TCR_Public/160903.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Saturday, September 3, 2016, Vol. 20, No. 247

                            Headlines

EMERALD OIL: Net Loss Continues at $4.33 Million in June
PACIFIC SUNWEAR: Gains $1.95 Million Net Income at July 2
WAVE SYSTEMS: Files Initial Monthly Operating Report

                            *********

EMERALD OIL: Net Loss Continues at $4.33 Million in June
--------------------------------------------------------
Emerald Oil, Inc., et al., filed with the U.S. Securities and
Exchange Commission their monthly operating report for June 2016.

The Debtors' consolidated statement of operations showed a net loss
of $4.33 million on $3.64 million revenues for the month, as
compared to $3.43 million net loss on $3.71 million revenues posted
in May.

As of June 30, 2016, the Debtors posted consolidated total assets
of $188.75 million, consolidated total liabilities of $334.12
million, and -$145.37 million in consolidated total shareholders'
equity.

At the start of the month, the Debtors had $11.04 million cash.
They reported total receipts of $6.27 million and total
disbursements of $8.08 million.  At month end, the Debtors had
$9.23 million cash.

A copy of the monthly operating report is available at the SEC at:

                    https://is.gd/p44gXf

                     About Emerald Oil

Emerald is a Denver-based independent exploration and production
company that is focused on acquiring acreage and developing wells
in the Williston Basin of North Dakota.

Emerald Oil, Inc., Emerald DB, LLC, Emerald NWB, LLC, Emerald WB
LLC and EOX Marketing, LLC filed separate Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10704 to 16-10708) on March
22, 2016. Ryan Smith signed the petitions as chief financial
officer.

The Debtors have hired Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as general bankruptcy counsel, Pachulski Stang
Ziehl & Jones LLP as local counsel, Intrepid Financial Partners,
LLC as investment banker, Opportune LLP as restructuring advisor
and Donlin Recano & Company, Inc., as claims and noticing agent.

Judge Kevin Gross has been assigned the cases.

Andrew Vara, acting U.S. trustee for Region 3, appointed seven
creditors of Emerald Oil, Inc., to serve on the official committee
of unsecured creditors.  The Committee retains Whiteford, Taylor &
Preston LLC as Delaware counsel, and Akin Gump Strauss Hauer & Feld
LLP as co-counsel.



PACIFIC SUNWEAR: Gains $1.95 Million Net Income at July 2
---------------------------------------------------------
Pacific Sunwear of California, Inc., et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for the period from May 29, 2016 to July 2, 2016.

The Debtors' consolidated statement of operations showed a net
income of $1.95 million on $72.24 million net sales for the
reporting period.

As of July 2, 2016, the Debtors listed consolidated total assets
of $278.58 million, consolidated total liabilities of $316.39
million, and -$37.81 million in consolidated total shareholders'
equity.

At July 2, 2016, the Debtors had total cash receipts of $75.33
million and total disbursements of $89.43 million.

A copy of the monthly operating report is available at the SEC at:

                    https://is.gd/ep1OpA

                    About Pacific Sunwear

Founded in 1982 in Newport Beach, California as a surf shop,
Pacific Sunwear of California, Inc. operates in the teen and young
adult retail sector, selling men's and womens apparel, accessories,
and footwear. The Company went public in 1993  (NASDAQ: PSUN), and
peaked with 965 stores in 2006. At present, the Company has
approximately 593 retail locations nationwide under the names
"Pacific Sunwear" and "PacSun," which stores are principally in
mall locations. The Company has 2,000 full-time workers. Through
its ecommerce business, the Company operates an e-commerce site at
http://www.pacsun.com/    

Pacific Sunwear of California, Inc., and two affiliated debtors
each filed a voluntary petition for relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 16-10882) on
April 7, 2016.  The cases are pending before the Honorable Laurie
Selber Silverstein.

The Debtors sought Chapter 11 protection with a Chapter 11 plan
that would convert debt into equity.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and Klee,
Tuchin, Bogdanoff & Stern LLP as attorneys; FTI Consulting, Inc.,
as financial advisor; Guggenheim Securities, LLC, as investment
banker; and Prime Clerk LLC as claims and noticing agent.

Andrew Vara, acting U.S. trustee for Region 3, on April 19
appointed seven creditors of Pacific Sunwear of California, Inc.,
to serve on the official committee of unsecured creditors.  The
official committee of unsecured creditors retained Cooley LLP and
Bayard, P.A. as counsel; and Province Inc. as its financial
advisor.



WAVE SYSTEMS: Files Initial Monthly Operating Report
----------------------------------------------------
Wave Systems Corp. filed an initial monthly operating report on
June 29, 2016.

The Debtor's Initial MOR includes a cash flow projection for the
13-week period covering the week ended May 27, 2016 through the
week ended Aug. 19, 2016.

The Debtor projects cash receipts to total $29,500 for the
13-week period ended August 19.  Disbursements for the
same period is projected at $1.74 million.

The Initial MOR also include a schedule of retainers paid to
professionals. The Debtor's bankruptcy professional is Young
Conaway Stargat.

A copy of the initial monthly operating report is available at:

                     https://is.gd/VcIjG2

                     About Wave Systems

Lee, Massachusetts-based Wave Systems Corp. (NASDAQ: WAVX)
--http://www.wave.com/--develops, produces and markets products    

for hardware-based digital security, including security
applications and services that are complementary to and work with
the specifications of the Trusted Computing Group, an industry
standards organization comprised of computer and device
manufacturers, software vendors and other computing products
manufacturers.

The Debtor filed for Chapter 7 protection on February 1, 2016, and
the Court converted the liquidation to a reorganization under
Chapter 11 on May 16, 2016.

David W. Carickhoff was appointed as Chapter 11 trustee in May
2016. Mr. Carickhoff tapped Archer & Greiner P.C. as counsel. The
Trustee also tapped Giuliano Miller & Company, LLC as accountants
and financial advisors, and UpShot Services LLC as the claims agent
and administrative agent.  Global IP Law Group, LLC serves as
intellectual property consultants

Baker & Hostetler LLP serve as corporate and securities counsel to
the Debtor.


                            *********

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 ***