt has declined by $162 million between year-end 2013 and 2015
and total debt to EBITDA (Moody's adjusted) has improved from the
high 4x to 2.9x over this period.  The company is benefiting from
the surge in demand for EMV capable Point of Sales (PoS) terminals
in the US, which contributed to about 77% growth in 2015 in North
America systems solutions revenues and approximately 16% overall
organic growth in 2015 on a constant currency basis. Moody's
expects VeriFone's revenue growth to moderate to about the high
single digit percentages in 2016 on a constant currency basis as
the demand for EMV capable terminals in the US will wane with the
growing penetration.  The upgrade reflects Moody's expectations
that VeriFone will pursue a conservative financial policy and
maintain leverage near 3x (Moody's adjusted).  Moody's expects
VeriFone's EBITDA growth to support free cash flow generation in
excess of 15% of total adjusted debt over the next 12 to 18 months.
The company's very good liquidity and moderate leverage provide
flexibility to make investments in growth, pursue small
acquisitions, and moderate shareholder returns.

VeriFone continues to make good progress in implementing its
business transformation plan under new management.  Moody's analyst
Raj Joshi said, "VeriFone's credit profile has improved from better
management of its distribution channels and cost savings that have
allowed the company to invest in product development and improve
adjusted operating margins."

The Ba2 CFR reflects VeriFone's moderate financial leverage, strong
free cash flow relative to debt and very good liquidity. The rating
is supported by VeriFone's leading market position in the PoS
terminals market in several major economies and a large installed
base.  The rating is constrained by VeriFone's narrow product focus
and reliance on product sales that account for a large share of its
revenues and a portion of its service revenues. Moody's expects
VeriFone's system solutions revenues to be volatile as demand tends
to be driven by the replacement of existing terminals and upgrades
mandated by regulations or industry standards.  Competitive and
technology risks have escalated with emerging competitors which
offer substitutes at lower prices.  In addition, over the long term
there is a risk that hardware-based POS devices could be
disintermediated by alternative payment technologies, although the
market tends to adopt new solutions at a gradual pace.

The stable ratings outlook reflects Moody's expectations of stable
leverage near 3x, free cash flow in excess of 15% of total debt,
and EBITDA growth of approximately 5% or higher over the next 12 to
18 months.

VeriFone's SGL-1 liquidity rating reflects the company good cash
balances, free cash flow and availability under its revolving
credit facility.

Moody's does not expect to upgrade VeriFone's ratings over the next
12 to 18 months, given the company's narrow product portfolio and
historical volatility in product revenues.  Moody's could upgrade
VeriFone's ratings over time if the company's revenues become more
diversified and predictable with a growing share of recurring,
services revenues, it maintains good earnings growth, and if
Moody's believes that the company could maintain total debt to
EBITDA below 2.0x (Moody's adjusted) through product refresh
cycles.  Conversely, Moody's could downgrade VeriFone's ratings if
changes in financial policy, weak operating performance or a
transformative acquisition cause total debt-to-EBITDA (Moody's
adjusted) to exceed 3.5x and if free cash flow to total debt
declines to less than 10% over an extended period of time.  The
ratings could also be downgraded if Moody's believes that new
payment technologies and their adoption will escalate competitive
risks for VeriFone.

Upgrades:

Issuer: VeriFone, Inc.

  Corporate Family Rating (Local Currency), Upgraded to Ba2 from
   Ba3

  Probability of Default Rating, Upgraded to Ba3-PD from B1-PD

  Speculative Grade Liquidity Rating, raised to SGL-1 from SGL-2

  Senior Secured Bank Credit Facilities, Upgraded to Ba2 (LGD2)
   from Ba3 (LGD3)

Outlook Actions:

Issuer: VeriFone, Inc.
  Outlook, Remains Stable

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

Headquartered in San Jose, California, VeriFone is a leading
provider of point of sale hardware systems, as well as technology
based payment solutions and services.


