/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/160718.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, July 18, 2016, Vol. 20, No. 200 Headlines 1ST CHOICE COMPLIANCE: Hires Zalkin Revell as Attorney A&O LIFE: Texas Court Affirms $88K Award to Hills A-1 EXPRESS: Can Use Cash Collateral on Interim Basis ABENGOA BIOENERGY: Court Approves $14-Mil. Maple DIP Loan ACE'S INDOOR: Final Order Approving Cash Collateral Use Issued ADM VENDING: Wants to Use Cash Collateral Up To Oct. 31 ADVANCED INTEGRATION: S&P Raises Rating on Sec. Facility to 'BB-' AFFINITY HEALTHCARE: Receivables Purchase Agreement Approved AL SILWADY: U.S. Trustee Unable to Appoint Committee ALEXZA PHARMACEUTICALS: Suspending Filing of Reports with SEC ALLIED INJURY: Selling $42,000 of Equipment at Closed Locations ALLSTATE CORP: Fitch Affirms 'BB+' Preferred Stock Rating ALTERNATIVES LIVING: Trustee Sought After Principals' Indictment AMERICAN COMMERCE: Needs More Time to File May 31 Form 10-Q ARMONK SNACK: Taps Stenger Roberts as Special Counsel ASDRUBAL MARTINEZ: Plan Outline Hearing on September 14 ATLAS ENERGY: Moody's Appends LD Designation to Ca-PD PDR AUTHENTIDATE HOLDING: Shares Issuance to Former AEON Members Okayed BAILEY HILL: Hires Silverstein as Real Estate Appraiser BHAVIKA'S PROPERTIES: Cash Collateral Use Through Dec. 31 OK BMB MUNAI: WSRP Expresses Going Concern Doubt BONANZA CREEK: Hires Perella Weinberg as Restructuring Advisors BUCKSKIN REALTY: Bid for Leave to Appeal Greenberg Order Denied C & G COIN LAUNDRY'S: Hires Joel M. Aresty as Attorney CAL DIVE INTERNATIONAL: Hires Lewis Kullman as Oil Spill Counsel CAROUSEL OF LANGUAGES: Court Sets Aug. 22, 2016 Claims Bar Date CHAMPION INDUSTRIES: Issues 2,500 Series A Preferred Stock CHARLES WALKER: Court Grants Creditors' Bid for Trustee CJ HOLDING: Moody's Cuts Corporate Family Rating to Ca CLARK-CUTLER-MCDERMOTT: Cash Collateral Use on Interim Basis OK CLEAR CREEK RETIREMENT: Wants Oct. 10 as Plan Filing Deadline COMMERCIAL FLOOR CARE: Bankruptcy Administrator Wants Bar Date COMPCARE MEDICAL: Proposes Oct. 31, 2016 as Claims Bar Date CONSOLIDATED ENERGY: Proposes Public Auction for Biodiesel Assets CONSTELLATION ENT.: Creditors' Panel Hires Squire as Counsel CONSTELLATION ENTERPRISES: Panel Taps Whiteford Taylor as Atty COWAN ROAD: Wants 45-Day Extension of Plan Filing Deadline CRIMSON INVESTMENT: Case Summary & 17 Largest Unsecured Creditors CYTORI THERAPEUTICS: Hires BDO USA as New Accountant DAYBREAK OIL: Incurs $1.10 Million Net Loss in First Quarter DEERFIELD REAL ESTATE: Further Cash Collateral Use Not Authorized DEFINED DIAGNOSTICS: Seeks to Hire Young Conaway as Co-Counsel DETROIT, MI: Moody's Affirms B2 Issuer Rating DEX MEDIA: Bankruptcy Court Confirms Prepack Reorganization Plan DIGIPATH INC: May Issue 11.5 Million Shares Under 2012 Plan EAST COAST CARDIOLOGY: Court Issues Final Cash Collateral Order EFS COGEN: S&P Assigns 'BB' Rating on $1.05BB Term Loan B EFT HOLDINGS: Paritz & Company Expresses Going Concern Doubt EIA TROPICAL: Taps Hector Eduardo Pedrosa-Luna as Legal Counsel ELBIT IMAGING: Announces Series H Notes Buyback ELITE PHARMACEUTICALS: FDA Issues Response Letter for SequestOx ESSEX RENTAL: Enters Into Forbearance Agreement with Lenders ETERNAL ENTERPRISE: Refund to 270 Laurel Street Tenants OK FARMACIA SAN JUSTO: Case Summary & 20 Largest Unsecured Creditors FELAHY LAW GROUP: Governmental Units' Claims Due Oct. 25 FINANCIAL RESOURCES: Wants 90-Day Cash Collateral Extension FIRED UP INC: Case Summary & 20 Largest Unsecured Creditors FIRED UP: Wants Authority to Use Cash Collateral FLORIDA FOREST: Seeks to Hire Tina Singletary as Accountant FLORIDA MOVING: Taps Van Horn Law Group as Legal Counsel FORT WALKER: Case Summary & 2 Unsecured Creditors FUNCTION(X) INC: Completes Acquisition of Rant Inc. GALLERY MOTORS: Disclosures Okayed, Plan Hearing on Nov. 15 GREAT BASIN: Has 12.4M Outstanding Common Shares as of July 14 GREAT BASIN: Provides Update on Operations and Financing Plans GULFMARK OFFSHORE: Registers Add'l 1.57-Mil. Shares Under Plans H.B. WHITE: Claims Bar Date Set for August 22 HAMPTON ROADS: Moody's Affirms B1 Rating on 2007A Class III Bonds HAPPYWORKS DAY CARE: Wants to Use Cash Collateral HARBOR POINT: Hires Bologna as Special Counsel HASSAN FARAH: Court Disallows Martinez's Proof of Claim No. 7-2 HEALTHSOUTH CORP: Moody's Affirms Ba3 CFR, Outlook Stable HECK ENTERPRISES: Taps Dodson, Four Others as Special Counsel HEENA HOSPITALITY: Allowed To Use Cash Collateral Up To Sept. 30 HEYL & PATTERSON: Court Sets Final Hearing on July 25 for Cash Use HI-TEMP SPECIALTY: U.S. Trustee Forms 3-Member Committee HILLCREST ACADEMY: Hires Carmichael & Powell as Attorney HUNTINGTON BANCSHARES: DBRS Confirms BB Preferred Stock Rating INTELLIPHARMACEUTICS INT'L: Reports Second Quarter 2016 Results INTREPID POTASH: Obtains Further Extension of Debt Covenant Waiver INTREPID POTASH: Sr. Notes Covenant Waiver Extended Until July 29 IRONMEN INC: Proposes to Sell Property for $318,000 JAMES HUMPHREYS: Hornes' Suit Remanded to Circuit Court JENNER ENTERPRISES: Janet Levitsky Liable for Millcreek Damages JENNIFER L. FORTUNE DVM: Plan Outline Hearing on Aug. 19 JESUS CARES PRESCHOOL: U.S. Trustee Unable to Appoint Committee JFL VENTURE FUND: U.S. Trustee Unable to Appoint Committee JO-LIN HEALTH: Paycor Payroll Processing Agreement OK KALOBIOS PHARMACEUTICALS: Nomis Bay Reports 24.9% Equity Stake KESAVAN SHAN: Plan Outline Okayed, Plan Hearing on Sept. 30 L FROMELIUS INVESTMENT: Hires MPI's Hyman as Real Estate Advisors L.D.L.P. LIMITED: Disclosure Statement Hearing on August 18 LA CASA DE LA RAZA: Taps Keith Glucksman as Accountant LEAP FORWARD: Wants Cash Collateral Stipulation Approved LEEPER ENTERPRISES: Court Sets Nov. 3, 2016 as Claims Bar Date LIGHTSTREAM RESOURCES: Enters Into Restructuring Support Agreement LIME ENERGY: Receives Delisting Notice from NASDAQ LIVE OAK: Seeks Authorization to Use Cash Collateral LOPEZ CONSULTING: Adequate Protection Stipulation Approval Sought LOVELAND CLASSICAL: S&P Assigns 'BB' Rating on $20.64MM Bonds MAGNO TIRE: Plan Outline Okayed, Plan Hearing on August 24 MARIO M. WATKINS: Plan Outline Okayed, Plan Hearing on Sept. 15 MASO SUITES: Hires Jose Luis Flores as Attorney MCNEILL GROUP: Wants Authority To Use Cash Collateral, Pay Wages MCNEILL PROPERTIES: Wants to Pay Wages, Use Cash Collateral MED-SURG GROUP: Seeks to Hire Olu Sangodeyi as President, CEO MICHAEL C. FORD: Johnson Bank Plan Outline Set for Aug. 29 MILESTONE SCIENTIFIC: Robert Gintel Reports 6% Stake as of July 12 MIRAMAR CORPORATION: U.S. Trustee Unable to Appoint Committee MONAKER GROUP: Delays Filing of May 31 Form 10-Q MYERS MACHINE: Taps Dean W. Greer as Legal Counsel NEWBURY COMMON: Hires Anchin as Accountants NEWLEAD HOLDINGS: Reports $15.7M Revenues from Bitumen Tanker NEXSTAR BROADCASTING: S&P Affirms 'BB-' CCR, Outlook Stable NEXXPHASE INC: Case Summary & 7 Unsecured Creditors NJDV HOSPITALITY: Patels Fail to Prove Malpractice Claims vs. Jani NOVA DIRECTIONAL: Hires Dore Law Group as Special Counsel NOVABAY PHARMACEUTICALS: Inks Sublease Agreement with Zymergen ONTARIO CENTURY: Hiring of Beermann Pritikin Attorneys Approved PACIFIC 9: Creditors' Panel Hires Danning-Gill as Counsel PACIFIC EXPLORATION: August 17 Creditors' Meeting Set PENNGOOD LLC: Has Until Oct. 12 to Exclusively File Ch 11 Plan PHARMACYTE BIOTECH: Delays Filing of Fiscal 2016 Annual Report PHOTO STENCIL: Authorization to Use Cash Collateral Sought PHOTO STENCIL: Seeks to Hire Kutner Brinen as Legal Counsel PICO HOLDINGS: Bloggers Declare Independence From Brownstein PIONEER HEATLH: Hires SOLIC as Financial Advisors PNCH ASSOCIATES: Selling New Jersey Property for $1.6 Million POMEROY PARTNERS: Wants To Use Cash Collateral Up To Aug. 31 PORTOFINO TOWERS: Hires Joel M. Aresty as Attorney PREFERRED PROPPANTS: S&P Lowers Rating on 1st Lien Loan to 'CCC' PREMIER EXHIBITIONS: Adam Bradley, et al., Hold 4.8% Stake QRS RECYCLING: Taps Yellen to Auction Inventory in August RED LIZARD: U.S. Trustee Unable to Appoint Committee REGATTA CONSTRUCTION: Wants to Use Cash Collateral Up To Aug. 26 REO HOLDINGS: Court Grants Creditors' Bid for Trustee RESIDENTIAL CAPITAL: Trust Completes 2015 Income Tax Filings RETREAT AT ZION: Wants To Obtain $250K DIP Loan from Kirch & Todd RIO MOBILE: Hires Luis Castilleja as Accountant RLB FRIENDSHIP: Hires Smoky Mountain as Real Estate Firm ROBISON TIRE: Case Summary & 19 Largest Unsecured Creditors ROTARY DRILLING: Files for Bankruptcy Protection to Pursue Sale RYAN EXCAVATING: Court Approves $53K Cash Collateral Use SANDRIDGE ENERGY: Creditors' Panel Hires Akin Gump as Counsel SCIO DIAMOND: Cherry Bekaert Raises Going Concern Doubt SETTLERS' HOUSING: Stay Partly Lifted for Schaumburg Bank SEVEN GENERATIONS: S&P Raises CCR to 'BB-', Outlook Stable SEVENTY SEVEN: Judge Confirms Reorganization Plan SOUTH CARIBBEAN BLOCK: Hires MRO Attorneys as Counsel SOUTHCROSS ENERGY: Names Bruce Williamson as GP's Chairman STALLION OILFIELD: Moody's Assigns LD Designation to Caa3-PD PDR STARSHINE ACADEMY: Court OKs Cash Collateral Use Up To Jul. 31 STIFEL FINANCIAL: Fitch to Rate $75MM Preferred Stock 'B+(EXP)' SYNTAX-BRILLIAN: Ahmed Amr's Bid to Proceed Qui Tam Denied TEMPLAR ENERGY: Moody's Designates Limited Default to Ca-PD PDR TENKORIS LLC: Seeks to Hire Phillip Fitzekam as Accountant THE MOBILE FOX: Wants Authorization to Use Cash Collateral TJ SIGN: Court Allows Cash Collateral Use Until July 22 TOTAL HOCKEY: Taps Clear Thinking Group as Restructuring Advisor TOWNRIDGE INC: Interim Cash Collateral Use Up to $370K Allowed TRANS-LUX CORP: Signs $4M Financing Agreement with SCM Specialty TRANS-LUX CORP: Stockholders Elect Three Directors TRIN POLYMERS: Submits Amended Cash Collateral Motion TRINITY RIVER: Cash Collateral Use Extended Through July 25 TRINITY RIVER: Hires Scotia Waterous as Financial Advisor TURKEYFOOT LAKE: Wants to Use Phoenix Cash Collateral UNITED PLASTIC: Panel Supplements Exclusivity Termination Motion UNIVERSAL SECURITY: Expects to File Form 10-K by Aug. 19 VALVOLINE INC: S&P Assigns Prelim. 'BB-' CCR, Outlook Positive VEGAS MANAGEMENT: U.S. Trustee Unable to Appoint Committee VERSO CORP: Exits Bankruptcy Following Successful Restructuring VISUALANT INC: SD Mayer Replaces PMB Helin Donovan as Accountant VUZIX CORP: Closes Underwritten Offering of $6M Common Shares WAREHOUSE 11: Case Summary & 5 Unsecured Creditors WARNER MUSIC: Seeking Consent to Amend Term Loan Credit Agreement WARNER MUSIC: Sees $800M-$820M Revenue for June 30 Quarter WARREN RESOURCES: Court OKs DIP Financing From Wilmington Trust WAYZATA-ROCHESTER: Court Allows Cash Collateral Use Up To Aug. 30 WHITESBURG REALTY: Wants to Use Cash Collateral Through Sept. 30 WILLIAM CONTRACTOR: Zalduondo, Machicote's Bid to Dismiss Denied WILLISTON, ND: Moody's Cuts GO Bonds Rating to Ba2 WILLISTON, ND: Moody's Cuts Sales Tax Revenue Bonds Rating to B1 Y&K SUN: Seeks to Hire Newmark Grubb as Leasing Agent ZERGA PHIN-KER: Taps Globic Advisors as Solicitation Agent ZION GROUP: Seeks to Hire Chung & Press as Legal Counsel ZUCKER GOLDBERG: Hires Connell Foley as Special Counsel [*] Alison Miller Joins Wynnchurch Capital as Director [*] Former Judge James McGuire Joins Holwell Shuster as Partner [*] McGlinchey Adds Two Attorneys to Commercial Litigation Practice [*] Michael Krakovsky Joins SRR's Investment Banking Group [^] BOND PRICING: For the Week from July 11 to 15, 2016 ********* 1ST CHOICE COMPLIANCE: Hires Zalkin Revell as Attorney ------------------------------------------------------ 1st Choice Compliance, Inc., seeks authorization from the U.S. Bankruptcy Court for the Middle District of Georgia to employ Zalkin Revell, LLC as attorney for Debtor-in-Possession. The Debtor requires Zalkin Revell to: a. give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; b. prepare on behalf of the Debtor the necessary applications, answers, reports, and other legal papers; c. prepare motions, pleadings, and applications, and to conduct examinations incidental to the administration of the Debtor's estate; d. take any and all necessary action instant to the proper preservation and administration of the estate. e. assist the Debtor-in-Possession with the preparation and filing go a Statement of Financial Affairs and Schedules and Lists as are appropriate; f. take whatever action is necessary with reference to the use by the Debtors of its property pledged as collateral, includinh cash collateral, to preserve the same for the benefit of the Debtor; g. assert, as directed by the Debtor, all claims the Debtor has against others; and h. perform all other legal services for the Applicant as Debtor-in-Possession which may be necessary; and it is necessary for the Debtor-in-Possession to employ attorneys for such professional services. Kenneth W. Revell, Esq., of Zalkin Revell will be paid at $300 per hour. The Debtor paid the firm the pre-petition sum of $1,717 which was used to pay the bankruptcy filing fee. Zalkin Revell was paid $9,500 for pre-petition services necessary to file the Debtor's Petition. Mr. Revell 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. Zalkin Revell may be reached at: Kenneth Revell, Esq. Zalkin Revell, PLLC 2410 Westgate Dr., Suite 100 Albany, GA 31707 Tel: (229)435-1611 Fax: (866)560-7111 E-mail: krevell@zalkinrevell.com About 1st Choice Compliance, Inc. 1st Choice Compliance, Inc.filed a Chapter 11 bankruptcy petition (Bankr. M.D.GA. Case No. 16-10731) on June 17, 2016. Zalkin Revell, PLLC represents the Debtor as counsel. In its petition, the Debtor listed $48,402 in assets and $1.31 million in liabilities. The petition was signed by Elizabeth Fleming, the Debtor's chief executive officer and president. A&O LIFE: Texas Court Affirms $88K Award to Hills ------------------------------------------------- The Court of Appeals of Texas, Seventh District, Amarillo, affirmed the judgement of the trial court in the case captioned CHARLES MATLOCK, INDIVIDUALLY AND D/B/A MATLOCK INSURANCE AGENCY, Appellant, v. GERALD HILL AND MARTHA HILL, Appellee, No. 07-15-00048-CV (Tex. App.). Charles Matlock marketed life settlements on behalf of A&O Life Fund and induced Gerald and Martha Hill to purchase same via two different transactions. The total sum the Hills paid for those interests was $100,000. After A&O filed for chapter 11 bankruptcy protection and the Hills lost approximately 9/10th of the value of their investment, they sued Matlock individually and as Matlock Insurance Agency (his company's name). The causes of action sounded in fraud arising under both the Texas Securities Act and the common law. They sought damages, the rescission of the transactions, and attorney's fees. The trial court entered judgment for the Hills. Though the trial court did not specify in the decree the particular cause of action upon which it allowed recovery, it nonetheless awarded "Plaintiffs . . . actual damages from the Defendant in the sum of one hundred thousand dollars ($100,000.00), less the eleven thousand nine hundred and sixty dollars and thirty-six cents ($11,960.36) received by the Plaintiffs through different sources, which totals eighty-eight thousand thirty-nine dollars and sixty-four cents ($88,039.64)." A full-text copy of the appellate court's June 30, 2016 memorandum opinion is available at https://is.gd/06TufA from Leagle.com. Gerald Hill, Marth Hill are represented by: Christopher J. Bebel, Esq. Tefteller Law, PLLC 403 West Tyler Street Gilmer, TX 75644 Tel: (903)843-5678 Fax: (903)680-2310 Charles Matlock d/b/a Matlock Insurance Agency is represented by: Charles Moster, Esq. 4920 S Loop 289 #102 Lubbock, TX 79414 Tel: (806)778-6486 A-1 EXPRESS: Can Use Cash Collateral on Interim Basis ----------------------------------------------------- Judge Roberta A. Colton of the U.S. Bankruptcy Court for the Middle District of Florida authorized A-1 Express, Inc. to use cash collateral on an interim basis. Judge Colton authorized the Debtor to use the cash collateral to pay for the United States Trustee's quarterly fees, current and necessary expenses, as well as other additional amounts with the written approval of Secured Creditor, Fidelity Bank of Florida, N.A. Judge Colton granted Fidelity Bank a perfected post-petition lien against the cash collateral with the same extent, validity and priority as the prepetition lien. A continued hearing on the Debtor's Motion is set on August 10, 2016 at 10:00 a.m. A full-text copy of the Order, dated July 13, 2016, is available at https://is.gd/52ZWHe About A-1 Express, Inc. A-1 Express, Inc., filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 16-04170) on June 23, 2016. Buddy D. Ford, Esq., at Buddy D. Ford, P.A., serves as the Debtor's bankruptcy counsel. ABENGOA BIOENERGY: Court Approves $14-Mil. Maple DIP Loan --------------------------------------------------------- Judge Kathy A. Surratt-States of the U.S. Bankruptcy Court for the Eastern District of Missouri authorized the so-called Maple Debtors (Abengoa Bioenergy Meramec Renewable, LLC, et. al.) to obtain postpetition senior secured superpriority financing and use cash collateral. Judge Surratt-States authorized borrower Abengoa Bioenergy Maple, LLC, and guarantors Abengoa Bioenergy of Illinois, LLC., et. al., to obtain senior secured postpetition financing consisting of a multi-draw term credit facility in an aggregate principal amount not to exceed $14 million, from DIP Collateral Agent Deutsche Bank Trust Company Americas and the lenders party thereto. On an interim basis, $6,500,000 was already advanced to Abengoa Bioenergy Maple. The Maple Debtors related that they were indebted to the Prepetition Secured Parties in an amount not less than $150,471,474. Judge Surratt-States authorized the Maple Debtors to use Cash Collateral and the proceeds of the DIP Loans for: (a) DIP Fees and Expenses; (b) fees and expenses of Professional Persons; (c) fees and expenses of the Prepetition Secured Parties; and (d) disbursements in the ordinary course of the Maple Debtors' business and the costs of administering the bankruptcy cases. The approved 14-week Budget covers the period beginning July 1, 2016 and ending on September 30, 2016. The Budget provides for total operating disbursements in the amount of $118,632,000. The Budget also provides for total restructuring and other disbursements in the amount of $3,693,000. A full-text copy of the Order, dated July 14, 2016, is available at https://is.gd/5rFhI6 About Abengoa Bioenergy US Holding, LLC. Abengoa Bioenergy is a collection of indirect subsidiaries of Abengoa S.A., a Spanish company founded in 1941. The global headquarters of Abengoa Bioenergy is in Chesterfield, Missouri. With a total investment of $3.3 billion, the United States has become Abengoa S.A.'s largest market in terms of sales volume, particularly from developing solar, bioethanol, and water projects. Spanish energy giant Abengoa S.A. is an engineering and clean technology company with operations in more than 50 countries worldwide that provides innovative solutions for a diverse range of customers in the energy and environmental sectors. Abengoa is one of the world's top builders of power lines transporting energy across Latin America and a top engineering and construction business, making massive renewable-energy power plants worldwide. On Nov. 25, 2015, in Spain, Abengoa S.A. announced its intention to seek protection under Article 5bis of Spanish insolvency law, a pre-insolvency statute that permits a company to enter into negotiations with certain creditors for restricting of its financial affairs. The Spanish company is facing a March 28, 2016, deadline to agree on a viability plan or restructuring plan with its banks and bondholders, without which it could be forced to declare bankruptcy. Gavilon Grain, LLC, et al., on Feb. 1, 2016, filed an involuntary Chapter 7 petition for Abengoa Bioenergy of Nebraska, LLC ("ABNE") and on Feb. 11, 2016, filed an involuntary Chapter 7 petition for Abengoa Bioenergy Company, LLC ("ABC"). ABC's involuntary Chapter 7 case is Bankr. D. Kan. Case No. 16-20178. ABNE's involuntary case is Bankr. D. Neb. Case No. 16-80141. An order for relief has not been entered, and no interim Chapter 7 trustee has been appointed in the Involuntary Cases. The petitioning creditors are represented by McGrath, North, Mullin & Kratz, P.C. On Feb. 24, 2016, Abengoa Bioenergy US Holding, LLC and five affiliated debtors each filed a Chapter 11 voluntary petition in St. Louis, Missouri, disclosing total assets of $1.3 billion and debt of $1.2 billion. The cases are pending before the Honorable Kathy A. Surratt-States and are jointly administered under Bankr. E.D. Mo. Case No. 16-41161. The Debtors have engaged DLA Piper LLP (US) as counsel, Armstrong Teasdale LLP as co-counsel, Alvarez & Marsal North America, LLC as financial advisor, Lazard as investment banker and Prime Clerk LLC as claims and noticing agent. ACE'S INDOOR: Final Order Approving Cash Collateral Use Issued -------------------------------------------------------------- Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern District of Florida issued his Final Order authorizing Ace's Indoor Shooting Range & Pro Gun Shop, Inc. to use cash collateral. The Debtor was authorized to use cash collateral to continue its business operations and to pay its regular operating expenses according to the approved Budget. The monthly Budget provides for total operating costs amounting to $68,447. Operating expenses include chapter 11 legal expenses, adequate protection payments for Total Bank and the U.S. Trustee Quarterly Fees. A full-text copy of the Order, dated July 13, 2016, is available at https://is.gd/ok1VYE About Ace's Indoor Shooting Range & Pro Gun Shop, Inc. Ace's Indoor Shooting Range & Pro Gun Shop, Inc. filed a chapter 11 petition (Bankr. S.D. Fla. Case No. 16-15918) on April 25, 2016. The petition was signed by George de Pina, president. The Debtor is represented by Jacqueline Calderin, Esq., at Ehrenstein Charbonneau Calderin. The case is assigned to Judge Robert A. Mark. The Debtor estimated assets of $0 to $50,000 and debts of $1 million to $10 million at the time of the chapter 11 filing. ADM VENDING: Wants to Use Cash Collateral Up To Oct. 31 ------------------------------------------------------- ADM Vending, Inc. asks the U.S. Bankruptcy Court for the District of New Hampshire for authorization to continue using cash collateral until October 31, 2016. The Debtor wants permission to use the cash, deposit accounts and other cash equivalents from its coffee and vending business to pay for expenses that the Debtor incurs in the ordinary course of business. The Debtor proposes to limit the amount of cash collateral which it may spend to $214,126.33. The Debtor also proposes to pay NBT Bank, National Association the sum of $984.37 on the 15th of each month as adequate protection. The Debtor relates that the use of Cash Collateral is essential to its effective reorganization. It further relates that it must, among other things, pay its employees and vendors as payroll and invoices become due. A full-text copy of the Order, dated July 13, 2016, is available at https://is.gd/SbTLn4 About ADM Vending, Inc. AWR Wholesale Inc, filed a chapter 11 petition (Bankr. D. N.H. Case No. 16-10477) on April 1, 2016. The petition was signed by Daniel Mendenhall, president. The Debtor is represented by William S. Gannon, Esq., at William S. Gannon PLLC. The Debtor disclosed assets of $1.82 million and debts of $599,764 at the time of the filing. ADVANCED INTEGRATION: S&P Raises Rating on Sec. Facility to 'BB-' ----------------------------------------------------------------- S&P Global Ratings said that it has raised its issue-level ratings on Plano, Texas-based Advanced Integration Technology L.P.'s secured credit facility to 'BB-' from 'B+' and revised its recovery ratings on the facility to '2' from '3'. The '2' recovery rating indicates S&P's expectation for substantial recovery (70%-90%; lower half of the range) in a payment default scenario. At the same time, S&P affirmed its 'B+' corporate credit rating on AIT. The outlook remains stable. "The affirmation reflects AIT's improved financial risk profile as the company will be taking on less debt, though this is somewhat offset by the possibility that the company could increase its leverage in the future to fund additional dividends," said S&P Global credit analyst Tennille Lopez. AIT reduced the size of its proposed term loan to $225 million from $315 million and, accordingly, decreased the size of its planned distribution to its owners. These revised terms would leave the company with a pro forma debt-to-EBITDA metric of 3.0x-3.5x, which is down from 4.0x-4.5x under the original deal. Although S&P expects AIT's credit metrics to improve modestly over S&P's forecast period as its revenue and earnings expand--leading its debt-to-EBITDA metric to decline by about 0.5x-1.0x by the end of 2017-- S&P's rating incorporates the possibility of further debt-financed dividends as the amount of debt raised was lower than S&P originally contemplated. The stable outlook on AIT reflects S&P's expectation that the company's revenue and earnings will improve over the next 12-24 months as it benefits from heightened demand for new aircraft models, increased build rates on current models, and the release of new derivatives of existing aircraft. Although S&P expects the company's credit ratios to increase following the debt-financed distribution, S&P expects that they will improve modestly over the next year as management uses excess cash for debt reduction, leading its debt-to-EBITDA metric to decline by 0.5x-1.0x by the end of 2017. Although unlikely, S&P could lower its ratings on AIT over the next year if its debt-to-EBITDA metric rises above 5.0x, which would indicate a more aggressive financial risk profile than S&P had anticipated. This increase would likely be due to an acquisition or dividend that is larger than what S&P has incorporated in its forecast. It is unlikely that S&P would raise its ratings on AIT over the next year given its small size, limited diversity, and S&P's lack of a track record with the company. However, S&P could raise its ratings if AIT commits to maintaining a FFO-to-debt ratio of more than 15% and a free operating cash flow-to-debt ratio of more than 10% on a sustained basis. AFFINITY HEALTHCARE: Receivables Purchase Agreement Approved ------------------------------------------------------------ Judge Julie A. Manning of the U.S. Bankruptcy Court for the District of Connecticut authorized Providers Health Care Investors, Inc., et. al., to execute a Purchase Agreement with Revenue Management Solutions, LLC, for the sale of Providers' healthcare accounts receivables, the assets related to the Post-Petition Purchased Accounts, and other assets necessary for Revenue Management Solutions to collect the Post-Petition Purchased Accounts. Judge Manning also authorized Affinity Health Care Management, Inc. and its affiliated Debtors to continue using cash collateral. The Debtors related that substantially all of their cash, including the cash in their deposit accounts, constitute the cash collateral of Revenue Management Solutions. They further related that the Providers do not have sufficient available sources to provide working capital to operate their businesses in the ordinary course without the requested post-petition funding from Revenue Management Solutions. The Purchase Agreement provided that the aggregate amount of the outstanding initial installments plus any other outstanding obligations of the Providers shall not exceed $2,500,000. As of the Petition Date, the aggregate amount of the outstanding initial installments due and payable under the Prepetition Funding Facility was $1,450,000. The Prepetition Funding Facility consists of the Purchase Agreement and other Funding Documents. The Purchase Agreement contains, among others, the following relevant terms: (1) Purchase of Accounts: The Providers agree to offer for sale to Buyer all of the Providers' Accounts on a weekly basis during the Term of the Purchase Agreement and during any Extended Term. (2) Purchase Price for the Assets: (a) Upon the Purchase of Accounts, Buyer shall pay to the Provider an amount equal to the lesser of (i) 80% of the Purchase Price of all the Eligible Accounts in a Batch or (ii) the amount requested by Providers. (b) All remaining installments of the Purchase Price shall be aggregated and paid with respect to all Purchased Accounts as a group, regardless of the date such Accounts were or are purchased. The approved 33-week Budget begins on May 14, 2016 and ends on August 27, 2016. It provides for expenses such as salary and wages, utility and mortgage payments, among others. A full-text copy of the Order, dated July 14, 2016, is available at https://is.gd/HQV7dV About Affinity Healthcare Management, Inc. Affinity Health Care Management, Inc., Health Care Investors, Inc. d/b/a Alexandria Manor, Health Care Alliance, Inc. d/b/a Blair Manor, Health Care Assurance, L.L.C. d/b/a Douglas Manor and Health Care Reliance, L.L.C. d/b/a Ellis Manor, are a nursing home management company. They filed for Chapter 11 bankruptcy protection (Bankr. D. Conn. Case Nos. 16-30043 to 16-30047) on January 13, 2016. Hon. Julie A. Manning presides over the cases. Elizabeth J. Austin, Esq., and Jessica Grossarth, Esq., at Pullman & Comley, LLC, serve as counsel to the Debtors. In its petition, Affinity Health Care Management estimated $50,000 to $100,000 in assets and $500,000 to $1 million in liabilities. The Debtors noted in a court filing that their total secured and unsecured debt exceeding $16 million. The Debtors' petitions were signed by Benjamin Fischman, president. A committee of unsecured creditors has been appointed and Neubert Pepe & Monteith, P.C., has been retained as its counsel. AL SILWADY: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Al Silwady, Inc. In a July 13 filing with the U.S. Bankruptcy Court in Colorado, the Office of the U.S. Trustee disclosed that there were "too few" unsecured creditors who are willing to serve on a creditors' committee. Al Silwady, Inc., dba Quebec Discount Liquors is a Denver, Colorado-based company that operates a retail liquor store. It filed for Chapter 11 bankruptcy protection (Bankr. D. Colo. Case No. 16-15100) on May 20, 2016. ALEXZA PHARMACEUTICALS: Suspending Filing of Reports with SEC ------------------------------------------------------------- Alexza Pharmaceuticals, Inc., has suspended its reporting obligations under Section 15(d) of the Securities Exchange Act of 1934, as amended, by filing a Form 15 with the Securities and Exchange Commission on July 15, 2016. About Alexza Pharmaceuticals 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 reported a net loss of $21.3 million on $5.02 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $36.7 million on $5.56 million of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Alexza had $10.6 million in total assets, $84.9 million in total liabilities and a total stockholders' deficit of $74.3 million. OUM & CO. LLP, in San Francisco, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, 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. ALLIED INJURY: Selling $42,000 of Equipment at Closed Locations --------------------------------------------------------------- Allied Injury Management, Inc., on July 13, 2016, asked the U.S. Bankruptcy Court for the Central District of California to authorize the sale of about $42,000 of medical and office equipment that the Debtors has as the result of its closure of several medical provider locations. The Debtor is primarily engaged in billing and collecting medical receivables. Until about December 2015, a significant part of the Debtor's business consisted of subleasing medical provider facilities and medical equipment to various medical groups and physicians. The Debtor still provides sub-leases, but has discontinued many unprofitable subleases. As a result, the Debtor vacated certain premises including removing the equipment that was at the vacated sub-lease locations. The Equipment has been valued as follows: * 170 pieces of office furniture $7,700 * 100 pieces of medical equipment $21,820 * 36 pieces of computer equipment and software $5,665 The Debtor seeks permission to sell the Equipment through arm's-lengths transactions to buyers who are not affiliated with the Debtor or its insiders. The Debtor will report the sales on its monthly operating reports. The Debtor's attorneys: Marc A. Lieberman, Esq. Alan W. Forsley, Esq. FREDMAN LIEBERMAN PEARL LLP 1875 Century Park East, Suite 2230 Los Angeles, CA 90067 Tel: (310) 284-7350 Fax: (310) 432-5999 E-mail: alan.forsley@flpllp.com About Allied Injury Headquartered in San Bernardino, California, Allied Injury Management, Inc., filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 16-14273) on May 11, 2016, estimating assets between $10 million and $50 million and debt between $1 million and $10 million. The petition was signed by John R. Larson, M.D., president. Judge Mark D. Houle presides over the case. Alan W Forsley, Esq., and Marc Liberman, Esq., at Fredman Lieberman Pearl LLP serves as the Debtor's bankruptcy counsel. ALLSTATE CORP: Fitch Affirms 'BB+' Preferred Stock Rating --------------------------------------------------------- Fitch Ratings has affirmed the 'A-' Issuer Default Rating (IDR) of the Allstate Corporation (Allstate) as well as the 'A+' Insurer Financial Strength (IFS) ratings of Allstate Insurance Co. and its property/casualty (P/C) affiliates with a Stable Outlook. Fitch has also downgraded the short-term IDR of Allstate to 'F2' from 'F1'. Additionally, Fitch affirmed the IFS ratings of Allstate Life Insurance Co. and its subsidiaries (collectively referred to as ALIC) at 'A' and revised the Rating Outlook to Negative from Stable. Finally, Fitch affirmed American Heritage Life Insurance Co.'s (AHLIC) IFS rating at 'A' with a Stable Outlook. KEY RATING DRIVERS Fitch's affirmation of P/C affiliates and holding company long-term ratings is supported by Allstate's top-tier market position in personal lines insurance, and solid underwriting results in P/C insurance. The capitalization of Allstate's P/C operations is consistent with the current rating category. The downgrade of Allstate's short-term IDR to 'F2' from 'F1' reflects an increase in the potential need for holding company liquidity. Specifically, catastrophe losses at the P/C operations could require capital contributions, since the capital cushion at the operating subsidiaries has deteriorated over the past couple of years. In addition, greater investment risk at the life operations along with weakening operating performance could also require the holding company's liquidity resources. Fitch's revised ALIC's Outlook to Negative as a result of its increasing investment risk, with its portfolio among the riskiest in Fitch's rated life universe. Allstate's life operations have a materially lower standalone rating than the P/C operations given its relatively moderate scale and market position as well as its lower strategic importance. Consequently, the life operations receive significant rating uplift as part of the Allstate enterprise. Allstate has a 'large' market position, size and scale that would be consistent with Fitch's guidelines for a higher rating category. Allstate is the second-largest personal lines insurance writer in the U.S. behind State Farm Mutual Automobile Insurance Company (State Farm). Allstate's market position in private auto is third behind Government Employees Insurance Co. (GEICO) and State Farm, while its homeowners insurance remains the second largest after State Farm. The combined ratio for Allstate's property/liability business averaged 94.1% over the last four years (2012-2015), exceeding Fitch's median guidelines for the current rating category. Greater catastrophe losses during the first quarter of 2016 (1Q16) inflated the combined ratio to 98.4% compared to 93.7% for the comparable period in 2015. Catastrophe losses accounted for 10.7 percentage points (pp) on the combined ratio for the first three months of 2016, compared to 4pp in the comparable period in 2015. Catastrophe losses remain elevated with $835 million in pretax losses during April and May of 2016, which is comparable to 1Q16's total. Personal auto accounts for approximately two-thirds of property/liability written premiums and reported a combined ratio of 99.7% for the first three months of 2016, up from 98.5% in the comparable period in 2015 and essentially flat from full-year 2015. Catastrophe losses in the 1Q amounted to 2.7pp of the combined ratio, masking improvement in the underlying underwriting results. Nearly one-quarter of Allstate's property/liability written premium comes from the homeowners line of business. Underwriting results for the homeowners line were also adversely impacted by catastrophe losses during 1Q16. Homeowners reported a combined ratio of 94.1% for the first three months of 2016, deteriorating from 79.2% in the comparable period of 2015. Catastrophe losses in 1Q16 were 33.9pp of earned premium, up from 13.9pp in the comparable period of 2015. Combined statutory surplus at Allstate's P/C operations was $16.1 billion at year-end 2015, down $1.9 billion over the last two years as AIC pays dividends in excess of earnings to support Allstate's share repurchase activity. Further deterioration in capitalization at the P/C operating company level would place downward pressure on ratings. Capitalization at Allstate's P/C operations continues to deteriorate when measured using Fitch's proprietary Prism capital model as well as NAIC Risk-Based Capital, operating and net leverage ratios. Adjusted net leverage, excluding life company capital, was 4.5x at year-end 2015, approaching Fitch's downgrade trigger of 5.0x. In 1Q16, ALIC reported net income of $52 million compared to $153 million for the prior year period. The decline was driven by realized investment losses and reduced net investment income, as the company is strategically repositioning its portfolio by selling longer-duration fixed income securities and increasing its exposure to private equities and real estate. ALIC's risky assets ratio, which increased to 241% in 2015 from 212% in 2014, is among the highest in Fitch's universe, and may continue to rise due to its portfolio repositioning if total adjusted capital (TAC) does not increase at a commensurate level. AHLIC generated a statutory return on assets (ROA) of 3.2% in 1Q16 and has a much cleaner investment profile. ALIC's 'standalone' IFS rating of has been revised to 'BBB-' from 'BBB' reflecting the company's elevated investment risk. However, ALIC receives a four-notch uplift for parent support, elevating its IFS rating to 'A'. Fitch views ALIC's strategic importance within the Allstate enterprise as 'Very Important' and considers the various strategic actions taken to strengthen its risk profile. The ratings continue to benefit from the Capital Support Agreement from Allstate Insurance Co. and its access to the holding company credit facility. Based upon its standalone assessment and strategic importance, ALIC's final rating is capped at one notch below its parent, and any further deterioration in its standalone assessment will result in a downgrade. AHLIC's 'standalone' IFS rating of 'A-' reflects an 'Important' strategic category within the Allstate enterprise. While Fitch views AHLIC's financial metrics more favorably than ALIC's, the company is seen as less synergistic to the Allstate enterprise. Thus, AHLIC receives a one-notch uplift in its rating. RATING SENSITIVITIES Key rating triggers for Allstate that could lead to an upgrade include: -- Sustainable capital position measured by net leverage excluding life company capital below 3.8x and a score approaching 'Very Strong' on Fitch's Prism capital model; -- No material deterioration in underwriting profitability of the property/casualty operations from current levels. Given its Negative Outlook, Fitch considers an upgrade of ALIC unlikely over the near- to intermediate-term. The following rating triggers could result in a revision of ALIC's Outlook to Stable from Negative: -- An improvement in statutory Risky Assets/TAC ratio to 200% with operating performance remaining stable; -- Fitch's view of its strategic importance changes to 'Core' from 'Very Important.' Given its relatively small size and scale, AHLIC is unlikely to be upgraded in the near- to intermediate-term, but the following could result in an upgrade over the longer term: -- Fitch's view of its strategic importance changes to 'Very Important' from 'Important' or if the agency's view of parent support merits a greater degree of uplift. Key rating triggers for Allstate that could lead to a downgrade include: -- A prolonged decline in underwriting profitability that is inconsistent with industry averages or is driven by an effort to grow market share during soft pricing conditions; -- Significant deterioration in capital strength as measured by Fitch's capital model, NAIC risk-based capital, and statutory net leverage. Specifically, if net leverage excluding life company capital approached 5.0x it would place downward pressure on ratings; -- Significant increases in financial leverage ratio to greater than 30%; -- Liquid assets at the holding company of less than one year's interest expense, and preferred and common dividends. Key rating triggers that could lead to a downgrade for ALIC include: -- Statutory Risky Assets/TAC ratio deteriorates further; -- Fitch's view of its strategic importance weakens. Key rating triggers that could lead to a downgrade for AHLIC include: -- Financial performance or capitalization deteriorates significantly; -- Fitch's view of its strategic importance weakens. Fitch affirms the following ratings for Allstate with a Stable Outlook: The Allstate Corporation -- Long-term IDR at 'A-'; -- Preferred stock at 'BB+'; The following senior unsecured debt at 'BBB+': -- 6.75% $176 million debenture due May 15, 2018; -- 7.45% $317 million debenture due May 16, 2019; -- 3.15% $500 million debenture due June 15, 2023; -- 6.125% $159 million note due Dec. 15, 2032; -- 5.35% $323 million note due June 1, 2033; -- 5.55% $546 million note due May 9, 2035; -- 5.95% $386 million note due April 1, 2036; -- 6.9% $165 million debenture due May 15, 2038; -- 5.2% $62 million note due Jan. 15, 2042; -- 4.5% $500 million note due June 15, 2043. The following junior subordinated debt at 'BBB-': -- 6.125% $241 million debenture due May 15, 2067; -- 5.10% $500 million subordinated debenture due Jan. 15, 2053; -- 5.75% $800 million subordinated debenture due Aug. 15, 2053; -- 6.5% $500 million debenture due May 15, 2067. Fitch downgraded the following ratings: The Allstate Corporation -- Short-term IDR to 'F2' from 'F1' -- Commercial paper to 'F2' from 'F1'. Fitch also affirms the following ratings with a Stable Outlook: Allstate Insurance Company Allstate County Mutual Insurance Co. Allstate Indemnity Co. Allstate Property & Casualty Insurance Co. Allstate Texas Lloyd's Allstate Vehicle and Property Insurance Co. Encompass Home and Auto Insurance Co. Encompass Independent Insurance Co. Encompass Insurance Company of America Encompass Insurance Company of Massachusetts Encompass Property and Casualty Co. --IFS at 'A+'. American Heritage Life Insurance Co. --IFS at 'A'. Fitch affirmed the following ratings and revised the Outlook to Negative from Stable: Allstate Life Insurance Co. Allstate Life Insurance Co. of NY -- IFS at 'A'. Fitch affirmed the following rating: Allstate Life Global Funding Trusts Program -- $85 million medium-term note due Nov. 25, 2016 at 'A'. ALTERNATIVES LIVING: Trustee Sought After Principals' Indictment ---------------------------------------------------------------- The U.S. Trustee on July 13, 2016, filed a motion to appoint a Chapter 11 trustee, pursuant to 11 U.S.C. Sec. 1104(a) and (e), in the bankruptcy case of Alternatives Living, Inc. Henry G. Hobbs, Jr., Acting U.S. Trustee for Region 5, recounts that on June 17, 2016, the principals of the Debtor were indicted, causing the loss of federal contracts, making the Debtor's Small Business Plan unfeasible. In addition, the Debtor is unable to pay the claim of the IRS with a secured amount of $477,665 and unsecured priority amount of $877,504, and has defaulted on postpetition administrative payments to the IRS. In the alternative, with the consent of the Debtor, the case should be converted to one under Chapter 7, the U.S. Trustee avers. Criminal Indictment According to the U.S. Trustee, the Debtor's bankruptcy was precipitated by the foreclosure action of its major secured creditor, which in turn was caused by adverse changes in Debtor's financial condition and failure to pay certain tax obligations. The Debtor's bankruptcy schedules list the IRS as a secured creditor in the amount of $1,124,680, with all but $200,000 of the debt undersecured. At the time of the bankruptcy filing, the officers and directors of the Debtor had been the subject of a Louisiana Legislative Investigative Audit dated May 20, 2015. The Audit found that the senior management incurred expenses totaling $133,164 that appeared to be personal in nature, and may have directed public funds for personal benefit. The IRS has filed a lien bearing against the Debtor's cash collateral, including accounts receivable and inventory of the Debtor. The IRS has consented to the use of cash collateral, and the Debtor consented to payment of $2,317.15 per month in adequate protection payments. On Jan. 8, 2016, the Debtor filed its Disclosure and Small Business Plan. The most recent Disclosure and Plan are the Fourth Amended Plan and Disclosure filed June 15, 2016. On June 20, 2016, the IRS filed a Motion to Convert the Case from Chapter 11 to Chapter 7, citing the inability of the Debtor to effectuate a plan. The motion recites the impossibility of the Debtor to pay $877,504 in unsecured priority claims in full with interest within five years from the petition date (or approximately $14,000 per month), the Debtor's failure to make timely adequate protection payments of $2,317 per month, and the Debtor's failure to timely pay current employment tax obligations. On June 17, 2016, a Federal grand jury entered a criminal indictment against all three of the Debtor's officers and directors under 18 USC Sec. 371, 641. The Debtor's counsel has relayed to the Court that the criminal indictment has caused a series of events, including the cancellation of certain contracts, including the Medicaid Provider Agreement, with the Debtor. In turn, the Debtor will be unable to continue business on an ongoing basis, according to the U.S. Trustee. About Alternatives Living Alternatives Living, Inc., is a Louisiana non-profit that provides homeless, displaced and mentally or physically disabled individuals with home and community based support services. It is primarily funded through Medicaid contracts and was a qualified provider under the Louisiana Department of Health and Hospital Permanent Supportive Housing program. Its officers and directors are: CEO and director Melanie Duplechain; Director Ada Craig-Roberson; and CFO and Director Rickey Roberson. Alternatives Living filed for Chapter 11 bankruptcy (Bankr. E.D. La. Case No. 15-12308) on Sept. 9, 2015. The Hon. Elizabeth W. Magner presides over the case. The petition was signed by Rickey Roberson, the CFO. Leo D. Congeni, Esq., at Congeni Law Firm, LLC, serves as the Debtor's counsel. Alternatives Living estimated assets in the range $500,000 to $1 million; and $1 million to $10 million in debt. AMERICAN COMMERCE: Needs More Time to File May 31 Form 10-Q ----------------------------------------------------------- American Commerce Solutions, Inc., filed a Form 12b-25 with the Securities and Exchange Commission stating that there will be a delay in filing the Company's quarterly report on Form 10-Q for the three month's ended May 31, 2016, because the Company needs additional time to complete the report. About American Commerce American Commerce Solutions, Inc., headquartered in Bartow, Florida, is primarily a holding company with one wholly owned subsidiary; International Machine and Welding, Inc., is engaged in the machining and fabrication of parts used in heavy industry, and parts sales and service for heavy construction equipment. American Commerce reported a net loss of $245,000 on $2.05 million of net sales for the year ended Feb. 29, 2016, compared to a net loss of $185,000 on $2.23 million of net sales for the year ended Feb. 28, 2015. As of Feb. 29, 2016, American Commerce had $4.75 million in total assets, $3.27 million in total liabilities, and $1.48 million in total stockholders' equity. Stevenson & Company CPAS LLC, in Tampa, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Feb. 29, 2016, citing that the Company has recurring losses resulting in an accumulated deficit and is in default on several notes payable. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ARMONK SNACK: Taps Stenger Roberts as Special Counsel ----------------------------------------------------- Armonk Snack Mart, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Stenger, Roberts, Davis & Diamond LLP as its special counsel. The firm will represent the Debtor in three intertwined lawsuits involving the Debtor's landlord Robert Porpora Realty Corp. and supplier Gasland Petroleum Inc. The hourly rate for the firm's associates ranges from $250 to $350 while the billing rate for its partners is $375 per hour. Stenger does not represent any interest adverse to the Debtor or its estate, according to court filings. The firm can be reached through: Kenneth Stenger, Esq. Stenger, Roberts, Davis & Diamond LLP 1136 Route 9 Wappingers Falls, NY 12590 Phone: (845) 298-2000 The Debtor can be reached through its lead counsel: Anne J. Penachio, Esq. Penachio Malara LLP 235 Main Street, Sixth Floor White Plains, NY 10601 Tel: (914) 946-2889 Fax: (914) 946-2882 Email: apenachio@pmlawllp.com About Armonk Snack Mart Armonk Snack Mart, Inc. owns and manages a gasoline service station and convenience store located at 360 Main Street, Armonk, New York. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 15-22375) on March 24, 2015. The Debtor did not disclose its assets and liabilities at the time of its filing. ASDRUBAL MARTINEZ: Plan Outline Hearing on September 14 ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida is set to hold a hearing on September 14, at 2:00 p.m., to consider the disclosure statement detailing the Chapter 11 plan of Asdrubal Martinez. The hearing will take place at the 4th Floor Courtroom A, 300 North Hogan Street, Jacksonville, Florida. The Debtor can be reached through its counsel: Thomas C. Adam, Esq. Adam Law Group, P.A. 301 W. Bay Street, Suite 1430 Jacksonville, FL 32202 Email: tadam@adamlawgroup.com About Asdrubal Martinez Asdrubal Martinez sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 16-02294) on June 19, 2016. The case is assigned to Judge Paul M. Glenn. ATLAS ENERGY: Moody's Appends LD Designation to Ca-PD PDR --------------------------------------------------------- Moody's Investors Service appended a limited default (LD) designation to Atlas Energy Holdings Operating Company, LLC's (Atlas) Ca-PD probability of default rating (PDR), changing the Probability of Default rating to Ca-PD/LD from Ca-PD. This action follows the company's announcement it did not make the first of its borrowing base deficiency cure payments on its revolving credit facility that was due July 11, 2016. Atlas's other ratings are unchanged and the outlook remains negative. "Moody's appended a limited default designation to Atlas's PDR because the missed cure payment is deemed an event of default," said John Thieroff, Moody's Vice President-Senior Analyst. The "LD" designation will be removed from the PDR within a few days. RATINGS RATIONALE On July 12, Atlas announced that it had entered into an agreement with lenders representing approximately 81% of the outstanding indebtedness under the revolving credit agreement to forbear their rights arising from the non-payment of the borrowing base deficiency cure until July 27, 2016, barring an additional event of default or the exercise of rights or remedies pertaining to the default by holders of the company's unsecured notes or its second lien term loan holders. At the same time, the company announced that holders of approximately 78% of its 7.75% unsecured notes and approximately 82% of its 9.25% unsecured notes agreed to forbear their rights arising from the cross-default that arose from the missed deficiency cure payment, also until July 27, 2016. Atlas said that holders of a majority of the second lien term loan holders are supportive of the forbearance. Moody's treats the missed interest payment on the senior notes beyond the 30-day grace period as a default, even if creditors agree to forbear their rights. Atlas's Ca Corporate Family Rating (CFR) reflects its unsustainably high leverage, weak liquidity, limited scale upstream operations, natural gas-weighted production and reserves, and its MLP structure which historically has driven high distributions and frequent acquisitions. Although distributions to common unitholders were suspended entirely in May 2016 after a series of previous cuts and distributions on preferred units ceased in June 2016, the company's asset base and MLP structure will require acquisitions for production replacement. A very weak equity unit price, due in part to the lack of a distribution, and high leverage will likely hinder Atlas's near-term ability to make acquisitions, which will become increasingly necessary to stem recent production declines that are likely to continue into 2017. Atlas's credit profile draws support from a meaningful level of commodity price hedging through 2018, Atlas's low decline mature wells, high proportion of proved developed reserves (82% as of December 31, 2015), although these benefits are greatly diminished in light of the company's current financial distress. Moody's said, "The SGL-4 Speculative Grade Liquidity Rating reflects our expectation of weak liquidity through mid-2017. Following its borrowing base redetermination in June, Atlas has no availability under its revolving credit facility and is overdrawn by $143.7 million. Including the forborne deficiency payment, Atlas has $101 million of deficiency cure (the July and August payments) and interest payments due by August 15, 2016. As of July 11, 2016, the company had $32 million of cash on its balance sheet. Atlas has a significant source of alternate liquidity in its commodity price hedges, which had a market value of about $280 million at May 16, 2016; however, liquidating hedges would expose more of the company's production to much lower commodity prices and could further pressure its borrowing base. The credit facility was amended on May 10, 2016, providing Atlas a waiver of first quarter 2016 financial covenant compliance on the current ratio requirement of 1.0x and first lien debt/EBITDA coverage of 2.75x. The waiver did not extend beyond the quarter ended March 31, 2016; we project Atlas will be unable to comply with financial covenants in any of the remaining quarters of 2016. Atlas's revolving credit facility matures in July 2018." The negative outlook reflects the steep near-term liquidity challenges Atlas faces and the likelihood that the company will need to undertake a restructuring of its balance sheet on deeply distressed terms. Ratings could be downgraded if the company files for bankruptcy. Although unlikely, ratings could be upgraded if liquidity stabilizes and the risk of restructuring abates. Atlas Energy Holdings Operating Company, LLC (Atlas Energy) is a wholly-owned subsidiary of Atlas Resource Partners, L.P. (ARP). ARP is a publicly traded exploration and production (E&P) master limited partnership (MLP) headquartered in Pittsburgh, Pennsylvania. Atlas Energy, L.P. owns and controls ARP's general partner (Atlas Resource Partners GP, LLC), its incentive distribution rights and has a 25% limited partner interest and a 2% general partner interest in ARP. AUTHENTIDATE HOLDING: Shares Issuance to Former AEON Members Okayed ------------------------------------------------------------------- Authentidate Holding Corp. held a special meeting of stockholders on July 11, 2016, at which the stockholders: (1) approved the issuance of shares of Common Stock in connection with earn-out payments that may become payable in the future to former members of AEON. 2. approved an amendment to the Company's certificate of incorporation, as amended, to change its name to "Aeon Global Health Corp."; and 3. approved an amendment to the 2011 Plan to increase the number of shares of the Company's Common Stock authorized for issuance thereunder by 1,000,000 shares. As previously reported, on Jan. 27, 2016, Peachstate Health Management LLC, d/b/a AEON Clinical Laboratories was merged into a newly formed acquisition subsidiary of Authentidate Holding Corp. pursuant to a definitive Amended and Restated Agreement and Plan of Merger, dated as of Jan. 26, 2016. Pursuant to the terms of the Merger Agreement, among other thing, within three days after the date that the Company obtains approval of its stockholders for the issuance of additional shares of Common Stock, par value $0.001 per share, of the Company in excess of 19.9%, the Company will issue to the former AEON members additional shares of Common Stock representing an additional 5.0% of the issued and outstanding shares of the Common Stock (rounded to the nearest whole share) as of the close of business on the business day immediately prior to the closing date of the Merger. As a result of the approval, the Company issued to the former members of AEON an aggregate of 240,711 shares of Common Stock. The Common Stock issued by the Company was issued in a private placement exempt from registration under Section 4(a)(2) of the Act, because the offer and sale of such securities does not involve a "public offering" as defined in Section 4(a)(2) of the Securities Act, and other applicable requirements were met. About Authentidate Authentidate Holding Corp. and its subsidiaries provide secure web-based revenue cycle management applications and telehealth products and services that enable healthcare organizations to increase revenues, improve productivity, reduce costs, coordinate care for patients and enhance related administrative and clinical workflows and compliance with regulatory requirements. The Company's web-based services are delivered as Software as a Service (SaaS) to its customers interfacing seamlessly with billing, information and document management systems. These solutions incorporate multiple features and security technologies such as business-rules based electronic forms, intelligent routing, transaction management, electronic signatures, identity credentialing, content authentication, automated audit trails and remote patient management capabilities. Both web and fax-based communications are integrated into automated, secure and trusted workflow solutions. Authentidate reported a net loss of $9.7 million on $3.68 million of total revenues for the year ended June 30, 2015, compared to a net loss of $7.14 million on $5.55 million of total revenues for the year ended June 30, 2014. As of Dec. 31, 2015, Authentidate had $3.41 million in total assets, $9.55 million in total liabilities and a $6.14 million total shareholders' deficit. EisnerAmper 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's recurring losses from operations and negative cash flows from operations raise substantial doubt about its ability to continue as a going concern. BAILEY HILL: Hires Silverstein as Real Estate Appraiser ------------------------------------------------------- Bailey Hill Management, LLC seeks authorization from the U.S. Bankruptcy Court for the District of Connecticut to employ Paul Silverstein Appraisal Services, LLC as Real Estate Appraiser. The Debtor's principal asset is real estate located at 963 Bailey Hill Road, East Killingly, CT and 291 Slater Hill Road, East Killingly, CT. The Debtor contemplates that Silverstein Appraisal Services will render an appraisal of the Properties including dwellings, which will be a determination of an opinion of market value, as of the date of the appraisal inspection, taking into consideration costs to restore the wetlands, pursuant to the orders of the town of East Killingly. Silverstein Appraisal Services will also provide, if need be, one day of court testimony. Silverstein Appraisal Services will charge the Debtor a retention fee of $10,000 for its appraisal services and, if need be, one day of court testimony. The retention fee will be paid upon approval of the firm's employment, which fee shall remain property of the Debtor and held for the benefit of all administrative creditors until the Court approves the use of the funds to pay the approved retention fee. Robert Silverstein, owner of Silverstein Appraisal Services, LLC, 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 Debtor and its estate. Silverstein Appraisal Services, LLC may be reached at: Robert Silverstein Silverstein Appraisal Services, LLC 322 State Street New London, CT 06320 Tel: (860)443-8405x124 Fax: (860)442-9306 About Bailey Hill Management, LLC Bailey Hill Management, LLC filed a Chapter 11 bankruptcy petition (Bankr. D. Conn. Case No. 16-20005) on January 4, 2016. Hon. Ann M. Nevins presides over the case. Groob Ressler & Mulqueen, P.C. represents the Debtor as counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Edward R. Eramian, managing member of the Debtor. BHAVIKA'S PROPERTIES: Cash Collateral Use Through Dec. 31 OK ------------------------------------------------------------ Judge Frederick E. Clement of the U.S. Bankruptcy Court for the Eastern District of California authorized Bhavika's Properties, LLC to use cash collateral on a final basis, through December 31, 2016. CNA Properties, LLC and the Small Business Administration were granted replacement liens on post-petition cash and accounts receivables and their proceeds to the same extent, validity and priority of each creditor's lien pre-petition. Judge Clement authorized the Debtor to continue making monthly adequate protection payments to CNA in the amount of $9,641.66. The approved Budget covers the months from July up to December and provides for total direct expenses in the amount of $41,486, total hotel operating expenses in the amount of $103,515, and total property expenses in the amount of $87,813. A full-text copy of the Order, dated July 12, 2016, is available at https://is.gd/tOGpOA Bhavika's Properties, LLC is represented by: Daniel J. Weintraub, Esq. James R. Selth, Esq. Elaine V. Nguyen, Esq. WEINTRAUB & SELTH, APC 11766 Wilshire Boulevard, Suite 1170 Los Angeles, CA 90025 Telephone: (310)207-1494 Facsimile: (310)442-0660 Email: Elaine@wsrlaw.net The Chapter 11 case is In re Bhavika's Properties, LLC (Bankr. E.D. Cal. Case No. 13-17136). BMB MUNAI: WSRP Expresses Going Concern Doubt --------------------------------------------- BMB Munai, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $491,999 on $0 of revenues for the year ended March 31, 2016, compared to a net loss of $138,634 on $0 of revenues for the period from Aug. 25, 2014, to March 31, 2016. As of March 31, 2016, BMB Munai had $8.68 million in total assets, $8.58 million in total liabilities and $105,155 in total stockholders' equity. "We do not currently generate revenue and ... will be unable to generate revenue from our proposed business activities until such time as we obtain required licenses and memberships and establish a clearing relationship and/or we are successful in closing the acquisitions of one or more of the Freedom Companies. Whether or when we will satisfy these conditions, or close the acquisitions, is beyond our control. If our existing cash assets are insufficient to satisfy our expenses while we assess whether to proceed with the registration process, and/or complete closing the acquisitions, we will need to seek additional funding. We currently have no commitment for additional funding, and there is no guarantee additional funding will be available, or if it is, that such funding will be available to us on acceptable terms," the Company said in the report. WSRP, LLC, in Salt Lake City, Utah, issued a "going concern" qualification on the consolidated financial statements for the year ended March 31, 2016, citing that the ability of the Company to continue as a going concern is dependent upon, among other things, its ability to generate revenues. Uncertainty as to the outcome of these factors raises substantial doubt about the Company's ability to continue as a going concern, it said. A full-text copy of the Form 10-K is available for free at: https://is.gd/VS9mAE About BMB Munai BMB Munai, Inc., is engaged in oil and natural gas exploration and production through Emir Oil LLP, which was sold to a third party entity in 2011. The Company has been focused on satisfying its post-closing undertakings in connection with the sale of Emir Oil, winding down its operations in Kazakhstan and exploring oil and gas opportunities. BONANZA CREEK: Hires Perella Weinberg as Restructuring Advisors --------------------------------------------------------------- Bonanza Creek Energy, Inc., has retained Perella Weinberg Partners to advise the Company and assist in analyzing and evaluating financial and transactional alternatives, including restructuring options. Davis Polk & Wardwell LLP will continue to provide ongoing corporate and finance representation, including in connection with the above activities, as disclosed in a regulatory filing with the Securities and Exchange Commission. About Bonanza Creek Bonanza Creek is an independent energy company engaged in the acquisition, exploration, development and production of onshore oil and associated liquids-rich natural gas in the United States. Bonanza Creek Energy, Inc. was incorporated in Delaware on Dec. 2, 2010, and went public in December 2011. Bonanza Creek reported a net loss of $745.54 million on $292.67 million of oil and gas sales for the year ended Dec. 31, 2015, compared to net income of $20.28 million on $558.63 million of oil and gas sales for the year ended Dec. 31, 2014. As of March 31, 2016, Bonanza had $1.42 billion in total assets, $1.25 billion in total liabilities and $165 million in total stockholders' equity. * * * As reported by the TCR on March 15, 2016, Standard & Poor's Ratings Services lowered its corporate credit rating on U.S.