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/raid1/www/Hosts/bankrupt/TCR_Public/180116.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, January 16, 2018, Vol. 22, No. 15 Headlines ACADIANA MANAGEMENT: PCO Files 3rd Interim Report for Edmond/Mercy ACADIANA MANAGEMENT: PCO Files 3rd Interim Report for Las Vegas ADAMS RESOURCES: AREI Will Get $3.2MM for Intercompany Claim ALEXIS SANTOS: DOJ Watchdog to Determine the Necessity of PCO ALLY FINANCIAL: Declares Dividend on Common Stock ALTICE USA: S&P Lowers Proposed Secured Debt Rating to 'BB-' AMPLIPHI BIOSCIENCES: Will Receive $3.5M from Stock Offering ANDREW N. LAVIGNE: P. Levine Appointed as Chapter 11 Trustee AUTHENTIDATE HOLDING: Appoints CMO of Anatomic Pathology Business BILL BARRETT: Franklin Resources Has 10.8% Stake as of Dec. 31 BIOSTAGE INC: DST Capital Has 49.9% Stake as of Dec. 27 BLINK CHARGING: Amends 4.6 Million Units Prospectus with SEC BLINK CHARGING: Amends Prospectus on Proposed 4.6M Units Sale CAMBER ENERGY: Appoints Fred Zeidman as Director CAMBER ENERGY: Increases Authorized Common Stock to 500M Shares CAMBER ENERGY: Receives Shareholder Support in Turnaround Effort CESAR QUINONES: Court Strips Down Tax Lien to $25K CFG PERU: Trustee Can Proceed with Rule 2004 Discovery from HSBC CHENIERE CORPUS: S&P Affirms 'BB-' Rating on $1.5BB Notes Due 2025 COLONIAL MEDICAL: U.S. Trustee Appoints E. De Jesus as PCO COMSTOCK RESOURCES: MacKay Shields Has 12.69% Stake as of Dec. 31 CONCENTRA INC: Moody's Hikes Sr. Sec. First Lien Debt Rating to B1 CORPORATE RESOURCE: Trustee Hires Jeffer as Special Counsel CSC HOLDING: Moody's Cuts Sr. Secured Debt Rating to Ba2 CTI BIOPHARMA: Stonepine Capital Has 5% Stake as of Jan. 11 DAVID'S BRIDAL: S&P Lowers CCR to 'CCC' on Debt Restructuring DAYBREAK OIL: Incurs $568,000 Net Loss in Third Quarter FINJAN HOLDINGS: Circuit Court Affirms Validity of Finjan's Patents FIRST RIVER: CEO Says It Beat Receiver in Filing of Petition FLOYD E. SQUIRES: Ct. Issues Memo on Eureka City's Letter to Judge FTE NETWORKS: CEO Says 2017 One of Most Transformative Years FUNCTION(X) INC: Signs a Two-Year License Deal with BumbClick GABRIELLE LAVERNE BROWN: PCO Files 5th Report GADFLY ENTERPRISES: Wants to Use Hanmi Bank Cash Collateral GENESIS TOTAL: PCO Files 3rd Report GLYECO INC: Registers 20 Million Shares Under Stock Plans GREAT BASIN: Empery No Longer Owns Shares as of Dec. 31 HELIOS AND MATHESON: Will Issue $60 Million in Convertible Notes HOVNANIAN ENTERPRISES: Faces Suit Over 'Inadequate' Disclosure HOVNANIAN ENTERPRISES: Modifies Rights Agreement with Computershare HUMANIGEN INC: Morgan Lam Resigns as Chief Scientific Officer IMMC CORPORATION: Trustee's Bid to Transfer Suit to Pa. Court Nixed INTERPACE DIAGNOSTICS: Empery Asset Has 4.9% Stake as of Dec. 31 JOURNAL-CHRONICLE CO: Wants to Continue Using Cash Collateral KIKO USA: To Close Nearly All Stores & File Full-Payment Plan KIKO USA: To Honor or Refund All Gift Cards LEADVILLE CORPORATION: Creditors Seek Appointment of Ch. 11 Trustee MRI INTERVENTIONS: Satterfield Has 5.8% Stake as of Dec. 31 NATIONAL EVENTS: Taly Not Aware of Ponzi Scheme, Examiner Says NEPHROS INC: Wexford Capital Has 56.6% Stake as of Dec. 20 OUTSOURCING STORAGE: Unsecureds to Get 10% of Allowed Claim PALADIN ENERGY: Disclosure Statement Has Conditional Court Approval PETROQUEST ENERGY: MacKay Shields Has 7.18% Stake as of Dec. 31 PITTSBURGH PROPERTY: Filed Ch. 11 with Intent to Defraud, Ct. Finds POINT.360: Needs More Time to Negotiate With Medley Opportunity PORTER BANCORP: Estate of J. Chester Porter No Longer a Shareholder PRITHVI CATALYTIC: Kyko Has No Standing in Suit vs Beyondsoft RADIATE HOLDCO: Loan Upsize No Impact on Moody's B1 Loan Rating RUBY TUESDAY: Terminates Registration of Common Stock SABLE NATURAL: SEC Objects to 1st Amended Disclosure Statement SAEXPLORATION HOLDINGS: Gets New $15.7M Tax Credit Certificates SAQIB SIDDIQUI: Trustee Sought to Propose Confirmable Plan SEARS HOLDINGS: Fairholme Capital Has 17.9% Stake as of Jan. 11 SOLBRIGHT GROUP: AIP Asset Has 29.64% Stake as of Jan. 2 STEINWAY MUSICAL: Moody's Hikes CFR to B3; Outlook Stable TAUREN EXPLORATION: District Court Affirms Plan Confirmation TEVA PHARMACEUTICAL: Moody's Lowers Senior Unsecured Rating to Ba2 THERMAGEM LLC: Trustee Sought to Investigate Dubious Transfer TIMBERVIEW VETERINARY: Unsecureds to Get 5% of Allowed Claims TOWERSTREAM CORP: Appoints New Chief Financial Officer USI SERVICES: Jan. 18 Meeting Set to Form Creditors' Panel WINDSTREAM HOLDINGS: S&P Rates $832MM Senior Unsecured Notes 'B-' WORDSWORTH ACADEMY: Plan Apportions $400,000 for Unsecureds [^] Large Companies with Insolvent Balance Sheet ********* ACADIANA MANAGEMENT: PCO Files 3rd Interim Report for Edmond/Mercy ------------------------------------------------------------------ Susan N. Goodman, the patient care ombudsman for Acadiana Management Group, LLC, submits her third interim report detailing remote monitoring, site visit observations, and analyses of the Debtor's operations in Edmond and Mercy/OKC. Shortly after the PCO's Second Report, the Edmond facility closed for patient care. Yet, because the Mercy location reportedly did not independently meet all necessary Oklahoma Administrative Code requirements for emergency services, limited administrative and nursing staff reportedly remain at the Edmond location for licensure purposes. The PCO did not verify that such staff remained at Edmond given that patient care services ceased at that location. The PCO reports that OKC Mercy did not have physician wound specialist coverage for ten of thirteen patients receiving wound care services at the time of her visit. The specialist physician who previously provided these services did not renew her contract and ceased providing services for new patient admissions at the end of November. While the specialist continued to provide limited coverage for those patients who had been established with her service, such coverage included only three patients. In the interim, an experienced, but non-certified wound nurse was attempting to coordinate continued wound care orders with the hospitalist group that manages patients' medical needs. The level of involvement by this group in wound care rounds was unclear. However, when PCO interviewed one of these three hospitalists, he quickly asserted that neither he or his partners were wound care certified, indicating such coverage was meant to be stop-gap only and would soon be ending in early January. The PCO has received mixed feedback as to whether or not the contractual termination had a connection to the bankruptcy process. Certainly, some connection cannot be ruled out, and the tenuousness of appropriate wound care coverage may quickly result in a material compromise to care as contemplated by 11 U.S.C. Section 333(b). The PCO contacted the former wound specialist physician to inquire about immediate patient safety concerns. The physician expressed a certain comfort level with the current wound nurse's skills. However, she did not feel that the "back-up" non-certified wound nurses could provide stop-gap coverage if the experienced wound nurse departed. Accordingly, the PCO discussed with the site CEO the need for a definitive solution by early January to ensure that the wound nurse wasn't being asked to function outside of her scope of practice. Site leadership identified possible replacement physicians for corporate leadership but denied having a definitive contracted replacement solution at the time of PCO's visit. As such, the PCO will circle back in early January to confirm that appropriate physician wound coverage is secured or, alternatively, that patient placement arrangements are made if the hospitalist team ceases to provide coverage and/or the current wound nurse departs. The Facility was full at the time of PCO's visit, with an eleven-patient waiting list, but the PCO was able to five patients and two family members. All those interviewed reported some measure of feeling that the clinical staff was simply stretched too thin relative to the high care needs for the type of patients in the facility. However, feelings about the quality of the staff were positive. The PCO visited the facility on the night and day shifts. Each nurse was assigned four to five patients with one nurse's aide assisting the nursing team. With the charge nurse, staffing appeared to be consistent with prior PCO visits, although the number of full-care ventilator patients was higher than what was witnessed on previous site visits. While staff reported that additional Mercy resignations followed the Edmond closure, the PCO also spoke to staff that were directly affected by the Edmond closure, yet were filling in to assist with holiday coverage on a PRN basis. Clinical staff denied concerns with supplies or linens. Like other facilities dealing with various national shortages in the wake of the Puerto Rico Hurricane, the pharmacist reported multiple pharmaceutical and fluid shortages. The most concerning one, given current patient needs, is the national shortage of total parenteral nutrition ("TPN") fluids. The PCO was satisfied that the facility was actively engaged in managing the shortage with appropriate patient care contingencies identified. Because of the Tulsa and Edmond pharmacy closures, Mercy had some benefit through being able to transfer other pharmaceuticals. Additionally, the PCO had limited opportunity to interact with the infection control professional. She did report, however, improvement in housekeeping services with a new full-time individual assigned to support the facility. The PCO did observe this new team member working in the facility throughout the day, donning appropriate protective equipment for isolation rooms. However, census is greater than PCO's previous visits and Mercy continued having only one team member assigned to provide all the housekeeping services for patient rooms, common areas, and offices. The PCO will continue to engage with site leadership to confirm that definitive wound-care physician coverage is secured. If a bankruptcy plan is confirmed prior to this event, PCO will engage with the state licensing. A full-text copy of the PCO's Third Interim Report for Edmond and Mercy/OKC is available at: http://bankrupt.com/misc/lawb17-50799-636.pdf About Acadiana Management Acadiana Management and several affiliates sought Chapter 11 bankruptcy protection (Bankr. W.D. La. Lead Case No. 17-50799) on June 23, 2017. The petitions were signed by August J. Rantz, IV, president. Acadiana Management estimated assets of less than $50,000 and debt at $50 million and $100 million. Judge Robert Summerhays presides over the cases. Gold, Weems, Bruser, Sues & Rundell, serves as the Debtors' bankruptcy counsel. On July 28, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Susan Goodman was appointed as patient care ombudsman. ACADIANA MANAGEMENT: PCO Files 3rd Interim Report for Las Vegas --------------------------------------------------------------- Susan N. Goodman, the appointed patient care ombudsman for Acadiana Management Group, LLC submits to the U.S. Bankruptcy Court for the Western District of Louisiana her third interim report detailing remote monitoring, follow-up, site visit, observations, and analyses of AMG Specialty Hospital – Las Vegas. The PCO did not observe patient care decline as contemplated by 11 U.S.C. Section 333(b). As noted in PCO's Second Report, the Vegas location had been challenged with low census and patient feedback that included specific feedback that the clinical staff was slow in responding to patient call light requests for assistance. Accordingly, the PCO focused on patient interviews this site visit to gauge if any improvements were apparent given the process improvement project that was implemented by Vegas leadership. While visiting on day shift, the PCO did not directly observe call light response delays. Reports of quality clinical staff care (rated as "B" in a traditional school grade) were reported once staff arrived. The Debtor's Leadership acknowledged the need for continued dedication to the process improvement project that was initiated after the second site visit that included administrative rounds, education, and a new checklist to ensure that important items were within the patient’s reach. The PCO interacted with clinical, facilities, housekeeping (also "EVS"), speech therapy, medical records, human resources, social work, case management, admissions, and cook staff. No bankruptcy-associated concerns were noted; and, no significant operational concerns were noted. Incidental observations made relative to medication administration and infection control management were reported to the Debtor's Leadership for continued follow-up and coaching. Of note, the delinquency rates tracked for various medical record completion deadlines had improved significantly as compared to those reviewed during PCO's last site visit. The PCO met the case manager and admissions liaison, both newly hired since PCO's last site visit. The PCO noted no concerns. The PCO noted a change in the staff "mood" as compared to the first two site visits. With the improvement in census and length-of-stay metrics, staff genuinely reported that the Facility was headed in a positive direction and attributed these improvements to new leadership. While staff remained anxious to have a date-certain that the bankruptcy was "over," the previously expressed fear surrounding Facility closure was not mentioned as it was during previous site visits. To the contrary, tenured clinical staff was training on peripherally inserted central catheter ("PICC line") insertion so that this bedside procedure could be done more quickly, when needed, by in-house clinical staff. The PCO determines that the overall trajectory of the Vegas Facility seemed to be improving. Staff morale and census numbers improved significantly as compared to earlier PCO visits. While improvements in call light response timeliness were difficult to assess with the limited number of patient interviews, staff and leadership seemed to openly embrace the position that additional work was needed to continue to improve patient feedback. While a confirmed bankruptcy plan is expected before a fourth site visit would be necessary, PCO is comfortable maintaining a 60-day visit schedule until a final plan is confirmed. A full-text copy of the PCO's Third Interim Report for Las Vegas is available at: http://bankrupt.com/misc/lawb17-50799-603.pdf About Acadiana Management Acadiana Management and several affiliates sought Chapter 11 bankruptcy protection (Bankr. W.D. La. Lead Case No. 17-50799) on June 23, 2017. The petitions were signed by August J. Rantz, IV, president. Acadiana Management estimated assets of less than $50,000 and debt at $50 million and $100 million. Judge Robert Summerhays presides over the cases. Gold, Weems, Bruser, Sues & Rundell, serves as the Debtors' bankruptcy counsel. On July 28, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Susan Goodman was appointed as patient care ombudsman. ADAMS RESOURCES: AREI Will Get $3.2MM for Intercompany Claim ------------------------------------------------------------ Adams Resources Exploration Corporation filed with the U.S. Bankruptcy Court for the District of Delaware a second amended combined disclosure statement and plan of liquidation dated December 13, 2017. As of the Petition Date, the Debtor owed approximately $59.7 million to, Adams Resources & Energy, Inc. ("AREI") -- the Debtor's parent and sole owner of the Old Equity Interests -- pursuant to unsecured intercompany loans. AREI funded these amounts over a period of time to fund the Debtor's operating cash flow shortfalls and necessary operating expenses through extended periods of non-profitability. Under the Plan, Class 5 consists of the allowed unsecured Intercompany Claim of AREI in the amount of $59,685,388. As soon as practicable after the Effective Date, the Holder of the AREI Class 5 Claim will receive the Class 5 Distribution Fund in the amount of $3,200,000. As soon as practicable after the date that the Debtor's Defense Costs are paid and all asserted Class 4 Claims (other than the Texas Brine Claim) are Allowed or Disallowed and all Allowed Class 4 Claims are paid, the Holder of the AREI Allowed Claim will receive any amounts remaining in the Class 4 Distribution Fund. As soon as practicable after this Chapter 11 Case is closed, the Reorganized Debtor will distribute all remaining cash and assign any other remaining assets to the Holder of the Class 5 AREI Unsecured Claim or at AREI's option, abandon any such remaining assets. Class 5 is impaired under the Plan and the Holder of Class 5 Claim is entitled to vote on the Plan. The Plan Administrator will be selected by the Debtor in consultation with AREI. The Plan Administrator, will be the sole officer and director, and the Plan Administrator or his appointee will be the sole equity holder of the Reorganized Debtor following the Effective Date. The Debtor anticipates that it will appoint John Riney, the Debtor's President, as Plan Administrator. On and after the Effective Date, all assets of the Debtor and the Estate will vest in the Reorganized Debtor. A full-text copy of the Second Amended Combined Disclosure Statement and Plan of Liquidation is available at: http://bankrupt.com/misc/deb17-10866-290.pdf About Adams Resources Houston, Texas-based Adams Resources Exploration Corporation -- http://www.adamsexploration.com-- is engaged in the development of the Haynesville Shale in East Texas and now own interest in a large number of producing dry gas wells. It also has interest in 405 wells and 131,236 gross developed acres in seven states. Adams Resources filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 17-10866) on April 21, 2017, estimating assets between $1 million and $10 million, and debt between $50 million and $100 million. The petition was signed by John Riney, president. Judge Kevin Gross presides over the case. William A. Hazeltine, Esq., and D. Sullivan, Esq., at Sullivan Hazeltine Allinson LLC, serve as the Debtor's bankruptcy counsel. The Debtor hired Gavin/Solmonese, LLC, as chief restructuring officer. No committee of unsecured creditors has been appointed in the case. On May 23, 2017, the Court approved the retention of Oil & Gas Asset Clearinghouse, LLC, as the Debtor's broker. ALEXIS SANTOS: DOJ Watchdog to Determine the Necessity of PCO ------------------------------------------------------------- Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the District of Puerto Rico has issued an order directing the U.S. Trustee to determine the necessity for appointment of a patient care ombudsman in the bankruptcy case of Alexis Santos Serafin Torres Torres because the petition filed by the Debtor reflects that this is a "health care business" case. Alexis Santos Serafin Torres Torres filed a chapter 11 petition (Bankr. D.P.R. Case No. 17-07266) on December 13, 2017. The Debtor is represented by Carlos A Ruiz Rodriguez, Esq. ALLY FINANCIAL: Declares Dividend on Common Stock ------------------------------------------------- The Board of Directors of Ally Financial Inc. (NYSE: ALLY) declared a quarterly cash dividend of $0.13 per share of the company's common stock, payable on Feb. 15, 2018 to shareholders of record on Feb. 1, 2018. Consistent with the company's 2017 CCAR capital plan, the dividend reflects a $0.01 per share increase relative to Ally's prior quarterly cash dividend. About Ally Financial Ally Financial Inc. (NYSE: ALLY), formerly GMAC Inc., is a digital financial services company and a top 25 U.S. financial holding company offering financial products for consumers, businesses, automotive dealers and corporate clients. Ally's legacy dates back to 1919, and the company was redesigned in 2009 with a distinctive brand, innovative approach and relentless focus on its customers. Ally has an award-winning online bank (Ally Bank Member FDIC and Equal Housing Lender), which offers deposit, mortgage and credit card products, one of the largest full service auto finance operations in the country, a complementary auto-focused insurance business, a growing digital wealth management and online brokerage platform, and a trusted corporate finance business offering capital for equity sponsors and middle-market companies. GMAC obtained a $17 billion bailout from the U.S. government in exchange for a 56.3 percent stake while allowing private equity firm Cerberus Capital Management LP to keep 14.9 percent, and General Motors Co. owning 6.7 percent. Ally reported net income of $1.1 billion for the year ended Dec. 31, 2016, compared to net income of $1.28 billion for the year ended Dec. 31, 2015. The Company's balance sheet as of Sept. 30, 2017, showed $164.01 billion in total assets, $150.44 billion in total liabilities and $13.57 billion in total equity. ALTICE USA: S&P Lowers Proposed Secured Debt Rating to 'BB-' ------------------------------------------------------------ S&P Global Ratings corrected errors by revising its recovery rating on Altice USA Inc. subsidiary CSC Holding LLC's proposed secured debt to '2' from '1' and lowering the issue rating to 'BB-' from 'BB', in line with its notching guidelines for a '2' recovery rating. The prior rating was based on an error that assumed the secured credit facilities' claims ranked ahead of claims on the company's existing and proposed guaranteed notes. S&P said, "The prior rating was also based on an error in our assumption as to the percentage of earnings attributable to subsidiary guarantors. The correction of the errors brings the ratings on the company's credit facilities in line with the ratings on the company's unsecured guaranteed notes, which, in our view, effectively rank pari passu with regard to the majority of value in a simulated default. This is because the notes carry guarantees by the majority of operating subsidiaries whereas collateral for the secured credit facilities consists of a pledge of the capital stock of material domestic operating subsidiaries. In a default scenario this collateral, in our view, would not provide secured lenders with incremental value relative to the guaranteed unsecured claims. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 75%)." The company also has announced plans to upsize the total amount of secured and guaranteed debt to $2.5 billion from $1.0 billion to repay unsecured notes issued at CSC Holdings LLC coming due in 2018. This does not have an impact on S&P's ratings and is incorporated in its recovery analysis below. RECOVERY ANALYSIS Highlights -- All consolidated debt is issued by subsidiaries at Cablevision and Cequel Communications, not at the Altice USA level. -- S&P analyzes recovery prospects for Cablevision and Cequel separately, as there are no cross-default provisions or cross-guarantees from either subsidiary and there is no excess value flowing in either direction, based on its assumptions. Key analytical factors -- S&P's default scenario at Cablevision contemplates a default resulting from a revenue decline in its cable operations as a result of accelerated pricing pressure and competition, primarily from Verizon Communications Inc.'s FiOS triple-play service. Increased price-based competition in the company's existing markets, lower revenues per customer, and a reduced subscriber base would result in a decline in simulated EBITDA to a level below the minimum required to service Cablevision's fixed charges (principally interest expense, capital expenditures, and scheduled debt amortization). -- S&P said, "We believe that if Cablevision defaulted, it would retain a viable business model, fueled by continued demand for cable TV, data, and voice services, in addition to the strong demographics of its service territory and well-clustered operations. Therefore, we believe that lenders would achieve the greatest recovery value through a reorganization of the borrower rather than through liquidation. We have valued the company at 6x emergence EBITDA, compared with the 7x multiple we use for Cequel Communications (which operates in a less competitive market) and Charter Communications (which has greater scale and footprint)." -- Other assumptions at default include the revolving facility being 85% drawn, a rise in LIBOR to 2.5%, a rise in the spread on the revolving facility to 5% as covenant amendments are obtained, and all debt having six months of prepetition interest. -- S&P has corrected its obligor/nonobligor percentage of earnings split assumption to 90%/10% from 100%/0% following receipt of additional information from the company. Recovery method -- EBITDA multiple valuation Recovery waterfall -- Simulated year of default: 2022 -- Emergence EBITDA: $1.4 bil. -- Multiple: 6x -- Gross recovery value: $8.5 bil. -- Net recovery value for waterfall after admin. expenses 5%: $8.1 bil. -- Obligor/non obligor valuation split: 90%/10% -- Estimated secured credit facility and guaranteed notes claims: $9.8 bil. -- Value available for secured credit facility and guaranteed notes claims: $7.5 bil -- Recovery rating: 2 -- Rounded recovery percentage: 75% -- Estimated senior unsecured notes claim: $6 bil. -- Estimated senior deficiency claim: $2.5 bil. -- Unpledged value available to unsecured notes and deficiency claims: $800 mil. -- Recovery rating: 6 -- Rounded recovery percentage: 5% -- Value available for subordinated claims: $0 -- Recovery rating: 6 -- Rounded recovery percentage: 0% RATINGS LIST Altice USA Inc. Corporate Credit Rating B+/Positive Ratings Lowered; Recovery Ratings Revised CSC Holding LLC To From Senior Secured BB- BB Recovery Rating 2(75%) 1(95%) Ratings Unchanged; Recovery Expectations Revised Senior Unsecured BB- BB- Recovery Rating 2(75%) 2(85%) Senior Unsecured B- B- Recovery Rating 6(5%) 6(0%) AMPLIPHI BIOSCIENCES: Will Receive $3.5M from Stock Offering ------------------------------------------------------------ AmpliPhi Biosciences Corporation announced on Jan. 10, 2018, that it intends to offer shares of its common stock in a public offering. H.C. Wainwright & Co., LLC is acting as the placement agent for the offering. The offering is being conducted as a "best efforts" offering and the placement agent is not obligated to purchase any securities. AmpliPhi intends to use the net proceeds from the offering for general corporate purposes, including manufacturing expenses, clinical trial expenses, research and development expenses and general and administrative expenses. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. On Jan. 12, 2018, the Company completed the closing of its public offering of 4,000,000 shares of common stock at a price of $1.00 per share. In connection with the offering, the Company entered into securities purchase agreements with certain institutional investors in the offering. The net proceeds to the Company from the offering are expected to be approximately $3.5 million, after deducting placement agent fees and estimated offering expenses payable by it. The securities are being offered by AmpliPhi pursuant to a shelf registration statement (File No. 333-210974) previously filed and declared effective by the Securities and Exchange Commission on May 13, 2016. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC. When available, electronic copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained from H.C. Wainwright & Co., LLC by e-mailing placements@hcwco.com or by calling (646) 975-6996, or by accessing the SEC's website at www.sec.gov. About AmpliPhi Biosciences Based in San Diego, California, AmpliPhi Biosciences Corporation -- http://www.ampliphibio.com/-- is a clinical-stage biotechnology company focused on treating antibiotic-resistant infections using its proprietary bacteriophage-based technology. AmpliPhi's lead product candidates target multidrug-resistant Staphylococcus aureus and Pseudomonas aeruginosa, which are included on the WHO's 2017 Priority Pathogens List. Phage therapeutics are uniquely positioned to address the threat of antibiotic-resistance as they can be precisely targeted to kill select bacteria, have a differentiated mechanism of action, can penetrate and disrupt biofilms (a common bacterial defense mechanism against antibiotics), are potentially synergistic with antibiotics and have been shown to restore antibiotic sensitivity to drug-resistant bacteria. Ampliphi reported a net loss attributable to common stockholders of $24.27 million for the year ended Dec. 31, 2016, compared to a net loss attributable to common stockholders of $10.79 million for the year ended Dec. 31, 2015. As of Sept. 30, 2017, the Company had $13.78 million in total assets, $4.02 million in total liabilities and $9.75 million in total stockholders' equity. Ernst & Young LLP, in San Diego, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. ANDREW N. LAVIGNE: P. Levine Appointed as Chapter 11 Trustee ------------------------------------------------------------ William K. Harrington, the U.S. Trustee for Region 2, has appointed Paul A. Levine as Chapter 11 trustee of the estate of Andrew N. Lavigne. Paul A. Levine, Esq. 50 Beaver, 2nd Floor Albany, New York 12207 The Chapter 11 trustee bond is initially set at $120,000. The bond may require adjustment as the Chapter 11 trustee collects and liquidates assets of the Debtor's estate. The trustee is directed to inform the United States Trustee when changes to the bond amount are required or made. Attorney for the U.S. Trustee: Guy A. Van Baalen, Esq. Assistant U.S. Trustee U.S. Department of Justice Office of the United States Trustee U.S. Courthouse and Federal Building 10 Broad Street, Room 105 Utica, NY 13501 The case is In re Andrew N. Lavigne, Case No. 06-30090, (Bankr. N.D.N.Y.). AUTHENTIDATE HOLDING: Appoints CMO of Anatomic Pathology Business ----------------------------------------------------------------- Aeon Global Health has appointed Armando Moncada, MD, FCAP, to the position of chief medical officer of its Anatomic Pathology business line. Dr. Moncada has more than 20 years' experience in the pathology field, the last ten of which he served as chief medical officer of PCG Molecular. He has expertise in the fields of gynecologic, breast, and head and neck pathology and cytopathology as well as in molecular pathology and oropharyngeal and cervical cancer genomics. "It is with great pleasure that we welcome Dr. Moncada to our leadership team," said Sonny Roshan, Chairman and CEO of Aeon Global Health. "He has built an impressive reputation for his work in actionable molecular and genetic information related to an individual's risk for developing cancer. We are confident that this will serve Aeon well as we continue to build a world-class medical information company." "Dr. Moncada will provide important guidance and advice as we expand into the anatomic pathology field. By adding targeted assays based on his expertise, we believe that Aeon can emerge with a menu that will augment our outcomes-based assays that are the hallmark of today's healthcare environment." Dr. Moncada is a Board Certified pathologist by the American Board of Pathology and served as the chief medical officer of PCG Molecular, LLC. He trained in pathology while attending Tulane University School of Medicine in New Orleans, Louisiana followed by a fellowship in oncopathology at City of Hope Medical Center in Duarte, California. Upon completing his fellowship, Dr. Moncada served as medical director of large hospital systems in Texas and New Mexico. He was then given an appointment as Assistant Professor of Pathology at Baylor College of Medicine in Houston. Dr. Moncada is a fellow and/or active member of the following professional organizations: American Medical Association, College of American Pathologists, American Society for Clinical Pathology, American College of Physician Executives, and Association for Molecular Pathology. In addition, Dr. Moncada is an experienced College of American Pathologists inspector who served as the State Commissioner for the College of American Pathologists in New Mexico where he was responsible for the laboratory accreditation program for both clinical and pathology medical laboratories. He continues to serve as a CAP inspector for the College of American Pathologists and understands the changing needs of the medical community and laboratory industry. Dr. Moncada also has a special interest in the laboratory industry and healthcare administration. In addition, Aeon Global Health announced that it intends to acquire certain intellectual property assets from PCG Molecular, LLC, a genetics and molecular informatics company that has developed proprietary testing for screening for oropharyngeal carcinoma and related infectious diseases. Dr. Moncada is the controlling officer of PCG Molecular. Among the assays developed by PCG are MOP -- a multiplex-based molecular assay for the identification of a number of extra-genital sexually transmitted diseases from samples taken in the oral cavity; Bella One Pap, a comprehensive molecular cervical based test that identifies both cervical cancer risk as well as infectious agents from a single sample; and MAP-Molecular Anal Pap, a genetic assay for the identification of anal cancer risk and related sexually transmitted diseases. Completion of this transaction is subject to the negotiation and execution of a definitive assignment agreement and customary conditions. Accordingly, there can be no assurance that a definitive agreement will be reached by the parties. Pursuant to a consulting agreement dated Jan. 4, 2018, Dr. Moncada will serve as CMO for a term expiring Dec. 31, 2020. The Company agreed to pay Dr. Moncada the following consulting fees: (i) an amount of $40,000 upon the execution of the agreement, (ii) the sum of $25,000 per month, commencing Feb. 1, 2018, and (iii) an additional sum of $40,000 on or about Jan. 15, 2019 and Jan. 15, 2020. Further, the Company agreed to grant the Consultant 280,000 restricted stock units pursuant to its 2011 Omnibus Equity Incentive Plan, which RSUs will vest in the event that the Consultant remains engaged by the Company to the end of the term of the Consulting Agreement and subject to the achievement of certain performance criteria and the approval of the Company's shareholders of an amendment to the Plan to increase the number of shares of common stock available for awards