VERTELLUS SPECIALTIES: S&P Lowers CCR to 'CCC', Outlook Negative
----------------------------------------------------------------
Standard & Poor's Rating Services lowered its corporate credit
rating on Vertellus Specialties Inc. to 'CCC' from 'B-'.  The
outlook is negative.

In addition, S&P lowered the rating on the company's $455 million
first-lien term loan due in 2019 to 'CCC' from 'B-'.  The recovery
rating remains '4', indicating S&P's expectation for average (lower
end of the 30% to 50% range) recovery in the event of a payment
default.

"The downgrade reflects our view of risks to the company's credit
quality arising from a weakening of liquidity and operating
performance," said Standard & Poor's credit analyst Sebastian
Pinto-Thomaz.

Operating performance, specifically as it relates to Vertellus'
agriculture and nutrition specialties (VAN) business segment, has
come in below expectations.  This is contributing to covenant
compliance issues related to the company's term loan and potential
issues with asset-based lending (ABL) facility-related covenants.
Ongoing access to the company's ABL and the absence of any covenant
default-related acceleration on the term loan is critical to
meeting financial obligations at a time when operating cash flows
have weakened.  The private equity sponsor has already provided a
cure to maintain covenant compliance for fiscal year-end 2015.  S&P
anticipates that future cures will likely be necessary.  The
company is limited by the term loan agreement to two equity cures
over a four-quarter period, one of which it has already exercised.
The company's ability to meet covenants and thereby ensure access
to its liquidity and term loan, depends on the occurrence of
several favorable developments including the sponsor providing
another equity cure, improving operating performance, potential
asset sales or covenant amendments.  S&P believes that in the
absence of one or more of these developments, the company will be
unable to meet its financial obligations over the next 12 months.

S&P would consider a downgrade within the next 12 months if the
company trips any covenants, loses access to credit faculties, or
faces the prospect of accelerated debt maturities.  If S&P observes
further deterioration of liquidity, it would also consider a
downgrade.

S&P could consider a stable outlook in the next 12 months if the
company's operating performance and liquidity improve, while
generating covenant cushions that S&P would view as sustainable.


VICTORY MEDICAL: Wants Nobilis to Turnover Funds
------------------------------------------------
Victory Medical Center Mid-Cities, LP et al., ask the U.S.
Bankruptcy Court for the Northern District of Texas to direct
Nobilis Health Corp. or Marsh Lane Hospital, LLC, and their
affiliates, creditor, to show cause why funds should not be turned
over to estate and frozen until funds are reconciled.

The Debtors also ask  Court to set forth collection procedures
related to the accounts receivable subject to the sale order of
Victory Medical Center Plano, LP; or, alternatively, to freeze all
bank accounts/lock boxes receiving accounts receivable related to
the Plano facility.

The Debtors relate that Nobilis and the Debtors have not been able
to agree upon the amount owed in relation to the amounts
outstanding and amounts collected.

On July 29, 2015, the Court entered an order authorizing the sale
of Victory Medical Center Plano, LP's assets.  On Aug. 3, 2015, the
Debtor provided Nobilis' Ken Klein a spreadsheet identifying the
account receivables, which were governed by the Asset Purchase
Agreement including the accounts receivables over 365 days and
under 365 days as contemplated by the APA.

The accounts receivable regardless of the aging of the receivable
were payable thad a payment address of a lockbox at Legacy Bank.
As of the July 28, 2015 sale hearing, Victory lost control and
access to the Legacy Lockbox account and was not able to review the
funds collected for the accounts receivable excluded from the
sale.

The Debtors were able to get access to records to perform a
reconciliation of the amounts due.  In reconciling the amounts
outstanding and amounts collected, the Debtors showed a minimum
amount due to Plano of $44,181 through December 2015.  The Debtors
believe that more is owed for January and February collections. The
Debtors have not received payment.