-based oil and gas exploration and production company Bonanza Creek Energy Inc. to 'CCC' from 'B-'. The outlook is negative. Bonanza Creek carries a B2 corporate family rating from Moody's Investors Service. BUCKSKIN REALTY: Bid for Leave to Appeal Greenberg Order Denied --------------------------------------------------------------- Judge Jack B. Weinstein of the United States District Court for the Eastern District of New York denied the motion filed by Buckskin Realty, Inc., for leave to appeal an order that denied entry of a default judgment against Mark D. Greenberg and his firm, Greenberg & Greenberg. The interlocutory order sought to be appealed was from an adversary proceeding pending in the United States Bankruptcy Court for the Eastern District of New York. The proceeding is a legal malpractice case brought by Buckskin, a New York real estate company, against Greenberg, its former counsel. In denying Buckskin's motion for leave, Judge Weinstein held that Buckskin failed to show that the underlying order involves a controlling question of law as to which there is a substantial ground for difference of opinion, and that immediate appeal from the order may materially advance the ultimate termination of the litigation. The case is BUCKSKIN REALTY INC., Plaintiff, v. MARK D. GREENBERG, an individual, and GREENBERG AND GREENBERG, a partnership, Defendants, No. 16-MC-1237 (E.D.N.Y.). A full-text copy of Judge Weinstein's June 29, 2016 memorandum and order is available at https://is.gd/KHLviv from Leagle.com. Buckskin Realty Inc. is represented by: Frederick Cains, Esq. 430 E 86th St. New York, NY 10028-6441 Tel: (212)249-3031 Mark D. Greenberg is represented by: Benjamin Michael Oxenburg, Esq. Izabell Lemkhen, Esq. FURMAN KOMFELD & BRENNAN LLP 61 Broadway, 26th Floor New York, NY 10006 Tel: (212)867-4100 Fax: (212)867-4118 Email: boxenburg@fkblaw.com ilemkhen@fkblaw.com C & G COIN LAUNDRY'S: Hires Joel M. Aresty as Attorney ------------------------------------------------------ C & G Coin Laundry's Inc., seeks permission from the U.S. Bankruptcy Court for the Southern District of Florida to employ the law firm of Joel M. Aresty, P.A. as attorney for Debtor in Possession. The Debtor requires Joel M. Aresty to: a. give advice to the debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; b. advise the debtor with respect to its responsibilities in complying with the US Trustee's Operating Guidelines and Reporting Requirements and with he rules of the court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of these case; d. protect the interest of the debtor in all matters pending before the court; e. represent the debtor in negotiation with its creditors in the preparation of a plan. Joel M. Aresty, Esq., at employed by the law firm of Joel M. Aresty, P.A., 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. Joel M. Aresty, P.A. may be reached at: Joel M. Aresty, Esq. Joel M. Aresty, P.A. 309, 1st Ave S Tierra Verde, FL 33715 Phone: 305-904-1903 Fax: 877-350-9402 E-mail: aresty@mac.com About C & G Coin Laundry's Inc. C & G Coin Laundry's Inc. filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 16-18651) on March 23, 2016. Joel M. Aresty, Esq. at Joel M. Aresty, P.A. as bankruptcy counsel. CAL DIVE INTERNATIONAL: Hires Lewis Kullman as Oil Spill Counsel ---------------------------------------------------------------- Cal Dive International, Inc., and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware to retain Lewis, Kullman, Sterbcow & Abramson as attorneys for the Debtors. Lewis Kullman was engaged by the Debtors in its economic loss claim litigation against BP, PLC and related BP entities arising out of the April 20, 2010 explosion and sinking of the Deepwater Horizon drilling rig and subsequent discharge of oil from BP's Macondo well in May 2012 to provide legal representation to the Debtors. For the ensuing four years, Lewis Kullman represented the Debtors in MDL 2179 until a settlement of Debtors' claims against BP was reached on May 3, 2016. (MDL 2179 - In re: Oil Spill by the Oil Rig Deepwater Horizon in the Gulf of Mexico on April 20, 2010). The Debtors seek approval of the employment of Lewis Kullman as their attorneys in MDL 2179 pursuant to Bankruptcy Code sections 327(a) and 328(a). The Debtors propose to pay Lewis Kullman its contingency fee in the amount $706,140.60 and reimbursement of expenses in the amount of $18,798.51. Lewis Kullman will not be required to file a separate fee applications for the allowance of these fees and expenses. Paul M. Sterbcow, managing partner of the firm of Lewis, Kullman, Sterbcow & Abramson, 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. Lewis Kullman can be reached at: Paul M. Sterbcow, Esq. Lewis, Kullman, Sterbcow & Abramson 601 Poydras Street, Suite 2615 New Orleans, LA 70130 Tel: (504)558-1500 Fax: (504)588-1514 E-mail: sterbcow@lksalaw.com About Cal Dive Houston, Texas-based marine contractor Cal Dive International, Inc., provides manned diving, pipelay and pipe burial, platform installation and salvage, and light well intervention services to the offshore oil and natural gas industry on the Gulf of Mexico OCS, Northeastern U.S., Latin America, Southeast Asia, China, Australia, West Africa, the Middle East, and Europe. Cal Dive and its U.S. subsidiaries filed simultaneous voluntary petitions (Bankr. D. Del. Lead Case No. 15-10458) on March 3, 2015. Through the Chapter 11 process, the Company intends to sell non-core assets and intends to reorganize or sell as a going concern its core subsea contracting business. Cal Dive disclosed total assets of $571 million and total debt of $411 million as of Sept. 30, 2015. The Debtors tapped Richards, Layton & Finger, P.A., as counsel, O'Melveny & Myers LLP, as co-counsel; Jones Walker Jones Walker LLP as corporate counsel; and Kurtzman Carson Consultants, LLC, as claims and noticing agent. The Debtors also tapped Carl Marks Advisory Group LLC as crisis managers and appoint F. Duffield Meyercord as chief restructuring officer. The U.S. Trustee for Region 3 amended the committee of unsecured creditors in the case from five-member committee to four members. The Committee retained Akin Gump Strauss Hauer & Feld LLP and Pepper Hamilton LLP as co-counsel; and Guggenheim Securities, LLC as exclusive investment banker. Cal Dive Offshore Contractors, Inc., disclosed total assets of $233,273,806 and $311,339,932 in liabilities as of the Chapter 11 filing. CAROUSEL OF LANGUAGES: Court Sets Aug. 22, 2016 Claims Bar Date --------------------------------------------------------------- Judge Martin Glenn on July 13, 2016, entered an order fixing a bar date for filings proofs of claim in the Chapter 11 case of Carousel of Languages LLC. All persons and entities, (including, without limitation, individuals, partnerships, corporations, joint ventures, trusts and governmental units) that assert a claim, as defined in Section 101(5) of the Bankruptcy Code, against the Debtor which arose on or prior to the filing of the Chapter 11 petition on Oct. 22, 2015 are required to file a proof of such claim in writing or electronically on the Court's Web site at http://www.nysb.uscourts.gov/so that it is received on or before Aug. 22, 2016. Any person or entity whose claim is listed on the Schedules filed by the Debtor, provided that (i) the claim is not scheduled as "disputed", "contingent" or "unliquidated"; and (ii) the claimant does not disagree with the amount, nature and priority of the claim as set forth in the Schedules need not file a proof of claim. Carousel of Languages LLC filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 15-12851) on Oct. 22, 2015, estimating less than $500,000 in assets and debt. CHAMPION INDUSTRIES: Issues 2,500 Series A Preferred Stock ---------------------------------------------------------- Champion Industries, Inc.'s shareholders voted to approve an amendment to the Company's Articles of Incorporation to allow for the issuance of Preferred Stock. On July 8, 2016 the Company issued 2,500 shares of Preferred Series A stock at $1,000 per share par value in return for the cancellation of $2.5 million related party debt and conversion into such Series A shares. The Preferred Stock will pay a 6.00% or 0.00% annual dividend contingent on the Company's income after income taxes. If the Company's income after income taxes is $1.0 million or greater, the dividend rate is 6.00%; if the Company's income after income taxes is less than $1.0 million, the dividend rate is 0.00%. This conversion will reduce the Company's current liabilities by $2.5 million and increase its equity by $2.5 million. In addition, this conversion will reduce the Company's annual interest expense by $0.1 million; however, contingent on the after income tax income, this conversion could trigger the payment of an annual Preferred Stock dividend of $0.2 million or zero. If the $1.0 million after income tax income target is achieved, the Company's annual cash outflow would increase $0.1 million, or decrease $0.1 million if the $1.0 million after income tax income target is not achieved. About Champion Industries Champion Industries, Inc., is engaged in the commercial printing and office products and furniture supply business in regional markets east of the Mississippi River. The Company also publishes The Herald-Dispatch daily newspaper in Huntington, West Virginia with a total daily and Sunday circulation of approximately 23,000 and 28,000. Champion Industries reported a net loss of $1.19 million on $61.28 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $1.13 million on $63.5 million of total revenues for the year ended Oct. 31, 2014. As of April 30, 2016, the Company had $23.6 million in total assets, $21.95 million in total liabilities and $1.66 million in total shareholders' equity. CHARLES WALKER: Court Grants Creditors' Bid for Trustee ------------------------------------------------------- Judge Randal S. Mashburn on July 13, 2016, entered an order directing the U.S. Trustee to appoint a Chapter 11 trustee in the bankruptcy case of Charles E. Walker. The matter came before the Court for hearing on July 12, 2016, upon a motion filed pursuant to 11 U.S.C. Sec. 1104 by Family Trust Services, Billy Gregory, Steve Reigle, Regal Homes Co., and John Sherrod seeking appointment of a trustee in the Chapter 11 case. The hearing in this matter was consolidated by agreement of the parties with the hearing in another related case solely for the purpose of considering evidence on similar motions for appointment of a trustee. Therefore, all evidence that was admitted at the hearing constitutes evidence in both Case No. 16-03304 and Case No. 16-03349. The Court heard the testimony of witnesses, reviewed numerous documents admitted into evidence, and considered arguments of counsel for the parties. Based upon the reasons announced orally from the bench, the Court finds that sufficient grounds exist for appointment of a trustee pursuant to 11 U.S.C. Sec. 1104. The case is in re Charles E. Walker (Bankr. M.D. Tenn. Case No. 16-03304). The related case is in re REO Holdings, LLC (Bankr. M.D. Tenn. Case No. 16-03349). CJ HOLDING: Moody's Cuts Corporate Family Rating to Ca ------------------------------------------------------ Moody's Investors Service downgraded CJ Holding Co.'s (CJHC) Corporate Family Rating (CFR) to Ca from Caa3, Probability of Default Rating (PDR) to Ca-PD from Caa3-PD, and senior secured credit facilities to Ca from Caa3. The SGL-4 Speculative Grade Liquidity Rating was affirmed. The rating outlook remains negative. The downgrade was prompted by CJHC's announcement on July 8, 2016 that it has entered into a restructuring support agreement (RSA) with certain of its lenders representing more than 50% of its outstanding secured debt. The company is contemplating filing under Chapter 11 of the US Bankruptcy code on or before July 17, 2016. Under the RSA, CJHC is planning to convert all of its secured debt into equity and extinguish all of the existing balance sheet debt. Issuer: CJ Holding Co. -- Corporate Family Rating, Downgraded to Ca from Caa3 -- Probability of Default Rating, Downgraded to Ca-PD from Caa3- PD -- Senior Secured Term Loan due 2020, Downgraded to Ca (LGD3) from Caa3 (LGD3) -- Senior Secured Term Loan due 2022, Downgraded to Ca (LGD3) from Caa3 (LGD3) -- Senior Secured Revolver due 2020, Downgraded to Ca (LGD3) from Caa3 (LGD3) Ratings Affirmed: -- Speculative Grade Liquidity Rating, Affirmed SGL-4 Outlook Actions: -- Maintain Negative Outlook RATINGS RATIONALE Moody’s said, "CJHC's Ca CFR reflects its unsustainable capital structure, very high debt burden relative to its cash flow prospects, weak liquidity and the extremely challenging industry conditions that we expect to last through 2017. The Ca-PD PDR reflects the high probability of a formal bankruptcy filing in the very near future. The Ca rating also considers CJHC's scale in North America as one of the larger completion and production service providers; diversified service offerings, geographic footprint and customer base; and its track record as an efficient operator." CJHC has weak liquidity, which is captured in the SGL-4 rating. The company has generated nominal EBITDA since mid-2015 and will not produce sufficient cash flow through 2017 to cover interest expense and maintenance capital expenditures. At March 31, 2016, the company had $144 million of cash and no availability under its $300 million revolver, which expires in March 2020. The company also breached the minimum EBITDA covenant in its credit agreement at the end of first quarter and had obtained a limited waiver through May 31, 2016. CJHC has limited ability to sell assets without impairment to value, and its assets are mostly encumbered. The company's term loans and the revolver are rated at the CFR level based on a single class of debt in the capital structure, under Moody's Loss Given Default Methodology. The revolver and the term loans have a first-lien secured claim to substantially all of CJHC's assets and these credit facilities rank pari passu. The negative outlook reflects the high likelihood of a near term bankruptcy. The PDR would be lowered to D once the company formally files for bankruptcy. An upgrade is unlikely barring a dramatic reduction in debt. CJHC is a wholly-owned subsidiary of C&J Energy Services, Ltd. which is a Bermuda incorporated and Houston, Texas-based diversified oilfield service company providing completion and production services to upstream oil and gas companies in North America. CLARK-CUTLER-MCDERMOTT: Cash Collateral Use on Interim Basis OK --------------------------------------------------------------- Judge Christopher J. Panos of the U.S. Bankruptcy Court for the District of Massachusetts authorized Clark-Culter-McDermott Company and its affiliated Debtors, to use cash collateral on an interim basis. The Debtors asserted that they required the use of the cash collateral in order to avoid immediate and irreparable harm and to preserve the value of their business and assets. Wells Fargo Bank, NA, asserts a first priority lien against the Debtors' assets and their cash proceeds. General Motors LLC asserts a second priority lien against the Debtors' assets and the Cash Collateral. Judge Panos granted Wells Fargo senior adequate protection liens and General Motors junior adequate protection liens, in all property of the kind presently securing the Debtors' prepetition obligations to them. He directed the Debtors to pay Wells Fargo monthly payments of $66,276 as further adequate protection. The approved Budget, which covers the month of July, provides for total disbursements of $207,879.06 for the week ending July 8, 2016; $367,209.72 for the week ending July 15, 2016, $120,000; for the week ending July 22, 2016; and $85,000 for the week ending July 29, 2016. Final hearing on the Debtors' Motion is scheduled on August 2, 2016 at 10:00 a.m. A full-text copy of the Order, dated July 13, 2016, is available at https://is.gd/NdS5eo About Clark-Cutler-Mcdermott Company Automobile parts manufacturer Clark-Cutler-McDermott Company and its subsidiary CCM Automotive Lafayette LLC filed chapter 11 petitions (Bankr. D. Mass. Lead Case No. 16-41188) on July 7, 2016. The cases are pending joint administration before Hon. Christopher J. Panos. The petitions were signed by James T. McDermott, CEO. The Debtors are represented by Charles A. Dale, III, Esq., David Mawhinney, Esq., and Mackenzie Shea, Esq., at K&L Gates LLP. The Debtors each estimated assets of $10 million to $50 million and debts of $10 million to $50 million at the time of the chapter 11 filings. CLEAR CREEK RETIREMENT: Wants Oct. 10 as Plan Filing Deadline ------------------------------------------------------------- Clear Creek Retirement Plan II, LLC, asks the U.S. Bankruptcy Court for the Western District of Washington to extend by 120 days the exclusive periods for the Debtor to file Chapter 11 plan and to solicit acceptances of the Plan, through and including Oct. 10, 2016, and Dec. 9, 2016, respectively. Unless extended, the Debtor's Plan Period and Solicitation Period expired on June 12, 2016, and will expire on Aug. 11, 2016, respectively. The Debtor says that an extension of the Exclusive Periods will facilitate movement towards a fair and equitable resolution of this case. The Debtor will be withdrawing its first Disclosure Statement and Plan because the proposed plan may present confirmation obstacles like feasibility and compliance with the absolute priority rule. The estate has many secured creditors and negotiating treatment of their claims while meeting their myriad expectations under the currently filed plan has taken considerable time and effort. Now that these discussions appear ready to bear fruit, the Exclusive Periods have almost expired. An order extending the Exclusive Periods would allow the Debtor to finalize proposed asset purchase and liquidation agreements. On July 12, 2016, the Debtor has received an initial expression of interest from a third-party that would purchase the Debtor's real property assets and assume those obligations secured by the properties. The balance of the Debtor's assets would be conveyed to a Liquidating Trust and administered by an independent third-party fiduciary. Any plan proposed now by a non-debtor would jeopardize the momentum the Debtor and its secured lenders have recently made towards a clearly confirmable Chapter 11 liquidating plan. A hearing on the Debtor's request is set for Aug. 2, 2016, at 9:00 a.m. Responses to the request must be filed by July 26, 2016. The Debtor's bankruptcy counsel can be reached at: CAIRNCROSS & HEMPELMANN, P.S. John R. Rizzardi, Esq. Christopher L. Young, Esq. Ben A. Ellison, Esq. 524 Second Avenue, Suite 500 Seattle, WA 98104-2323 Tel: (206) 587-0700 Fax: (206) 587-2308 E-mail: jrizzardi@cairncross.com cyoung@cairncross.com bellison@cairncross.com About Clear Creek Clear Creek Retirement Plan II LLC sought protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Western District of Washington (Tacoma) (Bankr. W.D. Wash., Case No. 16-40547) on February 12, 2016. The petition was signed by Rusty D. Fields, manager. The Debtor is represented by John R. Rizzardi, Esq., at Cairncross & Hempelmann, P.S. The case is assigned to Judge Brian D. Lynch. The Debtor disclosed total assets of $9.88 million and total debts of $8.56 million. COMMERCIAL FLOOR CARE: Bankruptcy Administrator Wants Bar Date -------------------------------------------------------------- The Bankruptcy Administrator for the Northern District of Alabama, pursuant to Rule 3003 of the Federal Rules of Bankruptcy Procedure, moves the Bankruptcy Court for an order setting a bar date for filing proofs of claim and equity security interests in the Chapter 11 case of Commercial Floor Care, LLC. In his July 13, 2016 motion, the Bankruptcy Administrator said that a bar date for filing proofs of claim and equity security interests is necessary to allow the Debtor to proceed with the administration of their bankruptcy cases and to pursue confirmation and consummation of a plan. The Bankruptcy Administrator can be reached at: J. THOMAS CORBETT Bankruptcy Administrator For the Northern District of Alabama Robert S. Vance Federal Building 1800 Fifth Avenue, North Birmingham, Alabama 35203 Tel: (205)714-3830 Commercial Floor Care, LLC, filed a Chapter 11 petition (Bankr. N.D. Ala. Case No. 16-02266) on June 6, 2016, estimating less than $500,000 in assets and $500,000 to $1 million in debt. Steven D Altmann, Esq., at Najjar Denaburg, P.C., serves as counsel to the Debtor. COMPCARE MEDICAL: Proposes Oct. 31, 2016 as Claims Bar Date ----------------------------------------------------------- CompCare Medical Inc. filed a motion asking the U.S. Bankruptcy Court for the Central District of California to fix Oct. 31, 2016, as the bar date for filing proofs of claim. The proofs of claim must be filed with the Court Clerk at 3420 Twelfth Street, Riverside, CA 92501. Exceptions to the Bar Date include: * For claims arising from rejection of any contract, the last day to file a proof of claim is the later of (a) the Bar Date or (b) 30 days after entry of an order authorizing the rejection. * For claims of governmental units, the last day to file a claim is the Dec. 24, 2016. * For claims arising from the avoidance of a transfer under Chapter 5 of the Bankruptcy Code, the last day to file a proof of claim is the later of (a) the Bar Date or (b) 30 days after the entry of the judgment avoiding the transfer. Any person or entity whose claim is listed on the Debtor's official bankruptcy schedules of assets and liabilities, , provided that (i) the claim is not scheduled as "disputed", "contingent" or "unliquidated"; and (ii) the claimant does not disagree with the amount, nature and priority of the claim as set forth in the Schedules need not file a proof of claim. About CompCare Medical CompCare Medical Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 16-15707) on June 27, 2016. The Debtor hired The Turoci Firm as its legal counsel. CONSOLIDATED ENERGY: Proposes Public Auction for Biodiesel Assets ----------------------------------------------------------------- Consolidated Energy Holdings, LLC, et al., on July 13, 2016, filed a motion to conduct a public auction for their biodiesel assets. The Debtors previously sold a portion of the estate's immovable property and certain related property located at Vanguard's Pollock, LA biodiesel refinery to UAB Investimus Foris, a Lithuanian limited liability company via the Court's Order dated Nov. 23, 2015. As the current purchaser of the Vanguard Property plans to re-purpose the property as an ammonia plant, the biodiesel-related movable property located at the plant were excluded from the sale. The Debtors were initially required to remove the Biodiesel Assets from the Vanguard Property on or before July 18, 2016, which removal deadline was later extended by UAB to August 18, 2016. The Debtors and UAB are currently discussing an additional deadline extension. On July 8, 2016 the Debtors filed an Ex Parte Application to Employ Henderson Auction A Division of J.A.H. Enterprises, Inc. under Section 327(a) to act as the auctioneer for the sale. The Court entered an order approving said application on July 11, 2016. The Debtors seek authority for the actual sale by Henderson of the Biodiesel Assets via public auction, free and clear of liens and encumbrances, with liens and encumbrances attaching to proceeds. Henderson agrees to sell the Biodiesel Assets at public auction, for which Henderson will receive an auctioneer's commission of 10% on the gross amount for which the Biodiesel Assets are sold, exclusive of sales tax and buyer's premium. Henderson will also have the right to charge a 10% buyer's premium from all buyers. In addition, the Debtors seek an order approving the following: (a) that the Biodiesel Assets will be offered in "as is" condition, without warranty as to property condition, fitness or title, and that (b) the buyer will be responsible for removing the Biodiesel Assets from the Pollock Property no later than Aug. 18, 2016, or such other deadline as may be agreed to between Debtor and UAB. Counsel to the Consolidated Debtors: STEWART ROBBINS & BROWN LLC Paul Douglas Stewart, Jr. William S. Robbins 620 Florida Street; Ste. 100 Baton Rouge, LA 70801 Tel: (225) 231-9998 Fax: (225) 709-9467 E-mail: dstewart@stewartrobbins.com wrobbins@stewartrobbins.com About Consolidated Energy Consolidated Energy Holdings, LLC, and its affiliates commenced voluntary Chapter 11 cases (Bankr. W.D. La. Lead Case No. 15-80199) on Feb. 23, 2015. William S. Robbins, Esq., at Stewart, Robbins & Brown, LLC, serves as counsel to the Debtors. CONSTELLATION ENT.: Creditors' Panel Hires Squire as Counsel ------------------------------------------------------------ The Official Committee of Unsecured Creditors of Constellation Enterprises LLC, et al., seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to retain Squire Patton Boggs (US) LLP as counsel for the Committee, nunc pro tunc to may 25, 2016. The Committee requires Squire to: a. provide legal advice as necessary with respect to the Committee's powers and duties as an official committee appointed under section 1102 of the Bankruptcy Code; b. advise the Committee in connection with the Debtor's use of cash collateral of any proposed DIP financing; c. analyze the Debtors' assets, financing transactions, the amount extent and priority of any liens on or encumbrances against the Debtors' assets; d. assist the Committee in negotiating favorable terms for unsecured creditors with respect to any proposed asset purchase agreements for the sale of any of the Debtors' assets; e. provide legal advice necessary with respect to any disclosure statement or plan filed in the Chapter 11 Cases, and with respect to the process for approving or disapproving any such disclosure statement or confirming (or denying confirmation of) any such plan, as appropriate; f. prepare on behalf of the Committee, as necessary, applications, motions, complaints, answers, orders, agreements, memoranda of law, and other legal papers; g. appear in Court to present necessary motions, applications, and pleadings, and to otherwise protect the interests of those unsecured creditors who are represented by the Committee; h. review the Debtors' schedules and statements; i. advise the Committee as to the implications of the Debtors' activities and motions before this court; j. provide the Committee with legal advice in relation to the Chapter 11 Case generally; and k. perform other legal services as may be required and that are in the best interests of the Committee, the estates, and creditors. Squire will be paid at these hourly rates: Norman N. Kinel $920 Karol K. Denniston $855 Nava Hazan $790 Peter Morrison $420 Kate Thomas $240 Squire will also be reimbursed for reasonable out-of-pocket expenses incurred. Norman N. Kinel, partner of the law firm of Squire Patton Boggs (US) LLP, 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. The following is provided in response to the request for additional information set forth in D1 of the U.S. Trustee's Appendix B Guidelines: -- Squire has agreed to provide the Committee a 10% discount on all fees incurred. -- The budget and staffing plan is in the process of being formulated, so it has not yet been approved by the Committee. Squire will provide a copy to the Committee and seek approval of the budget and staffing plan from the Committee in the near future. Squire may be reached at: Norman N. Kinel, Esq. Squire Patton Boggs (US) LLP 30 Rockefeller Plaza New York, NY 10112 Tel: (212)407-0130 E-mail: norman.kinel@squirepb.com About Constellation Enterprises Constellation Enterprises LLC, through its subsidiaries, manufactures custom engineered metal components for various end markets such as rail transportation, oil and gas, general industrial, nuclear, aerospace, and small gas engine markets. The company was incorporated in 1996 and is based in Caldwell, Texas. Constellation Enterprises LLC (Bankr. D. Del. Case No. 16-11213) and its affiliates Columbus Holdings, Inc. (Bankr. D. Del. Case No. 16-11214), Columbus Steel Castings Company (Bankr. D. Del. Case No. 16-11215), Eclipse Manufacturing Co. (Bankr. D. Del. Case No. 16-11219), JFC Holding Corporation (Bankr. D. Del. Case No. 16-11221), Metal Technology Solutions, Inc. (Bankr. D. Del. Case No. 16-11218), Steel Forming, Inc. (Bankr. D. Del. Case No. 16-11220), The Jorgensen Forge Corporation (Bankr. D. Del. Case No. 16-11222), Zero Corporation (Bankr. D. Del. Case No. 16-11216), and Zero Manufacturing, Inc. (Bankr. D. Del. Case No. 16-11217) filed for Chapter 11 bankruptcy protection on May 16, 2016. The petitions were signed by William Lowry, chief financial officer. The Debtors estimated their assets at between $1 million and $10 million and their debts at between $100 million and $500 million. Adam C. Rogoff, Esq., and Joseph A. Shifer, Esq., at Kramer Levin Naftalis & Frankel LLP serve as the Debtors' bankruptcy counsel. Daniel J. DeFranceschi, Esq., Zachary I. Shapiro, Esq., Rachel L. Biblo, Esq., and Joseph C. Barsalona II, Esq., at Richards, Layton & Finger, P.A., serve as the Debtors' co-counsel. Imperial Capital, LLC, is the Debtors' financial advisor. Conway Mackenzie Management Services LLC is the Debtors' crisis management & restructuring services provider. Epiq Bankruptcy Solutions, LLC, is the Debtors' claims and noticing agent. CONSTELLATION ENTERPRISES: Panel Taps Whiteford Taylor as Atty -------------------------------------------------------------- The Official Committee of Unsecured Creditors of Constellation Enterprises LLC, et al., seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to retain Whiteford, Taylor & Preston, LLC as Delaware counsel for the Committee, nunc pro tunc to June 1, 2016. The Committee requires WTP to: a. provide legal advice regarding local rules, practices, and procedures and provide substantive and independent legal advice on hoe to accomplish Committee goals, bearing in mind that the Delaware Bankruptcy Court relies on Delaware counsel such as WTP to be involved in all aspects of each bankruptcy proceeding; b. draft, review and comment of drafts of documents to ensure compliance with local rules, practices, and procedures; c. draft, file, and service of documents as requested by Squire d. prepare certificates of no objection, certifications of counsel, and notices of fee applications; e. print of documents and pleadings for hearings, prepare binders of documents and pleadings for hearings; f. appear in Court and at any meetings of creditors on behalf of the Committee in its capacity as Delaware counsel with Squire Patton Boggs (US) LLP, the Committee's lead counsel; g. monitor the docket for filings and coordinating with Squire on pending matters that may need responses; h. participate in calls with the Committee; and i. provide additional support to Squire, as requested. WTP will be paid at these hourly rates: Christopher M. Samis (Partner) $530 L. Katherine Good (Counsel) $500 Chantelle D. McClamb (Assosciate) $330 Stephanie Lisko (Paralegal) $245 WTP will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher M. Samis, partner of the law firm of Whiteford, Taylor & Preston, LLC, 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. The following is provided in response to the request for additional information set forth in D1 of the U.S. Trustee's Appendix B Guidelines: -- WTP did not represent the Committee in the 12 months prepetition. WTP has in the past represented, currently represents, and/or may represent in the future certain Committee members and/or their affiliates in their capacities as members of official committees in other chapter 11 cases or individually in matters wholly unrelated to these chapter 11 cases. -- WTP expects to develop a prospective budget and staffing plan to reasonably comply with the US Trustee for information and additional disclosures, as to which WTP reserves all rights. The Committee has approved WTP's proposed hourly billing rates By separate application the Committee is seeking to employ and retain Squire as lead counsel to the Committee to provide legal counsel. WTP may be reached at: Christopher M. Samis, Esq. Whiteford, Taylor & Preston, LLC The Renaissance Center, Suite 500 405 N. King Street Wilmington, DE 19801 Phone: 302.357.3266 Fax: 302.357.3288 E-mail: csamis@wtplaw.com About Constellation Enterprises Constellation Enterprises LLC, through its subsidiaries, manufactures custom engineered metal components for various end markets such as rail transportation, oil and gas, general industrial, nuclear, aerospace, and small gas engine markets. The company was incorporated in 1996 and is based in Caldwell, Texas. Constellation Enterprises LLC (Bankr. D. Del. Case No. 16-11213) and its affiliates Columbus Holdings, Inc. (Bankr. D. Del. Case No. 16-11214), Columbus Steel Castings Company (Bankr. D. Del. Case No. 16-11215), Eclipse Manufacturing Co. (Bankr. D. Del. Case No. 16-11219), JFC Holding Corporation (Bankr. D. Del. Case No. 16-11221), Metal Technology Solutions, Inc. (Bankr. D. Del. Case No. 16-11218), Steel Forming, Inc. (Bankr. D. Del. Case No. 16-11220), The Jorgensen Forge Corporation (Bankr. D. Del. Case No. 16-11222), Zero Corporation (Bankr. D. Del. Case No. 16-11216), and Zero Manufacturing, Inc. (Bankr. D. Del. Case No. 16-11217) filed for Chapter 11 bankruptcy protection on May 16, 2016. The petitions were signed by William Lowry, chief financial officer. The Debtors estimated their assets at between $1 million and $10 million and their debts at between $100 million and $500 million. Adam C. Rogoff, Esq., and Joseph A. Shifer, Esq., at Kramer Levin Naftalis & Frankel LLP serve as the Debtors' bankruptcy counsel. Daniel J. DeFranceschi, Esq., Zachary I. Shapiro, Esq., Rachel L. Biblo, Esq., and Joseph C. Barsalona II, Esq., at Richards, Layton & Finger, P.A., serve as the Debtors' co-counsel. Imperial Capital, LLC, is the Debtors' financial advisor. Conway Mackenzie Management Services LLC is the Debtors' crisis management & restructuring services provider. Epiq Bankruptcy Solutions, LLC, is the Debtors' claims and noticing agent. COWAN ROAD: Wants 45-Day Extension of Plan Filing Deadline ---------------------------------------------------------- Cowan Road and Highway 90, LLC, and Michael T. Long and Jennifer Long ask the U.S. Bankruptcy Court for the Southern District of Mississippi to extend by 45 days the deadline for the Debtors to exclusively file Plans of Reorganization and Disclosure Statements in related Chapter 11 cases, and a similar extension to obtain Plan confirmation. The Debtors tell the Court that they do not seek this extension for purposes of delay, but rather, to allow the Debtors an opportunity to fully consider their options and, if they determine a Disclosure Statement and proposed Plan of Reorganization in each case is feasible, to formulate and file the proposed Plans and Disclosure Statements. The extension requested will not result in any undue prejudice to any creditor or other party-in-interest, the Debtors assure the Court. The Debtors relate that they have been in negotiations with various creditors and making determinations to allow them to finalize many matters with regard to Disclosure Statements and proposed Plans to be filed. In addition, the automatic stay has been lifted with respect to Priority One Bank in both cases, and the motion to sell property to generate funds for payment to creditors was denied in the Cowan bankruptcy case, so no decision has been made by the Debtors and their counsel as to whether a reorganization in either case is possible. The Debtors' counsel can be reached at: Craig M. Geno, Esq. Jarret P. Nichols, Esq. LAW OFFICES OF CRAIG M. GENO, PLLC 587 Highland Colony Parkway Ridgeland, MS 39157 Tel: (601) 427-0048 Fax: (601) 427-0050 E-mail: cmgeno@cmgenolaw.com About Cowan Road & Highway 90 Cowan Road and Highway 90, LLC, filed a Chapter 11 petition (Bankr. S.D. Miss. Case No. 15-52053) on Dec. 14, 2015. Judge Katharine M. Samson is assigned to the case. The Debtor is represented by Craig M. Geno, Esq., at the law Offices of Craig M. Geno, PLLC. The Debtor estimated $1 million to $10 million in assets and $1 million to $10 million in debt. The petition was signed by Michael T. Long, member/manager. CRIMSON INVESTMENT: Case Summary & 17 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Crimson Investment Group, LLC 1701 SE Oak Shore Ln Portland, OR 97267 Case No.: 16-32747 Chapter 11 Petition Date: July 14, 2016 Court: United States Bankruptcy Court District of Oregon Judge: Hon. Trish M Brown Debtor's Counsel: Theodore J Piteo, Esq. MICHAEL D. O'BRIEN & ASSOCIATES, P.C. 12909 SW 68th Pkwy, Suite 160 Portland, OR 97223 Tel: (503) 786-3800 E-mail: ted@pdxlegal.com enc@pdxlegal.com Total Assets: $852,102 Total Liabilities: $1.40 million The petition was signed by Tracey Baron, manager. A copy of the Debtor's list of 17 largest unsecured creditors is available for free at http://bankrupt.com/misc/orb16-32747.pdf CYTORI THERAPEUTICS: Hires BDO USA as New Accountant ---------------------------------------------------- Cytori Therapeutics, Inc., notified KPMG, LLP of its dismissal as the Company's independent registered public accounting firm effective as of July 12, 2016. The decision to change independent registered public accounting firms was recommended by the audit committee of the Board of Directors of the Company and was approved by the Board, according to a Form 8-K report filed with the Securities and Exchange Commission. The audit reports of KPMG on the financial statements of the Company as of and for the years ended Dec. 31, 2015, and 2014 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles, except that the reports contained a separate paragraph stating that the Company's recurring losses from operations and liquidity position raises substantial doubt about its ability to continue as a going concern. During the two fiscal years ended Dec. 31, 2015, and 2014, and the subsequent interim period through July 12, 2016, the date of KPMG's dismissal, there were no: (1) disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference in connection with its opinion to the subject matter of the disagreement, or (2) reportable events. On July 12, 2016, the Company selected BDO USA, LLP as its new independent registered public accounting firm, subject to completion of its standard client acceptance procedures. The decision to engage BDO as the Company's independent registered public accounting firm was recommended by the Audit Committee and approved by the Board. During the years ended Dec. 31, 2015, and 2014, and through July 12, 2016, the date of the Company's decision to engage BDO, the Company did not consult with BDO regarding any of the matters or events set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K. About Cytori Based in San Diego, California, Cytori Therapeutics (NASDAQ: CYTX) -- http://www.cytori.com/-- is an emerging leader in providing patients and physicians around the world with medical technologies, which harness the potential of adult regenerative cells from adipose tissue. The Company's StemSource(R) product line is sold globally for cell banking and research applications. Cytori reported a net loss allocable to common stockholders of $19.4 million on $4.83 million of product revenues for the year ended Dec. 31, 2015, compared to a net loss allocable to common stockholders of $38.5 million on $4.95 million of product revenues for the year ended Dec. 31, 2015. As of March 31, 2016, Cytori had $32.9 million in total assets, $25.2 million in total liabilities and $7.74 million in total stockholders' equity. KPMG LLP, in San Diego, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company's recurring losses from operations and liquidity position raises substantial doubt about its ability to continue as a going concern. DAYBREAK OIL: Incurs $1.10 Million Net Loss in First Quarter ------------------------------------------------------------ Daybreak Oil and Gas, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss available to common shareholders of $1.10 million on $213,476 of revenue for the three months ended May 31, 2016, compared to a net loss available to common shareholders of $549,614 on $441,284 of revenue for the same period in 2015. As of May 31, 2016, the Company had $9.12 million in total assets, $19.6 million in total liabilities and a total stockholders' deficit of $10.5 million. "We believe that our liquidity will improve when there is a sustained improvement in hydrocarbon prices. The Company's sources of funds in the past have included the debt or equity markets and the sale of assets. While the Company has experienced revenue growth, which has resulted in positive cash flow from its oil and natural gas properties, it has not yet established a positive cash flow on a company-wide basis. It will be necessary for the Company to obtain additional funding from the private or public debt or equity markets in the future. However, the Company cannot offer any assurance that it will be successful in executing the aforementioned plans to continue as a going concern," the Company stated in the report. A full-text copy of the Form 10-Q is available for free at: https://is.gd/YSJPTp About Daybreak Oil Daybreak Oil and Gas, Inc., is an independent oil and natural gas exploration, development and production company. The Company is headquartered in Spokane, Washington and has an operations office in Friendswood, Texas. The Company's common stock is quoted on the OTC Bulletin Board market under the symbol DBRM.OB. Daybreak has over 20,000 acres under lease in the San Joaquin Valley of California. Daybreak Oil reported a net loss available to common shareholders of $4.33 million on $1.25 million of revenue for the year ended Feb. 29, 2016, compared to a net loss available to common shareholders of $865,577 on $3.08 million of revenue for the year ended Feb. 28, 2015. MaloneBailey, LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Feb. 29, 2016, citing that Daybreak Oil suffered losses from operations and has negative operating cash flows, which raises substantial doubt about its ability to continue as a going concern. DEERFIELD REAL ESTATE: Further Cash Collateral Use Not Authorized ----------------------------------------------------------------- Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern District of Florida ratified his interim order authorizing Deerfield Real Estate Development, LLC, to use cash collateral. Judge Kimball further held that no further use of cash collateral is authorized. A full-text copy of the Order, dated July 15, 2016, is available at https://is.gd/d7wVix About Deerfield Real Estate Development, LLC. Headquartered in Lake Park, Florida, Deerfield Real Estate Development, LLC, filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 16-16611) on May 6, 2016, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Kent R. LaFleur, manager. Judge Erik P. Kimball presides over the case. David K Markarian, Esq., at Markarian Frank & Hayes, serves as the Debtor's bankruptcy counsel. DEFINED DIAGNOSTICS: Seeks to Hire Young Conaway as Co-Counsel -------------------------------------------------------------- Defined Diagnostics, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Young Conaway Stargatt & Taylor LLP. Young Conaway will serve as co-counsel with Willkie Farr & Gallagher LLP, the Debtor's primary bankruptcy counsel. The services to be provided by the firm include: (a) advising the Debtor regarding local rules, practices and procedures, and providing substantive and strategic advice on how to accomplish its goals in connection with its Chapter 11 case; (b) reviewing and preparing drafts of documents to be filed with the court as co-counsel; (c) appearing in court and meeting with the U.S. trustee and creditors; (d) performing various services in connection with the administration of the cases, including handling inquiries and calls from creditors and monitoring the docket for filings; and (e) acting as conflicts counsel to the Debtor in the event of a conflict on the part of Willkie Farr. The principal attorneys and paralegal designated to represent the Debtor and hourly rates are: John T. Dorsey Partner $810 Matthew B. Lunn Partner $625 Justin H. Rucki Associate $460 Troy Bollman Paralegal $210 Matthew Lunn, Esq., a partner at Young Conaway, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew B. Lunn, Esq. Young Conaway Stargatt & Taylor LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 About Defined Diagnostics Based in Gaithersburg, Maryland, Defined Diagnostics, LLC -- fka 32 Mott Street Acquisition II, LLC, fka Wellstat Diagonostics, LLC, and fka Wellstat Diagnostics, LLC -- filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 16-10890) on April 12, 2016. On June 15, 2016, the case was transferred to the U.S. Bankruptcy Court for the District of Delaware (Case No. 16-11491) Paul V. Shalhoub, Esq., at Willkie Farr & Gallagher LLP, serves as the Debtor's counsel. In its petition, the Debtor estimated $1 million to $10 million in assets and $50 million to $100 million in liabilities. The petition was signed by Nadine H. Wohlstadter, managing member. DETROIT, MI: Moody's Affirms B2 Issuer Rating --------------------------------------------- Moody's Investors Service has affirmed the B2 issuer rating of the City of Detroit, MI. The rating reflects the implicit general obligation unlimited tax (GOULT) pledge of the city and does not apply to any of the city's outstanding debt. Concurrently, Moody's has revised the outlook on the issuer rating to stable from positive. The B2 rating incorporates Detroit's very weak economic profile, significant leverage, and expected growth in fixed costs that could stress liquidity and service delivery within the next seven to eight years. Though the city's economy is showing modest signs of recovery, it remains vulnerable to future downturns and population loss. Fund balance and liquidity improved in fiscal 2015 and the city estimates positive operations in fiscal 2016. Sustained economic expansion and revenue growth are necessary for the city to meet its requirement to resume pension funding obligations in fiscal 2024. Recent estimates indicate those obligations in 2024 will be higher than originally projected in the Plan of Adjustment (POA) upon exiting bankruptcy, requiring an even steeper recovery trajectory over the next several years. Continued strong operating results could be threatened by minor setbacks in economic recovery, posing significant risks to the city's credit profile over the next several years. Rating Outlook Moody’s said, "Revision of the outlook to stable from positive is based on our expectation that Detroit's ability to fully meet a looming spike in pension costs limits the prospects for upward rating movement at this time. Subsequent to our assignment of the positive outlook in July 2015, pension plan actuaries significantly revised upwards the projected costs of the city beginning in fiscal 2024. Pension costs could rise further if plan assets do not meet assumed investment return targets, as likely occurred in 2015 and 2016." Factors that Could Lead to an Upgrade Sustained improvement in local economic conditions that fosters stabilization of the resident population, an improved socioeconomic profile, and growth in revenue needed to meet future fixed cost demands Continued growth in financial reserves and liquidity coupled with a formalized plan to address legacy liabilities Factors that Could Lead to a Downgrade Lack of improvement in local economic conditions that weakens the likelihood of generating sufficient revenue to meet a growing fixed cost burden Narrowed fund balance and liquidity Growth in the debt or pension burden Elimination of legislative authority for state oversight of financial operations Legal Security Detroit's issuer rating reflects the implicit general obligation unlimited tax pledge of the city and does not apply to any of the city's outstanding debt. Use of Proceeds Not applicable. Obligor Profile The City of Detroit is the largest city in the State of Michigan with a current estimated population of 677,000. DEX MEDIA: Bankruptcy Court Confirms Prepack Reorganization Plan ---------------------------------------------------------------- Dex Media, Inc., one of the largest national providers of local marketing solutions for local businesses, disclosed that its prepackaged plan of reorganization ("the Plan") was confirmed on July 15, 2016 by the U.S. Bankruptcy Court in the District of Delaware (the "Court"). This represents the final legal step before Dex Media can emerge from Chapter 11 within the next few weeks with $1.8 billion less total debt and significantly increased financial flexibility. "[Fri]day's confirmation of our Plan by the Court is the final legal step in securing the capital structure we need to execute our strategy and achieve long-term, sustainable growth," said Joe Walsh, Dex Media President and CEO. "When the Plan becomes effective and we emerge from Chapter 11, we will have enhanced financial flexibility to deepen our investment in our products and services so that we remain on the cutting edge of helping local businesses thrive in today's highly competitive and dynamic market." As previously disclosed, material terms of the confirmed Plan include: -- Dex Media's total debt will be reduced from $2.4 billion to $600 million. -- Dex Media's senior secured lenders will exchange their current $2.12 billion of claims for a new $600 million first-lien term loan; 100% of the equity of the reorganized Dex Media, subject to dilution from a management incentive plan; and a cash distribution upon emergence from bankruptcy. -- Dex Media's unsecured noteholders will receive a $5 million cash payment and warrants to purchase up to 10% of the post-reorganized equity in exchange for their approximately $300 million in claims. -- All allowed trade vendor claims will be paid in full. -- Dex Media will emerge from Chapter 11 as a privately held company. All of Dex Media's current outstanding shares of common stock will be canceled with no distribution to the existing holders. Mr. Walsh continued: "We would like to thank our employees, clients, vendors and business partners for standing by us throughout this process and we are encouraged by the support they have given to our strategic vision. We also are grateful for the expert guidance we have received over these past many months from our trusted advisors. Together, we now look to a new era for Dex Media with a strengthened and simplified capital structure to complement the relentless drive we have to help local businesses compete and grow with value-added marketing products and services." Dex Media's legal advisor in connection with the restructuring is Kirkland & Ellis LLP. Alvarez & Marsal North America, LLC serves as its restructuring advisor, and Andrew Hede from Alvarez & Marsal serves as Chief Restructuring Officer. Moelis & Company LLC is the Company's investment banker for the restructuring. The steering committee of the ad hoc group of Dex Media's senior secured lenders is represented by Milbank, Tweed, Hadley & McCloy LLP as legal advisor and Houlihan Lokey as financial advisor in connection with the restructuring. JPMorgan Chase Bank, N.A. and Deutsche Bank Trust Company Americas, as agents under certain of the senior secured credit agreements, are represented by Simpson Thacher & Bartlett LLP as legal advisor to the agents. The Plan and related Chapter 11 materials are available at http://dm.epiq11.com/DexMedia About Dex Media DFW Airport, Texas-based Dex Media, Inc. -- aka Newdex, Inc., Dex One Corporation, R.H. Donnelley Corporation -- provides marketing solutions to more than 400,000 business clients across the U.S. Dex Media filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 16-11200) on May 16, 2016. Affiliates Dex Media East, Inc. (Bankr. D. Del. Case No. 16-11201), Dex Media Holdings, Inc. (Bankr. D. Del. Case No. 16-11202), Dex Media Service LLC (Bankr. D. Del. Case No. 16-11203), Dex Media West, Inc. (Bankr. D. Del. Case No. 16-11204), Dex One Digital, Inc. (Bankr. D. Del. Case No. 16-11205), Dex One Service, Inc. (Bankr. D. Del. Case No. 16-11206), R.H. Donnelley APIL, Inc. (Bankr. D. Del. Case No. 16-11207), R.H. Donnelley Corporation (Bankr. D. Del. Case No. 16-11208), R.H. Donnelley Inc. (Bankr. D. Del. Case No. 16-11209), SuperMedia Inc. (Bankr. D. Del. Case No. 16-11210), SuperMedia LLC (Bankr. D. Del. Case No. 16-11211), and SuperMedia Sales Inc. (Bankr. D. Del. Case No. 16-11212) filed for Chapter 11 bankruptcy protection on the same day. The petitions were signed by Andrew Hede, chief restructuring officer. James H.M. Sprayregen, P.C, Marc Kieselstein, P.C., Adam Paul, Esq., and Bradley Thomas Giordano, Esq., at Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve as the Debtors' general bankruptcy counsel. Patrick A. Jackson, Esq., and Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor, LLP, serve as the Debtors' co-counsel. Moelis & Company LLC is the Debtors' investment banker. KPMG LLP is the Debtors' tax advisor. Ernst & Young LLP is the Debtor's auditor. Epiq Bankruptcy Solutions is the Debtors' notice, claims & administrative agent. The Debtors listed $1.26 billion in total assets as of Dec. 31, 2015, and $2.65 billion in total debts as of Dec. 31, 2015. The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Dex Media, Inc. DIGIPATH INC: May Issue 11.5 Million Shares Under 2012 Plan ----------------------------------------------------------- DigiPath, Inc., filed a Form S-8 registration statement with the Securities and Exchange Commission 11,500,000 shares of the Company's common stock that may be issued under the Company's Amended and Restated 2012 Stock Incentive Plan. The proposed maximum aggregate offering priceis $2.18 million. A full-text copy of the regulatory filing is available for free at: https://is.gd/5CI0o0 About DigiPath DigiPath, Inc. was incorporated in Nevada on Oct. 5, 2010. DigiPath, Inc. and its subsidiaries support the cannabis industry's best practices for reliable testing, cannabis education and training, and brings unbiased cannabis news coverage to the cannabis industry. The Company reported a net loss of $4.33 million for the year ended Sept. 30, 2015, compared to a net loss of $2.83 million for the year ended Sept. 30, 2014. As of March 31, 2016, Digipath had $1.53 million in total assets, $116,119 in total liabilities and $1.42 million in total stockholders' equity. Anton & Chia, LLP, in Newport Beach, CA, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2015, noting that the Company has recurring losses and insufficient working capital, which raises substantial doubt about its ability to continue as a going concern. EAST COAST CARDIOLOGY: Court Issues Final Cash Collateral Order --------------------------------------------------------------- Judge Jerry A. Funk of the U.S. Bankruptcy Court for the Middle District of Florida issued his Final Order granting East Coast Cardiology, P.A.'s Motion seeking authorization to use Cash Collateral. The Final Order will stay in effect through the Initial Distribution Date as defined in the Second Amended Chapter 11 Plan of Reorganization. A full-text copy of the Order, dated July 14, 2016, is available at https://is.gd/YOMbPj EFS COGEN: S&P Assigns 'BB' Rating on $1.05BB Term Loan B --------------------------------------------------------- S&P Global Ratings said that it assigned its 'BB' issue-level rating to EFS Cogen Holdings I LLC's $1.05 billion term loan B due 2023 and $125 million revolving credit facility due 2021. The outlook is stable. S&P assigned its '1' recovery rating to this debt, indicating its expectations for very high (90%-100%) recovery in the event of a payment default. S&P also withdrew the 'BB+' rating on the existing term loan B due 2020. EFS Cogen Holdings I LLC is a special-purpose, bankruptcy-remote entity that owns two gas-fired combined-cycle cogeneration facilities at the site of the Phillips 66 Bayway Refinery in Linden, N.J. The assets are the 777 megawatt (MW) Linden 1-5 facility, completed in May 1992, and the 165 MW Linden 6 facility, completed in January 2002. Linden 1-5 sells power to Consolidated Edison of New York and steam to Phillips 66 and Infineum, while Linden 6 provides power for the Phillips 66 Bayway Refinery. The latter continues to provide less than 10% of the project's total cash flow. The 'BB' rating on the new project debt reflects its operations phase stand-alone credit profile. "The stable outlook reflects our expectation that the Linden asset management team will continue to successfully manage the project with high availability," said S&P Global Ratings credit analyst Michael Ferguson. The Consolidated Edison and Phillips 66 contracts provide considerable stability to the project's cash flow and debt repayment projections during the next year, and S&P expects capacity and energy markets in NYISO Zone J to remain robust. S&P anticipates a DSCR of about 2.1x during the next two years, increasing somewhat in the latter part of the term loan B period. EFT HOLDINGS: Paritz & Company Expresses Going Concern Doubt ------------------------------------------------------------ EFT Holdings, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing net income of $8.30 million on $441,372 of net total revenues for the year ended March 31, 2016, compared to a net loss of $5.36 million on $967,831 of net total revenues for the year ended March 31, 2015. As of March 31, 2016, EFT Holdings had $16.89 million in total assets, $16.18 million in total liabilities and $712,802 in total equity. Paritz & Company, P.A., in Hackensack, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended March 31, 2016, citing that the Company has negative working capital of $9,774,297 and an accumulated deficit of $51,997,694 at March 31, 2016. In addition, the Company has generated operating losses for the past two years. These circumstances, among others, raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://is.gd/WyXeNr About EFT Holding California-based EFT Holdings, Inc., is primarily an e-Business company designed around