to be issued thereunder. Aeon Global Health (Aeon), the operating arm of Authentidate Holding Corp., is a provider of clinically actionable medical informatics. Founded in 2011, Aeon is focused on the delivery of services that exceed federal standards for quality and industry standards for turn-around time. Operating out of a 30,000 square foot facility built to FDA standards in suburban Atlanta, the Company provides a comprehensive menu of diagnostic and laboratory- developed tests as well as interpretative data for a wide range of inherited conditions. About Authentidate Authentidate Holding Corp. and its subsidiaries -- http://www.authentidate.com/-- primarily provide clinical testing services to health care professionals through its wholly owned subsidiary, Peachstate Health Management, LLC d/b/a AEON Clinical Laboratories. AHC also continues to provide its legacy 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. Web-based services are delivered as Software as a Service (SaaS) to its customers interfacing seamlessly with billing, information and records management systems. The Company is based in Gainesville, Georgia. Authentidate Holding reported a net loss of $32.07 million on $20.19 million of total net revenues for the year ended June 30, 2017, compared to net income of $5.26 million on $34.57 million of total net revenues for the year ended June 30, 2016. As of Sept. 30, 2017, Authentidate had $15.85 million in total assets, $8.87 million in total liabilities and $6.98 million in total shareholders' equity. The Company's independent accounting firm IsnerAmper LLP in Iselin, New Jersey, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended June 30, 2017, noting that the Company has a working capital deficit and its capital requirements have been and will continue to be significant, which raise substantial doubt about its ability to continue as a going concern. BILL BARRETT: Franklin Resources Has 10.8% Stake as of Dec. 31 -------------------------------------------------------------- Franklin Resources, Inc., Charles B. Johnson, Rupert H. Johnson, Jr. and Franklin Advisers, Inc. reported to the Securities and Exchange Commission that as of Dec. 31, 2017, they beneficially own 10,500,000 shares of common stock of Bill Barrett Corporation, constituting 10.8 percent of the shares outstanding. Charles B. Johnson and Rupert H. Johnson, Jr. each own in excess of 10% of the outstanding common stock of FRI and are the principal stockholders of FRI. FRI and the Principal Shareholders may be deemed to be, for purposes of Rule 13d-3 under the Act, the beneficial owners of securities held by persons and entities for whom or for which FRI subsidiaries provide investment management services. A full-text copy of the regulatory filing is available at: https://is.gd/IyHjGo About Bill Barrett Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado -- http://www.billbarrettcorp.com/-- is an independent energy company that develops, acquires and explores for oil and natural gas resources. All of its assets and operations are located in the Rocky Mountain region of the United States. Bill Barrett reported a net loss of $170.4 million on $178.8 million of total operating revenues for the year ended Dec. 31, 2016, compared to a net loss of $487.8 million on $207.9 million of total operating revenues for the year ended Dec. 31, 2015. As of Sept. 30, 2017, the Company had $1.33 billion in total assets, $815.49 million in total liabilities and $515.01 million in total stockholders' equity. * * * In April 2017, Moody's Investors Service upgraded Bill Barrett's Corporate Family Rating (CFR) to 'Caa1' from 'Caa2' and its existing senior unsecured notes' ratings to 'Caa2' from 'Caa3'. "The upgrade of Bill Barrett's ratings is driven by the reduction of default risk supported by the company's large cash balance and improved debt maturity profile," said Prateek Reddy, Moody's lead analyst. "The company's credit metrics are likely to soften in 2017 because of the roll off of higher priced hedges, but the metrics should strengthen along with production growth in 2018." BIOSTAGE INC: DST Capital Has 49.9% Stake as of Dec. 27 ------------------------------------------------------- DST Capital LLC and Bin Zhao disclosed in a Schedule 13D filed with the Securities and Exchange Commission that as of Dec. 27, 2017, they beneficially own 500,000 shares of common stock, 1,500,000 shares of common stock issuable upon conversion of preferred stock, and 2,340,000 shares of common stock issuable upon exercise of warrants of Biostage Inc., constituting 49.99 percent of the shares outstanding. Biostage entered into a binding Memorandum of Understanding with Bin Zhao on Dec. 14, 2017, pursuant to which Biostage was bound to issue to DST Capital, LLC, Polyvia LLC, Jing Chen, Jiong Shao, and Bin Zhao in a private placement shares of its common stock at a purchase price of $2.00 per share or, to the extent the Reporting Persons, following the transaction, would collectively own more than 49.99% of the Issuer's common stock, shares of Series D Convertible Preferred Stock of the Issuer with a per-share purchase price of $1,000 . Additionally, in accordance with the binding MOU, the Reporting Persons would receive warrants to purchase shares of the Issuer's common stock (or, to the extent the Reporting Persons would own more than 49.99% of the Issuer’s common stock, shares of Preferred Stock). To further evidence the binding obligations of the MOU and effectuate the Private Placement thereunder, the Issuer entered into a Securities Purchase Agreement effective as of Dec. 27, 2017 with the Reporting Persons, and closed the Private Placement simultaneously with the effectiveness of the Purchase Agreement. In accordance with the MOU and the Purchase Agreement, the Issuer issued to the Reporting Persons (i) 518,000 shares of the Issuer's common stock, par value $0.01 per share, (ii) 3,108 shares of Series D Convertible Preferred Stock, and (ii) warrants to purchase 3,108,000 shares of Common Stock, of which Bin Zhao concurrently assigned warrants to purchase 540,000 shares of Common Stock to persons who are not Reporting Persons or parties to the Purchase Agreement. The Warrants have an exercise price of $2.00 per share, subject to adjustments as provided under the terms of the Warrants, and are immediately exercisable. The Warrants are exercisable for five years from the issuance date. The Preferred Stock ranks on parity to the Common Stock, and is entitled to vote on any matters to which shares of the Common Stock are entitled to vote, on an as-if-converted basis. The Preferred Stock includes an ownership limitation that limits the Reporting Persons and their affiliates to owning no more than 49.99% of the Common Stock. In connection with the Private Placement, the Issuer agreed to grant board representation and nomination rights to the Reporting Persons and their affiliates, such that the director nominees of the Reporting Persons will constitute a majority of the Issuer's board of directors, but no more than is necessary to constitute such a majority. The working capital of DST Capital LLC and Polyvia LLC and the personal funds of Jing Chen and Jiong Shao was the source of the funds for the purchase of the Common Stock, Preferred Stock and Warrants. No part of the purchase price of the securities was represented by funds or other consideration borrowed or otherwise obtained for the purpose of acquiring, holding, trading, or voting the securities. Pursuant to the Private Placement, the Reporting Persons acquired a majority of the voting power of the Issuer, and have the right to nominate a majority of the members of the Issuer's board of directors. The Reporting Persons, together with the Issuer, intend to establish a Chinese subsidiary of the Issuer to potentially access the Chinese market for the Issuer's product candidates. The Reporting Persons acquired the securities for strategic investment purposes. Depending on market conditions, their continuing evaluation of the business and prospects of the Issuer and other factors, the Reporting Persons may dispose of or acquire additional shares of the Issuer. A full-text copy of the regulatory filing is available at: https://is.gd/AFGBL6 About Biostage Headquartered in Holliston, Massachusetts, Biostage, Inc., formerly Harvard Apparatus Regenerative Technology, Inc. -- http://www.biostage.com/-- is a biotechnology company developing bio-engineered organ implants based on the Company's new Cellframe technology which combines a proprietary biocompatible scaffold with a patient's own stem cells to create Cellspan organ implants. Cellspan implants are being developed to treat life-threatening conditions of the esophagus, bronchus or trachea with the hope of dramatically improving the treatment paradigm for patients. Based on its pre-clinical data, Biostage has selected life-threatening conditions of the esophagus as the initial clinical application of its technology. Biostage reported a net loss of $11.57 million for the year ended Dec. 31, 2016, compared to a net loss of $11.70 million for the year ended Dec. 31, 2015. The Company's balance sheet as of Sept. 30, 2017, showed $2.55 million in total assets, $2.07 million in total liabilities and $477,000 in total stockholders' equity. KPMG LLP, in Cambridge, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from operations and will require additional financing to fund future operations which raise substantial doubt about its ability to continue as a going concern. BLINK CHARGING: Amends 4.6 Million Units Prospectus with SEC ------------------------------------------------------------ Blink Charging Co. has filed an amendment to its firm commitment public offering of 4,600,000 units, each unit consisting of one share of our common stock, $0.001 par value per share, and one warrant to purchase one share of Common Stock, of Blink Charging Co., based on the last reported price of the Common Stock as reported on the OTC Pink Current Information Marketplace on Dec. 28, 2017, which was $5.00 per share. The warrants included within the units are exercisable immediately and expire five years from the date of issuance. The units will not be issued or certificated. Purchasers will receive only shares of Common Stock and warrants. The shares of Common Stock and warrants may be transferred separately, immediately upon issuance. The offering also includes the shares of Common Stock issuable from time to time upon exercise of the warrants. Blink Charging's Common Stock is presently quoted on the OTC Pink Current Information Marketplace under the symbol "CCGI". The last reported sales price for the Company's Common Stock as reported on the OTC Pink Current Information Marketplace on Jan. 9, 2018 was $4.78. The Company has applied to have its Common Stock and warrants listed on The NASDAQ Capital Market under the symbols "BLNK" and "BLNKW," respectively. No assurance can be given that our application will be approved. There is no established public trading market for the warrants. No assurance can be given that a trading market will develop for the warrants. A full-text copy of the amended prospectus is available for free at https://is.gd/ffk7Ep About Blink Charging Co. Based in Miami Beach, Florida, Blink Charging Co. (OTC: CCGID), formerly known as Car Charging Group, Inc., is a national manufacturer of public electric vehicle (EV) charging equipment, enabling EV drivers to easily charge at locations throughout the United States. Headquartered in Florida with offices in Arizona and California, Blink Charging's business is designed to accelerate EV adoption. Blink Charging offers EV charging equipment and connectivity to the Blink Network, a cloud-based software that operates, manages, and tracks the Blink EV charging stations and all the associated data. Blink Charging also has strategic property partners across multiple business sectors including multifamily residential and commercial properties, airports, colleges, municipalities, parking garages, shopping malls, retail parking, schools, and workplaces. The Company's name change to Blink Charging from Car Charging Group, Inc., integrates the Company's largest operating entity, Blink Network, and represents the thousands of Blink EV charging stations that the Company owns and/or operates, and the Blink network, the software that manages, monitors, and tracks the Blink EV stations and all its charging data. Car Charging reported a net loss attributable to common shareholders of $9.16 million on $3.32 million of total revenues for the year ended Dec. 31, 2016, compared with a net loss attributable to common shareholders of $9.58 million on $3.95 million of total revenue for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Blink Charging had $1.90 million in total assets, $67.79 million in total liabilities, $825,000 in series B convertible preferred stock, and a $66.71 million total stockholders' deficiency. Marcum LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has incurred net losses since inception and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. BLINK CHARGING: Amends Prospectus on Proposed 4.6M Units Sale ------------------------------------------------------------- Blink Charging Co. filed with the Securities and Exchange Commission an amended Form S-1 registration statement relating to a firm commitment public offering of 4,600,000 units, each unit consisting of one share of its common stock, $0.001 par value per share, and one warrant to purchase one share of Common Stock, of Blink Charging Co., based on the last reported price of the Common Stock as reported on the OTC Pink Current Information Marketplace on Dec. 28, 2017, which was $5.00 per share. The warrants included within the units are exercisable immediately, have an exercise price of $____ per share, 150% of the public offering price of one unit, and expire five years from the date of issuance. The units will not be issued or certificated. Purchasers will receive only shares of Common Stock and warrants. The shares of Common Stock and warrants may be transferred separately, immediately upon issuance. The offering also includes the shares of Common Stock issuable from time to time upon exercise of the warrants. The Company's Common Stock is presently quoted on the OTC Pink Current Information Marketplace under the symbol "CCGI". The last reported sales price for the Company's Common Stock as reported on the OTC Pink Current Information Marketplace on Jan. 10, 2018 was $5.25. The Company has applied to have its Common Stock and warrants listed on The NASDAQ Capital Market under the symbols "BLNK" and "BLNKW," respectively. No assurance can be given that its application will be approved. There is no established public trading market for the warrants. No assurance can be given that a trading market will develop for the warrants. A full-text copy of the Form S-1/A is available for free at: https://is.gd/eHNBXj About Blink Charging Co. Based in Miami Beach, Florida, Blink Charging Co. (OTC: CCGID), formerly known as Car Charging Group, Inc., is a national manufacturer of public electric vehicle (EV) charging equipment, enabling EV drivers to easily charge at locations throughout the United States. Headquartered in Florida with offices in Arizona and California, Blink Charging's business is designed to accelerate EV adoption. Blink Charging offers EV charging equipment and connectivity to the Blink Network, a cloud-based software that operates, manages, and tracks the Blink EV charging stations and all the associated data. Blink Charging also has strategic property partners across multiple business sectors including multifamily residential and commercial properties, airports, colleges, municipalities, parking garages, shopping malls, retail parking, schools, and workplaces. The Company's name change to Blink Charging from Car Charging Group, Inc., integrates the Company's largest operating entity, Blink Network, and represents the thousands of Blink EV charging stations that the Company owns and/or operates, and the Blink network, the software that manages, monitors, and tracks the Blink EV stations and all its charging data. Car Charging reported a net loss attributable to common shareholders of $9.16 million for the year ended Dec. 31, 2016, compared with a net loss attributable to common shareholders of $9.58 million for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Blink Charging had $1.90 million in total assets, $67.79 million in total liabilities, $825,000 in series B convertible preferred stock, and a $66.71 million total stockholders' deficiency. Marcum LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has incurred net losses since inception and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CAMBER ENERGY: Appoints Fred Zeidman as Director ------------------------------------------------ The Board of Directors of Camber Energy, Inc., has appointed Fred S. Zeidman as a member of the Board of Directors of the Company effective Jan. 11, 2018. Mr. Zeidman, age 71, previously served as a member of the Board of Directors of the Company from June 24, 2013 to May 15, 2017 and as Chairman of the Board of Directors of the Company from May 16, 2017 to Aug. 7, 2017. The Board of Directors determined that Mr. Zeidman was "independent" as defined in Section 803(A) of the NYSE American Company Guide. Additionally, Mr. Zeidman was appointed as a member of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee of the Company. Mr. Zeidman is not party to any material plan, contract or arrangement (whether or not written) with the Company and there are no arrangements or understandings between Mr. Zeidman and any other person pursuant to which he was selected to serve as a director of the Company, nor is he a participant in any related party transaction required to be reported pursuant to Item 404(a) of Regulation S-K. In December 2014, Mr. Zeidman was appointed as Chairman of Gordian Group LLC, a U.S. investment bank specializing in board level advice in complex, distressed or "story" financial matters. Mr. Zeidman currently serves as director of External Affairs of MCNA Dental, lead Director of Straight Path Communications, Inc., Director REMA and Director Prosperity Bank in Houston. He was formerly restructuring officer of TransMeridian Exploration Inc. and Chief Bankruptcy Trustee of AremisSoft Corp. Mr. Zeidman, Chairman Emeritus of the United States Holocaust Memorial Council was appointed by president George W. Bush in March 2002 and served in that position from 2002-2010. A prominent Houston based business and civic leader, Mr. Zeidman also is Chairman Emeritus of the University of Texas Health Science System Houston and Director and Chief Financial Officer of the Texas Heart Institute. He is on the board of the Development Corp of Israel (Israel Bonds) and served on the Board of the National World War II Museum. Over the course of his distinguished 50 year career, Mr. Zeidman has been involved in numerous high-profile workouts, restructurings and reorganizations. He was former CEO, president and Chairman of Seitel, Inc., a Houston-based provider where he was instrumental in the successful turnaround of the Company. He held the post of Chairman of the Board and CEO of Unibar Corporation, the largest domestic independent drilling fluids company, until its sale to Anchor Drilling Fluids in 1992. Mr. Zeidman holds a Bachelor's degree from Washington University in St. Louis and a Master's in Business Administration from New York University. The Board of Directors believes that Mr. Zeidman is highly qualified to serve as a member of the Board due to his significant experience serving as a director of public and private companies and institutions and his substantial understanding of the oil and gas industry in general. About Camber Energy Based in San Antonio, Texas, Camber Energy, Inc. (NYSE American: CEI) -- http://www.camber.energy.com/-- is a growth-oriented, independent oil and gas company engaged in the development of crude oil, natural gas and natural gas liquids in the Hunton formation in Central Oklahoma in addition to anticipated project development in the San Andres formation in the Permian Basin. Lucas Energy changed its name to Camber Energy, Inc., effective Jan. 5, 2017, to more accurately reflect the Company's strategic shift from its Austin Chalk and Eagleford roots to an expanding addition of shallow oil and gas reserves with longer-lived, lower-risk production profiles. Camber reported a net loss of $89.12 million on $5.30 million of total net operating revenues for the year ended March 31, 2017, compared to a net loss of $25.44 million on $968,146 of total net operating revenues for the year ended March 31, 2016. As of Sept. 30, 2017, Camber Energy had $34.49 million in total assets, $53.96 million in total liabilities and a total stockholders' deficit of $19.47 million. GBH CPAs, PC -- http://www.gbhcpas.com/-- in Houston, Texas, issued a "going concern" opinion on the consolidated financial statements for the year ended March 31, 2017, citing that the Company has incurred significant losses from operations and had a working capital deficit at March 31, 2017. These factors raise substantial doubt about the Company's ability to continue as a going concern, the auditors said. CAMBER ENERGY: Increases Authorized Common Stock to 500M Shares --------------------------------------------------------------- Effective on Jan. 10, 2018, Camber Energy, Inc. filed with the Secretary of State of Nevada a Certificate of Amendment to the Company's Articles of Incorporation to increase the number of the Company's authorized shares of common stock, $0.001 per value per share, from 200,000,000 shares to 500,000,000 shares. The Amendment was previously approved by the Company's stockholders at the 2018 annual meeting of stockholders held on Jan. 9, 2018, as reported in the Current Report on Form 8-K filed with the Securities and Exchange Commission on Jan. 10, 2018. About Camber Energy Based in San Antonio, Texas, Camber Energy, Inc. (NYSE American: CEI) -- http://www.camber.energy.com/-- is a growth-oriented, independent oil and gas company engaged in the development of crude oil, natural gas and natural gas liquids in the Hunton formation in Central Oklahoma in addition to anticipated project development in the San Andres formation in the Permian Basin. Lucas Energy changed its name to Camber Energy, Inc., effective Jan. 5, 2017, to more accurately reflect the Company's strategic shift from its Austin Chalk and Eagleford roots to an expanding addition of shallow oil and gas reserves with longer-lived, lower-risk production profiles. Camber reported a net loss of $89.12 million on $5.30 million of total net operating revenues for the year ended March 31, 2017, compared to a net loss of $25.44 million on $968,146 of total net operating revenues for the year ended March 31, 2016. As of Sept. 30, 2017, Camber Energy had $34.49 million in total assets, $53.96 million in total liabilities and a total stockholders' deficit of $19.47 million. GBH CPAs, PC -- http://www.gbhcpas.com/-- in Houston, Texas, issued a "going concern" opinion on the consolidated financial statements for the year ended March 31, 2017, citing that the Company has incurred significant losses from operations and had a working capital deficit at March 31, 2017. These factors raise substantial doubt about the Company's ability to continue as a going concern, the auditors said. CAMBER ENERGY: Receives Shareholder Support in Turnaround Effort ---------------------------------------------------------------- Camber Energy, Inc., announced the results from the Company's annual shareholder meeting held on Jan. 9, 2018. The Company's shareholders voted to approve all seven proposals put forth by the Company's management and board of directors. The two most significant proposals will enable the Company to (a) effect a reverse stock split of its outstanding common stock and (b) file a Certificate of Amendment to the Company's Articles of Incorporation to increase the number of authorized shares of common stock available for future issuances. The reverse split, if approved by the board of directors in its sole discretion, will increase the per-share price of the Company's stock, which is a necessary prerequisite of Camber's plan to regain compliance with the additional listing requirements of the NYSE American. Additionally, by increasing the number of shares of common stock available for future issuances, Camber will be able to receive ongoing financing under the Series C Preferred Stock purchase agreement previously disclosed. The future financing proceeds will be used (in part), assuming received under the purchase agreement, for initiatives that are expected to directly drive revenue, such as acquiring additional reserves and reworking the Company's existing oil and gas producing assets. "I want to personally thank all of our shareholders for their ongoing support," said Chief Executive Officer Richard N. Azar II. "We are working diligently to regain your trust and confidence. To date, our turnaround efforts have been successful, and we believe that ratifying these measures gives our team of industry veterans the tools we need to continue revitalizing our business." Since Mr. Azar took over the position of CEO last June, the Company has re-worked six down wells which are now oil-producing, worked to shore up its balance sheet by selling non-producing assets, secured up to an additional $16 million in financing, and submitted a plan for continued listing of the Company's common stock to the NYSE American, which was accepted by the exchange. Effective on Jan. 9, 2018, the Board of Directors of Camber Energy removed the "Interim" designation on Mr. Richard N. Azar II's title as chief executive officer of the Company and appointed him as the chief executive officer and secretary of the Company. On the same date, the Board of Directors re-appointed Mr. Robert Schleizer as the chief financial officer of the Company and also appointed Mr. Schleizer as treasurer of the Company. The Board of Directors further appointed Mr. Donnie B. Seay, the only independent member of the Company's Board of Directors, as Chairman and sole member of the Company's Audit Committee; Compensation Committee; and Nominating and Governance Committee. Each of Richard N. Azar II, Robert Schleizer and Donnie B. Seay were appointed to the Board of Directors by a plurality of the votes cast. About Camber Energy Based in San Antonio, Texas, Camber Energy, Inc. (NYSE American: CEI) -- http://www.camber.energy.com/-- is a growth-oriented, independent oil and gas company engaged in the development of crude oil, natural gas and natural gas liquids in the Hunton formation in Central Oklahoma in addition to anticipated project development in the San Andres formation in the Permian Basin. Lucas Energy changed its name to Camber Energy, Inc., effective Jan. 5, 2017, to more accurately reflect the Company's strategic shift from its Austin Chalk and Eagleford roots to an expanding addition of shallow oil and gas reserves with longer-lived, lower-risk production profiles. Camber reported a net loss of $89.12 million on $5.30 million of total net operating revenues for the year ended March 31, 2017, compared to a net loss of $25.44 million on $968,146 of total net operating revenues for the year ended March 31, 2016. As of Sept. 30, 2017, Camber Energy had $34.49 million in total assets, $53.96 million in total liabilities and a total stockholders' deficit of $19.47 million. GBH CPAs, PC -- http://www.gbhcpas.com/-- in Houston, Texas, issued a "going concern" opinion on the consolidated financial statements for the year ended March 31, 2017, citing that the Company has incurred significant losses from operations and had a working capital deficit at March 31, 2017. These factors raise substantial doubt about the Company's ability to continue as a going concern, the auditors said. CESAR QUINONES: Court Strips Down Tax Lien to $25K -------------------------------------------------- In the case captioned CESAR IVAN VARGAS QUINONES, Plaintiff, v. UNITED STATES OF AMERICA, INTERNAL REVENUE SERVICE; COMMONWEALTH OF PUERTO RICO, DEPARTMENT OF TREASURY OF PUERTO RICO; STATE INSURANCE FUND CORPORATION Defendant(s), Adversary No. 16-00108 (Bankr. D. P.R.), Bankruptcy Judge Brian K. Tester granted in part Debtor Quinones' motion for summary judgment. The Debtor filed a chapter 11 voluntary petition for bankruptcy relief on Nov. 14, 2014. Debtor owns in fee simple absolute six parcels of real property in and around the municipality of San Sebastian. Debtor's Real Properties are: Parcel No. 18455; Parcel No. 25537; Parcel No. 25539; Parcel No. 26489; Parcel No. 25538; and Parcel No. 24093. Debtor's Real Properties are encumbered by several liens in favor of the IRS and Hacienda. Nevertheless, pursuant to a recent appraisal report, these Real Properties have a combined market value of $360,500. Of these six Real Properties, all but one, Land Parcel No. 26489, are encumbered with cross-collateralized mortgages amounting to $355,000 in favor of creditor Condado 3, LLC, including principal balance and interest. The Debtor also holds chattel property with a listed value of $33,765. Debtor seeks to strip down, strip off and void secured creditors' liens to the extent they are unsecured by equity in the underlying Real Properties. Debtor owes Puerto Rico income taxes for tax years 2002, 2003, 2004 and 2005. Hacienda has filed tax liens upon all of Debtor's properties, the first of which was filed March 23, 2005. Debtor owes federal income taxes to the IRS corresponding to tax years 2002, 2003, 2005, 2006, 2007, 2008, 2009 and 2010, and federal insurance contributions act taxes for seven quarterly periods between 2004 and 2006. The IRS has filed tax liens upon all of Debtor's properties, the first of which was filed May 14, 2007. On Dec. 5, 2014, IRS filed proof of claim 4-1 and filed Claim No. 4-2 on October 7, 2015, where the IRS claimed a total of $155,184.81 of which $109,017.55 was claimed as a secured debt. On Feb. 20, 2015, the State Insurance Fund Corporation filed a proof of claim, in which it claimed $2,108.46 as a general unsecured claim. On May 11, 2015, Hacienda filed a claim for a total amount of $242,287.68 of which $185,302.98 was claimed as a secured debt. The liens which encumber the Debtor's Real Properties were recorded pursuant to the Mortgage and Property Registry Act of 1979, P.R. Laws Ann. T. 30 sections 2001 et seq. This statute was set aside and replaced by the Real Property Registry of Puerto Rico Act of 2015. The IRS' arguments in its motion for partial summary judgment are two fold (1) the court lacks jurisdiction to adjudicate the issue at bar, (2) stripping down or stripping off the liens of the United States prior to confirmation is not permitted by the Code in chapter 11 cases. Judge Tester holds that the court has jurisdiction over core proceedings, which include the "determinations of the validity, extent, or priority of liens." This being a proceeding where the extent and priority of liens is being contested, the court finds itself in the position of having jurisdiction over the present adversary proceeding. The court does not find IRS' argument about the court's lack of jurisdiction based on their sovereign immunity compelling. Addressing the lien voiding powers provided by the Code: The statutory basis for stripping off a lien arises from the combination of 11 U.S.C. §§ 506(a) and (d).3 First, by operation of Section 506(a) an under-secured creditor's allowed claim is bifurcated into secured and unsecured portions. Then, with certain exceptions not applicable here, pursuant to Section 506(d) the lien securing the claim is voided to the extent that it is not an allowed secured claim, effectively stripping the lien off to that extent. In its second argument, the Court asserts that even when the general rule allows for the stripping of under-secured liens in chapter 11 cases, as the IRS suggests in their Motion for Partial Summary Judgment, IRS tax liens can be unitary. Unitary or blanket liens cannot be voided based on the value of individual pieces of collateral. A unitary or blanket lien is defined as a lien indivisible in nature that cannot be broken down on a property-by-property basis that attaches to both real and personal property. They are regarded as "inviolable so long as there is equity value in any of the collateral subject to the lien." Id. 26 U.S.C. section 6321 provides for their existence: If any person liable to pay any tax neglects or refuses to pay the same after demand, the amount (including any interest, additional amount, addition to tax, or assessable penalty, together with any costs that may accrue in addition thereto) shall be a lien in favor of the United States upon all property and rights to property, whether real or personal, belonging to such person. However, 26 U.S.C. section 6323 imposes requirements for a tax lien to obtain such status. Said section of the United States Internal Revenue Code establishes: The lien imposed by section 6321 shall not be valid as against any purchaser, holder of a security interest, mechanic's lien, or judgment lien creditor until notice thereof which meets the requirements of subsection (f) has been filed by the Secretary. (f) of the aforesaid IRC section details: (f) Place for filing notice; form.-- (1) Place for filing.--The notice referred to in subsection (a) shall be filed-- (A) Under State laws.-- (i) Real property.--In the case of real property, in one office within the State (or the county, or other governmental subdivision), as designated by the laws of such State, in which the property subject to the lien is situated; and (ii) Personal property.--In the case of personal property, whether tangible or intangible, in one office within the State (or the county, or other governmental subdivision), as designated by the laws of such State, in which the property subject to the lien is situated, except that State law merely conforming to or reenacting Federal law establishing a national filing system does not constitute a second office for filing as designated by the laws of such State; or B) With clerk of district court.