The Debtors said that they wanted to make sure that Nobilis has no
property claims to such funds which should be remitted to Plan and
that the funds are not dissipated in any way.  The Debtor assert
that it is imperative that Plano have access to the statements for
any bank accounts Nobilis is using to collect accounts receivable
payments whether it be the Legacy Lockbox and any other new
accounts which have been set up.  

Until the accounting can be determined, Nobilis should be required
to produce the information for all bank accounts and the funds be
frozen in those accounts until there is an agreement with Debtors
for release of the funds or until further order of the Court if
Nobilis and the Debtors cannot agree on who is entitled to the
funds, the Debtors further assert.

The Debtors are represented by:

         Edward L. Rothberg, Esq.
         Deirdre Carey Brown, Esq.
         Melissa A. Haselden, Esq.
         T. Josh Judd, Esq.
         HOOVER SLOVACEK LLP
         5051 Westheimer, Suite 1200
         Galleria Tower II
         Houston, TX 77056
         Tel: (713) 977-8686
         Fax: (713) 977-5395
         E-mails: rothberg@hooverslovacek.com
                  brown@hooverslovacek.com
                  haselden@hooverslovacek.com
                  judd@hooverslovacek.com

                About Victory Healthcare

Victory Parent Company, LLC, and 8 affiliated companies sought
Chapter 11 protection in Fort Worth, Texas (Bankr. N.D. Tex.) on
June 12, 2015, in Ft. Worth, Texas.

Headquartered in The Woodlands, Texas, Victory Parent Company
manages six medical centers in Texas.  Founded in 2005, Victory
now
maintains medical centers offering emergency room services in
through Victory Medical Center Mid-Cities in Hurst, Victory
Medical
Center Plano, Victory Medical Center Craig Ranch in McKinney, and
Victory Medical Center Landmark in San Antonio. The company also
manages its Victory Medical Center Beaumont and Houston-East,
which
are not part of the Chapter 11 filing and will be sold separately.

The Debtors tapped Hoover Slovacek, LLP, as counsel; Epiq
Bankruptcy Solutions, LLC, as claims agent; and Baker, Donelson,
Bearman, Caldwell & Berkowitz, PC, as special counsel.


WHITTEN FOUNDATION: IberiaBank's Liquidating Plan Confirmed
-----------------------------------------------------------
IberiaBank has received confirmation from Judge Robert Summerhays
of its proposed Chapter 11 Liquidating Plan for debtor Whitten
Foundation.  No objections to confirmation were filed.  No impaired
class rejected the Plan and two impaired classes affirmatively
accepted, namely general unsecured creditors (Class 2) and Iberia
(Class 3).  The foundation for Iberia's liquidating plan is a
proposed sale of the Debtor's properties to Juniper Investment
Group, Ltd. for $12,500,000.  The Debtor's Embers property is to be
sold for $9,000,000 and Courtyard Orleans for $3,500,000.
IberiaBank says that consummation of the sale will be sufficient to
pay all allowed administrative claims, priority claims, and secured
claims in full together with a meaningful dividend to unsecured
creditors of perhaps 25% to 35%, depending on the real estate
commission and other closing costs to be incurred.  IberiaBank,
which holds a first mortgage on the Debtor's properties, asserts a
claim in excess of $10.2 million.

A copy of the Plan Confirmation Order is available for free at:

    http://bankrupt.com/misc/Whitten_F_113_Plan_Conf_Order.pdf

A copy of IberiaBank's First Amended Disclosure Statement filed
Sept. 9, 2015, is available for free at:

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

IberiaBank is represented by:

          Michael A. Crawford, Esq.
          Brett P. Furr, Esq.
          TAYLOR, PORTER, BROOKS & PHILLIPS, LLP
          Post Office Box 2471
          451 Florida Street, 8th Floor
          Baton Rouge, LA 70821-2471
          Tel: (225)381-0223
          Fax: (225)346-8049

                      About Whitten Foundation

Whitten Foundation is a non-profit corporation that owns and
operates two apartment/condominium properties located in Lake
Charles and Baton Rouge in the State of Louisiana.  The Lake
Charles property is referred to as "Embers" and the Baton Rouge
property is referred to "Courtyard Orleans." A third property,
referred to as "Unit 9" is located at the Courtyard Orleans site
in
Baton Rouge but it is a single condominium.