the "Business-to-Customer" concept, which means that the Company's products are sold directly to customers through its web site. The Company's "Business-to-Customer" model differs from the traditional "Business to Business" model where products are sold to distributors who then sell the products to ultimate customers. EIA TROPICAL: Taps Hector Eduardo Pedrosa-Luna as Legal Counsel --------------------------------------------------------------- EIA Tropical LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire The Law Offices of Hector Eduardo Pedrosa-Luna as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: (a) prepare bankruptcy schedules, pleadings and applications, and conduct examinations incidental to the administration of the bankruptcy case; (b) develop the relationship of the status of the Debtor to the claims of creditors; (c) advise the Debtor with respect to its rights and duties; and (d) advise and assist the Debtor in the formulation of a Chapter 11 plan and the disclosure statement. The firm will be paid $150 per hour for its services In a court filing, Hector Eduardo Pedrosa-Luna, Esq., disclosed that the members of his firm are "disinterested persons" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Hector Eduardo Pedrosa-Luna, Esq. The Law Offices of Hector Eduardo Pedrosa-Luna P.O. Box 9023963 San Juan, PR 00902-3963 Tel: 787-920-7983 Fax: 787-754-1109 Email: hectorpedrosa@gmail.com About EIA Tropical EIA Tropical LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 16-05552) on July 12, 2016. ELBIT IMAGING: Announces Series H Notes Buyback ----------------------------------------------- Elbit Imaging Ltd. announced that the repurchases of the following Notes was executed since the 1st of June, 2016 to July 14, 2016: Note: Series H The acquiring corporation: Elbit Imaging Ltd. Quantity purchased (Par value): 26,594,519 Weighted average price: 93.66 Total amount paid(NIS): 24,907,215 The entire repurchased notes since the 12th of October, 2015, as the first Notes buyback plan announcement, to July 14, 2016: Note: Series H The acquiring corporation: Elbit Imaging Ltd. Quantity purchased (Par value): 126,026,086 Weighted average price: 91.12 Total amount paid(NIS): 114,829,803 A full-text copy of the press release is available at: https://is.gd/QuwUpG About Elbit Imaging Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) holds investments in real estate and medical companies. The Company, through its subsidiaries, also develops shopping and entertainment centers in Central Europe and invests in and manages hotels. Elbit Imaging reported a loss of NIS 186.15 million on NIS 1.47 million of revenues for the year ended Dec. 31, 2015, compared to profit of NIS 1 billion on NIS 461,000 of revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Elbit Imaging had NIS 778.25 million in total assets, NIS 758.96 million in total liabilities and NIS 19.28 million in shareholders' equity. Since February 2013, Elbit has intensively endeavored to come to an arrangement with its creditors. Elbit has said it has been hanging by a thread for more than five months. It has encountered cash flow difficulties and this burdens its day to day activities, and it certainly cannot make the necessary investments to improve its assets. In light of the arrangement proceedings, and according to the demands of most of the bondholders, as well as an agreement that was signed on March 19, 2013, between Elbit and the Trustees of six out of eight series of bonds, Elbit is prohibited, inter alia, from paying off its debts to the financial creditors -- and as a result a petition to liquidate Elbit was filed, and Bank Hapoalim has declared its debts immediately payable, threatening to realize pledges that were given to the Bank on material assets of the Company -- and Elbit undertook not to sell material assets of the Company and not to perform any transaction that is not during its ordinary course of business without giving an advance notice to the trustees. Accountant Rony Elroy has been appointed as expert for examining the debt arrangement in the Company. In July 2013, Elbit Imaging's controlling shareholders, Europe- Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company that the Tel Aviv District Court has appointed Adv. Giroa Erdinast as a receiver with regards to the ordinary shares of the Company held by Europe Israel securing Europe Israel's obligations under its loan agreement with Bank Hapoalim B.M. The judgment stated that the Receiver is not authorized to sell the Company's shares at this stage. Following a request of Europe-Israel, the Court also delayed any action to be taken with regards to the sale of those shares for a period of 60 days. Europe Israel and Mr. Zisser have also notified the Company that they utterly reject the Bank's claims and intend to appeal the Court's ruling. ELITE PHARMACEUTICALS: FDA Issues Response Letter for SequestOx --------------------------------------------------------------- Elite Pharmaceuticals, Inc., announced that the U.S. Food and Drug Administration has issued a Complete Response Letter regarding the New Drug Application for SequestOx (oxycodone hydrochloride and naltrexone hydrochloride), Elite's investigational abuse-deterrent opioid candidate for the management of moderate to severe acute pain where the use of an opioid analgesic is appropriate. The FDA issues CRLs to indicate that the Agency considers the review cycle for an application is complete and whether the application is ready for approval in its present form. CRLs often include guidance that describes deficiencies that the FDA has identified in the application. When possible, the FDA recommends actions that the applicant may take to place the application in condition for approval. The CRL determined that the NDA was not ready for approval in its present form. "We are evaluating the CRL received and hope to meet as soon as possible with the FDA to discuss how to address their concerns. We will work closely with the FDA to determine the appropriate next steps and path forward for the NDA," said Nasrat Hakim, President and CEO of Elite. After the Company has met with the FDA and the Agency is able to provide greater clarity to the issues raised in the CRL, Elite will host a conference call to discuss the pathway forward for SequestOx. About Elite Pharmaceuticals Northvale, New Jersey-based Elite Pharmaceuticals, Inc., is a specialty pharmaceutical company principally engaged in the development and manufacture of oral, controlled-release products, using proprietary technology and the development and manufacture of generic pharmaceuticals. The Company has one product, Phentermine 37.5mg tablets, currently being sold commercially. Elite reported net income attributable to common shareholders of $28.9 million on $5 million of total revenues for the year ended March 31, 2015, compared to a net loss attributable to common shareholders of $96.5 million on $4.6 million of total revenues for the year ended March 31, 2014. As of Dec. 31, 2015, the Company had $27.1 million in total assets, $29.2 million in total liabilities, $58.4 million in convertible preferred shares and a $60.5 million total stockholders' deficit. ESSEX RENTAL: Enters Into Forbearance Agreement with Lenders ------------------------------------------------------------ Essex Rental Corp. on July 11, 2016, provided several updates on its business, financial condition and other matters. Essex Crane Forbearance On June 23, 2016, the Company's subsidiary, Essex Crane Rental Corp. ("Essex Crane"), entered into a Sixth Forbearance Agreement (the "Forbearance Agreement") with the revolving lenders under its Fourth Amended and Restated Credit Agreement (the "Essex Crane Revolving Credit Facility"), including Wells Fargo Capital Finance LLC, as Administrative Agent (the "Agent") and a lender. Under the terms of the Forbearance Agreement, through the July 15, 2016 term of the Forbearance Agreement, and if extended, Essex Crane will fund operating expenses using cash collections and no new revolving loans will be requested by or advanced to Essex Crane. Additionally, Essex Crane agreed to cooperate with the lenders with respect to the lenders' plan to conduct and consummate a transfer under Article 9 of the Illinois Uniform Commercial Code with regard to some or all of the collateral, and on July 1, 2016, the Agent provided Essex Crane notice that the Agent intends to offer for sale in a public auction all of the rights, title, and interests of Essex Crane in, under and to substantially all of Essex Crane's personal property, including, without limitation, all of Essex Crane's accounts, inventory, machinery, equipment, investment property, and general intangibles. The Agent and lenders have reserved their right to withdraw or add all or any portion of the collateral from or to the sale and may cancel the sale at any time for any reason, and have otherwise reserved all of their respective rights and remedies. Nick Matthews, President and CEO of Essex stated, "Over the past year, Essex Crane has been operating under forbearance agreements and working with its lenders to identify the way to best maximize value for all of its stakeholders. Throughout this process, we have explored several options including the sale of Essex Crane as a going concern, selling equipment assets in auctions and by other means and restructuring around a smaller level of debt. At this point, Essex Crane's lenders have chosen to offer Essex Crane's assets in a public auction in an effort to increase the value received in exchange for those assets. It is unclear if the public auction will provide more value than the other strategies already pursued or what other alternatives the lenders may choose to pursue if the auction does not result in the sale of all or a portion of Essex Crane's assets." Coast Crane Default On April 5, 2016, the Company's subsidiary, Coast Crane Company, received a notice of default and reservation of rights letter from Wells Fargo Capital Finance, LLC, the lead lender and agent under the Coast Crane Second Amended and Restated Credit Agreement (the "Coast Crane Credit Facility"), as a result of non-compliance with certain delivery and financial reporting requirements contained within the Coast Crane Credit Facility due to the delay in delivering the audited financial statements for the fiscal year ended December 31, 2015 and failure to record a valuation allowance related to net operating losses being carried forward in prior year financial statements. Due to the existence of the event of default, the agent has elected that all obligations shall bear interest at a per annum rate equal to two percentage points above the per annum rate otherwise applicable under the Agreement, and all other rights of the lenders have been reserved. The event of default described may also trigger a default under the cross-default provisions contained within the Company's unsecured promissory notes, unless waived by the holders of those notes. Despite the default, Coast Crane has continued to operate in excess of its performance-related covenants. The Company has been and expects that it will be able to continue to use the Coast Crane Revolving Credit Facility to fund operations. Other Strategic Alternatives The Company has been working with Stifel, Nicolaus & Company, Incorporated ("Stifel") over the past several months in an effort to evaluate strategic alternatives, specifically related to the sale or refinancing of Coast Crane. The results of the sale process were encouraging and indicated value, net of debt, in excess of the current market capitalization, however, values were not at a level that garnered support of the Board of Directors of the Company. After reviewing market feedback assembled by Stifel, the Board of Directors has elected not to continue to pursue a sale of Coast Crane at this time. Simultaneous to marketing the business for sale, the Company has focused on refinancing the Coast Crane Revolving Credit Facility, and continues to do so while also maintaining an ongoing dialogue with Stifel regarding potential future opportunities for Coast Crane. Business Update Throughout the first half of 2016, the transportation end market continued to display year over year increases in activity driven by bridge work in the Midwest and Southeast regions. General building remains strong, resulting in increased tower crane utilization and average rental rates year over year. However, the retail and rental equipment sales market remains soft and the challenges in the energy sector have continued. Petrochemical activity in the Pacific Northwest decreased year over year and impacted heavy rough terrain cranes. While overall rough terrain crane utilization has been consistent year over year, the mix has shifted toward the lighter lifting capacities. The Gulf Coast has shown a decline in industrial/marine and petrochemical activity, which has impacted hydraulic crawler crane utilization as compared to the strong first half of 2015. While Essex Crane's results of operations have been significantly negatively impacted by the ongoing forbearance issues, Coast Crane continues to generate significant free cash flow and it is excited about expanding these assets within the Company's portfolio, continuing to pay down debt and creating value for its shareholders. The Company expects to begin providing regular financial updates to the market beginning with the reporting of second quarter results in August 2016. About Essex Rental Corp. Essex, through its subsidiaries, is one of North America's largest providers of rental and distribution for mobile cranes (including lattice-boom crawler cranes, truck cranes and rough terrain cranes), self-erecting cranes, stationary tower cranes, elevators and hoists, and other lifting equipment used in a wide array of construction projects. In addition, the Company provides product support including installation, maintenance, repair, and parts and services for equipment provided and other equipment used by its construction industry customers. With a large fleet, consisting primarily of cranes, as well as other construction equipment and unparalleled customer service and support, Essex supplies a wide variety of innovative lifting solutions for construction projects related to power generation, petro-chemical, refineries, water treatment and purification, bridges, highways, hospitals, shipbuilding, offshore oil fabrication and industrial plants, and commercial and residential construction. ETERNAL ENTERPRISE: Refund to 270 Laurel Street Tenants OK ---------------------------------------------------------- Judge Ann M. Nevins of the U.S. Bankruptcy Court for the District of Connecticut authorized Eternal Enterprise, Inc. to use cash collateral on a limited interim basis, to refund security deposits and prepaid rent to the tenants of 270 Laurel Street. Secured creditor Hartford Holdings, LLC, successor in interest to Astoria Federal Mortgage Corporation, has a duly perfected non-avoidable security interest in the Debtor's rents, proceeds, all cash and receivables. The Debtor owns property located at 270 Laurel Street, Hartford, Connecticut, which caught fire on June 6, 2016. All tenants at the Debtor's property were required to vacate the premises due to the fire. This necessitated a refund of net security deposits and pro-rata paid rent. There is no timeline for necessary repairs to the premises as would allow a return to occupancy. Judge Nevins acknowledged that it is in the best interest of the Debtor, Hartford Holdings and all creditors and parties in interest, and to avoid harm to the Debtor and the tenants who have been displaced, that the Debtor make arrangements for the return of net security deposits. Judge Nevins further acknowledged that such return of security deposits implicates Hartford Holdings' cash collateral. The net security deposit refund amount is $39,935 and the total amount of pre-paid rent to be returned to the tenants is $26,330. A full-text copy of the Order, dated July 15, 2016, is available at https://is.gd/fTgCvX About Eternal Enterprise. Eternal Enterprises Inc. -- http://www.eternalenterprises.net/-- filed a Chapter 11 bankruptcy petition (Bankr. D. Conn. Case No. 14-20292) on Feb. 19, 2014. The petition was signed by Vera Mladen, president. The Debtor owns and manages eight properties located in Hartford, Conn. Judge Ann M. Nevins presides over the case. The Debtor is represented by Irene Costello, Esq., at Shipkevich, PLLC. The Debtor estimated assets at $50,000 to $100,000 and debts at $1 million to $10 million at the time of the chapter 11 filing. FARMACIA SAN JUSTO: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Farmacia San Justo, Inc. PO Box 1347 Saint Just, PR 00978 Case No.: 16-05624 Chapter 11 Petition Date: July 14, 2016 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Hon. Enrique S. Lamoutte Inclan Debtor's Counsel: Charles Alfred Cuprill, Esq. CHARLES A CUPRILL, PSC LAW OFFICE 356 Calle Fortaleza, Second Floor San Juan, PR 00901 Tel: 787 977-0515 E-mail: cacuprill@cuprill.com Total Assets: $0 Total Liabilities: $1.30 million The petition was signed by Hector O. Rodriguez, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb16-05624.pdf FELAHY LAW GROUP: Governmental Units' Claims Due Oct. 25 -------------------------------------------------------- According to a notice filed by the Felahy Law Group, APC's attorney on July 13, 2016, the U.S. Bankruptcy Court for the Central District of California has set June 21, 2016 as the deadline for filing proofs of claim against the Debtor's estate. Exceptions to the Bar Date include: * For claims arising from rejection of any contract, the last day to file a proof of claim is the later of (a) the Bar Date or (b) 30 days after entry of an order authorizing the rejection. * For claims of governmental units, the last day to file a claim is the Oct. 25, 2016. * For claims arising from the avoidance of a transfer under Chapter 5 of the Bankruptcy Code, the last day to file a proof of claim is the later of (a) the Bar Date or (b) 30 days after the entry of the judgment avoiding the transfer. * Any person or entity whose claim is listed on the Debtor's official bankruptcy schedules of assets and liabilities, , provided that (i) the claim is not scheduled as "disputed", "contingent" or "unliquidated"; and (ii) the claimant does not disagree with the amount, nature and priority of the claim as set forth in the Schedules need not file a proof of claim. Felahy Law Group, APC filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 16-12068) on Feb. 19, 2016, estimating less than $1 million in assets and debt. The Debtor is represented by Todd B Becker, Esq., at Law Offices of Todd B Becker. FINANCIAL RESOURCES: Wants 90-Day Cash Collateral Extension ----------------------------------------------------------- Financial Resources of America, Inc. asks the U.S. Bankruptcy Court for the Southern District of Florida for authorization to use cash collateral for an additional 90 days, or until October 19, 2016. The Debtor was previously authorized to use cash collateral up to July 19, 2016. The Debtor relates that it needs to use cash collateral to, among other things, fund all necessary operating expenses of its business, as well as pay for regular and ordinary expenses of the Debtor. The Debtor further relates that it will use cash collateral to make adequate protection payments to its secured creditor, TD Bank. The Debtor's proposed Budget covers a period of six months, beginning on June 2016 and ending on December 2016. The Budget provides for total expenses in the amount of $9,857 and total payments to TD Bank in the amount of $17,400. A full-text copy of the Debtor's Motion, dated July 15, 2016, is available at https://is.gd/M6GDzs A full-text copy of the proposed Budget, dated July 15, 2016, is available at https://is.gd/8OorAK About Financial Resources of America, Inc. Financial Resources of America, Inc., filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 16-17275) on May 20, 2016. David L. Merrill, Esq., at Merrill PA, serves as bankruptcy counsel to the Debtor. FIRED UP INC: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Fired Up, Inc. dba Johnny Carino's dba Johnny Carino's Italian dba Johnny Carino's Country Italian dba Carino's Italian fdba Kona Restaurant Group, Inc. dba Brunello's Steak & Pasta fdba Kona Ranch Steak House fdba Kona Ranch Steaks & Seafood fdba Kona Ranch Hawaiian Grill dba Carino's Italian Grill fdba Carino's Italian Kitchen fdba Johnny Carino's Country Italian Kitchen fdba Johnny Carino's Italian Kitchen fdba Spageddie's Italian Kitchen fka Carino's Italian Kitchen, Inc. fka Kona Restaurant Group, Inc. 1514 Ranch Road 620 South Austin, TX 78734 Case No.: 16-10816 Chapter 11 Petition Date: July 14, 2016 Court: United States Bankruptcy Court Western District of Texas (Austin) Judge: Hon. Tony M. Davis Debtor's Counsel: Barbara M. Barron, Esq. BARRON & NEWBURGER, P.C. 1212 Guadalupe, #104 Austin, TX 78701 Tel: (512) 476-9103 Fax: (512) 476-9253 E-mail: bbarron@bnpclaw.com - and - Stephen W. Sather, Esq. BARRON & NEWBURGER, P.C. 1212 Guadalupe, Suite 104 Austin, TX 78701 Tel: (512) 476-9103 Ext. 220 Fax: (512) 476-9253 E-mail: ssather@bn-lawyers.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Creed Ford III, president/CEO. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/txwb16-10816.pdf FIRED UP: Wants Authority to Use Cash Collateral ------------------------------------------------ Fired Up, Inc., asks the U.S. Bankruptcy Court for the Western District of Texas for authorization to use, sell or lease cash collateral in the ordinary course of business. The Debtor estimates that it currently owes $19,060,780 in contractual secured debt, including $12,569,051 to FRG Capital, LLC, $740,369 to Independent Bank of Waco, and $5,137,986 to Prosperity Bank. The Debtor owes $180,237 in delinquent ad valorem taxes and has current priority obligations to employees consisting of approximately $600,000 in wages, $231,000 in accrued vacation time and $74,000 in bonuses earned and owed. The Debtor also owes $1,407,765 in priority tax claims. The Debtor generates cash collateral from the operation of its business when it generates proceeds and credit card accounts from sales of food and beverages on a daily basis in the ordinary course of its business. The Debtor relates that it needs immediate authority to use cash collateral in order to continue operations as normal and to preserve the value of the estate pending confirmation of a plan of reorganization. The Debtor's proposed Budget covers the period beginning on June 30, 2016 and ending on August 3, 2016. The Budget provides for total direct expenses in the amount of $5,885,583. FRG Capital is represented by: Blake Rasner, Esq. Haley & Olson, P.C. 510 N. Valley Mills Drive, Suite 600 Waco, TX 76710 E-mail: brasner@haleyolson.com Prosperity Bank's contact person is: Tim Cardinal Prosperity Bank 1415 RR 620 South Austin, TX 78734 E-mail: tim.cardinal@prosperitybankusa.com and is represented by: Lisa C. Fancher, Esq. Fritz, Byrne, Head & Harrison, PLLC 98 San Jacinto Blvd., Suite 2000 Austin, TX 78701-4286 E-mail: lfancher@fbhh.com Independent Bank's contact person is: Charley Rigney Independent Bank of Waco P.O. Box 21145 Waco, TX 76702 E-mail: crigney@ibtx.com and is represented by: Steve Turner, Esq. Barrett Daffin Frappier Turner, et al. 610 West 5th Street, Suite 602 Austin, TX 78701 E-mail: stevet@bdfgroup.com A full-text copy of the Debtor's Motion, dated July 14, 2016, is available at https://is.gd/8ysmT1 About Fired Up, Inc. Fired Up, Inc., the Austin, Texas-based owner and operator of the Johnny Carino's Italian restaurant chain, sought Chapter 11 bankruptcy protection (Bankr. W.D. Tex. Case No. 14-10447) on March 27, 2014, in Austin. The Debtor is represented by Barbara M. Barron, Esq. and Lynn Saarinen, Esq. at Barron & Newburger, P.C., in Austin. It estimated assets and debt of $10 million to $50 million. As of the bankruptcy filing, Fired Up had 2,900 employees and owned and operated 46 company-owned stores known as Johnny Carino's Italian in seven states (Texas, Arkansas, Colorado, Louisiana, Idaho, Kansas and Missouri) and 61 franchised or licensed locations in 17 states and four other countries (Bahrain, Dubai, Egypt and Kuwait). The company began its own "out of court" reorganization in the last quarter of 2013 by closing 20 unprofitable restaurants. The company later opted to seek bankruptcy protection to tie up the "loose ends" of its self-imposed "reorganization" that did not appear capable of being tied up without litigation. In particular, the provisions of the Bankruptcy Code with respect to the rejection of burdensome leases and the ability to propose and pay out its debts pursuant to a Plan without piecemeal prosecution by random uncooperative creditors undermining same were particularly attractive. For the fiscal year ending June 27, 2012, the company reported total revenues of $125.7 million, net income of $614,000, and guest counts of 8.6 million. For the fiscal year ending June 26, 2013, the company reported total revenues of $120.8 million, a net loss of $5.9 million, and guest counts totaling 8.5 million. The Debtor disclosed $10,360,877 in assets and $36,139,375 in liabilities. Creed Ford III is the majority shareholder and has served as president and CEO since 2008. Mr. Ford and Norman J. Abdallah formed Fired Up in 1997 for the purpose of acquiring the then six-unit Johnny Carino's Italian Kitchen chain from Brinker International, Inc. The U.S. Trustee appointed a seven-member Official Committee of Unsecured Creditors. The Committee tapped Pachulski Stang Ziehl & Jones LLP as its counsel, and FTI Consulting, Inc. as its financial advisor. FLORIDA FOREST: Seeks to Hire Tina Singletary as Accountant ----------------------------------------------------------- Florida Forest Products of Cross City, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire an accountant in connection with its Chapter 11 case. The Debtor proposes to hire Tina Singletary, a certified public accountant, to assist in the filing of tax returns and financial reports. Ms. Singletary will be paid $150 per hour for her services and will receive reimbursement for work-relates expenses. In a court filing, Ms. Singletary disclosed that she has no connection with any creditor and does not hold any claim against the Debtor. Ms. Singletary's contact information is: Tina Singletary, CPA 226 NW Bloxham Street Mayo, FL 32066 Phone: (386) 294-3076 About Florida Forest Florida Forest Products of Cross City, Inc., filed for Chapter 11 bankruptcy protection (Bankr. N.D. Fla. Case No. 16-10148) on June 28, 2016. FLORIDA MOVING: Taps Van Horn Law Group as Legal Counsel -------------------------------------------------------- Florida Moving & Storage Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Van Horn Law Group Inc. as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: (a) give advice with respect to the Debtor's powers and duties; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal papers; (d) protect the Debtor's interest in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a Chapter 11 plan. Chad Van Horn, Esq., disclosed that he and his firm do not represent any interest adverse to the Debtor and its estate. The firm can be reached through: Chad T. Van Horn, Esq. Van Horn Law Group Inc. 330 N. Andrews Avenue, Suite 450 Fort Lauderdale, FL 33301 Phone: 954-765-3166 Email: info@cvhlawgroup.com About Florida Moving Florida Moving & Storage Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D. Fla. Case No. 16-19652) on July 11, 2016. FORT WALKER: Case Summary & 2 Unsecured Creditors ------------------------------------------------- Debtor: Fort Walker Holdings LLC 960 Penn Avenue, Suite 1200 Pittsburgh, PA 15222 Case No.: 16-22609 Chapter 11 Petition Date: July 14, 2016 Court: United States Bankruptcy Court Western District of Pennsylvania (Pittsburgh) Judge: Hon. Gregory L. Taddonio 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 William E. Connolly, principal. A copy of the Debtor's list of two unsecured creditors is available for free at http://bankrupt.com/misc/pawb16-22609.pdf FUNCTION(X) INC: Completes Acquisition of Rant Inc. --------------------------------------------------- Function(X) Inc., formerly DraftDay Fantasy Sports Inc., has completed an acquisition of assets of Rant Inc., which complements its existing Wetpaint social publishing business expanding into sports, lifestyle, and entertainment verticals. Simultaneously with the purchase, Function(X) successfully completed a PIPE transaction raising $4,000,000 for use in the purchase and for working capital. In connection with these transactions, Robert F.X. Sillerman has committed to convert to Function(X) common stock all of the debt and preferred shares of approximately $35MM, subject to certain terms, conditions and restrictions. This conversion will further strengthen the Company's balance sheet. Aegis Capital Corp served as the placement agent for the transaction. Rant, Inc. is a leading digital publishing network that creates original content -- most notably in sports, entertainment and pets -- that reaches major demographics. In 2015, Rant was named as the 18th Fastest Growing Private Company by Inc. magazine and the 31st Most Promising Company in America by Forbes as its network delivered up to 11 monthly visits per visitor, twice as much as industry leaders BuzzFeed and Vox in some months. Adweek reported that Rant's flagship RantSports.com property was ranked #1 by Quantcast for target digital ad buying for the 2015 holiday season, indicating the power of reaching a targeted audience. In their best months combined, Wetpaint and Rant have received over 50 million monthly visitors to their properties. The combined properties currently have approximately 15 million fans on their Facebook pages and generate up to 300 million video views per month. Wetpaint and Rant will have an editorial team of 30 writers and will be able to draw upon content from more than 400 pre-screened writers. Wetpaint (Wetpaint.com) is the fastest growing entertainment news destination for millennial women. Covering the latest in television, music, and pop culture, Wetpaint reaches over 10 million enthusiasts on a monthly basis. Cementing its position as a leader in the social media industry, Wetpaint recently won the award for Most Innovative Use of Social Media at Incite's Corporate Social Media awards. This honor showcases Wetpaint's resilience in the face of numerous Facebook algorithm changes over the last year and illustrates how effective its proprietary SDS technology is. Wetpaint has also enjoyed a number of social media takeovers by popular celebrities, most recently, when the Orange is the New Black cast took Wetpaint fans on their float at the New York Pride March. Additionally, positive developments in the world of daily fantasy sports gives the company many options, with several states recognizing the appeal and benefits of this rapidly growing industry. As the company explores those options, Draft Day Gaming Group is positioned to expand in the U.S. with an active pipeline focused on regulated operators. Outside of the U.S., Draft Day Gaming Group launched the DraftStars daily fantasy platform for CrownBet, the leading sports betting operation in Australia. Robert F.X. Sillerman, executive chairman and chief executive officer, commented, "Function X is often referred to in mathematics as the largest possible number. That is the goal of the company, to achieve the maximum results possible. The combination of Wetpaint and Rant along with the recent momentum in fantasy sports positions us to achieve significant levels of success. Clearly, my commitment to convert approximately $35MM of debt and preferred stock to common equity reflects my confidence in FNCX." Additional details about the transaction is available for free at: https://is.gd/nD3l7u About Function(x)Inc. Function(x)Inc., formerly known as 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. "The Company is unlikely to generate significant revenue or earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders, the ability of the Company to obtain necessary equity or debt financing to continue development of its business and to generate revenue. Management intends to raise additional funds through equity and/or debt offerings until sustainable revenues are developed. There is no assurance such equity and/or debt offerings will be successful and therefore there is substantial doubt about the Company's ability to continue as a going concern within one year after the financial statements are issued," according to the Company's quarterly report for the period ended Dec. 31, 2015. As of March 31, 2016, DraftDay had $32.4 million in total assets, $48.6 million in total liabilities, $12.5 million in series C convertible redeemable preferred stock and a $28.6 million total stockholders' deficit. GALLERY MOTORS: Disclosures Okayed, Plan Hearing on Nov. 15 ----------------------------------------------------------- Gallery Motors Sport Inc. is now a step closer to emerging from Chapter 11 protection after a bankruptcy court approved the outline of its plan of reorganization. The U.S. Bankruptcy Court for the District of Puerto Rico on July 12 approved the company's disclosure statement after determining that the document contains "adequate information." The bankruptcy court also gave Gallery Motors the green light to begin soliciting votes from creditors who are required to cast their ballots 14 days prior to the hearing on confirmation of the plan scheduled for November 15, at 10:00 a.m. Objections to confirmation of the plan must be filed 21 days before the November 15 hearing. The hearing will take place at Jose V. Toledo Federal Building & U.S. Courthouse, Courtroom 2, 300 Recinto Sur Street, Old San Juan, Puerto Rico. Gallery Motors can be reached through its counsel: Wigberto Lugo Mender, Esq. Lugo Mender Group LLC Centro International De Mercadeo 100 Carr 165 Suite 501 Guaynabo, PR 00968-8052 Tel: 787 707-0404 Email: wlugo@lugomender.com About Gallery Motors Gallery Motors Sport Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 15-07013) on September 11, 2015. The petition was signed by Noelia Gomez-Montalvo, president. The case is assigned to Judge Enrique S. Lamoutte Inclan. At the time of the filing, the Debtor disclosed $350,000 in assets and $562,857 in liabilities. GREAT BASIN: Has 12.4M Outstanding Common Shares as of July 14 -------------------------------------------------------------- On July 8, 2016, through July 14, certain holders of Great Basin Scientific Inc.'s senior secured convertible notes issued on Dec. 30, 2015, submitted notices to accelerate previously deferred amortization payments under the 2015 Notes and convert the accelerated payments on the 2015 Notes into shares of the Company's common stock pursuant to Section 3(a)(9) of the United States Securities Act of 1933, as amended. In connection with the Conversions, the Company issued 2,466,080 shares of common stock upon the conversion of $3,312,215 principal amount of 2015 Notes at a conversion price of $1.34. As of July 14, 2016, there are 12,409,233 shares of Common Stock issued and outstanding. About Great Basin Great Basin Scientific is a molecular diagnostic testing company focused on the development and commercialization of its patented, molecular diagnostic platform designed to test for infectious disease, especially hospital-acquired infections. The Company believes that small to medium sized hospital laboratories, those under 400 beds, are in need of simpler and more affordable molecular diagnostic testing methods. The Company markets a system that combines both affordability and ease-of-use, when compared to other commercially available molecular testing methods, which the Company believes will accelerate the adoption of molecular testing in small to medium sized hospitals. The Company's system includes an analyzer, which it provides for its customers' use without charge in the United States, and a diagnostic cartridge, which the Company sells to its customers. Great Basin reported a net loss of $57.9 million in 2015 following a net loss of $21.7 million in 2014. As of March 31, 2016, Great Basin had $27.6 million in total assets, $70.99 million in total liabilities, and a total stockholders' deficit of $43.4 million. Mantyla McReynolds, LLC, in Salt Lake City, Utah, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has incurred substantial losses from operations causing negative working capital and negative operating cash flows. These issues raise substantial doubt about its ability to continue as a going concern. GREAT BASIN: Provides Update on Operations and Financing Plans -------------------------------------------------------------- Great Basin Scientific, Inc., held a stockholder update call on July 14, 2016, to provide an update on the Company's operations, financings and its plans for the remainder of the Company's fiscal year. A full-text copy of the script is available for free at: https://is.gd/cwEzpn About Great Basin Great Basin Scientific is a molecular diagnostic testing company focused on the development and commercialization of its patented, molecular diagnostic platform designed to test for infectious disease, especially hospital-acquired infections. The Company believes that small to medium sized hospital laboratories, those under 400 beds, are in need of simpler and more affordable molecular diagnostic testing methods. The Company markets a system that combines both affordability and ease-of-use, when compared to other commercially available molecular testing methods, which the Company believes will accelerate the adoption of molecular testing in small to medium sized hospitals. The Company's system includes an analyzer, which it provides for its customers' use without charge in the United States, and a diagnostic cartridge, which the Company sells to its customers. Great Basin reported a net loss of $57.9 million in 2015 following a net loss of $21.7 million in 2014. As of March 31, 2016, Great Basin had $27.6 million in total assets, $70.99 million in total liabilities, and a total stockholders' deficit of $43.4 million. Mantyla McReynolds, LLC, in Salt Lake City, Utah, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has incurred substantial losses from operations causing negative working capital and negative operating cash flows. These issues raise substantial doubt about its ability to continue as a going concern. GULFMARK OFFSHORE: Registers Add'l 1.57-Mil. Shares Under Plans --------------------------------------------------------------- In 2014, the Board of Directors of GulfMark Offshore, Inc. adopted, and the Company's stockholders approved, the Company's 2014 Omnibus Equity Incentive Plan. On June 19, 2014, the Company filed a registration statement on Form S-8 (No. 333-196908) with the Securities and Exchange Commission registering 1,000,000 shares of its Class A common stock, par value $0.01 per share, to be issued pursuant to the 2014 Omnibus Plan. In 2016, the Board adopted and the Company's stockholders approved the Company's Amended and Restated 2014 Omnibus Equity Incentive Plan, which amends and restates the 2014 Omnibus Plan and, among other things, increases the number of shares of Common Stock available for issuance thereunder by 1,000,000 shares. The Company filed on July 13, 2016, a Form S-8 Registration Statement to register additional 1,000,000 shares of Common Stock for issuance under the Restated Omnibus Plan. In 2011, the Board adopted, and the Company's stockholders approved, the Company's 2011 Non-Employee Director Share Incentive Plan. On June 10, 2011, the Company filed a registration statement on Form S-8 (No. 333-174850) with the Commission registering 150,000 shares of Common Stock to be issued pursuant to the 2011 Director Plan. In 2016, the Board adopted and the Company’s stockholders approved the Company's Amended and Restated 2011 Non-Employee Director Share Incentive Plan, which amends and restates the 2011 Director Plan and, among other things, increases the number of shares of Common Stock available for issuance thereunder by 350,000 shares. The Company filed a Registration Statement on Form S-8 to registers additional 350,000 shares of Common Stock for issuance under the Restated Director Plan. In 2011, the Board adopted, and the Company's stockholders approved, the Company's 2011 Employee Stock Purchase Plan. On July 8, 2011, the Company filed a registration statement on Form S-8 (No. 333-175409) with the Commission registering 266,659 shares of Common Stock to be issued pursuant to the 2011 Director Plan. In 2016, the Board adopted and the Company's stockholders approved the Company's Amended and Restated 2011 Employee Stock Purchase Plan, which amends and restates the 2011 ESPP and, among other things, increases the number of shares of Common Stock available for issuance thereunder by 225,000 shares. The Company filed a Form S-8 Registration Statement on July 13, 2016, to register additional 225,000 shares of Common Stock for issuance under the Restated ESPP. A full-text copy of the Form S-8 prospectus is available at: https://is.gd/kvvv8H About Gulfmark GulfMark Offshore, Inc., a Delaware corporation, was incorporated in 1996. The Company provides offshore marine support and transportation services primarily to companies involved in the offshore exploration and production of oil and natural gas. The Company's vessels transport materials, supplies and personnel to offshore facilities, and also move and position drilling and production facilities. The majority of our operations are conducted in the North Sea, offshore Southeast Asia and offshore the Americas. The Company currently operates a fleet of 73 owned or managed offshore supply vessels, or OSVs, in the following regions: 30 vessels in the North Sea, 13 vessels offshore Southeast Asia, and 30 vessels offshore the Americas. The Company's fleet is one of the world's youngest, largest and most geographically balanced, high specification OSV fleets. The Company's owned vessels have an average age of approximately nine years. Gulfmark reported a net loss of $215 million in 2015 following net income of $62.4 million in 2014. * * * As reported by the TCR on March 15, 2016, Standard & Poor's Ratings Services lowered its corporate credit rating on Houston-based, marine transportation services company GulfMark Offshore Inc. to 'CCC' from 'B-'. The TCR also reported on Feb. 26, 2016, that Moody's Investors Service downgraded GulfMark Offshore Inc.'s (GulfMark) Corporate Family Rating (CFR) to Caa3 from B3, Probability of Default Rating (PDR) to Caa3-PD from B3-PD, and senior unsecured notes to Ca from Caa1. H.B. WHITE: Claims Bar Date Set for August 22 --------------------------------------------- The Ontario Superior Court of Justice ordered all persons who assert a claim against H.B. White Canada Corp., whether, unliquidated, contingent or otherwise, and all persons who assert a claims against the company's directors and officers, must file proofs of claim with Alvarez & Marsal Canada no later than 5:00 p.m. (Toronto Time) on Aug. 22, 2016, at: Alvarez & Marsal Canada, H.B. White Canada Corp. Monitor Royal Bank Plaza, South Tower 200 Bay Street, Suite 2900, P.O. Box 22 Toronto, ON Canada M5J 2J1 Attention: Joshua Nevsky Fax: 416.847.5201 Email: monitor.hbwhite@alvarezandmarsal.com A&M was appointed as monitor of the business and financial affairs of the Company on July 7, 2016. H.B. White Canada Corp. commenced proceedings in Toronto under the Companies' Creditors Arrangement Act and was granted an order of the Ontario Superior Court of Justice (Commercial List). HAMPTON ROADS: Moody's Affirms B1 Rating on 2007A Class III Bonds ----------------------------------------------------------------- Moody's Investors Service has taken various actions on approximately $271 million of Hampton Roads PPV, LLC (VA) Military Housing Taxable Revenue Bonds (Hampton Roads Unaccompanied Project) 2007 Series A. The rating actions are as follows: Affirmed Ba1 rating on approximately $205.5 million of outstanding Class I bonds; Affirmed B1 rating on approximately $56.7 million of outstanding Class II bonds; and Affirmed B1 rating on approximately $8.8 million of outstanding Class III bonds. The outlook on the ratings remains stable. The ratings affirmation reflects the Project's overall adequate debt service coverage ratio (DSCR), high occupancy rate, and the presence of the Excess Collateral Funding Agreement (ECFA) with AIG Financial Products Corporation. The ratings, however, are vulnerable to changes in Allowance for Basic Housing (BAH), higher turnover rate driven by ships deployments, and lack of satisfactory debt service reserve fund (DSRF) to mitigate changes in net operating income (NOI). Rating Outlook Moody’s said, “The outlook is stable based on our expectation that the high increase in the 2016 BAH rate coupled with management's efforts to control expenses will contribute to more stabilized financial performance.” Factors that Could Lead to an Upgrade An upgrade would require sustained improvement in operating performance coupled with continued BAH increases, cash funding of DSRF, or replacement of current surety provider with another of higher credit quality. Factors that Could Lead to a Downgrade The rating could be downgraded if the project experiences a decline in DSCR. Given their tight coverage, Class II and Class III bonds are more vulnerable to a downgrade. Legal Security The Bonds are limited obligations of the Issuer, Hampton Roads PPV LLC, payable solely from the assets and revenues pledged under the Indenture, including revenues generated by the operation of the residential rental housing units, and a first mortgage lien on the Issuer's leasehold interest in the Project land and a first mortgage lien on the Project improvements. The revenues consist primarily of deposit into the Indenture of the military BAH for military tenants. Use of Proceeds N/A Obligor Profile The Issuer and Borrower, is Hampton Roads PPV, LLC a limited liability company. The issuer has two members: Homeport Hampton Roads, LLC, (HHR), Managing Member, and The United States of America, Department of the Navy (DON). HHR has two members: Hunt ELP LTD. An affiliate of Hunt Building Company, and ACC OP (Hampton Roads), LLC, an affiliate of American Campus Communities Inc. (ACC). Hampton Roads PPV, LLC was created on December 2007, under the PPP program. It contracted with the DOD for the acquisition, development, management and operation of the Project located in Norfolk and Newport News, Virginia. The term of the contract is 50 years, expiring in 2057. HAPPYWORKS DAY CARE: Wants to Use Cash Collateral ------------------------------------------------- Happyworks Day Care, Inc., asks the U.S. Bankruptcy Court for the Northern District of Ohio for authorization to use cash collateral. The Debtor believes that ZB, NA, may have a security interest in its cash and accounts, in addition to a secured mortgage interest in real estate owned by the Debtor. The Debtor relates that it has not been able to confirm ZB, NA's security interest in cash and accounts, but will require a cash collateral order permitting use of post-petition cash in the event that such security interest exists. The Debtor tells the Court that Ohio Bureau of Workers Compensation has a lien on its personal property, including cash and accounts, by virtue of Certificates of Amount of Premium due, with a total amount of $2,330.22 The Debtor requests, among other things, that ZB, NA, and the Ohio Bureau of Workers Compensation be granted replacement liens upon assets of the Debtor's estate, including all cash collateral, and that ZB, NA, and the Ohio Bureau of Workers Compensation be granted an administrative expense priority claim to the extent of any diminution of value of their collateral arising from the use, sale or lease of such collateral. The Debtor relates that the continued use of cash collateral will assure that the going-concern value of the Debtor and the jobs of its employees are not lost. A full-text copy of the Debtor's Motion, dated July 13, 2016, is available at https://is.gd/EVRVx3 Happyworks Day Care, Inc. is represented by: Richard H. Nemeth, Esq. NEMETH & ASSOCIATES, LLC 526 Superior Ave. East, Suite 333 Cleveland, OH 44114 Telephone: (216)502-1300 Facsimile: (216)502-1301 Email: mail@ohbklaw.com About Happyworks Day Care, Inc. Happyworks Day Care, Inc., is a non-profit, low cost, quality childcare services provider for low income families living in the inner city of Cleveland since 1986. The business ran smoothly and profitably from 1986 until 2014 under the general management of Judith M. Ballinger, its sole owner and former general manager. In early 2014, Ms. Ballinger suffered a stroke and heart attack and was confined to a hospital bed for most of the calendar year. In her absence, Happyworks was run by Ms. Ballinger’s granddaughter, who lacked the necessary skills to operate the business properly. On July 9, 2014, Zions First National Bank, the debtor’s primary lender, filed a collection and foreclosure proceeding [Cuyahoga County Court of Common Pleas Case No. CV-14-829494]. A judgment was taken in that proceeding on August 12, 2015 and a sheriff’s sale of one of the two buildings out of which the debtor conducts its business was scheduled for July 11, 2016. To stay the sheriff's sale, Happyworks Day Care filed a Chapter 11 petition (Bankr. N.D. Ohio Case No. 16-13769) on July 9, 2016. Judge Jessica Price Smith presides. Richard H. Nemeth, Esq., at Nemeth & Associates, LLC, serves as counsel to the Debtor. HARBOR POINT: Hires Bologna as Special Counsel ---------------------------------------------- Harbor Point Restaurant RE, LLC seeks authorization from the U.S. Bankruptcy Court for the District of Connecticut to employ Paul N. Bologna and Associates as Special Counsel. At the time of the petition, the Debtor's landlord, Four Harbor Point Square, LLC, had commenced a summary process action in the Connecticut Superior Court. The Action was stayed by the Debtor's bankruptcy filing. Pursuant to a stipulation between the Debtor and Four Harbor Point Square, and order by the Court, the stay was lifted to allow the Action to continue in Superior Court. The Debtor wants to employ Paul N. Bologna and Associates, which is their current counsel in the Summary Process Action. Bologna will be paid at $375 per hour. The Debtor also has agreed to compensate Paul N. Bologna, Esq., under a general retainer of $25,000. Paul N. Bologna, member of the firm, assured the Court that his 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 Debtor and its estate. Bologna may be reached at: Paul N. Bologna Paul N. Bologna and Associates 184 Atlantic St. Stamford, CT 06901 Telephone: (203)348-3555 Cellphone: (914)643-6034 Fax: (203)348-2555 About Harbor Point Restaurant RE, LLC Headquartered in Stamford, Connecticut, Harbor Point Restaurant RE, LLC, filed for Chapter 11 bankruptcy protection (Bankr. D. Conn. Case No. 16-50687) on May 25, 2016, estimating its assets at up to $50,000, and liabilities at between $1 million and $10 million. The petition was signed by Bill P. Chimos, member of the Debtor. Judge Julie A. Manning presides over the case. Scott M. Charmoy, Esq., at Charmoy & Charmoy serves as the Debtor's bankruptcy counsel. HASSAN FARAH: Court Disallows Martinez's Proof of Claim No. 7-2 --------------------------------------------------------------- In the case captioned HASSAN N. FARAH, Movant/Objector, v. JACQUELINE B. MARTINEZ, Respondent/Claimant, Bankruptcy No. 14-23775-CMB (Bankr. W.D. Pa.), relating to IN RE: HASSAN N. FARAH, Debtor, Judge Carlota M. Bohm of the United States Bankruptcy Court for the Western District of Pennsylvania sustained the debtor's objection to Proof of Claim No. 7-2 filed by Jacqueline B. Martinez, and disallowed Martinez's claim. Martinez first filed a proof of claim on February 6, 2015. On April 13, 2015, Martinez filed an amended proof of claim in the total amount of $29,324, of which $19,295 remains in dispute. Martinez asserted that she is owed for services provided as well as goods purchased and labor performed for the benefit of the debtor, Hassan N. Farah. Judge Bohm found that Martinez failed to meet her burden with respect to her claim. A full-text copy of Judge Bohm's July 14, 2016 memorandum opinion is available at http://bankrupt.com/misc/pawb14-23775-216.pdf Hassan N. Farah is represented by: Michael J. Henny, Esq. LAW OFFICES OF MICHAEL J. HENNY, ESQUIRE The Gulf Tower, Suite 2828 707 Grant Street Pittsburgh, PA 15219 Tel: (412)261-2640 Fax: (412)391-0221 Email: m.henny@hennylaw.com HEALTHSOUTH CORP: Moody's Affirms Ba3 CFR, Outlook Stable --------------------------------------------------------- Moody's Investors Service revised the rating outlook for HealthSouth Corporation to stable from negative. Moody's also affirmed HealthSouth's existing ratings, including its Ba3 Corporate Family Rating and Ba3-PD Probability of Default Rating. The rating on HealthSouth's senior secured and senior unsecured debt were affirmed at Baa3 (LGD 1) and B1 (LGD 4), respectively. Finally, Moody's affirmed HealthSouth's Speculative Grade Liquidity Rating of SGL-1, reflecting the expectation that the company will maintain very good liquidity over the next 12 to 18 months. The change in the rating outlook reflects Moody's expectation that the company will continue to make progress in reducing leverage and focus more on organic growth initiatives following a number of debt financed acquisitions in 2015. The affirmation of the Ba3 Corporate Family Rating incorporates Moody's expectation that the company will see continued revenue and EBITDA growth that will contribute to modestly improving credit metrics. This will be balanced with the use of free cash flow to reinvest in growth opportunities and return value to shareholders through the company's regular dividend as well as a moderate level of share repurchases. Ratings affirmed: Corporate Family Rating at Ba3 Probability of Default Rating at Ba3-PD Senior secured revolving credit facility and term loans at Baa3 (LGD 1) Senior unsecured notes at B1 (LGD 4) Speculative Grade Liquidity Rating at SGL-1 The rating outlook was changed to stable from negative. RATINGS RATIONALE HealthSouth's Ba3 Corporate Family Rating reflects the company's moderately high leverage and strong interest coverage. Moody's expects that healthy cash flow will allow the company to reduce leverage while investing in the growth of its inpatient rehabilitation business. Moody's also acknowledges that HealthSouth's considerable scale in the inpatient rehabilitation sector and geographic diversification should allow the company to adjust to or mitigate reimbursement pressures more easily than many other inpatient rehabilitation providers. Further, while growth in the home health and hospice businesses will continue HealthSouth's reliance on the Medicare program for a significant portion of revenue, it diversifies the company's offerings across the post-acute continuum of care. Moody's said, "The stable outlook reflects our expectation that the company will maintain leverage closer to its stated target level of 3.0 times (as calculated by the company). The reduction in leverage will be aided by EBITDA growth from the continued integration of recent acquisitions." The ratings could be downgraded if Moody's expects debt to EBITDA to be sustained above 4.0 times, either through unforeseen adverse developments in Medicare reimbursement, a significant debt financed acquisition, an increased appetite for debt financed shareholder initiatives, or deterioration in operating performance. The ratings could be upgraded if HealthSouth can sustain debt to EBITDA below 3.0 times. Moody's would also have to be comfortable that changes in the regulatory environment will not have an adverse impact on the company given HealthSouth's reliance on the Medicare program as a source of revenue. Also, the company would need to remain disciplined in regards to acquisitions and shareholder returns and their impact on credit metrics. Headquartered in Birmingham, Alabama, HealthSouth Corporation is the largest operator of inpatient rehabilitation facilities. The company also provides outpatient services through a network of outpatient satellite clinics, located within or near the company's rehabilitation hospitals. HealthSouth also provides home health and hospice services. The company reported revenues of approximately $3.3 billion in the twelve months ended March 31, 2016. HECK ENTERPRISES: Taps Dodson, Four Others as Special Counsel ------------------------------------------------------------- Heck Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to hire a special counsel in connection with its claim related to the Deepwater Horizon oil spill. The Debtor proposes to hire the law firms of Dodson Hooks & Frederick APLC; Palmintier Holthaus & Fruge, Walters Pappillion Thomas Cullens LLC, The Roederitz Law Firm, and Rudolph Estess to prepare all documentation required to receive the settlement payment in the amount of $1.72 million. The special counsel will be compensated on a contingency basis of 15% of the settlement award to be split among them, and will receive reimbursement for work-related expenses. Kenneth H. Hooks, III, Esq., a partner at Dodson, disclosed in a court filing that the law firms do not represent or hold any interest adverse to the Debtor or its estate. The Debtor can be reached through its lead counsel: William E. Steffes, Esq. Noel Steffes Melancon, Esq. Steffes, Vingiello, McKenzie, LLC 13702 Coursey Boulevard Building 3 Baton Rouge, LA 70817 Telephone: (225) 751-1751 Facsimile: (225) 751-1998 Email: nmelancon@steffeslaw.com About Heck Enterprises Heck Enterprises, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M. D. La. Case No. 16-10514) on April 29, 2016. The petition was signed by Wallace E. Heck, Jr., president and chief executive officer. The case is assigned to Judge Douglas D. Dodd. At the time of the filing, the Debtor estimated its assets and debts at $1 million to $10 million. HEENA HOSPITALITY: Allowed To Use Cash Collateral Up To Sept. 30 ---------------------------------------------------------------- Judge Russel F. Nelms of the U.S. Bankruptcy Court for the Northern District of Texas authorized Heena Hospitality, LLC to continue using cash collateral up to September 30, 2016. The Debtor owns and operates a Motel 6 located in Weatherford, Texas. Secured Lender Citizens Bank, N.A. asserted that the Debtor is obligated to it in the total amount of $2,142,467.91, and that it has an interest in the rents of the Debtor's Property and the fees, charges, accounts or other payments for the use and occupancy of the Property. The Debtor was previously authorized to use cash collateral up to July 6, 2016. The Debtor related that it needs to use Citizens Bank's cash collateral to pay the actual, ordinary and necessary operating expenses. The Debtor further related that without such funds, it will not be able to pay its direct operating expenses and obtain goods and services needed to carry on its business. Judge Nelms directed the Debtor to make monthly payments to Citizens Bank beginning on July 10, in the amount of $6,075. Judge Nelms gave the Debtor and any other creditor or party in interest until August 22, 2016, to object to: (a) the validity or amount of the Debtor's indebtedness to Citizens Bank, or (b) the validity, enforceablity or priority of Citizens Bank's security interests in and liens on the Debtor's properties and assets. The approved one-month Budget provides for expenses in the total amount of $18,840. A full-text copy of the Order, dated July 13, 2016, is available at https://is.gd/W5D5Q3 Citizens Bank, N.A. is represented by: Joseph F. Postnikoff, Esq. GOODRICH POSTNIKOFF & ASSOCIATES, LLP 801 Cherry Street, Suite 1010 Fort Worth, Texas 76102 Telephone: (817)335-9400 Facsimile: (817)335-9411 Email: Jpostnikoff@gpalaw.com About Heena Hospitality LLC Heena Hospitality, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 16-42305) on June 10, 2016. The petition was signed by Bob Bhojwani, president. The case is assigned to Judge Russell F. Nelms. At the time of the filing, the Debtor estimated its assets and liabilities at $1 million to $10 million. HEYL & PATTERSON: Court Sets Final Hearing on July 25 for Cash Use ------------------------------------------------------------------ Judge Carlota M. Bohm of the U.S. Bankruptcy Court for the Western District of Pennsylvania continued the final hearing on Heyl & Patterson, Inc.'s Motion seeking authorization to use Cash Collateral to July 25, 2016 at 2:00 p.m. Judge Bohm authorized the Debtor to use cash collateral on an interim basis until July 25, 2016, without prejudice to the objections raised by the Official Committee of Unsecured Creditors to the Court's Interim Order. A full-text copy of the Order, dated July 14, 2016, is available at https://is.gd/dD7X2N About Heyl & Patterson, Inc. Heyl & Patterson, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 16-21620) on April 29, 2016. The petition was signed by John R. Edelman, CEO. The case is assigned to Judge Carlota M. Bohm. The Debtor estimated both assets and liabilities in the range of $1 million to $10 million. HI-TEMP SPECIALTY: U.S. Trustee Forms 3-Member Committee -------------------------------------------------------- The Office of the U.S. Trustee on July 13 appointed three creditors of Hi-Temp Specialty Metals, Inc., to serve on the official committee of unsecured creditors. The committee members are: (1) Tosoh SMD Inc. 3600 Gantz Road Grove City, OH 43123 (2) Jiangsu Fengfeng Tungsten & Molybdenum Product Co., Ltd. 688# Fengfeng Road, Dongtai, Jiangsu, China 224200 (3) Vishay Israel Ltd. 7 Hatnufa Street Petach Tikva Israel 4951025 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Hi-Temp Founded in 1982, Hi-Temp Specialty Metals, Inc. is a recycler and provider of specialty recycled metals for the super alloy industry. Hi-Temp is a wholly-owned subsidiary of Hi-Temp Acquisition Corp., Inc. Joseph Smokovich owns 87% of HTAC common stock and the remaining 13% is owned by Larry Stryker, a former employee. Hi-Temp employs between 20-25 people. Hi-Temp sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 