-- In the office of the clerk of the United States district court for the judicial district in which the property subject to the lien is situated, whenever the State has not by law designated one office which meets the requirements of subparagraph (A); or (C) With Recorder of Deeds of the District of Columbia.-- In the office of the Recorder of Deeds of the District of Columbia, if the property subject to the lien is situated in the District of Columbia. The Court holds that no lien filed by the IRS meets the above-stated criteria. They were either filed at the Property Registry or at the United States District Court for the District of Puerto Rico. In no instance does the IRS provide evidence of complying with section 6323(f)(1)(A)(ii) or subsection 6323(f)(1)(B). As a result, the IRS' liens attach only to real property and never obtained the unitary or blanket lien status the IRS claims. Without said status, the court sees no merit in any further analysis of IRS' claim. The court orders the stripping down of the $31,961.45 tax lien filed May 14, 2007, to $25,000, and the stripping off of all other liens filed after the referenced date, because they are wholly under-secured. In lieu of the foregoing, the Court issues the following orders: 1. Hacienda's and the IRS' liens upon Land Parcels 18455, 25537, 25539, 25538 and 24093 (Count I, Count II, Count III, Count V, and Count VI) are declared null, void and removed from said Real Properties. Hacienda's and the IRS' liens upon these Real Properties are wholly under secured. 2. Hacienda's priming lien upon Real Property numbered 26489 (Count IV) is declared null, void and removed from said Real Property as the lien's attachment period has elapsed. 3. The IRS' $31,961.45 tax lien filed May 14, 2007, is the priming lien upon Real Property numbered 26489 (Count IV), and is further stripped down to $25,000, the collateral's uncontested value. The bankruptcy case is in re: CESAR IVAN VARGAS QUINONES, Chapter 11, Debtor(s), Case No. 14-09404 BKT (Bankr. D.P.R.). A full-text copy the Court's Dec. 29, 2017 Opinion and Order is available at https://is.gd/VG8uHl from Leagle.com. CESAR I VARGAS QUINONEZ, Plaintiff, represented by EDUARDO J. CAPDEVILA DIAZ , GARCIA ARREGUI & FULLANA PSC & ISABEL M. FULLANA , GARCIA ARREGUI & FULLANA PSC. United States Of America, United States of AMerica, Defendant, represented by Kieran O. Carter -- Kieran.O.Carter@usdoj.gov -- Department of Justice, Tax Division & Nelson Wagner, U.S. Department of Justice, Tax Division. COMMONWEALTH OF PUERTO RICO, Defendant, represented by MIGDA L. RODRIGUEZ COLLAZO, DEPARTMENT OF JUSTICE. CFG PERU: Trustee Can Proceed with Rule 2004 Discovery from HSBC ---------------------------------------------------------------- In the appeals case captioned THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, Appellant, v. WILLIAM A. BRANDT, JR., CHAPTER 11 TRUSTEE FOR CFG PERU INVESTMENTS PTE. LTD. (SINGAPORE), Appellee, No. 17-CV-6672 (VEC) (S.D.N.Y.), District Judge Valerie Caproni denied Hongkong Shanghai Banking Corporation Limited's motion seeking leave to appeal a discovery ruling in a bankruptcy proceeding. The bankruptcy proceeding involves jointly-administered chapter 11 cases for 17 related debtor companies; the Debtors' value derives from three Peruvian operating companies that are involved in the fishing industry. One of the Debtors, CFG Peru Investments Pte. Limited (Singapore) is the 100% direct and indirect owner of the Peruvian operating companies. As part of his involvement in the chapter 11 cases, the Trustee sought discovery from HSBC-HK under Bankruptcy Rule 2004, contending that HSBC-HK's aggressive conduct in seeking repayment of its loans may have "interfered with the [Borrowing Debtors'] relationships with [their] lenders, suppliers, and trade counterparties, constrained [their] liquidity, and negatively impacted [their] ability to resume normal operations." The discovery sought, according to the Trustee, could support defenses to HSBC-HK's claims or identify claims against other parties. HSBC-HK opposed the discovery for a variety of reasons, including that the Bankruptcy Court lacks personal jurisdiction; the Bankruptcy Court rejected HSBC-HK's arguments and authorized the Trustee to proceed with Rule 2004 discovery. Appellant argues that the order is appealable as of right or, in the alternative, that an interlocutory appeal of the order is warranted. Courts have routinely found that bankruptcy court orders granting or denying discovery, including orders related to Rule 2004 discovery, are not final for the purposes of an appeal to a district court. This Court sees no reason to depart from this consensus. Appellant nonetheless argues that the Rule 2004 Order is final "because it resolves the issue of the Trustee's entitlement to Rule 2004 discovery from HCBC-HK, as well as whether the Bankruptcy Court has jurisdiction required to authorize the discovery sought from HSBC-HK." Courts in this Circuit have, however, found that orders denying motions to dismiss for lack of personal jurisdiction are likewise not final orders warranting immediate appeal. Appellant contends that the Second Circuit's decision in EM Ltd. v. Republic of Argentina supports its argument. That case is inapposite, however, because the Second Circuit found the order at issue to be appealable under the collateral order doctrine, not as a final order. The collateral order doctrine requires, inter alia, that an order be effectively otherwise unreviewable. The Second Circuit clearly stated that "[m]ost orders granting discovery are not final decisions because they are effectively reviewable on appeal from a final judgment, . . . or by an appeal from a contempt citation after the target of a subpoena resists the challenged order." The problem in EM Ltd. was that Argentina, the appellant, would have been "unable to obtain effective review in a United States court of the Discovery Order through a later appeal of a final judgment [because] any future attachment or collection proceeding would be conducted in a foreign court [if at all]." Review through an appeal of a contempt citation was also unavailable because the Discovery Order was not directed at Argentina itself. The Rule 2004 Order does not generate the same concerns. HSBC-HK appears to have two vehicles available to challenge a discovery order: "comply[] with the order and challeng[e] it at the conclusion of the discrete dispute . . . or refus[e] to comply and contest[] the order's validity when held in contempt for the refusal." Appellant also asserts that the Court should entertain its interlocutory appeal because of exceptional circumstances, but only reiterates its complaint that filing proofs of claim should not subject it to personal jurisdiction and, in turn, to Rule 2004 discovery. Courts have regularly found that filing a proof of claim in a bankruptcy proceeding subjects a creditor to the personal jurisdiction of the bankruptcy court. Appellant has not offered any exceptional circumstance to support its requested interlocutory appeal. A full-text copy of the Court's Dec. 29, 2017 Order and Opinion is available at https://is.gd/WJbAF0 from Leagle.com. The HongKong and Shanghai Banking Corporation Limited, Appellant, represented by Damien Jerome Marshall, Boies, Schiller & Flexner LLP, Donald S. Bernstein -- donald.bernstein@davispolk.com -- Davis, Polk, & Wardwell, Elliot Moskowitz -- elliot.moskowitz@davispolk.com -- Davis Polk & Wardwell LLP, Scott E. Gant, Boies, Schiller & Flexner LLP, pro hac vice & Timothy E. Graulich -- timothy.graulich@davispolk.com -- Davis Polk & Wardwell LLP. William A. Brandt, Jr., as Chapter 11 Trustee to CFG Peru Investments Pte. Ltd. (Singapore), Appellee, represented by James Charles Tecce -- jamestecce@quinnemanuel.com -- Quinn Emanuel, Jay Michael Goffman -- jay.goffman@skadden.com -- Skadden, Arps, Slate, Meagher & Flom LLP, Jordan Michael Harap -- jordanharap@quinnemanuel.com -- Quinn Emanuel Urquhart & Sullivan, pro hac vice & Susheel Kirpalani -- susheelkirpalani@quinemanuel.com -- Quinn Emanuel. About CFG Peru Investments Pte. Limited (Singapore) China Fishery Group Limited (Cayman) and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 16-11895) on June 30, 2016. The petition was signed by Ng Puay Yee, chief executive officer. The cases are assigned to Judge James L. Garrity Jr. At the time of the filing, China Fishery Group estimated its assets at $500 million to $1 billion and debts at $10 million to $50 million. Weil, Gotshal & Manges LLP has been tapped to serve as lead bankruptcy counsel for China Fishery and its affiliates other than CFG Peru Investments Pte. Limited (Singapore). Weil Gotshal replaced Meyer, Suozzi, English & Klein, P.C., the law firm initially hired by the Debtors. The Debtors have also tapped Klestadt Winters Jureller Southard & Stevens, LLP as conflict counsel; Goldin Associates, LLC, as financial advisor; and RSR Consulting LLC as restructuring consultant. On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11 trustee for CFG Peru Investments Pte. Limited (Singapore), one of the Debtors. Skadden, Arps, Slate, Meagher & Flom LLP serves as the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves as special litigation counsel; and Epiq Bankruptcy Solutions, LLC, as notice and claims agent. CHENIERE CORPUS: S&P Affirms 'BB-' Rating on $1.5BB Notes Due 2025 ------------------------------------------------------------------ U.S.-based project Cheniere Corpus Christi Holdings LLC (CCH) is building, through its wholly owned subsidiary, Corpus Christi Liquefaction LLC (CCLIQ), a three-train project that will convert natural gas to liquefied natural gas (LNG), and Cheniere Corpus Christi Pipeline L.P., a 23-mile 48-inch diameter natural gas pipeline, both on the U.S. Gulf Coast. Completion of the first two trains is expected in 2019; the third train has not yet reached Final Investment Decision (FID) and is not factored into this rating. CCH is wholly owned by Cheniere Energy Inc. (CEI) (BB-/Stable/--). CCLIQ will obtain natural gas from numerous supplies in most major U.S. gas basins, convert it to LNG, and sell it to counterparties under take-or-pay style, fixed-price long-term sale and purchase agreements (SPAs) that essentially eliminate market risk. On Dec. 18, 2017, CEI announced that CCLIQ had signed an amended and restated engineering, procurement, and construction (EPC) contract with Bechtel Oil, Gas & Chemicals Inc. (Bechtel) for the construction of train 3. Under the terms of this agreement, construction may proceed now on train 3 without a change order until July 5, 2018. The decision to move to a FID on train 3 will be contingent upon execution of satisfactory SPAs for the LNG capacity of the new train. S&P Global Ratings is thus affirming its 'BB-' rating on Cheniere Corpus Christi Holdings LLC's $1.5 billion 5.875% senior secured notes due 2025. The rating outlook is stable. The recovery rating is '2', indicating S&P's expectation for substantial (70%-90%; rounded estimate: 80%) recovery in the event of a default. The notes were issued in December 2016 and this rating action replaces and finalizes the preliminary rating issued on Dec. 5, 2016, S&P related. Before accounting for financial counterparty risk, the construction phase stand-alone credit profile (SACP) is 'bbb-', reflecting a strong technology and construction contracting and funding package to achieve completion to performance targets within schedule and budget. However, parent CEI's remaining unsupported equity contribution amount during the construction phase for trains 1 and 2 as of the end of November is $825 million and so our final construction phase SACP is constrained by S&P's corporate credit rating of 'BB-' on CEI. In March 2017, CEI closed a $750 million revolving facility that backstops its obligations under the equity contribution agreement between CEI and CCH. The operations phase SACP is 'bbb-'. The operations phase SACP reflects 20-year SPAs that provide CCLIQ a fixed price for LNG, including a fee for natural gas feedstocks equal to the cost of gas plus 15%, expectations of good operations and maintenance (O&M), and a robust natural gas procurement regime that minimizes fuel supply risk. The SPAs are considered irreplaceable because we think CCLIQ would not be able to easily replace long-term offtakers at similar contractual terms in current market conditions; specifically, S&P expects the price and contract duration would be difficult to replicate. Therefore, the rating could be capped by the lowest rated offtaker, currently PT Pertamina Persero (BBB-/Stable). S&P's outlook assesses the likely stable nature of the rating over the next 18 to 24 months given ongoing construction activities that are within its schedule and budget expectations and its stable rating outlook on CEI. The stable outlook on CEI results from predictable cash flow from its Sabine Pass LNG project, which has four operational trains and a fifth under construction that is progressing in line with our budget and schedule expectations. Since the rating on CCH's debt is capped by the corporate credit rating on CEI, a negative outlook on or downgrade of CEI would result in a similar rating action on CCH's debt. At this time, S&P thinks a deterioration of the rating on CEI over the outlook period is unlikely because four trains are now fully operational at SPLIQ. Aside from an adverse movement in our rating on CEI, a downgrade would require that construction phase SACP falls to 'b+'. Factors that would result in such a decline would be major delays for completion or major cost overruns such that available funding does not cover S&P's downside case cost profile by a substantial margin. With the potential advent of construction of train 3, there is some additional construction risk, but the company has managed all of its construction projects well to date. Over the outlook horizon, the sole factor that would result in an upgrade would be an upgrade on CEI since it caps the issue-level rating on CCH's debt. At this time, S&P thinks an improvement in its rating on CEI over the outlook period is low; however, as cash flow ramps up from SPLIQ, the financial profile of CEI does improve over time. Longer term, during construction, once CEI has provided its equity commitment, the rating would improve if the construction phase SACP were at least 'bb'. Later, when the project is at or near completion such that S&P has strong confidence in operational performance, the rating would reflect the operations phase risk profile. S&P expects that with the announcement of the execution of the train 3 amended and restated EPC contract, the construction period will now be longer than previously forecast, limiting the upside. COLONIAL MEDICAL: U.S. Trustee Appoints E. De Jesus as PCO ---------------------------------------------------------- The U.S. Trustee appoints Edna Diaz De Jesus, the Puerto Rico State Patient Care Ombudsman, as the Patient Care Ombudsman in the bankruptcy case of Colonial Medical Management Corp. Edna Diaz De Jesus Procuradora Interina del Paciente Oficina del Procurador del Paciente PO Box 11247 San Juan, PR 00910-2347 Tel: (787) 977-0909 Fax: (787) 977-0915 Email: ediaz@opp.gobierno.pr qsoto@opp.gobierno.pr yramos@opp.gobierno.pr About Colonial Medical Management Corp. Colonial Medical Management Corp. is an ambulatory health care clinic located in Anasco, Puerto Rico. Its practice location is listed as Carretera 402 Km 1.8 Bo. Marias Anasco, Puerto Rico. Colonial Medical sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 17-06925) on November 21, 2017. Luis Jorge Lugo Velez, its president, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of $1 million to $10 million. Judge Brian K. Tester presides over the case. The Debtor previously sought bankruptcy protection (Bankr. D. P.R. Case No. 14-01922) on March 13, 2014. COMSTOCK RESOURCES: MacKay Shields Has 12.69% Stake as of Dec. 31 ----------------------------------------------------------------- MacKay Shields LLC, an investment adviser registered under Section 203 of the Investment Advisers Act of 1940, disclosed in a Schedule 13G/a filed with the Securities and Exchange Commission that it is deemed to be the beneficial owner of 6,200,697 shares or 12.69% of the Common Stock of Comstock Resources, Inc., believed to be outstanding as a result of acting as investment adviser to various clients. All calculations of percentage ownership herein are based on a total of 13,115,412 shares of Common Stock issued and outstanding as of Dec. 31, 2017, as disclosed on the Company's Form 10-Q filed with the Securities and Exchange Commission on Nov. 9, 2016, plus 35,752,685 shares issuable upon conversion of the outstanding convertible notes. The MainStay High Yield Corporate Bond Fund, a registered investment Company for which Mackay Shields acts as sub-investment adviser, may be deemed to beneficially own 8.02% of the outstanding common stock of the Company. New York Life Investment Management LLC, an indirect wholly owned subsidiary of New York Life and an affiliate of Mackay Shields LLC, is the manager of MainStay High Yield Corporate Bond Fund. A full-text copy of the regulatory filing is available at: https://is.gd/ehGWcQ About Comstock Resources Comstock Resources, Inc. -- http://www.comstockresources.com/-- is an independent energy company based in Frisco, Texas and is engaged in oil and gas acquisitions, exploration and development primarily in Texas and Louisiana. The Company's stock is traded on the New York Stock Exchange under the symbol CRK. Comstock incurred a net loss of $135.1 million in 2016, a net loss of $1.0 billion in 2015, and a net loss of $57.11 million in 2014. As of Sept. 30, 2017, Comstock Resources had $899.60 million in total assets, $1.22 billion in total liabilities and a total stockholders' deficit of $328.44 million. * * * In September 2016, S&P Global Ratings raised its corporate credit rating on Comstock Resources to 'CCC+' from 'SD' (selective default). The 'CCC+' corporate credit rating reflects S&P's view that the company's debt levels are unsustainable under its current price assumptions. Comstock Resources carries a 'Caa2' corporate family rating from Moody's Investors Service. CONCENTRA INC: Moody's Hikes Sr. Sec. First Lien Debt Rating to B1 ------------------------------------------------------------------ Moody's Investors Service affirmed Concentra Inc.'s B2 Corporate Family Rating (CFR) and B2-PD Probability of Default Rating. Moody's also upgraded Concentra's existing senior secured revolver and term loan ratings to B1 from B2. At the same time, Moody's assigned a B1 rating to the company's proposed $555 million incremental first lien term loan and assigned a Caa1 rating to the company's proposed $240 million second lien term loan. The rating outlook is stable. Proceeds from the new debt facilities will be used to fund the acquisition of U.S. HealthWorks Inc., make a shareholder distribution, and pay related fees and expenses. As part of the transaction, Concentra is also upsizing its existing revolving credit facility to $75 million from $50 million. The CFR affirmation reflects the benefits that Concentra will realize from the combination of operations of the two leading providers of occupational health services in the U.S. The acquisition of U.S. HealthWorks Inc. from Dignity Health Holding Corporation (DHHC) will expand Concentra's network of medical and onsite clinics by approximately 60%, materially expanding its scale and strengthening its geographic diversification. Following the close of the transaction, DHHC will become a new 20% minority owner of the combined entity, with Select Medical Holdings Corporation (parent; B1 stable) retaining its 50.1% stake and existing minority owners, including private equity firm Welsh, Carson, Anderson & Stowe owning the remaining share. The upgrade on the existing first lien senior secured instrument ratings reflects the benefit of loss absorption in a hypothetical distressed scenario provided by the new second lien debt that is being added to the capital structure. Concentra Inc.: Ratings assigned: $555 million first lien incremental term loan due 2022, at B1 (LGD3) $240 million second lien term loan due 2023, at Caa1 (LGD6) Ratings upgraded: Existing senior secured first lien revolving credit facility due 2020, to B1 (LGD3) from B2 (LGD3) Existing senior secured first lien term loan due 2022, to B1 (LGD3) from B2 (LGD3) Ratings affirmed: Corporate Family Rating at B2 Probability of Default Rating at B2-PD The rating outlook is stable. RATINGS RATIONALE Concentra's B2 Corporate Family Rating reflects its high financial leverage of around 6.0x following the acquisition of U.S. HealthWorks. While the acquisition increases leverage, Moody's expects that the realization of cost savings will result in fairly rapid deleveraging. Concentra and Select Medical have a good track record of achieving cost synergies. The credit profile will continue to be supported by the company's leading scale in the highly fragmented occupational health industry and strong customer, payor and geographic diversification. Longer-term, Moody's expects that the achievement of earnings growth, absent acquisitions, will become more difficult as US injury rates will slowly decline due to a reduction of manufacturing and labor jobs in favor of service and technology industries. The ratings could be upgraded if Concentra successfully integrates U.S. HealthWorks and achieves meaningful operating synergies. Additionally, the company would need to sustain improvements in free cash flow and reduce leverage, such that debt to EBITDA is expected to be sustained below 5.0 times. The ratings could be downgraded if the company materially increases leverage, either through a debt financed acquisition, distribution to its joint venture partners, or due to deterioration in the company's operations. The ratings could also be downgraded if liquidity weakens or if the company's free cash flow becomes negative on a sustained basis. Specifically, if debt to EBITDA is expected to remain above 6.0 times, the ratings could be downgraded. Concentra is a provider of occupational and consumer healthcare services, including workers' compensation injury care, physical exams, wellness, preventative care and drug testing for employers. Concentra has operations across the US though medical centers and onsite clinics at employer worksites. The company also provides outpatient services to veterans at 32 Department of Veterans Affairs community-based outpatient clinics. Concentra generates revenue of about $1 billion. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. CORPORATE RESOURCE: Trustee Hires Jeffer as Special Counsel ----------------------------------------------------------- James S. Feltman, the Chapter 11 Trustee of Corporate Resource Services, Inc., and its debtor-affiliates, seeks authority from the U.S. Bankruptcy Court for the Southern District of New York to employ Jeffer Mangels Butler & Mitchell LLP, as special litigation counsel to the Trustee. The Trustee requires Jeffer to represent the Trustee in the enforcement of claims and collections of accounts receivable, and prosecute against: -- American International Industries, in the Superior Court of California for the County of Los Angeles, seeking the sum of $141,662.46; -- Jaemar, Inc., in the Superior Court of California for the County of San Diego, seeking the sum of $225,981.50; and -- Pacific American Fish Co., Inc., in the Superior Court of California for the County of Los Angeles, seeking the sum of $196,820.46. Jeffer will be paid at these hourly rates: Partners $660-$690 Associates $425 Paralegals $225 On or around August 2, 2017, the collective amount billed by Jeffer to the Trustee exceeded $250,000. The OCP Order requires that Jeffer file a separate retention application pursuant to section 327 of the Bankruptcy Code to seek compensation for professional services rendered and reimbursement for necessary expenses, which exceed $250,000. Jeffer will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas M. Geher, partner of Jeffer Mangels Butler & Mitchell 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 estates. Jeffer can be reached at: Thomas M. Geher, Esq. JEFFER MANGELS BUTLER & MITCHELL LLP 1900 Avenue of the Stars, 7th Floor Los Angeles, CA 90067 Tel: (310) 203-8080 Fax: (310) 203-0567 About Corporate Resource Services, Inc. Corporate Resource Services, Inc., is a provider of corporate employment and human resource solutions, headquartered in New York. CRS leases its headquarters and does not own any real property. About 90% of CRS shares are owned by Robert Cassera and the balance are traded OTC. As of Dec. 31, 2014, CRS was one of the largest employment staffing companies in the U.S., providing employment and human resources solutions for corporations with annual sales of about one billion dollars. In February 2015, CRS began an orderly wind down of operations after discovering that TS Employment, Inc., a privately held company owned by Mr. Cassera, failed to remit tens of millions of dollars of the Debtors' withholding taxes to taxing authorities. TS Employment Inc., a professional employer organization that provided payroll-related services for CRS, sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 15-10243) in Manhattan on Feb. 2, 2015. The case is before Judge Martin Glenn. TSE tapped Scott S. Markowitz, Esq., at Tarter Krinsky & Drogin LLP, in New York, as counsel. Realization Services Inc. serves as the Debtor's consultant. CRS and its subsidiaries sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 15-11546) on July 23, 2015, to complete their orderly wind down of operations. The CRS Debtors' cases were transferred to New York (Bankr. S.D.N.Y. Lead Case No. 15-12329), on Aug. 18, 2015, and assigned to Judge Glenn. CRS estimated $10 million to $50 million in assets and $50 million to $100 million in debt. The CRS Debtors tapped Gellert Scali Busenkell & Brown, LLC, as bankruptcy counsel; Wilmer Cutler Pickering Hale & Dorr LLP, as special counsel; Carter Ledyard & Milburn LLP, as special SEC counsel; SSG Capital Advisors as financial advisors and investment bankers; and Rust Omni LLC as claims agent. James S. Feltman has been appointed as Chapter 11 trustee for the CRS Debtors and for TS Employment. He has tapped Togut, Segal & Segal LLP as counsel; and Jenner & Block LLP and Greenberg Traurig, P.A., as special counsel; Jeffer Mangels Butler & Mitchell LLP, as special litigation counsel. CSC HOLDING: Moody's Cuts Sr. Secured Debt Rating to Ba2 -------------------------------------------------------- Moody's Investors Service has downgraded the senior secured rating at CSC Holding LLC.'s (CSC) to Ba2 (LGD2), from Ba1 (LGD2), following the announcement to upsize the currently-marketed debt offering by an additional $1 billion, to $2.5 billion. Moody's now expect the final debt raise to consist of an incremental $1.5 billion term loan B (due 2026) and $1 billion senior guaranteed notes (due 2028), both at CSC, a wholly-owned subsidiary of Cablevision Systems Corporation (Cablevision or the company). Moody's expect the proceeds of the borrowings to be used to repay $1 billion in unsecured notes with near term maturities, with the remainder used to fund a $1.5 billion special dividend to Altice N.V., associated with the recently announced plan to spinoff Altice USA Inc. from Altice N.V. Moody's will withdraw the ratings on debt repaid, at close. All other ratings for Cablevision and its subsidiaries are unchanged and the outlook remains stable. The debt is being raised based on terms and conditions that are the same as, or materially similar to, existing agreements. Moody's previously noted that a shift to a more secured capital structure would put added pressure on the previous Ba1 (LGD2) secured instrument ratings. While the company did have some capacity to increase secured debt levels and maintain the Ba1 rating, the additional $1 billion upsize exceeds the tolerance threshold, resulting in the downgrade. Since the $1 billion upsize will be used to repay upcoming maturities, Moody's still expected pro forma closing leverage to be approximately 6.2x, up from 5.6x for the Last Twelve Months Ended, September 30, 2017. Moody's also note, given the shift in the capital structure pro forma for this transaction, there will be downward pressure on the unsecured notes at CSC. These securities are subject to downgrade should junior debt, specifically the unsecured notes at Cablevision, be repaid. Downgrades: Issuer: CSC Holdings, LLC -- Senior Secured Bank Credit Facility, Downgraded to Ba2 (LGD2) from Ba1 (LGD2) -- GTD Senior Unsecured Bonds, Downgraded to Ba2 (LGD2) from Ba1 (LGD2) -- Issuer: Neptune Finco Corp. -- Senior Secured Bank Credit Facility, Downgraded to Ba2 (LGD2) from Ba1 (LGD2) -- GTD Senior Unsecured Bonds, Downgraded to Ba2 (LGD2) from Ba1 (LGD2) Adjustments: Issuer: CSC Holdings, LLC -- Senior Unsecured Bonds, Adjusted to (LGD5) from (LGD4) Issuer: Neptune Finco Corp. -- Senior Unsecured Bonds, Adjusted to (LGD5) from (LGD4) RATINGS RATIONALE Cablevision's B1 CFR reflects its high leverage declining video business, and the business risk inherent in Altice's cost cutting strategy. Altice has quickly reduced costs and realized a large portion of its $900 million in targeted savings which has boosted EBITDA, improving cash flows and leverage leading up to the announced transaction. While the company appears to be executing its plan without significant disruption to its customer base or market position, operational and financial risks remain. Leverage is elevated again, and the pursuit of strategic initiatives to grow the business require investment and risk. At the same time, competitive challenges remain intense, especially in the video market. Nevertheless, Cablevision has a strong position in very good markets with favorable demographics within its footprint. Cablevision competes head to head with Verizon's FiOS service in about half of its urban footprint. Moody's view FiOS as a competitive product offer and expect Verizon to gain market share if Cablevision stumbles operationally. However, Cablevision's industry leading market share reflects its strength and solid operating performance, particularly in broadband where its upgraded network produces superior network speeds that attract and retain residential and commercial customers. Moody's expect broadband and small business segment results to remain strong and Cablevision to retain its current market share position. The stable outlook is based upon Moody's expectation that leverage will fall under 6x over the next 12-18 months. The outlook also reflects Moody's view that Cablevision will continue to generate positive free cash flow and maintain good liquidity. Moody's would consider an upgrade if leverage were sustained below 5x (Moody's adjusted), free cash flow as a percentage of debt was above 5%, and market share and liquidity were maintained, or improved. Moody's would consider a downgrade if leverage is not on track to fall below 6x (Moody's adjusted) by year end 2018, liquidity were to become constrained or market share materially erodes. The principal methodology used in these ratings was Global Pay Television - Cable and Direct-to-Home Satellite Operators published in January 2017. Headquartered in Long Island City, New York, Cablevision Systems Corporation served approximately 3.1 million residential and business customers, passing 5.1 million homes in and around the New York metropolitan area as of September 30, 2017. Cablevision is wholly owned by Altice USA and is also the direct parent of CSC Holdings, LLC. Revenue for LTM September 30, 2017 was approximately $6.6 billion. Altice N.V. currently holds a 67% economic interest and 98% voting interest in Altice USA. CTI BIOPHARMA: Stonepine Capital Has 5% Stake as of Jan. 11 ----------------------------------------------------------- In a Schedule 13G/A filed with the Securities and Exchange Commission, Stonepine Capital Management, LLC, Stonepine Capital, L.P., Jon M. Plexico and Timothy P. Lynch reported that as of Jan. 11, 2018, they beneficially own 2,150,000 shares of common stock of CTI BioPharma Corp., constituting 5 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at https://is.gd/SXETk2 About CTI BioPharma CTI BioPharma Corp. (NASDAQ and MTA: CTIC) -- http://www.ctibiopharma.com/-- is a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies covering a spectrum of blood-related cancers that offer a unique benefit to patients and healthcare providers. The Company has a late-stage development pipeline, including pacritinib for the treatment of patients with myelofibrosis. CTI BioPharma is headquartered in Seattle, Washington. CTI Biopharma reported a net loss attributable to common shareholders of $52 million for the year ended Dec. 31, 2016, a net loss attributable to common shareholders of $122.6 million for the year ended Dec. 31, 2015, and a net loss attributable to common shareholders of $95.99 million. The Company had $65.53 million in total assets, $37.12 million in total liabilities, and $28.41 million in total shareholders' equity as of Sept. 30, 2017. DAVID'S BRIDAL: S&P Lowers CCR to 'CCC' on Debt Restructuring ------------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating on David's Bridal Inc. to 'CCC' from 'CCC+'. The outlook is negative. S&P said, "We also lowered our issue-level ratings on the company's $500 million secured term loan facility maturing October 2019 to 'CCC' from 'CCC+' and the issue-level ratings on the $270 million unsecured senior notes due October 2020 to 'CC' from 'CCC-'. The '3' recovery rating on the term loan facility indicates our expectation for meaningful (50% to 70%; rounded estimate: 60%) recovery. Our '6' recovery rating on the unsecured notes reflects our expectation for negligible (0% to 10%; rounded estimate: 0%) recovery prospects in the event of a default or bankruptcy. "The downgrade reflects our view that the company could pursue a distressed exchange or restructuring transaction in the next 12 months to address maturities on its capital structure, the first of which are October 2019 term loan maturities. Our rating action considers what we see as poor refinancing market conditions for retail companies. We believe the risk that David's Bridal will be unable to