Whitten Foundation sought Chapter 11 bankruptcy protection (Bankr.
W.D. La. Case No. 15-20237) in Lake Charles, Louisiana, on March
31, 2015.  The Debtor estimated $10 million to $50 million in
assets and debt.

Judge Robert Summerhays presides over the case.  The Debtor has
tapped Gerald J. Casey, Esq., in Lake Charles, Louisiana, as its
counsel.

The U.S. trustee overseeing Whitten Foundation's Chapter 11 case
said it wasn't able to form a committee of unsecured creditors due
to insufficient number of creditors willing to serve on the
committee.


[*] Deryck Palmer Tapped to Lead Pillsbury's Insolvency Practice
----------------------------------------------------------------
Pillsbury on March 1 disclosed that New York-based partner Deryck
Palmer will succeed David Minnick as the firmwide leader for the
Insolvency & Restructuring practice.  Mr. Palmer brings to the role
20 years of experience in senior leadership positions and a
well-documented reputation for steering clients' complex
multidisciplinary projects, including representation of Citibank in
the Lehman Brothers Chapter 11 case, the U.S. Treasury's
restructuring of General Motors and the restructuring of Detroit's
school system.

"Deryck is highly regarded by clients and peers for his
out-of-the-box thinking, business savvy and proven track record of
success over the last 30 years," said Firm Chair Jim Rishwain.  "He
has pioneered practices in healthcare restructuring, international
bankruptcy and municipal bankruptcies, and each has gone on to
become an industry mainstay.  Pillsbury's Insolvency &
Restructuring group had an accomplished year in 2015, and Deryck's
drive to continue building on that momentum sets the stage for even
greater success in the years ahead."

Mr. Palmer has extensive experience advising domestic and
multinational clienfts on out-of-court workouts, corporate
restructurings and bankruptcy cases in a broad range of industries
including financial services, healthcare, construction, real
estate, energy and manufacturing.  Consistently recognized for
excellence by Chambers, Best Lawyers, Legal 500 and various other
publications, he has handled some of the largest and most
significant matters in the country during the past three decades.
Most recently, Mr. Palmer led a Pillsbury team that helped leading
engineering services firm Berger Group Holdings create a
first-of-its kind reciprocal investment structure that enabled the
restructuring and recapitalization of the privately held firm while
also preserving senior managers' ownership and control.  This
groundbreaking work was recognized by Financial Times for
"innovation in legal expertise" and by M&A Advisor as the
restructuring deal of the year.

Mr. Minnick has served as leader of the firm's Insolvency &
Restructuring practice since 2008.  A Chambers-ranked practitioner
who was named a 2016 Lawyer of the Year by Best Lawyers, he will
continue to serve as the local practice section leader for the West
Coast.

"The Insolvency & Restructuring practice has thrived under Dave's
fair-minded leadership, and we are grateful for his many
contributions to its success," Mr. Rishwain added.  "Dave's vast
experience and team-oriented approach elevate all who work with
him.  The firm is extremely fortunate to have the continued benefit
of his positive influence."

                         About Pillsbury

Pillsbury Winthrop Shaw Pittman LLP -- http://www.pillsburylaw.com
-- is an international law firm with 18 offices around the world
and a particular focus on the energy & natural resources, financial
services, real estate & construction, and technology sectors.


[*] Global Defaults to Reach Highest Level in 7 Yrs., Moody's Says
------------------------------------------------------------------
Global speculative-grade corporate defaults will increase by more
than 30% in 2016 and reach the highest level since 2009, says
Moody's Investors Service.  This will continue the trend of
increasing defaults, which almost doubled in 2015 from the year
prior.  Credit conditions are also expected to worsen, reflecting
the effects of a prolonged downturn in the commodities sector.