16-72767) on June 22, 2016. The case is assigned to Judge Louis A. Scarcella. The petition, signed by President and Chief Executive Officer Joseph Smokovich, estimates assets in the range of $10 million to $50 million and liabilities of up to $50 million. HILLCREST ACADEMY: Hires Carmichael & Powell as Attorney -------------------------------------------------------- Hillcrest Academy, Inc., seeks permission from the U.S. Bankruptcy Court for the District of Arizona to employ Carmichael& Powell, P.C., as attorney. The Debtor requires Carmichael& Powell to: a. provide legal advice with respect to its powers, duties and responsibilities of the Debtor concerning its business, continued operations, and management of applicable property, b. prepare all necessary and required Applications, Orders, Answers, Reports, and other needed legal documents; and c. perform any and all legal services for the Debtors, as Debtor-in-Possession, which will become necessary and required. The Debtor will compensate Carmichael& Powell at an hourly rate of $350 plus out of pocket costs. Donald W. Powell, Esq., of Carmichael & Powell, P.C., assured the Court that the firm and does not represent any interest adverse to the Debtors and their estates. Carmichael& Powell, P.C. can be reached at: Donald W. Powell, Esq. Carmichael & Powell, P.C. 7301 North 16th Street, #103 Phoenix, AZ 85020 Tel: (602)861-0777 About Hillcrest Academy, Inc. Hillcrest Academy, Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Ariz. Case No. 16-07432) on June 29, 2016. Hon. Madeleine C. Wanslee presides over the case. Carmichael& Powell, P.C.represents the Debtor as counsel. In its petition, the Debtor estimated $10 million to $50 million in assets and $10 million to $50 million in liabilities. The petition was signed by Danielle Connolly, president. HUNTINGTON BANCSHARES: DBRS Confirms BB Preferred Stock Rating -------------------------------------------------------------- DBRS, Inc. confirmed the ratings of Huntington Bancshares Inc., and its related entities, including Huntington's Issuer & Senior Debt rating of BBB (high). Additionally, the trend on all long-term ratings and Huntington’s Short-Term Instruments rating has been revised to Positive from Stable. The ratings action follows a detailed review of the Company’s operating results, financial fundamentals, and future prospects. The ratings confirmation reflects Huntington’s defensible and deeply rooted banking franchise throughout the Rust Belt, including its top tier position in Ohio, as well as its consistent, above peer median financial performance, sound asset quality and solid balance sheet fundamentals. In addition to its above peer financial performance, the Positive trend considers the pending FirstMerit (FMER) acquisition (announced in January 2016), which DBRS views favorably and the expectation that the transaction will be completed in 3Q16 and successfully integrated, consistent with the Company’s guidance. In addition, DBRS believes Huntington is well positioned to achieve its long-term financial goals. Overall, from DBRS's perspective, the addition of FMER will meaningfully strengthen Huntington's franchise, as it will result in the number one market share position in Ohio, add depth in Michigan, as well as provide entrance into attractive new markets, including Chicago and Wisconsin. Importantly, FMER brings a strong credit culture, similar loan and deposit profiles, comparable products and services, as well as resilient earnings power. Additionally, the transaction is expected to bolster revenue generation, provide substantial cost saves and ultimately improve returns. Finally, despite the integration risk related to a large acquisition, DBRS is comforted by the fact that FMER’s operating platforms have all been integrated onto a common platform making the conversion less complex. DBRS notes that while Huntington has not undergone a recent major integration and conversion, FMER has considerable experience. Huntington's earnings power remains resilient despite the difficult operating environment. Indeed, the Company's 2015 adjusted income before provisions and taxes (DBRS’s core earnings metric; IBPT) increased 8.6% compared to the prior year driven by solid auto and C&I loan growth, as well as improved card and mortgage banking income. Expenses still remain somewhat elevated, reflecting continued investments in the Company. Most recently, Huntington reported another solid quarterly performance with a return on average assets (ROAA) of 0.96% in 1Q16. Providing support to the ratings, the Company’s asset quality remains sound, including low levels of net charge-offs (NCOs) and non-performing assets (NPAs). Specifically, Huntington’s NCO ratio for 1Q16 and 2015 was 0.07% and 0.18%, respectively, both of which remain below the Company’s long-term expectations of 0.35% to 0.55%. In addition, NPAs represented a manageable 1.02% of total loans and other real estate owned (OREO), up from 0.78% at 4Q15, reflecting pressure on its relatively small portfolio of energy loans (less than 1% of total loans). Finally, reserve coverage remains adequate, with the loan loss reserve representing 1.19% of total loans and leases and 123% of nonaccrual loans and leases as of 1Q16. Huntington maintains an ample funding and liquidity profile that reflects a sizable core deposits base, which easily funds net loans, and healthy levels of liquid assets with a liquidity coverage ratio (LCR) above 100%. Moreover, DBRS views Huntington’s capitalization as solid even with an expected 100 basis point decline in its Common Equity Tier 1 (CET1) ratio upon completion of the FMER transaction. DBRS notes that the Company expects to build its capital position back up over time (Huntington’s CET1 ratio was 9.7% at 1Q16). Huntington Bancshares Inc., a bank holding company headquartered in Columbus, Ohio, reported approximately $72.6 billion in assets at March 31, 2016. RATING DRIVERS Successful integration of the FMER acquisition and delivering on its transaction assumptions, while maintaining sound balance sheet fundamentals, could lead to positive rating actions. If the FMER integration is poorly executed or the Company is unable to achieve the anticipated cost saves or build capital post-closing or any evidence of weakening credit fundamentals could lead to negative rating actions. Issuer Debt Rated Rating Huntington Bancshares Inc. Issuer & Senior Debt BBB (high) Huntington Bancshares Inc. Short-Term Instruments R-2 (high) Huntington Bancshares Inc. Preferred Stock BB (high) INTELLIPHARMACEUTICS INT'L: Reports Second Quarter 2016 Results --------------------------------------------------------------- Intellipharmaceutics International Inc. reported a net loss of US$2 million on US$556,044 of revenue for the three months ended May 31, 2016, compared to a net loss of US$1.50 million on US$1.26 million of revenue for the same period in 2015. For the six months ended May 31, 2016, Intellipharmaceutics reported a net loss of US$4.12 million on US$1.12 million of revenue compared to a net loss of US$2.42 million on US$2.40 million of revenue for the six months ended May 31, 2015. As of May 31, 2016, the Company had US$3.81 million in total assets, US$5.78 million in total liabilities and a shareholders' deficiency of US$1.96 million. R&D expenditures in the three months ended May 31, 2016, were US$1.5 million, which were lower in comparison to the three month period ended May 31, 2015 of $1.6 million. The reduced spending is due to lower third party R&D expenditures (specifically for clinical studies), as compared to the three months ended May 31, 2015. Selling, general and administrative expenses were US$0.9 million for the three months ended May 31, 2016, in comparison to US$1.0 million for the three months ended May 31, 2015. The decrease is primarily due to the lower expenses related to a decrease in professional fees and marketing cost, partially offset by an increase in wages and occupancy cost. The Company had cash of US$0.2 million as at May 31, 2016, compared to US$0.4 million as at Feb. 29, 2016. The decrease in cash during the three months ended May 31, 2016 was mainly a result of lower cash receipts relating to commercial sales of our generic Focalin XR capsules for the 15 mg and 30 mg strengths, partially offset by cash flows provided from financing activities which were mainly from common share sales under the Company's at-the-market offering program. As of July 12, 2016, the Company had a cash balance of US$3.4 million. For the three months ended May 31, 2016, net cash flows provided from financing activities of US$1.1 million related principally to at-the-market issuances of 562,561 of the Company's common shares sold on NASDAQ, partially offset by capital lease payments. A full-text copy of the press release is available for free at: https://is.gd/EcrIUB Corporate Developments * In July 2016, the United States Food and Drug Administration completed its review of the Company's previously requested waiver of the new drug application user fee related to its RexistaTM XR (abuse deterrent oxycodone hydrochloride extended release tablets) NDA product candidate. The FDA, under the small business waiver provision section 736(d)(1) (D) of the Federal Food, Drug, and Cosmetics Act, granted the Company a waiver of the $1,187,100 application fee for RexistaTM XR. * In July 2016, Intellipharmaceutics announced the results of a food effect study conducted on its behalf for RexistaTM XR. The study showed that RexistaTM XR can be administered with or without a meal (i.e., food does not affect the rate and extent of absorption). The Company believes that RexistaTM XR is well differentiated from currently marketed oral oxycodone extended release products. The Company plans to file the NDA for RexistaTM XR in August 2016. * In June 2016, the Company announced the closing of its underwritten public offering of 3,229,814 units of common shares and warrants, at a price of $1.61 per unit. In connection with the offering, the Company issued an aggregate of 3,229,814 common shares and warrants to purchase an additional 1,614,907 common shares. The underwriter also purchased additional warrants at a purchase price of $0.001 per warrant to acquire 240,390 common shares pursuant to the over-allotment option exercised in part by the underwriter. The warrants are exercisable immediately, have a term of five years and an exercise price of $1.93 per common share. After underwriting discounts, commissions and estimated offering expenses, the Company received net proceeds of approximately $4.6 million. The Company subsequently consummated closings of the sales of an aggregate of 459,456 additional common shares at the public offering price of $1.61 per share. The Company received net proceeds of approximately $0.7 million from the subsequent partial exercises of the over-allotment option, after deducting the underwriting discount. The closings of these partial exercises brought the total net proceeds from the offering to approximately $5.3 million, after deducting the underwriter's discount and estimated offering expenses. "There can be no assurance that we will not be required to conduct further studies for Rexista XR, that we will continue to satisfy the criteria for the waiver of the application fee, that we will file an NDA for Rexista XR in August 2016, that the FDA will ultimately approve the NDA for the sale of Rexista XR in the U.S. market, that it will ever be successfully commercialized, that we will be successful in submitting any additional Abbreviated New Drug Applications ("ANDAs"), Abbreviated New Drug Submissions ("ANDSs") or NDAs with the FDA or similar applications with Health Canada, that the FDA or Health Canada will approve any of our current or future product candidates for sale in the U.S. market and Canadian market, or that they will ever be successfully commercialized and produce significant revenue for us." 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. Intellipharmaceutics reported a net loss of US$7.43 million on US$4.09 million of revenues for the year ended Nov. 30, 2015, compared to a net loss of US$3.85 million on US$8.76 million of revenues for the year ended Nov. 30, 2014. Deloitte LLP issued a "going concern" opinion on the consolidated financial statements for the year ended Nov. 30, 2015, citing that the Company's recurring losses from operations and shareholders' deficiency raise substantial doubt about its ability to continue as a going concern. INTREPID POTASH: Obtains Further Extension of Debt Covenant Waiver ------------------------------------------------------------------ Intrepid Potash Inc. announced it has reached an agreement with its noteholders to further extend the previously announced waiver of the financial covenants for the first quarter of 2016 under its long-term unsecured senior notes until July 29, 2016. The most recent waiver from the noteholders would have expired on July 15, 2016. "We continue to make progress in the negotiations with our noteholders and are grateful for the additional time to work towards a mutually agreeable resolution of this matter," said Bob Jornayvaz, Intrepid's executive chairman, president and CEO. Intrepid maintains long-term unsecured senior notes, consisting of three series totaling $150 million with laddered maturities beginning in 2020, as well as a revolving credit facility of $8 million, which may only be used for letters of credit. The credit facility matures on the earlier of July 31, 2016, and the date on which the aggregate commitment under the credit facility is reduced to zero. Compliance with the revolving credit facility covenants for the first quarter of 2016 was previously waived until July 31, 2016, provided no earlier event of default occurs with the senior notes. About Intrepid Intrepid Potash -- http://www.intrepidpotash.com/-- is the only U.S. producer of muriate of potash and supplied approximately 9% of the country's annual consumption in 2015. Potash is applied as an essential nutrient for healthy crop development, utilized in several industrial applications and used as an ingredient in animal feed. Intrepid also produces a specialty fertilizer, Trio(R), which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid serves diverse customers in markets where a logistical advantage exists; and is a leader in the utilization of solar evaporation production, one of the lowest cost, environmentally friendly production methods for potash. After the idling of its West mine in July 2016, Intrepid's production will come from three solar solution potash facilities and one conventional underground Trio(R) mine. As of March 31, 2016, Intrepid had $627.37 million in total assets, $218.36 million in total liabilities and $409 million in total stockholders' equity. INTREPID POTASH: Sr. Notes Covenant Waiver Extended Until July 29 ----------------------------------------------------------------- Intrepid Potash Inc. on July 15, 2016, disclosed that it has reached an agreement with its noteholders to further extend the previously announced waiver of the financial covenants for the first quarter of 2016 under its long-term unsecured senior notes until July 29, 2016. The most recent waiver from the noteholders would have expired on July 15, 2016. "We continue to make progress in the negotiations with our noteholders and are grateful for the additional time to work towards a mutually agreeable resolution of this matter," said Bob Jornayvaz, Intrepid's Executive Chairman, President and CEO. Intrepid maintains long-term unsecured senior notes, consisting of three series totaling $150 million with laddered maturities beginning in 2020, as well as a revolving credit facility of $8 million, which may only be used for letters of credit. The credit facility matures on the earlier of July 31, 2016, and the date on which the aggregate commitment under the credit facility is reduced to zero. Compliance with the revolving credit facility covenants for the first quarter of 2016 was previously waived until July 31, 2016, provided no earlier event of default occurs with the senior notes. About Intrepid Intrepid Potash -- http://www.intrepidpotash.com/-- is the only U.S. producer of muriate of potash and supplied approximately 9% of the country's annual consumption in 2015. Potash is applied as an essential nutrient for healthy crop development, utilized in several industrial applications and used as an ingredient in animal feed. Intrepid also produces a specialty fertilizer, Trio(R), which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid serves diverse customers in markets where a logistical advantage exists; and is a leader in the utilization of solar evaporation production, one of the lowest cost, environmentally friendly production methods for potash. After the idling of its West mine in July 2016, Intrepid's production will come from three solar solution potash facilities and one conventional underground Trio(R) mine. As of March 31, 2016, Intrepid had $627.37 million in total assets, $218.36 million in total liabilities and $409 million in total stockholders' equity. IRONMEN INC: Proposes to Sell Property for $318,000 --------------------------------------------------- Ironmen, Inc., on July 13, 2016, filed with the U.S. Bankruptcy Court for the Western District of Louisiana, a motion to sell property of the estate to TGM Investment Group, L.L.C., or any other willing purchaser, free and clear of liens, encumbrances, and interests. Among the assets of debtor's estate is certain movable property specifically machinery and equipment, used in the dry cleaning business and located at 806 Main Street, Pineville, Louisiana, as well as 3119 Masonic Drive, Alexandria, Louisiana, and 1420 Metro Drive, Alexandria, Louisiana. The property to be sold is located in Rapides Parish, Louisiana, and is more specifically described as the following movable property: All Assets of Ironmen, Inc. used in the operation of its business (operating under the names Donovan's Cleaners, Bryant's Cleaners, Randall's Formal Wear, and Star Cleaners, including cash, accounts receivable, inventory, fixed assets, rights under supplier, customer and other contracts, business names, business records, and goodwill. In addition, the assets of the estate consist of certain intangible assets in the form of trade names, specifically "Bryant's Cleaners" and "Donovan's Cleaners" and "Star Cleaners" and "Randall's Formalwear." The Debtor has received an offer to purchase the assets described from TGM Investment Group, LLC, for the price of $318,000, payable in cash or cash equivalent, at the time of closing. TGM Investments, LLC is a legal entity formed under the laws of the State of Louisiana, and in which no "insider" of the debtor, including its members, former members, and officers, Wilbur W. Gutierrez and Patrick Swasey, holds an interest. The sale of the assets is on an "as is, where is" basis. The sale will be without any warranty or recourse whatsoever, even as to return of the purchase price, but with full substitution and subrogation to all rights and actions of warranty against all preceding owners. In order to make this offer, TGM Investment Group, L.L.C., has incurred expenses in investigating and undertaking due diligence to determine the fair market value of the assets and any potential environmental and other unknown and contingent liabilities and it will continue to do so. As a result, as a condition of this offer, if another party is the successful bidder and purchaser, then from the sales proceeds TGM will be reimbursed for all reasonable costs and expenses, including attorney fees and costs. In addition to expense reimbursement, in the event an alternative sales transaction closes and TGM is not the successful bidder or purchaser, then TGM will be entitled to an additional payment in the form of a "breakup fee" in the sum of $15,000.00, above the expense reimbursement. The breakup fee will be paid from the sales proceeds, immediately upon receipt of the proceeds of the alternate sales transaction. About Ironmen, Inc Ironmen, Inc., was the largest laundry and cleaners in the central Louisiana area and for 100 miles in any direction. About 60% of the Company is owned by Wilbur W. Gutierrez and 40% is owned by Patrick Michael Swasey. Ironmen, Inc. filed a Chapter 11 bankruptcy petition (Bankr. W.D. La. Case No. 15-81196) on Oct. 30, 2015, listing under $1 million in both assets and liabilities. It is represented by Thomas R. Willson, Esq. -- rocky@rockywillsonlaw.com -- as counsel. JAMES HUMPHREYS: Hornes' Suit Remanded to Circuit Court ------------------------------------------------------- In the adversary proceeding captioned IRA HORNE and MAVIS HORNE, Plaintiffs, v. JAMES HUMPHREYS and JAMES F. HUMPHREYS & ASSOCIATES, L.C., Defendants, ADVERSARY PROCEEDING NO. 2:16-ap-2004 (Bankr. S.D. W.Va.), Judge Frank W. Volk of the United States Bankruptcy Court for the Southern District of West Virginia granted Ira and Mavis Horne's motion to remand to the extent of the claims pled against James F. Humphreys, and denied the motion in all other respects. The claims against Humphreys were remanded to the Circuit Court of Kanawha County. The Hornes' motion to lift the automatic stay was denied by Judge Volk as moot. The bankruptcy case is IN RE: JAMES F. HUMPHREYS & ASSOCIATES, L.C., Debtor, CASE NO. 2:16-bk-20006 (Bankr. S.D. W.Va.). A full-text copy of Judge Volk's July 15, 2016 memorandum opinion and order is available at http://bankrupt.com/misc/wvsb216-bk-20006-485.pdf About James F. Humphreys & Associates, L.C. James F. Humphreys & Associates, L.C., filed for Chapter 11 bankruptcy protection (Bankr. S.D. W. Va. Case No. 16-20006) on Jan. 13, 2016, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by James F. Humphreys, president. The Firm said in a statement that it sought bankruptcy protection to "resolve all pending and potential claims against the firm in one forum and in a timely and equitable manner." Judge Frank W. Volk presides over the case. Julia A. Chincheck, Esq., who has an office in Charleston, West Virginia, and Danielle L Dietrich, Esq., Judith K. Fitzgerald, and Beverly Weiss Manne, Esq., at Tucker Arensberg P.C., serve as the Firm's bankruptcy counsel. Bowles Rice LLP is the Firm's local counsel. Mr. Humphreys said in the statement that the filing should not affect the day-to-day operations of the firm and cases it currently is handling. Chris Dickerson, writing for West Virginia Record, relates that Mr. Humphreys has been sued by former clients for allegedly Mishandling hundreds of asbestos and flood damages cases. Mr. Humphreys and the Firm were listed in a class action in October 2015 by people who claim that the Firm mishandled a mass tort asbestos exposure case against Celotex. West Virgina Record adds that in the new Celotex complaint, McCormick claims Mr. Humphreys and the Firm negligently failed to follow procedure for properly submitting the plaintiffs' claims against Celotex. James F. Humphreys & Associates, L.C., is headquartered in Charleston, West Virginia. JENNER ENTERPRISES: Janet Levitsky Liable for Millcreek Damages --------------------------------------------------------------- In the case captioned MILLCREEK SHOPPING CENTER, LLC, a Delaware limited liability company, Plaintiff, v. JENNER ENTERPRISES, INC., a Delaware corporation, MICHAEL P. LEVITSKY and JANET LEVITSKY, Defendants, C.A. No. N13C-11-145 (PRW) (Del.), the Superior Court of Delaware found that Janet Levitsky is liable on her personal guaranty for all damages incurred by Millcreek Shopping Center, LLC, after November 1, 2011, the date she signed the "Amendment of Commercial Lease" in her capacity as Secretary of Jenner Enterprises, Inc. The Superior Court held that "The 2011 Amendment, by its express language, bound Jenner to the continuation of the October 17, 2000 Lease Agreement. Janet Levitsky, by her own conduct in binding Jenner to the continuation/renewal of the October 17, 2000 Lease Agreement, also bound herself on the Personal Guaranty guaranteeing the full performance of Jenner's contractual obligations under that lease agreement." A full-text copy of the Superior Court's June 30, 2016 order is available at https://is.gd/ShNiCE from Leagle.com. Plaintiff is represented by: Thomas C. Marconi, Esq. LOSCO & MARCONI, P.A. 1813 N Franklin Street Wilmington, DE 19802 Tel: (302)656-7776 Janet Levitsky is represented by: Donald L. Gouge, Jr., Esq. DONALD L. GOUGE, JR., LLC 800 King Street Wilmington, DE 19801 Tel: (302)658-1800 Fax: (302)658-1473 Jenner Enterprises, Michael P. Levitsky are represented by: Scott Wilcox, Esq. WHITEFORD TAYLOR & PRESTON, LLC The Renaissance Centre, Suite 500 405 North King Street Wilmington, DE 19801-3700 Tel: (302)353-4144 Fax: (302)661-7950 Email: swilcox@wtplaw.com JENNIFER L. FORTUNE DVM: Plan Outline Hearing on Aug. 19 -------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Florida is set to hold a hearing on August 19, at 2:00 p.m. (Central Time), to consider the disclosure statement detailing the Chapter 11 plan of Jennifer L. Fortune, DVM, PA. The hearing will take place at 100 N. Palafox Street, Courtroom 1, Pensacola, Florida. The deadline for filing objections to the disclosure statement is August 12. The Debtor can be reached through its counsel: John E. Venn, Esq. John E. Venn, Jr., P.A. 220 W. Garden St., Suite 603 Pensacola, FL 32502 Tel: 850-438-0005 Fax: 850-438-1881 Email: johnevennjrpa@aol.com About Jennifer L. Fortune Jennifer L. Fortune, DVM, PA sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Fla. Case No. 15-30973) on September 22, 2015. The petition was signed by Jennifer L. Fortune-Nalovic, president. The case is assigned to Judge Jerry C. Oldshue Jr. At the time of the filing, the Debtor estimated its assets at $500,000 to $1 million and debts at $1 million to $10 million. JESUS CARES PRESCHOOL: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Jesus Cares Preschool and Early Learning Center Inc. About Jesus Cares Preschool Jesus Cares Preschool and Early Learning Center, Inc., filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 16-04943) on June 8, 2016. The Debtor is represented by Buddy D. Ford, Esq. JFL VENTURE FUND: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of JFL Venture Fund IV, LLC. About JFL Venture Fund IV JFL Venture Fund IV, LLC, based in Redington Beach, FL, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 16-04857) on June 3, 2016. Joel S Treuhaft, Esq., at Palm Harbor Law Group, P.C., as bankruptcy counsel. In its petition, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million liabilities. The petition was signed by James Lowy, manager. JO-LIN HEALTH: Paycor Payroll Processing Agreement OK ----------------------------------------------------- Judge Jeffrey P. Hopkins of the U.S. Bankruptcy Court for the Southern District of Ohio authorized Jo-Lin Health Center, Inc. to enter into an agreement with Paycor to provide payroll processing services. Judge Hopkins held that the Debtor's obligations under the agreement with Paycor are considered as unsecured credit which will be payable as an administrative expense of the Estate. A full-text copy of the Order, dated July 14, 2016, is available at https://is.gd/8Aa6vG About Jo-Lin Health Center, Inc. Jo-Lin Health Center, Inc., owns and operates a 125-bed nursing home facility. An increase in Ohio's "bed tax" caused Jo-Lin to seek chapter 11 protection (Bankr. S.D. Ohio Case No. 16-11898) on May 17, 2016. The bankruptcy petition was signed by Jo Linda Heaberlin, President. The Debtor is represented by Michael B. Baker, Esq., at The Baker Firm PLLC and Dean Langdon, Esq., at Delcotto Law Group PLLC. The case is assigned to Judge Jeffery P. Hopkins. The Debtor estimated both assets and liabilities in the range of $1 million to $10 million. KALOBIOS PHARMACEUTICALS: Nomis Bay Reports 24.9% Equity Stake -------------------------------------------------------------- In a Schedule 13D filed with the Securities and Exchange Commission, Nomis Bay Ltd disclosed that as of June 30, 2016, it beneficially owns 3,719,006 shares of common stock of Kalobios Pharmaceuticals, Inc. representing 24.95 percent of the shares outstanding. A copy of the regulatory filing is available for free at https://is.gd/Fr3H7H About KaloBios Pharmaceuticals Based in South San Francisco, Calif., KaloBios Pharmaceuticals, Inc., is a biopharmaceutical company focused on the development of monoclonal antibody therapeutics. KaloBios Pharmaceuticals (Nasdaq: KBIO) on Dec. 29, 2015, filed a voluntary petition for bankruptcy protection under Chapter 11 of Title 11 of the United States Bankruptcy Code. The filing was made in the U.S. Bankruptcy Court for the District of Delaware (Case No. 15-12628). The Company was represented by Eric D. Schwartz of Morris, Nichols, Arsht & Tunnell. Six months after its bankruptcy filing, KaloBios emerged from Chapter 11 bankruptcy and has also acquired the rights from Savant Neglected Diseases LLC to develop benznidazole for the treatment of Chagas disease. KESAVAN SHAN: Plan Outline Okayed, Plan Hearing on Sept. 30 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas approved the outline of the Chapter 11 plan proposed by Kesavan Shan, allowing the Debtor to begin soliciting votes from creditors. A court hearing to consider confirmation of the plan is scheduled for September 30, at 9:00 a.m. (Central time). The hearing will take place at Courtroom 400, 4th Floor, U.S. Courthouse, 515 Rusk Street, in Houston, Texas. Objections to the plan must be filed on or before September 2, which is also the deadline for filing ballots accepting or rejecting the plan. About Kesavan Shan Kesavan Shan sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 15-34915) on September 18, 2015. The case is assigned to Judge David R. Jones. L FROMELIUS INVESTMENT: Hires MPI's Hyman as Real Estate Advisors ----------------------------------------------------------------- L. Fromelius Investment Properties, LLC, and Golden Marina Causeway, LLC seek authorization from the U.S. Bankruptcy Court for the Northern District Illinois to employ Millennium Properties R/E, Inc., and Daniel J. Hyman, a Wisconsin real estate broker as real estate advisors and agents. On June 29, 2015, Lawrence "Larry" Fromelius filed for relief under chapter 11 of the Bankruptcy Code, and remains in possession of his assets and is operating as a debtor-in possession. On June 29, 2015, Investment Properties filed for relief under Chapter 11 of the Bankruptcy Code, and on February 5, 2016, Golden file for relief under Chapter 11. Both Investment Properties and Golden Marina are operating as debtors on possession. Larry is the sole member of two limited companies: L. Fromelius Investment Properties and East Greenfield Investors LLC. East Greenfield, which is not in bankruptcy, is the sole member of Golden Marina. The Debtors require Mr. Hyman with the assistance of MPI to: a. meet with the Debtors to ascertain Debtor's goals, objectives, and financial parameters and, if appropriate, to set the pricing for the marketing of the Real Properties; b. help the Debtors analyze and value competing offers nd helping the Debtors determine the Offer or Offers that represent the highest and best of the Real Properties; c. provide testimony, either live or through affidavit, in Bankruptcy Court in connection with the Debtors' efforts to obtain approval to sell one or more of the Real Properties; d. design a comprehensive marketing package, create a teaser (both physical and digital), create and produce a high-quality postcard, make recommendations for placement of print advertisement and digital advertisement, prepare and send mass e-mails to internal database and assist in conduction any auctions for any of the Real Properties; e. work with local brokers to assist in facilitating the disposition of the Real Properties; f. negotiate the terms of the sale of the Real Properties at the Debtors' direction and on the Debtors' behalf; and g. compile, at Debtors' expense, any written information with respect to the Real Properties reasonably requested by the Debtors and to use commercially reasonable efforts to market and sell the Real Properties. The Debtors and MPI agreed to this compensation: a. sale of Golden Marina Property. Upon the sale of the Greenfield Properties, MPI's commission will depend upon the amount of the Gross Sale Proceeds: i. if the Gross Sale Proceeds from the sale of the Golden Marina Property are between $0 to $4,000,000, then MPI's commission will be capped at $100,000. ii. if the Gross Sales Proceeds from the sale of the Golden Marina Property are between $4,000,001 and $6,800,000, then MPI will receive the $100,000 Base Commission and 12.5% of the amount in excess of $4,000,000, subject to an aggregate cap of $350,000. Thus, for example, if the Gross Sale Proceeds are $5,000,000 then MPI will receive $100,000 plus 12.5% 1,000,000, or $125,000, for a total commission of $225,000. If the Gross Sale Proceeds are $6,800,000, then MPI commission will be limited to 12.5% of $2,800,000 (e.g., the difference between $6,800,000 and $4,000,000), or $350,000. iii. if the Gross Sales Proceeds exceed $6,800,000, the amount of the commission depends upon whether the only bidders at the subject auction are on Exhibit D to the Agreement (i.e., they submitted an Existing Offer prior to June 29, 2016): -- if one or more of the qualified bidders at the auction is an entity that is not on Exhibit D to the Agreement (identifying Existing Offers), MPI's commission will be 5% of the Gross Sales Proceeds over $6,800,000. Thus, if the purchase price is $8,000,000, then MPI will receive a $400,000 commission. -- if all of the qualified bidders at the auction are entities on Exhibit D to the Agreement (identifying Existing Offers), then MPI's commission will be capped at $350,000. Thus, if the purchase price in this circumstance is $8,000,000, then MPI will only receive a $350,000 commission. b. Commission for Sale of other Properties. MPI shall be entitled to 5% of the Gross Sale Proceeds from the sale of any property other than the Greenfield Properties. c. Gross Sale Proceeds. "Gross Sale Proceeds" means the aggregate cash consideration received by any of the Debtors at any time in consideration of the sale of any of the Real Properties whether at closing or thereafter, subject to the tail described in the Agreement. Daniel J. Hyman, President of Millennium Properties R/E, Inc., 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. Millennium Properties R/E, Inc., may be reached at: Daniel J. Hyman Millennium Properties R/E, Inc. 200 W Madison St. Chicago, IL 60606 Phone: 312-338-3000 Fax: 312-264-0540 L. Fromelius Investement Properties, LLC filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 15-22943) on July 2, 2015, and is represented by William J. Factor, Esq., Ariane Holtschlag, Esq., and Jeffrey K. Paulsen, Esq., at FACTORLAW. L.D.L.P. LIMITED: Disclosure Statement Hearing on August 18 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Michigan is set to hold a hearing on August 18, at 10:00 a.m., to consider the disclosure statement detailing the Chapter 11 plan of reorganization of L.D.L.P. Limited Partnership and Wallinwood Springs Limited Partnership. The hearing will take place at the Federal Building, U.S. Courthouse, Room 114, 410 W. Michigan Avenue, Kalamazoo, Michigan. Objections to the disclosure statement must be filed at least two days prior to the hearing. The Debtors can be reached through their counsel: Cody H. Knight, Esq. Rayman & Knight 141 East Michigan Ave, Ste 301 Kalamazoo, MI 49007 Tel: (269) 345-5156 Email: courtmail@raymanstone.com About L.D.L.P. Limited L.D.L.P. Limited Partnership and Wallinwood Springs Limited Partnership sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W. D. Mich. Case No. 16−00533 and 16−00535) on February 8, 2016. The case is assigned to Judge Scott W. Dales. LA CASA DE LA RAZA: Taps Keith Glucksman as Accountant ------------------------------------------------------ La Casa de la Raza, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire an accountant. The Debtor proposes to hire Keith Glucksman, a certified public accountant, to assist in filing tax returns; to assist in the upcoming payroll tax audit by the Internal Revenue Service; and to conduct forensic accounting to prosecute an ongoing lawsuit against its lender. Mr. Glucksman will be paid $250 per hour for his services. In a court filing, Mr. Glucksman disclosed that he is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Mr. Glucksman's contact information is: Keith Glucksman, CPA 23480 Park Sorrento, Suite 250 Calabasas, CA 91302 Phone: 818-591-1714 Fax: 818-591-1710 About La Casa de la Raza Headquartered in Santa Barbara, California, La Casa de la Raza, Inc., filed for Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 16-10331) on Feb. 23, 2016, estimating its assets at between $1 million and $10 million and its liabilities at between $500,000 and $1 million. The petition was signed by Marisela Marquez, chief executive. Matthew M Clarke, Esq., at Christman Kelley & Clarke PC serves as the Debtor's bankruptcy counsel. LEAP FORWARD: Wants Cash Collateral Stipulation Approved -------------------------------------------------------- Leap Forward Gaming, Inc. asks the U.S. Bankruptcy Court for the District of Nevada to approve its Cash Collateral Stipulation with Prepetition Agent Macquarie US Trading LLC and Prepetition Lenders MIHI LLC, et. al. The Debtor relates that prior to the Petition Date, the Prepetition Secured Parties fully perfected a security interest in virtually all of the Debtor's assets, including cash collateral in the amount of $617,000. The Debtor further relates that its secured debt to the Prepetition Secured Parties totals $12,220,822. The Debtor tells the Court that in order to maximize the value of its assets, the Debtor has negotiated the sale of its assets to International Game Technology for $2,500,000 cash at closing, plus a possible earn-out of up to $6,000,000. The sale motion is scheduled for hearing on August 29, 2016 at 2:00 p.m. The Debtor contends that in order to preserve and maintain its assets until the date of the sale, the Prepetition Secured Parties have stipulated to the limited use of cash collateral. The Debtor says that the Prepetition Secured Parties have approved the Debtor's 13-week cash budget, which limits the use of cash collateral to the following: (1) employee payroll and health insurance; (2) costs and expenses of administering the chapter 11 case incurred by the Debtor and/or its creditor committee (or payable to the U.S. Trustee); (3) monthly $40,000 adequate protection payments to pre-petition secured parties; and (4) general operating costs including rent and utilities. A full-text copy of the Debtor's Motion, dated July 14, 2016, is available at https://is.gd/mJszcL A full-text copy of the Stipulation, dated July 14, 2016, is available at https://is.gd/48JkCS Macquarie US Trading LLC is represented by: Samuel A. Newman, Esq. 333 South Grand Avenue Los Angeles, CA 90071 Telephone: (213)229-7644 Facsimile: (213)229-6644 Email: snewman@gibsondunn.com About Leap Forward Gaming, Inc. Leap Forward Gaming, Inc. filed a chapter 11 petition (Bankr. D. Nev. Case No. 16-50850) on July 8, 2016. The petition was signed by Darby Bryan, CFO/Controller. The Debtors are represented by Jeffrey L. Hartman, Esq., at Hartman & Hartman. The case is assigned to Judge Bruce T. Beesley. The Debtor estimated assets of $2.46 and debts of $26.02 million. LEEPER ENTERPRISES: Court Sets Nov. 3, 2016 as Claims Bar Date -------------------------------------------------------------- Judge Marian F. Harrison on July 11, 2016, upon motion of the debtor Leeper Enterprises, Inc., to set a bar date for filing proofs of claim, ordered that the bar date for all creditors other than governmental units to file a proof of claim in the proceeding is Nov. 3, 2016. The date represents at least 90 days from the first scheduled setting of the Debtor's Sec. 341 meeting of creditors. The Judge also ordered that the bar date for governmental units is Feb. 1, 2017. Any creditor that fails to timely file a claim will not be treated as a creditor with respect to such claim for the purposes of voting and distribution. Leeper Enterprises, Inc., filed a Chapter 11 petition (Bankr. M.D. Tenn. Case No. 16-04755) on July 1, 2016, estimating less than $1 million in assets and debt. Steven L. Lefkovitz, Esq., at Law Offices Lefkovitz & Lefkovitz, serves as counsel. LIGHTSTREAM RESOURCES: Enters Into Restructuring Support Agreement ------------------------------------------------------------------ Lightstream Resources Ltd. on July 12, 2016, disclosed that, as a result of its previously announced discussions with an ad hoc committee (the "Ad Hoc Committee") of the holders (the "Secured Noteholders") of the Company's US$650 million 9.875% second lien secured notes due June 15, 2019 (the "Secured Notes"), the Company has entered into a restructuring support agreement (the "Support Agreement") with members of the Ad Hoc Committee holding approximately 91.5% of the Secured Notes in respect of a proposed recapitalization (the "Recapitalization") of the Company's Secured Notes, the Company's US$254 million of 8.625% unsecured notes due February 1, 2020 (the "Unsecured Notes"), the Company's common shares (the "Common Shares") and the Company's revolving credit facility (the "Revolving Facility"). The proposed Recapitalization will reduce the Company's overall debt by approximately US$904 million (approximately CDN$1.175 billion) in principal and reduce the Company's cash interest payments by over US$86.1 million (approximately CDN$112 million) per year. The proposed Recapitalization is intended to be implemented by way of a corporate plan of arrangement (the "CBCA Plan Transaction") under the Canada Business Corporations Act (the "CBCA"). In connection with the proposed CBCA Plan Transaction, the Company intended to commence proceedings under the CBCA (the "CBCA Proceedings") before the Court of Queen's Bench of Alberta (the "Court") on July 13, 2016. As part of the CBCA Proceedings, the Company will be seeking a preliminary interim order (the "Preliminary Interim Order") from the Court. The Preliminary Interim Order being sought by the Company will contain a stay prohibiting any person, including the Secured Noteholders and holders of the Unsecured Notes (the "Unsecured Noteholders"), other than the lenders under the Revolving Facility (the "Lenders"), from terminating, making any demand, accelerating, amending or declaring in default or taking any enforcement steps under any contract or other agreement to which the Company is a party. The Company has also entered into a separate forbearance agreement with the Lenders in connection with the Revolving Facility (the "Forbearance Agreement"), and, as such, the Company will not be seeking a stay in respect of the Lenders under the Preliminary Interim Order. Lightstream intends to continue to operate its business and satisfy its obligations to its service providers, suppliers, contractors and employees in the ordinary course of business as it pursue completion of the Recapitalization. The Preliminary Interim Order sought by the Company will seek authorization to return to the Court on or before August 5, 2016 to seek a further order in the CBCA Proceedings (the "Interim Order Application") authorizing the Company to call, hold and conduct the required special meetings (the "Special Meetings") of the Secured Noteholders, the Unsecured Noteholders and the holders of Common Shares (the "Shareholders") to consider and vote on the CBCA Plan Transaction. Lightstream and the Ad Hoc Committee are continuing to negotiate and finalize the terms of the proposed CBCA Plan Transaction and are working to finalize the documentation necessary to implement the proposed Recapitalization, including the CBCA plan of arrangement. The precise terms of the CBCA Plan Transaction, further details of which are set forth below, will be fully disclosed as part of the Interim Order Application and in the management information circular that will be prepared and delivered to Secured Noteholders, Unsecured Noteholders and Shareholders in connection with the Special Meetings. The Company will issue a further press release when the exact record date and meeting date for such Special Meetings have been determined. If all requisite approvals are obtained, the CBCA Plan Transaction will bind all Secured Noteholders, Unsecured Noteholders and Shareholders. The completion of the Recapitalization is subject to a number of conditions, including that all required stakeholder, third-party, regulatory, Court and stock exchange approvals, consents or waivers must have been received (or, in the case of waiting or suspensory periods, such waiting or suspensory periods shall have expired or terminated) and, in the event that the Recapitalization proceeds by way of the CBCA Plan Transaction, Lightstream must have entered into an additional forbearance agreement with our Lenders, replaced the Revolving Facility with a new credit facility and, upon the completion of the CBCA Plan Transaction, the Lightstream board of directors must be constituted in a manner acceptable to the Ad Hoc Committee. In the event that the requisite approvals in respect of the CBCA Plan Transaction are not obtained or the Company is otherwise unable to complete the CBCA Plan Transaction, the Company has agreed to pursue the Recapitalization through a sale transaction (the "CCAA Sale Transaction") that will be implemented through proceedings commenced under the Companies' Creditors Arrangement Act (the "CCAA"). Should the CBCA Plan Transaction ultimately not proceed, and in order to ensure that the Company is able to implement the CCAA Sale Transaction in a timely fashion, the Company will initiate a sale and investment solicitation process ("SISP") on July 13, 2016 which is intended to generate interest in and potentially divest the business and/or the assets of the Company, with the goal of maximizing value for all stakeholders of the Company and identifying the best available transaction in the event that the CBCA Plan Transaction does not proceed. TD Securities Inc. has been engaged by Lightstream to manage the SISP. As previously announced on June 14, 2016, Lightstream determined that it would not make the interest payment in the amount of US$32.1 million (approximately CDN$41.7 million) on the Secured Notes on June 15, 2016. Under the indenture governing the Secured Notes (the "Secured Indenture"), Lightstream had a 30-day grace period to make such payment. If the Company fails to make the required interest payment by July 15, 2016, there will be an event of default under the Secured Indenture, which will in turn cause a cross default under the Revolving Facility and the indenture governing the Unsecured Notes (the "Unsecured Indenture"). The commencement of the CBCA Proceedings is also a cross default under the Revolving Facility and a cross default under the Unsecured Indenture. Upon the occurrence of a cross default under the Revolving Facility, all obligations owing under the Revolving Facility, together with unpaid interest accrued thereon will become immediately due and payable. Lightstream has determined that it will not make the requisite interest payment on the Secured Notes and therefore the Company will be in default under its Revolving Facility, Secured Indenture and Unsecured Indenture on July 15, 2016. If the Preliminary Interim Order being requested is granted by the Court, the Secured Noteholders and Unsecured Noteholders will be stayed under the Preliminary Interim Order in connection with such defaults but the Lenders under the Revolving Facility are not expected to be subject to the stay. Instead, the Company (along with certain of its subsidiaries) has entered into the Forbearance Agreement with The Toronto-Dominion Bank, as Administrative Agent and other Lenders under the Revolving Facility. Under the terms of the Forbearance Agreement, among other things, the Lenders have agreed, subject to customary conditions, to forbear from exercising their enforcement rights and remedies arising on account of the cross defaults until July 28, 2016, including in respect of the Company's hedging liabilities. The Company will work toward entering into a second forbearance agreement with the Lenders on or before July 28, 2016. The Company expects that the second forbearance of the Lenders would be subject to a number of conditions including that Lightstream would diligently advance the CBCA Plan Transaction and the SISP and obtain commitments for a new credit facility to be in place upon the completion of the CBCA Plan or the CCAA Sale Transaction, as applicable. The Company has cash on hand, currently in excess of $26.4 million, and monthly oil and gas sales revenue which averaged $26.7 million per month for the previous two months. Lightstream intends to continue to operate its business and satisfy its obligations to its service providers, suppliers, contractors and employees in the ordinary course of business as it pursue the completion of the Recapitalization. Additional Details Respecting the Proposed Recapitalization The parties are continuing to negotiate and finalize the more detailed terms of the proposed Recapitalization and are working to finalize the documentation necessary to implement the proposed Recapitalization. However, the features of the proposed CBCA Plan Transaction are expected to include the following key elements: -- prior to the CBCA Plan Transaction, the Company will seek to continue as a CBCA company; -- the Secured Noteholders, Unsecured Noteholders and Shareholders will each be placed in their own voting class for the purposes of considering and voting on the proposed CBCA Plan Transaction; -- Lightstream's Shareholder Rights Plan will be terminated and all rights thereunder will be cancelled and extinguished; -- on implementation of the proposed CBCA Plan Transaction, the capital structure of the Company will be as follows: -- the existing Common Shares will be consolidated and new Common Shares will be issued, with the result that approximately 100 million Common Shares will be outstanding, -- existing Shareholders will hold a total of 2.25% of the then-outstanding Common Shares and existing Shareholders will also receive Series 2 warrants equal to 7.75% of the total number of issued Common Shares (the Series 2 warrants will be exercisable for a period of five years following the effective date of the CBCA Plan Transaction and have a sliding scale exercise price between CDN$12.88 and CDN$14.96), -- the Secured Noteholders will hold a total of 95% of the then-outstanding Common Shares in full and final satisfaction of their Secured Notes and claims in connection therewith, -- the Unsecured Noteholders will hold a total of 2.75% of the then-outstanding Common Shares in addition to Series 1 warrants equal to 5% of the total number of issued Common Shares (the Series 1 warrants will be exercisable for a period of five years following the effective date of the CBCA Plan Transaction and have a sliding scale exercise price between CDN$10.25 and CDN$11.77), in full and final satisfaction of their Unsecured Notes and claims in connection therewith, -- no fractional Common shares or warrants will be issued and any fractional Common Shares or warrants that would have been issuable shall be rounded down to the nearest whole number, and -- the Company will endeavor to maintain the listing of its Common Shares on the Toronto Stock Exchange; -- the Revolving Facility will be replaced with a new credit facility; -- all incentive shares and deferred compensation shares under Lightstream's employee incentive plans will be adjusted to reflect the capital reorganization contemplated by the CBCA Plan Transaction and will have a maximum term of six months following completion of the Recapitalization; -- all outstanding stock options will be repurchased for nominal consideration or otherwise be terminated; -- Lightstream will amalgamate with the Company's wholly owned subsidiary and continue to carry on business as a CBCA company; -- following implementation of the proposed CBCA Plan Transaction, the ownership percentages in the capital structure of Lightstream will be subject to post-implementation dilution to the extent that any Series 1 warrants, Series 2 warrants or existing options, incentive shares and deferred compensation shares existing under the Company's equity based compensation plans are exercised, or any Common Shares are issued pursuant to the Company's employee incentive plans; -- the board of directors of reorganized Lightstream shall consist of (i) the current Chief Executive Officer, (ii) one or more existing directors acceptable to the Ad Hoc Committee and (iii) other new individuals acceptable to the Ad Hoc Committee; -- the completion of the CBCA Transaction is expected to result in the creation of new "control persons" (as such term is defined in applicable securities laws) of the Company; -- all priority claims, including, without limitation, taxes payable and unpaid wages, will remain unaffected; and -- all trade debt will remain unaffected. In the event that the CBCA Plan Transaction is not approved or is otherwise unable to be completed, the Company has agreed to undertake a CCAA Sale Transaction. As part of the proceedings under the CCAA, the members of the Ad Hoc Committee will make (or direct) a credit bid (the "Secured Credit Bid") for the full amount of the claims outstanding in respect of the Secured Notes, which Secured Credit Bid may serve as a stalking horse transaction in the SISP. In the event that the Secured Credit Bid is the successful bid, the entity through which the Secured Credit Bid is completed will commit to replicate any consideration that was offered to the Unsecured Noteholders or Shareholders in the CBCA Plan Transaction as part of the Secured Credit Bid, provided that the consideration will only be available to the Unsecured Noteholders or Shareholders if they, as a class, approved the CBCA Plan Transaction at the requisite levels at the meetings held by Lightstream to approve the CBCA Plan Transaction. In the event that the Secured Credit Bid is not the successful bid that is approved in the proceedings under the CCAA and the Secured Noteholders are repaid the full amount of their claims in respect of the Secured Notes, then upon receipt of such repayment, the members of the Ad Hoc Committee have agreed to make CDN$20 million available to the Shareholders provided that the Shareholders approved the CBCA Plan Transaction at the requisite level at the meeting held by Lightstream to approve the CBCA Plan Transaction. Annual General Meeting With a view to reducing the expense and inconvenience to Shareholders associated with holding two separate meetings, Lightstream sought and received an extension from the TSX to postpone the Company's Annual General Meeting to as late as September 30, 2016 in order to accommodate the Shareholder vote required for the Recapitalization. The Company will issue a press release when the exact record date and meeting date have been determined. Lightstream has retained TD Securities Inc. and Evercore Capital L.L.C. as its financial advisors, Lightstream's Board retained RBC Capital Markets as their independent financial advisor, and the Ad Hoc Committee retained BMO Capital Markets as its financial advisor for the recapitalization plan. About Lightstream Resources Lightstream Resources Ltd. is an oil and gas exploration and production company focused on light oil in the Bakken and Cardium resource plays. * * * The Troubled Company Reporter, on June 20, 2016, reported that S&P Global Ratings said it lowered its long-term corporate credit rating on Lightstream Resources Ltd. to 'D' (default) from 'CCC-'. At the same time, S&P Global Ratings lowered its issue-level rating on Lightstream's senior unsecured notes to 'D' from 'C'. The '6' recovery rating is unchanged and indicates S&P's expectation of negligible (0%-10%) recovery in a default scenario. "The downgrade reflects Lightstream's decision not to make an interest payment on its 9.875% senior secured notes due June 15, 2019, and our belief that the company will not make this payment before the 30-day grace period ends," said S&P Global Ratings credit analyst Michelle Dathorne. S&P expects Lightstream will likely restructure its debt under bankruptcy protection or a similar scenario. LIME ENERGY: Receives Delisting Notice from NASDAQ -------------------------------------------------- As previously disclosed on May 25, 2016, Lime Energy Co. received a notice from The NASDAQ Stock Market LLC indicating that the Company currently does not meet the continued listing requirement set forth in Listing Rule 5550(b)(1), which requires companies listed on the NASDAQ Capital Market to maintain a minimum of $2.5 million in stockholders' equity for continued listing. The Notice indicated that the Company also does not meet NASDAQ's alternatives for market value of listed securities or net income from continuing operations. On July 5, 2016, the Company submitted a plan to NASDAQ on how it intends to regain compliance with NASDAQ's listing requirements. On July 12, 2016, the Company received a letter from the NASDAQ Listing Qualification staff indicating that, unless the Company timely requests a hearing before the NASDAQ Listing Qualifications Panel, the Company's securities would be delisted from the NASDAQ Capital Market due to the Company's non-compliance with Listing Rule 5550(b). The Company intends to timely request a hearing before the Panel, at which hearing the Company will present its plan to evidence compliance with the Listing Rule 5550(b)(1), which requires the Company to maintain a minimum of $2.5 million in stockholders' equity, or with Listing Rule 5550(b)(3), which requires net income from continuing operations of $500,000. The Company's common stock will continue to trade on the NASDAQ Capital Market under the symbol "LIME" pending the completion of the hearing process and the expiration of any extension period granted by the Panel. There can be no assurance that the Company will be successful in receiving an extension from the Panel to regain compliance or in maintaining its listing on the Nasdaq Capital Market, which could impair the liquidity and market price of the Company's common stock including limited availability of market quotations for its stock. NASDAQ's determination to delist the Company's common stock could materially and adversely affect the Company's access to capital markets and its ability to raise capital on acceptable terms, if at all. About Lime Energy Headquartered in Huntersville, North Carolina, Lime Energy Co. -- http://www.lime-energy.com/-- is engaged in planning and delivering clean energy solutions that assist its clients in their energy efficiency and renewable energy goals. The Company's solutions include energy efficient lighting upgrades, energy efficient mechanical and electrical retrofit and upgrade services, water conservation, building weatherization, on-site generation and renewable energy project development and implementation. The Company provides energy solutions across a range of facilities, from high-rise office buildings, distribution facilities, manufacturing plants, retail sites, multi-tenant residential buildings, mixed use complexes, hospitals, colleges and universities, government sites to small, single tenant facilities. Lime Energy reported a net loss available to common stockholders of $4.44 million on $113 million of revenue for the year ended Dec. 31, 2015, compared to a net loss available to common stockholders of $5.60 million on $58.8 million of revenue for the year ended Dec. 31, 2014. As of March 31, 2016, Lime Energy had $47.5 million in total assets, $38.8 million in total liabilities, $11.05 million in contingently redeemable series C preferred stock and a total stockholders' deficiency of $2.27 million. LIVE OAK: Seeks Authorization to Use Cash Collateral ---------------------------------------------------- Live Oak Lounge, LLC asks the U.S. Bankruptcy Court of the U.S. Bankruptcy Court for the Northern District of Texas for authorization to use cash collateral. The Debtor is indebted to the IRS for a tax lien exceeding $200,000. The Debtor relates that aside from the IRS, its only other substantial creditor is Plains Capital Bank, to which the Debtor owes less than $25,000. The Debtor further relates that Plain's Capital Bank's lien of about $25,000 is highest priority, followed by the IRS lien of about $230,000 and the Afallon Holdings, LLC lien of more than $500,000. In addition to asking the Court to authorize the use of cash collateral, the Debtor requests that: (a) it be authorized to pay various pre-petition employee obligations, including all related tax obligations, as they become due in the ordinary course of business; (b) its bank and other financial institutions be authorized to process and pay any and all pre-petition and post-petition obligations from the Debtor and Afallon Holdings, LLC, with respect to its pre-petition employee obligations and payroll tax obligations that were not paid as of the Petition Date; and (c) it be authorized to incur post-petition interim debt from Afallon Holdings, LLC. The Debtor seeks Court approval to use Cash Collateral, as it does not have sufficient available sources of income and financing to pay for monthly expenses without its use. The Debtor relates that without the use of the cash collateral, it would be unable to pay performers, employees and vendors, as well as repay creditors as part of its Chapter 11 plan. The Debtor's proposed monthly Budget provides for total cost of sales in the amount of $145,437 and total general expenses in the amount of $53,629. Afallon Holdings is the Debtor's main source of financing. It has operated a line of credit for the Debtor for nearly two years and has loaned the Debtor more than $500,000. Afallon has stated that it will provide financing at an annual interest rate of 6.5% on its post-petition advances, and will file a claim to reflect the post-petition financing it provides to the Debtor. A full-text copy of the Debtor's Motion, dated July 13, 2016, is available at https://is.gd/PcA5hB Live Oak Lounge, LLC is represented by: Warren V. Norred, Esq. NORRED