refinance at least a portion of its capital structure at par increases as the company's debt maturities approach in 2019 and 2020. We also forecast that the company's operating performance will likely worsen over the next 12 months, as competition, price transparency, and changing bridal habits further pressure sales and margins. We think profit and cash flow generation will be insufficient to support the current capital structure, and forecast flat to modestly negative free cash flow from operations over the next 12 months. The rating action also considers David's Bridal's limited liquidity position, primarily based on the borrowing capacity under the $125 million asset-backed (ABL) lending facility and modest balance sheet cash. "The negative outlook reflects our view that the company could pursue a distressed exchange or debt restructuring in the next 12 months to address its October 2019 term loan maturities, as challenging market conditions persist and our expectation for worse operating performance. "We could lower the ratings if the company announces a debt exchange or conditions worsen, such that we envision a restructuring as increasingly likely in the next six months. This could arise if the company takes steps or publically announces its intention to execute a debt exchange that we view as distressed. "Although unlikely over the next several quarters, a stable outlook or higher rating would be contingent on material improvement in operating prospects that we believe are sustainable, enabling the company to maintain adequate liquidity and refinance its debt maturities at par." DAYBREAK OIL: Incurs $568,000 Net Loss in Third Quarter ------------------------------------------------------- Daybreak Oil and Gas, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss available to common shareholders of $567,896 on $169,532 of revenue for the three months ended Nov. 30, 2017, compared to a net loss available to common shareholders of $735,501 on $102,751 of revenue for the three months ended Nov. 30, 2016. For the nine months ended Nov. 30, 2017, Daybreak Oil reported a net loss available to common shareholders of $2.06 million on $438,295 of revenue compared to a net loss available to common shareholders of $2.91 million on $332,041 of revenue for the nine months ended Nov. 30, 2016. As of Nov. 30, 2017, Daybreak Oil had $1.11 million in total assets, $15.91 million in total liabilities and a total stockholders' deficit of $14.80 million. The Company's financial statements for the nine months ended Nov. 30, 2017 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The Company has incurred net losses since entering the crude oil and natural gas exploration industry and as of Nov. 30, 2017 has an accumulated deficit of $37,851,881 and a working capital deficit of $14,984,097 which raises substantial doubt about the Company's ability to continue as a going concern. The Company continues to implement plans to enhance its ability to continue as a going concern. Daybreak currently has a net revenue interest in 20 producing crude oil wells in its East Slopes Project located in Kern County, California. The revenue from these wells has created a steady and reliable source of revenue. The Company's average working interest in these wells is 36.6% and the NRI is 28.4% for these same wells. The Company anticipates its revenue will continue to increase as the Company participates in the drilling of more wells in the East Slopes Project in California and as our exploratory drilling project begins in Michigan. However, given the current instability in hydrocarbon prices, the timing of any drilling activity in California and Michigan will be dependent on a sustained improvement in hydrocarbon prices and a successful refinancing or restructuring of the Company's credit facility. The Company believes that its liquidity will improve when there is a sustained improvement in hydrocarbon prices. Daybreak'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 crude 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. A full-text copy of the Form 10-Q is available for free at: https://is.gd/fWSQ72 About Daybreak Oil Daybreak Oil and Gas, Inc. -- http://www.daybreakoilandgas.com/-- is an independent oil and natural gas company currently engaged in the exploration, development and production of onshore oil and natural gas in the United States. The Company is headquartered in Spokane, Washington with an operations office in Friendswood, Texas. Daybreak owns a 3-D seismic survey that encompasses 20,000 acres over 32 square miles with approximately 6,500 acres under lease in the San Joaquin Valley of California. The Company operates production from 20 oil wells in our East Slopes project area in Kern County, California. Daybreak Oil reported a net loss of $3.46 million on $482,656 of revenue for the 12 months ended Feb. 28, 2017, compared to a net loss of $4.20 million on $529,360 of revenue for the 12 months ended Feb. 29, 2016. The Company's independent accounting firm MaloneBailey, LLP -- http://www.malonebailey.com/-- in Houston, Texas, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Feb. 28, 2017, noting that the Company suffered losses from operations and has negative operating cash flows, which raises substantial doubt about its ability to continue as a going concern. FINJAN HOLDINGS: Circuit Court Affirms Validity of Finjan's Patents ------------------------------------------------------------------- Finjan Holdings, Inc. announced that in its patent infringement suit against Blue Coat Systems, Inc. (5:13-cv-03999-BLF, "Blue Coat I") the United States Court of Appeals for the Federal Circuit (Case No. 2016-2520, "Federal Circuit") issued its decision as follows: * Finjan's U.S. Patent No. 6,154,844 (the "'844 Patent"): - Confirmed valid and infringed - Recognized Finjan's behavior-based technology as pioneering - Remanded damages to District Court * Finjan's U.S. Patent Nos. 6,804,780 (the "'780 Patent"), 7,418,731 (the "'731 Patent"), and 7,647,633 (the "'633 Patent"): - Affirmed patents infringed - Affirmed damages totaling $7.8M * Finjan's U.S. Patent No. 6,965,968 (the "'968 Patent"): - Reversed finding of infringement and $7.8M in related damages "Finjan is pleased with the Federal Circuit's decision affirming validity of our asserted patents, and, notably, its recognition that the '844 behavior-based invention 'was pioneered by Finjan,'" said Julie Mar-Spinola, CIPO of Finjan Holdings. "Significantly, this Opinion should end any further challenges to the validity of the '844 Patent." U.S. District Court, Northern District of California Retrial of Finjan, Inc. v. Blue Coat Systems Inc. (5:15-cv-03295-BLF, "Blue Coat II") commenced on Jan. 8, 2018, on liability issues not present in the Blue Coat I case, including additional damages and willful infringement. As a result of the Federal Circuit Opinion, the Honorable Beth Labson Freeman declared a mistrial on Jan. 10, 2018. A new trial date on liability is set for Feb. 12, 2018. A second, combined new trial on damages for Blue Coat I, and damages and willfulness for Blue Coat II, is set for Dec. 10, 2018. "We appreciate the Court's decision to declare a mistrial this morning," continued Julie Mar-Spinola. "We look forward to retrying the liability (infringement) phase of the dispute on February 12, 2018, and having a clean slate for trying damages and willful infringement against Blue Coat on December 10, 2018." Upcoming District Court Dates for Blue Coat February 12, 2018: * New Jury trial on additional liability issues related to Finjan's '844 and U.S. Patent No. 8,677,494 (the "'494 Patent") * '494 Patent, issues not present in the Blue Coat I December 10, 2018: * New jury trial on damages and willfulness related to the original '844 infringement from Blue Coat I and Blue Coat II Finjan has pending infringement lawsuits and appeals against Symantec Corp., Palo Alto Networks, Blue Coat Systems, Inc., ESET and its affiliates, Cisco Systems, Inc., Sonicwall, Inc., Bitdefender and its affiliates, and Juniper Networks, relating to, collectively, more than 20 patents in the Finjan portfolio. About Finjan Established over 20 years ago, Finjan -- http://www.finjan.com/-- is a cybersecurity company focused on four business lines: intellectual property licensing and enforcement, mobile security application development, advisory services, and investing in cybersecurity technologies and intellectual property. Licensing and enforcement of the Company's cybersecurity patent portfolio is operated by its wholly-owned subsidiary Finjan, Inc. Finjan became a wholly owned subsidiary of Finjan Holdings in June of 2013 after a merger transaction, following which we began trading on the OTC Markets. The Company's common stock has been trading on the NASDAQ Capital Market since May 2014. Since the merger, the Company continues to execute on its existing business lines while outlining a vision and focusing on growth. Finjan is based in East Palo Alto, California. Finjan reported a net loss attributable to common stockholders of $6.43 million for the year ended Dec. 31, 2016, a net loss attributable to common stockholders of $12.60 million for the year ended Dec. 31, 2015, and a net loss of $10.47 million for the year ended Dec. 31, 2014. As of Sept. 30, 2017, Finjan Holdings had $45.32 million in total assets, $11.96 million in total liabilities, $18 million in redeemable preferred stock and $15.35 million in total stockholders' equity. FIRST RIVER: CEO Says It Beat Receiver in Filing of Petition ------------------------------------------------------------ The court-appointed receiver and CEO of First River Energy, LLC, each filed a Chapter 11 bankruptcy petition for the San Antonio, Texas-based oil and gas extraction company. Deborah Kryak, the CEO, filed a Chapter 11 petition for First Energy (Bankr. D. Del. Case No. 18-10080) in Delaware on Jan. 12, 2018 at 3:34 p.m. Eastern time. Raymond W. Battaglia, a state court-appointed receiver, also filed a Chapter 11 petition on behalf of First River in San Antonio, Texas, on Jan. 12, 2018 (Bankr. W.D. Tex. Case No. 18-50063) at 2:50 p.m. Central Time. Immediately after the filing by the Receiver, First Energy, as debtor-in-possession, immediately served a notice of "prior filed Chapter 11 proceeding", to inform the Texas Court and the Receiver of the filing of the bankruptcy case in Delaware, and that the automatic stay under Sec. 362 of the Bankruptcy Code was in effect for all purposes. The Debtor's bankruptcy filing, through its CEO, was endorsed by the Debtor's board of managers and its capital unitholders, Rwest PI FRE Holding, LLC, and Stable Assets-FRE, LLC. Akerman LLP is serving as bankruptcy counsel to the Debtor, with the engagement led by David W. Parham, John E. Mitchell, and Scott D. Lawrence. Chipman Brown Cicero & Cole LLP is serving as local counsel to the Debtor, with the engagement headed by William E. Chipman, Jr. Armory Strategic Partners is the Debtor's financial advisor. The Debtor has tapped Scott Avila as Chief Restructuring Officer. Eric Terry, Esq., at Eric Terry Law, PLLC, is the Receiver's counsel. The case in Delaware is assigned to Judge Mary F. Walrath. The Texas case is assigned to Judge Hon. Craig A. Gargotta. Based in San Antonio, Texas, First River Energy, LLC, formerly known as First River Midstream, LLC --http://www.firstriverenergy.com/-- is engaged in the oil and gas extraction business. The Debtor estimated $10 million to $50 million in assets and liabilities. FLOYD E. SQUIRES: Ct. Issues Memo on Eureka City's Letter to Judge ------------------------------------------------------------------ Judge William J. Lafferty, III, of the U.S. Bankruptcy Court for the Northern District of California issued a memorandum regarding the City of Eureka's Letter to the Judge filed on Dec. 29, 2017. The Court considers the Letter for informational purposes only. Courts respond to motions, and the Letter is not a legally cognizable means of raising an issue for determination by the Court. However, the issue addressed in the Letter, among others, will be discussed at a status conference. The bankruptcy case is in re: Floyd and Betty Squires, Chapter 11, Debtor, Case No. 17-10828 (Bankr. N.D. Cal.). A copy of the Judge Lafferty's Memorandum dated Jan. 2, 2017 is available at https://is.gd/iJtk7b from Leagle.com. Floyd E. Squires, III, Debtor, represented by David N. Chandler -- DChandler1747@yahoo.com -- Law Offices of David N. Chandler. Office of the U.S. Trustee / SR, U.S. Trustee, represented by Jared A. Day , Office of the U.S. Trustee. Floyd E. Squires, III, and Betty J. Squires filed for chapter 11 protection (Bankr. N.D. Cal. Case No. 16-10828) on Nov. 8, 2017, and are represented by David N. Chandler, Esq. of the Law Offices of David N. Chandler. FTE NETWORKS: CEO Says 2017 One of Most Transformative Years ------------------------------------------------------------ FTE Networks, Inc. released a shareholder letter from Michael Palleschi, president and CEO, providing an update on the Company's activities and strategy for growth in the future. Dear Fellow Shareholders, Happy New Year! Today I have the honor of ringing the historic New York Stock Exchange opening bell. To mark this occasion, I wanted to take the time to update our valued shareholders on recent activities and plans for the future. Since our last shareholder update in October 2017, we have achieved several important milestones, making 2017 one of the most transformative years in the history of our Company. With FTE's recent launch of our transformative technology powered by CrossLayer and the successful integration of Benchmark Builders into our previously existing FTE business, we believe our business model provides us a competitive edge in the technology and infrastructure market and will play a key role in driving our growth in 2018 and beyond. A Unique Business Model FTE is a technology company that is leveraging its market presence in the network infrastructure and general contracting verticals as sales and operations channels for its innovative edge computing technology. In addition to enabling adaptive and efficient smart network connectivity platforms, infrastructure, and buildings, FTE provides end-to-end design, build, and support solutions for state-of-the-art networks, data centers, and residential and commercial properties. Our business is now comprised of three complementary businesses whose combined operating benefits provide cutting-edge technology solutions to our client base that includes Fortune 100/500 companies, some of the world's leading Telecommunications and IT Services Providers as well as REITs and Media Providers, and, in turn, contributes to improved margins that ultimately impact our growth and profitability. With technology guiding all that we do, we are confident in the path we are forging to offer unrivaled breadth and quality of solutions to our customers. A Transformational 2017 We believe our advancements in 2017 established a strong foundation for our business to begin capitalizing on a multi-prong growth opportunity that lies before us. We integrated Benchmark Builders, a premier general contractor, with a powerful industry brand and strong presence in the New York City metropolitan market. We also launched CrossLayer, our Edge Computing solution that efficiently uses low-cost commodity servers that are scalable and upgradable through open source software, facilitate new capabilities that enable network, cloud, content and data to converge into a single network platform in an environment that evolves with technology. We believe that our technology platform is central to fully realizing the cross-company synergies and rapidly penetrating our target markets. By leveraging our client base and our network infrastructure operation we will support this growing building network with integrated network services, cutting edge technology, and facility management services, from conception to completion – a disruptive solution. As FTE continues to grow, we believe it is important to build a culture of execution and delivering on the Company’s stated corporate objectives. In our last shareholder update, we shared our plans relative to an uplisting to a national exchange. In our final pivotal moment in 2017, we had the distinction of completing our uplisting and to see our common stock begin trading on the NYSE American in December. Uplisting to the NYSE American gives us a larger platform for us to communicate our progress to a broader audience and will enable us to expand and diversify our shareholder base. Combined with our recently announced engagement of KCSA Strategic Communications for Public and Investor Relations to support these communication goals, we believe we are now better positioned to attract a broader range of institutional investors. Additionally, we continued to deliver on our operational goals and add to our growing backlog by our announcement of contract MSA awards with new and existing customers. These awards not only served to expand and strengthen our footprint in existing markets, they helped open a few new markets as well. Looking Ahead to 2018 and Beyond We expect 2018 to be another year of tremendous growth for FTE. Thanks to the successful integration of our complementary businesses, we are now able to focus on our dynamic growth strategy. As we hope to have reinforced in this letter, we believe FTE has a clear roadmap to delivering sustainable growth. By leveraging our innovative technology as the foundation for our expansion initiatives, we hope to realize the full benefits of our three complementary businesses. By performing many of our infrastructure projects internally, we believe we will be in a position to maximize profitability. Additionally, by marketing scalable and upgradable technology to our existing client base, we anticipate re-occurring revenues from clients with whom we expect to maintain long-term relationships, building trust and continuing to provide value through our technology solutions. FTE plans to continue to invest in its technology solutions and to protect these technologies by building a robust patent estate around its key features. In addition, we believe we are well positioned to support the market penetration and sales efforts of our technology platform by making the required investments to expand the sales channels and feed the growth. We are confident that FTE will continue to benefit from a strong market presence and customer recognition in New York City, and believe that it is well positioned to satisfy the market need, with access to more than 200 REITS and an impressive reoccurring Fortune 100/500 customer portfolio that have a national footprint. All told, we are confident in our technology focused business model. We look forward to building shareholder value by expanding our client base, increasing profitability, and reaching a broader and more institutional shareholder base with our listing on the NYSE American. Thank you for your continued commitment to FTE Networks. We look forward to sharing our continued progress with you in 2018 and beyond. Sincerely, Michael Palleschi President and CEO About FTE Networks Formerly known as Beacon Enterprise Solutions Group, FTE Networks, Inc. -- http://www.ftenet.com/-- is a provider of innovative technology-oriented solutions for smart platforms, network infrastructure and buildings. FTE's three complementary businesses are FTE Network Services, CrossLayer, Inc. and Benchmark Builders, Inc. Together they provide end-to-end design, build and support solutions for state-of-the-art networks and commercial properties to create the most transformative smart platforms and buildings. FTE's businesses are predicated on smart design and consistent standards that reduce deployment costs and accelerate delivery of innovative projects and services. The company works with Fortune 100/500 companies, including some of the world's leading communications services providers. FTE Networks and its subsidiaries support multiple services, including Data Center Infrastructure, Fiber Optics, Wireless Integration, Network Engineering, Internet Service Provider, General Contracting Management and General Contracting. FTE Networks is based in Naples, Florida. FTE Networks reported a net loss attributable to common shareholders of $6.31 million on $12.26 million of revenues for the year ended Dec. 31, 2016, compared to a net loss attributable to common shareholders of $3.63 million on $14.38 million of revenues for the year ended Sept. 30, 2015. As of Sept. 30, 2017, FTE Networks had $149.77 million in total assets, $133.22 million in total liabilities and $16.55 million in total stockholders' equity. FUNCTION(X) INC: Signs a Two-Year License Deal with BumbClick ------------------------------------------------------------- Function(x) Inc. entered into a license agreement with BumpClick, LLC, on Jan. 8, 2018, pursuant to which the Company granted BumpClick a revocable and exclusive license to manage and create content for all social media pages and websites necessary to operate the WetPaint and Rant businesses. The Agreement has a term of two years unless terminated upon a material breach of the Agreement by BumpClick or the exercise of the purchase option by Bump. The Agreement provides for a payment of the closing advance in the amount of approximately $105,000 to the Company and $20,000 to Bump Digital, LLC for amounts owed by the Company to Bump Digital. The Agreement provides further that the Company will receive a fee equal to 20% of gross revenue from its websites and social media pages and 20% of net profits from paid media during the term of the Agreement. Fees earned under the Agreement will be offset by the Closing Advance in amounts of up to $25,000 per month until the entire Closing Advance has been repaid. During the term of the Agreement, BumpClick will be responsible for all overhead and operational costs of the social media pages and websites of the Businesses. The Agreement contains an option for BumpClick to purchase the assets of the Businesses included in the Agreement in exchange for the purchase price of (i) $1,000,000 if BumpClick exercises the option prior to Jan. 5, 2019 and (ii) $2,000,000 if BumpClick exercises the option during the period between Jan. 6, 2019 and Jan. 5, 2020. The Company has the right to terminate the option on or after Oct. 1, 2018 in exchange for a one-time payment of $150,000 and the return of any unearned amounts of the Closing Advance. The Agreement replaces the license agreement between the Company and Bump Digital, reported on the Company's Current Report on Form 8-K filed on Sept. 29, 2017. About Function(x) Based in New York, FunctionX Inc (NASDAQ:FNCX) -- http://www.functionxinc.com/-- is a diversified media and entertainment company. The Company conducts three lines of businesses, which are digital publishing through Wetpaint.com, Inc. (Wetpaint) and Rant, Inc. (Rant); fantasy sports gaming through DraftDay Gaming Group, Inc. (DDGG), and digital content distribution through Choose Digital, Inc. (Choose Digital). Wetpaint is a media channel reporting original news stories and publishing information content covering television shows, music, celebrities, entertainment news and fashion. Choose Digital is a business-to-business platform for delivering digital content. DDGG is a business-to-business operator of daily fantasy sports. The Company's digital publishing business also includes Rant, which is a digital publisher that publishes original content in over 13 verticals, such as in sports, entertainment, pets, cars and food. On Jan. 27, 2016, Function(x) Inc. changed its name from Viggle Inc. to DraftDay Fantasy Sports, Inc., and changed its ticker symbol from VGGL to DDAY. On June 10, 2016, the Company changed its name from DraftDay Fantasy Sports, Inc., to Function(x) Inc., and changed its ticker symbol from DDAY to FNCX. It now conducts business under the name Function(x) Inc. BDO USA, LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2016, citing that the Company has suffered recurring losses from operations and at June 30, 2016, has a deficiency in working capital that raise substantial doubt about its ability to continue as a going concern. Function(x) incurred a net loss of $63.68 million for the year ended June 30, 2016, compared to a net loss of $78.53 million in fiscal 2015. As of Dec. 31, 2016, Function(x) had $31.80 million in total assets, $27.94 million in total liabilities, and $3.85 million in total stockholders' equity. GABRIELLE LAVERNE BROWN: PCO Files 5th Report --------------------------------------------- Joseph Rodrigues, the Patient Care Ombudsman appointed for Gabrielle Laverne Brown, dba Sonoma Serenity Home, filed a fifth report with the U.S. Bankruptcy Court for the Northern District of California. Based upon the events reported the Patient Care Ombudsman's second report to the court dated July 7, 2017, CCL obtained a Temporary Suspension Order (TSO) on Friday, July 7, 2017. This TSO necessitated that all residents leave the facility and relocate to other facilities. This TSO also removed the ability of the facility to legally have any new residents in the home receiving care. Since that date, no residents have been in care at the facility. As no residents are in care, the Patient Care Ombudsman has no recommendations for the court at this time. A full-text copy of the Fifth PCO Report is available at: http://bankrupt.com/misc/canb17-10255-92.pdf About Gabrielle Laverne Brown Gabrielle Laverne Brown filed a pro se Chapter 11 petition (Bankr. N.D. Cal. Case No. 17-10255) on April 6, 2017. Pursuant to the order directing the appointment of a Patient Care Ombudsman entered by this court on April 7, 2017, Tracy Hope Davis, the United States Trustee, duly appointed Joseph Rodrigues as the Patient Care Ombudsman in this case. GADFLY ENTERPRISES: Wants to Use Hanmi Bank Cash Collateral ----------------------------------------------------------- Gadfly Enterprises Inc. t/a Super Cleaners, USA seeks authorization from the U.S. Bankruptcy Court for the District of Maryland for its use of the cash collateral Hanmi Bank. The Debtor asserts that the use of cash collateral is necessary in the ordinary course of its business in order to allow the Debtor pay payroll and other expenses associated with operation of the business. As such, the use of the cash collateral is vital to the Debtor's continued operation of the business and to the prospects for reorganization in Chapter 11. Hanmi Bank and the Debtor executed a U.S. Small Business Administration Note pursuant to which Hanmi Bank provided a business loan to the Debtor in the original principal amount of $1,190,000. Hanmi Bank may assert a security interest in the property of the Debtor, which lien may extend to funds received by the Debtor in operation of its business. The Debtor claims that it will be able to provide adequate protection in the form of a continuing lien on post-petition cash collateral as well as adequate protection payments for an interim period to allow the Debtor to commence to reorganize the operations of the estate. Accordingly, the Debtor submits that use of cash collateral for payment of the expenses set forth on its Budget is necessary to avoid immediate and irreparable harm to the estate. The Budget provides total expenses of approximately $212,078 during the period from January 8, 2018 through June 30, 2018. A full-text copy of the Debtor's Motion is available at: http://bankrupt.com/misc/mdb18-10270-8.pdf A copy of the Budget is available at: http://bankrupt.com/misc/mdb18-10270-8-bgt.pdf About Gadfly Enterprises d/b/a Super Cleaners USA Gadfly Enterprises Inc., doing business as Super Cleaners USA, is a family-owned business that provides drycleaning and laundry services serving Maryland and Washington, D.C. for over 20 years. Super Cleaners -- https://supercleanersusa.com/ -- also offers tailoring & alterations, shoes & leather and household items cleaning. Gadfly Enterprises filed a Chapter 11 petition (Court + Case No. 18-10270), on Jan. 8, 2018. The petition was signed by James M. Kanski, president. The Debtor is represented by Augustus T Curtis, Esq. at Cohen, Baldinger & Greenfeld, LLC. At the time of filing, the Debtor had $62,685 in total assets and $1.19 million in total liabilities. GENESIS TOTAL: PCO Files 3rd Report ----------------------------------- Deborah L. Fish, the appointed patient care ombudsman, files with the U.S. Bankruptcy Court for the Eastern District of Michigan her third report on the status of the quality of patient care in the Chapter 11 Case of Genesis Total Healthcare, LLC. The report covers the period from October 26, 2017 to December 21, 2017 and is based upon a site visit, a formal meeting with employees, two home visits, and discussions and communications with Judith A. Ekong, President and Director of Nursing, as well as a review of the Monthly Financial Reports and the docket. The PCO believes that the Debtor has maintained all of its services and is delivering similar care to the same patient population as it did pre-petition because the Debtor has the same staff, biller, suppliers and the Debtor has a small but positive cash flow. The Debtor has arranged for additional visits around the end of January. The Debtor has been forced to relocate from its current facility. The move was underway during the PCO visit, which the Debtor has anticipated would be completed by the end of 2017. The Debtor has also looked forward to an increase in referrals because the new location is more centrally located in the country and is surrounded by doctor's offices. The administration has confirmed that the Debtor has maintained its relationship with its pre-petition suppliers and there have been no interruptions in service, nor any changes in medical supplies. All remaining supplies will be moved to the new facility The PCO concludes that the Debtor has continued the same quality care and service post-petition as it did pre-petition. The PCO reports that she will continue to monitor the Debtor and submit follow-up reports, including security changes at the new facility after the move. A full-text copy of the PCO's Third Report is available at: http://bankrupt.com/misc/mieb17-32058-75.pdf About Genesis Total Healthcare Genesis Total Healthcare, Inc., filed for Chapter 11 bankruptcy protection (Bankr. E.D. Mich. Case No. 17-32058) on Sept. 8, 2017. The petition was signed by Judith Ekong, president. The Debtor is represented by George E. Jacobs, Esq. of Bankruptcy Law Offices. At the time of filing, the Debtor had $100,000 to $500,000 in estimated assets and $500,000 to $1 million in estimated liabilities. GLYECO INC: Registers 20 Million Shares Under Stock Plans --------------------------------------------------------- GlyEco, Inc. filed a Form S-8 registration statement with the Securities and Exchange Commission to register 10,000,000 shares of common stock that are issuable pursuant to the Company's 2017 Employee Stock Purchase Plan. The Company separately registered another 10,000,000 shares for issuance under its 2017 Incentive Compensation Plan. About GlyEco, Inc. GlyEco -- http://www.glyeco.com/-- is a specialty chemical company, leveraging technology and innovation to focus on vertically integrated, eco-friendly manufacturing, customer service and distribution solutions. The Company's eight facilities, including the recently acquired 14-20 million gallons per year, ASTM E1177 EG-1, glycol re-distillation plant in West Virginia, deliver superior quality glycol products that meet or exceed ASTM quality standards, including a wide spectrum of ready to use antifreezes and additive packages for antifreeze/coolant, gas patch coolants and heat transfer fluid industries, throughout North America. Glyeco reported a net loss of $2.26 million on $5.59 million of net sales for the year ended Dec. 31, 2016, compared to a net loss of $12.45 million on $7.36 million of net sales for the year ended Dec. 31, 2015. As of Sept. 30, 2017, GlyEco had $13.68 million in total assets, $8.86 million in total liabilities and $4.81 million in total stockholders' equity. KMJ Corbin & Company LLP, in Costa Mesa, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has experienced recurring losses from operations, has negative operating cash flows during the year ended Dec. 31, 2016, has an accumulated deficit of $36,815,063 as of Dec. 31, 2016, and is dependent on its ability to raise capital. These factors raise substantial doubt about the Company's ability to continue as a going concern. GREAT BASIN: Empery No Longer Owns Shares as of Dec. 31 ------------------------------------------------------- Empery Asset Master, Ltd., Empery Tax Efficient, LP, Empery Tax Efficient II, LP, Empery Asset Management, LP, Ryan M. Lane and Martin D. Hoe reported to the Securities and Exchange Commission that as of Dec. 31, 2017, they have ceased to be the beneficial owners of Great Basin Scientific, Inc.'s shares of common stock. A full-text copy of the Schedule 13G/A is available for free at https://is.gd/l7swwZ About Great Basin West Valley City, Utah-based Great Basin Scientific Inc. -- http://www.gbscience.com/-- is a molecular diagnostics company that commercializes breakthrough chip-based technologies. The Company is dedicated to the development of simple, yet powerful, sample-to-result technology and products that provide fast, multiple-pathogen diagnoses of infectious diseases. The Company's vision is to make molecular diagnostic testing so simple and cost-effective that every patient will be tested for every serious infection, reducing misdiagnoses and significantly limiting the spread of infectious disease. Great Basin reported a net loss of $89.14 million on $3.04 million of revenues for the year ended Dec. 31, 2016, compared to a net loss of $57.89 million on $2.14 million of revenues for the year ended Dec. 31, 2015. As of March 31, 2017, Great Basin had $29.24 million in total assets, $59.10 million in total liabilities, and a total stockholders' deficit of $29.86 million. The Company's independent accountants, BDO USA, LLP, in Salt Lake City, Utah, expressed "substantial doubt" about the Company's ability to continue as a going concern noting that the Company has incurred substantial losses from operations, has negative operating cash