Moody's forecasts that the speculative-grade default rate will
reach 4.0% in 2016, just shy of the historical annual default rate
of 4.2%.  By January 2017, Moody's expects the default rate to
reach that point.

"Although credit quality declined throughout 2015, the magnitude of
ratings downgrades widened significantly in the fourth quarter,"
said Sharon Ou, a Moody's Vice President and Senior Credit Officer.
"These factors, combined with the sharp increase in defaults and
rising investor caution, indicate that the credit cycle is
turning."

Defaults in this credit cycle are unique in that they are
sector-specific, according to the report "Corporate Default and
Recovery Rates, 1920-2015."  The Metals & Mining sector had the
highest default rate in 2015 at 6.5%, following by the Oil & Gas
sector at 6.3%.

"Persistently low commodity prices, slowing economic expansion and
widening high-yield spreads will send default rates higher in
2016," said Ou.  "The prospect of further interest rate hikes by
the Federal Reserve could also lead investors to become even more
risk-averse."


[*] Weak Demand Continue to Weigh on Steel Industry, Moody's Says
-----------------------------------------------------------------
The US steel industry continues to face a variety of headwinds,
ranging from weak demand to the under-utilization of capacity, says
Moody's Investors Service.  This is driving a negative outlook for
2016.

While demand for steel from automakers is expected to remain
relatively robust, and be modestly higher in the construction
industry, it won't be strong enough to offset the slump in demand
from other industries.  The oil, gas and mining sectors, in
particular, have been hurt by falling commodity prices.

Demand for mining equipment is expected to remain weak as the
industry continues to reduce exploration and cut spending on
developing new mines.  The sharp drop in oil and natural gas prices
is also hurting steelmakers, such as US Steel (B1 negative) and
Evraz North America Limited (B3 negative), that make pipes and
other equipment for this sector.

As a result of waning demand, capacity utilization in the US steel
industry fell to 71 percent in 2015 from 77.5 percent a year
earlier, and is expected to remain weak in 2016, according to the
report "US Steel - Industry Conditions Remain Weak;
Downside Risks Linger."

"Even at lower production levels, we expect global production to
continue to exceed demand and overcapacity to remain an issue,"
said Michael Corelli, a Vice President and Senior Credit Officer at
Moody's.  "To return to a more robust profitability level, the US
steel industry needs to run at materially higher utilization
levels, and that is not likely to occur in 2016."

Falling input prices are also continuing to weigh on steel prices.
Iron ore prices remain volatile as supply exceeds demand.  This is
an imbalance that Moody's expects to remain into at least 2017.
Coal prices have also slumped and will likely remain low.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re William Douglass
   Bankr. E.D. Ark. Case No. 16-10701
      Chapter 11 Petition filed February 12, 2016

In re Michael Buesching
   Bankr. C.D. Cal. Case No. 16-10556
      Chapter 11 Petition filed February 12, 2016
         Represented by: Michael A Wallin, Esq.
                         SLATER HERSEY AND LIEBERMAN LLP
                         E-mail: mwallin@slaterhersey.com

In re 910 La Senda, LLC
   Bankr. N.D. Cal. Case No. 16-30163
      Chapter 11 Petition filed February 12, 2016
         Filed Pro Se

In re CRC Commercial Holdings, LLC
   Bankr. M.D. Fla. Case No. 16-01141
      Chapter 11 Petition filed February 12, 2016
         See http://bankrupt.com/misc/flmb16-01141.pdf
         represented by: Pierce J Guard Jr, Esq.
                         THE GUARD LAW GROUP, PLLC
                         E-mail: jguardjr@aol.com

In re Dennis E. White
   Bankr. N.D. Ill. Case No. 16-04526
      Chapter 11 Petition filed February 12, 2016