LAW, PLLC 200 E. Abram, Suite 300 Arlington, TX 76010 Telephone: (817)704-3984 Facsimile: (817)524-6686 Email: wnorred@norredlaw.com About Live Oak Lounge, LLC. Live Oak Lounge, LLC is a Texas Limited liability company formed to provide an independent music venue, bar and restaurant in Fort Worth, TX. On July 8, 2016, Live Oak Lounge, LLC commenced a Chapter 11 case (Bankr. N.D. Tex. Case No. 16-42659). The bankruptcy case was filed because Debtor's past mismanagement resulted in an IRS tax lien exceeding $200,000. LOPEZ CONSULTING: Adequate Protection Stipulation Approval Sought ----------------------------------------------------------------- The United States of America asks the U.S. Bankruptcy Court for the Eastern District of Virginia to approve the Stipulation for Adequate Protection that was executed by Lopez Consulting Group, PLC and the United States of America, on behalf of the Internal Revenue Service. Robert K. Coulter, Esq., Assistant United States Attorney, tells the Court that prior to the Petition Date, a delegate of the Secretary of the Treasury filed liens which it asserts attached to property owned and used by the Debtor. The Debtor has reserved its right to contest its liability for some or all of the taxes underlying the filed liens. The Debtor wants to use cash collateral to pay current expenses in its bankruptcy case and to use other personal property in order to continue its business. The United States is willing to consent to the use of cash collateral and other personal property pursuant to the terms of the Stipulation for Adequate Protection. The Stipulation for Adequate Protection contains, among others, the following relevant terms: (a) The United States Internal Revenue Service shall be granted a replacement lien on post-petition inventory, supplies, accounts, equipment, (including vehicles) cash, and cash equivalent, contract rights, fixtures, general intangibles and all other post-petition property of the Debtor, including proceeds and products thereof. This lien shall be in addition to the liens that the Internal Revenue Service had in the assets and property of the Debtor in existence at the time the bankruptcy petition was filed. (b) The Debtor will pay all federal taxes as they become due, will file all federal tax returns on a timely basis, will cause any delinquent tax returns to be filed within 10 days, will cure any post-petition current delinquencies, if any, within 10 days, will make all federal tax deposits on a timely basis, and will comply with all provisions of the Internal Revenue Code, 26 U.S.C. (c) The Debtor will make a minimum $700.00 monthly payment to be applied by the Internal Revenue Service to reduce the Debtor’s pre-petition secured tax debt of approximately $41,845.00. Payments will be made on the 15th day of each month with the first payment due on July 15, 2016. Payments shall be made payable to the Internal Revenue Service and delivered to Insolvency Unit, Internal Revenue Service, 400 N. 8th Street, Box 76, Richmond, Virginia 23240. A full-text copy of the United States of America's Motion, dated July 14, 2016, is available at https://is.gd/mJszcL A full-text copy of the Stipulation, dated July 14, 2016, is available at https://is.gd/48JkCS Lopez Consulting Group, PLC. is represented by: George LeRoy Moran, Esq. MORAN, MONFORT, PLC Suite 301 4041 University Drive Fairfax, VA 22030 Telephone: (703)359-8088 About Lopez Consulting Group, PLC. Lopez Consulting Group, PLC. Filed a chapter 11 petition (Bankr. E.D. Va. Case No. 16-11548-RGM) on May 2, 2016. The Debtor is represented by George LeRoy Moran, Esq., at Moran, Monfort, PLC. The case is assigned to Judge Robert G. Mayer. LOVELAND CLASSICAL: S&P Assigns 'BB' Rating on $20.64MM Bonds ------------------------------------------------------------- S&P Global Ratings assigned its 'BB' long-term rating to the Colorado Educational and Cultural Facilities Authority's $20.64 million series 2016 charter school revenue bonds, issued for Loveland Classical Schools (LCS). The outlook is stable. "The rating reflects our view of the school's expansion plans and corresponding debt issuance which results in very weak pro forma maximum annual debt service (MADS) coverage," said S&P Global Ratings credit analyst Amber Schafer, "along with a high pro forma MADS burden prior to achieving target enrollment growth and the school's somewhat limited operating history." Supporting the rating is LCS' good liquidity for the rating category, history of operating surpluses, good academic performance, and stable-to-growing enrollment, with expectations for continued growth. Management plans to use the proceeds of the bonds to acquire the building the school currently occupies. Proceeds will also be used to purchase land and construct a high school building. Bonds are secured by pledged revenues, which is defined as all revenues or income derived from the lease of the facility. Under the lease agreement, the charter school makes payments from a pledge of gross revenues, which S&P views as an equivalent of a general obligation of the charter school. Debt service will amortize over 30 years and is expected to be fairly level after fiscal 2019 at around $1.37 million through 2046. "The stable outlook reflects our view that during the two-year outlook period, the school will meet enrollment projections, post positive operations in line with historical metrics, maintain good liquidity and academic quality, and remain in good standing with the authorizer," added Ms. Schafer. MAGNO TIRE: Plan Outline Okayed, Plan Hearing on August 24 ---------------------------------------------------------- Magno Tire Center, Inc., is now a step closer to emerging from Chapter 11 protection after a bankruptcy court approved the outline of its plan of reorganization. The U.S. Bankruptcy Court for the District of Puerto Rico on July 12 conditionally approved Magno Tire's disclosure statement, allowing the company to begin soliciting votes from creditors for its plan. The bankruptcy court also gave Magno Tire the green light to begin soliciting votes from creditors who are required to cast their ballots 14 days prior to the hearing on confirmation of the plan scheduled for August 24, at 9:00 a.m. Objections to final approval of the disclosure statement and confirmation of the plan must be filed 14 days before the August 24 hearing. The hearing will take place at the U.S. Bankruptcy Court, José V. Toledo U.S. Post Office and Courthouse Building, 300 Recinto Sur Street, Courtroom 3, Third Floor, San Juan, Puerto Rico. About Magno Tire Magno Tire Center, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 16-00074) on January 11, 2016. The case is assigned to Judge Mildred Caban Flores. The Debtor is represented by Eduardo J Mayoral Garcia, Esq. -- emayoral@gmail.com MARIO M. WATKINS: Plan Outline Okayed, Plan Hearing on Sept. 15 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia approved the outline of the Chapter 11 plan proposed by Mario Watkins, allowing the Debtor to begin soliciting votes from creditors. A court hearing to consider confirmation of the plan is scheduled for September 15, at 1:30 p.m. The hearing will take place at Courtroom 1403, U.S. Courthouse, 75 Ted Turner Drive, SW, Atlanta, Georgia. Objections to the plan are due by August 19. The deadline for voting creditors to file their ballots accepting or rejecting the plan is August 19. About Mario M. Watkins Mario M. Watkins sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Ga. Case No. 14-69311). The case is assigned to Judge Wendy L. Hagenau. MASO SUITES: Hires Jose Luis Flores as Attorney ----------------------------------------------- Maso Suites, LLC seeks authorization from the U.S. Bankruptcy Court for the Southern District of Texas to employ the Law Office of Jose Luis Flores as attorney. The Debtor requires Jose Luis Flores to: a. give advice to the debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; b. advise the debtor with respect to its responsibilities in complying with the US Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; c. prepare motion, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the debtor in all matters pending before the court; e. represent the debtor in negotiations with its creditors in the preparation of a plan. Jose Luis Flores will be paid at these hourly rates: Jose Luis Flores, Attorney $250 Paralegal $125 Jose Luis Flores, 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. Jose Luis Flores may be reached at: Jose Luis Flores, Esq. Law Office of Jose Luis Flores 1111 W. Nolana Ave McAllen, TX 78504 Tel: (956) 682-0924 Fax: (956)682-3838 Maso Suites, LLC filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 16-70281) listing under $1 million in both assets and debts. MCNEILL GROUP: Wants Authority To Use Cash Collateral, Pay Wages ---------------------------------------------------------------- McNeill Group, Inc. asks the U.S. Bankruptcy Court for the Eastern District of Pennsylvania authorization to use cash collateral and pay prepetition wages. The Debtor relates that Northfield Bank f/k/a Hopewell Valley Community Bank, made various loans and issued a line of credit to the Debtor. As of the Petition Date, the Debtor owes $4,067,000 to Hopewell Valley Community Bank. The Debtor tells the Court that it owes the Internal Revenue Service approximately $320,000. It further tells the Court that it owes the Commonwealth of Pennsylvania approximately $14,500 in payroll taxes and sales and use tax, and that it owes the Township of Lower Makefield, Bucks County approximately $103,000 for unpaid real estate taxes. The Debtor contends that it has approximately 15 employees and pays $34,000,000 in gross payroll per pay period. It further contends that its payroll is scheduled for July 15, 2016 for the period from July 1, 2016 through July 15, 2016. The Debtor asks the Court for authorization to pay, among other things, all prepetition employee compensation and employee benefits earned from July 1, 2016 through July 15, 2016, in order to maintain employee morale and preserve the Debtor's workforce, to reduce the disruption caused by the bankruptcy filings, and to minimize the personal hardship the employees will suffer if the employee-related obligations are not paid when due. The Debtor says that it requires use of its cash and accounts to continue operations of its business. The Debtor further says that it has prepared a budget detailing its proposed use of cash collateral from July 12, 2016 through October 11, 2016. The Debtor adds that it initially seeks use through August 19, 2016. A full-text copy of the Debtor's Motion, dated July 13, 2016, is available at https://is.gd/smqDmu About McNeill Group, Inc. McNeill Group, Inc. and McNeill Properties V, LLC filed chapter 11 petitions (Bankr. E.D. Pa. Case Nos. 16-14943 and 16-14944) on July 12, 2016. The petitions were signed by Edward J. McNeill, Jr., president. The Debtors are represented by Albert A. Ciardi, III, Esq., at Ciardi Ciardi & Astin, P.C. The cases are assigned to Judge Jean FitzSimon (16-14943) and Judge Ashely M. Chan (16-14944). The Debtors each estimated assets and liabilities of $10 million to $50 million at the time of the filing. MCNEILL PROPERTIES: Wants to Pay Wages, Use Cash Collateral ----------------------------------------------------------- McNeill Properties V, LLC asks the U.S. Bankruptcy Court for the Eastern District of Pennsylvania for authorization to use cash collateral and pay prepetition wages. As of the Petition Date, the Debtor has approximately 126 current employees and pays $58,000 in gross payroll per pay period: -- University Athletic Management, LLC, has 19 current employees. UAM's payroll is scheduled for July 22, 2016 for the period July 1, 2016 through July 15, 2016, and is about $8,000; and -- Lawrenceville Gym, LLC, has 107 employees. LG's payroll is scheduled for July 25, 2016 for the period July 1, 2016 through July 15, 2016, and is in the amount of $50,000. The Debtor tells the Court that The Provident Bank made various loans to it prior to the Petition Date. The Debtor further tells the Court that Provident Bank claims a first position, blanket lien on all of the Debtor's assets. The Debtor relates that it owes the State of New Jersey $190,000 for unpaid sales and use taxes. The Debtor further relates that it owes Lawrenceville Township approximately $87,000 for unpaid real estate taxes. The Debtor says that it has prepared a budget detailing its proposed use of cash collateral from July 12, 2016 through October 11, 2016. The Debtor further says that it initially seeks use through August 19, 2016. The Debtor tells the Court that the continued use of cash collateral will allow it to continue operating so that it can continue with its reorganization by proposing a plan to satisfy the claims of creditors. The Debtor seeks authorization to pay, among others, all prepetition employee compensation and employee benefits earned from July 1, 2016 through July 15, 2016 to maintain employee morale and preserve the Debtor's workforce, to reduce the disruption caused by the bankruptcy filings on the Debtor's business operations, and to minimize the personal hardship the employees will suffer if employee-related obligations are not paid when due. A full-text copy of the Debtor's Motion, dated July 13, 2016, is available at https://is.gd/0HFfJr About McNeill Properties V, LLC. McNeill Group, Inc. and McNeill Properties V, LLC filed chapter 11 petitions (Bankr. E.D. Pa. Case Nos. 16-14943 and 16-14944) on July 12, 2016. The petitions were signed by Edward J. McNeill, Jr., president. The Debtors are represented by Albert A. Ciardi, III, Esq., at Ciardi Ciardi & Astin, P.C. The cases are assigned to Judge Jean FitzSimon (16-14943) and Judge Ashely M. Chan (16-14944). The Debtors each estimated assets and liabilities of $10 million to $50 million at the time of the filing. MED-SURG GROUP: Seeks to Hire Olu Sangodeyi as President, CEO ------------------------------------------------------------- Med-Surg Group, Incorporated seeks approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to hire Olu Sangodeyi as president and chief executive officer. Mr. Sangodeyi will provide these services in connection with the Debtor's Chapter 11 case: (a) general responsibility for the operation of the medical Practice; (b) supervision of four other practicing physicians; (c) management of a staff of an additional 10 employees; (d) management of all supplies and equipment; (e) cooperation with Debtor's counsel in all matters necessary for the administration of the bankruptcy case; (f) cooperation with the Debtor's counsel in preparation of a disclosure statement and reorganization plan; (g) assistance in preparation of a cash flow analysis and Budget; and (h) cooperation with the Debtor's counsel in reviewing all tax claims. Prior to the filing of the Debtor's case, Mr. Sangodeyi was designated a salary of $180,000 per year. The Debtor proposes to pay him at a rate that represents a 10% reduction from his pre-bankruptcy compensation, if funds are available. Mr. Sangodeyi will also receive benefits that include health insurance and vehicle expense, according to a court filing. About Med-Surg Group Med-Surg Group, Incorporated sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D. W.Va. Case No. 16-50176) on July 11, 2016. The petition was signed by Olu R. Sangodeyi, director. The case is assigned to Judge Frank W. Volk. At the time of the filing, the Debtor estimated its assets and debts at $1 million to $10 million. MICHAEL C. FORD: Johnson Bank Plan Outline Set for Aug. 29 ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona is set to hold a hearing on August 29, at 10:00 a.m., to consider the disclosure statement detailing the Chapter 11 plan of liquidation of reorganization of Johnson Bank. The hearing will take place at U.S. Bankruptcy Court, Courtroom Number 603, 230 North 1st Avenue, Phoenix, Arizona. Objections to the disclosure statement must be filed on or before August 22. Johnson Bank can be reached through its counsel: Christopher R. Kaup, Esq. Kevin P. Nelson, Esq. Michael J. Rogers, Esq. Tiffany & Bosco P.A. Seventh Floor Camelback Esplanade II 2525 East Camelback Road Phoenix, Arizona 85016 Telephone: (602) 255-6000 Facsimile: (602) 255-0103 Email: crk@tblaw.com Email: kpn@tblaw.com Email: mjr@tblaw.com About Michael C. Ford Michael C. Ford sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 15-13245). The case is assigned to Judge Daniel P. Collins. MILESTONE SCIENTIFIC: Robert Gintel Reports 6% Stake as of July 12 ------------------------------------------------------------------- In an amended Schedule 13G filed with the Securities and Exchange Commission, Robert M. Gintel and Robert Gintel Revocable Trust disclosed that as of July 12, 2016, they beneficially own 1,600,000 shares of commons stock of Milestone Scientific Inc. representing 6 percent of the shares outstanding. A copy of the regulatory filing is available at https://is.gd/Xn1I4W About Milestone Scientific Livingston, N.J.-based Milestone Scientific Inc. is engaged in pioneering proprietary, innovative, computer-controlled injection technologies and solutions for the medical and dental markets. Milestone Scientific reported a net loss attributable to the Company of $5.46 million on $9.49 million of net product sales for the year ended Dec. 31, 2015, compared to a net loss attributable to the Company of $1.70 million on $10.33 million of net product sales for the year ended Dec. 31, 2014. As of March 31, 2016, Milestone Scientific had $11.60 million in total assets, $3.24 million in total liabilities, all current, and total equity of $8.36 million. MIRAMAR CORPORATION: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Miramar Corporation. Miramar Corporation filed for Chapter 11 bankruptcy protection (Bankr. D. Nev. Case No. 16-11136) on March 4, 2016. David M. Crosby, Esq., at Crosby & Fox, LLC, serves as the Debtor's bankruptcy counsel. MONAKER GROUP: Delays Filing of May 31 Form 10-Q ------------------------------------------------ Monaker Group, Inc., filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its quarterly report on Form 10-Q for the quarter ended May 31, 2016. "The registrant has experienced delays in completing its Quarterly Report on Form 10-Q for the quarter ended May 31, 2016 within the prescribed time period due to delays experienced in completing the Company's financial statements for the quarter ended May 31, 2016, mainly due to the fact that the registrant was delayed in beginning the preparation of such financial statements as a result of the fact that the registrant's Annual Report on Form 10-K, for the year ended February 29, 2016, was completed and filed late on June 23, 2016. The delay could not be eliminated without unreasonable effort or expense. "We anticipate that we will file our complete quarterly report on Form 10-Q for the quarter ended May 31, 2016 on or before the fifth day following the prescribed due date." About Monaker Group Monaker Group, Inc., formerly known as Next 1 Interactive, Inc., is a digital media marketing company focusing on lifestyle enrichment for consumers in the travel, home and employment sectors. Core to its marketing services are key elements including proprietary video-centered technology and established partnerships that enhance its reach. Video is quickly becoming consumer's preferred method of searching and educating themselves prior to purchases. Monaker's video creation technology and film libraries combine to create lifestyle video offerings that can be shared both to its customers and through trusted distribution systems of its major partners. The end result is better engagement with consumers who gain in-depth information on related products and services helping to both inform and fulfill purchases. Unlike traditional marketing companies that simply charge for advertising creation, Monaker holds licenses and/or expertise in the travel, real estate and employment sectors allowing it to capture fees at the point of purchase while the majority of transactions are handled by Monaker's partners. This should allow the company to capture greater revenues while eliminating much of the typical overhead associated with fulfillment. Monaker core holdings include Maupintour, NameYourFee.com, RealBiz Media Group - helping it to deliver marketing solutions to consumers at home, work and play. Monaker Group reported a net loss of $4.55 million on $544,658 of total revenues for the year ended Feb. 29, 2016, compared to a net loss of $2.98 million on $1.09 million of total revenues for the year ended Feb. 28, 2015. As of Feb. 29, 2016, Monaker had $2.89 million in total assets, $3.03 million in total liabilities and a total stockholders' deficit of $137,610. LBB & Associates Ltd., LLP, in Houston, TX, in its report on the consolidated financial statements for the year ended Feb. 29, 2016, raised substantial doubt about the Company's ability to continue as a going concern. MYERS MACHINE: Taps Dean W. Greer as Legal Counsel -------------------------------------------------- Myers Machine Works Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire the Law Offices of Dean W. Greer as its legal counsel. The firm will provide these legal services in connection with the Debtor's Chapter 11 case: (a) give advice to the Debtor with respect to its powers and duties; (b) take actions to protect the Debtor's assets, including the prosecution of adversary proceedings on behalf of the Debtor; (c) prepare legal papers; and (d) assist the Debtor in the development, negotiation and confirmation of a plan of reorganization and the preparation of a disclosure statement. Dean Greer, Esq., will receive $300 per hour for his services while his legal assistant will receive $75. In a court filing, Mr. Greer disclosed that his firm does not hold or represent any interest adverse to the Debtor's estate. The firm can be reached through: Dean W. Greer, Esq. Law Offices of Dean W. Greer 2929 Mossrock, Suite 117 San Antonio, TX 78230 Telephone: (210) 342-7100 Telecopier: (210) 342-3633 About Myers Machine Myers Machine Works Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W. D. Texas Case No. 16-51577) on July 11, 2016. NEWBURY COMMON: Hires Anchin as Accountants ------------------------------------------- Newbury Common Associates, LLC and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware to employ Anchin, Block & Anchin LLP as accountants for the Debtors and Debtors-in-Possession. The Debtors require Anchin to render tax returns services including the preparation of 2015 Federal, Connecticut, and New York state income tax returns for these Debtors: 88 Hamilton Member Associates, LLC 316 Courtland Avenue Associates, LLC One Atlantic Member Associates, LLC 300 Main Street Associates, LLC 300 Main Management, Inc. 300 Main Street Member Associates, LLC 600 Summer Street Stamford Associates, LLC Seaboard Hotel LTS Member Associates, LLC Park Square West Member Associates, LLC Seaboard Residential, LLC Seaboard Realty, LLC Tag Forest, LLC Seaboard Hotel Member Associates, LLC Newbury Common Member Associates, LLC In addition, Anchin will represent Part Square West Associate, LLC, Century Plaza Investor Associate, LLC, and One Atlantic Investor Associates, LLC before the State of Connecticut Department of Revenue Services with regard to the examination of those Debtors' Sales and Use Tax Returns for the years 2012-2015. Anchin will be paid at these hourly rates: Partners $550-$610 Senior Managers and Directors $315-$480 Managers/Supervisors $180-$315 Staff $145-$180 Clerical $120 Anchin will also be reimbursed for reasonable out-of-pocket expenses incurred. Anthony M. Bracco, practice leader of Anchin, Block & Anchin LLP, 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. Anchin may be reached at: Anthony M. Bracco Anchin, Block & Anchin LLP 1375 Broadway New York, NY 10018 Phone: 212.840.3456 Fax: 212.840.7066 About Newbury Common Associates Newbury Common Associates, LLC, et al., comprise a corporate enterprise that owns a diverse portfolio of high quality, distinctive commercial, hospitality and residential properties with an aggregate of approximately 800,000 square feet located primarily in Stamford, Connecticut. On Dec. 13, 2015, Newbury Common Associates, LLC, and 13 affiliates each commenced a voluntary case (Bankr. D. Del. Lead Case No. 15-12507) under chapter 11 of the Bankruptcy Code, and on Dec. 14, Tag Forest LLC commenced a Chapter 11 case (collectively, "Original Debtors"). On Feb. 3, 2016, Newbury Common Member Associates, LLC and 8 affiliates commenced a voluntary case under chapter 11 of the Bankruptcy Code; and then on Feb. 4, 88 Hamilton Avenue Associates, LLC filed a Chapter 11 petition (collectively "Additional Debtors"). Seaboard Realty, LLC, its principals or entities it manages serve as the manager under the operating agreements for each of the Debtors and is owned 50% by John J. DiMenna, Jr., 25% by Thomas L. Kelly, Jr. and 25% by William A. Merritt, Jr. The Original Debtors other than Seaboard Residential, LLC, Tag, and Newbury Common Associates, LLC, are holding companies whose assets are substantially comprised of the equity of the Property Owner Debtors. The Debtors' eight operating property are owned by the "Property Owner Debtors", namely Century Plaza Investor Associates,mLLC; Seaboard Hotel Associates, LLC; Seaboard Hotel LTS Associates, LLC; Park Square West Associates, LLC; Clocktower Close Associates, LLC; One Atlantic Investor Associates, LLC; 88 Hamilton Avenue Associates, LLC; 220 Elm Street I, LLC; 300 Main Street Associates, LLC; and Seaboard Residential, LLC. The Original Debtors' chapter 11 cases are being jointly administered pursuant to an order entered Dec. 18, 2015. The Debtors later won approval of a supplemental motion seeking joint administration of the Additional Debtors' Chapter 11 cases with the cases of the Original Debtors for procedural purposes only. As of Jan. 7, 2016, the Debtors had incurred purported aggregate funded secured indebtedness of approximately $177.2 million in principal, including approximately $150.4 million of property-level secured debt and approximately $26.8 million of purported and allegedly unauthorized mezzanine debt. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and Dechert LLP as attorneys, and Donlin Recano as claims and noticing agent. NEWLEAD HOLDINGS: Reports $15.7M Revenues from Bitumen Tanker ------------------------------------------------------------- NewLead Holdings Ltd. highlighted its bitumen tanker segment capabilities, as well its performance from 2015 by reiterating its operating revenues from the operations of NewLead's bitumen tanker vessels of approximately $15.7 million for the year ended Dec. 31, 2015. In 2015, NewLead transported a total of 515,219 tons/3,177,087 barrels of bitumen produced by oil refineries around the globe through some of the world's most demanding trade routes. NewLead controls a fleet of five highly specialized bitumen tanker vessels, totaling 18,918 dwt with a current average age of 7.2 years. NewLead's bitumen fleet utilization for 2015 was 92.7%. In 2015, the number of available days and operating for the bitumen tanker vessels was 1,810 and 1,678, respectively. The difference between the available and the operating days is principally attributable to the scheduled repairs and maintenance of NewLead's bitumen tanker vessels in 2015. Mr. Michael Zolotas, chairman and chief executive officer of NewLead, stated, "We are delighted with the overall performance of NewLead's bitumen tanker segment in 2015 and our year over year increase of operating revenues in the bitumen tanker segment. The performance of NewLead's bitumen tanker segment is the result of the longstanding relationships between NewLead's commercial department and international brokers, traders, oil refineries and oil majors. The efficiency of our bitumen tanker vessels is also the result of NewLead's diligent in-house operations and technical team. We are proud of NewLead's crew on-board our vessels who have achieved success by allowing NewLead to have zero claims for hull and machinery and zero injuries." Mr. Zolotas, added: "NewLead's chartering policy will continue to be adaptive to market conditions and allow a combination of long-term time charter contracts, Contracts of Affreightment (CoAs) and spot charter. NewLead will continue to target for 65% to 70% long term time charter contracts and CoAs and 30% to 35% spot charters that allow the Company to have an understanding of the market and provide flexibility to its long term investors." Mr. Zolotas, continued: "Asphalt trade is rising regionally and globally. According to market sources, world asphalt supply and demand is expected to grow to reach 121 million tons by 2020. In North America, where the Newlead Granadino is currently trading, consumption is expected to reach 24.7 million tons by 2020. In Sweden, where the MT Ioli is currently trading, consumption is expected to increase 2.35% to 2.85% by the end of 2020." "NewLead will continue to focus on creating a platform to support the Company's continuous expansion, not only of our fleet but also of our global presence in the bitumen tanker market, through the development of joint ventures with oil traders and refineries. NewLead anticipates to grow from a bitumen marine transportation company providing seaborne storage of bitumen to an efficient bitumen storage, logistics and transportation platform in an effort to support infrastructure growth throughout many countries. Basic infrastructure, such as roads are imperative for an efficient socio-economic environment. The paving of roads with bitumen accounts for the highest source of bitumen consumption. One of NewLead's aims is to transport the future roads of the world through the sea," Mr. Zolotas concluded. A full-text copy of the press release is available for free at: https://is.gd/76VhBS About NewLead Holdings Ltd. NewLead Holdings Ltd. -- http://www.newleadholdings.com/-- is an international, vertically integrated shipping company that owns and manages product tankers and dry bulk vessels. NewLead currently controls 22 vessels, including six double-hull product tankers and 16 dry bulk vessels of which two are newbuildings. NewLead's common shares are traded under the symbol "NEWL" on the NASDAQ Global Select Market. NewLead Holdings reported a net loss attributable to the Company's common shareholders of US$97.1 million on US$27.8 million of revenues for the year ended Dec. 31, 2015, compared to a net loss attributable to Holdings' common shareholders of US$100 million on US$12.07 million of revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, NewLead had US$122 million in total assets, US$297 million in total liabilities, and a total shareholders' deficit of US$175 million. EisnerAmper LLP, in New York, New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has incurred a net loss and utilized cash in operating activities for the year ended December 31, 2015 and as of December 31, 2015, has both a working capital deficiency and shareholders' deficit and, in addition, is in default on a significant portion of its outstanding obligations. All such events and conditions raise substantial doubt about the Company's ability to continue as a going concern. NEXSTAR BROADCASTING: S&P Affirms 'BB-' CCR, Outlook Stable ----------------------------------------------------------- S&P Global Ratings said that it affirmed its 'BB-' corporate credit rating on Dallas-based Nexstar Broadcasting Group Inc. The rating outlook remains stable. At the same time, S&P assigned its 'B+' issue-level rating and '5' recovery rating to the company's proposed $900 million senior unsecured notes due 2024. The '5' recovery rating indicates S&P's expectation for modest recovery (10%-30%; lower half of the range) of principal for debtholders in the event of a payment default. Nexstar Escrow Corp. is the borrower of the debt, which will be assumed by Nexstar Broadcasting Inc. once certain conditions are met. S&P also revised its recovery rating on Nexstar's senior unsecured notes to '5' from '4' and subsequently lowered the issue-level rating on the senior unsecured notes due 2020 and 2022 to 'B+' from 'BB-'. The '5' recovery rating indicates S&P's expectation for modest recovery (10%-30%; lower half of the range) of principal for debtholders in the event of a payment default. The senior secured debt ratings are unchanged. S&P views Nexstar's business risk profile as satisfactory. S&P's assessment is based on the company's significant size, scale, and diversity as one of the largest non-broadcast-network-owned TV station groups; its growing revenue stream from the highly predictable retransmission fees it collects from cable and satellite video service operators; its growing digital media business; and its presence in several election battleground states. The corporate credit rating also reflects long-term structural changes in media consumption as viewers shift to alternative media for news and entertainment. "The stable rating outlook reflects our expectation that Nexstar will be able to leverage its increased size and scale to generate significant discretionary cash flow, maintain its above-average EBITDA margin profile compared with similarly rated peers, and reduce debt to average trailing-eight-quarter EBITDA to about 5x by the end of 2017," said S&P Global Ratings analyst Jawad Hussain. S&P could lower its corporate credit rating on Nexstar if the combined company isn't able to successfully integrate the acquired assets and, as a result, it isn't able to fully realize cost efficiencies and the benefits of its increased size and scale. This would likely result in weaker-than-expected operating performance and debt to average-trailing-eight-quarter average EBITDA remaining above 5x beyond 2017. Additionally, S&P could lower the rating if the company adopts a more aggressive financial policy and begins to meaningfully return capital to shareholders through dividends or share repurchases, or if it embarks on significant acquisition activity, increasing leverage above 5x on a sustained basis. S&P could raise the rating if Nexstar successfully executes the merger strategy for the combined company and establishes a financial policy track record that reduces debt to average-trailing-eight-quarter EBITDA below 4.5x on a sustained basis. NEXXPHASE INC: Case Summary & 7 Unsecured Creditors --------------------------------------------------- Debtor: NexxPhase, Inc. 3565 Piedmont Road Building Two, Suite 104 Atlanta, GA 30305 Case No.: 16-62269 Chapter 11 Petition Date: July 14, 2016 Court: United States Bankruptcy Court Northern District of Georgia (Atlanta) Debtor's Counsel: Ashley Reynolds Ray, Esq. SCROGGINS & WILLIAMSON, P.C. One Riverside, Suite 450 4401 Northside Parkway Atlanta, GA 30327 Tel: (404) 893-3880 Fax: (404) 893-3886 E-mail: aray@swlawfirm.com Debtor's Financial Consultant: GGG PARTNERS, LLC Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Alan D. Quarterman, CEO. A copy of the Debtor's list of seven unsecured creditors is available for free at http://bankrupt.com/misc/ganb16-62269.pdf NJDV HOSPITALITY: Patels Fail to Prove Malpractice Claims vs. Jani ------------------------------------------------------------------ Judge Katherine B. Forrest of the United States District Court for the Southern District of New York entered judgment for the defendant on all counts in the case captioned NITIN PATEL and DEEPAK PATEL, Plaintiffs, v. BIJAL JANI, Defendant, No. 12-cv-9376 (KBF) (S.D.N.Y.). The basic story involves plaintiffs Nitin and Deepak Patel, brothers who lost substantial amounts of money in connection with the acquisition and operation of the Binghamton Regency Hotel in Binghamton, New York. In this lawsuit -- one of several relating to the failure of the Venture -- plaintiffs assert claims against Bijal Jani, an attorney who represented them or a related entity in connection with certain aspects of the Venture, for legal malpractice (Counts One and Three), breach of fiduciary duty (Count Two), and fraud (Count Four). Judge Forrest found that the plaintiffs have failed to meet their burden of proof as to each of their claims. Judge Forrest, held, among other things, that the trial evidence makes clear that both the legal malpractice and breach of fiduciary duty claims are time-barred and that there was no continuing representation that extends to December 26, 2009 or beyond. The evidence is overwhelming that Bijal Jani's representation concluded months earlier. A full-text copy of Judge Forrest's June 30, 2016 opinion and order is available at https://is.gd/klQ0aO from Leagle.com. Nitin Patel, Deepak Patel are represented by: Edward Robert Grossi, Esq. LAW OFFICE OF EDWARD R. GROSSI, LLC 244 5th Avenue, Suite E-284 New York, NY 10001 Tel: (973)419-6481 Email: ed@edgrossilaw.com Bijal Jani is represented by: Lisa Marie Rolle, Esq. Lisa Lynn Shrewsberry, Esq. Daniel Glenn Ecker, Esq. TRAUB LIEBERMAN STRAUSS & SHREWSBERRY LLP Mid-Westchester Executive Park Seven Skyline Dr. Hawthorne, NY 10532 Tel: (914)347-2600 Fax: (914)347-8898 Email: lrolle@traublieberman.com lshrewsberry@traublieberman.com decker@traublieberman.com NOVA DIRECTIONAL: Hires Dore Law Group as Special Counsel --------------------------------------------------------- Nova Directional, Inc., seeks authorization from the U.S. Bankruptcy Court for the Southern District of Texas to employ Dore Law Group, P.C. as special counsel for the Debtor-in-Possession. The Debtor requires Dore to: a. consult with and advise the Debtor with respect to the powers and duties of lien preparation projects; b. assist and advise the Debtor in customer project disputes; c. assist the Debtor in preparing notice and demand letters as may be necessary in furtherance of the Debtor's interests and objectives; d. assist the Debtor in negotiations with customer representatives and attorneys; e. prosecute account receivable claims against customers, including evaluation of proper venue selection, preparation of litigation documents and pleadings; f. assist the Debtor in communications with counsel for defendant, negotiating possible settlements and with defendant's counsel and preparation for and attendance at all hearings and trial settings; g. prepare on the Debtor's behalf, Mineral Liens, at a fixed rate of $675 per lien. h. research in real property records to maximize the extent of Mineral Lien claims in accordance with Chapter 56 of the Texas Property Code, at the stated hourly rates; and i. prepare on the Debtor's behalf demand/notice letters at $150 per demand of notice. Dore will be paid at these hourly rates: Carl Dore, Jr. $365 Amanda Speer $305 Alex Weatherford $250 Meg Banahan $250 Lisa Aquino $250 Zach McKay $250 Kim Lewinski $225 Paralegals $135 Dore will also be reimbursed for reasonable out-of-pocket expenses incurred. Carl Dore, Jr., shareholder of Dore Law Group, P.C., 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. Dore may be reached at: Carl Dore, Jr. Dore Law Group, P.C. 1717 Park Row, Suite 16 Houston, TX 77084 Phone: 281.829.1555 Fax: 281.200.0751 About Nova Directional, Inc. Nova Directional, Inc. filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tx. Case No. 15-36563) on December 16, 2015. Hon. Letitia Z. Paul presides over the case. Kilmer Crosby & Walker PLLC represents the Debtor as counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Edward Chiaramonte, president. NOVABAY PHARMACEUTICALS: Inks Sublease Agreement with Zymergen -------------------------------------------------------------- Consistent with NovaBay Pharmaceuticals, Inc.'s plan to restructure its operations and reduce expenses, the Board of Directors of the Company has authorized management to locate new office space that is significantly more cost-effective and better suited to the Company's current focus on commercializing Avenova. On July 11, 2016, NovaBay entered into a Sublease Agreement, pursuant to which Zymergen, Inc., will sublease 16,465 rentable square feet of real property located at Suite 550, EmeryStation North Building, 5980 Horton Street, Emeryville, California from the Company. The Company leases this property from Emery Station Office II, LLC under that certain Office Lease dated June 3, 2004 between the Company and the Landlord, as amended on June 22, 2004, July 22, 2004, March 25, 2005, September 30, 2006, November 20, 2007, September 1, 2008, March 1, 2012 and April 10, 2013. The Master Lease, as amended and restated through the Sept. 30, 2006, Amendment, was filed as Exhibit 10.10 to the first amendment to the Company's Form S-1, dated March 30, 2007, and is incorporated herein by reference. The Nov. 20, 2007 Amendment was filed as Exhibit 10.20 to the Company's Annual Report on Form 10-K, dated March 14, 2008; the September 1, 2008 Amendment was filed as Exhibit 10.1 to the Company's amended Quarterly Report on Form 10-Q, dated November 14, 2008; the March 1, 2012 Amendment was filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q, dated August 9, 2012; and the April 10, 2013 Amendment was filed as Exhibit 10.19 to the Company's Annual Report on Form 10-K, dated March 4, 2016. The commencement date under the Agreement is the date the Company vacates the Premises, which shall be no later than Oct. 31, 2016. The expiration date of the Agreement is Oct. 21, 2020, unless earlier terminated pursuant to any provision of the Master Lease, as amended, or the Agreement. The effective monthly base rent rate is $3.55 per square foot, which shall increase three percent (3%) each year on the anniversary date of the Agreement, and the Subtenant will also be responsible for certain additional operating expenses, utilities costs and tax expenses that the Company incurs under the Master Lease, as amended. To off-set certain construction costs, the Company will not charge the Subtenant rent for ninety (90) days of occupancy beginning on the commencement date of the Agreement and shall also abate the Subtenant’s monthly rental payments for January 2018, July 2018, January 2019 and October 2020. The Subtenant is required to make a security deposit in the amount of $197,580, which is the equivalent of three (3) months' rent based upon the rental amount during the fiftieth (50th) month of the Agreement's term. The Agreement is conditioned upon obtaining the Landlord's consent. About NovaBay Pharmaceuticals NovaBay Pharmaceuticals is a biopharmaceutical company focusing on the commercialization of prescription Avenova lid and lash hygiene for the domestic eye care market. Avenova is formulated with Neutrox which is cleared by the U.S. Food and Drug Administration (FDA) as a 510(k) medical device. Neutrox is NovaBay's proprietary pure hypochlorous acid. Laboratory tests show that hypochlorous acid has potent antimicrobial activity in solution yet is non-toxic to mammalian cells and it also neutralizes bacterial toxins. Avenova is marketed to optometrists and ophthalmologists throughout the U.S. by NovaBay's direct medical salesforce. It is accessible from more than 90% of retail pharmacies in the U.S. through agreements with McKesson Corporation, Cardinal Health and AmeriSource Bergen. NovaBay reported a net loss of $18.97 million in 2015, a net loss of $15.19 million in 2014 and a net loss of $16.04 million in 2013. As of March 31, 2016, Novabay had $4.93 million in total assets, $12.2 million in total liabilities, and a total stockholders' deficit of $7.29 million. OUM & Co. LLP in San Francisco, California, audited the consolidated balance sheets of NovaBay Pharmaceuticals, Inc. as of December 31, 2015 and 2014 and the related consolidated statements of operations and comprehensive loss, stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2015. The firm noted that the Company has suffered recurring losses and negative cash flows from operations and has a stockholders' deficit, all of which raise substantial doubt about its ability to continue as a going concern. ONTARIO CENTURY: Hiring of Beermann Pritikin Attorneys Approved --------------------------------------------------------------- Judge Janet S. Baer on July 13, 2016, entered an order granting the application of Ontario Century Property, LLC, to employ William Woloshin and Howard L. Teplinsky of Beermann Pritikin Mirabelli Swerdlove LLP as special counsel for the Debtor. The Debtor is authorized to employ William Woloshin and Howard L. Teplinsky of Beermann Pritikin Mirabelli Swerdlove LLP as special counsel for the Debtor, retroactive to April 13, 2016, to represent the Debtor in connection with the sale of the real estate commonly known as 182 West Lake Street, Units 200, 304, 311 and 404, Chicago, IL. As reported in the July 5, 2016 edition of the TCR, Ontario Century Property filed a motion to sell its three residential units located at 182 West Lake Street, Chicago Illinois to Anthony Ferro for $105,000 per residential unit. As of the bankruptcy filing, the Debtor was the record title owner of one commercial condominium unit (#200) and three residential condominium units (#304, #311 and #400) located at 182 West Lake Street, Chicago, IL. About Ontario Century Property Ontario Century Property, LLC, sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 15-34713) on Oct. 13, 2015. Joel A. Schechter, Esq., at Law Offices of Joel Schechterm serves as the Debtor's counsel. The Debtor estimated assets of $0 to $50,000 and $500,001 to $1 million in liabilities. PACIFIC 9: Creditors' Panel Hires Danning-Gill as Counsel --------------------------------------------------------- The Official Committee of Unsecured Creditors of Pacific 9 Transportation, Inc., seeks authorization from the U.S. Bankruptcy Court for the Central District of California to retain Danning, Gill, Diamond & Kollitz, LLP as local counsel for the Committee. The Committee requires Danning-Gill to: a. consult with the Debtor concerning the case; b. advice the Committee with regard to certain rights and remedies of the Debtor's bankruptcy estate and the rights, claims and interest of creditors; c. represent the Committee in any proceeding or hearing in the Bankruptcy Court involving the Debtor's estate; d. conduct examination of witnesses, claimants or adverse parties and representing the Committee in any adversary proceeding; e. prepare and assist the Committee in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, and responding to pleadings filed by any other party in inters in this case, including the Debtor; f. assist the Committee to evaluate the Debtor's assets and analyze any liens against the same; g. assist the Committee to evaluate any sale, financing or other disposition of assets in this case; h. assist the Committee to evaluate the existence of any assets and/or causes of action to pursue and represent the Committee in connection with he pursuit of any such causes of action; i. investigate of the acts, conduct, assets, liabilities and financial condition of the Debtor, the operations of the Debtor and the desirability of the continuation of such operations and any other matter(s) relevant to the case or the formulation of a plan of reorganization; j. assist the Committee in the negotiation, formulation, preparation and confirmation of a plan of reorganization; k. request the appointment of a trustee or examiner under section 1104 of the Bankruptcy Code, if warranted; and l. perform any other services which may be appropriate in Danning-Gill's representation of the Committee during this bankruptcy case. Danning-Gill will be paid at these hourly rates: Attorney David A. Gill $695 Richard K. Diamond $695 Howard Kollitz $695 Eric P Israel $630 John N. Tedford, IV $610 Uzzi O. Raanan $610 Brad D. Krasnoff $630 George E. Schulman $650 Walter K. Oetzell $630 Aaron E. de Leest $515 Michael G. D'Alba $450 Zev Shechtman $395 Paralegals/Legal Assistants/Law Clerks Valerie G. Radocay (Senior Paralegal) $230 Cheryl Blair $195 Aracelli Panta $195 Magnolia J. McDaniel $195 Danning-Gill will also be reimbursed for reasonable out-of-pocket expenses incurred. Zev Shechtman, associate with the law firm of Danning, Gill, Diamond & Kollitz, LLP, 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 Debtor and its estate. Danning-Gill may be reached at: Zev Shechtman Danning, Gill, Diamond & Kollitz, LLP 1900 Avenue of the Stars, 11th Floor Los Angeles, CA 90067 Tel: (310)227-0077 Fax: (310)277-5735 About Pacific 9 Transportation Pacific 9 Transportation, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 16-15447) on April 26, 2016. The petition was signed by Le Phan, CFO. The case is assigned to Judge Julia W. Brand. The Debtor estimated both assets and liabilities in the range of $1 million to $10 million. PACIFIC EXPLORATION: August 17 Creditors' Meeting Set ----------------------------------------------------- Pacific Exploration & Production Corp. on July 13, 2016, disclosed that it has filed its meeting materials in connection with its meeting (the "Creditors' Meeting") of certain creditors affected (the "Affected Creditors") by the Restructuring Transaction on SEDAR (Canada) and SIMEV (Colombia), including an information circular and proxy statement dated July 8, 2016 (the "Circular"). The Company has commenced mailing meeting materials to Affected Creditors, prepared in connection with its previously announced comprehensive restructuring transaction (the "Restructuring Transaction") with: (i) certain holders of the Company's senior unsecured notes (the "Supporting Noteholders") (including certain members of an ad hoc committee of holders of the Company's senior unsecured notes), (ii) certain of the Company's lenders under its credit facilities (the "Supporting Bank Lenders", and together with the Supporting Noteholders, the "Supporting Creditors"), and (iii) The Catalyst Capital Group Inc., on behalf of investment funds managed by it ("Catalyst"). The Restructuring Transaction has support from Supporting Creditors holding approximately 79% of the aggregate affected claims of the Company's noteholders and lenders under the Company's credit facilities. Subject to the terms and conditions of the restructuring support agreement entered into by the Company, the Supporting Creditors and Catalyst, the Supporting Creditors have agreed to support and vote in favor of the Restructuring Transaction. On June 30, 2016, the Company obtained an order from the Ontario Superior Court of Justice authorizing the Company to convene a meeting of Affected Creditors to consider the Restructuring Transaction, among other matters. The Creditors' Meeting is scheduled to be held on Wednesday, August 17, 2016 at 10:00 a.m. (Toronto time) at the offices of Norton Rose Fulbright Canada LLP, 200 Bay Street, Suite 3800, Toronto, Ontario, Canada, M5J 2Z4. The Restructuring Transaction will be implemented by way of a plan of compromise and arrangement (the "Plan") pursuant to the Companies' Creditors Arrangement Act (Canada) ("CCAA"). Affected Creditors will be asked to vote on a resolution relating to the Plan (the "Plan Resolution"). In order to be approved, the Plan Resolution must receive the affirmative vote of a majority in number of Affected Creditors who represent at least two-thirds in value of the voting claims of Affected Creditors, who are present and vote in person or by proxy on the Plan the Creditors' Meeting and who are entitled to vote at the Creditors' Meeting. The Circular contains, among other things, details concerning the Restructuring Transaction, the reasons for the Restructuring Transaction, the requirements for the Restructuring Transaction to become effective and applicable voting instructions at the Creditors' Meeting. Affected Creditors are urged to carefully review the Circular and accompanying meeting materials as they contain important information regarding the Restructuring Transaction and its consequences to them. Management and the Board of Directors of the Company believe the Restructuring Transaction represents the best alternative for the long-term interests of the Company. The current proposal is the best way, given the current circumstances, to reduce the Company's debt levels and increase liquidity for the Company's operations. About Pacific Exploration & Production Pacific Exploration & Production Corp. is a Canadian public company and a leading explorer and producer of natural gas and crude oil, with operations focused in Latin America. The Company has a diversified portfolio of assets with interests in more than 70 exploration and production blocks in various countries including Colombia, Peru, Guatemala, Brazil, Guyana and Belize. The Company's strategy is focused on sustainable growth in production & reserves and cash generation. In April 19, 2016 and April 20, 2016, the Company announced its entry into an agreement with: (i) The Catalyst Capital Group Inc., (ii) certain members of an ad hoc committee of holders of the Company's senior unsecured notes, and (iii) certain of the Company's lenders under its credit facilities, to effect a comprehensive financial restructuring (the "Restructuring Transaction") that will significantly reduce debt, improve liquidity, and best position the Company to navigate the current oil price environment. The restructuring will be implemented by way of a plan of arrangement pursuant to a court-supervised process in Canada, together with appropriate proceedings in Colombia under Law 1116 and in the United States. On April 27, 2016, Pacific Exploration, et al., applied for and received an order for protection pursuant to the Companies Creditors Arrangement Act ("CCAA"), R.S.C.1985, c.C-36 from the Ontario Superior Court of Justice Commercial List and PricewaterhouseCoopers Inc. was appointed as monitor of the Applicants (the "Monitor"). The Applicants filed recognition proceedings pursuant to Chapter 15 of title 11 of the United States Bankruptcy Code (the "U.S. Proceedings") and pursuant to Law 1116 of 2006 of the Republic of Colombia (the "Colombian Proceedings"). Pacific, et al., each filed a Chapter 15 bankruptcy petition (Bank. S.D.N.Y. Case Nos. 16-11189 to 16-11211) in New York, in the U.S. on April 29, 2016. The Company is being advised by Lazard Freres & Co. LLC, Norton Rose Fulbright Canada LLP (Canada), Proskauer Rose LLP (U.S.), Zolfo Cooper (U.S.), Garrigues (Colombia) and Kingsdale Shareholder Services (Canada). The Independent Committee is being advised by Osler, Hoskin & Harcourt LLP and UBS Securities Canada Inc. The Noteholders forming part of the funding creditors are being advised by Evercore Group L.L.C. (U.S.), Goodmans LLP (Canada), Paul, Weiss, Rifkind, Wharton & Garrison LLP (U.S.) and Cardenas y Cardenas Abogados (Colombia). FTI Consulting (U.S.), Davis Polk & Wardwell LLP (U.S.), Torys LLP (Canada) and Gomez-Pinzon Zuleta Abogados (Colombia) are counsel to the agent on the revolving credit facility of the Company, and Seward & Kissel is counsel to the agent on the HSBC Bank, USA, N.A. term loan of the Company. Catalyst is being advised by Brown Rudnick LLP (U.S.), McMillan LLP (Canada) and GMP Securities L.P. PricewaterhouseCoopers Inc., the foreign representative of Pacific Exploration, can be contacted at: PRICEWATERHOUSECOOPERS INC. PwC Tower 18 York Street, Suite 2600 Toronto, ON M5J 0B2 Attention: Tammy Muradova Canada/US: +1 844 855 8568 Colombia: 01 800 518 2167 Local US: +1 503 520 4469 PENNGOOD LLC: Has Until Oct. 12 to Exclusively File Ch 11 Plan -------------------------------------------------------------- The Hon. S. Martin Teel, Jr., of the U.S. Bankruptcy Court for the District of Columbia has extended, at the behest of Penngood LLC the Debtor's exclusive right to file a Chapter 11 Plan to Oct. 12, 2016, and the time for obtaining acceptances of that Plan is extended to Dec. 11, 2016. As reported by the Troubled Company Reporter on June 13, 2016, the Debtor asked the Court to extend for 120 days and 180 days, respectively, the time for which the Debtor has the exclusive right to file a Chapter 11 Plan and for the acceptance of that Plan. Because the Debtor is uncertain about its office space, its new accounts, and what further cost saving measures it can take, it cannot make its best projections regarding its future income upon which it might base a Chapter 11 Plan at this time, but reasonably believes that it will be able to do so within the extension applied for. The original exclusivity period expires on June 14, 2016. Headquartered in Washington, DC, Penngood LLC dba Penn Good and Associates LLP derives its income primarily from government contracts, or from work done for companies who are themselves working on government contracts and has several promising opportunities to acquire new accounts and to expand its business in this area. It filed for Chapter 11 bankruptcy protection (Bankr. D.C. Case No. 16-00051) on Feb. 15, 2016, listing $1.85 million in total assets and $4.42 million in total liabilities. The petition was signed by Clyde H. Penn Jr., owner. Richard G. Hall, Esq., at Richard G. Hall serves as the Debtor's Counsel. PHARMACYTE BIOTECH: Delays Filing of Fiscal 2016 Annual Report -------------------------------------------------------------- PharmaCyte Biotech, Inc., filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its annual report on Form 10-Q for the year ended April 30, 2016. The Company said it has experienced a delay in completing the necessary disclosures and finalizing its financial statements with its independent public accountant in connection with its Annual Report on Form 10-K for the year ended April 30, 2016. As a result of this delay, the Registrant was unable to file the Annual Report by the prescribed filing date without unreasonable effort or expense. About PharmaCyte Biotech, Inc. PharmaCyte Biotech, Inc., formerly known as Nuvilex Inc, is dedicated to bringing to market scientifically derived products designed to improve the health, condition and well-being of those who use them. The Company is a clinical stage biotechnology company focused on developing and preparing to commercialize treatments for cancer and diabetes based upon a proprietary cellulose-based live-cell encapsulation technology known as Cell-in-a-Box. The Company intends to use this unique and patented technology as a platform upon which to build treatments for several types of cancer, including advanced, inoperable pancreatic cancer, and diabetes. For the year ended April 30, 2015, the Company reported a net loss of $10.85 million compared to a net loss of $27.25 million for the year ended April 30, 2014. As of Jan. 31, 2016, Pharmacyte had $8 million in total assets, $1.06 million in total liabilities and $6.93 million in total stockholders' equity. PHOTO STENCIL: Authorization to Use Cash Collateral Sought ---------------------------------------------------------- Photo Stencil, LLC asks the U.S. Bankruptcy Court for the District of Colorado for authorization to use Cash Collateral. The Debtor relates that Celtic Capital Corporation holds the most senior lien on accounts receivable and personal property and that the Celtic loan has an outstanding balance of approximately $250,530. The Debtor further relates that it is indebted to TKF Interim Funding II, LLC in the amount of $4,900,000, and to PMC Financial Services Group, LLC in the amount of $2,000,000. The Debtor says that in order to pay necessary operating expenses, it must immediately use cash collateral in which Celtic, TKF and PMC have an interest. The Debtor's proposed Budget covers the months of July to October. The Budget provides for total disbursements in the amount of $299,622 for the month of July, $475,682 for the month of August, $596,574 for the month of September, and $126,625 for the month of October. A full-text copy of the Debtor's Motion, dated July 13, 2016, is available at https://is.gd/jsDQB2 About Photo Stencil, LLC. Photo Stencil, LLC, filed a chapter 11 petition (Bankr. D. Colo. Case No. 16-16897) on July 12, 2016. The petition was signed by Eric Weissman, CEO. The Debtor is represented by Lee M. Kutner, Esq., at Kutner Brinen, P.C. The case is assigned to Judge Michael E. Romero. The Debtor estimated assets of $1 million to $10 million and debts of $10 million to $50 million at the time of the filing. PHOTO STENCIL: Seeks to Hire Kutner Brinen as Legal Counsel ----------------------------------------------------------- Photo Stencil, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kutner Brinen, P.C. as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: (a) give advice with respect to its powers and duties; (b) assist the Debtor in the development of a Chapter 11 plan of reorganization; (c) prepare legal papers required in the continued administration of the Debtor's property; (d) take actions to stay until a final decree the continuation of pending proceedings or the commencement of lien foreclosure proceedings; and The firm's professionals and their hourly rates are: Lee M. Kutner $500 Jeffrey S. Brinen $400 Jenny M.F. Fujii $320 Keri L. Riley $260 Law Clerk $175 Paralegals $75 In a court filing, Lee Kutner disclosed that the firm is "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Lee M. Kutner, Esq. Kutner Brinen, P.C. 1660 Lincoln St., Suite 1850 Denver, CO 80264 Tel: 303-832-2400 Fax: 303-832-1510 Email: lmk@kutnerlaw.com About Photo Stencil Photo Stencil, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 16-16897) on July 12, 2016. The petition was signed by Eric Weissman, CEO. The case is assigned to Judge Michael E. Romero. At the time of the filing, the Debtor estimated its assets at $1 million to $10 million and debts at $10 million to $50 million. PICO HOLDINGS: Bloggers Declare Independence From Brownstein ------------------------------------------------------------ PICO Holdings, Inc. (Nasdaq:PICO), based in La Jolla, Calif., is a diversified holding company reporting recurring losses since 2008. PICO owns 57% of UCP, Inc. (NYSE:UCP), 100% of Vidler Water Company, Inc., a securities portfolio and various interests in small businesses. PICO has $664 million in assets and $434 million in shareholder equity. Central Square Management LLC and River Road Asset Management LLC collectively own more than 14% of PICO. Other activists at http://ReformPICONow.com/have taken to the Internet to advance the shareholder cause. The bloggers note that PICO director, Howard Brownstein, is also a member of the board of directors of P&F Industries, Inc. (PFIN), another company with significant