flows and has a net capital deficiency. HELIOS AND MATHESON: Will Issue $60 Million in Convertible Notes ---------------------------------------------------------------- Helios and Matheson Analytics Inc. has entered into a securities purchase agreement with an institutional investor for HMNY to issue convertible notes in the aggregate principal amount of $60 million. The net proceeds from the issuance of the Notes will be used for general corporate purposes. HMNY is not obligated to register the resale of any shares underlying the Notes with the Securities and Exchange Commission. Absent registration, the investor may resell the shares underlying the Notes only pursuant to Rule 144 or another available exemption from registration. The Notes will be convertible, at the option of the holder, at a fixed conversion price of $11.44, subject to adjustment. Pursuant to the terms of the securities purchase agreement, at the closing of the financing, the investor will pay for the Notes with $25 million in cash up front and an investor note in the principal amount of $35 million payable to HMNY. The investor may prepay the remaining balance of the Investor Note, with the resulting cash being paid to HMNY, in its discretion. Canaccord Genuity Inc. acted as sole placement agent for the financing. Palladium Capital Advisors LLC acted as a financial advisor to HMNY in connection with the financing. Key Transaction Details The Notes consist of (i) Series A-1 Senior Bridge Subordinated Convertible Notes in the aggregate principal amount of $25,000,000 and (ii) Series B-1 Senior Secured Bridge Convertible Notes in the aggregate principal amount of $35,000,000 for consideration consisting of (i) an upfront cash payment in the amount of $25,000,000, and (ii) secured promissory notes payable by the investors to HMNY in the aggregate principal amount of $35,000,000. The investors may require HMNY to redeem the Notes at any time after five months from the issue date of the Notes, including the outstanding principal amount of the Series A-1 Notes and the portion of outstanding principal amount of the Investor Note for which the investors have prepaid to HMNY a corresponding amount of cash under the Investor Note, plus accrued unpaid interest on those amounts and a make-whole amount of interest on those amounts calculated through the two year maturity date of the Notes. The Series A-1 Notes are not secured by any assets of HMNY or MoviePass and the Investor Note are not secured by any assets of HMNY other than the Investor Note. The conversion price of the Notes is subject to adjustment in the event the Company sells shares of common stock or common stock equivalents for less than $11.44 per share in the future, subject to customary excluded issuances. For additional information concerning the details of the financing, please refer to the Current Report on Form 8-K filed by HMNY with the U.S. Securities and Exchange Commission at: https://is.gd/pN84oo About Helios and Matheson Helios and Matheson Analytics Inc. (NASDAQ: HMNY) -- http://www.hmny.com/-- provides information technology consulting, training services, software products and an enhanced suite of services of predictive analytics. Servicing Fortune 500 corporations and other large organizations, HMNY focuses mainly on BFSI technology verticals. HMNY's solutions cover the entire spectrum of IT needs, including applications, data, and infrastructure. HMNY is headquartered in New York, NY and listed on the NASDAQ Capital Market under the symbol HMNY. Helios and Matheson reported a net loss of $7.38 million for the year ended Dec. 31, 2016, compared to a net loss of $2.11 million for the year ended Dec. 31, 2015. As of Dec. 31, 2016, the Company had cash and working capital of $2,747,240 and $1,229,389, respectively. During the year ended Dec. 31, 2016, the Company used cash from operations of $2,134,313. In addition, as of the date the financial statements were issued, the Company has notes receivable of $6,900,000 from a convertible note holder. Management believes that current cash on hand coupled with the notes receivable makes it probable that the Company's cash resources will be sufficient to meet the Company's cash requirements through approximately April 2018. If necessary, management also determined that it is probable that external sources of debt and/or equity financing could be obtained based on management's history of being able to raise capital coupled with current favorable market conditions. As a result of both management's plans and current favorable trends in improving cash flow, the Company concluded that the initial conditions which raised substantial doubt regarding the ability to continue as a going concern have been alleviated. HOVNANIAN ENTERPRISES: Faces Suit Over 'Inadequate' Disclosure -------------------------------------------------------------- Solus Alternative Asset Management LP has filed a complaint in the United States District Court for the Southern District of New York against GSO Capital Partners L.P., Hovnanian Enterprises, Inc., K. Hovnanian Enterprises, Inc., K. Hovnanian at Sunrise Trail III, LLC, Ara K. Hovnanian and J. Larry Sorsby. The complaint relates to K. Hovnanian's offer to exchange up to $185.0 million aggregate principal amount of its 8.0% Senior Notes due 2019 for a combination of (i) cash, (ii) K. Hovnanian's newly issued 13.5% Senior Notes due 2026 and (iii) K. Hovnanian's newly issued 5.0% Senior Notes due 2040 and related transactions that were previously disclosed in Hovnanian's Current Report on Form 8-K filed on Dec. 28, 2017. The complaint alleges, among other things, inadequate disclosure in the exchange offer documents, improper and fraudulent structuring of the transactions to impact the credit default swap market, violations of Sections 10(b), 14(e) and 20(a) of the Securities Exchange Act of 1934, and tortious interference with prospective economic advantage. Solus seeks, among other things, additional disclosures regarding the transactions, compensatory and punitive damages, and a preliminary and permanent injunction to stop the transactions from going forward. The court has scheduled a hearing on Solus' motion for a preliminary injunction on Jan. 25, 2018. Hovnanian believes that the claims and allegations set forth in the Solus complaint are without merit and intends to defend against them vigorously. The complaint is available for free at: https://is.gd/qEriPn About Hovnanian Enterprises Hovnanian Enterprises, Inc. (NYSE:HOV) -- http://www.khov.com/-- founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey. The Company is a homebuilder with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian Homes, Brighton Homes and Parkwood Builders. As the developer of K. Hovnanian's Four Seasons communities, the Company is also a builder of active lifestyle communities. Hovnanian Enterprises reported a net loss of $332.2 million for the year ended Oct. 31, 2017, compared to a net loss of $2.81 million for the year ended Oct. 31, 2016. As of Oct. 31, 2017, Hovnanian Enterprises had $1.90 billion in total assets, $2.36 billion in total liabilities and a total stockholders' deficit of $460.37 million. * * * In April 2016, Moody's Investors Service downgraded the Corporate Family Rating of Hovnanian Enterprises to 'Caa2' and Probability of Default Rating to 'Caa2-PD'. The downgrade of the Corporate Family Rating reflects Moody's expectation that Hovnanian will need to dispose of assets and seek alternative financing methods in order to meet its upcoming debt maturity wall. In January 2018, S&P Global Ratings lowered its corporate credit rating on Red Bank, N.J.-based Hovnanian Enterprises Inc. to 'CC' from 'CCC+' and placed it on CreditWatch with negative implications. The downgrade follows Hovnanian's announcement of a proposed exchange offering for up to $185 million of its 8% senior notes due 2019 with $26.5 million of cash, up to $99.9 million of 13.5% unsecured notes due 2026, and up to $99.4 million of 5% unsecured notes due 2040. The exchange offer will be outstanding until Jan. 29, 2018. As reported by the TCR on Jan. 9, 2018, Fitch Ratings had downgraded Hovnanian Enterprises, Inc.'s (NYSE: HOV) Issuer Default Rating (IDR) to 'C' from 'CCC' following the company's announcement that it will be exchanging up to $185 million of its $236 million 8% senior unsecured notes due Nov. 1, 2019 for a combination of cash, new 13.5% senior unsecured notes due 2026 and new 5% senior unsecured notes due 2040. HOVNANIAN ENTERPRISES: Modifies Rights Agreement with Computershare ------------------------------------------------------------------- Hovnanian Enterprises, Inc., has entered into Amendment No. 1 to the Rights Agreement, which amends the Rights Agreement, dated as of Aug. 14, 2008, between the Company and Computershare Trust Company, N.A. (as successor to National City Bank), as Rights Agent. Under the Amendment, (i) each preferred stock purchase right, if exercisable, will initially represent the right to purchase from the Company one ten-thousandth of a share of the Company's Series B Junior Preferred Stock, par value $0.01 per share, for a purchase price of $16.60 (decreased from $35.00) and (ii) the Final Expiration Date (as defined in the Rights Agreement) will be extended to Aug. 14, 2021 (or Aug. 14, 2019 if the stockholders of the Company have not approved the Amendment by that date). About Hovnanian Enterprises Hovnanian Enterprises, Inc. (NYSE:HOV) -- http://www.khov.com/-- founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey. The Company is a homebuilder with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian Homes, Brighton Homes and Parkwood Builders. As the developer of K. Hovnanian's Four Seasons communities, the Company is also a builder of active lifestyle communities. Hovnanian reported a net loss of $332.2 million for the year ended Oct. 31, 2017, a net loss of $2.81 million for the year ended Oct. 31, 2016, and a net loss of $16.10 million for the year ended Oct. 31, 2015. As of Oct. 31, 2017, Hovnanian Enterprises had $1.90 billion in total assets, $2.36 billion in total liabilities and a total stockholders' deficit of $460.37 million. * * * As reported by the TCR on Jan. 10, 2018, S&P Global Ratings lowered its corporate credit rating on Red Bank, N.J.-based Hovnanian Enterprises Inc. to 'CC' from 'CCC+' and placed it on CreditWatch with negative implications. The downgrade follows Hovnanian's announcement of a proposed exchange offering for up to $185 million of its 8% senior notes due 2019 with $26.5 million of cash, up to $99.9 million of 13.5% unsecured notes due 2026, and up to $99.4 million of 5% unsecured notes due 2040. The exchange offer will be outstanding until Jan. 29, 2018. Also in January 2018, Fitch Ratings has downgraded Hovnanian Enterprises, Inc.'s (NYSE: HOV) Issuer Default Rating (IDR) to 'C' from 'CCC' following the company's announcement that it will be exchanging up to $185 million of its $236 million 8% senior unsecured notes due Nov. 1, 2019 for a combination of cash, new 13.5% senior unsecured notes due 2026 and new 5% senior unsecured notes due 2040. In April 2016, Moody's Investors Service downgraded the Corporate Family Rating of Hovnanian Enterprises to 'Caa2' and Probability of Default Rating to 'Caa2-PD'. The downgrade of the Corporate Family Rating reflects Moody's expectation that Hovnanian will need to dispose of assets and seek alternative financing methods in order to meet its upcoming debt maturity wall. HUMANIGEN INC: Morgan Lam Resigns as Chief Scientific Officer ------------------------------------------------------------- Morgan Lam has resigned as the chief scientific officer of Humanigen, Inc. Mr. Lam's last day of employment will be Jan. 15, 2018, as disclosed in a Form 8-K filed with the Securities and Exchange Commission. About Humanigen, Inc. Formerly known as KaloBios Pharmaceuticals, Inc., Humanigen, Inc., (OTCQB: HGEN), -- http://www.humanigen.com/-- is a biopharmaceutical company focused on advancing medicines for patients with neglected and rare diseases through innovative, accelerated business models. Lead compounds in the portfolio are benznidazole for the potential treatment of Chagas disease in the U.S., and the proprietary monoclonal antibodies, lenzilumab and ifabotuzumab. Lenzilumab has potential for treatment of various rare diseases, including hematologic cancers such as chronic myelomonocytic leukemia (CMML) and juvenile myelomonocytic leukemia (JMML). Humanigen is based in Brisbane, California. KaloBios filed a voluntary petition for bankruptcy protection under Chapter 11 of Title 11 of the United States Bankruptcy Code (Bankr. D. Del. Case No. 15-12628) on Dec. 29, 2015. The Company was represented by Eric D. Schwartz of Morris, Nichols, Arsht & Tunnell. KaloBios emerged from Chapter 11 bankruptcy six months later. HORNE LLP, in Ridgeland, Mississippi, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, noting that the Company has recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. KaloBios reported a net loss of $27.01 million in 2016, following a net loss of $35.37 million in 2015. As of Sept. 30, 2017, Humanigen had $2.56 million in total assets, $24.14 million in total liabilities and a total stockholders' deficit of $21.57 million. IMMC CORPORATION: Trustee's Bid to Transfer Suit to Pa. Court Nixed ------------------------------------------------------------------- In the case captioned ROBERT F. TROISIO, as Liquidating Trustee of IMMC CORPORATION, Appellant, v. EDWARD L. ERICKSON, BYRON HEWETT, LEONTERSTAPPEN, JAMES L. WILCOX, ELIZABETH E. TALLETT, J. WILLIAM FREYTAG, ZOLA P. HOROVITZ, JAMES G. MURPHY, BRIAN GEIGER, JONATHAN COOL, and ALLEN J. LAUER, Appellees, Civ. No. 15-1043 (GMS) (D. Del.), District Judge Gregory M. Sleet affirms the Bankruptcy Court's decision denying Appellant's motion to transfer an adversary proceeding to the U.S. District Court for the Eastern District of Pennsylvania and denying Appellant's renewed motion regarding same, based on the Bankruptcy Court's conclusion that it lacked authority under 28 U.S.C. section 1631 to transfer the proceeding. The main argument on appeal is that bankruptcy courts should be deemed one of the "courts" with transfer authority included in section 610 based on the statute's inclusion of "district courts of the United States." Appellant further argues this interpretation finds support in Third Circuit case law. Appellant's statutory argument is based on 28 U.S.C. section 151, which describes bankruptcy judges as a "unit" of the district court. Appellant posits that Congress had no need to include bankruptcy courts in section 610's list of authorized courts because bankruptcy judges are units of the district court under section 151, and are thus already included in "district courts of the United States." Appellant's case law argument is based on language found in the Third Circuit's Shaefer and Seven Fields cases. Here, the court finds no support in the statute or limited case law for Appellant's argument that bankruptcy courts are deemed included among the "courts" with transfer authority under section 610 because they are units of the district courts. Appellees contend, and the court agrees, that Appellant's statutory argument must fail. Bankruptcy courts are constituted under a different chapter than, and their source of authority is different from, district courts. The scope of the bankruptcy courts' authority is different from -- and much more circumscribed than -- that of district courts. District courts, as Article III courts, have broad authority to exercise the judicial power of the United States. U.S.C.A. Const. Art. III section 1. In contrast, Article I bankruptcy courts are creatures of statute, created by Congressional legislation, and their power is limited. Based upon the plain language of the statutes, the Bankruptcy Court properly ruled that it lacked transfer authority under section 1631 because a bankruptcy court is not a "court" as defined by section 610. A full-text copy of Judge Sleet's Jan. 2, 2018 Memorandum Opinion is available at https://is.gd/Kfbkzx from Leagle.com. Robert F. Troisio, as Liquidating Trustee of IMMC Corporation, F/k/a Immunicon Corporation., Appellant, represented by Jason C. Powell -- jpowell@delawarefirm.com -- The Powell Firm, LLC & Lisa L. Coggins, Ferry, Joseph & Pearce, P.A. Edward L. Erickson, James L. Wilcox, Elizabeth E. Tallett, J. William Freytag, Zola P. Horovitz, James G. Murphy, Brian Geiger, Jonathan Cool & Allen J. Lauer, Appellees, represented by Learon John Nelson Bird -- lbird@foxrothschild.com -- Fox Rothschild LLP, Clair E. Wischusen -- cwischusen@foxrothschild.com -- Fox Rothschild LLP & Michael L. Eidel -- meidel@foxrothschild.com -- Fox Rothschild LLP, Pro Hac Vice. Bryon Hewett & Leon Terstappen, Appellees, represented by Learon John Nelson Bird, Fox Rothschild LLP, Clair E. Wischusen, Fox Rothschild LLP, Pro Hac Vice & Michael L. Eidel, Fox Rothschild LLP, Pro Hac Vice. The bankruptcy case is IN RE: IMMC CORPORATION, f/k/a IMMUNICON CORPORATION, et al., Chapter 11 Debtors, Bankr. Case No. 08-11178 (KJC) (Bankr. D. Del.). INTERPACE DIAGNOSTICS: Empery Asset Has 4.9% Stake as of Dec. 31 ---------------------------------------------------------------- Empery Asset Management, LP, Ryan M. Lane, and Martin D. Hoe reported to the U.S. Securities and Exchange Commission that as of Dec. 31, 2017, they beneficially own 1,785,000 shares of sommon stock issuable upon exercise of warrants of Interpace Diagnostics Group, Inc., constituting 4.99 percent based on 26,849,025 shares of Common Stock issued and outstanding as of Nov. 13, 2017, as represented in the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on Nov. 13, 2017, and assumes the exercise of the reported warrants subject to the Blockers. A full-text copy of the regulatory filing is available at https://is.gd/8moI09 About Interpace Diagnostics Headquartered in Parsippany, New Jersey, Interpace Diagnostics Group, Inc. -- http://www.interpacediagnostics.com/-- is a fully integrated commercial company that provides clinically useful molecular diagnostic tests and pathology services for evaluating risk of cancer by leveraging the latest technology in personalized medicine for better patient diagnosis and management. The Company currently has three commercialized molecular tests; PancraGEN for the diagnosis and prognosis of pancreatic cancer from pancreatic cysts; ThyGenX, for the diagnosis of thyroid cancer from thyroid nodules utilizing a next generation sequencing assay and ThyraMIR, for the diagnosis of thyroid cancer from thyroid nodules utilizing a proprietary gene expression assay. Interpace's mission is to provide personalized medicine through molecular diagnostics and innovation to advance patient care based on rigorous science. BDO USA, LLP, in Woodbridge, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from continuing operations that raise substantial doubt about its ability to continue as a going concern. Interpace reported a net loss of $8.33 million on $13.08 million of net revenue for the year ended Dec. 31, 2016, following a net loss of $11.35 million on $9.43 million of net revenue for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Interpace Diagnostics had $50.39 million in total assets, $14.01 million in total liabilities and $36.37 million in total stockholders' equity. JOURNAL-CHRONICLE CO: Wants to Continue Using Cash Collateral ------------------------------------------------------------- Journal-Chronicle Company seeks authorization from the U.S. Bankruptcy Court for the District of Minnesota for continued use of cash collateral with Profinium, Inc., pursuant to the terms of the prior stipulation and agreed order. The Court will hold a hearing on this motion on Jan. 23, 2018 at 2:30 p.m. The Court previously granted the Debtor the right to use cash collateral, pursuant to a stipulation and agreed order with Profinium, Inc. That right to use cash collateral of Profinium, Inc. expires January 31, 2018. The Creditors with a purported lien in cash collateral are: (a) Profinium Financial; (b) Southern Minnesota Initiative Foundation; and (c) Sabra Otteson. Each Creditor has a blanket lien on all of the assets of the Debtor, including cash collateral assets. All of Debtor's other Secured Lenders have liens in only certain specified equipment; and have no liens in cash collateral. There are also two creditors that hold consignment inventory (and certain related equipment) at the Debtor's business. They are: (d) Veritiv Operating Company; and (e) FujiFilm Norma American Corporation. The Debtor requires the use of cash collateral in order to carry on its business activities, to pay for its current operations, including purchases, insurance, utilities, payroll, and payroll taxes and rent. Debtor will be able to operate, on a cash basis, and believes that it will be able to obtain a confirmed plan and reorganization in accordance with existing rules and statutes. The Debtor proposes that it be authorized to grant to Profinium, Inc. an extension of the current stipulation and agreed order, extending the terms for which the Debtor may continue to use cash collateral. However, if Profinium, Inc. will not agree to such extensions, the Debtor proposes, a replacement lien or a security interest in any new assets, materials and accounts receivable, generated from the use of cash collateral, with the same priority, dignity, and validity of prepetition liens or security interests. Specifically, the Debtor proposes granting a replacement lien to the cash collateral creditors to the extent that it protects them against diminution of the value of their collateral as it existed at the time of the commencement of this proceeding. In addition, the Debtor proposes: (1) to maintain insurance on all of the property in which the Cash Collateral Creditors (and all other secured creditors) claim a security interest; (2) to pay all post-petition federal and state taxes, including timely deposit of payroll taxes; (3) provide the Cash Collateral Creditors (and all other secured creditors, upon reasonable notice), access during normal business hours for inspection of their collateral and the Debtor's business records; and (4) all cash proceeds and income of the Debtor will be deposited into a Debtor in Possession Account. A full-text copy of the Debtor's Motion is available at: http://bankrupt.com/misc/mnb17-33322-31.pdf About Journal-Chronicle Co. Journal-Chronicle Company, a Minnesota corporation -- http://www.j-cpress.com/services-- provides offset, digital and wide-format printing services. The Company also offers mailing, fulfillment and marketing support to its clients. J-C Press works with UPS, FedEx, USPS and a variety of other carriers to make sure customers get the products on time. The company ships to all 50 states and across the globe. Journal-Chronicle Company, doing business as J-C Press, filed a Chapter 11 petition (Bankr. D. Minn. Case No. 17-33322) on Oct. 23, 2017. Patrick J. McDermott, president, signed the petition. At the time of filing, the Debtor estimated assets and liabilities at $1 million to $10 million. The case is assigned to Judge William J Fisher. The Debtor is represented by Thomas Flynn, Esq., at Larkin Hoffman Daly & Lindgren Ltd. KIKO USA: To Close Nearly All Stores & File Full-Payment Plan ------------------------------------------------------------- Kiko USA, Inc., the U.S.-based, wholly owned subsidiary of Italian cosmetics retailer Kiko SpA, has sought Chapter 11 protection with plans to close nearly all of its remaining stores. KIKO S.p.A. was founded in 1997 by Stefano Percassi, and it is controlled, through Odissea S.r.L., by Antonio Percassi, an Italian entrepreneur who has founded family-owned companies based in Bergamo, Italy. KIKO S.p.A. has grown in size, through itself and various subsidiaries, to more than 1,000 KIKO-branded retail locations across Europe, the United States and various other global markets (including United Arabs Emirates, Turkey, India, Hong Kong, and Russia). The Debtor was incorporated as a Delaware corporation in March of 2013. Shortly thereafter, the Debtor began leasing retail stores in the United States, primarily in "Class A" malls (prime locations). The Debtor currently operates 29 retail store locations -- 28 in U.S.A. mainland and one location in San Juan, Puerto Rico. See http://www.kikocosmetics.com/en-us/utils/store-locator.html Through the Debtor, KIKO-branded products are advertised, marketed, and sold in retail stores in the United States as affordable European-designed and produced products for every consumer, without a particular targeted consumer. The Debtor's products are also available in the United States via online sales via the Debtor's website http://www.kikocosmetics.com/en-usand, more recently, on Amazon.com utilizing the Fulfillment by Amazon program (Amazon Prime). The products are sourced and purchased by KIKO USA through KIKO S.p.A., and warehoused locally and supplied into the U.S.A. operations (Stores and Ecommerce) through a third party external logistics provider (Wit Logistics) based in Monroe Township, New Jersey. Unfortunately for the Debtor, its retail sales have not been sufficient to cover its costs, which consist primarily of rent and labor. The Debtor's sole shareholder, KIKO S.p.A, has provided equity advances to the Debtor, from time to time, allowing the Debtor to have sufficient liquidity to cover its prior operating losses. At end of July 2017, CEO Frank Furlan was tasked with trying to negotiate lower rents and/or early termination payment from most of the Debtor's landlords. While the Debtor approached most of its (San Juan Mall excluded) landlords, and offered buyout payments for early termination, it was only able to achieve one early termination agreement, for a location that closed December 31, 2017. Additionally, the Debtor has exercised its contractual termination rights based on store sales at its Garden State Plaza, New Jersey location, with such termination to be effective in May, 2018. Both the KIKO.com and Amazon business units are progressing positively in terms of sales, reflecting a consolidated double digit increase in December 2017 vs. previous year. The company activated Amazon Prime in August 2017. The Debtor is working closely with its advisors on closing underperforming stores and negotiating go-forward concessions with remaining landlords to ensure long-term viability. The Debtor has commenced store closings and plans to close 24 remaining underperforming stores. The Debtor expects to complete these 24 store closings (and vacate such premises) by Feb. 28, 2018 and reject the corresponding leases by no later than February 28, 2018. 29 Stores at Present At present, the Debtor has 29 retail stores in the U.S.A., located in 26 shopping malls and 3 street locations: * 2 in Connecticut: Danbury Mall, Trumbull Mall; * 5 in New Jersey: Garden State Plaza Mall, Deptford Mall, Newport Jersey City Centre Mall, Woodbridge Center Mall, Rockaway Townsquare Mall; * 6 in New York: Kings Plaza Mall, Times Square street location, World Trade Center Mall, Queens Center Mall, Staten Island Mall, Palisades Center Mall; * 1 in Rhode Island: Providence Mall; * 2 in Florida: Lincoln Road street location, Sawgrass Mills Outlet Center Mall; * 1 in Maryland: Annapolis Mall; * 1 in Puerto Rico: Mall of San Juan; * 1 in Texas: McAllen La Plaza Mall; * 2 in Virginia: The Fashion Centre at Pentagon Mall, Potomac Mills Outlet Mall; * 7 in California: Los Cerritos Center Mall, Stonewood Mall, Hollywood and Highlands street location, Lakewood Centre Mall, Northridge Fashion Centre Mall, Del Amo Fashion Centre Mall, Thousand Oaks Mall; and * 1 in Nevada: Fashion Show Mall. The Debtor employs 244 employees, including 95 full-time employees, 105 part-time employees, and 44 seasonal employees. Shareholder DIP Loan and Chapter 11 Plan KIKO S.p.A., as the Debtor's sole shareholder, has agreed to provide the operating capital necessary to operate in Chapter 11 via a debtor-in-possession loan pursuant to 11 U.S.C. Sec. 364. The Debtor's plan of reorganization, will provide operationally for the reorganized Debtor to emerge from chapter 11 with 5 core retail locations as well as its ecommerce business through its own web site and Amazon.com. Allowed claims of unsecured creditors will be paid in full under the plan upon its effective date. About KIKO USA KIKO USA, Inc., is a retailer of cosmetics and a wholly-owned subsidiary of Italy's KIKO S.p.A. KIKO S.p.A. was founded in 1997 by Stefano Percassi, and it is controlled, through Odissea S.r.L., by Antonio Percassi, an Italian entrepreneur who has founded family-owned companies based in Bergamo, Italy. KIKO USA's products are also available in the United States via online sales via the Web site http://www.kikocosmetics.com/and, more recently, on Amazon.com utilizing the Fulfillment by Amazon program (Amazon Prime). KIKO USA has 29 retail stores in the U.S.A. located in 26 shopping malls and three street locations. KIKO USA sought Chapter 11 protection (Bankr. D. Del. Case No. 18-10069) on Jan. 11, 2018, with plans to close 24 of 29 stores. The Debtor estimated assets and liabilities of $1 million to $10 million. The Hon. Mary F. Walrath is the case judge. The Debtor tapped SAUL EWING ARNSTEIN & LEHR LLP as local bankruptcy counsel; PERKINS COIE LLP as general bankruptcy counsel; MARK SAMSON as CRO; and BMC GROUP as claims agent. KIKO USA: To Honor or Refund All Gift Cards ------------------------------------------- To ensure that a not a single retail or online customer suffers any loss as a result of its Chapter 11 restructuring, KIKO USA Inc. has filed with the U.S. Bankruptcy Court for the District of Delaware a motion seeking approval to honor purchased and unredeemed gift cards. The Debtor maintains a program by which its customers can purchase physical pre-paid, non-expiring gift cards in various denominations ranging from $20 to $999. The Debtor estimates that as of the Petition Date, approximately $83,000 in purchased and unredeemed gift cards is outstanding. In addition to physical gift cards, approximately $9,000 of in-store credits have been issued and are outstanding. The Debtor seeks authority to maintain the gift card program after the Petition Date in the ordinary course and to honor all gift cards. On the Petition Date, the Debtor ceased issuing gift cards at locations that will be closed. The Debtor will continue to honor gift cards at locations that are slated for closure through the date of the store closure. For stores that remain open, gift cards can continue to be used indefinitely with no changes. For any store that is slated for closure, customers are encouraged to use their gift card prior to the store closing. Gift Cards will be honored in stores until the date of store closing. Any customer who does not use his/her Gift Card at his/her local store prior to the closing may request a refund by simply calling KIKO customer service at 844-KIKOUSA (1-800-545-6872) or writing to KIKO at customercare-us@kiko-us.zendesk.com. The customer will be instructed where to send the unredeemed Gift Card and asked for his/her name, address and phone number to process the refund (and the Debtor will also pay postage so there will be no out of pocket costs of any kind for the customer). Any refund request for a valid gift card will be honored. KIKO will honor any refund request without placing a time limit on such requests. Customers may request refunds during the entire pendency of the Chapter 11 Case as well as after the closing of the Chapter 11 case. KIKO anticipates that refunds will be effectuated in 30 days or less. About KIKO USA KIKO USA, Inc., is a retailer of cosmetics and a wholly-owned subsidiary of Italy's KIKO S.p.A. KIKO S.p.A. was founded in 1997 by Stefano Percassi, and it is controlled, through Odissea S.r.L., by Antonio Percassi, an Italian entrepreneur who has founded family-owned companies based in Bergamo, Italy. KIKO USA's products are also available in the United States via online sales via the Web site http://www.kikocosmetics.com/and, more recently, on Amazon.com utilizing the Fulfillment by Amazon program (Amazon Prime). KIKO USA has 29 retail stores in the U.S.A. located in 26 shopping malls and three street locations. KIKO USA sought Chapter 11 protection (Bankr. D. Del. Case No. 18-10069) on Jan. 11, 2018, with plans to close 24 of 29 stores. The Debtor estimated assets and liabilities of $1 million to $10 million. The Hon. Mary F. Walrath is the case judge. The Debtor tapped SAUL EWING ARNSTEIN & LEHR LLP as local bankruptcy counsel; PERKINS COIE LLP as general bankruptcy counsel; MARK SAMSON as CRO; and BMC GROUP as claims agent. LEADVILLE CORPORATION: Creditors Seek Appointment of Ch. 11 Trustee ------------------------------------------------------------------- Petitioning Creditors, La Plata Mountain Resources, Inc., Salem Minerals, Inc., and Black Horse Capital, Inc., ask the U.S. Bankruptcy Court for the District of Colorado to appoint a Chapter 11 Trustee in the Chapter 11 case of Leadville Corporation. The Petitioning Creditors tell assert that a trustee is needed: (1) to investigate the assets and debts of the Debtor; (2) to investigate the prior conduct of the Debtor, including whether such conduct constituted fraud; (3) to protect the value of the Debtor's assets; (4) to manage the affairs of the Debtor; and (5) to eventually determine the manner in which, and take the necessary actions to, bring the bankruptcy case to a conclusion. The Debtor is a Colorado corporation that owns more than forty mining claims in Lake County and Park County, Colorado ("Mining Claims"). The Petitioning Creditors assert that the Mining Claims are very valuable assets believed to be worth in excess of $20 million. However, many of the Mining Claims are currently encumbered by tax liens. The deadlines for the Debtor to redeem certain tax liens encumbering the Mining Claims are approaching. Currently, there is no way for the Debtor to negotiate a DIP loan. Likewise, there is no way for the Debtor to request an extension of the redemption periods to allow for the loan to close and the tax liens to be redeemed prior to the expiration of the redemption periods. One or more of the Petitioning Creditors has agreed to