In re UBB Project LLC
   Bankr. E.D.N.Y. Case No. 16-40590
      Chapter 11 Petition filed February 12, 2016
         See http://bankrupt.com/misc/nyeb16-40590.pdf
         represented by: Tanner Bryce Jones, Esq.
                         THE LAW OFFICE OF T. BRYCE JONES
                         E-mail: bryce@sagacitylaw.com

In re Hess Commercial Printing, Inc.
   Bankr. W.D. Penn. Case No. 16-20470
      Chapter 11 Petition filed February 12, 2016
         See http://bankrupt.com/misc/pawb16-20470.pdf
         represented by: Michael P. Kruszewski, Esq.
                         QUINN LAW FIRM
                         E-mail: mkruszewski@quinnfirm.com

In re Angel Contreras Cordero
   Bankr. D.P.R. Case No. 16-01008
      Chapter 11 Petition filed February 12, 2016

In re AB Printing Inc.
   Bankr. D.P.R. Case No. 16-01027
      Chapter 11 Petition filed February 12, 2016
         See http://bankrupt.com/misc/prb16-01027.pdf
         represented by: Emily Darice Davila Rivera, Esq.
                         LAW OFFICE EMILY D DAVILA RIVERA
                         E-mail: davilalawe@prtc.net

In re Jeffrey Herrmann Jaffe
   Bankr. W.D. Tex. Case No. 16-50355
      Chapter 11 Petition filed February 12, 2016

In re Kathleen L Collins
   Bankr. D.N.J. Case No. 16-12584
      Chapter 11 Petition filed February 13, 2016

In re Saul Roberto Flores
   Bankr. N.D. Cal. Case No. 16-50429
      Chapter 11 Petition filed February 15, 2016
         represented by: Charles B. Greene, Esq.
                         LAW OFFICES OF CHARLES B. GREENE
                         E-mail: cbgattyecf@aol.com

In re Nathan Thomas Gisclair, Jr. and Sue Lousteau Gisclair
   Bankr. M.D. La. Case No. 16-10165
      Chapter 11 Petition filed February 15, 2016

In re Robert McCarry
   Bankr. D. Mass. Case No. 16-10478
      Chapter 11 Petition filed February 15, 2016

In re Palmer Park/Landover Boys & Girls Club, Inc.
   Bankr. D. Md. Case No. 16-11735
      Chapter 11 Petition filed February 15, 2016
         See http://bankrupt.com/misc/mdb16-11735.pdf
         represented by: Kimberly Taylor Logan, Esq.
                         LAW OFFICE OF KIMBERLY TAYLOR LOGAN
                         E-mail: ktl_legal@verizon.net

In re 2525 Investors, LP
   Bankr. E.D. Penn. Case No. 16-10960
      Chapter 11 Petition filed February 15, 2016
         See http://bankrupt.com/misc/paeb16-10960.pdf
         represented by: Demetrius J. Parrish, Esq.
                         THE LAW OFFICES OF DEMETRIUS J. PARRISH
                         E-mail: djp711@aol.com

In re 2712 Investors, LP
   Bankr. E.D. Penn. Case No. 16-10961
      Chapter 11 Petition filed February 15, 2016
         See http://bankrupt.com/misc/paeb16-10961.pdf
         represented by: Demetrius J. Parrish, Esq.
                         THE LAW OFFICES OF DEMETRIUS J. PARRISH
                         E-mail: djp711@aol.com

In re John Jubilee Transformations, LLC
   Bankr. M.D. Tenn. Case No. 16-00983
      Chapter 11 Petition filed February 15, 2016
         See http://bankrupt.com/misc/tnmb16-00983.pdf
         represented by: Steven L. Lefkovitz, Esq.
                         LAW OFFICES LEFKOVITZ & LEFKOVITZ
                         E-mail: slefkovitz@lefkovitz.com
In re Gladys Saldana
   Bankr. N.D. Cal. Case No. 16-50436
      Chapter 11 Petition filed February 16, 2016
         represented by: Charles B. Greene, Esq.
                         LAW OFFICES OF CHARLES B. GREENE
                         E-mail: cbgattyecf@aol.com