corporate governance problems. These governance shortcomings have persisted for several years, despite shareholder requests for improvements. Mr. Brownstein has been a Director of P&F Industries since 2010. He sits on the Audit Committee and is the Chair of both the Corporate Governance and Nominating Committee and the Strategic Planning and Risk Assessment Committee. Howie is a busy beaver in the P&F Industries Boardroom. Andrew Shapiro Decries Poor Governance Lawndale Capital Management, LLC, of Mill Valley, California, managed by Andrew E. Shapiro, owns just over 13% of P&F Industries, about 467,426 shares. Mr. Shapiro filed a 13D with the Securities and Exchange Commission on May 18, 2016, lamenting several aspects of corporate governance. Here's an excerpt: "As disclosed in prior filings, Lawndale has been in contact with P&F Industries' management and members of P&F's Board of Directors regarding concerns relating to the Company's executive compensation policies and the Board's composition and corporate governance practices. Over several years, Lawndale has requested implementation of constructive changes that would further improve corporate governance, better align management and directors with shareowners' interests, and other capital allocation steps to maximize value for all PFIN shareowners. "Lawndale continues to believe that P&F's Board should make by-law changes to adopt 'Best Practices' in corporate governance such as de-staggering director terms to a single year vs. the Company's present three-year terms, adopting a majority vote requirement for director election, and enhancing shareholders' right to call a Special Meeting or remove a director, among others. Lawndale believes P&F's present archaic barriers to board accountability hurt PFIN's market valuation and also undesirably insulate its directors from making further necessary improvements in P&F's compensation practices." Timothy Stabosz Goes Ballistic On Howie's Board In an email to the P&F Board, made public through a 13D filing with the SEC on January 10, 2012, P&F equity owner Timothy Stabosz, lets it fly: "The board needs to get past this manifest desire to hide, to dissemble, to obfuscate . . . to evade, to duck, to bob, and weave. I've witnessed all of that, breathtakingly, in the last 2+ years . . . in person, and in writing. It's unseemly, it's incriminating, and its odious . . . especially considering our company's history as a "poster child" for poor corporate governance, and licentious executive compensation. Sunlight is the most effective disinfectant. It's time to open the shutters, as a matter of transparency, and self-respect. "I greatly resent the fact that your failure, and the broader board's failure to act, in a more compelling way, to establish your bonafides as fiduciaries, has made me feel helpless, and necessitated my bringing these issues back into the public sphere . . . most uncomfortable and distasteful for me . . . considering I own 8.1% of our company, and want to see it thrive and prosper, without embarrassment, or public "fights." I TOLD you as such, in private, but instead of meeting me half way, you (in this case, the entire board) continue to alternate between "circling the wagons," and taking baby steps. It is, quite frankly, infernally frustrating. "It's clear that there's more work to be done at P&F, to clean up its governance, and its reputation. Please DO it . . . or step aside. Those of us who actually have material ownership positions in the company are intensely interested in having value created for us. (It's OUR company.) The foundation of that is a governance structure that "reeks" of integrity, and transparency. Please remember, going forward, who you work for. (Hint: It's NOT Richard Horowitz.)" [Capitalization in original]. Shareholder, Heal Thyself The bloggers make fun of Mr. Brownstein. "Given this publicly available information, we are not sure why PICO appointed Mr. Brownstein a Director. Perhaps Howie was pounding the pavement, looking for Director seats. Or perhaps Keith Gottfried noticed Howie's practice of sloth in the face of poor corporate governance and suggested a kindred soul to The Juicer. Regardless of origin, we believe that Howie's inadequate handling of PICOGate is representative of his practice of putting other Directors first and shareholders way down the line. In his informative and entertaining book, "Dear Chairman," -- https://goo.gl/4CgNei -- author Jeff Gramm writes that shareholders bear some of the blame for bad corporate governance at their investees. Bad corporate governance starts with an ill-advised change in strategy, a bad proxy proposal, an unjustified increase in salary, etc . . . At firms with manifest poor Boardroom behavior, shareholders have ignored earlier warning signs and have not taken appropriate remedial action in the past. PICO shareowners are watching Mr. Gramm's admonition play out in slow motion -- and we are at a crossroads. Warning signs have already surfaced with Mr. Brownstein -- plenty of 'em. We believe that Howie's abandonment of shareholders at P&F Industries and his betrayal of PICO shareholders in relation to PICOGate, portends bad things to come -- for the next 3 years!" PIONEER HEATLH: Hires SOLIC as Financial Advisors ------------------------------------------------- Pioneer Health Services, Inc., and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the Southern District of Mississippi to employ SOLIC Capital Financial Advisors, LLC as financial advisors. The Debtors require SOLIC to: a. assist the CRO in the consideration of and identifying opportunities for a sale, merger or recapitalization of the Debtor; b. advise the CRO and the Debtor concerning opportunities for any sale, merger or recapitalization transactions, whether or not identified by SOLIC; and c. participate on the Debtors' behalf in negotiations concerning any such transactions. The Debtors agrees to pay SOLIC a fee payable in cash via wire transfer upon closing of any transaction (the "Success Fee") equal to (i) 2.0% of the Transaction Value from $0 up to $40.0 million; plus (ii) 5.0% of Transaction Value and in excess of $40.0 million; provided that the and the aggregate amount of the Success Fee paid upon completing the sale of substantially all of the assets of Pioneer (or substantially all of the assets of Pioneer which are going to be sold to third parties) shall not be less than $500,000 (the "Aggregate Minimum Fee"). In all cases, the remaining unpaid portion of the Aggregate Minimum Fee (i.e. $500,000 less the amount of Success Fees actually paid) shall be paid upon the earlier of (i) confirmation of a plan of liquidation for Company or certain of its affiliates, (ii) dismissal of the Case, (iii) conversion of the Case to a Chapter 7 liquidation, or (iv) closing of a Transaction which results in the sale of substantially all of the assets of the Company). In addition, for purposes calculating the Success Fee, Transaction Value shall be treated cumulatively and include all individual completed Transactions. SOLIC will also be reimbursed for reasonable out-of-pocket expenses incurred. Neil F. Luria of SOLIC Capital Financial Advisors, LLC, assured the Court that the firm does not represent any interest adverse to the Debtors and their estates. SOLIC may be reached at: Neil F. Luria SOLIC Capital Financial Advisors, LLC 1603 Orrington Avenue, Suite 1600 Evanston, IL 60201 Phone: (847) 583-1618 Fax: (847) 583-1426 About Pioneer Health Pioneer Health Services, Inc., and its debtor-affiliates, including Medicomp Inc., filing separate Chapter 11 bankruptcy petitions (Bankr. S.D. Miss. Case No. 16-01119 to 16-01126) on March 30, 2016. The Debtors provide healthcare services to rural communities, and own and manage rural critical access hospitals. Judge Hon. Neil P. Olack presides over the Debtors' cases. The Law Offices of Craig M. Geno PLLC serves as the Debtors' counsel. The Debtors hired Healthcare Management Partners, LLC, as financial advisor. Pioneer Health Services estimated $10 million to $50 million in both assets and liabilities. The petitions were signed by Joseph S. McNulty III, president. The Official Committee of Unsecured Creditors of Pioneer Health Services, Inc., et al., retained Arnall Golden Gregory LLP as counsel, and Brunini, Grantham, Grower & Hewes, PLLC, as co-counsel. PNCH ASSOCIATES: Selling New Jersey Property for $1.6 Million ------------------------------------------------------------- PNCH Associates, LLC, on July 13, 2016, filed a motion to sell its executive office complex in Cherry Hill/Pennsauken, New Jersey, to Legacy Assets for at least $1.6 million. The Debtor is the owner of a parcel of real property located at 7730 and 7740 Maple Avenue, Cherry Hill/ Pennsauken, New Jersey, consisting of a 29,800 square foot executive office complex. The Property is subject to a first priority mortgage in favor of TD Bank, N.A., securing amounts due and owing by the Debtor to the bank in the amount of $1,048,000. On May 27, 2016, the Debtor entered into an agreement of sale with the Buyer to purchase the Property. The Agreement provides for a purchase price of $1,600,000 if the closing occurs on or before 9 months from the date of full contract execution and the Buyer's receipt of written approval of the transaction by TD Bank. The purchase price increases to $1,650,000 if the closing occurs on or before 12 months from the date of full contract execution and the Buyer's receipt of written approval of the transaction by TD Bank and increases again to $1,700,000 if closing occurs on or before 14 months from the date of full contract execution. The sale of the Property will benefit the Debtor and all creditors as it will generate the funds necessary for the Debtor's estate to pay its secured creditor in full, pay all administrative creditors in full, and make a significant distribution to any remaining creditors to the extent any existed as of the Petition Date. The Debtor's attorneys: CIARDI CIARDI & ASTIN Albert A. Ciardi, III, Esq. Jennifer C. McEntee, Esq. One Commerce Square 2005 Market Street, Suite 3500 Philadelphia, PA 19103 Tel: (215) 557-3550 Fax: (215) 557-3551 E-mail: aciardi@ciardilaw.com jcranston@ciardilaw.com PNCH Associates, LLC, commenced a Chapter 11 bankruptcy case (Bankr. D.N.J. Case No. 16-21540) on June 14, 2016. Ciardi Ciardi & Astin, P.C. serves as counsel to the Debtor. POMEROY PARTNERS: Wants To Use Cash Collateral Up To Aug. 31 ------------------------------------------------------------ Pomeroy Partners asks the U.S. Bankruptcy Court for the Northern District of California for authorization to use cash collateral in the ordinary course of business through August 31, 2016. The Debtor seeks to use cash collateral, as produced from rental income associated with a 70,000 square-foot office building, located at 1680-1700 Dell Ave., in Campbell, California. The Debtor owns a 30% ownership interest in the real property. The following creditors assert a security interest in the cash collateral: (a) Extensia Financial, LLC, which holds a promissory note secured by a deed of trust as recorded against the Real Property; and (b) Clyde Berg, who holds a promissory note secured by a deed of trust as recorded against the Real Property. The Debtor proposes to pay a third-party property management company to perform all management services with regards to the Real Property for such limited period of time as is necessary until the Real Property can be sold. The Debtor wants to extend the use of cash collateral through November 31, 2016, the current contractual deadline for closing of the sale of the Real Property, after a final hearing. The Debtor proposes to make monthly adequate protection payments to Extensia in the amount of $43,305.37 and to Mr. Berg in the amount of $13,358. A full-text copy of the Order, dated July 14, 2016, is available at https://is.gd/y3Ln6F About Pomeroy Partners Pomeroy Partners filed a chapter 11 petition (Bankr. N.D. Cal. Case No. 16-51859) on June 23, 2016. The petition was signed by David C. Shaw, managing member. The Debtor is represented by Jon G. Brooks, Esq., at the Law Offices of Jon G. Brooks. The case is assigned to Judge Dennis Montali. At the time of the filing, the Debtor estimated its assets at $5.04 million and debts at $8.80 million. PORTOFINO TOWERS: Hires Joel M. Aresty as Attorney -------------------------------------------------- Portofino Towers 1002 LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of Florida to employ the law firm of Joel M. Aresty, P.A. as attorney for Debtor in Possession. The Debtor requires Joel M. Aresty to: a. give advice to the debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; b. advise the debtor with respect to its responsibilities in complying with the US Trustee's Operating Guidelines and Reporting Requirements and with he rules of the court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of these case; d. protect the interest of the debtor in all matters pending before the court; e. represent the debtor in negotiation with its creditors in the preparation of a plan. Joel M. Aresty, Esq., at Joel M. Aresty, P.A., 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. Joel M. Aresty, P.A. may be reached at: Joel M. Aresty, Esq. Joel M. Aresty, P.A. 309, 1st Ave S Tierra Verde, FL 33715 Phone: 305-904-1903 Fax: 877-350-9402 E-mail: aresty@mac.com About Portofino Towers 1002 LLC Portofino Towers 1002 LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 16-18808) on June 21, 2016. Hon. Laurel M. Isicoff presides over the case. Joel M. Aresty, P.A. represents the Debtor as counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Laurent Benzaquen, authorized representative. PREFERRED PROPPANTS: S&P Lowers Rating on 1st Lien Loan to 'CCC' ---------------------------------------------------------------- S&P Global Ratings said it downgraded Radnor, Pa.-based sand producer Preferred Proppants LLC to 'CCC' from 'B'. The outlook is negative. At the same time, S&P lowered its issue-level rating on the company's first-lien term loan to 'CCC+' from 'B+'. The '2' recovery rating on the debt is unchanged, indicating S&P's expectation of substantial (70%-90%; lower half of the range) recovery of principal and interest in the event of a payment default. "The negative outlook reflects our expectation that Preferred Proppants' liquidity position will remain under pressure over the next 12 months, increasing the risk of a default or distressed debt restructuring," said S&P Global Ratings credit analyst Ryan Gilmore. S&P could lower ratings if a default, distressed exchange, or redemption appeared inevitable within six months. This could occur if demand and prices for frac sand remained at current levels, resulting in further cash and ABL facility usage, or if the company breached its financial covenants. "It is unlikely we would raise the rating in the next 12 months given the weakness in the oil and gas market. However, we could raise ratings if we deemed liquidity to be adequate. This could occur if Preferred Proppants improved its liquidity position via asset sales or other capital infusion such that we did not anticipate a liquidity shortfall or other default scenario over the subsequent 12 months," S&P said. PREMIER EXHIBITIONS: Adam Bradley, et al., Hold 4.8% Stake ---------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, AJB Investment Fund II, LP, AJB Capital, LLC and Adam Bradley disclosed that as of July 13, 2016, they collectively own 380,653 shares of common stock of Premier Exhibitions representing 4.8% of all the outstanding shares of Common Stock. AJB Fund II owns 267,005 shares of Common Stock representing 3.4% of all the outstanding shares of Common Stock. AJB Capital may be deemed to be the beneficial owner of the 267,005 shares of Common Stock held by AJB Fund II representing 3.4% of all the outstanding shares of Common Stock. Mr. Bradley may be deemed to be the beneficial owner of the 267,005 shares of Common Stock beneficially owned by AJB Capital representing 3.4% of all the outstanding shares of Common Stock and owns 113,648 shares of Common Stock representing a 1.4% of all the outstanding shares of Common Stock. A full-text copy of the regulatory filing is available at: https://is.gd/r9RmEb About Premier Exhibitions Premier Exhibitions, Inc. (Nasdaq:PRXI), located in Atlanta, Georgia, is a foremost presenter of museum quality exhibitions throughout the world. Premier is a recognized leader in developing and displaying unique exhibitions for education and entertainment including Titanic: The Artifact Exhibition, BODIES...The Exhibition, Tutankhamun: The Golden King and the Great Pharaohs, Pompeii The Exhibition, Extreme Dinosaurs and Real Pirates in partnership with National Geographic. The success of Premier Exhibitions, Inc. lies in its ability to produce, manage, and market exhibitions. Additional information about Premier Exhibitions, Inc. is available at the Company's Web site http://www.PremierExhibitions.com/ RMS Titanic and seven of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Middle District of Florida (Bankr. M.D. Fla. Proposed Lead Case No. 16-02230) on June 14, 2016. Chief Financial Officer and Chief Operating Officer Michael J. Little signed the petitions. The Debtors estimated both assets and liabilities in the range of $10 million to $50 million. The Chapter 11 cases are assigned to Judge Paul M. Glenn. QRS RECYCLING: Taps Yellen to Auction Inventory in August --------------------------------------------------------- By order dated June 22, 2016, of the U.S. Bankruptcy Court for the Northern District of Georgia, QRS Recycling of Georgia has retained Yellen Partners to sell its inventory, equipment and machinery through an orderly liquidation and auction process. The sale of equipment includes a remarkable offering of optical sorting equipment, bale breakers, shredders, conveyors, bailers, eddy current magnets, screening units, and air compressors, from such quality manufacturers as Redwave, Vecoplan, Hustler, Mill Power, Ingersoll Rand, and many more. QRS Recycling of Georgia was a full service recycling processing center of post-consumer plastics, bulk plastic, iron, steel, tin, aluminum, copper, brass, plastic bags, plastic film, pre-picked containers (PPCs), paper and cardboard, single stream and commercial dry waste. The auction sale, which is to take place in August 2016, will be open to the public and bidders will have an opportunity to inspect all items prior to bidding. Bidders will have the chance to bid on complete processing lines and individual components. "This is a rare liquidation opportunity that offers late model and state of the art equipment," said David Ordon, Executive Vice President / Director of Operations-Industrial of Yellen Partners. "We anticipate interest from parties around the world." The assets will be auctioned off in August 2016 and are also available via private negotiated sales. For inquiries, please contact David Ordon at 561-452-2263 or dordon@yellenpartners.com About Yellen Partners, LLC Yellen Partners, LLC -- http://www.yellenpartners.com/-- is a Victory Park Capital portfolio company that is a specialized, hands-on provider of asset monetization solutions focused on the acquisition and disposition of retail and wholesale inventories, as well as healthcare and industrial machinery and equipment, for businesses seeking to continue operations or sell assets as a going concern. Core activities include sourcing, acquiring and monetizing distressed and other surplus assets through transaction strategies, including, but not limited to, retail store closings, orderly liquidations of wholesale inventories and specialty assets, as well as private treaty sales and on-site and on-line auctions. About QRS Recycling QRS Recycling of Georgia, LLC, operator of a recycling facility located at 120 Hollow Tree Lane SW, Atlanta, Georgia, filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 16-58837) on May 20, 2016, to liquidate its assets. The case is pending before Judge James R. Sacca. DLA Piper LLP (US) and Bingham Greenbaum Doll LLP represent the Debtor as counsel. Upshot Services LLC serves as the Debtor's claims and noticing agent. The Debtor estimated assets of up to $10 million and liabilities in the range of $10 million to $50 million. RED LIZARD: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Red Lizard Investment Pool 1 LLC. About Red Lizard Investment Red Lizard Investment Pool 1 LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 16-11886) on April 7, 2016. The petition was signed by Colby J. Wheeler, managing member. The case is assigned to Judge August B. Landis. At the time of the filing, the Debtor estimated its assets at $500,000 to $1 million and debts at $1 million to $10 million. REGATTA CONSTRUCTION: Wants to Use Cash Collateral Up To Aug. 26 ---------------------------------------------------------------- Regatta Construction, Inc., asks the U.S. Bankruptcy Court for the District of Massachusetts for authorization to use cash collateral on an interim basis, up to August 26, 2016. The Debtor is indebted to secured creditor North Shore Bank under a $187,599 Commercial Real Estate Note, a $350,000 term loan, and a $50,000 Demand Revolving Line of Credit Promissory Note. The Debtor seeks authority to use cash collateral, which consists of cash on hand and revenues generated by the Debtor's operations, to fund operational and administrative expenses during the 13 Week Budget period. The Debtor anticipates generating sufficient sales to pay operational expenses, purchase new inventory, and make normal debt service payments to North Shore Bank, while maintaining North Shore Bank’s secured interest in its collateral. The Debtor says that the use of cash collateral is essential to its business and its ability to continue to provide contracting and custom kitchen installations for its customers. The Debtor proposes to make adequate protection payments to North Shore Bank in the amount of $1,600. A full-text copy of the Debtor's Motion, dated July 15, 2016, is available at https://is.gd/zFSi4H About Regatta Construction, Inc. Regatta Construction, Inc., et al. filed for Chapter 11 protection (Bankr. D. Mass. Case No. 16-11885) on May 18, 2016. The petition was signed by Christian Tosi, president. The Hon. Frank J. Bailey presides over the case. The Debtor estimated assets of $1 million to $10 million and estimated liabilities of $0 to $50,000. The Debtor is represented by George J. Nader, Esq., at Riley & Dever, P.C. REO HOLDINGS: Court Grants Creditors' Bid for Trustee ----------------------------------------------------- Judge Randal S. Mashburn on July 13, 2016, entered an order directing the U.S. Trustee to appoint a Chapter 11 trustee in the bankruptcy case of REO Holdings, LLC. The matter came before the Court for hearing on July 12, 2016, upon a motion filed pursuant to 11 U.S.C. Sec. 1104 by Family Trust Services, Billy Gregory, Steve Reigle, Regal Homes Co., and John Sherrod seeking appointment of a trustee in the Chapter 11 case. The hearing in this matter was consolidated by agreement of the parties with the hearing in another related case solely for the purpose of considering evidence on similar motions for appointment of a trustee. Therefore, all evidence that was admitted at the hearing constitutes evidence in both Case No. 16-03304 and Case No. 16-03349. The Court heard the testimony of witnesses, reviewed numerous documents admitted into evidence, and considered arguments of counsel for the parties. Based upon the reasons announced orally from the bench, the Court finds that sufficient grounds exist for appointment of a trustee pursuant to 11 U.S.C. Sec. 1104. The case is in re REO Holdings, LLC (Bankr. M.D. Tenn. Case No. 16-03349). The related case is in re Charles E. Walker (Bankr. M.D. Tenn. Case No. 16-03304). RESIDENTIAL CAPITAL: Trust Completes 2015 Income Tax Filings ------------------------------------------------------------ The ResCap Liquidating Trust on July 11, 2016, disclosed that it has recently completed filing income tax returns for the calendar year 2015 in those states in which the Trust determined that it had a filing obligation. Information about the Trust's 2015 state income tax filings and state specific 2015 income tax information for unitholders has been posted to the Trust Web site at http://www.rescapliquidatingtrust.com/Unitholders may direct questions regarding this information to info@rescapestate.com, which will be answered if appropriate to do so. However, the Trust does not provide tax advice to unitholders and encourages unitholders to consult their own tax advisors. 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. RETREAT AT ZION: Wants To Obtain $250K DIP Loan from Kirch & Todd ----------------------------------------------------------------- Retreat at Zion, LLC, asks the U.S. Bankruptcy Court for the District of Utah for authorization to obtain $250,000 of post-petition financing from: Kirch & Todd Lending 782 South River Road, Unit 231 Saint George, UT 84790 Attn: James Rose Telephone: (435) 729-9449 E-mail: james@kirschtodd.com The Debtor also seeks authorization to use cash collateral pledged to its Secured Lender: Riverbend Development, LLC 601 North Bald Mountain Alpine, UT 84004-1932 represented by: Kent L. Christiansen, Esq. Sage Law Partners, PLLC 140 North Union Ave., Suite 220 Farmington, UT 84025-2954 The Debtor says that it must have access to approximately $45,000 to $60,000 in cash collateral for the next five months, increasing to $80,000 in November 2016. The Debtor proposes to pay Riverbend Development the amount of $13,303.27 on a monthly basis beginning on July 2016, as adequate protection. The Debtor's proposed Budget covers a 12-month period beginning on June 2016 and ending on May 2017. The Budget provides for total payments in the amount of $1,245,963. The Budget allocates payments for cash purchases & food, necessary payments to creditors, salaries and wages, and payroll taxes, among others. The DIP Loan contains, among others, the following relevant terms: (a) Property: Retreat at Zion, Grafton Estate Road, Rockville, Utah. (b) Maturity: 12 months from the Closing. (c) Interest Rate: 12% per annum, paid monthly, interest only. (d) Collateral: A first priority lien on the Borrower's fee simple interest in the Property and the improvements thereon together with any personal property owned by the Borrowers related to the Property. (e) Expenses: The Debtor will pay a $495 processing fee and a $995 funding fee. Upon signing the loan, a deposit of $5,000 will be required to be wired for loan documents, any site visits, legal, a background check, and due diligence. The Debtor wants to grant Kirch & Todd a lien on encumbered property that is equal or senior to the existing first position lien on the Debtor's real property, and a perfected first priority security interest in all of the Debtor's personal property assets to secure the DIP Loan. The Debtor also wants to grant Kirch & Todd a superpriority administrative claim. The Debtor relates that its need to use Cash Collateral and to obtain credit pursuant to the DIP Loan is immediate and critical in order to enable the Debtor to continue operations and to administer and preserve the value of its estate. A full-text copy of the Debtor's Motion, dated July 14, 2016, is available at https://is.gd/u2u8yb at no charge. About Retreat at Zion, LLC Retreat at Zions, LLC filed a chapter 11 petition (Bankr. D. Utah Case No. 16-24525) on May 25, 2016. The petition was signed by Kevin Brough, managing member. The case is assigned to Judge William T. Thurman. The Debtor is represented by Franklin L. Slaugh, Esq., in Sandy, Utah. The Debtor estimated both assets and liabilities in the range of $1 million to $10 million at the time of the filing. RIO MOBILE: Hires Luis Castilleja as Accountant ----------------------------------------------- Rio Mobile Home and R.V. Parks, Inc., seek authorization from the U.S. Bankruptcy Court for the Southern District of Texas to employ Luis Castilleja, CPA as accountant. The Debtor is a Texas limited liability corporation that owns, develops, and manages a mobile home and R.V. park in Brownsville, Texas. The Debtor requires Luis Castilleja to: a. prepare Debtor's monthly operating records; b. prepare Debtor's monthly financial reports; c. prepare Debtor's tax returns; d. prepare initial budget for Cash Collateral Motion/Order and provide analysis of cash flow to prepare a feasible Plan of Reorganization; and e. provide the Debtor advice in its operations and other financial information. Luis Castilleja, CPA will be paid at these hourly rates: Luis Castilleja $100 Staff $60 Luis Castilleja, CPA will also be reimbursed for reasonable out-of-pocket expenses incurred. Luis Castilleja, CPA, assured the Court that the firm does not represent any interest adverse to the Debtors and their estates. Luis Castilleja, CPA may be reached at: Luis Castilleja, CPA 914 North Main, Suite 1 McAllen, Texas 78501 Phone: +1 956-682-6380 About Rio Mobile Home and R.V. Parks, Inc. Rio Mobile Home and R.V. Parks, Inc. is a Texas limited liability corporation that owns, develops, and manages a mobile home and R.V. park in Brownsville, Texas. Rio Mobile Home and R.V. Parks, Inc. filed a Chapter 11 bankruptcy petition (Bankr. S.D.Tex. Case No. 16-10150) on May 10, 2016. Hon. Eduardo V Rodriguez presides over the case. Marcos D. Oliva, PC represents the Debtor as counsel. In its petition, the Debtor estimated $16,117 in assets and $1.82 million in liabilities. The petition was signed by Dean Gutierrez, president. RLB FRIENDSHIP: Hires Smoky Mountain as Real Estate Firm -------------------------------------------------------- RLB Friendship, LLC seeks authorization from the U.S. Bankruptcy Court for the Northern District of Georgia to retain Smoky Mountain Real Estate Corp., as Real Estate Firm. The Debtor requires Smoky Mountain to: a. inspect the Debtor's properties to conform the Debtor's estimate of the market value of the properties; b. list the properties on the standard sites (i.e. Multiple Listing Service, LoopNet) used by sellers and purchasers of commercial property; and c. assist the Debtor in assessing offers to purchase the properties. Smoky Mountain has agreed to perform the described services for a commission normally charged by real estate firms in the State of Tennessee for the sale of underdeveloped land; that being 10% for a sales price below $100,000 and 8% for sale price at or above $100,000. Phillip Derosia, principal of Smoky Mountain Real Estate Corp., 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. Smoky Mountain may be reached at: Phillip Derosia Smoky Mountain Real Estate Corp. 239 East Parkway Gatlinburg, TN 37738 Tel: +1 855-228-8145 About RLB Friendship, LLC RLB Friendship, LLC filed a Chapter 11 bankruptcy petition (Bankr. N.D.Ga. Case No. 16-55237) on March 24, 2016. Rodney L. Eason, Esq., at The Eason Law Firm as bankruptcy counsel. ROBISON TIRE: Case Summary & 19 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Robison Tire Company, Inc. 4 Thames Ave. Laurel, MS 39441 Case No.: 16-51183 Chapter 11 Petition Date: July 14, 2016 Court: United States Bankruptcy Court Southern District of Mississippi (Gulfport-6 Divisional Office) Judge: Hon. Katharine M. Samson Debtor's Counsel: Jarrett Little, Esq. LENTZ & LITTLE, PA 2505 14th St., Ste. 100 Gulfport, MS 39501 Tel: 228-867-6050 Fax: 228-867-6077 E-mail: Jarrett@lentzlittle.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Windham, president. A list of the Debtor's 19 largest unsecured creditors is available for free at http://bankrupt.com/misc/mssb16-51183.pdf ROTARY DRILLING: Files for Bankruptcy Protection to Pursue Sale --------------------------------------------------------------- Rotary Drilling Tools USA, LLC, Texas-based manufacturer of products for both drilling oil and gas wells and well completions, filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code citing the drastic decline in oil and gas prices and the generally depressed state of the energy industry. Rotary Drilling Tools USA and three of its subsidiaries each filed a petition in the U.S. Bankruptcy Court for the Southern District of Texas (Bankr. S.D. Tex. Lead Case No. 16-33433) on July 7, 2016, with the goal of effecting the sale of their operating assets as a going concern and thereafter liquidating their remaining assets for the benefit of their creditors. According to Bryan M. Gaston, chief restructuring officer of Rotary Drilling, the Debtors have been cash flow negative since late 2015. The deterioration in the Debtors' business resulted in a default under their existing secured credit facility and made it very difficult to pay trade creditors. Mr. Gaston noted that the Debtors have taken steps to reduce their costs, including staff reductions, site closures, reduction in hours of operation, and vendor renegotiations. However, Mr. Gaston said, these measures proved insufficient to overcome the Debtors' financial difficulties. The Debtors obtained a forbearance agreement with their secured lender, PNC Bank, N.A., in March 2016. As a condition to the forbearance, PNC required that the Debtors retain a chief restructuring officer and investment banking firm to assist them in continued cost reduction initiatives, liquidity enhancement and in evaluating their strategic alternatives. The Debtors concluded that an orderly sale of their assets was the best strategic alternative to preserve and maximize value as they no longer generate sufficient cash from sales and service of their products to meet their expenses and debt obligations. After months of marketing efforts, the Debtors entered into an asset purchase agreement on July 5, 2016, with Vallourec Drilling Products USA, Inc., pursuant to which Vallourec, as stalking horse bidder, proposes to buy the Debtors' assets for an undisclosed purchase price. The APA is subject to higher and better bids at an auction proposed to be held on or before Aug. 23, 2016. The Debtors have filed a motion seeking approval of bidding procedures in connection with the sale. The deadline for the submission of bids is Aug. 19, 2016. Concurrently with the filing of the petitions, the Debtors have filed motions seeking joint administration of their Chapter 11 cases, authority to obtain post-petition financing, authority to use existing cash management system, authority to pay employee obligations and an order prohibiting utility providers from discontinuing services. In its petition, Rotary Drilling estimates assets and liabilities in the range of $10 million to $50 million. As of July 5, 2016, the Debtors owe PNC $35.7 million, plus prepetition interest, fees, expenses, and other amounts. The Debtors have hired Locke Lord, LLP, as counsel, and Kurtzman Carson Consultants, LLC, as claims agent. Judge Jeff Bohm is assigned to the cases. Rotary Drilling, et al., manufacture products at their principal location in Beasley, Texas, and have repair centers in Odessa, Texas; Rifle, Colorado; Williston, North Dakota; and Evanston, Wyoming. Their assets are comprised primarily of real estate and related improvements, machinery and equipment, drill pipe inventory and intellectual property. RYAN EXCAVATING: Court Approves $53K Cash Collateral Use -------------------------------------------------------- Judge Jacqueline Cox of the U.S. Bankruptcy Court for the Northern District of Illinois authorized Ryan Excavating, LLC to use cash collateral. Judge Cox authorized Gallant Construction to pay the Debtor's subcontractor the amount of $17,138.58, for the jobs that the Debtor had invoiced for payment. She acknowledged that in order for the Debtor to continue operations, the Gallant invoices needed to be paid. In order to obtain payment, Judge Cox required all subcontractors to submit to the Debtor and Gallant, waivers of their lien to date in exchange for check payments from Gallant. The check payments will be payable jointly to the Debtor and the subcontractors. Judge Cox ordered the Debtor to use cash collateral in accordance with an approved Budget. The Budget provides for expenses totalling $53,172.20. The expenses include, among others, payments to AT&T, gas, fuel and maintenance. A full-text copy of the Agreed Order, dated July 13, 2016, is available at https://is.gd/eo07em Ryan Excavating LLC filed a chapter 11 petition (Bankr. N.D. Ill. Case No. 16-12921) on Apr. 15, 2016, is represented by Richard G. Larsen, Esq., at Springer Brown, LLC, in Wheaton, Ill., and estimated its assets and liabilities at less than $1 million at the time of the filing. SANDRIDGE ENERGY: Creditors' Panel Hires Akin Gump as Counsel ------------------------------------------------------------- The Official Committee of Unsecured Creditors of SandRidge Energy, Inc., et al., seeks authorization from the U.S. Bankruptcy Court for the Southern District of Texas to retain Akin Gump Strauss Hauer & Feld LLP as counsel for the Committee, nunc pro tunc to June 7, 2016. The Committee requires Akin Gump to: a. advise the Committee with respect to its rights, duties and powers on the Debtors' Chapter 11 Cases; b. assist and advise the Committee in its consultations and negotiations with the Debtors relative to the administration of the Debtors' Chapter 11 Cases; c. assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with holders of claims and equity interest; d. assist the Committee in its investigation of the acts, conduct assets, liabilities and financial condition of the Debtors and their insiders and of the operation of the Debtors' business; e. assist the Committee in its analysis of, and negotiations with, the Debtors or any third party concerning matters related to, among other things, the assumption or rejection of certain leases of non-residential real property and executory contracts, asset dispositions, financing of other transactions and the terms of one or more plans of reorganization for the Debtors and accompanying disclosure statements and related plan documents; f. assist and advise the Committee as to its communications to the general creditor body regarding significant matters in the Debtors' Chapter 11 cases; g. represent the Committee at all hearings and other proceedings before this Court; h. review and analyze applications, orders, statements of operations and schedule filed with the Court and advise the Committee as to their propriety and, to the extent deemed appropriate by the Committee, support, join or object thereto; i. advise and assist the Committee with respect to any legislative, regulatory or governmental activities; j. assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interest and objectives; k. assist the Committee in its review and analysis of all the Debtors' various agreements; l. prepare, on behalf of the Committee, any pleadings, including, without limitation, motions, memoranda, complaints, adversary complaints, objections or comments in connection with any matter related to the Debtors or the Debtors' Chapter 11 Cases; m. investigate and analyze any claims against the Debtors' non-debtor affiliates; and n. perform other legal services as may be required or are otherwise deemed to be in the interest 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. Akin Gump will be paid at these hourly rates: Partners $800-$1,425 Senior Counsel and Counsel $740-$905 Associates $455-$825 Paraprofessionals $210-$375 Attorneys expected to have primary responsibility for providing services to the Committee Daniel H. Golden (partner) $1,325 Charles R. Gibbs (partner) $950 Brad M. Khan (partner) $900 Rachel Ehrlich Albanese (Sr. counsel) $875 Rachelle L. Rubin (associate) $455 Akin Gump will also be reimbursed for reasonable out-of-pocket expenses incurred. Charles R. Gibbs, partner of the firm of Akin Gump Strauss Hauer & Feld LLP, 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. Consistent with the United State Trustees' Appendix B - Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. Sec. 330 by Attorneys in Larger Chapter 11 Cases, which became effective on November 1, 2013, Mr. Gibbs attested that: -- with respect of a negotiated hourly rate for Charles R. Gibbs (which rate is lower than the standard rate for Mr. Gibbs), Akin Gump did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- no rate for any of the professionals included in this engagement varies based on the geographic location of the bankruptcy case; -- Akin Gump did not represent any member of the Committee prior to its retention by the Committee; -- Akin Gump expects to develop a prospective budget and staffing plan to reasonably comply with the US Trustee's request for information and additional disclosures, as to which Akin Gump reserves all rights; and -- the Committee has approved Akin Gump's proposed hourly billing rates. Akin Gump may be reached at: Charles R. Gibbs, Esq. Akin Gump Strauss Hauer & Feld LLP 1700 Pacific Avenue, Suite 4100 Dallas, TX 75201 Tel: +1 214.969.4710 Fax: +1 214.969.4343 E-mail: cgibbs@akingroup.com About SandRidge Energy SandRidge Energy, Inc. (OTC PINK: SDOC) -- http://www.sandridgeenergy.com/ --is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma, with its principal focus on developing high-return, growth-oriented projects in the U.S. Mid-Continent and Niobrara Shale. SandRidge Energy, Inc. and 24 of its subsidiaries each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 16-32488) on May 16, 2016. The petitions were signed by Julian M. Bott as chief financial officer. The Debtors have hired Kirkland & Ellis LLP as general bankruptcy counsel, Zack A. Clement PLLC as local counsel, Houlihan Lokey Capital, Inc. as financial advisor, Alvarez & Marsal Holdings, LLC as restructuring advisor and Prime Clerk LLC as claims and noticing agent. The cases are assigned to Judge David R Jones. The Office of the U.S. Trustee has appointed five creditors of SandRidge Energy, Inc., to serve on the official committee of unsecured creditors. SCIO DIAMOND: Cherry Bekaert Raises Going Concern Doubt ------------------------------------------------------- Scio Diamond Technology Corporation filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $3.62 million on $616,758 of revenue for the year ended March 31, 2016, compared to a net loss of $4.14 million on $726,193 of revenue for the year ended March 31, 2015. As of March 31, 2016, Scio Diamond had $10.23 million in total assets, $3.59 million in total liabilities and $6.64 million in total stockholders' equity. Cherry Bekaert LLP, in Greenville, South Carolina, issued a "going concern" qualification on the consolidated financial statements for the year ended March 31, 2016, citing that the Company has generated limited revenue, incurred net losses and incurred negative operating cash flows since inception and will require additional financing to fund the continued development of products. The availability of such financing cannot be assured. These conditions raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://is.gd/Za0IEs About Scio Diamond Scio Diamond Technology Corporation was incorporated under the laws of the State of Nevada as Krossbow Holding Corp. on Sept. 17, 2009. The Company's focus is on man-made diamond technology development and commercialization. SETTLERS' HOUSING: Stay Partly Lifted for Schaumburg Bank --------------------------------------------------------- Judge Jack B. Schmetterer of the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division, granted, in part, and denied, in part, Schaumburg Bank and Trust Co., N.A.'s second motion to lift the automatic stay in the case is In re: Settlers' Housing Service, Inc., Debtor, Case No. 13 B 28022 (Bankr. N.D. Ill.). Schaumburg Bank moved for relief from automatic stay, asserting (1) lack of adequate protection of its interest in certain property of the debtor, Settlers' Housing Service Inc., and (2) that the debtor has no equity in the property and it is not necessary to an effective reorganization because there is no prospect of an effective reorganization. Judge Schmetterer granted Schaumburg Bank's motion, in part, only as to eight of the nine properties at issue in the motion. A full-text copy of Judge Levy's July 12, 2016 memorandum opinion is available at http://bankrupt.com/misc/ilnb13-28022-229.pdf. The Debtor is represented by: William J. Factor, Esq. Ariane Hotschlag, Esq. David Paul Holtkamp, Esq. LAW OFFICE OF WILLIAM J. FACTOR, LTD. 105 W. Madison, Suite 1500 Chicago, IL 60602 Tel: (312)878-6976 Fax: (847)574-8233 Email: wfactor@wfactorlaw.com Schaumburg Bank & Trust Company is represented by: Francis E. Connell, Esq. Miriam R. Stein, Esq. CHUHAK & TECSON, P.C. 30 South Wacker Drive, Suite 2600 Chicago, IL 60606 Tel: (312)444-9300 Fax: (312)444-9027 Email: fconnell@chuhak.com mstein@chuchak.com Robert Markay is represented by: Elizabeth E. Richert, Esq. Eugene J. Schiltz, Esq. COLEMAN LAW FIRM 77 West Wacker Drive, Suite 4800 Chicago, IL 60601 Connie M. Saiger and John J. Frale are represented by: Douglas Chalmers, Esq. DOUGLAS M. CHALMERS, P.C. 77 West Wacker Drive, Suite 4800 Chicago, IL 60601 About Settlers' Housing Settlers' Housing Service, Inc., sought Chapter 11 bankruptcy protection on July 12, 2013 (Bankr. N.D. Ill. Case No. 13-BK- 28022). The bankruptcy petition estimates $1 million to $10 million in both assets and debts. Settlers' is an Illinois nonprofit dedicated to fulfilling the housing needs of recently arrived legal immigrants. William J. Factor, Esq., at the Law Office of William J. Factor, Ltd., serves as the Debtor's counsel. SEVEN GENERATIONS: S&P Raises CCR to 'BB-', Outlook Stable ---------------------------------------------------------- S&P Global Ratings raised its long-term corporate credit rating on Calgary, Alta.-based Seven Generations Energy Ltd. to 'BB-' from 'B+'. The outlook is stable. At the same time, S&P Global Ratings raised its issue-level rating on the company's senior unsecured debt to 'B' from 'B-'. The recovery rating remains '6', indicating negligible (0%-10%) recovery in a default scenario. S&P Global Ratings also revised its financial risk profile assessment on the company to significant from aggressive. "The upgrade reflects Seven Generations' increased production following the conclusion of the Cutbank project and the potential acquisition of Montney assets from Paramount Resources Ltd.," said S&P Global Ratings credit analyst Wendell Sacramoni. The acquisition might boost proved reserves to 623 million barrels of oil equivalent (boe; compared with 424 million boe at the end of 2015) as well as production to 145,000 barrels of oil equivalent per day (boepd) by the end of 2016 (compared with 60,000 at the end of 2015). This significant expansion enhances the company's competitive position, although its proven developed (PD) ratio remains relatively low (17% at the end of 2016, 19% proforma of Montney assets). Seven Generations has maintained an intense drilling and infrastructure program, which S&P expects it will continue through its capital spending plan of about C$1.0 billion–C$1.1 billion in 2016. With the infrastructure in place, its capital spending plan, and the additional access to constructed natural gas and liquids processing and pipeline capacity upon completion of Montey assets acquisition, S&P believes the company will have the necessary components to further develop its reserves during the next years. S&P expects the Montney assets' acquisition of C$1.9 billion to be completed during third-quarter 2016, and Seven Generations will pay for it in cash (C$475 million), shares (C$830 million), and the assumption of Paramount's US$450 million notes due 2023 (C$584 million). Concurrently, Seven Generations has entered a bought financial agreement with a syndicate of underwriters to raise C$650 million for the cash portion of the acquisition and the company's capital spending plan. S&P believes the company's growth plan will result in enhanced credit metrics supporting S&P's improved assessment of its financial risk profile to significant from aggressive. S&P also have revised its financial sponsor analysis because S&P thinks the transaction's equity portion (33.5 million shares) and the bought financial agreement (26.7 million shares) will partially dilute the current financial sponsors. The stable outlook reflects S&P's expectation that the increased production and cash flow growth will met S&P's base-case scenario, and that the company will have sufficient funds to finance the acquisition and its capital spending plan with adequate liquidity. S&P would take a negative rating action if Seven Generations' performance is significantly weaker than the base-case scenario, either due to lower oil and gas prices, the announced transaction failing, a delay in production or because the company's operating cost profile is weaker than S&P is forecasting. Specifically, a negative rating action could occur if FFO-to-debt fell and was expected to stay below 30%. S&P could take a positive rating action if company successfully integrating the transaction, increasing its production and cash flow to reach its targets, and increasing its PD component as a percentage of its reserves. SEVENTY SEVEN: Judge Confirms Reorganization Plan ------------------------------------------------- Katy Stech, writing for The Wall Street Journal's Pro Bankruptcy, reported that oil-field-services provider Seventy Seven Energy Inc. is preparing to get out of bankruptcy after a judge agreed to approve a reorganization plan that would give the Oklahoma company access to up to $100 million in a new borrowing deal. According to the report, Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court in Wilmington, Del., said in court on July 13 that she would give Seventy Seven Energy permission to put its reorganization plan into action. The plan would allow bondholders owed $1.1 billion to take over most of the ownership in the company, which provides drilling, hydraulic fracturing and oil-field-rental services to exploration and production companies, the report related. "By converting all of the funded bond debt to equity under the plan and structuring the exit facility on the [current terms and conditions], [Seventy Seven Energy and its affiliates] have the means to withstand the volatility endemic in the current commodity market," the report cited Chief Financial Officer Cary Baetz as saying in earlier court documents. The key components of the Plan are: -- Holders of Allowed General Unsecured Claims in Class 6, including Allowed Claims of trade vendors, suppliers and customers, will not be affected by the filing of the Chapter 11 Cases and, subject to Bankruptcy Court approval, are anticipated to be paid in full in the ordinary course of business during the pendency of the Chapter 11 Cases or reinstated and left Unimpaired under the Plan in accordance with their terms as part of the overall compromise embodied in the Plan. -- Holders of Allowed Term Loan Claims will receive (i) their Pro Rata share of the Term Loan Payment; and (ii) continue to hold their Pro Rata share of Term Loans under the Term Loan Credit Agreement (as amended by the Term Loan Credit Agreement Amendment), which Term Loans shall be secured by a valid, perfected and enforceable first-priority lien on and security interest in the Term Loan Collateral and a valid, perfected and enforceable second-priority lien on and security interest in the Exit Facility Priority Collateral. Holders of Term Loan Claims in Class 3 are projected to recover 100% of their Allowed Claims. -- Payment in full, in cash, of all Allowed Administrative Claims, Fee Claims, DIP Claims, Priority Tax Claims, statutory fees, Other Priority Claims and Other Secured Claims. -- Holders of Allowed Incremental Term Loan Claims in Class 4 will receive their Pro Rata share of (i) the Incremental Term Loan Payment, and (ii) $15 million of the outstanding Incremental Term Loan balance. The remaining Incremental Term Loan Claims, which shall be secured by a valid, perfected and enforceable second-priority lien on and security interest in the Term Loan Collateral and a valid, perfected and enforceable third-priority lien on and security interest in the Exit Facility Priority Collateral, will be Allowed at $84 million in principal plus all accrued, unpaid interest, fees and any other expenses through and including the Effective Date (including applicable Restructuring Expenses) and will be reinstated with the rights of holders of such Claims unaltered by the Plan (except for certain amendments to the Incremental Term Supplement). Holders of Incremental Term Loan Claims are projected to recoup 100% of their Allowed Claims. -- Holders of Allowed OpCo Notes Claims in Class 5 will receive their Pro Rata share of 96.75%, or if Class 13 (HoldCo Notes Claims) does not vote to accept the Plan, 98.67%, on a fully diluted basis (subject only to the New Warrants and any securities issued under the Management Incentive Plan) of the New HoldCo Common Shares outstanding as of the Effective Date. Holders of OpCo Notes Claims in Class 5 are projected to recoup 50% of their claims. They will also receive their Pro Rata share of the OpCo Litigation Proceeds. Holders of OpCo Notes Guaranty Claims in Class 12 are projected to recoup 0% to 4.3%. They will receive their Pro Rata share of (i), if Class 13 does not vote as a class to accept the Plan, 1.92% of the New Common Shares, and (ii) the HoldCo Litigation Proceeds. -- Holders of Allowed HoldCo Notes Claims in Class 13 will receive their Pro Rata share of 3.25% on a fully diluted basis (subject only to the New Warrants and any securities issued under the Management Incentive Plan) of the New HoldCo Common Shares outstanding as of the Effective Date plus warrants exercisable 15% of the New HoldCo Common Shares at a share price based on a total equity value of $524 million, or if Class 13 HoldCo Notes Claims does not vote to accept the Plan, 1.33% on a fully diluted basis (subject only to the New Warrants and any securities issued under the Management Incentive Plan) of the New HoldCo Common Shares outstanding as of the Effective Date. Holders of HoldCo Notes Claims are expected to recover 1.1% to 6.2%. -- Existing HoldCo Interests shall be cancelled and discharged and shall be of no further force or effect, whether surrendered for cancellation or otherwise, and holders of Existing HoldCo Interests shall not receive or retain any property under the Plan on account of such Existing HoldCo Interests; provided, however, that if all classes entitled to vote on the Plan vote to accept the Plan, on the Effective Date, holders of Existing HoldCo Interests shall receive, in exchange for the surrender or cancellation of their Existing HoldCo Interest their Pro Rata share of two series of warrants exercisable for an aggregate of 20% of the New HoldCo Common Shares. -- Entry into the new $100 million asset-based Exit Facility, which will be used (i) to repay debtor-in-possession financing the Debtors anticipate borrowing during the Chapter 11 Cases, (ii) provide additional liquidity and working capital and for general corporate purposes and (iii) to pay all restructuring fees and costs and other payments required under the Plan or arising from the Chapter 11 Cases. About Seventy Seven Energy Headquartered in Oklahoma City, Seventy Seven Energy Inc. (SSE) -- http://www.77nrg.com/-- provides wellsite services and equipment to U.S. land-based exploration and production customers. SSE's services include drilling, hydraulic fracturing and oilfield rentals and its operations are geographically diversified across many of the most active oil and natural gas plays in the onshore U.S., including the Anadarko and Permian basins and the Eagle Ford, Haynesville, Marcellus, Niobrara and Utica shales. Each of Seventy Seven Finance Inc., Seventy Seven Energy Inc., Seventy Seven Operating LLC, Great Plains Oilfield Rental, L.L.C., Seventy Seven Land Company LLC, Nomac Drilling, L.L.C., Performance Technologies, L.L.C., PTL Prop Solutions, L.L.C., SSE Leasing LLC, Keystone Rock & Excavation, L.L.C. and Western Wisconsin Sand Company, LLC filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 16-11409 to 16-11419, respectively) on June 7, 2016. The Debtors listed total assets of $1.77 billion and total liabilities of $1.72 billion. The Debtors have engaged Baker Botts LLP as general bankruptcy counsel; Morris, Nichols, Arsht & Tunnell LLP as co-counsel; Lazard Freres & Co. LLC as investment banker; Alvarez & Marsal as restructuring advisor; and Prime Clerk LLC as notice, claims and balloting agent. Judge Laurie Selber Silverstein is assigned to the cases. SOUTH CARIBBEAN BLOCK: Hires MRO Attorneys as Counsel ----------------------------------------------------- South Caribbean Block, Inc. seeks authorization from the U.S. Bankruptcy Court for the District of Puerto Rico to employ MRO Attorneys at Law, LLC as attorney to represent the Debtor. The Debtor requires MRO Attorneys to provide legal advise with respect to its powers and duties as a debtor in possession in the continued operation of the Debtor's business, and to perform all legal services for the Debtor as may be necessary in the reorganization of the Debtor's business. MRO Attorneys will be paid $200 per hour for services to be rendered by Myrna L. Ruiz-Olmo, Esq., plus expenses, for work performed or to be performed upon application, and upon approval of the Court; rates which are considered to be reasonable and fair, in line with services comparable to those performed on behalf of other clients. A retainer fee of $5,000, plus the $1,717 filing fee were paid prior to the bankruptcy filing. The Debtor assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. MRO Attorneys can be reached at: Myrna L. Ruiz-Olmo, Esq. MRO Attorneys at Law, LLC P.O. Box 367819 San Juan, PR 00936-7819 Tel: (787) 237-7440 E-mail: mro@prbankruptcy.com South Caribbean Block Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-05121) on June 28, 2016. The Debtor is represented by Myrna L Ruiz Olmo, Esq. SOUTHCROSS ENERGY: Names Bruce Williamson as GP's Chairman ---------------------------------------------------------- Southcross Holdings LP announced the appointment of Bruce A. Williamson as executive chairman of the Board of Directors of Holdings' general partner, Southcross Holdings GP LLC. Mr. Williamson was previously appointed as an independent director of Southcross Energy Partners GP, LLC, the general partner of Southcross Energy Partners, L.P., in April 2013. He will continue to serve on the board of Southcross' general partner; however, given his additional role as a director of the general partner of Holdings, Mr. Williamson will no longer be an independent director of Southcross' general partner and as such will resign from the audit, compensation and conflicts committees of that board. "We are extremely pleased that Bruce is taking the role of executive chairman of the Holdings board, where his long-term involvement with Southcross and extensive industry experience will be an invaluable asset going forward," said John E. Bonn, president and chief executive officer of Southcross' general partner. Mr. Williamson has more than 35 years of industry experience. Most recently, he was the chairman, president and chief executive officer of Cleco Corporation, an energy services company, from 2011 through April 2016, when Cleco was sold to a private investor group. Prior to Cleco, he was the chairman, president and chief executive officer at Dynegy, Inc. from 2002 through 2011. Prior to Dynegy, Mr. Williamson was the president and chief executive officer at Duke Energy Global Markets and prior to that was vice president ginance and corporate development for PanEnergy after spending 14 years in various capacities largely in exploration and production for Royal Dutch Shell. Mr. Williamson also currently serves on the Board of Directors of Questar Corporation, an integrated natural gas company. Mr. Williamson received a bachelor's degree in finance from the University of Montana and a master's degree in business administration from the University of Houston. Funds managed by EIG Global Energy Partners and Tailwater Capital each indirectly hold approximately one-third of Holdings common equity interests. "Bruce brings significant experience in corporate development along with a proven track record of transactional and financial leadership to the role," said Jason Downie, co-founder of Tailwater Capital. Wallace Henderson, managing director of EIG Global Energy Partners, added "Bruce's background will be crucial as we strategically evaluate the next phases of growth for Holdings." "I look forward to working with the Holdings board, sponsors EIG and Tailwater, and the company management team in my new role," said Williamson. "The energy markets continue to present opportunities for growth due to the commodity market downturn, while the strong commitment of EIG and Tailwater provides a key differentiator." About Southcross Energy Partners, L.P. Southcross Energy Partners, L.P. is a master limited partnership that provides natural gas gathering, processing, treating, compression and transportation services and NGL fractionation and transportation services. It also sources, purchases, transports and sells natural gas and NGLs. Its assets are located in South Texas, Mississippi and Alabama and include four gas processing plants, two fractionation plants and approximately 3,100 miles of pipeline. The South Texas assets are located in or near the Eagle Ford shale region. Southcross is headquartered in Dallas, Texas. Visit www.southcrossenergy.com for more information. Southcross Energy reported a net loss attributable to partners of $51.4 million on $698 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss attributable to partners of $36.7 million on $849 million of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Southcross had $1.31 billion in total assets, $693 million in total liabilities and $620 million in total partners' capital. * * * As reported by the TCR on April 5, 2016, Standard & Poor's Ratings Services said it lowered its corporate credit and senior secured rating on Southcross Energy Partners L.P. to 'CCC+' from 'B-'. The TCR reported on Jan. 13, 2016, that Moody's Investors Service downgraded Southcross Energy Partners, LP's Corporate Family Rating to Caa1 from B2. "Southcross' Caa1 CFR reflects its high financial leverage, limited scale, concentration in the Eagle Ford Shale and our