provide a DIP loan to fund the redemption of the tax liens. The Petitioning Creditors assert that failure of the Debtor to take such actions will result in the diminution of the value of the estate since the value of the Mining Claims will be lost, to the detriment of the estate, creditors, and the Debtor. The Petitioning Creditors contend that the Debtor is no longer actively operating, and its board of directors has essentially been disbanded since it currently consists of only one member who has medical complications and resides in a nursing home. As a result, there are no active officers or directors to investigate the assets, debts, and prior actions of the Debtor, or to take actions on behalf of the Debtor to protect and preserve the value of its assets. The Petitioning Creditors submit that without the appointment of a trustee, there will be great diminution of the value of the assets of the estate. If a trustee is not appointed, the Debtor will not be able to obtain the funds, which the Petitioning Creditors intend to provide through a DIP loan, to redeem the tax liens on the Mining Claims, and the deadlines to redeem the tax liens will pass. As a result, the value of the Mining Claims would not be realized by the estate, and creditors would be irreparably harmed. Additionally, the Petitioning Creditors tell the Court that due to the inability of the only remaining member of the Debtor's board of directors to assist in the bankruptcy proceedings, a trustee is needed to investigate the assets, debts, and prior conduct of the Debtor, to manage the Debtor's affairs, and to pay creditors and bring the bankruptcy case to an eventual conclusion. Accordingly, the Petitioning Creditors assert that it is in the best interests of all parties that a trustee be appointed to conduct such investigations, to take any other actions necessary to protect the assets of the Debtor for the estate, and to provide for the estate to make distributions to creditors and interest holders on account of their claims. About Leadville Corporation Headquartered in Aurora, Colorado, Leadville Corporation was organized in 1945 to acquire, explore and develop mining properties, primarily in Lake and Park Counties, Colorado. The Petitioning Creditors, La Plata Mountain Resources, Inc., Salem Minerals, Inc., and Black Horse Capital, Inc. filed an Involuntary Petition against Leadville Corporation (Bankr. D. Colo. Case No. 17-21646) on December 27, 2017. The case is assigned to Judge Michael E. Romero. Leadville Corporation is indebted to the Petitioning Creditors as follows: (a) $7,501,737.91 to La Plata Mountain Resources, Inc. based upon judgments it holds against the Debtor; (b) $14,766.39 to Black Horse Capital, Inc. based upon tax liens it holds against the Debtor; and (c) $17,310.84 to Salem Minerals, Inc. based upon tax liens it holds against the Debtor. The Petitioning Creditors are represented by Kenneth J. Buechler, Esq. at Buechler & Garber, LLC. MRI INTERVENTIONS: Satterfield Has 5.8% Stake as of Dec. 31 ----------------------------------------------------------- Thomas A. Satterfield, Jr. disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2017, he beneficially owns 600,000 shares of common stock of MRI Interventions, Inc., constituting 5.8 percent based on 10,401,115 shares of Common Stock of the issuer outstanding as of November 1, 2017, as reported by the issuer in its Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2017, filed with the Securities and Exchange Commission on Nov. 6, 2017. With respect to the beneficial ownership reported for Thomas A. Satterfield, Jr., 100,000 shares are held by Tomsat Investment & Trading Co., Inc., a corporation wholly owned by Mr. Satterfield and of which he serves as president; 200,000 shares are held by Caldwell Mill Opportunity Fund, which fund is managed by an entity of which Mr. Satterfield owns a 50% interest and serves as chief investment manager; and 250,000 shares are held by A.G. Family L.P., a limited partnership with respect to which Mr. Satterfield has a limited power of attorney for voting and disposition purposes but that has the right to receive or the power to direct the receipt of the proceeds from the sale of its shares. A full-text copy of the regulatory filing is available at: https://is.gd/HnlQdq About MRI Interventions Irvine, California, MRI Interventions, Inc. -- http://www.mriinterventions.com/-- is a medical device company that develops and commercializes innovative platforms for performing minimally invasive surgical procedures in the brain and heart under direct, intra-procedural magnetic resonance imaging, or MRI, guidance. From its inception in 1998 to 2002, the Company deployed significant resources to fund its efforts to develop the foundational capabilities for enabling MRI-guided interventions and to build an intellectual property portfolio. In 2003, the Company's focus shifted to identifying and building out commercial applications for the technologies we developed in prior years. MRI Interventions incurred a net loss of $8.06 million in 2016, compared to a net loss of $8.44 million in 2015. As of Sept. 30, 2017, MRI Interventions had $15.45 million in total assets, $8.17 million in total liabilities and $7.28 million in total stockholders' equity. Cherry Bekaert LLP, in Charlotte, North Carolina, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company incurred net losses during the years ended Dec. 31, 2016, and 2015 of approximately $8.1 million and $8.4 million, respectively. Additionally, the stockholders' deficit at Dec. 31, 2016, was approximately $756,000. These conditions raise substantial doubt about the Company's ability to continue as a going concern. NATIONAL EVENTS: Taly Not Aware of Ponzi Scheme, Examiner Says -------------------------------------------------------------- Alan D. Halperin, the court appointed Examiner for National Events of America, Inc., and New World Events Group, Inc., files his report the U.S. Bankruptcy Court for the Southern District of New York. After discussion with the U.S. Trustee, Tally USA Holdings Inc. and SLL USA Holdings, LLC (together, "Taly"), Hutton Ventures LLC, the Unsecured Creditors and the Receiver, it was determined that the only party that might fall within the scope of the Investigation was Taly, and specifically whether Taly had taken any action related to the Ponzi scheme or had any knowledge of the scheme upon which it acted that could result in a challenge to Taly's claims or give rise to a cause of action against Taly. On May 31, 2017, Jason Nissen, the former chief executive officer of the Debtors, was arrested and charged by the Federal Bureau of Investigation ("FBI") with running a Ponzi or otherwise fraudulent scheme, among other things, which allegedly defrauded victims of at least $70 million. As indicated in the criminal complaint filed in the United States District Court for the Southern District of New York, Nissen told the victims of his Ponzi scheme that he would use the money they gave him to purchase tickets to various events, but in fact used the money to repay other victims and enrich himself. The Criminal Complaint is filed in case number 17 MAG 4096. On about June 1, 2017, Tally USA Holdings Inc. and SLL USA Holdings, LLC, commenced a lawsuit in the Supreme Court of the State of New York, New York County, against Nissen, National Events of America, Inc., National Events Intermediate LLC, National Events Holdings LLC, National Event Company II LLC, National Event Company III, LLC, World Events Group II, LLC, New World Events Group, Inc., and Winter Music Festival LLC. The Taly Litigation was given Index No. 652865/2017. The Examiner and his professionals analyzed the information obtained from produced and publicly available documents, interviews and independent research to determine whether Taly had taken any action related to the Ponzi scheme or had any knowledge of the scheme upon which it acted that could result in a challenge to Taly's claims or give rise to a cause of action against Taly. The Investigation revealed that Taly was introduced to Nissen through Jona Rechnitz in late 2011 or early 2012. As a professional relationship developed between Yaron Turgeman of Taly and Nissen, they also developed a personal friendship. From January of 2012 through November of 2013, Taly and Nissen entered into a number of event specific loans ("First Loans") -- the First Loans were made between Taly Diamonds NY LLC as holder and World Events Group, Inc. or National Event Company II, LLC as maker. The Examiner found approximately 17 loans, which totaled approximately $9 million, which comprised the First Loans. The Investigation showed that Taly was repaid in full for all of the First Loans. The Examiner could find no evidence of loans made by Taly to any of the Debtors between approximately November of 2013 and June of 2016. According to the parties that the Examiner interviewed and the documents produced, the gap in the Taly/Nissen relationship during this time was due to the fact that the LLC Debtors received structured funding from Falcon Investment Advisors, LLC during this period. The lending relationship between Taly and the Corporate Debtors resumed around June of 2016 through March of 2017 -- when Taly USA Holdings, Inc., or SLL USA Holdings LLC as holder and National Events of America, Inc., as maker entered into a number of event specific loans -- the Second Loans. Nissen also executed a number of personal guarantees in favor of Taly during this time frame on account of the Second Loans. The Second Loans were comprised of approximately 24 loan agreements that totaled just under $48 million gross. This gross amount likely exceeds gross exposure in part due to double-counting as a result of the roll-over of prior loans as discussed below. Starting sometime in early 2017, Nissen began to roll-over Taly's investments from one event to another without Taly's consent. At some point the loan roll-overs caused Taly to become increasingly concerned over the Corporate Debtors' creditworthiness and ability to repay the Second Loans. Taly began to request detailed financial information and bank statements, which were things they had not asked for previously. On May 7, 2017, Nissen met with Mr. Turgeman (the CEO of Taly) in person, planning to confess to running a Ponzi scheme. At some point during the in person meeting, Mr. Turgeman stopped the meeting and requested that Nissen leave and call him later. During the subsequent telephone call that followed later that same day Nissen confessed to running the Ponzi scheme, falsifying financial documents (including, without limitation, bank statements and QuickBooks files) and inflating accounts receivable ledgers to cover up his fraud. The Examiner understands that the reason Nissen chose to confess to Taly is he had recently discovered his companies would not get a clean audit for 2016, which Nissen had been counting on in order to get additional funding for the Debtors. According to Nissen, he believed that this additional funding would enable him to reduce costs and repay his other creditors which would allow him to get out of debt and grow the business. However, the companies were already running out of funds, and with no additional money coming in the Ponzi scheme could not be maintained. The Examiner understands through his interview with Nissen that before Taly grew concerned about the repayment of its loans, Taly had previously expressed interest in possibly acquiring an ownership interest in the Debtors' business. Nissen cited that as the reason he believed that Taly might be interested in acquiring the business at this stage as a means of salvaging the situation. After recording Nissen's confession at the May 8th meeting, Taly executives reported Nissen to the FBI and then commenced the Taly Litigation. The LLC Debtors filed their bankruptcy cases in early June 2017 and the Corporate Debtors filed later that month. According to the information the Examiner reviewed, Taly loaned approximately $57,000,000 gross to the Debtors over approximately a five year period. During that time, certain Taly executives also had personal relationships with Nissen. Despite these longstanding business and personal relationships, the Examiner found no evidence during the course of his investigation from which he could conclude that Taly had any knowledge of Nissen's fraud prior to May 7, 2017, or in any way furthered that fraud or participated in it. The information obtained and reviewed by the Examiner shows that Taly did grow more concerned about repayment of the Second Loans during the months that preceded Nissen's confession, requesting detailed financial information and demanding meetings with Nissen's bank when loan repayments were not received. However, the actions taken by Taly are consistent with a creditor concerned about repayment, not with an entity knowledgeable of a fraud or participating in that fraud. The interviews, documents reviewed, and reasonable inferences drawn therefrom only show that these diligence and collection efforts were made by a company that had significant credit concerns and acted in its interest to obtain better information and attempt to recover the funds it had loaned to the Debtors. The Examiner finds that Nissen confessed to Taly in early May, and Taly took steps to document those meetings, promptly went to the FBI with the information they obtained regarding Nissen's fraud and commenced the Taly Litigation to appoint a receiver shortly thereafter. Once the Receiver was appointed and the Corporate Debtors filed their bankruptcy cases, Taly served as a DIP lender, funding the investigation into the Ponzi scheme and into Taly's own pre-petition conduct. It is notable that in addition to the lack of any evidence to the contrary, Taly's actions as well as the speed with which Taly acted upon learning of the fraud are inconsistent with a party that participated or knowingly acted to benefit from the subject fraud. The reasonable inference from Taly's actions both prior to and after the commencement of the Debtors' cases is consistent with the information obtained from the Examiner's interviews - that Taly had no knowledge of the Ponzi scheme prior to Nissen’s confession on May 7, 2017 A full-text copy of the Examiner's Report is available at: http://bankrupt.com/misc/nysb17-11798-114.pdf About National Events Holdings National Events Holdings, LLC, et al., operate together a ticket broker and wholesale distributor of tickets for sporting and theatrical events that was formed in 2006. The Debtors provide ticketing services for all concert, theater and sporting event tickets, as well as various V.I.P. hospitality packages that deliver exclusive access to big name events, including hotels, celebrity meet and greets and exclusive parties. National Events Holdings, et al., filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 17-11556) on June 5, 2017. The Debtors' attorneys are Stephen B. Selbst, Esq., and Hanh V. Huynh, Esq., at Herrick, Feinstein LLP, in New York. Timothy Puopolo of RAS Management Advisors, LLC, is the Debtors' as chief restructuring officer. NEPHROS INC: Wexford Capital Has 56.6% Stake as of Dec. 20 ---------------------------------------------------------- In a Schedule 13D/A filed with the Securities and Exchange Commission, these reporting persons disclosed beneficial ownership of shares of common stock of Nephros, Inc. as of Dec. 20, 2017: Shares Percentage Beneficially of Name Owned Shares ---- ------------ ---------- Lambda Investors LLC 30,400,424 55.35% Wexford Capital LP 31,234,031 56.63% Wexford GP LLC 31,234,031 56.63% Charles E. Davidson 31,234,031 56.63% Joseph M. Jacobs 31,234,031 56.63% Since the date of the transactions reported in Amendment No. 9, the Company granted the following to each of Mr. Arthur H. Amron, a partner and secretary of Wexford Capital LP, and Dr. Paul Mieyal, an employee of Wexford Capital LP, in respect of their service as a director of the Company: (i) 58,240 shares of Restricted Stock of the Company, with a grant date of Sept. 9, 2015; (ii) 73,864 shares of Restricted Stock of the Company, with a grant date of Aug. 24, 2016; (iii) An option to purchase 33,880 shares of Common Stock of the Company, with a grant date of Aug. 24, 2016; (iv) 73,864 shares of Restricted Stock of the Company, with a grant date of Dec. 20, 2017, with respect to Mr. Arthur H. Amron only; (v) 73,863 shares of Restricted Stock of the Company, with a grant date of Dec. 20, 2017, with respect to Dr. Paul Mieyal only; and (vi) An option to purchase 40,284 shares of Common Stock of the Company, with a grant date of Dec. 20, 2017. A full-text copy of the Amendment 10 to Schedule 13D is available for free at https://is.gd/Mh9aMd About Nephros, Inc. River Edge, N.J.-based Nephros, Inc. -- http://www.nephros.com/-- is a commercial stage medical device company that develops and sells liquid purification filters. Its filters, which it calls ultrafilters, are primarily used in dialysis centers and healthcare facilities for the production of ultrapure water and bicarbonate. Moody, Famiglietti & Andronico, LLP, in Tewksbury, MA, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2016. It said, "[T]he Company has incurred negative cash flow from operations and recurring net losses. These conditions, among others, raise substantial doubt about its ability to continue as a going concern." Nephros reported a net loss of $3.03 million on $2.32 million of total net revenues for the year ended Dec. 31, 2016, compared with a net loss of $3.08 million on $1.94 million of total net revenue for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Nephros had $2.82 million in total assets, $2.55 million in total liabilities and $265,000 in total stockholders' equity. OUTSOURCING STORAGE: Unsecureds to Get 10% of Allowed Claim ----------------------------------------------------------- Outsourcing Storage, Inc., has filed its disclosure statement and a plan of reorganization with the U.S. Bankruptcy Court for the Middle District of Pennsylvania. Unsecured claim holders will be paid 10% of their allowed claim, payable in five equal annual installments of 2% each. The first installment will be paid on or about six months after the effective date of the plan, with each succeeding annual installment continuing on the same month of each succeeding four years thereafter. All professional administrative claims will be paid in cash on or before the confirmation date of the plan, or as otherwise agreed in writing by the claimant and the debtor. Administrative claim holders will be paid in the ordinary course of business, within 60 days after the effective date of the plan, or as otherwise agreed by the claimant and the debtor, whichever of these dates are later. Fees owed to the Office of the U.S. Trustee will be paid in the regular course by 30 days after the close of each calendar quarter. To the extent that any fees are owed to the Office of the U.S. Trustee as of the confirmation date, such fees are to be paid by the debtor. All priority tax claims, once fixed, are to be paid in full on or before five years from the petition date, together with interest at the rate of 3% per annum. Interest will begin to accrue as of the effective date of the plan on the unpaid tax balance. Payments will be made on a regular monthly basis on the agreed upon amount of a tax claim, with each payment to begin during the first calendar month after the effective date of the plan. The equity holder, 1947198 Ontario, Inc., owns 100% of the equity in the debtor. At the option of such shareholder, the equity interest in the debtor will either be retained or canceled as of the effective date. If the shares are canceled, the equity holder will be issued new shares in the same percentage as exists pre-petition. Outsourcing Storage intends to continue to operate its warehousing and shipping business. The debtor has been increasing its business operations and seeking additional customers. It believes that its business operations can be operated efficiently in an amount sufficient to fund the plan. The debtor also intends to consider asking certain affiliates or other entities to sell real estate or utilize such real estate to secure loans which would be utilized to pay priority tax claims. Full-text copies of Outsourcing Storage's disclosure statement and plan of reorganization dated December 11, 2017 are available at: http://bankrupt.com/misc/pamb17-bk-00581-109.pdf http://bankrupt.com/misc/pamb17-bk-00581-108.pdf About Outsourcing Storage Outsourcing Storage, Inc., is engaged in a warehousing, storage and shipping business for companies throughout the United States. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M. D. Pa. Case No. 17-00581) on Feb. 13, 2017. The case is assigned to Judge Robert N. Opel II. At the time of the filing, the Debtor estimated assets of less than $100,000 and liabilities of less than $50,000. Cunningham, Chernicoff & Warshawsky, P.C., has been tapped to serve as legal counsel to the Debtor. PALADIN ENERGY: Disclosure Statement Has Conditional Court Approval ------------------------------------------------------------------- Judge Mark X. Mullin of the U.S. Bankruptcy Court for the Northern District of Texas has issued an order approving the disclosure statement filed by Paladin Energy Corp. The judge conditioned approval of the disclosure statement on the debtor making two changes: (i) to add a bar date for rejection damages claims, if applicable, to the Plan; and (ii) changing the bold language "shall be deemed waived" in section V.B of the disclosure statement to "may be deemed waived." The voting deadline is set to January 10, 2018. Any objections to the confirmation of the plan must be filed and served, as is otherwise appropriate, no later than January 10, 2018. The debtor shall file a tabulation of ballots, which shall include any ballots that have been rejected and an explanation of why they have been rejected, no later than January 11, 2018. A hearing to consider confirmation of the plan is set for January 12, 2018 at 9:30 a.m. A full-text copy of Judge Mullin's order dated December 11, 2017 is available at http://bankrupt.com/misc/txnb16-31590-bjh11-290.pdf About Paladin Energy Paladin Energy Corp. sought chapter 11 protection (Bankr. N.D. Tex. Case No. 16-31590) on Apr. 21, 2016. The Debtor is represented by Davor Rukavina, Esq., at Munsch, Hardt, Kopf & Harr, P.C., in Dallas, Texas. The Debtor estimated assets ranging from $10 million to $50 million and estimated debts ranging from $10 million to $50 million. PETROQUEST ENERGY: MacKay Shields Has 7.18% Stake as of Dec. 31 --------------------------------------------------------------- MacKay Shields LLC reported to the Securities and Exchange Commission that as of Dec. 31, 2017, it beneficially owns 1,527,557 shares of common stock of PetroQuest Energy Inc., constituting 7.18 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://is.gd/gQW3Ui About Petroquest Lafayette, La.-based PetroQuest Energy, Inc. -- http://www.petroquest.com/-- is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Texas, Louisiana and the shallow waters of the Gulf of Mexico. PetroQuest's common stock trades on the New York Stock Exchange under the ticker PQ. PetroQuest reported a net loss available to common stockholders of $96.24 million in 2016 and a net loss available to common stockholders of $299.9 million in 2015. The Company's balance sheet at Sept. 30, 2017, showed $159.5 million in total assets, $415.7 million in total liabilities and a total stockholders' deficit of $256.20 million. * * * In June 2017, Moody's Investors Service withdrew all assigned ratings for PetroQuest Energy, including the 'Caa3' Corporate Family Rating, following the elimination of all of its rated debt. As reported by the TCR on Dec. 7, 2017, S&P Global Ratings raised its corporate credit rating on Lafayette, La.-based exploration and production company PetroQuest Energy Inc. to 'CCC+' from 'CCC'. The rating outlook is negative. "The upgrade reflects our assessment that PetroQuest is likely to generate sufficient cash flow and, along with continued access to its multidraw term loan, have sufficient liquidity to meet cash interest requirements through 2018. The company has the option to make PIK interest payments on its second-lien senior secured PIK notes through August 2018 at 1% cash interest and 9% PIK. PITTSBURGH PROPERTY: Filed Ch. 11 with Intent to Defraud, Ct. Finds ------------------------------------------------------------------- Bankruptcy Judge Gregory L. Taddonio granted in rem relief in favor of taxing authorities McKeesport Area School District and City of McKeesport, and South Allegheny School District in the case captioned McKEESPORT AREA SCHOOL DISTRICT, CITY OF McKEESPORT, & SOUTH ALLEGHENY SCHOOL DISTRICT, Movants, v. CITY OF PITTSBURGH PROPERTY DEVELOPMENT, INC., Respondent, Case No. 17-22729-GLT (Bankr. W.D. Pa.). The Court finds that the Debtor, City of Pittsburgh Property Development, Inc., filed its bankruptcy petition in the present case as "part of a scheme to delay, hinder, or defraud" the movants through the non-consensual transfer of real property upon which the taxing authorities hold liens. In rem relief is warranted for creditors holding secured claims against real property "if the court finds that the filing of the petition was part of a scheme to delay, hinder, or defraud creditors that involved . . . [the] transfer of all or part ownership of, or other interest in, such real property without the consent of the secured creditor or court approval. The timing of a bankruptcy filing in relation to a transfer impacts the determination of whether it may be part of such a scheme. Courts have held that nonconsensual transfers warrant in rem relief if they were "made on the eve of a bankruptcy filing." In contrast, another bankruptcy court held that a transfer that preceded a bankruptcy filing by nearly a year "weighs against a finding of a filing being part of . . . a scheme." Here, the McKeesport Properties were transferred on the eve of the Debtor's bankruptcy filing, which occurred just two days later. The timing of the Glassport Property is also suspect because although the transfer occurred the prior year, the Debtor did not record the deed until it had already commenced its bankruptcy case, and neither shareholder Prasad Maragabandhu Bandhu nor Adelita Enterprises, Inc made South Allegheny aware of any division of the ownership interest when they entered into the payment plan agreement. Transfers are generally not part of a scheme to delay, hinder, or defraud where an adequate justification for the transaction exists. In In re 177 Weston Road, LLC, the court held that the non-consensual transfer of a mortgaged property by the mortgagor and his guarantors to a newly formed limited-liability company that petitioned for chapter 11 relief to avoid a sheriff's sale did not warrant in rem relief. There, the mortgagor "persuasively testified" that he transferred the property so that only one entity would hold title and to prevent the former interest holders from filing individual bankruptcies to forestall foreclosure. He also disclosed that he had first tried to "actively and aggressively market the property," and he indicated "his willingness to use funds from the sale of other property he owns to satisfy claims against the [debtor]." Here, the Debtor could not provide any justification for the transfers despite direct questioning on this issue. It made no representation about any benefit the transfers were meant to achieve, nor did it offer any explanation that could qualify for deference under the business judgment standard. To the extent there may be some justification buried in the present facts, the Debtor has not revealed it nor will the Court independently seek it out. For these reasons, the Court finds that adequate cause exists for in rem relief. Accordingly, the Court grants the motions of the McKeesport Taxing Authorities and South Allegheny for relief from the automatic stay. A full-text copy of the Court's Memorandum Opinion dated Jan. 3, 2018 is available at https://is.gd/EZibXZ from Leagle.com. City of Pittsburgh Property Development, Inc., Debtor, represented by Jeffrey T. Morris -- morris@elliott-davis.com -- Elliott & Davis PC. Office of the United States Trustee, U.S. Trustee, represented by Norma Hildenbrand -- Norma.L.Hildenbrand@usdoj.gov -- Office of the United States Trustee. About City of Pittsburgh Property Development Inc. City of Pittsburgh Property Development, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 17-22729) on July 2, 2017. Prasad Bandhu, president, signed the petition. Elliott & Davis, PC represents the Debtor as bankruptcy counsel. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $500,000 and liabilities of less than $1 million. POINT.360: Needs More Time to Negotiate With Medley Opportunity --------------------------------------------------------------- Point.360 asks the U.S. Bankruptcy Court for the Central District of California to extend the Debtor's plan filing and plan acceptance exclusivity periods to May 8, 2018, and July 7, 2018, respectively. A hearing on the Debtor's request is set for Feb. 1, 2018, at 10:00 a.m. Objections to the request must be filed no less than 14 days prior to the hearing date. The Debtor's current plan and disclosure statement filing deadline set at the Dec. 14, 2017, case status hearing is April 1, 2018. The request to extend exclusivity constitutes the Debtor's first. The Debtor will be similarly seeking approval of stipulations for 90-day extensions of the Debtor's time to assume or reject its real estate leases. Fundamental plan-related terms cannot be determined until claims are filed, reviewed and reconciled for plan treatment. In addition, the Debtor anticipates filing a motion to approve a settlement with REEP to resolve that $1 million claim pursuant to FRBP 9019. The requested 90-day extension should be sufficient to allow the Debtor to address these fundamental case contingencies. The Debtor says that although this is not a "mega case," the Debtor's Chapter 11 case clearly involves complicated "case aspects" that create complexity with respect to advancing the case through a Chapter 11 plan now. The Debtor must conclude its negotiations with REEP toward eliminating a potential $1 million claim in the case and address Medley’s substantial claims once filed. Ascertaining a fixed and final schedule of claims to be addressed under the Debtor's anticipated plan of reorganization is a fundamental aspect of plan preparation and will determine the term of any plan that is designed to pay allowed claims in full. The requested exclusivity extension will presumably provide the Debtor with sufficient time to conclude its lease negotiations and related matters involving the landlords, to reconcile claims after the bar date has passed, to file any objections to claims, and to draft and propose its Chapter 11 plan. The requested extension of exclusivity is reasonable in view of these complicated aspects of the Debtor's Chapter 11 case. The Chapter 11 case has not been pending long relative to the contingencies creating complexity in this particular case. The initial 120-days of Debtor's case has been consumed by business obligations related to preserving and maintain customer and employee relationships impacted by the Chapter 11 filing and concurrently fully closing and transitioning operations from its Empire facility without disrupting workflow. From a legal standpoint, the Debtor filed and stabilized its case ultimately obtaining approval of the DIP Financing facility and addressing numerous case compliance matters. The Debtor is operating profitably postpetition, and has timely paid its postpetition expenses. The Debtor has a reasonable prospect for filing a viable plan. The Debtor's cash flow projections reflect the Debtor's ability to generate revenues to support a plan. The Debtor will need to strategically determine how best to maximize value for the estate through negotiated resolutions with some or all its substantial creditors, which may include sale or abandonment of certain personal property assets. The Debtor has retained GlassRatner Advisory & Capital Group, LLC, as financial consultant and expert witness to support the Debtor's plan formulation efforts. All this complex strategic planning is in process and requires additional time to reasonably conclude in the best interests of the estate. The Debtor states that it is earnestly working both to maintain satisfactory relationships and to make progress with its key creditors and customers. The Debtor negotiated and concluded the DIP Financing facility with Austin. The Debtor negotiated and resolved executory contract issues with AFCO, ADP, LEAFS and HWay. The Debtor is continuing negotiations toward resolution of a substantial almost $1 million claim with REEP. To date, the Debtor has remained current on its post-petition obligations. The Debtor has cooperated with responding to general creditor inquiries and is properly administering its Chapter 11 estate. The Debtor has also retained a financial consultant to assist the Debtor in developing its plan. Medley Opportunity Fund II, LP, remains an adversarial party having opposed most of the Debtor's requests for relief and having recently moved for an unspecified form of adequate protection. Nonetheless, the Debtor's president contacted Medley's business representative to open a line of communication. While this contact has not yet brought consensus, the Debtor remains willing to negotiate with Medley as matters develop within the bankruptcy case. The Debtor anticipates further negotiations with Medley during the requested extension period. A copy of the Debtor's Motion is available at: http://bankrupt.com/misc/cacb17-22432-117.pdf About Point.360 Point.360 (PTSX) -- http://www.point360.com/and http://www.mvf.com/-- is a value add service organization specializing in content creation, manipulation and distribution processes integrating complex technologies to solve problems in the life cycle of Rich Media. With locations in greater Los Angeles, Point.360 performs high and standard definition audio and video post production, creates virtual effects and archives and distributes physical and electronic