In re Nathan Mark Shilberg
   Bankr. S.D. Cal. Case No. 16-00734
      Chapter 11 Petition filed February 16, 2016

In re Kendall Lake Towers Condominium Association, Inc.
   Bankr. S.D. Fla. Case No. 16-12114
      Chapter 11 Petition filed February 16, 2016
         See http://bankrupt.com/misc/flsb16-12114.pdf
         represented by: Joel M. Aresty, Esq.
                         JOEL M. ARESTY PA
                         E-mail: aresty@mac.com

In re Physicians Cooperative Property Management, LLC
   Bankr. N.D. Ill. Case No. 16-04967
      Chapter 11 Petition filed February 16, 2016
         See http://bankrupt.com/misc/ilnb16-04967.pdf
         represented by: William J Malan, Esq.
                         MALAN LAW OFFICE, PC
                         E-mail: malanlaw@me.com

In re David E. Monks and Nancy L. Monks
   Bankr. D. Me. Case No. 16-20065
      Chapter 11 Petition filed February 16, 2016

In re Debbie J Wallace
   Bankr. D.N.M. Case No. 16-10312
      Chapter 11 Petition filed February 16, 2016

In re Hetran, Inc.
   Bankr. M.D. Penn. Case No. 16-00596
      Chapter 11 Petition filed February 16, 2016
         See http://bankrupt.com/misc/pamb16-00596.pdf
         represented by: Erin L Pentz, Esq.
                         METTE, EVANS & WOODSIDE
                         E-mail: ELPENTZ@mette.com

In re Grayson County Home Health, Inc.
   Bankr. E.D. Tex. Case No. 16-40276
      Chapter 11 Petition filed February 16, 2016
         See http://bankrupt.com/misc/txeb16-40276.pdf
         represented by: Bill F. Payne, Esq.
                         The Moore Law Firm, LLP
                         E-mail: lgarner@moorefirm.com

In re Roma's Steak and Pizzeria Inc.
   Bankr. N.D. Ala. Case No. 16-40260
      Chapter 11 Petition filed February 17, 2016
         See http://bankrupt.com/misc/alnb16-40260.pdf
         represented by: Mark Russell, Esq.
                         LABUDDE & RUSSELL
                         E-mail: markrussellesq@gmail.com

In re Doris M Keating
   Bankr. C.D. Cal. Case No. 16-10286
      Chapter 11 Petition filed February 17, 2016
         See http://bankrupt.com/misc/cacb16-10286.pdf
         represented by: Giovanni Orantes, Esq.
                         ORANTES LAW FIRM PC
                         E-mail: go@gobklaw.com

In re Michael R Totaro
   Bankr. C.D. Cal. Case No. 16-10631
      Chapter 11 Petition filed February 17, 2016
         represented by: Michael R Totaro, Esq.
                         TOTARO & SHANAHAN
                         E-mail: Ocbkatty@aol.com

In re Colin L. Gobourne
   Bankr. E.D. Cal. Case No. 16-20874
      Chapter 11 Petition filed February 17, 2016
         Filed Pro Se

In re J & K Jimenez Properties, LLC
   Bankr. M.D. Fla. Case No. 16-01213
      Chapter 11 Petition filed February 17, 2016
         See http://bankrupt.com/misc/flmb16-01213.pdf
         represented by: David W Steen, Esq.
                         DAVID W STEEN, PA
                         E-mail: dwsteen@dsteenpa.com

In re The Women's Wellness Center of South Florida LLC
   Bankr. S.D. Fla. Case No. 16-12189
      Chapter 11 Petition filed February 17, 2016
         See http://bankrupt.com/misc/flsb16-12189.pdf
         represented by: Gian C Ratnapala, Esq.
                         PEYTONBOLIN, PL
                         E-mail: gian@peytonbolin.com

In re John M. Scali, Sr.
   Bankr. N.D. Ill. Case No. 16-05072
      Chapter 11 Petition filed February 17, 2016