expectation of continued high leverage and challenging industry conditions into 2017," according to the report. STALLION OILFIELD: Moody's Assigns LD Designation to Caa3-PD PDR ---------------------------------------------------------------- Moody's Investors Service assigned a limited default (LD) designation to Stallion Oilfield Holdings, Inc.'s Caa3-PD Probability of Default Rating (PDR), changing the PDR to Caa3-PD/LD from Caa3-PD. This action follows the company's failure to make its scheduled $7 million interest and principal payment and having entered into forbearance agreements with its lenders. Stallion's Loss Given Default (LGD) point estimates were revised to 49% (LGD-3) from 51% (LGD-4), reflecting recent repurchases of its term loan. Stallion's other ratings are unchanged and the outlook remains negative. "Moody's assigned a limited default designation to Stallion's PDR because the missed interest and principal payment is deemed an event of default," said John Thieroff, Moody's Vice President-Senior Analyst. The "LD" designation will be removed from the PDR within a few days. RATINGS RATIONALE Stallion's Caa3 Corporate Family Rating (CFR) reflects the company's relatively small size in the oilfield services sector, with exposure to the highly cyclical onshore drilling activity in the US and low barriers to entry in its workforce accommodations space. The rating also reflects Stallion's weak cash flow generation, driven by sharply reduced demand from upstream exploration & production (E&P) companies, elevated financial leverage and the company's announcement in February 2016 that it is exploring strategic alternatives which may include financial restructuring. The current operating environment in which crude oil prices have fallen sharply is expected to weigh negatively on Stallion's operational results as exploration and production (E&P) companies continue to cut back on capital spending levels. As such, we expect Stallion to experience substantially weaker EBITDA and weaker financial leverage metrics into 2018, likely leading to a material debt restructuring on distressed terms. Moody's said, "As a result of steep declines in utilization rates and the pricing of Stallion's services, we expect EBITDA to run below break-even levels through 2016. Given our expectation for continued weak oil and natural gas prices through at least 2017, wellsite service and accommodation demand is likely to remain poor with material cash flow improvement unlikely before 2018. We anticipate Stallion being unable to cover debt service with cash flow during that period, relying on cash on the balance sheet ($57 million at March 31, 2015 pro forma completion of the term loan buyback) to cover these obligations along with maintenance level capital spending. "We view Stallion as having weak liquidity profile through mid-2017, with $57 million in cash and $0.2 million available under its $50 million asset-based loan (ABL) facility (net of $5.8 million outstanding letters of credit) as of March 31, 2016. The facility was undrawn at March 31, 2016, however, it is governed by a springing minimum fixed charge covenant that triggers when availability is less than $15 million. While we expect Stallion will not be able to comply with the covenant through mid-2017, the company is not expected to utilize the facility to the extent the covenant would become effective. The ABL facility and the company's $375 million term loan both mature in June 2018. The term loan does have an excess cash flow sweep and $3.75 million in annual amortization requirements. We do not expect the company to generate meaningful levels of cash flow in 2016 or 2017, given our assumption of continued low oil and gas prices through the period." The ABL credit facility is secured by a first-priority lien claim on Stallion's accounts receivable, inventory, and deposit accounts. The company's $375 million senior secured term loan has a first-priority security interest on substantially all of Stallion's property, plant, and equipment assets, as well as in all of the capital stock and other equity interests of the company's guarantor subsidiaries that are not encumbered by the ABL. Given the relative size of the revolver and the absence of more junior debt in the company's capital structure, the term loan's rating is the same as the Caa3 CFR under Moody's Loss Given Default Methodology. Moody's said, "The negative outlook reflects our expectation that credit metrics will remain weak over the next 12 to 18 months as a result of depressed upstream capital spending as well as Stallion's heightened risk of debt restructuring or a bankruptcy filing. Ratings could be downgraded if the company's liquidity falls below $20 million, undertakes a debt restructuring or files for bankruptcy protection. While unlikely, an upgrade could be considered if Stallion improves interest coverage to above 1.2x, leverage is reduced to under 6x for a sustained period while maintaining adequate liquidity." Stallion Oilfield Holdings, Inc. is a private oilfield services company that provides auxiliary services to operators and downhole service providers in the oil and gas industry. The company primarily services onshore activities in the US and operates across many of the principal domestic oil and gas producing plays, such as South Texas, Ark-La-Tex, the Gulf Coast, the Bakken, the Permian, the Mid-Continent, the Rocky Mountains region, Alaska's North Slope and offshore in the Gulf of Mexico. STARSHINE ACADEMY: Court OKs Cash Collateral Use Up To Jul. 31 -------------------------------------------------------------- Judge Scott H. Gan of the U.S. Bankruptcy Court for the District of Arizona authorized Starshine Academy to use cash collateral on an interim basis. The Debtor was previously authorized by the Court to use cash collateral through July 15, 2016, pursuant to a Stipulation between the Debtor and Bond Trustee BOKF, NA dba Bank of Arizona, which gave the Debtor use of cash and cash equivalents, which may be cash collateral, and security for repayment of obligations owing to holders of Education Facility Revenue Bonds that were issued by the Debtor. Judge Gan approved the Debtor and BOKF second Stipulation, which extended the period within which the Debtor can use cash collateral to July 31, 2016. The second Stipulation also modified the Budget, reducing the budgeted payment to teachers for proposition 123 monies received from $12,000 to $11,187.08, for a total of $82,662.08 in Approved Expenditures. Judge Gan permitted BOKF to fund an interest only payment in the amount of $71,796.88 from the Bond Reserve for the month of July 2016. He also permitted BOKF to disburse $90,067.44 to make a principal distribution to bondholders and/or to pay Bond Trustee and bondholder expenses incurred and incurring under the terms of the Bond Documents. A full-text copy of the Order, dated July 15, 2016, is available at https://is.gd/397QZ4 About Starshine Academy Starshine Academy, dba Starshine Academy Schools, filed a Chapter 11 bankruptcy petition (Bankr. D. Ariz. Case No. 16-01803) on Feb. 26, 2016. Patricia A. McCarty, the president, signed the petition. The Debtor estimated both assets and liabilities in the range of $10 million to $50 million. Carmichael & Powell, P.C., represents the Debtor as counsel. Judge Scott H. Gan is assigned to the case. STIFEL FINANCIAL: Fitch to Rate $75MM Preferred Stock 'B+(EXP)' --------------------------------------------------------------- Fitch Ratings expects to rate Stifel Financial Corp.'s (Stifel) $75 million preferred stock issuance 'B+(EXP)'. The preferred stock is expected to be subordinated to existing unsecured debt but senior to common units. Dividends, when and if declared by the board of directors, will be payable quarterly. Distributions on the preferred stock are non-cumulative. The preferred stock is perpetual in nature, but may be redeemed, at Stifel's option, five-years after issuance. The proceeds from the issuance are designated for general corporate purposes. KEY RATING DRIVERS SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The hybrid instrument is expected to be rated five notches lower than Stifel's Viability Rating (VR) of 'bbb', in accordance with Fitch's 'Global Bank Rating Criteria' dated March 20, 2015. The preferred stock rating includes two notches for loss severity given these securities' deep subordination in the capital structure, and three notches for non-performance given that the coupon of the securities is non-cumulative and fully discretionary. RATING SENSITIVITIES SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Stifel's preferred stock rating is sensitive to changes in Stifel's VR, and would move in tandem with any changes to the VR. For more information on Stifel's VR rating sensitivity, please see Fitch's press release on Stifel, dated July 14, 2015. Fitch expects to assign the following rating: Stifel Financial Corporation -- Preferred stock 'B+(EXP)' SYNTAX-BRILLIAN: Ahmed Amr's Bid to Proceed Qui Tam Denied ---------------------------------------------------------- In the case is In re: SYNTAX-BRILLIAN CORPORATION, et al., Debtors, Case No. 08-11407(KJC) (Bankr. D. Del.), Judge Kevin J. Carey of the United States Bankruptcy Court for the District of Delaware denied former shareholder's Ahmed Amr's motion to proceed Qui Tam under the False Claims Act. Judge Carey found that the Qui Tam Motion fails to state any claim under the False Claims Act. A full-text copy of Judge Carey's July 13, 2016 memorandum opinion is available at http://bankrupt.com/misc/deb08-11407-2406.pdf About Syntax-Brillian Based in Tempe, Arizona, Syntax-Brillian Corporation manufactured and marketed LCD HDTVs, digital cameras, and consumer electronics products including Olevia(TM) brand high-definition widescreen LCD televisions and Vivitar brand digital still and video cameras. Syntax-Brillian was the sole shareholder of California-based Vivitar Corporation. The Company and two of its affiliates -- Syntax-Brillian SPE, Inc., and Syntax Groups Corp. -- filed for Chapter 11 protection on July 8, 2008 (Bankr. D. Del. Lead Case No.08-11407. Lawyers at Greenberg Traurig LLP represented the Debtors as counsel. Five members composed the official committee of unsecured creditors. Pepper Hamilton, LLP, represented the Committee as counsel. Epiq Bankruptcy Solutions, LLC, served as the Debtors' balloting, notice, and claims agent. When the Debtors filed for protection against their creditors, they disclosed total assets of $175,714,000 and total debts of $259,389,000. The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Liquidation Plan in an order dated July 6, 2009. Under the Plan, general unsecured claims were to received pro rata distributions from a liquidating trust after payment of the trust's expenses and a "liquidating trust funding reimbursement." Holders of allowed prepetition credit facility claims were to receive their pro rata distributions from a lender trust, after payment in full of allowed DIP facility claims. A full-text copy of the Debtors' 2nd amended Chapter 11 liquidating plan is available at: http://bankrupt.com/misc/syntax-brillian2ndamendedplan.pdf The SB Liquidation Trust is represented by David M. Fournier, Esq., and Evelyn J. Meltzer, Esq., at Pepper Hamilton LLP; and Allan B. Diamond, Esq., Andrea L. Kim, Esq., Eric D. Madden, Esq., and Michael J. Yoder, Esq., at Diamond McCarthy LLP. TEMPLAR ENERGY: Moody's Designates Limited Default to Ca-PD PDR --------------------------------------------------------------- Moody's Investors Service assigned a limited default (LD) designation to Templar Energy LLC's Ca-PD probability of default rating (PDR), changing the PDR to Ca-PD/LD from Ca-PD. Moody's affirmed Templar's Ca Corporate Family Rating (CFR) and downgraded its second lien notes rating to C from Ca The outlook remains negative. These actions follow the company's acknowledgment that it has not made a series of recent interest payments due on its Second Lien Credit Agreement following the expiration of 30-day grace periods with respect to scheduled payment dates. Downgrades: Issuer: Templar Energy, LLC -- Senior Secured Bank Credit Facility, Downgraded to C (LGD5) from Ca (LGD4) Outlook Actions: Issuer: Templar Energy, LLC -- Outlook, Remains Negative Affirmations: Issuer: Templar Energy, LLC -- Probability of Default Rating, Affirmed Ca-PD /LD (/LD appended) -- Corporate Family Rating, Affirmed Ca RATINGS RATIONALE On July 5, 2016, Templar disclosed that it would not make an interest payment due on its Second Lien Credit Agreement, electing its right to exercise a 30-day grace period with respect to the interest payment's scheduled July 5 payment date. This disclosure follows interest payment skips on the Second Lien Credit Agreement on April 4, April 28 and June 20, and the election to exercise their respective 30-day grace periods with respect to the scheduled interest payment dates. On July 8, Templar entered into a forbearance agreement with the lenders under the Second Lien Credit Agreement, which consolidated several earlier forbearances associated with specific past-due interest payments, further extending the forbearance date. The forbearance agreement is intended to provide Templar with additional flexibility to continue discussions with its creditors regarding the company's debt and capital structure. However, Moody's does not recognize forbearance agreements and treats the missed interest payments on the Second Lien Credit Agreement beyond their 30-day grace periods as a default. The Corporate Family Rating (CFR) of Ca and the downgrade of the second lien notes to C from Ca reflect Moody's view on the potential overall recovery. The second lien notes rating of C reflects the subordination of the second lien notes to Templar's first lien revolving credit facility. The size of the claims relative to Templar's second lien notes results in the second lien notes being rated one notch below the Ca CFR under Moody's Loss Given Default (LGD) methodology. Templar Energy LLC is a privately held independent exploration and production company headquartered in Oklahoma City, Oklahoma. TENKORIS LLC: Seeks to Hire Phillip Fitzekam as Accountant ---------------------------------------------------------- Tenkoris, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire an accountant. The Debtor proposes to hire Phillip Fitzekam, a certified public accountant, to prepare its monthly operating reports, file tax returns, and provide other general accounting services. Mr. Fitzekam will receive a monthly fee of $250 for the preparation of monthly financial reports; a monthly fee of $250 for assisting the Debtor in closing its QuickBooks general ledger; and at least $750 for the preparation of tax returns. Moreover, Mr. Fitzekam will be paid $125 per hour for other services needed to complete those tasks. In a court filing, Mr. Fitzekam disclosed that he is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Mr. Fitzekam's contact information is: Phillip Fitzekam, CPA 7835 E. Gelding Drive, Suite D Scottsdale, AZ 85260 Voice: (480) 951-8859 Fax: (480) 247-5298 Email: philfitzekam@cpafitz.com About Tenkoris LLC Tenkoris, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 16-07290) on June 27, 2016. The petition was signed by Ken Olcher, managing member. At the time of the filing, the Debtor disclosed $305,855 in assets and $1.02 million in liabilities. THE MOBILE FOX: Wants Authorization to Use Cash Collateral ---------------------------------------------------------- The Mobile Fox, Inc. asks the U.S. Bankruptcy Court for the Middle District of Florida for authorization to use cash collateral. The Debtor relates that it has $16,300 in office furnishings, fixtures and equipment on hand as of the Petition Date. It further relates that it has $10,044.21 in inventory on hand and $16,652.91 in business cash on hand as of the Petition Date. The Debtor tells the Court that it obtained business loans from: Kabbage, Inc. 730 Peachtree St. N.E. #350 Atlanta, GA 30308 which are secured by liens on the Debtor's Business Property, Inventory and Cash on Hand. The Debtor further tells the Court that the approximate amount owed to Kabbage on the Loans as of the Petition Date was $120,000. The Debtor contends that it requires the use of the collateral for it to continue operations without interruption. The Debtor further contends that the amount of collateral and cash collateral that will be used for the next 15 days is difficult to determine as the Debtor's website sales are ongoing 24 hours a day, 7 days a week. The Debtor adds that it needs the use of the Cash on Hand and funds generated by the sale of Inventory to purchase new inventory as well as pay other operational costs. The Debtor proposes to allow Kabbage to receive replacement liens on post-petition cash collateral to the same extent, validity and priority as their pre-petition liens on the cash collateral. The Debtor proposes to make adequate protection payments to Kabbage in the amount of $600 per month, which represents a 6% interest only payment on the total amount owed to Kabbage. The Debtor's proposed Budget covers the period from January to December. The Budget projects total expenses in the amount of $77,675. The Budget provides for payroll expenses, professional fees and rent expense, among others. A full-text copy of the Debtor's Motion, dated July 13, 2016, is available at https://is.gd/W5yiqW A full-text copy of the proposed Budget, dated July 13, 2016, is available at https://is.gd/iZAfW9 The Mobile Fox, Inc. is represented by: Kevin B. Paysinger, Esq. William B. McDaniel, Esq. LANSING ROY, P.A. 1710 Shadowood Lane, Suite 210 Jacsksonville, FL 32207 Telephone: (904)391-0030 Email: court@lansingroy.com About The Mobile Fox, Inc. The Mobile Fox, Inc. is a Florida corporation which offers electronics and office supply products through internet based storefronts such as Amazon and eBay. The Mobile Fox, Inc. filed a chapter 11 petition (Bankr. M.D. Fla. Case No. 16-02651) on July 13, 2016. TJ SIGN: Court Allows Cash Collateral Use Until July 22 ------------------------------------------------------- Judge Diane Davis of the U.S. Bankruptcy Court for the Northern District of New York authorized TJ Sign Solutions Inc. to use cash collateral on an interim basis. Judge Davis authorized TJ Sign to use cash collateral for the period beginning June 30, 2016 up to July 22, 2016, to satisfy payroll and other operational costs and expenses arising in connection with the administration of the Debtor's estate. The Debtor is directed to make monthly $1,500 adequate protection payments to the Internal Revenue Service beginning August 1, 2016 and to make all post-petition tax payments when due. A final hearing on the Debtor's Motion is scheduled on July 26, 2016 at 10:30 a.m. A full-text copy of the Order, dated July 13, 2016, is available at https://is.gd/jt0UKD About TJ Sign Solutions Inc. TJ Sign Solutions, Inc. filed a Chapter 11 bankruptcy petition (Bankr. N.D.N.Y. Case No. 16-60862) on June 17, 2016. The Debtor is represented by Peter Alan Orville, Esq., at Orville & McDonald Law, PC. The Debtor estimated its assets and liabilities at less than $1 million at the time of the filing. TOTAL HOCKEY: Taps Clear Thinking Group as Restructuring Advisor ---------------------------------------------------------------- Total Hockey, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to hire a restructuring advisor in connection with its Chapter 11 case. The company proposes to hire Clear Thinking Group LLC and designate Lee Diercks as its chief restructuring officer. The firm will provide these services: (a) assist in marketing the assets of Total Hockey and its affiliated debtors; (b) assist in evaluating the Debtors' options and sale prospects; (c) assist the Debtors in preparing financial materials in conjunction with the sale of the Debtors either as a going concern or under a liquidation scenario; (d) assist in the development of financial data and presentations to landlords, creditors, the court and other third parties; (e) assist in preparing schedules, budgets and court-related reporting; (f) analyze various liquidation scenarios and potential impact of these scenarios on the recoveries for creditors; (g) participate in negotiation among the Debtors and its various lenders, suppliers and landlords. The firm's professionals and their hourly rates are: Partner $350 Managing Director $300 Manager/Consultant $250 Lee Diercks, a partner of Clear Thinking, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Lee A. Diercks Clear Thinking Group LLC 401 Towne Centre Drive Hillsborough, NJ 08844 Phone: 908-431-2121 Fax: 908-359-5940 Email: LDiercks@clearthinkinggroup.com About Total Hockey Headquartered in in Maryland Heights, Missouri, Total Hockey, Inc., Player's Bench Corporation and Hipcheck, LLC sell lacrosse and hockey equipment in 32 retail store locations and three distribution centers in 12 states including Chicago, Minneapolis, Detroit, and Philadelphia. The Debtors were formed in in 1999 as a spin off from a local general sporting goods company. The Debtors operate e-commerce sites at http://www.totalhockey.com/, http://www.goalie.totalhockey.com/, and http://www.lacrosse.totalhockey.com/ In 2015, the Debtors generated 27% of their total sales, or approximately $17 million, through e-commerce. Each of the Debtors filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 16-44815) on July 6, 2016, estimating assets in the range of $10 million to $50 million and liabilities of up to $100 million. The petition was signed by Lee A. Diercks as chief restructuring officer. The Debtors have hired Polsinelli PC as bankruptcy counsel, Spencer Fane LLP as conflicts counsel, Clear Thinking Group LLC as investment banker and Rust Consulting/Omni Bankruptcy as claims and noticing agent. TOWNRIDGE INC: Interim Cash Collateral Use Up to $370K Allowed -------------------------------------------------------------- Judge Trish M. Brown of the U.S. Bankruptcy Court for the District of Oregon authorized Townridge, Inc. to use cash collateral on an interim basis until the final hearing on the Debtor's Motion on July 28, 2016. Judge Brown authorized the Debtor to use cash collateral in an amount not to exceed $370,000. The approved Budget projects payments for operating expenses, adequate protection payments for Bayview, post-petition property tax reserve, and franchise fee, among others. A full-text copy of the Order, dated July 13, 2016, is available at https://is.gd/WE89qc About Townridge, Inc. Townridge, Inc., sought chapter 11 protection (Bankr. D. Ore. Case No. 16-32482) on June 25, 2016. The petition was signed by Carl Town, owner/president. The Debtor is represented by D. Blair Clark, Esq., at Law Offices of D. Blair Clark PC. The case is assigned to Judge Trish M. Brown. The Debtor estimated assets of $1 million to $10 million and debts of $1 million to $10 million at the time of the filing. TRANS-LUX CORP: Signs $4M Financing Agreement with SCM Specialty ---------------------------------------------------------------- Trans-Lux Corporation entered into a Credit and Security Agreement with its wholly-owned subsidiaries Trans-Lux Display Corporation, Trans-Lux Midwest Corporation and Trans-Lux Energy Corporation as borrowers and SCM Specialty Finance Opportunities Fund, L.P. as lender on July 12, 2016,. Under the Credit Agreement, the Borrowers are able to borrow up to an aggregate of $4 million, which includes (i) up to $3 million of revolving loans for an equipment purchase, repayment of certain outstanding obligations, including payments to the Company's pension plan, the purchase of inventory/product and general working capital purposes, and (ii) a $1 million term loan for the purchase of equipment in August 2016. The Credit Agreement has a term of three years, unless earlier terminated by the parties in accordance with the termination provisions of the Credit Agreement. Interest under the Credit Agreement is payable monthly in arrears and accrues as follows: (a) in the case of Revolving Loans, a rate per annum equal to the sum of (i) the Wells Fargo Prime Rate plus (ii) 4.00%; and (b) in the case of the Term Loan, a rate per annum equal to the sum of (i) the Prime Rate plus (ii) 6.00%. The Credit Agreement also requires the payment of certain fees, including, but not limited to a facility fee, an unused line fee and a collateral management fee. The Credit Agreement contains financial and other covenant requirements, including, but not limited to, financial covenants that require the Borrowers to maintain a fixed charge coverage ratio of at least 1.1 to 1.0 starting with their August 31, 2016 financial statements. The Credit Agreement allows the Company to continue to pay dividends on all its Series B or any other new preferred stock, which dividends will be excluded as fixed charges for 18 months. The Credit Agreement is secured by substantially all of the Borrowers' assets. About Trans-Lux Corporation Norwalk, Conn.-based Trans-Lux Corporation (NYSE Amex: TLX) is a designer and manufacturer of digital signage display solutions for the financial, sports and entertainment, gaming and leasing markets. Trans-Lux Corporation reported a net loss of $1.74 million on $23.56 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $4.62 million on $24.35 million of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Trans-Lux had $12.15 million in total assets, $13.29 million in total liabilities and a total stockholders' deficit of $1.13 million. Marcum LLP, in Hartford, CT, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, noting that the Company has suffered recurring losses from operations and has a significant working capital deficiency that raise substantial doubt about its ability to continue as a going concern. Further, the Company is in default of the indenture agreements governing its outstanding 9 1/2% subordinated debentures which were due in 2012 and its 8 1/4% limited convertible senior subordinated notes which were due in 2012 so that the trustees or holders of 25% of the outstanding Debentures and Notes have the right to demand payment immediately. Additionally, the Company has a significant amount due to their pension plan over the next 12 months. TRANS-LUX CORP: Stockholders Elect Three Directors -------------------------------------------------- At the 2016 annual meeting of stockholders of Trans-Lux Corporation held on July 11, 2016, the stockholders: (i) the elected Alan K. Greene, Ryan J. Morris and Yaozhong Shi, each to serve as directors until the 2019 Annual Meeting of Stockholders or until the election and qualification of their successors, or their earlier death, resignation or removal; (ii) approved, on a non-binding advisory basis, the compensation of the Company's named executive officers; and (iii) ratified the appointment of Marcum LLP as the independent registered public accounting firm of the Company for the fiscal year ending Dec. 31, 2016. About Trans-Lux Corporation Norwalk, Conn.-based Trans-Lux Corporation (NYSE Amex: TLX) is a designer and manufacturer of digital signage display solutions for the financial, sports and entertainment, gaming and leasing markets. Trans-Lux Corporation reported a net loss of $1.74 million on $23.56 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $4.62 million on $24.35 million of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Trans-Lux had $12.15 million in total assets, $13.29 million in total liabilities and a total stockholders' deficit of $1.13 million. Marcum LLP, in Hartford, CT, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, noting that the Company has suffered recurring losses from operations and has a significant working capital deficiency that raise substantial doubt about its ability to continue as a going concern. Further, the Company is in default of the indenture agreements governing its outstanding 9 1/2% subordinated debentures which were due in 2012 and its 8 1/4% limited convertible senior subordinated notes which were due in 2012 so that the trustees or holders of 25% of the outstanding Debentures and Notes have the right to demand payment immediately. Additionally, the Company has a significant amount due to their pension plan over the next 12 months. TRIN POLYMERS: Submits Amended Cash Collateral Motion ----------------------------------------------------- Trin Polymers, LLC submits to the U.S. Bankruptcy Court for the Western District of Michigan, its amended Motion seeking authorization to use cash collateral. The Debtor had previously filed its Cash Collateral Motion on July 12, 2016. In its amended Motion, the Debtor names the following Parties as having an interest in the cash collateral: (a) Maxim Commercial Capital, LLC.; (b) Strategic Funding Source, Inc.; (c) AmeriFactors Financial Group, LLC.; (d) Intergroup International, Ltd.; and (e) Custom Resins, Inc. The Debtor says that it is indebted to Intergroup for $538,000; to Custom Resins for $707,000; to Maxim for $307,125; and to Strategic for $52,666.33. The Debtor relates that it factored certain Accounts Receivable with AmeriFactors. The Debtor further relates that AmeriFactors retains a lien on cash collateral to cover any shortfall in collection of the Accounts Receivable to be factored. The Debtor expects the shortfall to be zero. The Debtor's proposed 3-month Budget covers the period from July to September 2016. The Budget provides for Cost of Sales in the amount of $310,147 for the months of July and August, and $396,863 for the month of September. The Budget further provides for Overhead Cost in the amount of $109,500 for the months of July and August and $111,500 for the month of September. A full-text copy of the Debtor's Amended Motion, dated July 14, 2016, is available at https://is.gd/XQhQJh About Trin Polymers, LLC. Trin Polymers LLC, sought protection under Chapter 11 (Bankr. W.D. Mich. Case No. 16-16-03615) on July 11, 2016. The petition was signed by Mike B. Mike III, managing member. The Debtor is represented by Robert F. Wardrop, II, Esq., at Wardrop & Wardrop, P.C. The case is assigned to Judge John T. Gregg. The Debtor estimated assets and liabilities of less than $10 million. TRINITY RIVER: Cash Collateral Use Extended Through July 25 ----------------------------------------------------------- Judge Tony M. Davis of the U.S. Bankruptcy Court for the Western District of Texas approved a third Stipulation executed by Trinity River Resources, LP and Agent GE Capital EFS Financing, Inc. The Stipulation extended the Termination Date of the Court's Interim Cash Collateral Order to July 25, 2016. It also required the Debtors to pay $180,000 to GE Capital as further adequate protection. The next hearing on the Debtor's Cash Collateral Motion is scheduled on July 25, 2016 at 1:30 p.m. A full-text copy of the Order, dated July 14, 2016, is available at https://is.gd/JzviLE GE Capital EFS Financing, Inc. is represented by: David M. Bennett, Esq. THOMPSON & KNIGHT LLP 1722 Routh Street, Suite 1500 Dallas, TX 75201 Telephone: (214) 969-1700 Email: David.Bennett@tklaw.com - and - Demetria L. Liggins, Esq. THOMPSON & KNIGHT LLP Three Allen Center 333 Clay St., Suite 3300 Houston, TX 77002 Telephone: (713) 654-8111 Email: Demetria.Liggins@tklaw.com About Trinity River Resources, LP. Trinity River Resources, LP was established in 2010 as an oil and gas exploration and production company with a focus on East Texas non-operated working interests. Specifically, the Debtor owns approximately 63,000 net acres in the established Woodbine sands and Austin Chalk formations throughout Polk, Tyler, and Jasper counties. The Debtor's current net production is approximately 3,000 boe/d comprised of 43.5% oil and 56.5% rich gas from approximately 164 wells (27 vertical Woodbine wells and 137 horizontal Austin Chalk wells). The Debtor's working interests are primarily operated by its non-debtor affiliate BBX Operating, LLC. Trinity River filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex. Case No. 16-10472) on April 21, 2016. The petition was signed by Matthew J. Telfer as manager of Trinity River Resources, GP, LLC. The Debtor estimated assets in the range of $50 million to $100 million and liabilities of up to $500 million. The Debtor has hired Bracewell LLP as counsel, Bridgepoint Consulting, LLC, as financial advisor, and Scotiabank as investment banker. Judge Tony M. Davis is assigned to the case. TRINITY RIVER: Hires Scotia Waterous as Financial Advisor --------------------------------------------------------- Trinity River Resources, LP seeks authorization from the U.S. Bankruptcy Court for the Western District of Texas to employ Scotia Waterous (USA) Inc., as financial advisor, nunc pro tunc to April 21, 2016. The Debtor owns approximately 63,000 net acres in the established Woodbine sands and Austin Chalk formations throughout Polk, Tyler, and Jasper counties. The Debtor's current net production is approximately 3,000 boe/d comprised of 43.5% oil and 56.5% rich gas from approximately 164 wells (27 vertical Woodbine wells and 137 horizontal Austin Chalk wells). The Debtor's working interests are primarily operated by its non-debtor affiliate BBX Operating, LLC. The Debtor seeks authorization to retain Scotia Waterous as its financial advisor pursuant to the terms of the Engagement Letter. Pursuant to the Engagement Letter, Scotia Waterous shall market all right, title and interest in the Debtor's 63,000 net acres in the established Woodbine sands and Austin Chalk formations throughout Polk, Tyler, and Jasper counties (the "Assets"). The Debtor believes Scotia Waterous will provide a substantial benefit to the Debtor by serving as its financial advisor. With the firm's help, the Debtor can advertise and market the Assets through methods the firm determines are appropriate to attract in the Assets as possible. The Debtor believes that Scotia Waterous' marketing services will help the Debtor obtain the highest and best price for the Assets. Without the employment of a financial advisor, the Debtor believes that it will not be able to effectively maximize the value of its Assets. The Debtor will compensate Scotia Waterous: a. Initial Work Fee: A fee (the "Initial Work Fee") of US $135,000, which was earned and paid upon execution of the Engagement Letter. The Initial Work Fee shall not be credited against the Success Fee . b. Monthly Work Fee. A fee (the "Monthly Work Fees") of US $60,000, due and payable on the first day of each month and payable monthly in advance, until such time as the Engagement Letter has been terminated. Prior to the Petition Date, the Debtor paid Scotia Waterous the Monthly Work Fees for March and April 2016. The Monthly Work Fees for May and June 2016 have been accrued in accordance with the Engagement Letter but have not yet been paid by the Debtor. The Monthly Work Fees are creditable against the Success Fee. c. Success Fee. In connection with a Transaction (as defined in the Engagement Letter), a fee equal to (i) 2.25% of the Transaction Value (as defined in the Engagement Letter), subject to a minimum fee of $1,000,000, if the Transaction Value is less than or equal to $70,000,000 or (ii) $1,575,000 plus 3.00% of the amount by which the Transaction Value exceeds US $70,000,000. The Success Fee is due and payable upon closing, completion or consummation of the Transaction during the term of the Engagement Letter or within 12 months thereafter, provided that if letters of intent or definitive agreements are executed during the term of the Engagement Letter or within 12 months thereafter which subsequently lead to such closing, completion or consummation, the Success Fee shall be payable upon such closing, completion or consummation. Robert Urquhart, director of Scotia Waterous (USA) Inc., 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. Scotia Waterous may be reached at: Robert Urquhart Scotia Waterous (USA) Inc., Pennzoil Place - South Tower 711 Louisiana, Suite 1400 Houston, Texas 77002-2716 Tel: (713)222-0546 Fax: (713)222-0572 About Trinity River Trinity River Resources, LP was established in 2010 as an oil and gas exploration and production company with a focus on East Texas non-operated working interests. Trinity River filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex. Case No. 16-10472) on April 21, 2016. The petition was signed by Matthew J. Telfer as manager of Trinity River Resources, GP, LLC. The Debtor estimated assets in the range of $50 million to $100 million and liabilities of up to $500 million. The Debtor has hired Bracewell LLP as counsel, Bridgepoint Consulting, LLC as financial advisor and Scotiabank as investment banker. Judge Tony M. Davis is assigned to the case. TURKEYFOOT LAKE: Wants to Use Phoenix Cash Collateral ----------------------------------------------------- Turkeyfoot Lake Road Land Holdings, LLC, asks the U.S. Bankruptcy Court for the Northern District of Ohio for authorization to use cash collateral. The Debtor is indebted to Phoenix Grantor Trust in the amount of $333,698.04. The Debtor wishes to make adequate protection payments to Phoenix by interest only payments in the amount of $1,535 per month until the plan of reorganization has been confirmed. The interest payments are based on a rate of 5.25%. The Debtor's proposed Budget provides for total operating expenses in the amount of $21,900 for the period beginning January 2016 through June 2016. A full-text copy of the Debtor's Motion, dated July 15, 2016, is available at https://is.gd/sXd40T The lender: Phoenix Grantor Trust, acting through its trustee, OAT Trustee, 301 Commerce Street, Ste. 3300 Fort Worth, TX 76102 is represented by: Michelle Manzoian, Esq. Patrick T. Lewis, Esq. Baker Hostetler, LLP 127 Public Square, Suite 2000 Cleveland, OH 44114 E-mail: mmanzoian@bakerlaw.com plewis@bakerlaw.com Turkeyfoot Lake Road Land Holdings, LLC. is represented by: David A. Mucklow, Esq. 919 E. Turkeyfoot Lake Rd, Suite B Akron, OH 44312 Telephone: (330)896-8190 Facsimile: (330)896-8201 Email: davidmucklow@yahoo.com About Turkeyfoot Lake Road Land Holdings, LLC. Turkeyfoot Lake Road Land Holdings, LLC filed a chapter 11 petition (Bankr. N.D. Ohio Case No. 16-51653) on July 12, 2016. The Debtor has operated as a Motel under the name of Steve's Motel with approximately 20 unites since 2008. The case is assigned to Judge Alan M. Koschik. The Debtor is represented by David A. Mucklow, Esq. UNITED PLASTIC: Panel Supplements Exclusivity Termination Motion ---------------------------------------------------------------- The Official Committee of Unsecured Creditors of United Plastic Recycling, Inc., and United Lands, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Alabama a supplement to its motion to deem the Debtor's exclusivity period terminated. The Debtors' response to the Committee's motion indicates their belief that the exclusivity period provided in their favor by 11 U.S.C. Section 1121 is, in fact, already terminated, either by operation of law or applicable court order, along with their acquiescence to the treatment of the Exclusivity Period as such. Out of an abundance of caution and to avoid the unnecessary defense of a contrary position potentially asserted by Debtors in the future, the Committee filed the motion seeking a definitive ruling on the matter by the Court. While the Committee and Debtors seem to be in agreement as to the present non-applicability of the Exclusivity Period, the Committee takes exception to several of the attacks directed at it in Debtors' Response. Apart from inaccurately asserting that no effort has been made to make Debtors' counsel aware of the Committee's position prior to the filing of the motion, Debtors attack the loss figures cited by in the Motion by craftily citing other, less relevant figures. The Debtors attempt to obscure the extent of their actual losses by pointing to only their change in cash position. To avoid the confusion cited by Debtors' Response, the same apparently resulting from the attempt to remove alleged "soft losses" from the picture, the Committee provides these loss figures straight from United Plastic's Monthly Reports submitted to the Court without the attempted exclusion: Operating Loss Net Loss January 2016 (148,982.58) (153,348.07) February 2016 (147,666.90) (159,315.99) March 2016 (131,877.23) (142,362.18 April 2016 (235,196.02) (250,326.05) May 2016 (182,493.14) (199,377.08) Total (January-May 2016) (846,215.87) (904,729.37) When the months since November 2015 (the month after the applicable Petition Date), the additional losses, are: Operating Loss Net Loss November 2015 (289,164.32) (289,069.33) December 2015 (405,109.57) (411,762.97) Total (November 2015 - December 2016) (1,540,489.76) (1,605,561.67) The Committee says that while it does appreciate that the Debtors have apparently been able to somewhat maintain their cash position, the ultimate fact is that nearly all losses, in lieu of the submission and approval of a purchase offer, ultimately affect the expected return to unsecured creditors in this matter. Based on the reported ongoing losses, not only does that potential ultimate return to unsecured creditors appear to be diminishing, but as touched upon in the Committee's Objection to the respective Chapter 11 Plan Disclosure Statements of Debtors, neither of the Debtors have offered a feasible plan of reorganization. It should be made clear to all interested, allowed parties that they are now allowed to propose and submit competing plans of reorganization. The Committee states that it is certainly not unsympathetic to the potential chilling effect of the filing of the Motion upon any potential purchase offers by interested entities, as is asserted in the Debtors' Response. The counsel for the Committee does not dispute that it has, throughout the many months since this case has been dragging on, been regularly apprised, by Debtors' counsel, of some of the ongoing negotiations to obtain viable purchase offers. Communications, the continuous assertion of belief that an executed purchase offer is imminent and the good faith effort not to interfere with the process are what have held in abatement similar filings by the Committee to this point in time. However, unfortunately, in the lack of Debtors obtaining an executed purchase offer, there had to come a time, in light of the ongoing losses and perceived impact upon the recoverability position of unsecured creditors, that the Committee felt it necessary to take Action. Otherwise, fear of scaring away potential buyers could be used as a justification for preventing the Committee from taking action until no recognizable assets of the Debtors remained. The Committee's counsel can be reached at: J. Heath Loftin, Esq. Robert D. Reynolds, Esq. REYNOLDS, REYNOLDS & LITTLE, LLC 402 S. Perry Street, Suite 200 P.O. Box 1389 Montgomery, Alabama 36102-1389 Tel: (334) 832-9553 Fax: (334) 832-9556 E-mail: jhloftin@rrllaw.com robreynolds1@rrllaw.com United Plastic Recycling, Inc. (Bankr. M.D. Ala. Case No. 15-32928) and affiliate United Lands, LLC (Bankr. M.D. Ala. Case No. 15-32926) filed separate Chapter 11 bankruptcy petitions on Oct. 16, 2015. The United Plastic petition was signed by John A. Bonham, Jr., president. Judge Dwight H. Williams Jr. Presides over United Lands' case, while Judge William R. Sawyer presides over United Plastic's case. James L. Day, Esq., at Memory & Day serves as the Debtors' bankruptcy counsel. United Plastic estimated its assets at up to $50,000, and its liabilities at between $10 million and $50 million. United Lands estimated its assets at up to $50,000and its liabilities at up $50,000. A list of United Plastic Recycling's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/almb15-32928.pdf UNIVERSAL SECURITY: Expects to File Form 10-K by Aug. 19 -------------------------------------------------------- Universal Security Instruments, Inc. announced that it is further delaying the filing of its annual report on Form 10-K for the fiscal year ended March 31, 2016, with the Securities and Exchange Commission. As the Company previously disclosed in its Notification of Late Filing on Form 12 b-25 filed with the SEC on June 28, 2016, the Company delayed filing its Annual Report on Form 10-K because of unforeseen delays in the completion of the financial statements of the Company's 50%-owned Hong Kong Joint Venture. Pursuant to Rule 12b-25 under the Securities Exchange Act of 1934, the Company received an extension until July 14, 2016 to file its fiscal year ended March 31, 2016, Annual Report on Form 10-K, which extension will expire without the filing of the Company's Form 10-K. Based on current unaudited information, the preliminary results which the Company anticipates that it should report in its Annual Report on Form 10-K are as follows: * A net loss for the fourth quarter of approximately $856,180, or $0.36 per basic and diluted share, on sales of $3,413,217. This compares to a net loss of $748,500, or $0.32 per basic and diluted share, on sales of $2,782,210 for the comparable period of the previous year. * For the 12 months ended March 31, 2016, sales increased approximately 38.9% to $13,740,840 versus $9,891,554 for the same period last year. The Company expects to report a net loss of approximately $2,218,731, or $0.96 per basic and diluted share, for the fiscal year 2016, versus a net loss of $3,704,985, or $1.60 per basic and diluted share, for same period last year. * Total assets of approximately $18,317,733 for the fiscal year ended March 31, 2016, compared to total assets of $19,906,028 for the fiscal year ended March 31, 2015. * Total liabilities of approximately $2,122,144 for the fiscal year ended March 31, 2016, compared to total liabilities of $1,149,031 for the fiscal year ended March 31, 2015. * Total shareholders' equity of approximately $16,195,589 for the fiscal year ended March 31, 2016, compared to total shareholders' equity of $18,756,997 for the fiscal year ended March 31, 2015. The Company also announced that it has been in communication with NYSE MKT LLC to discuss the anticipated late filing of the Annual Report on Form 10-K. In connection therewith, on July 14, 2016, the Company received a letter from the Exchange stating that the Exchange has determined that the Company is not in compliance with Sections 134 and 1101 of the Exchange's Company Guide due to the Company's failure to timely file its Annual Report on Form 10-K for the fiscal year ended March 31, 2016 with the SEC. The letter also states that the Company's failure to timely file its Annual Report on Form 10-K is a material violation of its listing agreement with the Exchange and, therefore, pursuant to Section 1003(d) of the Company Guide, the Exchange is authorized to suspend and, unless prompt corrective action is taken, remove the Company's securities from the Exchange. The Exchange has informed the Company that, in order to maintain its listing on the Exchange, the Company must, by July 28, 2016, submit a plan of compliance addressing how it intends to regain compliance with Sections 134 and 1101 of the Company Guide by Oct. 12, 2016. If the Company's 10-K Plan is accepted by the Exchange, then the Company will be able to continue its listing during the 10-K Plan Period, during which time the Company will be subject to periodic review to determine whether it is making progress consistent with the 10-K Plan. If the Company does not submit a Plan, or if the Company's 10-K Plan is not accepted by the Exchange, then the Company will be subject to delisting proceedings. Furthermore, if the 10-K Plan is accepted by the Exchange, but the Company is not in compliance with the continued listing standards of the Company Guide by Oct. 12, 2016, or if the Company does not make progress consistent with the 10-K Plan during the 10-K Plan Period, then the Exchange staff will initiate delisting proceedings as appropriate. The Company said it is working diligently to submit the 10-K Plan by July 28, 2016, and regain compliance with the Company Guide. The Company is working diligently to complete and file its Annual Report on Form 10-K with the SEC, which, as previously disclosed, the Company expects to do on or prior to Aug. 19, 2016. About Universal Security Owings Mills, Maryland-based Universal Security markets and distributes safety and security products which are primarily manufactured through its 50%-owned Hong Kong Joint Venture. At Dec. 31, 2015, the Company had $20,213,695 in total assets, $3,226,026 in total current liabilities and $16,987,669 in total shareholders' equity. "Our history of operating losses, declining revenues in prior years, and limited financing options raises substantial doubt about our ability to continue as a going concern. The Company had net losses of $1,362,552 for the nine months ended December 31, 2015, and $3,704,985 and $4,450,244 for the fiscal years ended March 31, 2015 and 2014, respectively. The Company is monitoring its liquidity and working capital position in light of continued operating losses, and decreases in its cash and working capital position over the past four fiscal years of operations. In addition to the expanded factoring agreement with Merchant Factors Corporation (Merchant) as discussed below, the Company has negotiated payment terms on its trade accounts payable to the Hong Kong Joint Venture. The payment terms on the trade accounts payable to the Hong Kong Joint Venture provide ninety day repayment terms on up to $1,000,000 of purchases of the Company's new sealed product line. The Company also believes that its cash position can be improved by a combination of reductions in inventory and by lowering expenses. In addition, the Company is prepared to initiate changes in its operations, if needed, to reduce its operating costs while maintaining its current level of customer service. However, there are potential risks, including that the Company's revenues may not reach levels required to return to profitability, costs may exceed the Company's estimates, or the Company's working capital needs may be greater than anticipated. Any of these factors may change the CompanyÃ¢â‚¬â„¢s expectation of cash usage in the remainder of the fiscal year ending March 31, 2016, and beyond, or may significantly affect the Company's level of liquidity. These financial statements do not include any adjustments that might result from the Company not being able to continue as a going concern," the Company stated in its quarterly report for the period ended Dec. 31, 2015. VALVOLINE INC: S&P Assigns Prelim. 'BB-' CCR, Outlook Positive -------------------------------------------------------------- S&P Global Ratings assigned its preliminary 'BB-' corporate credit rating to Lexington, Ky.-based Valvoline Inc. The outlook is positive. S&P also assigned its preliminary 'BB' issue rating to the $1.325 billion five year senior secured credit facilities, which consist of a $450 million revolving credit facility and $875 million term loan. The recovery rating on the credit facilities is '2', indicating that creditors could expect substantial (70% to 90%, in the higher half of the range) recovery in the event of a payment default. S&P estimates pro forma reported debt outstanding at the time of the separation from Ashland (but prior to any IPO) will total $1.25 billion. S&P is also assigning its preliminary 'B+' rating to the company's $375 million senior unsecured notes, with a recovery rating of '5', indicating S&P's expectation of modest (10%-30%, at the lower end of the range) recovery in the event of a default. Valvoline Finco Two is the borrower of these notes. S&P's preliminary ratings--which are subject to change--assume the various steps in the separation of Valvoline from Ashland occur on substantially the terms presented to S&P. This includes: -- Valvoline, a newly created entity wholly owned by Ashland, will be the owner of substantially all of the Valvoline business, and a stand-alone entity separate from Ashland. S&P assumes any guarantees presently in place or expected to be in place between various Ashland and Valvoline entities at some stage of the separation process are to be released. Valvoline and Ashland Global will have entirely separate capital structures without any cross-guarantees, cross-asset pledges, or other credit support. -- S&P's preliminary ratings assume that Valvoline Inc. becomes the owner, directly or indirectly, of the Valvoline business and that Ashland completes the separation. Valvoline will distribute all of the proceeds from the $875 million term loan and a future contemplated senior note issuance to Ashland. The revolver will be unutilized until the lubricants business is transferred to Valvoline and Valvoline assumes the obligations. -- Valvoline will be the obligor under the credit facilities and any other material funded debt issuance following the transfer of the Valvoline business to Valvoline Inc. -- Ashland will transfer to Valvoline a substantial amount of its under-funded pension and post-retirement plans. -- Valvoline will establish a receivables securitization facility for post-separation liquidity purposes. S&P's ratings on Valvoline incorporate the company's well-known, reputable brand name, its defensible position as the third largest competitor in the U.S. do-it-yourself (DIY) lubricants business, its satisfactory margins, relatively stable profitability, and moderate financial leverage. The ratings also factor in Valvoline's substantial brand concentration and moderate customer focus with several large automotive part retailers and installers, the solid competition it faces from several large competitors that possess substantially greater resources than the company, and its participation in a low-growth industry that is subject to volatile base-oil prices, the amount of vehicle miles driven, and potential further improvements in engine technology that could result in a further reduction in oil usage. S&P believes Valvoline has largely offset industry headwinds by gaining market share, primarily in the premium-branded segment of the market, by increasing sales of non-lubricant products, and expanding its footprint in the higher-growth quick-lube service change sector. The company has moderately high financial leverage, including debt to EBITDA in the low-4x area, prior to any debt reduction contemplated from any potential IPO proceeds. S&P estimates on a pro forma basis that Valvoline will have about $1.8 billion of adjusted debt (including tax-affected under-funded pension and post-retirement plans). The positive outlook reflects the potential for a one-notch upgrade within the next 12 months if the company is able to complete an IPO and use the majority of the proceeds to reduce debt. Specifically, S&P could upgrade Valvoline if, following the reduction in debt, FFO to debt appears likely to strengthen to the 20% to 25% level on a sustainable basis. VEGAS MANAGEMENT: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Vegas Management, LLC. About Vegas Management Vegas Management, LLC, dba Vegas Showgirls, dba Spirits 365, dba Rocket Bar, based in Redington Beach, Fla., filed a chapter 11 petition (Bankr. M.D. Fla. Case No. 16-04856) on June 3, 2016, and is represented by Joel S. Treuhaft, Esq., at Palm Harbor Law Group, P.A. In its petition, the Debtor estimated $1 million to $10 million in assets and liabilities. VERSO CORP: Exits Bankruptcy Following Successful Restructuring --------------------------------------------------------------- Verso Corporation on July 15, 2016, disclosed that the company and its subsidiaries have emerged from bankruptcy following a successful financial restructuring and confirmation of its Chapter 11 plan of reorganization by the U.S. Bankruptcy Court for the District of Delaware on June 23, 2016. "Our emergence from bankruptcy less than six months after our Chapter 11 filings would not have been possible without the support of our lenders, whose willingness to invest in Verso demonstrates their confidence in our prospects for long-term growth and value creation," said Verso President and Chief Executive Officer David J. Paterson. "We also appreciate the hard work and dedication of our employees, who continued to serve our customers without interruption throughout the restructuring process. Lastly, we thank our customers, vendors and other stakeholders for their loyalty. We believe Verso is poised for sustainable profitability, and we are excited about the opportunities that lie ahead." Verso's restructuring reduced the company's debt by $2.4 billion and includes $595 million in exit financing to support ongoing operations and capital investment. The exit financing consists of an asset-based lending facility with borrowing capacity of up to $375 million led by Wells Fargo Bank, National Association, and a $220 million term loan facility with available loan proceeds of $198 million led by Barclays Bank PLC. "Verso emerges from bankruptcy as a much stronger company with significantly reduced debt and a unified capital structure that position us to fully realize and leverage the benefits of our prior operational improvements, explore opportunities for strategic growth, successfully compete in the global marketplace, and deliver on our corporate mission to create value for all of our stakeholders," Mr. Paterson said. As provided in Verso's plan of reorganization, all shares of Verso's common stock issued prior to the commencement of Verso's bankruptcy proceeding were cancelled upon emergence, and Verso has issued new shares of common stock to the holders of its previously outstanding funded debt in return for their allowed claims against the company. There is no majority stockholder, and no single entity owned more than 10 percent of Verso's outstanding shares at the time of emergence. In connection with its emergence, Verso also received approval from the New York Stock Exchange for Verso's Class A common stock to be listed for trading on the NYSE. The Class A common stock will begin trading on the NYSE on July 18, 2016. The trading symbol for the Class A common stock is "VRS," which is the same trading symbol used for Verso's common stock when it previously was listed on the NYSE. In accordance with Verso's Chapter 11 plan of reorganization, the term of Verso's previous board of directors expired upon emergence and a new board of directors provided for in the plan of reorganization is effective immediately. As previously announced, Paterson will serve as Chairman of the Board and will remain as President and Chief Executive Officer until his replacement is named. The other directors of Verso are Robert M. Amen, Alan J. Carr, Eugene I. Davis, Jerome L. Goldman and Jay Shuster. Verso's senior management team is unchanged and continues to lead the company. About Verso Corporation Verso Corporation claims to be the leading North American producer of coated papers, which are used primarily in magazines, catalogs, high-end advertising brochures and annual reports, among other media and marketing publications. It employs approximately 5,200 personnel. Verso Corporation and 26 of its affiliates, including NewPage Corporation, filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10163 to 16-10189, respectively) on Jan. 26, 2016. The petitions were signed by David Paterson, the president and CEO. The Debtors disclosed total assets of $2.9 billion and total debts of $3.87 million. The Debtors have engaged O'Melveny & Myers LLP as general counsel, Paul, Weiss, Rifkind, Wharton & Garrison LLP as corporate counsel, Richards, Layton & Finger, P.A. as Delaware counsel, PJT Partners L.P. as investment banker, Alvarez & Marsal North America, LLC as financial advisor and Prime Clerk LLC as claims and noticing agent. The U.S. Trustee for Region 3 has appointed seven creditors of Verso Corp. and its affiliates to serve on the official committee of unsecured creditors. VISUALANT INC: SD Mayer Replaces PMB Helin Donovan as Accountant ---------------------------------------------------------------- Visualant, Incorporated, dismissed PMB Helin Donovan LLP as its independent registered public accounting firm on July 11, 2016. The decision to change accountants was approved by the Company's Audit Committee, as disclosed in a regulatory filing with the Securities and Exchange Commission. The PMB reports on the Company's consolidated financial statements for the past two fiscal years did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles, except that the audit report of PMB on the Company's financial statements for fiscal years 2014 and 2015 contained an explanatory paragraph which noted that there was substantial doubt about the Company's ability to continue as a going concern. During the Company's fiscal years ended Sept. 30, 2014, and 2015 and through July 11, 2016, (i) there were no disagreements with PMB on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to PMB's satisfaction, would have caused PMB to make reference to the subject matter of such disagreements in its reports on its consolidated financial statements for such years, and (ii) there were no reportable events as defined in Item 304(a)(1)(v) of Regulation S-K other than at Sept. 30, 2014, and 2015 and during the interim periods through March 31, 2016, while the Company had an audit committee, the Company lacked a financial expert. During 2016, the Board expects to appoint an additional independent Director to serve as Audit Committee Chairman who is an "audit committee financial expert" as defined by the Securities and Exchange Commission and as adopted under the Sarbanes-Oxley Act of 2002. On July 11, 2016 the Company, upon the Audit Committee's approval, engaged the services of SD Mayer and Associates, LLP as the Company's new independent registered public accounting firm to audit the Company's consolidated financial statements as of September 30, 2016 and for the year then ended. Mayer will be performing reviews of the unaudited consolidated quarterly financial statements to be included in the Company's quarterly reports on Form 10-Q going forward. The appointment of Mayer ensures continuity with the partner and staff, who previously worked for PMB. During each of the Company's two most recent fiscal years and through the date of this report, (a) the Company has not engaged Mayer as either the principal accountant to audit the Company's financial statements, or as an independent accountant to audit a significant subsidiary of the Company and on whom the principal accountant is expected to express reliance in its report; and (b) the Company or someone on its behalf did not consult with Mayer. About Visualant Inc. Seattle, Wash.