Rich Media content worldwide, serving studios, independent producers, corporations, non-profit organizations and governmental and creative agencies. Point.360 provides the services necessary to edit, master, reformat and archive clients' audio and video content, including television programming, feature films and movie trailers. Point.360's interconnected facilities provide service coverage to all major U.S. media centers. Point.360 filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 17-22432) on Oct. 10, 2017. Haig S. Bagerdjian, the Company's Chairman, President and CEO, signed the petition. The Debtor disclosed total assets of $11.14 million and total debt of $14.77 million as of March 31, 2017. The Hon. Julia W. Brand is the case judge. The Debtor hired Lewis R. Landaue, Esq., as bankruptcy counsel, and TroyGould PC, as transactional counsel. No trustee has been appointed, and the Company will continue to operate its business as "debtor in possession" under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Court. PORTER BANCORP: Estate of J. Chester Porter No Longer a Shareholder ------------------------------------------------------------------- The estate of J. Chester Porter, Betty Porter, Executrix of the Estate of J. Chester Porter, disclosed in a Schedule 13D/A filed with the Securities and Exchange Commission that it has ceased to be the beneficial owner of common stock of Porter Bancorp, Inc. On Jan. 2, 2018, the Reporting Person, as Executrix of the Estate of J. Chester Porter, distributed 639.734 shares of Porter Bancorp's outstanding voting common stock, without consideration, to the beneficiaries of the Estate of J. Chester Porter. A full-text copy of the regulatory filing is available for free at https://is.gd/ezE0jy About Porter Bancorp Porter Bancorp, Inc. (NASDAQ: PBIB) -- http://www.pbibank.com/-- is a Louisville, Kentucky-based bank holding company which operates banking centers in 12 counties through its wholly-owned subsidiary PBI Bank. The Company's markets include metropolitan Louisville in Jefferson County and the surrounding counties of Henry and Bullitt, and extend south along the Interstate 65 corridor. The Company serves southern and south central Kentucky from banking centers in Butler, Green, Hart, Edmonson, Barren, Warren, Ohio and Daviess counties. The Company also has a banking center in Lexington, Kentucky, the second largest city in the state. PBI Bank is a traditional community bank with a wide range of personal and business banking products and services. Porter Bancorp reported a net loss of $2.75 million for the year ended Dec. 31, 2016, a net loss of $3.21 million for the year ended Dec. 31, 2015, and a net loss of $11.15 million for the year ended Dec. 31, 2014. The Company had $962.96 million in total assets, $922.9 million in total liabilities and $40.06 million in total stockholders' equity as of Sept. 30, 2017. PRITHVI CATALYTIC: Kyko Has No Standing in Suit vs Beyondsoft ------------------------------------------------------------- Judge Gregory L. Taddonio of the U.S. Bankruptcy Court for the Western District of Pennsylvania granted the motion for judgment on the pleadings pursuant to Federal Rule of Bankruptcy Procedure 7012 and Federal Rule of Civil Procedure 12(c) filed by Defendant Beyondsoft Consulting Inc. and the motion for judgment on the pleadings pursuant to Federal Rule of Bankruptcy Procedure 7012 and Federal Rules of Civil Procedure 12(c), 12(b)(1) and 12(b)(6) filed by Defendants Collabera, Inc., Shannon Krohn, and Ian Olson in the case captioned PRITHVI CATALYTIC, INC. n/k/a ABILIUS, INC., KYKO GLOBAL, INC., and KYKO GLOBAL GMBH, Plaintiffs, v. MICROSOFT CORPORATION, COLLABERA, INC., BEYONDSOFT CORPORATION, IAN OLSON, and SHANNON KROHN, Defendant, Adv. Proc. No. 14-02176-GLT (Bankr. W.D. Pa.). The Plaintiffs' complaint asserted ten counts. After the Court's rulings on the dismissal and summary judgment motions, the following counts remain for adjudication: Count 2: Tortious Interference with Contractual Relations against Krohn and Olson. Count 2 alleges that Krohn and Olson acted intentionally and improperly in their attempts to poach Abilius' employees. Collabera hired Krohn away from Abilius in December 2013 to manage its customer accounts (including the Microsoft account) in the Pacific Northwest. Olson joined Collabera in January 2014. Plaintiffs claim that both former Abilius' executives used improper means to lure the Abilius resources over to their new employer in conjunction with an overall effort to transfer the entirety of the CSS/Mission Control work to Collabera. Count 3: Civil Conspiracy against Krohn, Olson, and Collabera. Count 3 alleges that Krohn, Olson, and Collabera agreed to commit the tortious actions described in Count 2. In retaining this count, the Court's summary judgment order observed that Collabera was not named in Count 2 but that it still might be liable under Count 3. Count 5: Tortious Interference with Contractual Relations against Microsoft and Beyondsoft. Count 5 alleges that Microsoft and Beyondsoft acted intentionally and improperly by allegedly poaching Abilius' employees and shepherding them to equivalent positions at Beyondsoft. Count 6: Civil Conspiracy against Microsoft and Beyondsoft. Count 6 alleges that Microsoft and Beyondsoft agreed to commit the tortious actions described in Count 5. Count 9: Violation of the Automatic Stay and Count 10: Civil Contempt for Violation of the Automatic Stay against Microsoft, Collabera, Krohn, and Olson. In Count 9, Plaintiffs allege that the actions undertaken by Microsoft, Collabera, Krohn, and Olson in the other counts were intentional and occurred during a time when the automatic stay was in place. Count 10 alleges that Microsoft, Collabera, Krohn, and Olson should be held in civil contempt for violating the automatic stay order. Beyondsoft, the Collabera Defendants, and Microsoft move for judgment on the pleadings under Rule 7012 (incorporating Civil Rules 12(b)(1), 12(b)(6),22 and 12(c)). Defendants seek to dismiss Kyko as a plaintiff on all counts for failure to state a claim on which relief can be granted and that Kyko does not have constitutional, prudential, and/or statutory standing. Microsoft explicitly raises the question of the constitutional standing of Kyko in the adversary proceeding. Kyko outlined its damage argument in its response to Beyondsoft's motion for judgment on the pleadings. To summarize the argument, Kyko incurred "fees and expenses" as the plan proponent to prepare and support a plan of reorganization under the assumption that Abilius would continue as a viable corporation after bankruptcy. However, as a result of the allegedly tortious activities of the Defendants, there were no financial resources left to compensate Kyko for its expenditures as plan proponent, thereby leaving it with a claim for the sums it was otherwise entitled to receive under section 3.1(c) of the Confirmed Plan. The Court finds that there are two fundamental and fatal errors in Kyko's damages argument. First, the language upon which Kyko relies in section 3.1(c) of the Confirmed Plan was a scrivener's error and was never intended to be included in the final plan documents. Kyko, by its contemporaneous actions, knew it was an error but with the passage of time, it has apparently forgotten. Second, the true section 3.1(c) that had been distributed to the creditors imposed an obligation on Kyko to seek its fees and expenses in the bankruptcy case by separate motion. Kyko did so and the Court granted the fees and expenses of Kyko as a substantial contribution claim against the bankruptcy estate. Kyko's claim was not only allowed, but it was also paid. Consequently, Kyko has no injury-in-fact resulting from any alleged tortious interference or alleged violation of the automatic stay by the Defendants and no constitutional standing in this adversary proceeding. The bankruptcy case is in re: PRITHVI CATALYTIC, INC. n/k/a ABILIUS, INC., Chapter 11, Reorganized Debtor, Case No. 13-23855-GLT (Bankr. W.D. Pa.). A full-text copy of the Court's Memorandum Opinion dated Dec. 29, 2017 is available at https://is.gd/xgxiFr from Leagle.com. Prithvi Catalytic, Inc., Plaintiff, represented by Kathleen J. Goldman -- kathleen.goldman@bipc.com -- Buchanan Ingersoll & Rooney, Christina Orr Magulick -- cmagulick@grsm.com -- Gordon & Rees, LLP, Timothy P. Palmer -- timothy.palmer@bipc.om -- Buchanan Ingersoll & Rooney PC & Jayson W. Thomas . Microsoft Corporation, Defendant, represented by James W. Kraus -- JWK@Pietragallo.com -- Pietragallo Gordon Alfano Bosick & Raspanti, LLP, Wendy E. Lyon , Riddel Williams P.S., Richard J. Parks -- RJP@Pietragallo.com -- Pietragallo Gordon Alfano Bosick & Raspa & Joseph E. Shickich, Jr. -- jshickich@foxrothschild.com -- Fox Rothschild LLP. Collabera, Inc., Defendant, represented by Lynne Anne Anderson -- lynne.anderson@dbr.com -- Drinker Biddle & Reath LLP, Lawrence J. Del Rossi -- lawrence.delrossi dbr.com -- Drinker, Biddle, & Reath LLP, Marita Skye Erbeck , Drinker Biddle & Reath LLP & Alexa E. Miller -- alexa.miller@dbr.com -- Drinker Biddle & Reath LLP. Beyondsoft Corporation, Defendant, represented by David James Morgan , Gordon & Rees LLP & Alexander Wilson Saksen -- asaksen@grsm.com -- Gordon & Rees, LLP. Ian Olson, Defendant, represented by Alexa E. Miller , Drinker Biddle & Reath LLP. Based in Pittsburgh, PA, Prithvi Catalytic, Inc. filed for Chapter 11 bankruptcy protection (Bankr. W.D. Pa. Case No.: 13-23855) on Sept. 10, 2013 with estimated assets of $1,000,001 to $10,000,000 and estimated liabilities of $10,000,001 to $50,000,000. The petition was signed by Madhavi Vuppalapati, president and CEO. RADIATE HOLDCO: Loan Upsize No Impact on Moody's B1 Loan Rating --------------------------------------------------------------- Moody's Investors Service says Radiate HoldCo, LLC's B1 Senior Secured Term Loan (due 2024) is unchanged on financing an incremental $1.425 million (due 2024) being raised under the existing bank credit facility to finance the acquisition of Wave Holdco, LLC. for $2.4 billion. The Caa1 rating is also unchanged on raising an additional $300 million in unsecured notes to fund the balance of the transaction. In connection with the transaction, the Company has also upsized its revolving credit facility (due 2022) by $150 million, to $300 million. RATINGS RATIONALE Radiate's B2 Corporate Family Rating (CFR) reflects the company's small scale, weak free cash flow, and private equity ownership which poses event risk and tolerates aggressive financial policies including high leverage (between 6.0x-6.7x over the next 12-18 months). The company's organic video and voice business are also under pressure, as it competes in highly competitive markets in the Northeast, Chicago and Texas. The company has been losing video and voice subscribers with customers migrating to commercial-free, lower-cost video streaming services and substituting wireline voice with wireless mobile services. Also constraining the rating is the company's moderate scale and limited market share evidenced by below average performance metrics including revenue to homes passed and Triple Play Equivalent (TPE; defined as a simple average of the company's three main product penetration rates). The addition of Wave Broadband (a wholly owned subsidiary of Wave Holdco, LLC (Wave)), a weaker credit rated B3 stable, puts further pressure on the rating. Radiate will acquire the company for $2.4 billion with the close scheduled for the first quarter of 2018. The acquisition is likely to increase leverage under certain financing scenarios. Wave's business will also further weaken Radiate's already limited free cash flow with the significant burden of higher capital expenditures being incurred for the build out of Wave's fiber network. Supporting the rating is organic growth in its residential broadband (or HSD) product and commercial services business segment, driven by higher demand for bandwidth as subscribers consume more data. The subscriber growth in these parts of the business is more than fully offsetting the loss in video subscribers, at a rate of near 3x, providing stability to the company's customer base. The company's ability to protect its market position is supported by significant investments in its network which is fiber-rich and has industry leading speeds. The rating is also supported by a predictable business model that produces stable revenues, pricing power, and strong EBITDA growth. The addition of Wave increases Radiates scale by 1.4x, improves margins, and expands Radiate's geographic diversity with a national footprint that now extends to the West Coast - adding incumbent markets with better operating metrics. The contribution lifts Radiate's penetration rates, revenue per homes passed, and subscriber growth rates. Our outlook is stable. Moody's believe Radiate will grow revenues to over $1.5 billion over the next 12-18 months, generating close to $600 million in EBITDA (Moody's adjusted) on margins approaching 40%. Moody's expect the company to generate positive free cash flows beginning in 2018, using all available FCF to de-lever over the rating horizon, with leverage falling to near 6.0x by the end of 2018 - below Moody's maximum tolerance of 6.25x for the rating category. Moody's expect the business to lose video and voice subscribers by low single digit percent, but more than fully offset by up to 3x the rate of growth in both residential and commercial subscribers. Moody's expect CAPEX/revenues to moderate in the low 20% range, TPE to remain in the low 20% range, and Revenue to Homes Passed to rise near $560. Moody's rating assumes the company will not distribute any material cash to its shareholders. Moody's would consider a positive rating action if leverage (Moody's adjusted debt-to-EBITDA) is sustained below 5x times or below and coverage (Moody's adjusted free cash flow to debt) is sustained above high single-digit percent. A positive rating action would also be considered if the company maintains good liquidity, improves the scale of the company, adopts more conservative financial policies, there is a low probability of near-term event risks and or there are positive developments in regulation, market position, capital structure, or key performance measures that, when taken together with all other factors, the credit profile suggests a better rating category. Moody's would consider a negative rating action if leverage (Moody's adjusted debt-to-EBITDA) rises above 6.25x, or coverage (Moody's adjusted free cash flow to debt) sustained above high single-digit percent, or the year-over-year change in broadband subscribers to the year-over-change change in video subscribers (in absolute value) is less than 1x. A negative rating action would also be considered if liquidity deteriorated, more aggressive financial policies were adopted, or Moody's anticipated the possibility of a material and adverse change in regulation, market position, capital structure, key performance measures, or the operating model such that, when taken together with all other factors, the credit profile suggests a better rating category. Radiate, based in Princeton, New Jersey, is the parent of RCN Telecom Services, LLC, Grande Communications Networks LLC, and Wave Broadband. The company provides video, high-speed internet and voice services to residential and commercial customers in 16 markets located on the Northwest coast (4 markets), the Northeast coast (5 markets), Chicago and in Texas (6 markets). As of the period ended June 30, 2017, pro forma including Wave, the company served approximately 529 thousand video, 843 thousand HSD, and 320 thousand voice customers. Revenue for the Last Twelve Months ended June 30, 2017 was over $1.3 billion. Radiate is owned by TPG Capital, the majority shareholder (with approximately 85% share), as well as Capital G (through Google Capital, a wholly-owned subsidiary of Alphabet Inc. Aa2 stable), and Patriot Media Consulting, Radiate's executive management company. RUBY TUESDAY: Terminates Registration of Common Stock ----------------------------------------------------- Ruby Tuesday, Inc. has filed with Securities and Exchange Commission a Form 15 to voluntarily deregister its common stock, par value $0.01 per share, under Section 12(g) of the Securities Exchange Act of 1934. As a result of the 15 filing, the Company is no longer obligated to file periodic reports with the SEC. About Ruby Tuesday Ruby Tuesday, Inc. (NYSE:RT) -- http://www.rubytuesday.com/-- owns and franchises Ruby Tuesday brand restaurants. As of Sept. 5, 2017, there were 599 Ruby Tuesday restaurants in 41 states, 14 foreign countries, and Guam. Of those restaurants, the Company owned and operated 541 Ruby Tuesday restaurants and franchised 58 Ruby Tuesday restaurants, comprised of 17 domestic and 41 international restaurants. The Company's Company-owned and operated restaurants are concentrated primarily in the Southeast, Northeast, Mid-Atlantic, and Midwest of the United States, which the Company considers to be its core markets. Ruby Tuesday reported a net loss of $106.1 million on $951.97 million of total revenue for the year ended June 6, 2017, compared to a net loss of $50.68 million on $1.09 billion of total revenue for the year ended May 31, 2016. As of Sept. 5, 2017, Ruby Tuesday had $701.02 million in total assets, $403.12 million in total liabilities and $297.9 million in total shareholders' equity. * * * As reported by the TCR on Dec. 26, 2017, S&P Global Ratings withdrew all of its ratings on Ruby Tuesday Inc., including the 'CCC+' corporate credit rating, at the company's request. Prior to the withdrawal, the ratings were on CreditWatch developing. The withdrawal follows the completion of NRD Capital's acquisition of Ruby Tuesday and repayment of the company's rated unsecured notes. SABLE NATURAL: SEC Objects to 1st Amended Disclosure Statement -------------------------------------------------------------- The United States Securities and Exchange Commission ("Commission") objects to the First Amended Disclosure Statement and First Amended Joint Chapter 11 Plan of Reorganization filed on November 10, 2017 by Sable Natural Resources Corporation, on the grounds that the Plan is facially unconfirmable pursuant to Sections 1141(d)(3), 1129(d), and 1145 of the Bankruptcy Code. Sable is a publicly held shell corporation that has had no regular business operations since the petition date. But despite Sable's lack of operations, the Plan provides for a full discharge of its liabilities and the sale of its public corporate shell to a private entity. As the federal agency charged with regulating the securities markets and enforcing the federal securities laws, the Commission has an interest in any bankruptcy cases where the sale of a public shell is proposed. A public shell, discharged of its liabilities and with an existing public shareholder base, can be used by a private company to go public via a reverse merger without having to comply with the registration requirements of the federal securities laws. The Commission argues that there is always a risk of harm to public investors from this circumvention of the registration requirements, but such risk is particularly high in this case because Sable has made very little information available to investors and creditors. Sable is over two years delinquent in its reporting requirements with the Commission, and the Plan and Disclosure Statement provide almost no information about the proposed purchaser of its new common stock. Compounding these concerns, the Commission believes that the proposed purchaser is an entity whose sole principal was the subject of numerous fraud allegations involving multiple business entities, including shell companies, in his own personal bankruptcy proceeding. Accordingly, Sable's Plan cannot be confirmed. Because Sable is now just a shell company, the Plan violates Section 1141(d)(3) of the Bankruptcy Code, which prohibits a discharge to a liquidating debtor with no ongoing business operations. Moreover, the Commission believes that the circumstances of this case suggest that the primary purpose of the Plan is to avoid the registration requirements of the federal securities laws, in contravention of Section 1129(d) of the Bankruptcy Code. In addition, the Plan fails to identify the registration exemption the Debtor is relying on with respect to the issuance of new common stock under the Plan. To the extent that the Debtor intends to rely on the registration exemption provided in Section 1145 of the Bankruptcy Code with respect to such issuance, Section 1145 appears to be unavailable here. Accordingly, the Commission respectfully requests that the Court deny approval of the Disclosure Statement and confirmation of the Plan. About Sable Natural Resources Sable Natural Resources Corp. acquires, develops and produces oil and natural gas reserves from wells in carbonate reservoir. Sable Natural Resources filed for Chapter 11 protection (Bankr. N.D. Tex. Case No. 16-34422) on Nov. 11, 2016. The Company is represented by Joyce Lindauer of Joyce W. Lindauer Attorney, PLLC. The Debtor disclosed $20.24 million in assets and $3.19 million in liabilities. Subsidiary Sable Operating previously filed a Chapter 11 petition on Aug. 28, 2015, and emerged from that bankruptcy on Nov. 1, 2016. SAEXPLORATION HOLDINGS: Gets New $15.7M Tax Credit Certificates --------------------------------------------------------------- SAExploration Holdings, Inc. has received approximately $15.7 million of additional tax credit certificates from the state of Alaska's Department of Revenue. Approximately $2.9 million of the tax credit certificates relate to a settlement agreement with the State of Alaska regarding the appeal of $5.8 million in previously disallowed expenditures. When combined with existing tax credit certificates in-hand, the total amount of tax credit certificates held by SAE and available for monetization is now approximately $41.3 million. SAE currently expects to receive the remaining $29.9 million of tax credit certificates still being processed by the State of Alaska during 2018. About SAExploration Holdings Based in Houston, Texas, SAExploration Holdings, Inc. (NASDAQ:SAEX) -- http://www.saexploration.com/-- is an internationally-focused oilfield services company offering a full range of vertically-integrated seismic data acquisition and logistical support services in Alaska, Canada, South America, and Southeast Asia to its customers in the oil and natural gas industry. In addition to the acquisition of 2D, 3D, time-lapse 4D and multi-component seismic data on land, in transition zones between land and water, and offshore in depths reaching 3,000 meters, the Company offers a full-suite of logistical support and in-field data processing services. The Company operates crews around the world that are supported by over 29,500 owned land and marine channels of seismic data acquisition equipment and other leased equipment as needed to complete particular projects. SAExploration reported a net loss attributable to the Company of $25.03 million for the year ended Dec. 31, 2016, a net loss attributable to the Company of $9.87 million for the year ended Dec. 31, 2015, and a net loss attributable to the Company of $41.75 million for the year Dec. 31, 2014. The Company's balance sheet at Sept. 30, 2017, showed $158.62 million in total assets, $143.33 million in total liabilities and $15.28 million in total stockholders' equity. * * * In June 2016, S&P Global Ratings lowered its corporate credit rating on SAExploration Holdings to 'CC' from 'CCC-'. At the same time, S&P lowered the issue-level rating on the company's senior secured notes to 'CC' from 'CCC-'. The outlook remains negative. The downgrade follows SAExploration's announcement that it plans to launch an exchange offer to existing holders of its 10% senior secured notes for shares of common equity and a new issue of second-lien notes. Following the rating action, S&P withdrew the corporate credit and issue-level ratings at the company's request. In September 2016, Moody's Investors Service withdrew SAExploration's 'Caa2' Corporate Family Rating and other ratings. Moody's withdrew the rating for its own business reasons, as reported by the TCR on Sept. 13, 2016. SAQIB SIDDIQUI: Trustee Sought to Propose Confirmable Plan ---------------------------------------------------------- The United States of America, acting on behalf of its Internal Revenue Service, asks the U.S. Bankruptcy Court for the Southern District of Texas to either direct the appointment of a chapter 11 trustee or convert Saqib Armughan Siddiqui's case to one under chapter 7. On June 23, 2017, the Debtor filed a combined Plan of Reorganization and Disclosure Statement. The First Plan proposed that the Debtor would retain non-exempt assets, while only paying general unsecured creditors approximately 2.5% of their allowed claims. Later on June 23, 2017, the Debtor filed his First Amended Plan of Reorganization and Disclosure Statement. The Second Plan again proposed that the Debtor would retain non-exempt assets, but proposing an increased distribution to general unsecured creditors of approximately 5.4%. On August 10, 2017, the Debtor filed a Third Plan which repeated the previous proposal that the Debtor retain non-exempt assets, and pay general unsecured creditors of approximately 5.4% of their allowed claims. On August 14, 2017, counsel for the United States conferred with counsel for the Debtor by electronic mail about the Debtor's Plan not complying with the absolute priority rule. Additional conferences about this issue occurred by e-mail thereafter. On August 18, 2017, the Court approved the Debtor's disclosure statement and scheduled the confirmation hearing on October 12, 2017, which confirmation hearing was continued to October 24, 2017. On November 28, 2017, the Debtor filed his Fourth Plan which repeated the proposal contained in the Second and Third Plans -- i.e., that the Debtor retain non-exempt assets but only pay general unsecured creditors approximately 5.4% of their allowed claims. On December 15, 2017, the Debtor filed his Fifth Plan, which was approved by the Court on December 20. Under the Fifth Plan, the Debtor proposed to retain non-exempt assets while only paying general unsecured creditors approximately 5.4% of their allowed claims. Over the course of a year, the Debtor filed five proposed plans in this case, but he did not file a single one that complied with the absolute priority rule. This indicates that the Debtor is not making a good faith effort to reorganize. If the Debtor is not willing to propose a confirmable plan, then it is appropriate to allow a trustee to try. Accordingly, the United States requests that the Court order the appointment of a chapter 11 trustee so that an independent third-party fiduciary can try to propose a confirmable plan which would allow the Debtor to reorganize. In the alternative, if the Court declines to order the appointment of a chapter 11 trustee, then the United States requests that the Court convert this case to one under chapter 7. The Court has scheduled the confirmation hearing to begin on February 20, 2018 at 2:00 p.m. Attorney for the United States of America: Abe Martinez, Esq. Acting United States Attorney Richard A. Kincheloe, Esq. Assistant United States Attorney Attorney-in-Charge United States Attorney's Office Southern District of Texas 1000 Louisiana St., Suite 2300 Houston, Texas 77002 Telephone: (713) 567-9422 Facsimile: (713) 718-3033 Email: Richard.Kincheloe@usdoj.gov Saqib Armughan Siddiqui filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 17-30944) on February 14, 2017, and is represented by Bruce W. Akerly, Esq. SEARS HOLDINGS: Fairholme Capital Has 17.9% Stake as of Jan. 11 --------------------------------------------------------------- Fairholme Capital Management, L.L.C. reported to the Securities and Exchange Commission that as of Jan. 11, 2018, it may be deemed to be the beneficial owner of 19,272,869 Shares (17.9%) of Sears Holdings Corporation, based upon the 107,613,718 Shares outstanding as of Nov. 24, 2017, according to Sears Holdings. Fairholme has the sole power to vote or direct the vote of 0 Shares, Fairholme has the shared power to vote or direct the vote of 14,179,189 Shares, Fairholme has the sole power to dispose or direct the disposition of 0 Shares and Fairholme has the shared power to dispose or direct the disposition of 19,272,869 Shares to which this filing relates. Fairholme Funds, Inc. may be deemed to be the beneficial owner of 12,748,989 Shares (11.8%) of the Issuer. The Fund has the sole power to vote or direct the vote of 0 Shares, the Fund has the shared power to vote or direct the vote of 12,748,989 Shares, the Fund has the sole power to dispose or direct the disposition of 0 Shares and the Fund has the shared power to dispose or direct the disposition of 12,748,989 Shares to which this filing relates. Of the 12,748,989 Shares deemed to be beneficially owned by the Fund, 11,323,591 are owned by The Fairholme Fund and 1,425,398 are owned by The Fairholme Allocation Fund, each a series of the Fund. Bruce R. Berkowitz may be deemed to be the beneficial owner of 21,860,501 Shares (20.3%) of the Issuer. Mr. Berkowitz has the sole power to vote or direct the vote of 2,587,632 Shares, Mr. Berkowitz has the shared power to vote or direct the vote of 14,179,189 Shares, Mr. Berkowitz has the sole power to dispose or direct the disposition of 2,587,632 Shares and Mr. Berkowitz has the shared power to dispose or direct the disposition of 19,272,869 Shares to which this filing relates. A full-text copy of the regulatory filing is available at: https://is.gd/2wyUzP About Sears Holdings Based in Hoffman Estates, Illinois, Sears Holdings Corporation (NASDAQ: SHLD) -- http://www.searsholdings.com/-- is an integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve its members. Sears Holdings is home to Shop Your Way, a social shopping platform offering members rewards for shopping at Sears and Kmart, as well as with other retail partners across categories important to them. The Company operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with full-line and specialty retail stores across the United States. Sears Holdings reported a net loss of $2.22 billion on $22.13 billion of revenues for the fiscal year 2016, compared to a net loss of $1.12 billion on $25.14 billion of revenues for the fiscal year 2015. As of Oct. 28, 2017, Sears Holdings had $8.19 billion in total assets, $12.20 billion in total liabilities and a total deficit of $4 billion. * * * In January 2017, Fitch Ratings affirmed the Long-term Issuer Default Ratings on Sears Holdings and its various subsidiary entities at 'CC'. In November 2017, S&P Global Ratings lowered its corporate credit rating on Sears Holdings to 'CCC' from 'CCC+'. The outlook is negative. "The downgrade reflects our view that addressing 2018 maturities over upcoming quarters will determine if the company can continue its turnaround plan without seeking a broader restructuring," S&P said. In November 2017, Moody's Investors Service downgraded Sears Holdings Corp.'s Corporate Family Rating to 'Caa3' from 'Caa2'. Sears' Caa3 rating reflects the company's sizable operating losses - Domestic Adjusted EBITDA was an estimated loss of approximately $625 million for the LTM period ending Oct. 28, 2017. SOLBRIGHT GROUP: AIP Asset Has 29.64% Stake as of Jan. 2 -------------------------------------------------------- In a Schedule 13G/A filed with the Securities and Exchange Commission, these reporting persons disclosed beneficial ownership of shares of common stock of Solbright Group as of Jan. 2, 2018: Shares Percentage Beneficially of Name Owned Shares ---- ------------ ---------- AIP Global Macro Fund LP 3,144,020 13.87% AIP Canadian Enhanced Income Class 2,622,806 11.57% AIP Global Macro Class 907,493 4.0% AIP Asset Management 6,674,318 29.64% Jayahari Balasubramaniam 6,674,318 29.64% The percentages are based based upon 22,673,403 shares of common stock outstanding as of Dec. 31, 2017. A full-text copy of the regulatory filing is available for free at: https://is.gd/DOzdkM About Solbright Group Formerly known as Arkados Group, Inc., Solbright Group, Inc. -- http://www.arkadosgroup.com/-- is an industrial automation and energy management company providing Industrial Internet of Things (IoT) solutions that help commercial and industrial facilities increase efficiency and reduce cost. Headquartered in Newark, New Jersey, the Company delivers technology solutions for building and machine automation and energy conservation that complement its energy conservation services such as LED lighting retrofits, HVAC system retrofits and solar engineering, procurement and construction services. The company's focus is towards the development and commercialization of an Internet of Things software platform that supports Big Data applications that complement its energy management services. On Oct. 30, 2017, Arkados Group filed its Certificate of Amendment of the Certificate of Incorporation with the Secretary of State of the State of Delaware changing the name of the Company to "Solbright Group, Inc." The holders of a majority of the votes entitled to be cast by all the Company's outstanding shares adopted resolutions by written consent, in lieu of a meeting of stockholders, to amend the Company's Certificate of Incorporation to change its name to Solbright Group, Inc. to better reflect the business of the Company. On Nov. 3, 2017, the Company received notification from FINRA that as of Nov. 6, 2017, the new symbol of the Company will be "SBRT". The report from the Company's independent registered public accounting firm for the year ended May 31, 2017, includes an explanatory paragraph stating that the Company has incurred recurring operating losses and will have to obtain additional capital to sustain operations. RBSM LLP, in New York, said these conditions raise substantial doubt about the Company's ability to continue as a going concern. Arkados incurred a net loss of $3.34 million for the year ended May 31, 2017, following a net loss of $3.11 million for the year ended May 31, 2016. As of Aug. 31, 2017, Arkados had $19.17 million in total assets, $15.32 million in total liabilities and $3.84 