In re Richard Helfand and Vicki Lieberman Helfand
   Bankr. D. Kan. Case No. 16-10175
      Chapter 11 Petition filed February 17, 2016

In re Tim's Trucking, Inc.
   Bankr. D. Neb. Case No. 16-40206
      Chapter 11 Petition filed February 17, 2016
         See http://bankrupt.com/misc/neb16-40206.pdf
         represented by: John C. Hahn, Esq.
                         JEFFREY, HAHN, HEMMERLING & ZIMMERMAN
                         E-mail: bankruptcy@jhhz.net

In re Frank A. Fiore
   Bankr. E.D.N.Y. Case No. 16-70610
      Chapter 11 Petition filed February 17, 2016

In re Newark Downtown Center, Inc.
   Bankr. S.D. Ohio Case No. 16-50893
      Chapter 11 Petition filed February 17, 2016
         Filed Pro Se

In re Keith English
   Bankr. E.D. Penn. Case No. 16-11020
      Chapter 11 Petition filed February 17, 2016

In re Sigfredo Martinez Arroyo and Olga Maria Albino Lugo
   Bankr. D.P.R. Case No. 16-01100
      Chapter 11 Petition filed February 17, 2016

In re Lesley A. Firestein
   Bankr. C.D. Cal. Case No. 16-10295
      Chapter 11 Petition filed February 18, 2016
         represented by: James D. Hornbuckle, Esq.
                         CORNERSTONE LAW CORPORATION
                         E-mail: jdh@cornerstonelawcorp.com

In re Rescue One Ambulance
   Bankr. C.D. Cal. Case No. 16-12012
      Chapter 11 Petition filed February 18, 2016
         See http://bankrupt.com/misc/cacb16-12012.pdf
         represented by: Michael Jay Berger, Esq.
                         LAW OFFICES OF MICHAEL JAY BERGER
                        E-mail: michael.berger@bankruptcypower.com

In re Martha Silvia Benavides-Maguina
   Bankr. D. Nev. Case No. 16-10722
      Chapter 11 Petition filed February 18, 2016
         Represented by: Thomas E. Crowe, Esq.
                         E-mail: tcrowe@thomascrowelaw.com

In re Omero Escobar-Lozano
   Bankr. D. Nev. Case No. 16-10726
      Chapter 11 Petition filed February 18, 2016
         Represented by: Michael J. Harker, Esq.
                         E-mail: notices@harkerlawfirm.com

In re Susan, Inc., a New Mexico Corporation
   Bankr. D.N.M. Case No. 16-10329
      Chapter 11 Petition filed February 18, 2016
         See http://bankrupt.com/misc/nmb16-10329.pdf
         represented by: Robert L Finch, Esq.
                         ROBERT L. FINCH, LLC
                         E-mail: finchlaw@mindspring.com

In re 4623 Abdul on Church Ave Corp
   Bankr. E.D.N.Y. Case No. 16-40627
      Chapter 11 Petition filed February 18, 2016
         Filed Pro Se

In re Sidney Berger
   Bankr. S.D.N.Y. Case No. 16-10366
      Chapter 11 Petition filed February 18, 2016

In re Manuel M Babilonia-Santiago and Mirta Cortes
   Bankr. D.P.R. Case No. 16-01148
      Chapter 11 Petition filed February 18, 2016

In re Boerne Physical Therapy Institute, LLC
   Bankr. W.D. Tex. Case No. 16-50374
      Chapter 11 Petition filed February 18, 2016
         See http://bankrupt.com/misc/txwb16-50374.pdf
         represented by: William R. Davis Jr, Esq.
                         LANGLEY & BANACK, INC.
                         E-mail: wrdavis@langleybanack.com

In re Terence Michael Hynes and Kathryn Wilson Hynes
   Bankr. E.D. Va. Case No. 16-10556
      Chapter 11 Petition filed February 18, 2016


                            *********

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 ***