-based Visualant, Inc., was incorporated under the laws of the State of Nevada on Oct. 8, 1998. The Company develops low-cost, high speed, light-based security and quality control solutions for use in homeland security, anti- counterfeiting, forgery/fraud prevention, brand protection and process control applications. Visualant reported a net loss of $2.63 million on $6.29 million of revenue for the year ended Sept. 30, 2015, compared to a net loss of $1.01 million on $7.98 million of revenue for the year ended Sept. 30, 2014. As of Dec. 31, 2015, the Company had $2.43 million in total assets, $9.69 million in total liabilities, all current, and a total stockholders' deficit of $7.25 million. PMB Helin Donovan, LLP, in Seattle, Washington, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2015, citing that Company has sustained a net loss from operations and has an accumulated deficit since inception. These factors raise substantial doubt about the Company's ability to continue as a going concern. VUZIX CORP: Closes Underwritten Offering of $6M Common Shares ------------------------------------------------------------- Vuzix Corporation announced the closing of its underwritten offering relating to the sale of 1,000,000 shares of its common stock at an offering price of $5.75 per share and the full exercise of the over-allotment option granted to the underwriter to purchase an additional 150,000 common shares of its common stock at $5.75 per share. The shares of common stock were sold to both existing and new institutional investors of the Company. Oppenheimer & Co. Inc. acted as the sole underwriter for the offering. The total gross proceeds from the offering were $6,612,500 before deducting underwriting discounts and commissions and estimated offering expenses of approximately $616,750. The Company intends to use the net proceeds of $5,995,750 from the offering for general corporate purposes, including expanding its products, supporting the launches of its new M300 and M3000 Smart Glasses, expansion of its waveguide volume production equipment, refinement of the Company's planned 2017 launch of its B3000 binocular waveguide, and for general working capital purposes. About Vuzix Corporation Vuzix -- http://www.vuzix.com/-- is a supplier of Video Eyewear products in the consumer, commercial and entertainment markets. The Company's products, personal display devices that offer users a portable high quality viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality. Vuzix holds 33 patents and 15 additional patents pending and numerous IP licenses in the Video Eyewear field. Founded in 1997, Vuzix is a public company with offices in Rochester, NY, Oxford, UK and Tokyo, Japan. Vuzix Corporation reported a net loss attributable to common stockholders of $14.94 million on $2.74 million of total sales for the year ended Dec. 31, 2015, compared to a net loss attributable to common stockholders of $7.86 million on $3.03 million of total sales for the year ended Dec. 31, 2014. As of March 31, 2016, Vuzix had $15.7 million in total assets, $3.13 million in total liabilities and $12.55 million in total stockholders' equity. WAREHOUSE 11: Case Summary & 5 Unsecured Creditors -------------------------------------------------- Debtor: Warehouse 11, LLC 38-62 11th Street Long Island City, NY 11101 Case No.: 16-43127 Chapter 11 Petition Date: July 14, 2016 Court: United States Bankruptcy Court Eastern District of New York (Brooklyn) Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Nnenna Okike Onua, Esq. MCKINLEY ONUA & ASSOCIATES, PLLC 26 Court Street, Suite 300 Brooklyn, NY 11242 Tel: (718) 522-0236 Fax: (718) 701-8309 E-mail: nonua@mckinleyonua.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Herman Epstein, manager. A copy of the Debtor's list of five unsecured creditors is available for free at http://bankrupt.com/misc/nyeb16-43127.pdf WARNER MUSIC: Seeking Consent to Amend Term Loan Credit Agreement ----------------------------------------------------------------- Warner Music Group disclosed in a Form 8-K report filed with the Securities and Exchange Commission that it launched a process by which it is seeking lender consent to an amendment to the credit agreement, dated Nov. 1, 2012, governing the Company's senior secured term loan facility with Credit Suisse AG, as administrative agent, and the other financial institutions and lenders from time to time party thereto. If approved, the Senior Term Loan Credit Agreement Amendment (among other changes) will conform certain baskets governing the ability to incur debt and liens to the equivalent provisions applicable to the Company's 5.625% Senior Secured Notes due 2022 and 6.750% Senior Notes due 2022. If the Senior Term Loan Credit Agreement Amendment becomes effective, the changes to the baskets noted above will become effective after (i) WMG Acquisition Corp. and its restricted subsidiaries have incurred indebtedness for borrowed money with a maturity date after the Maturity Date (as defined in the Senior Term Loan Credit Agreement) the gross proceeds of which (before deduction of original issue discount and other fees) equal at least $300 million and (ii) the Term Loan Borrower has prepaid Tranche B Term Loans (as defined in the Senior Term Loan Credit Agreement) in an amount at least equal to the lesser of (x) $300 million and (y) the net proceeds of such indebtedness. About Warner Music Group Based in New York, Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/-- was formed by a private equity consortium of investors on Nov. 21, 2003. The Company is the direct parent of WMG Holdings Corp., which is the direct parent of WMG Acquisition Corp. WMG Acquisition Corp. is one of the world's major music-based content companies and the successor to substantially all of the interests of the recorded music and music publishing businesses of Time Warner Inc. The Company classifies its business interests into two fundamental operations: Recorded Music and Music Publishing. The Company's Recorded Music business primarily consists of the discovery and development of artists and the related marketing, distribution and licensing of recorded music produced by such artists. The Company's Music Publishing operations include Warner/Chappell, its global Music Publishing company, headquartered in New York with operations in over 50 countries through various subsidiaries, affiliates and non-affiliated licensees. In May 2011, Warner Music Group Corp. and Access Industries, the U.S.-based industrial group, announced the execution of a definitive merger agreement under which Access Industries will acquire WMG in an all-cash transaction valued at $3.3 billion. The purchase includes WMG's entire recorded music and music publishing businesses. On July 20, 2011, the Company notified the New York Stock Exchange, Inc., of its intent to remove the Company's common stock from listing on the NYSE and requested that the NYSE file with the SEC an application on Form 25 to report the delisting of the Company's common stock from the NYSE. On July 21, 2011, in accordance with the Company's request, the NYSE filed the Form 25 with the SEC in order to provide notification of that delisting and to effect the deregistration of the Company's common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended. On August 2, 2011, the Company filed a Form 15 with the SEC in order to provide notification of a suspension of its duty to file reports under Section 15(d) of the Exchange Act. The Company continues to file reports with the SEC pursuant to the Exchange Act in accordance with certain covenants contained in the instruments governing the Company's outstanding indebtedness. Warner Music reported a net loss attributable to the Company of $91 million on $2.96 billion of revenues for the fiscal year ended Sept. 30, 2015, compared to a net loss attributable to the Company of $308 million on $3.02 billion of revenues for the fiscal year ended Sept. 30, 2014. As of March 31, 2016, Warner Music had $5.48 billion in total assets, $5.25 billion in total liabilities and $234 million in total equity. * * * As reported by the TCR on Oct. 23, 2015, Standard & Poor's Ratings Services lowered its corporate credit rating on New York City-based Warner Music Group Corp. (WMG) to 'B' from 'B+'. "The downgrades reflect our expectations that WMG's adjusted leverage will remain elevated for the next two years -- above our 5x threshold for the 'B+' corporate credit rating," said Standard & Poor's credit analyst Naveen Sarma. WARNER MUSIC: Sees $800M-$820M Revenue for June 30 Quarter ---------------------------------------------------------- Warner Music Group Corp., the indirect parent of Warner Music Group., disclosed in a regulatory filing with the Securities and Exchange Commission certain preliminary estimated financial information for the three months ended June 30, 2016, based on currently available information. The Company has also presented a preliminary estimate of Warner Music Group's Consolidated EBITDA for the twelve months ended June 30, 2016. Neither Parent nor Warner Music Group has finalized its results for the periods. In addition, KPMG LLP, the Company's independent public accounting firm, has not performed any procedures with respect to the preliminary estimated financial information contained below, nor have they expressed any opinion or other form of assurance on such preliminary estimated financial information or its achievability. For the three months ended June 30, 2016, Parent's consolidated revenue is estimated to have been in a range of approximately $800 million to $820 million, compared to $710 million for the three months ended June 30, 2015. Revenue of Parent's Recorded Music business, prior to intersegment eliminations, is estimated to have been in a range of approximately $673 million to $688 million, compared to $592 million for the three months ended June 30, 2015, and revenue of Parent's Music Publishing business, prior to intersegment eliminations, is estimated to have been in a range of approximately $131 million to $136 million, compared to $123 million for the three months ended June 30, 2015. OIBDA for Parent is estimated to have been in a range of approximately $115 million to $125 million, compared to $100 million for the three months ended June 30, 2015. The Company's Consolidated EBITDA is estimated to have been in a range of approximately $545 million to $555 million for the last twelve months ended June 30, 2016, as compared to $524 million for the last twelve months ended June 30, 2015. The estimated OIBDA range set forth above includes a gain on certain asset divestitures net of cost totalling $9 million, but the estimated Consolidated EBITDA ranges set forth above exclude such gain. Parent's cash and cash equivalents are estimated as of June 30, 2016 to have been approximately $345 million, which amount does not reflect the payment of interest of approximately $15 million from the end of the fiscal quarter to the date hereof, the payment of interest of $19 million on July 15, 2016 or the redemption of WMG Holdings Corp.'s 13.75% Senior Notes due 2019 on July 1, 2016. About Warner Music Group Based in New York, Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/-- was formed by a private equity consortium of investors on Nov. 21, 2003. The Company is the direct parent of WMG Holdings Corp., which is the direct parent of WMG Acquisition Corp. WMG Acquisition Corp. is one of the world's major music-based content companies and the successor to substantially all of the interests of the recorded music and music publishing businesses of Time Warner Inc. The Company classifies its business interests into two fundamental operations: Recorded Music and Music Publishing. The Company's Recorded Music business primarily consists of the discovery and development of artists and the related marketing, distribution and licensing of recorded music produced by such artists. The Company's Music Publishing operations include Warner/Chappell, its global Music Publishing company, headquartered in New York with operations in over 50 countries through various subsidiaries, affiliates and non-affiliated licensees. In May 2011, Warner Music Group Corp. and Access Industries, the U.S.-based industrial group, announced the execution of a definitive merger agreement under which Access Industries will acquire WMG in an all-cash transaction valued at $3.3 billion. The purchase includes WMG's entire recorded music and music publishing businesses. On July 20, 2011, the Company notified the New York Stock Exchange, Inc., of its intent to remove the Company's common stock from listing on the NYSE and requested that the NYSE file with the SEC an application on Form 25 to report the delisting of the Company's common stock from the NYSE. On July 21, 2011, in accordance with the Company's request, the NYSE filed the Form 25 with the SEC in order to provide notification of that delisting and to effect the deregistration of the Company's common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended. On August 2, 2011, the Company filed a Form 15 with the SEC in order to provide notification of a suspension of its duty to file reports under Section 15(d) of the Exchange Act. The Company continues to file reports with the SEC pursuant to the Exchange Act in accordance with certain covenants contained in the instruments governing the Company's outstanding indebtedness. Warner Music reported a net loss attributable to the Company of $91 million on $2.96 billion of revenues for the fiscal year ended Sept. 30, 2015, compared to a net loss attributable to the Company of $308 million on $3.02 billion of revenues for the fiscal year ended Sept. 30, 2014. As of March 31, 2016, Warner Music had $5.48 billion in total assets, $5.25 billion in total liabilities and $234 million in total equity. * * * As reported by the TCR on Oct. 23, 2015, Standard & Poor's Ratings Services lowered its corporate credit rating on New York City-based Warner Music Group Corp. (WMG) to 'B' from 'B+'. "The downgrades reflect our expectations that WMG's adjusted leverage will remain elevated for the next two years -- above our 5x threshold for the 'B+' corporate credit rating," said Standard & Poor's credit analyst Naveen Sarma. WARREN RESOURCES: Court OKs DIP Financing From Wilmington Trust --------------------------------------------------------------- Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas issued his Final Order authorizing Warren Resources, Inc., et. al., to use cash collateral and obtain postpetition financing from DIP Agent Wilmington Trust, National Association. As of the Petition Date, the Debtors are indebted to Wilmington Trust and the Prepetition First Lien Lenders in an amount not less than $248,014,432.13. The Debtors are also indebted to Cortland Products Corp., as administrative agent, and the Prepetition Second Lien Lenders in an amount not less than $52,000,000, as of the Petition Date. Judge Isgur authorized the Debtors to request extensions of credit under the DIP Facility up to an aggregate principal amount of $20,000,000 at any one time outstanding. The DIP Credit Agreement contains, among others, the following relevant terms: (a) Minimum Amounts: Each request for a Loan shall be in a minimum amount of $1,000,000 and, if in excess of such amount, in an integral multiple of $1,000,000. (b) Optional Prepayments of Loans: The Borrower shall have the right at any time to prepay any Borrowing, in whole or in part, without premium or penalty. Any such prepayment shall be in an amount equal to $1,000,000 or a higher integral multiple of $500,000. (c) Interest: From and following the Closing Date, the Loans and the other DIP Obligations shall bear interest at the LIBOR Rate plus 11% per annum. Judge Isgur directed the Debtors to use cash collateral in accordance with the Budget, in an amount that would not cause either: (a) Total Operating Disbursements to exceed 115% of the amount expressly budgeted; or (b) the Total Net Cash Flow from Operations, exclusive of any Royalties, to exceed a 15% unfavorable variance of the amount expressly budgeted. A full-text copy of the Order, dated July 13, 2016, is available at https://is.gd/rfWtEB A full-text copy of the DIP Credit Agreement, dated July 13, 2016, is available at https://is.gd/gnqfHl Wilmington Trust's contact person is: Meghan McCauley Wilmington Trust, N.A. 50 South Sixth Street, Suite 1290 Minneapolis, MN 55402 Telephone: (612) 217-5651 E-mail: MMcCauley@WilmingtonTrust.com and Wilmington Trust is represented by: Mark C. Dietzen, Esq. LINDQUIST & VENNUM LLP 4200 IDS Center 80 South Eighth Street Minneapolis, MN 55402 Telephone: (612) 371-2452 Email: MDietzen@Lindquist.com About Warren Resources, Inc. Warren Resources Inc., is an independent energy company engaged in the exploration, development and production of domestic onshore crude oil and natural gas reserves. It is primarily focused on the development of its waterflood oil recovery properties in the Wilmington field within the Los Angeles Basin of California, its position in the Marcellus Shale gas in northeastern Pennsylvania and its coalbed methane, or CBM, natural gas properties located in Wyoming. Warren Resources, Inc., Warren E&P, Inc., Warren Resources of California, Inc., Warren Marcellus LLC, Warren Energy Services, LLC, and Warren Management Corp. each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Proposed Lead Case No. 16-32760) on June 2, 2016. The Debtors listed total assets of $230 million and total debt of $545 million. The Debtors have hired Andrews Kurth LLP as counsel, Jefferies LLC as investment banker, Deloitte Transactions and Business Analytics LLP as restructuring advisor and Epiq Bankruptcy Solutions, LLC as claims, balloting and noticing agent. Judge Marvin Isgur has been assigned the cases. WAYZATA-ROCHESTER: Court Allows Cash Collateral Use Up To Aug. 30 ----------------------------------------------------------------- Judge William J. Fisher of the U.S. Bankruptcy Court for the District of Minnesota authorized Wayzata-Rochester 16 Hospitality Associates, LLC to use cash collateral on an interim basis until August 30, 2016. The Debtor is indebted to Access Point Financial, Inc. in the amount of $6,631,347.17, plus all legal expenses related to the bankruptcy case and all interest, fees, costs, legal expenses and other amounts accruing thereon. As security for the payment of all pre-petition debt, the Debtor granted Access security interest in and liens upon all the Debtor's personal property and other rights to payments, and a Mortgage, Assignment of Rents, Security Agreement and Fixtures Filings. The Debtor related that it does not have sufficient available sources of working capital to carry on the continued operation of its business without the use of cash collateral. A second Interim Hearing on the Debtor's Motion is scheduled on August 30, 2016 at 1:30 p.m. A full-text copy of the Order, dated July 14, 2016, is available at https://is.gd/CiN0zA About Wayzata-Rochester 16 Hospitality Associates, LLC. Headquartered in Wayzata, Minnesota, Wayzata-Rochester 16 Hospitality Associates, LLC, filed for Chapter 11 bankruptcy protection (Bankr. D. Minn. Case No. 16-32038) on June 27, 2016, estimating its assets at between $1 million and $10 million. The petition was signed by Robert S. Snyder, manager. Judge William J. Fisher presides over the case. Steven B. Nosek, Esq., at Steven Nosek, P.A., serves as the Debtor's bankruptcy counsel. WHITESBURG REALTY: Wants to Use Cash Collateral Through Sept. 30 ---------------------------------------------------------------- Whitesburg Realty, LLC asks the U.S. Bankruptcy Court for the Eastern District of Kentucky to authorize the continued use of cash collateral from August 1, 2016, through September 30, 2016. The Court had previously issued its Interim Cash Collateral Order, which authorized the Debtor to use cash collateral through July 31, 2016. The Debtor's proposed Budget provides for total operating expenses in the amount of $49,721.22 and total owner/capital expenses in the amount of $39,033.34. The Debtor tells the Court that without the continued use of the cash collateral, it will be unable to continue to operate its business for more than a short period of time. A full-text copy of the Debtor's Motion, dated July 14, 2016, is available https://is.gd/CMcPIO A full-text copy of the proposed Cash Collateral Budget, dated July 14, 2016, is available at https://is.gd/wtr5xj About Whitesburg Realty, LLC. Whitesburg Realty, LLC filed a chapter 11 petition (Bankr. E.D. Ky. Case No. 16-50721) on April 13, 2016. The petition was signed by Jeffrey C. Ruttenberg, member. The Debtor is represented by Jamie L. Harris, Esq., at Delcotto Law Group PLLC. The Debtor estimated assets of $1 million to $10 million and debts of $1 million to $10 million. The Debtor listed Wyatt, Tarrant & Combs, LLP as its largest unsecured creditor holding a claim of $10,000. WILLIAM CONTRACTOR: Zalduondo, Machicote's Bid to Dismiss Denied ---------------------------------------------------------------- Judge Brian K. Tester of the United States Bankruptcy Court for the District of Puerto Rico denied the motion to dismiss filed by defendants Juan R. Zalduondo and Magdalena Machicote in the adversary proceeding captioned WILLIAM CONTRACTOR, INC. Plaintiff, v. JUAN R. ZALDUONDO, et al. Defendants, Adversary No. 15-00263 BKT (Bankr. D.P.R.). Judge Tester held, "As the "party asserting the res judicata defense, [D]efendants bear the burden of demonstrating that [Plaintiff's] claims were raised or could have been raised in the state proceedings." While Defendants allege that a judgment was entered against Multiplaza de Puerto Rico, Inc. in state court, they failed to provide evidence of said judgment for this Court's consideration. Therefore, because the Defendants fail to meet the first requirement of the res judicata affirmative defense, the Court need not consider the latter requirements, and denies the Defendant's request for dismissal for failure to state a claim." A full-text copy of Judge Tester's June 30, 2016 opinion and order is available at https://is.gd/TBEMDx from Leagle.com. The bankruptcy case is IN RE: WILLIAM CONTRACTOR, INC., Chapter 11, Debtor, Case No. 15-06311 BKT (Bankr. D.P.R.). WILLIAM CONTRACTOR INC is represented by: Damaris Quinones Vargas, Esq. BUFETE QUINONES VARGAS & ASOC. P.O. Box 429 Cabo Rojo, PR 00623 Tel: (787)851-7866 Fax: (787)851-1717 Email: damarisqv@bufetequinones.com BANCO POPULAR is represented by: Luis C. Marini Biaggi, Esq. Carolina Velaz-Rivero, Esq. O'NEILL & BORGES 250 Munoz Rivera Avenue, Suite 800 San Juan, PR 00918-1813 Tel: (787)764-8181 Fax: (787)753-8944 Email: luis.marini@oneillborges.com carolina.velaz@oneillborges.com WILLISTON, ND: Moody's Cuts GO Bonds Rating to Ba2 -------------------------------------------------- Moody's Investors Service has downgraded to Ba2 from Ba1 the rating on Williston, ND's $2.8 million of Moody's-rated general obligation (GO) debt. The outlook remains negative. The downgrade to Ba2 rating reflects weak financial performance in fiscal 2014 offset by an estimated surplus in fiscal 2015 and potential significant revenue shortfalls in fiscal 2016 and beyond due to declining oil and gas production tax receipts. While reserves are currently adequate, management has yet to adjust expenditures or plan for the possibility of prolonged slowdown in oil and gas production, exposing the city's finances to rapid deterioration. The rating also reflects a high debt burden that is anticipated to increase further as the city completes the construction of the new sewer treatment plant. Other considerations include the economy's significant concentration in the oil and gas industry and strong resident income levels. Rating Outlook Moody’s said, "The negative outlook reflects our expectation that the city's financial position will remain challenged given anticipated declines in oil and gas production tax receipts and lack of expenditure adjustments coupled with additional increases in debt burden in the near term." Factors that Could Lead to an Upgrade Moderation of the general fund reliance on oil and gas revenues Rate increases that lead to improvement in water and sewer operations to limit use of general fund operating revenues to pay for debt or operations Moderation in debt burden Factors that Could Lead to a Downgrade Significant declines in oil and gas production tax receipts Failure to balance operations resulting in further declines in reserves Material increases in debt Legal Security The city's special assessment bonds are expected to be repaid with special assessment revenues from benefiting property owners; however, the city is required to levy a property tax unlimited as to rate or amount to pay for debt service should special assessments be insufficient to pay for debt service. Use of Proceeds Not applicable. Obligor Profile Williston is the county seat of Williams County with an estimated population of 30,000 as of 2015, or a 140% increase since the 2000 census count. It is situated on the Missouri River 18 miles from the Montana border and 68 miles south of the Canadian international border. WILLISTON, ND: Moody's Cuts Sales Tax Revenue Bonds Rating to B1 ---------------------------------------------------------------- Moody's Investors Service has downgraded to B1 from Ba3 the rating on Williston, ND's $1.4 million of Moody's-rated sales tax revenue debt. The outlook remains negative. The downgrade to B1 reflects the city's weakened credit quality and narrowing debt service coverage due to significantly greater declines in monthly sales tax receipts relative to same month collections in the prior year. The rating also incorporates a modestly-sized tax base with economic concentration in the oil industry, annual risk of non-appropriation, and satisfactory legal covenants. Rating Outlook Moody’s said, "The negative outlook reflects our expectation that coverage will not improve in the near term and could require use of accumulated sales tax reserves as soon as next year." Factors that Could Lead to an Upgrade Stabilization of sales tax collections Sustained increase in debt service coverage Factors that Could Lead to a Downgrade Further decline in pledged revenues that narrows debt service coverage Need to draw on surplus or debt service reserves to support annual debt service Legal Security The 2009 bonds are secured by 75% of the city's 1% sales and use tax, which is approved through the final year of bond maturity in 2020. Payment of debt service on the bonds is subject to annual appropriation of the pledged revenues. Use of Proceeds Not applicable. Obligor Profile Williston is the county seat of Williams County with an estimated population of 30,000 as of 2015, or a 140% increase since the 2000 census count. It is situated on the Missouri River 18 miles from the Montana border and 68 miles south of the Canadian international border. Y&K SUN: Seeks to Hire Newmark Grubb as Leasing Agent ----------------------------------------------------- Y&K Sun, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Newmark Grubb Knight Frank as leasing agent. The Debtor tapped the firm to provide these services in connection with its Chapter 11 case: (a) advertise available space for lease at the JCRS shopping center located at the West Colfax Avenue in Lakewood, Colorado; (b) bring potential tenants to the Debtor; (c) negotiate with potential tenants; and (d) negotiate with the State of Colorado for a potential lease of 9,175 square feet at the JCRS shopping center. Newmark will receive 6% of the total rent to be paid on the initial term of any lease the Debtor signs with a tenant brought by the firm, with 3% of that amount to be paid to the leasing agent for tenants. Newmark's commission for the proposed lease of 9,175 would be approximately $91,557 based on the terms proposed to the prospective tenant but which could change in any final lease. Frank Griffin, managing director of Newmark, disclosed in a court filing that the firm does not represent or hold any interest adverse to the Debtor. The firm can be reached through: Frank Griffin Newmark Grubb Knight Frank 1800 Larimer Street, Suite 1700 Denver, CO 80202 About Y&K Sun Y&K Sun, Inc. sought Chapter 11 protection (Bankr. D. Colo. Case No. 16-14761) on May 12, 2016. The case judge is Hon. Howard R. Tallman. The Debtor is represented by Andrew D. Johnson, Esq., at Oonsager Guyerson Fletcher Johnson. The Debtor estimated $1 million to $10 million in assets and debt. ZERGA PHIN-KER: Taps Globic Advisors as Solicitation Agent ---------------------------------------------------------- Zerga Phin-Ker LP seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Globic Advisors, Inc. Globic Advisors will serve as the Debtor's solicitation, balloting and tabulating agent in connection with its Chapter 11 case. The firm will provide these services: (a) assist in developing the mechanical aspects of the solicitation strategy; (b) assist in the crafting of language to be used in communicating the solicitation to bondholders, and focusing on the mechanical aspects of the documents; (c) transmit the solicitation to the Depository Trust Company, its participant banks and bondholders; (d) provide a help-line to handle questions from holders, custodians, clearing systems, brokers and any other intermediaries; (e) if directed by the Debtor's chief restructuring officer, design a call campaign to ensure all holders receive the solicitation materials and to prompt the holders to timely respond to them; (f) monitor the responses of each broker and bank holding securities on behalf of their customers, and coordinate with "back offices" of other brokerage and banking companies whose customers hold the securities; (g) set up a dedicated section of the Globic Website detailing solicitation-related information; (h) transmit solicitation to unsecured creditors utilizing list provided by the Debtor; and (i) tabulate responses and deliver daily tabulation updates. Globic will receive (i) $7,000 for its services as solicitation, balloting and tabulation agent related to the beneficial holders of the bonds issued by Red River Health Facilities Development Corp.; and (ii) $1,000, plus $2 per package mailed and tabulated with respect to the general unsecured creditors. Robert Stevens, president of Globic, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert A. Stevens 880 Third Avenue, 12th Floor New York, New York 10022 Phone: (212) 227-9699 About Zerga Phin-Ker Zerga Phin-Ker LP filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tex. Case No. 15-42087) on Nov. 20, 2015. The petition was signed by Jerry Green as co-president. Judge Brenda T. Rhoades is assigned to the case. Zerga Phin-Ker LP is a Texas limited partnership whose principal place of business is in McKinney, Texas. The Debtor was engaged in the acquisition, construction, and development of a senior retirement facility in the City of Longview, Gregg County, Texas, to be known as "Parkview on Hollybrook," consisting of 126 independent living units, an assisted living and memory care facility, and common areas . The Debtor estimated assets and liabilities in the range of $10 million to $50 million. The Debtor tapped Lewis Brisbois Bisgaard & Smith LLP as counsel. On Feb. 17, 2016, the Court entered a final order approving the Debtor's emergency application to employ CohnReznick LLP as restructuring advisor and designate Chad J. Shandler as Chief Restructuring Officer Effective as of December 15, 2015. ZION GROUP: Seeks to Hire Chung & Press as Legal Counsel -------------------------------------------------------- Zion Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Chung & Press, LLC as its legal counsel. The Debtor tapped the firm to provide these services in connection with its Chapter 11 case: (a) file the required schedules, statements and reports; (b) represent the Debtor in settlement negotiations; (c) advise the Debtor concerning the administration of its estate; (d) file legal papers; (e) bring and defend any contested matters or adversary proceedings involving the Debtor in the bankruptcy court; (f) help the Debtor get approval of its Chapter 11 plan and disclosure statement. Brett Weiss, Esq., at Chung & Press, will receive $495 per hour as compensation for his services. Brett Weiss, Esq., at Chung & Press, disclosed in a court filing that the firm does not represent any interests adverse to the Debtor's estate. The firm can be reached through: Brett Weiss, Esq. Chung & Press, LLC 6404 Ivy Lane, Suite 730 Greenbelt, MD 20770 Phone: (301) 924-4400 Email: lawyer@brettweiss.com About Zion Group Zion Group, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. D.C. Case No. 16-00343) on July 12, 2016. ZUCKER GOLDBERG: Hires Connell Foley as Special Counsel ------------------------------------------------------- Zucker, Goldberg & Ackerman, LLC seeks authorization from the U.S. Bankruptcy Court for the District of New Jersey to employ Connell Foley, LLP as special counsel. The Debtor requires Connell Foley to defend the Debtor from lawsuits involving claims of malpractice. The Debtor and Connell Foley agreed that the compensation and defense costs will not be paid by the estate, rather, Connell Foley, shall be compensated by the professional liability insurance carrier. Andrew C. Sayles, partner with Connell Foley, LLP assured the Court that the firm does not represent any interest adverse to the Debtors and their estates. Connell Foley may be reached at: Andrew C. Sayles, Esq. Connell Foley, LLP 85 livingston Avenue Roseland, NJ 07068 Phone: 973.535.0500 Fax: 973.535.9217 About Zucker, Goldberg & Ackerman Formed in 1923 as Zucker & Goldberg, the law firm Zucker, Goldberg & Ackerman, LLC, was primarily engaged in the representation of lenders and secured parties in foreclosure matters, insolvency proceedings and related matters. The sole members of ZGA are Michael S. Ackerman, Esq. and Joel Ackerman, Esq. Michael S. Ackerman is the managing member of the firm. ZGA's primary offices are in Mountainside, New Jersey. Zucker, Goldberg & Ackerman, LLC, sought Chapter 11 protection (Bankr. D.N.J. Case No. 15-24585) in Newark, New Jersey, on Aug. 3, 2015, to complete the orderly liquidation of the business. The case is assigned to Judge Christine M. Gravelle. The Debtor disclosed total assets of $11.5 million and total liabilities of $53.3 million as of June 30, 2015. ZGA tapped Wasserman, Jurista & Stolz, P.C. as bankruptcy counsel; Brown, Moskowitz & Kallen, P.C., as special litigation counsel; Genova Burns as labor counsel; and BMC Group, Inc., as noticing and balloting agent. On Aug. 17, 2015, an Official Committee of Unsecured Creditors was appointed by the Office of the United States Trustee. The Committee on Oct. 15, 2015, won approval to retain McCarter & English, LLP ("McCarter") to serve as Committee counsel, effective as Aug. 14, 2015. * * * The Debtor in December 2015 filed a "Plan of Orderly Liquidation" which provides for the wind down of the firm's business. The Plan was put on hold pending the issuance of a report by the examiner. The Court on Feb. 8, 2016, entered an order approving the Acting U.S. Trustee's appointment of former bankruptcy judge Donald H. Steckroth, Esq., as examiner. The Creditors Committee sought an examiner to investigate possible claims against current and former members of the bankrupt foreclosure law firm and related "insiders". [*] Alison Miller Joins Wynnchurch Capital as Director ------------------------------------------------------ Wynnchurch Capital, a North American middle-market private equity firm, on July 12, 2016, disclosed that it is expanding its team with the addition of Alison Miller, who has joined the firm as Director. Ms. Miller is focused on sourcing new investment opportunities that fit Wynnchurch's operations-oriented investment approach. She also supports the firm's strategic relationships with the bankruptcy and restructuring M&A community. "Alison brings over a decade of restructuring experience across a number of industries," says Wynnchurch's Managing Partner John Hatherly. "We feel she is a strong addition to our origination effort." Ms. Miller began her career in the Restructuring Group in the New York office of Kirkland & Ellis. There she represented financially distressed companies in all aspects of corporate restructuring, including Chapter 11 cases, out-of-court restructurings, and acquisitions. She was involved in numerous bankruptcies including Reader's Digest, Tropicana Entertainment, Flying J, and Solutia. She also supported an interdisciplinary team which represented BP p.l.c. in various litigation and regulatory matters pertaining to the Deepwater Horizon oil spill in the Gulf of Mexico. Prior to joining Wynnchurch, Alison was a Director of Business Development at Garden City Group and Donlin Recano & Company, where she was responsible for the development and implementation of strategic marketing initiatives. She is an active member of the Turnaround Management Organization (TMA), American Bankruptcy Institute (ABI), and International Women's Insolvency & Restructuring Confederation (IWIRC). She obtained her J.D. with honors from Fordham University School of Law. "Over our 16-year history, some of our best investments involved helping management teams fix troubled companies," added Wynnchurch's Managing Director, Michael Teplitsky. "Alison's addition to our team further expands our reach in the restructuring and special situations arena." Wynnchurch Capital is actively investing from its $1.3 billion Fund IV. In February 2016, Wynnchurch acquired Texas Hydraulics from Dover Corporation. Texas Hydraulics is a designer and manufacturer of highly engineered hydraulic cylinders and swivels for the global mining, energy, construction, and utility markets. Other recent Wynnchurch investments include Latham International, a leading manufacturer of packaged and fiberglass pools and automatic safety covers; Carson Air Ltd., a leading provider of fixed-wing air ambulance services, air cargo services, and flight school training in Western Canada; Gypsum Technologies Inc., a global leader in machinery and systems for the wallboard industry; and Champion Iron, a junior mining company which recently acquired the large scale Bloom Lake iron ore mine in Quebec. About Wynnchurch Capital Headquartered in the Chicago suburb of Rosemont, Illinois with offices in California, Michigan, Ohio and Canada, Wynnchurch Capital, LLC -- http://www.wynnchurch.com/-- was founded in 1999 and is a middle-market private equity investment firm. Wynnchurch's strategy is to partner with middle market companies in Canada and the United States that possess the potential for substantial growth and profit improvement. Wynnchurch Capital manages a number of private equity funds with $2.3 billion of capital under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs, and restructurings. [*] Former Judge James McGuire Joins Holwell Shuster as Partner --------------------------------------------------------------- Holwell Shuster & Goldberg LLP on July 14 disclosed that James M. McGuire, a respected litigator who has served the state of New York as an appellate judge, trial court judge, and as chief counsel to former Gov. George Pataki, has joined the firm as a partner. "Jim served the public with great distinction both as a judge and as an advisor to Governor Pataki before and after 9/11," said Judge Richard Holwell, the HSG co-founder who himself previously served as a judge on the United States District Court for the Southern District of New York. "We are eager for him to bring his wisdom and litigation talents to our clients." Mr. McGuire joins HSG from the New York office of Dechert LLP, where he represented clients in securities litigation as well as other complex commercial, white collar, and regulatory matters. While there, he represented creditors in the cross-border restructuring of $1.6 billion in debt held by Mexico's largest glass manufacturer, in a case that set new precedent for Chapter 15 bankruptcies involving global companies. "I am excited to join a thriving litigation firm that has so quickly become known for excellence in New York and beyond," Mr. McGuire said. In the New York courts, he served as an associate justice in the First Judicial Department of the Appellate Division and, before that, as a justice in the 11th Judicial District for the Supreme Court of the State of New York. "Jim's extensive experience with securities litigation, appeals, investigations, and white-collar matters complements our work ideally," firm co-founder Mike Shuster said. "And as we know from Judge Holwell, his judicial background will be an invaluable asset to our clients." Before becoming chief counsel to then-Gov. Pataki, Mr. McGuire served as First Assistant Counsel to the Governor, as Deputy Chief Counsel of the Appeals Bureau of the New York County District Attorney's Office, and as Senior Investigative Counsel in the Rackets Bureau. He is the fourth addition to HSG's partnership in 2016. Earlier this year, the firm named Brendon DeMay, Vincent Levy, and Demian Ordway partners of the firm. About Holwell Shuster & Goldberg Founded by Southern District of New York Judge Richard Holwell and trial lawyers Michael Shuster, Daniel Goldberg, and Dorit Ungar Black, Holwell Shuster & Goldberg is a litigation boutique focused on the representation of clients in complex commercial, securities, antitrust, intellectual property, and bankruptcy litigation, as well as related civil, criminal, and regulatory matters. [*] McGlinchey Adds Two Attorneys to Commercial Litigation Practice ------------------------------------------------------------------- McGlinchey Stafford PLLC on July 13, 2016, announced the addition of two attorneys in its Florida offices and Commercial Litigation practice group: -- Dorothy "Doris" Negrin, Fort Lauderdale Of Counsel -- Gabriel M. Hartsell, Jacksonville, Associate "Doris and Gabriel's experience in complex commercial and consumer financial services litigation complements the existing strengths of our practice and allows us to better serve clients doing business in Florida," said Mark New, who heads the firm's Florida operations. Ms. Negrin is a seasoned litigator who has successfully represented corporate clients in state and federal courts at both the trial and appellate levels, as well as in arbitration proceedings and in bankruptcy. She represents national and local businesses, financial institutions, and individuals in a variety of complex commercial and real estate matters, including contract disputes, lender disputes, title claims, liens, construction defects, consumer finance, and banking. Ms. Negrin received her J.D., cum laude, in 2003 from the University of Miami School of Law, where she was an Ann Wrenn-King Scholar and a James Weldon Johnson Fellow. She also holds a B.A. in Political Science from Florida International University. Mr. Hartsell's practice focuses on the representation of commercial lenders and businesses involved in complex commercial litigation, real estate litigation, and financial services litigation. He is licensed to practice in Florida and Georgia, and has handled a broad array of business litigation and insurance defense matters for clients across both those states, with experience in complex contractual disputes, subrogation and indemnity prosecution, and litigation involving real property, banking, transportation, premises liability, professional liability, employers' liability, products liability, maritime personal injury, workers' compensation, and insurance coverage. Mr. Hartsell is a 2010 graduate of the Florida State University College of Law, where he received his J.D., cum laude, and received his International Law Certificate, magna cum laude. He received his B.S. in Psychology, magna cum laude, from Palm Beach Atlantic University in 2007. "We are happy to welcome Doris and Gabriel to the firm's Fort Lauderdale and Jacksonville offices, respectively, and to our group of commercial litigators," said Michael Ferachi, a Member and Team Leader of the firm's Commercial Litigation section. "The continued growth of our Commercial Litigation practice group allows us to offer our clients increased depth of experience in several areas of law, and is a reflection of the firm's commitment to helping clients strategically address concerns, resolve disputes, and achieve their business and legal goals." McGlinchey Stafford's Florida offices were established to more effectively and efficiently serve valued clients in the Southeast United States. Attorneys in these offices bring experience working in-house for some of the largest financial services companies in the world, as well as seasoned trial experience handling complex commercial litigation; bankruptcy, reorganization, and creditors' rights; consumer financial services; and real estate. Since opening its first office in Florida in 2010, the firm has grown to 27 attorneys in the state, with 14 attorneys in its Fort Lauderdale office and 13 attorneys in its Jacksonville office. About McGlinchey Stafford McGlinchey Stafford -- http://www.mcglinchey.com-- is a full-service law firm providing innovative legal counsel to business clients nationwide. Guiding clients wherever business and law intersect, McGlinchey Stafford's 200 attorneys are based in 13 offices in Alabama, California, Florida, Louisiana, Mississippi, New York, Ohio, Texas, and Washington, DC. [*] Michael Krakovsky Joins SRR's Investment Banking Group ---------------------------------------------------------- Stout Risius Ross (SRR), a global advisory firm specializing in Investment Banking, Valuation & Financial Opinions, and Dispute Advisory & Forensic Services on July 12, 2016, disclosed that Michael Krakovsky has joined the firm as a Managing Director and head of the Special Situations Practice in the Investment Banking Group. Mr. Krakovsky has extensive experience providing advice on a wide range of special situations transactions. He has advised middle-market debtors and creditors on numerous in-court and out-of-court restructuring transactions, and has focused on distressed companies as both an investment banker and principal investor. "I'm thrilled to welcome Mike to the Investment Banking Group at SRR. His extensive experience helping clients navigate a wide variety of financial challenges and special situations is a great addition to our impressive bench of senior bankers," said Nick Jachim, Managing Director and Head of Investment Banking at SRR. "I'm excited to join such a rapidly growing platform and leverage my special situations experience across SRR's comprehensive areas of industry expertise and expansive client base," added Mr. Krakovsky. Prior to joining SRR, Mr. Krakovsky spent 13 years in Houlihan Lokey's Financial Restructuring Group in Los Angeles, where he was a senior officer completing transactions across a variety of industries. In addition, Mr. Krakovsky has experience as a principal investor at Levine Leichtman Capital Partners Deep Value distressed debt fund, where he was a Managing Director responsible for sourcing and analyzing distressed debt opportunities and managing the fund's investment portfolio. Mr. Krakovsky began his career as a transactional lawyer with Irell & Manella. Mr. Krakovsky frequently presents on restructuring topics at various industry events including the Turnaround Management Association (TMA), American Bankruptcy Institute (ABI), and New York City Bar Conference. Mr. Krakovsky is a FINRA registered representative and holds Series 7, 63 and 79 licenses, and is also a member of the State Bar of California. About Stout Risius Ross SRR -- http://www.SRR.com/-- is a global advisory firm specializing in Investment Banking, Valuation & Financial Opinions, and Dispute Advisory & Forensic Services. [^] BOND PRICING: For the Week from July 11 to 15, 2016 ------------------------------------------------------- Issuer Name Ticker Coupon Bid Price Maturity ----------- ------ ------ --------- -------- A. M. Castle & Co CAS 12.750 75.438 12/15/2016 A. M. Castle & Co CAS 7.000 46.250 12/15/2017 ACE Cash Express Inc AACE 11.000 44.875 2/1/2019 ACE Cash Express Inc AACE 11.000 44.875 2/1/2019 AES Corp/VA AES 8.000 106.832 10/15/2017 AK Steel Corp AKS 8.750 103.798 12/1/2018 Affinion Group Inc AFFINI 7.875 47.500 12/15/2018 Affinion Investments LLC AFFINI 13.500 52.500 8/15/2018 Alpha Natural Resources Inc ANR 6.000 0.250 6/1/2019 Alpha Natural Resources Inc ANR 6.250 0.255 6/1/2021 Alpha Natural Resources Inc ANR 7.500 1.000 8/1/2020 Alpha Natural Resources Inc ANR 4.875 0.500 12/15/2020 Alpha Natural Resources Inc ANR 7.500 1.000 8/1/2020 Alpha Natural Resources Inc ANR 7.500 4.670 8/1/2020 American Eagle Energy Corp AMZG 11.000 14.000 9/1/2019 American Eagle Energy Corp AMZG 11.000 12.500 9/1/2019 American Gilsonite Co AMEGIL 11.500 62.000 9/1/2017 American Gilsonite Co AMEGIL 11.500 60.125 9/1/2017 Amyris Inc AMRS 6.500 27.500 5/15/2019 Arch Coal Inc ACI 7.000 2.150 6/15/2019 Arch Coal Inc ACI 7.250 2.125 6/15/2021 Arch Coal Inc ACI 7.250 1.750 10/1/2020 Arch Coal Inc ACI 8.000 2.125 1/15/2019 Arch Coal Inc ACI 9.875 1.875 6/15/2019 Arch Coal Inc ACI 8.000 1.805 1/15/2019 Armstrong Energy Inc ARMS 11.750 44.750 12/15/2019 Armstrong Energy Inc ARMS 11.750 41.125 12/15/2019 Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp ARP 7.750 11.350 1/15/2021 Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp ARP 9.250 7.991 8/15/2021 Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp ARP 9.250 8.250 8/15/2021 Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp ARP 9.250 8.250 8/15/2021 Aurora Diagnostics Holdings LLC / Aurora Diagnostics Financing Inc ARDX 10.750 78.999 1/15/2018 Avaya Inc AVYA 10.500 23.300 3/1/2021 Avaya Inc AVYA 10.500 22.000 3/1/2021 BPZ Resources Inc BPZR 6.500 1.500 3/1/2015 BPZ Resources Inc BPZR 6.500 2.665 3/1/2049 Basic Energy Services Inc BAS 7.750 36.915 2/15/2019 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 7.875 24.375 4/15/2022 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 24.375 10/15/2020 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 23.875 10/15/2020 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 23.875 10/15/2020 CNG Holdings Inc CNGHLD 9.375 44.022 5/15/2020 CNG Holdings Inc CNGHLD 9.375 51.500 5/15/2020 CVS Health Corp CVS 4.750 109.965 5/18/2020 Caesars Entertainment Operating Co Inc CZR 10.000 40.250 12/15/2018 Caesars Entertainment Operating Co Inc CZR 12.750 42.500 4/15/2018 Caesars Entertainment Operating Co Inc CZR 10.000 40.750 12/15/2018 Caesars Entertainment Operating Co Inc CZR 5.750 35.500 10/1/2017 Caesars Entertainment Operating Co Inc CZR 5.750 12.250 10/1/2017 Caesars Entertainment Operating Co Inc CZR 10.000 39.875 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10.000 39.875 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10.000 40.250 12/15/2018 Chassix Holdings Inc CHASSX 10.000 8.000 12/15/2018 Chassix Holdings Inc CHASSX 10.000 8.000 12/15/2018 Chiquita Brands International Inc CQB 4.250 95.500 8/15/2016 Claire's Stores Inc CLE 8.875 25.875 3/15/2019 Claire's Stores Inc CLE 7.750 7.750 6/1/2020 Claire's Stores Inc CLE 10.500 51.500 6/1/2017 Claire's Stores Inc CLE 7.750 7.500 6/1/2020 Clean Energy Fuels Corp CLNE 7.500 89.104 8/30/2016 Community Choice Financial Inc CCFI 10.750 43.300 5/1/2019 Comstock Resources Inc CRK 7.750 44.000 4/1/2019 Comstock Resources Inc CRK 9.500 42.900 6/15/2020 Creditcorp CRECOR 12.000 40.250 7/15/2018 Creditcorp CRECOR 12.000 39.750 7/15/2018 Cumulus Media Holdings Inc CMLS 7.750 44.530 5/1/2019 DynCorp International Inc DCP 10.375 79.476 7/1/2017 EPL Oil & Gas Inc EXXI 8.250 9.500 2/15/2018 EXCO Resources Inc XCO 7.500 37.620 9/15/2018 Eagle Rock Energy Partners LP / Eagle Rock Energy Finance Corp EROC 8.375 41.660 6/1/2019 Endeavour International Corp END 12.000 1.000 6/1/2018 Energy & Exploration Partners Inc ENEXPR 8.000 1.970 7/1/2019 Energy & Exploration Partners Inc ENEXPR 8.000 1.970 7/1/2019 Energy Conversion Devices Inc ENER 3.000 7.875 6/15/2013 Energy Future Holdings Corp TXU 11.250 90.000 11/1/2017 Energy Future Holdings Corp TXU 10.875 90.000 11/1/2017 Energy Future Holdings Corp TXU 10.875 49.625 11/1/2017 Energy Future Holdings Corp TXU 9.750 20.000 10/15/2019 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 10.000 1.000 12/1/2020 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 10.000 3.000 12/1/2020 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 9.750 10.550 10/15/2019 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 6.875 2.730 8/15/2017 Energy XXI Gulf Coast Inc EXXI 11.000 40.125 3/15/2020 Energy XXI Gulf Coast Inc EXXI 7.500 13.750 12/15/2021 Energy XXI Gulf Coast Inc EXXI 9.250 11.500 12/15/2017 Energy XXI Gulf Coast Inc EXXI 6.875 11.938 3/15/2024 Energy XXI Gulf Coast Inc EXXI 7.750 13.000 6/15/2019 FBOP Corp FBOPCP 10.000 1.843 1/15/2009 FXCM Inc FXCM 2.250 34.750 6/15/2018 FairPoint Communications Inc/Old FRP 13.125 1.879 4/2/2018 Fleetwood Enterprises Inc FLTW 14.000 3.557 12/15/2011 Forbes Energy Services Ltd FES 9.000 40.037 6/15/2019 Gibson Brands Inc GIBSON 8.875 55.750 8/1/2018 Gibson Brands Inc GIBSON 8.875 52.250 8/1/2018 Gibson Brands Inc GIBSON 8.875 55.500 8/1/2018 Goodman Networks Inc GOODNT 12.125 40.900 7/1/2018 Halcon Resources Corp HKUS 9.750 24.590 7/15/2020 Halcon Resources Corp HKUS 8.875 24.100 5/15/2021 Halcon Resources Corp HKUS 9.250 22.750 2/15/2022 Horsehead Holding Corp ZINC 9.000 20.250 6/1/2017 ION Geophysical Corp IO 8.125 59.000 5/15/2018 Illinois Power Generating Co DYN 7.000 36.875 4/15/2018 Iracore International Holdings Inc IRACOR 9.500 59.125 6/1/2018 Iracore International Holdings Inc IRACOR 9.500 59.125 6/1/2018 IronGate Energy Services LLC IRONGT 11.000 24.125 7/1/2018 IronGate Energy Services LLC IRONGT 11.000 24.125 7/1/2018 IronGate Energy Services LLC IRONGT 11.000 24.125 7/1/2018 IronGate Energy Services LLC IRONGT 11.000 24.125 7/1/2018 Las Vegas Monorail Co LASVMC 5.500 3.859 7/15/2019 Lehman Brothers Holdings Inc LEH 5.000 3.493 2/7/2009 Lehman Brothers Holdings Inc LEH 1.500 3.493 3/29/2013 Lehman Brothers Holdings Inc LEH 2.070 3.493 6/15/2009 Lehman Brothers Holdings Inc LEH 1.383 3.493 6/15/2009 Lehman Brothers Holdings Inc LEH 2.000 3.493 3/3/2009 Lehman Brothers Holdings Inc LEH 4.000 3.493 4/30/2009 Lehman Brothers Holdings Inc LEH 1.600 3.493 11/5/2011 Lehman Brothers Inc LEH 7.500 1.226 8/1/2026 Liberty Interactive LLC LINTA 1.000 86.410 9/30/2043 Linc USA GP / Linc Energy Finance USA Inc LNCAU 9.625 22.250 10/31/2017 Linn Energy LLC / Linn Energy Finance Corp LINE 8.625 20.500 4/15/2020 Linn Energy LLC / Linn Energy Finance Corp LINE 12.000 41.438 12/15/2020 Linn Energy LLC / Linn Energy Finance Corp LINE 6.500 19.625 5/15/2019 Linn Energy LLC / Linn Energy Finance Corp LINE 6.250 19.938 11/1/2019 Linn Energy LLC / Linn Energy Finance Corp LINE 7.750 19.500 2/1/2021 Linn Energy LLC / Linn Energy Finance Corp LINE 6.500 19.875 9/15/2021 Linn Energy LLC / Linn Energy Finance Corp LINE 6.250 84.000 11/1/2019 Linn Energy LLC / Linn Energy Finance Corp LINE 6.250 18.875 11/1/2019 Logan's Roadhouse Inc LGNS 10.750 4.667 10/15/2017 Lonestar Resources America Inc LNRAU 8.750 39.750 4/15/2019 Lonestar Resources America Inc LNRAU 8.750 42.000 4/15/2019 MF Global Holdings Ltd MF 3.375 20.250 8/1/2018 MF Global Holdings Ltd MF 9.000 20.250 6/20/2038 MModal Inc MODL 10.750 10.125 8/15/2020 Magnetation LLC / Mag Finance Corp MAGNTN 11.000 6.000 5/15/2018 Magnetation LLC / Mag Finance Corp MAGNTN 11.000 6.000 5/15/2018 Magnetation LLC / Mag Finance Corp MAGNTN 11.000 6.000 5/15/2018 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 0.750 10/1/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 9.250 1.000 6/1/2021 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 12.000 8.375 6/1/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 96.250 10/1/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 1.811 10/1/2020 Modular Space Corp MODSPA 10.250 45.750 1/31/2019 Modular Space Corp MODSPA 10.250 45.875 1/31/2019 Molycorp Inc MCP 3.250 0.300 6/15/2016 Murray Energy Corp MURREN 11.250 28.000 4/15/2021 Murray Energy Corp MURREN 9.500 27.625 12/5/2020 Murray Energy Corp MURREN 11.250 27.625 4/15/2021 Murray Energy Corp MURREN 9.500 27.625 12/5/2020 New Gulf Resources LLC/ NGR Finance Corp NGREFN 12.250 3.031 5/15/2019 New Gulf Resources LLC/ NGR Finance Corp NGREFN 12.250 3.031 5/15/2019 New Gulf Resources LLC/ NGR Finance Corp NGREFN 12.250 2.859 5/15/2019 Nine West Holdings Inc JNY 6.125 13.150 11/15/2034 Nine West Holdings Inc JNY 8.250 17.500 3/15/2019 Nine West Holdings Inc JNY 6.875 19.422 3/15/2019 Nine West Holdings Inc JNY 8.250 17.500 3/15/2019 Noranda Aluminum Acquisition Corp NOR 11.000 0.500 6/1/2019 Nuverra Environmental Solutions Inc NESC 9.875 36.538 4/15/2018 OMX Timber Finance Investments II LLC OMX 5.540 12.750 1/29/2020 Optima Specialty Steel Inc OPTSTL 12.500 80.000 12/15/2016 Optima Specialty Steel Inc OPTSTL 12.500 70.500 12/15/2016 Orexigen Therapeutics Inc OREX 2.750 22.500 12/1/2020 Peabody Energy Corp BTU 6.000 11.470 11/15/2018 Peabody Energy Corp BTU 6.500 12.232 9/15/2020 Peabody Energy Corp BTU 10.000 13.688 3/15/2022 Peabody Energy Corp BTU 6.250 12.325 11/15/2021 Peabody Energy Corp BTU 4.750 0.500 12/15/2041 Peabody Energy Corp BTU 7.875 12.200 11/1/2026 Peabody Energy Corp BTU 10.000 14.500 3/15/2022 Peabody Energy Corp BTU 6.000 17.250 11/15/2018 Peabody Energy Corp BTU 6.250 13.000 11/15/2021 Peabody Energy Corp BTU 6.000 12.375 11/15/2018 Peabody Energy Corp BTU 6.250 13.000 11/15/2021 Penn Virginia Corp PVAH 7.250 33.946 4/15/2019 Penn Virginia Corp PVAH 8.500 41.000 5/1/2020 Permian Holdings Inc PRMIAN 10.500 29.500 1/15/2018 Permian Holdings Inc PRMIAN 10.500 30.125 1/15/2018 Pernix Therapeutics Holdings Inc PTX 4.250 22.625 4/1/2021 Pernix Therapeutics Holdings Inc PTX 4.250 20.055 4/1/2021 PetroQuest Energy Inc PQ 10.000 52.015 9/1/2017 Prospect Holding Co LLC / Prospect Holding Finance Co PRSPCT 10.250 44.883 10/1/2018 Prospect Holding Co LLC / Prospect Holding Finance Co PRSPCT 10.250 44.883 10/1/2018 Quicksilver Resources Inc KWKA 9.125 5.000 8/15/2019 Quicksilver Resources Inc KWKA 11.000 3.125 7/1/2021 Rex Energy Corp REXX 8.875 25.000 12/1/2020 Rex Energy Corp REXX 6.250 20.375 8/1/2022 Rolta LLC RLTAIN 10.750 18.250 5/16/2018 SAExploration Holdings Inc SAEX 10.000 47.000 7/15/2019 Sabine Oil & Gas Corp SOGC 7.250 2.000 6/15/2019 Sabine Oil & Gas Corp SOGC 7.500 2.000 9/15/2020 Sabine Oil & Gas Corp SOGC 7.500 0.886 9/15/2020 Sabine Oil & Gas Corp SOGC 7.500 0.886 9/15/2020 Samson Investment Co SAIVST 9.750 2.300 2/15/2020 SandRidge Energy Inc SD 8.750 38.991 6/1/2020 SandRidge Energy Inc SD 8.750 6.000 1/15/2020 SandRidge Energy Inc SD 7.500 6.000 3/15/2021 SandRidge Energy Inc SD 7.500 6.688 2/15/2023 SandRidge Energy Inc SD 8.125 6.500 10/15/2022 SandRidge Energy Inc SD 8.750 42.500 6/1/2020 SandRidge Energy Inc SD 7.500 6.125 2/16/2023 SandRidge Energy Inc SD 8.125 4.860 10/16/2022 SandRidge Energy Inc SD 7.500 6.000 3/15/2021 SandRidge Energy Inc SD 7.500 6.000 3/15/2021 Sequa Corp SQA 7.000 27.000 12/15/2017 Sequa Corp SQA 7.000 24.875 12/15/2017 Sequenom Inc SQNM 5.000 59.500 1/1/2018 Sequenom Inc SQNM 5.000 61.000 10/1/2017 Seventy Seven Energy Inc SSEI 6.500 6.875 7/15/2022 Sidewinder Drilling Inc SIDDRI 9.750 7.000 11/15/2019 Sidewinder Drilling Inc SIDDRI 9.750 7.000 11/15/2019 Speedy Cash Intermediate Holdings Corp SPEEDY 10.750 63.250 5/15/2018 Speedy Cash Intermediate Holdings Corp SPEEDY 10.750 63.000 5/15/2018 Speedy Cash Intermediate Holdings Corp SPEEDY 10.750 63.250 5/15/2018 Speedy Cash Intermediate Holdings Corp SPEEDY 10.750 63.000 5/15/2018 Speedy Group Holdings Corp SPEEDY 12.000 39.500 11/15/2017 Speedy Group Holdings Corp SPEEDY 12.000 38.500 11/15/2017 SquareTwo Financial Corp SQRTW 11.625 13.870 4/1/2017 Stone Energy Corp SGY 1.750 55.000 3/1/2017 SunEdison Inc SUNE 5.000 26.000 7/2/2018 SunEdison Inc SUNE 2.000 5.500 10/1/2018 SunEdison Inc SUNE 2.750 6.600 1/1/2021 SunEdison Inc SUNE 0.250 4.500 1/15/2020 SunEdison Inc SUNE 2.375 5.000 4/15/2022 SunEdison Inc SUNE 2.625 6.000 6/1/2023 SunEdison Inc SUNE 3.375 5.000 6/1/2025 Syniverse Holdings Inc SVR 9.125 51.000 1/15/2019 TMST Inc THMR 8.000 14.000 5/15/2013 Talos Production LLC / Talos Production Finance Inc TALPRO 9.750 45.950 2/15/2018 Talos Production LLC / Talos Production Finance Inc TALPRO 9.750 44.250 2/15/2018 TerraVia Holdings Inc TVIA 6.000 58.000 2/1/2018 Terrestar Networks Inc TSTR 6.500 10.000 6/15/2014 TetraLogic Pharmaceuticals Corp TLOG 8.000 25.142 6/15/2019 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 11.500 35.438 10/1/2020 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.250 6.400 11/1/2015 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 15.000 6.300 4/1/2021 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.250 6.400 11/1/2015 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 11.500 34.500 10/1/2020 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 15.000 6.300 4/1/2021 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.250 6.375 11/1/2015 Triangle USA Petroleum Corp TPLM 6.750 22.489 7/15/2022 Triangle USA Petroleum Corp TPLM 6.750 22.875 7/15/2022 UCI International LLC UCII 8.625 22.750 2/15/2019 Vanguard Natural Resources LLC / VNR Finance Corp VNR 7.875 42.300 4/1/2020 Venoco Inc VQ 8.875 3.100 2/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 17.000 1/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 0.150 1/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 17.125 1/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 17.125 1/15/2019 W&T Offshore Inc WTI 8.500 32.100 6/15/2019 Walter Energy Inc WLTG 9.875 0.450 12/15/2020 Walter Energy Inc WLTG 9.500 14.625 10/15/2019 Walter Energy Inc WLTG 9.500 14.625 10/15/2019 Walter Energy Inc WLTG 9.875 0.434 12/15/2020 Walter Energy Inc WLTG 9.500 14.625 10/15/2019 Walter Energy Inc WLTG 9.875 0.434 12/15/2020 Walter Energy Inc WLTG 9.500 14.625 10/15/2019 Walter Investment Management Corp WAC 4.500 36.318 11/1/2019 iHeartCommunications Inc IHRT 10.000 56.000 1/15/2018 rue21 inc RUE 9.000 35.000 10/15/2021 rue21 inc RUE 9.000 34.500 10/15/2021 ********* 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 ***