million in total stockholders' equity. STEINWAY MUSICAL: Moody's Hikes CFR to B3; Outlook Stable --------------------------------------------------------- Moody's Investors Service upgraded Steinway Musical Instruments, Inc.'s Corporate Family Rating (CFR) to B3 from Caa1 and Probability of Default rating to B3-PD from Caa1-PD. Moody's also upgraded the company's first lien term loan to B3 from Caa1. The rating outlook is stable. The upgrade of the CFR reflects Steinway's improved operating performance and credit metrics. The company's profitability will continue to improve from higher piano sales in Asia, as well as greater demand for the company's Spirio player pianos. Moody's expects that debt to EBITDA will decline to below 5.5 times in the year ahead. Furthermore, Moody's anticipates that the company will maintain adequate liquidity with positive annual free cash flow. Moody's also believes that the company will be able to successfully refinance its capital structure including its ABL which expires in April 2019 and its secured first lien term loan due in September 2019. Ratings Upgraded: Corporate Family Rating to B3 from Caa1; Probability of Default Rating to B3-PD from Caa1-PD; $305 million first lien senior secured term loan due 2019 to B3 (LGD 4) from Caa1 (LGD 4) The rating outlook is stable RATINGS RATIONALE Steinway's B3 CFR reflects the company's modest scale, moderately high financial leverage at about 5.5x, and narrow product focus. The rating also reflects the high discretionary nature and high price points of its flagship product (Steinway grand piano), as well as the risks associated with being owned by a hedge fund. The rating is supported by Steinway's strong brand recognition and high product quality, geographic diversification, and breadth of product offerings in musical instruments. The stable rating outlook reflects Moody's expectation that the company will remain relatively small, exposed to cyclical demand, and with moderately high financial leverage. The stable outlook also reflects Moody's expectation that the company will successfully refinance its capital structure well in advance of maturities. Moody's could downgrade the ratings if liquidity deteriorates, operating performance weakens or if the company pursues a material debt financed acquisition or shareholder distribution. The ratings could be upgraded if Steinway maintains stable operating performance and positive free ash flow, achieves greater scale and product diversification, and sustains debt to EBITDA below 4.5x. The principal methodology used in these ratings was Consumer Durables Industry published in April 2017. Steinway Musical Instruments, Inc., headquartered in New York, New York, is one of the world's leading manufacturers of musical instruments. The company's products include Steinway & Sons, Boston and Essex pianos, Selmer Paris saxophones, Bach Stradivarius trumpets, C.G. Conn French horns, King trombones, and Ludwig snare drums. The company is owned by Paulson & Co., Inc. through its Pianissimo Acquisition Corp. subsidiary. Annual revenues are approximately $400 million. TAUREN EXPLORATION: District Court Affirms Plan Confirmation ------------------------------------------------------------ Judge Sidney A. Fitzwater of the U.S. District Court for the Northern District of Texas affirms the Bankruptcy Court's orders confirming the plan of liquidation proposed by Gloria's Ranch, LLC, for Debtor Tauren Exploration, Inc., and its order on motion to amend confirmation order in the case captioned TAUREN EXPLORATION, INC., Appellant, v. GLORIA'S RANCH, LLC, et al., Appellees, Civil Action No. 3:17-CV-1293-D (N.D. Tex.). Tauren appealed the bankruptcy court's decision while appellees Gloria's Ranch, LLC and Tauren Exploration, Inc. Liquidating Trust moved to dismiss the appeal for lack of standing and as equitably moot. The court concludes that the bankruptcy court did not err in finding that the appointment of John S. Hodge as liquidating trustee was consistent with the interests of creditors and equity security holders and with public policy, and that the bankruptcy court did not abuse its discretion in denying Tauren's motion to amend confirmation order so that it could pursue claims in the Cubic Energy, Inc. bankruptcy case in Delaware. A copy of the Court's Opinion dated Dec. 29, 2017 is available at https://is.gd/uj9eC4 from Leagle.com. Tauren Exploration Inc, Appellant, represented by Nathan M. Nichols -- nathan@orenstein-lg.com -- Orenstein Law Group PC & Rosa R. Orenstein -- rosa@orenstein-lg.com -- Orenstein Law Group PC. Glorias Ranch LLC, Creditor and Plan Proponent & John S. Hodge, Liquidating Trustee, Appellees, represented by Roger Joseph Naus -- rjnaus@wwmlaw.com -- Wiener Weiss & Madison APC, pro hac vice, Daniel P. Callahan , Kessler Collins, Howard C. Rubin , Kessler Collins & John S. Hodge , Wiener Weiss & Madison, pro hac vice. Tauren Exploration Inc, Debtor, represented by Nathan M. Nichols, Orenstein Law Group PC & Rosa R. Orenstein, Orenstein Law Group PC. Harlin D. Hale, Bankruptcy Judge, Pro Se. Frank L Broyles, Amicus Curiae, Amicus, Pro se. Calvin A Wallen, III, Interested Party, represented by Barry Frank Cannaday, Gray Reed & McGraw. Case Admin Sup, Notice Only, Pro Se. About Tauren Exploration Tauren Exploration, Inc., filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 16-32188) on June 3, 2016, listing under $1 million in both assets and liabilities. Its core business historically has been in the oil and gas industry. The Debtor is represented by Frank L. Broyles, Esq., as counsel. The Debtor hired Nathan M. Nichols, Esq., at Orenstein Law Group, P.C., as special litigation counsel. TEVA PHARMACEUTICAL: Moody's Lowers Senior Unsecured Rating to Ba2 ------------------------------------------------------------------ Moody's Investors Service downgraded the senior unsecured ratings of Teva Pharmaceutical Industries, Ltd and its subsidiaries to Ba2 from Baa3. Moody's also assigned a Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating, and SGL-3 Speculative Grade Liquidity Rating. The rating outlook is stable. This action concludes the rating review initiated on December 14, 2017. "The downgrade of Teva's ratings to speculative grade reflects the challenge of managing its significant debt burden while facing a prolonged period of earnings erosion," commented Morris Borenstein, Moody's Assistant Vice President. "While Teva's cost restructuring program will help to partially offset declines, execution risk is high. In addition, Moody's believe earnings declines from Copaxone and its US generics business will be severe, and that meaningful deleveraging to under 4 times gross debt/EBITDA will take several years to achieve," added Borenstein. Assignments: Issuer: Teva Pharmaceutical Industries Ltd -- Corporate Family Rating, Assigned Ba2 -- Probability of Default Rating, Assigned Ba2-PD -- Speculative Grade Liquidity Rating, Assigned SGL-3 Downgrades: Issuer: Teva Pharma Finance Netherlands III BV -- Multiple Seniority Shelf (Foreign Currency) Jul 12, 2019, Downgraded to (P)Ba2 from (P)Baa3 -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 (LGD4) from Baa3 Issuer: Teva Pharmaceutical Fin. Co B.V. (Curacao) -- Multiple Seniority Shelf, Downgraded to (P)Ba2 from (P)Baa3 -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 (LGD4) from Baa3 Issuer: Teva Pharmaceutical Finance Company, LLC -- Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to Ba2 (LGD4) from Baa3 -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 (LGD4) from Baa3 Issuer: Teva Pharmaceutical Finance IV B.V. -- Multiple Seniority Shelf, Downgraded to (P)Ba2 from (P)Baa3 -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 (LGD4) from Baa3 Issuer: Teva Pharmaceutical Finance IV, LLC -- Multiple Seniority Shelf, Downgraded to (P)Ba2 from (P)Baa3 -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 (LGD4) from Baa3 Issuer: Teva Pharmaceutical Finance Netherlands II BV -- Multiple Seniority Shelf, Downgraded to (P)Ba2 from (P)Baa3 -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 (LGD4) from Baa3 Issuer: Teva Pharmaceutical Finance Netherlands IV BV -- Multiple Seniority Shelf, Downgraded to (P)Ba2 from (P)Baa3 -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 (LGD4) from Baa3 Issuer: Teva Pharmaceutical Finance V B.V. -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 (LGD4) from Baa3 Issuer: Teva Pharmaceutical Finance VI, LLC -- Multiple Seniority Shelf, Downgraded to (P)Ba2 from (P)Baa3 Issuer: Teva Pharmaceutical Industries Ltd -- Multiple Seniority Shelf, Downgraded to (P)Ba2 from (P)Baa3 Outlook Actions: -- Rating outlook is stable from under review for all issuers Withdrawals: Issuer: Teva Pharmaceutical Industries Ltd -- Issuer Rating (Local Currency), Withdrawn , previously rated Baa3 RATINGS RATIONALE Teva's Ba2 Corporate Family Rating reflects its significant scale in both generic and branded drugs, its global diversity, and its position as the world's largest generic drug company. Teva has the largest generic pipeline in the industry, including first-to-file opportunities. This pipeline, together with Teva's branded pipeline, will support revenue growth over the long term. Still, Moody's expects base earnings and cash flow to severely contract over the next two years due to headwinds in its US generics segment and generic competition on its largest earnings driver, Copaxone. Teva's credit profile is constrained by high financial leverage, which Moody's does not expect will fall below 4 times gross debt/EBITDA until after 2019. The company has limited financial flexibility and is facing significant debt maturities. Teva is taking significant actions to reduce its cost base by $3 billion over the next two years, which will shore up profitability and support deleveraging. Moody's expects that Teva will use the majority of its free cash flow to reduce debt. It is critical that the cost restructuring plan boost cash generation enough to keep pace with maturities and to ultimately reduce leverage. While Moody's believes that Teva's cost base will come down, the timing through 2019 is uncertain. Moody's views Teva's cost restructuring plan and reorganization as aggressive and it raises the risk for business disruptions. At the same time, potential portfolio rationalizations in the generics segment could harm Teva's relationships with customers. Teva's SGL-3 Speculative Grade Liquidity Rating reflects an adequate liquidity profile. Teva has roughly $7.5 billion of debt maturing through 2019. Beyond previously announced divestiture proceeds, Moody's projects free cash flow of around $2.5 billion which is insufficient to cover all of Teva's 2018 debt maturities without moderate refinancing. Moody's does not assume any asset sales, although the company has used asset sales in the past to reduce debt. The credit agreements contain financial covenants including minimum interest coverage of 3.50 times and maximum net debt/EBITDA of 5.00 times declining to 4.75 times beginning in 2019 with further step downs. Moody's believes that the company will likely breach the leverage covenant in the first quarter 2018 unless it amends its credit agreements. Teva has a $4.5 billion revolving credit facility expiring in 2020 that is undrawn, although access is limited due to covenant concerns. The rating outlook is stable reflecting Moody's view that Teva will be focused on debt repayment. It also reflects Moody's expectation that credit metrics will be weak over the next 18 months before realized cost savings drive improvement. Moody's rates all of Teva's debt Ba2, the same as its Ba2 Corporate Family Rating. All of Teva's debt is unsecured and unconditionally guaranteed by Teva Pharmaceutical Industries Limited, the parent company. Teva's ratings could be upgraded if the company materially improves its operating performance and liquidity, and is able to more than offset price erosion with new product launches. Teva would also need to improve its growth trajectory, notably supported by successful product launches. Additionally, Teva would need to sustain debt/EBITDA below 4.5 times before Moody's would consider an upgrade. The ratings could be downgraded if Teva's operating performance remains weak, or if it encounters operating disruptions while implementing its major cost restructuring plan. Ratings could also be downgraded if free cash flow remains weak for an extended period of time, or if Moody's expects debt/EBITDA to remain above 5.0 times. Failure to receive covenant relief under its credit agreements, or a failure to repay or refinance upcoming debt maturities well in advance could also lead to a downgrade. Headquartered in Petah Tikvah, Israel, Teva Pharmaceutical Industries Ltd. is a global pharmaceutical company offering a mix of generic and branded products. Reported revenue for the twelve months ended September 30, 2017 was approximately $23.4 billion. THERMAGEM LLC: Trustee Sought to Investigate Dubious Transfer ------------------------------------------------------------- Guy G. Gebhardt, the Acting U.S. Trustee for Region 21, asks the U.S. Bankruptcy Court for the Southern District of Florida for an order denying approval of the Disclosure Statement filed by Thermagem, LLC, and directing the appointment of a chapter 11 trustee, or in the alternative, enter an order converting Thermagem's case to Chapter 7. On November 13, 2017, the U.S. Trustee took the Rule 2004 Examination Duces Tecum of Eran Brosh, the Debtor's manager and president, in order to investigate the allegations raised by Creditor Mercantil Bank, N.A. in its motion to appoint a Chapter 11 Trustee. Eran Brosh, attended the examination and produced certain of the documents requested by the U.S. Trustee, however, certain documents with regard to the transfer of the Debtor's inventory to related non-debtor companies, i.e., Lorion Beauty USA LLC, Brilliance New York Handbags, LLC, and Valor 26 LLC, were not produced. Eran Brosh indicated that he would produce the missing documents and the examination was not concluded. To this date, the U.S. Trustee has not received the remainder of the documents requested and has not concluded the examination because the question of the transfer of the Debtor's inventory, what was transferred, and to whom, and under what terms, remains unanswered. Consequently, the U.S. Trustee cannot support approval of the Disclosure Statement. Moreover, the U.S. Trustee notes that information regarding the whereabouts of the inventory, the costs of goods when transferred, and information on any collection on account receivables is absent from the Disclosure Statement. The U.S. Trustee submits that the fact that the Debtor has been incapable, or unwilling to provide full disclosure of the whereabouts of the inventory, the details of the transfers, and the identification and cost of the goods, constitutes sufficient cause for the appointment of a chapter 11 trustee. About Thermagem LLC Based in Miami, Florida, Thermagem LLC filed a Chapter 11 petition (Bankr. S.D. Fla. Case no. 17-18531) on July 6, 2017. The petition was signed by Eran Brosh, president and managing member. The case is assigned to Judge Jay A. Cristol. Stephen C. Breuer, Esq., at Moffa & Breuer, PLLC represents the Debtor. As of time of filing, the Debtor estimates $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The Office of the U.S. Trustee on Aug. 24 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Thermagem LLC. TIMBERVIEW VETERINARY: Unsecureds to Get 5% of Allowed Claims ------------------------------------------------------------- Timberview Veterinary Hospital, Inc., has filed its disclosure statement with the U.S. Bankruptcy Court for the Middle District of Pennsylvania. General unsecured creditors, including unsecured, non-priority tax claims, estimated at $799,096, shall receive payment equal to 5% of allowed claims payable in quarterly pro-rata cash distributions from future revenues beginning on the effective date and to be paid not later than 72 months from the effective date. The secured claims of the Internal Revenue Service, the Commonwealth of Pennsylvania Department of Revenue, as well secured claims and leases, will be paid in full, in cash, with interest at 3.25% in 56 equal monthly installments beginning on the fifth month after the effective date and ending on the 60th month thereafter. Priority unsecured claims of the Internal Revenue Service, the Pennsylvania Department of Revenue, the Pennsylvania Department of Labor and Industry, the York Adams Tax Bureau, and the Dillsburg Area Authority, will also be paid in full, in cash, with interest at 3.25% in 56 equal monthly installments beginning on the fifth month after the effective date and ending on the 60th month thereafter. Payments and distributions under the plan will be funded by the revenues and profits generated from the operation of reorganized Timberview Veterinary Hospital, Inc. A full-text copy of Timberview Veterinary's disclosure statement dated December 11, 2017 is available at: http://bankrupt.com/misc/pamb16-bk-01442-83.pdf About Timberview Veterinary Hospital, Inc. Timberview Veterinary Hospital, Inc., filed a Chapter 11 bankruptcy petition (Bankr. M.D. Pa. Case No. 16-01442) on Apr. 6, 2016. The Debtor operates a private nursing home. Henry W. Van Eck, Esq., serves as the Debtor's counsel. The Debtor is represented by Henry W. Van Eck, Esq., at Mette, Evans, & Woodside. The Debtor hires CGA Law Firm as co-counsel, Brown Schultz Sheridan & Fritz, as accountant. Pioneer Health Services listed estimated assets of between $0-$50,000 and estimated liabilities of between $100,001 and $500,000. The petition was signed by Sara E. Mummart, president. TOWERSTREAM CORP: Appoints New Chief Financial Officer ------------------------------------------------------ The Board of Directors of Towerstream Corporation has appointed John Macdonald, age 47, to serve as chief financial officer of the Company. Mr. Macdonald joined the Company as corporate controller in March 2017. Prior to joining the Company, Mr. Macdonald was the assistant corporate controller at KVH Industries, a leading provider of mobile connectivity products and guidance and stabilization solutions from February 2015 to February 2017. Prior to that, he was director of accounting at APC by Schneider Electric, a manufacturer of critical power products and solutions provider for data centers and other applications, from May 2010 to February 2015. He began his career with Ernst & Young LLP serving as an assurance manager. A licensed Certified Public Accountant (CPA) in Massachusetts, he holds a Master of Business Administration from Bryant University and a BS in Business Administration from the University of Rhode Island. There are no arrangements or understandings between Mr. Macdonald and any other persons, pursuant to which he was appointed as chief financial officer, no family relationships among any of the Company's directors or executive officers and Mr. Macdonald and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. The Company and Mr. Macdonald entered into an employment agreement on Jan. 8, 2018 pursuant to which Mr. Macdonald will receive an annual base salary of $175,000 and be eligible for an annual bonus of up to 50% of his base salary. In addition, Mr. Macdonald is eligible for stock compensation in the future, at the Board of Director's discretion. In the event of resignation for Good Reason (as defined in the Employment Agreement) or termination other than for Cause (as defined in the Employment Agreement) within 180 days of a Change of Control, Mr. Macdonald will be entitled to a severance payment equal to (i) the greater of his continued base salary through the balance of the term, as renewed, or 6 months of his then base Salary, (ii) continued participation in Company welfare benefit plans (including health benefits) on the same terms as immediately prior to termination and to be paid in full by the Company for not less than 12 months of continuation of benefits and (iii) immediate vesting of all stock options and equity awards; provided, that he executes an agreement releasing Company and its affiliates from any liability. The agreement has an initial term of two years and may be extended for additional one year terms. On Jan. 5, 2018, Laura Thomas resigned from her position as chief financial officer of the Company effective immediately and Ms. Thomas and the Company entered into a separation agreement. Pursuant to the Separation Agreement, Ms. Thomas will receive a severance payment of (i) current base salary of $240,000 through Jan. 5, 2018, (ii) three months of current base salary of $240,000, payable in six bi-weekly payments of $10,000, less applicable statutory deductions and tax withholdings, (iii) $44,310 in earned annual bonus for the fiscal year ended Dec. 31, 2017, and (iv) $5,076 in accrued but unused vacation time. In addition, all of Ms. Thomas' outstanding options will vest immediately. Unless revoked, the Separation Agreement becomes effective eight days following execution. Ms. Thomas' decision to resign did not result from any disagreement with the Company, the Company's management or the Board of Directors. Director Resignations On Jan. 9, 2018, Paul Koehler and Donald MacNeil resigned from their positions as members of the Board of Directors and all committees thereof. Mr. Koehler's and Mr. MacNeil's resignations were not due to any disagreement related to the Company's operations, policies or practices, financial status or financial statements. Mr. MacNeil was appointed to the Company's Board of Advisors upon his resignation from the Board of Directors. He will receive a cash fee of $2,000 per month for services provided as an advisor. Also on Jan. 9, 2018, to fill the vacancy created by these resignations, the Board of Directors of the Company appointed Ernest Ortega to serve as a member of the Company's Board of Directors. Mr. Ortega currently serves as the chief executive officer of the Company. There is no family relationship between Mr. Ortega and any of the Company's other officers or directors. There is no new material contract or arrangement pursuant to which Mr. Ortega will serve aside from the employment agreement previously entered into with respect to his role as chief executive officer of the Company. About Towerstream Towerstream Corporation (OTCQB:TWERD) (www.towerstream.com) is a fixed-wireless fiber alternative company delivering Internet access to businesses. The company offers broadband services in 12 urban markets including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Houston, Las Vegas-Reno, and the greater Providence area. Towerstream reported a net loss attributable to common stockholders of $22.15 million on $26.89 million of revenues for the year ended Dec. 31, 2016, compared to a net loss attributable to common stockholders of $40.48 million on $27.90 million of revenues for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Towerstream had $26.65 million in total assets, $39.04 million in total liabilities and a total stockholders' deficit of $12.39 million. Marcum LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. USI SERVICES: Jan. 18 Meeting Set to Form Creditors' Panel ---------------------------------------------------------- William K. Harrington, United States Trustee for Region 3, will hold an organizational meeting on Jan. 18, 2018, at 10:30 a.m. in the bankruptcy case of USI Services Group, Inc. The meeting will be held at: United States Trustee's Office One Newark Center, 1085 Raymond Blvd. 21st Floor, Room 2106 Newark, NJ 07102 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. About USI Services Group USI Services Group, Inc., provides facility management services and solutions to pharmaceutical campuses, commercial office buildings, shopping mall or national retailers, industrial complex or major entertainment venues. USI offers complete janitorial service programs, hard surface floor care, carpet care programs, window cleaning, post construction cleaning, landscaping & design, snow management, parking lot lighting, parking lot maintenance, parking lot striping, facility management, 3rd party contract management, HVAC services, security services, electronic security solutions and energy management. The company is headquartered in Union, New Jersey. USI Services Group and its affiliates filed Chapter 11 petitions (Lead Bankr. D.N.J. Case No. 18-10153) on Jan. 3, 2018. The petitions were signed by Frederick G. Goldring, president. At the time of filing, USI estimated at least $50,000 in assets and $1 million to $10 million in liabilities. The cases are assigned to Judge John K. Sherwood. The Debtors are represented by Stuart Gold, Esq., at Mandelbaum Salsburg P.C. WINDSTREAM HOLDINGS: S&P Rates $832MM Senior Unsecured Notes 'B-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level and '5' recovery ratings to Windstream Holdings Inc. wholly owned subsidiary Windstream Services LLC's and Windstream Finance Corp.'s $832 million of 8.75% senior unsecured notes due in 2024. The '5' recovery rating indicates S&P's expectation of modest (10%-30%; rounded estimate: 20%) recovery in the event of payment default. The notes were issued in connection with the completion of Windstream's latest series of debt exchanges, initiated in November 2017. S&P's 'B' corporate credit rating and negative outlook on Windstream Holdings Inc. are unchanged. Since the company's initial announcement of debt exchange offers in the fourth quarter of 2017, Windstream has reduced its debt maturities in 2020, 2021, and 2022 by approximately $1.9 billion in aggregate. While S&P views the lower debt coming due over the next five years favorably for the company's maturity profile and liquidity position, Windstream still faces significant maturity towers of about $1.3 billion in both 2020 and 2021. These obligations largely consist of secured debt, including about $835 million drawn under its revolving credit facility due in 2020, and about $1.2 billion of term loan debt due in 2021. S&P continues to believe that Windstream could have difficulty addressing its maturities over the medium term absent a material improvement in its operating and financial performance. RATINGS LIST Windstream Holdings Inc. Corporate Credit Rating B/Negative/-- New Rating Windstream Services LLC Windstream Finance Corp. Senior Unsecured $832.6 mil 8.75% notes due 12/15/2024 B- Recovery Rating 5(20%) WORDSWORTH ACADEMY: Plan Apportions $400,000 for Unsecureds ----------------------------------------------------------- Wordsworth Academy, Wordsworth CUA 5, LLC, and Wordsworth CUA 10, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania their Joint Chapter 11 Plan dated as of December 13, 2017. Each holder of a Class 3B litigation claim against Wordsworth CUA 5, LLC will receive an allowed general unsecured claim in the amount of $1.00 for purposes of distribution Plan, and for voting purposes. Class 3B litigation claims will receive payment from any available insurance coverage. Each holder of Class 3C litigation claim against Wordsworth CUA 10, LLC will receive an allowed general unsecured claim in the amount of $1.00 for purposes of distribution and for voting purposes. Class 5A general unsecured claims against Wordsworth Academy are impaired. Each Holder of a Class 5A allowed general unsecured claim against Wordsworth Academy will receive, along with Allowed General Unsecured Claims in Classes 5B and 5C, a pro rata amount of Distributable Cash upon the determination of the allowance of all Claims included in Class 5A, Class 5B and Class 5C. Class 5B general unsecured claims against Wordsworth CUA 5, LLC are impaired. Each Holder of a Class 5B allowed general unsecured claim against Wordsworth CUA 5, LLC will receive, along with allowed general unsecured claims in Classes 5A and 5C, a pro rata amount of Distributable Cash upon the determination of the allowance of all claims included in Class 5A, Class 5B and Class 5C. Class 5C general unsecured claims against Wordsworth CUA 10, LLC will receive, along with Allowed General Unsecured Claims in Classes 5A and 5B, a pro rata amount of Distributable Cash upon the determination of the allowance of all claims included in Class 5A, Class 5B and Class 5C. Any amendment that results in $400,000 of Distributable Cash not being available for distribution to Holders of Class 5 Claims, other than M&T Bank, will be considered to be a material amendment requiring re-solicitation. The Distributable Cash of $400,000 will be provided by Public Health Management Corporation ("PHMC") to the Debtors to fund pro rata distributions in the aggregate to Allowed Class 5A, Allowed Class 5B and Allowed Class 5C Claims. Each Debtor will, as a Reorganized Debtor, continue to exist after the Effective Date as a separate legal entity to the extent provided in the Affiliation Agreement, each with all the powers of a non-profit corporation. Pursuant to the Affiliation Agreement, the Reorganized Debtors will become subsidiaries of PHMC or its subsidiaries and will be operated as subsidiaries of PHMC or PHMC's current subsidiaries. PHMC subsidiary employees will manage Reorganized Debtors Wordsworth CUA 5, LLC and Wordsworth CUA 10, LLC following the Effective Date of the Plan. Don Stewart, earning the same salary as he received during these Chapter 11 cases, will serve as the Wordsworth Integration Officer during the integration process by which the Reorganized Debtors become subsidiaries of PHMC and its affiliates. A full-text copy of the their Joint Chapter 11 Plan is available at: http://bankrupt.com/misc/paeb17-14463-451.pdf About Wordsworth Academy Philadelphia, Pennsylvania-based Wordsworth Academy is a non-profit that provides education, behavioral health and child welfare services to children and youth who have emotional, behavioral and academic challenges. Wordsworth provides services through two Community Umbrella Agencies. CUA 5 provides services to children and families in the 35th and 39th Police Districts in Philadelphia, encompassing much of North Central Philadelphia. CUA 10 provides services to children and families in the 16th and 19th Police Districts in Philadelphia, encompassing much of West Philadelphia. Wordsworth Academy, along with Wordsworth CUA 5, LLC, and Wordsworth CUA 10, LLC, sought Chapter 11 protection (Bankr. E.D. Pa. Lead Case No. 17-14463) on June 30, 2017. Donald Stewart, the CFO, signed the petitions. Wordsworth Academy estimated assets and debt of $10 million to $50 million. Judge Ashely M. Chan presides over the cases. Dilworth Paxson LLP serves as counsel to the Debtors, with the engagement led by Lawrence G. McMichael, Esq., Peter C. Hughes, Esq., and Anne M. Aaronson, Esq. The Debtors hired Getzler Henrich & Associates LLC as financial advisor, and Donlin, Recano & Company, Inc., as claims and noticing agent. On July 14, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABSOLUTE SOFTWRE ALSWF US 94.0 (54.4) (32.8) ABSOLUTE SOFTWRE OU1 GR 94.0 (54.4) (32.8) ABSOLUTE SOFTWRE ABT CN 94.0 (54.4) (32.8) ABSOLUTE SOFTWRE ABT2EUR EU 94.0 (54.4) (32.8) AGENUS INC AJ81 GR 149.3 (51.6) 29.9 AGENUS INC AGEN US 149.3 (51.6) 29.9 AGENUS INC AJ81 TH 149.3 (51.6) 29.9 AGENUS INC AGENEUR EU 149.3 (51.6) 29.9 AGENUS INC AJ81 QT 149.3 (51.6) 29.9 AIMIA INC GAPFF US 4,260.0 (20.8) (1,176.3) AIMIA INC AIM CN 4,260.0 (20.8) (1,176.3) ALTAIR ENGINEE-A ALTR US 301.5 (60.2) (92.4) ALTAIR ENGINEE-A 8A2 QT 301.5 (60.2) (92.4) ALTAIR ENGINEE-A 8A2 GR 301.5 (60.2) (92.4) ALTAIR ENGINEE-A ALTREUR EU 301.5 (60.2) (92.4) ALTAIR ENGINEE-A 8A2 TH 301.5 (60.2) (92.4) AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMYRIS INC AMRS US 138.6 (190.4) (5.7) AMYRIS INC 3A01 TH 138.6 (190.4) (5.7) AMYRIS INC 3A01 GR 138.6 (190.4) (5.7) AMYRIS INC 3A01 QT 138.6 (190.4) (5.7) AMYRIS INC AMRSEUR EU 138.6 (190.4) (5.7) AMYRIS INC AMRSUSD EU 138.6 (190.4) (5.7) APOLLO MEDICAL H AMEH US 41.2 (7.3) (7.0) ARSANIS INC ASNS US 7.6 (16.7) (6.3) ASPEN TECHNOLOGY AZPN US 202.7 (267.5) (327.7) ASPEN TECHNOLOGY AST GR 202.7 (267.5) (327.7) ASPEN TECHNOLOGY AST TH 202.7 (267.5) (327.7) ASPEN TECHNOLOGY AZPNEUR EU 202.7 (267.5) (327.7) ASPEN TECHNOLOGY AST QT 202.7 (267.5) (327.7) ATLATSA RESOURCE ATL SJ 193.5 (142.5) (46.4) AUTOZONE INC AZO US 9,397.1 (1,525.1) (350.4) AUTOZONE INC AZ5 TH 9,397.1 (1,525.1) (350.4) AUTOZONE INC AZ5 GR 9,397.1 (1,525.1) (350.4) AUTOZONE INC AZOEUR EU 9,397.1 (1,525.1) (350.4) AUTOZONE INC AZ5 QT 9,397.1 (1,525.1) (350.4) AUTOZONE INC AZOUSD EU 9,397.1 (1,525.1) (350.4) AVAYA HOLDINGS C AVYA US 5,898.0 (5,013.0) (96.0) AVEO PHARMACEUTI AVEO US 41.7 (44.6) 23.7 AVID TECHNOLOGY AVID US 225.3 (270.4) (78.0) AVID TECHNOLOGY AVD GR 225.3 (270.4) (78.0) AXIM BIOTECHNOLO AXIM US 3.3 (4.9) (3.5) BENEFITFOCUS INC BNFT US 171.2 (37.0) 7.0 BENEFITFOCUS INC BTF GR 171.2 (37.0) 7.0 BIOHAVEN PHARMAC BHVN US 184.7 156.2 157.4 BIOHAVEN PHARMAC 2VN GR 184.7 156.2 157.4 BIOHAVEN PHARMAC BHVNEUR EU 184.7 156.2 157.4 BIOHAVEN PHARMAC 2VN TH 184.7 156.2 157.4 BIOHAVEN PHARMAC 2VN QT 184.7 156.2 157.4 BIOTRICITY INC BTCY US 0.7 (0.1) (0.1) BLACKSTAR ENTERP BEGI US 6.3 (4.7) (5.2) BLUE BIRD CORP BLBD US 295.8 (58.5) 21.7 BLUE RIDGE MOUNT BRMR US 1,060.2 (212.5) (62.4) BOKU INC BOKU LN - - - BOKU INC BOKUGBX EU - - - BOMBARDIER INC-A BBD/A CN 23,709.0 (3,623.0) 103.0 BOMBARDIER INC-B BBD/B CN 23,709.0 (3,623.0) 103.0 BOMBARDIER INC-B BBDBN MM 23,709.0 (3,623.0) 103.0 BRINKER INTL EAT US 1,368.6 (539.0) (273.5) BRINKER INTL BKJ GR 1,368.6 (539.0) (273.5) BRINKER INTL BKJ QT 1,368.6 (539.0) (273.5) BRINKER INTL EAT2EUR EU 1,368.6 (539.0) (273.5) BROOKFIELD REAL BRE CN 95.0 (31.1) 3.0 BRP INC/CA-SUB V DOO CN 2,575.8 (98.6) 91.1 BRP INC/CA-SUB V B15A GR 2,575.8 (98.6) 91.1 BRP INC/CA-SUB V BRPIF US 2,575.8 (98.6) 91.1 BUFFALO COAL COR BUC SJ 49.8 (22.9) (20.1) BURLINGTON STORE BURL US 2,843.4 (110.5) 22.8 BURLINGTON STORE BUI GR 2,843.4 (110.5) 22.8 BURLINGTON STORE BURL* MM 2,843.4 (110.5) 22.8 BURLINGTON STORE BURLEUR EU 2,843.4 (110.5) 22.8 BURLINGTON STORE BURLUSD EU 2,843.4 (110.5) 22.8 CADIZ INC CDZI US 68.9 (76.3) 7.6 CADIZ INC 2ZC GR 68.9 (76.3) 7.6 CAESARS ENTERTAI CZR US 14,353.0 (3,815.0) (5,099.0) CAESARS ENTERTAI C08 GR 14,353.0 (3,815.0) (5,099.0) CAESARS ENTERTAI CZREUR EU 14,353.0 (3,815.0) (5,099.0) CALIFORNIA RESOU CRC US 6,183.0 (574.0) (294.0) CALIFORNIA RESOU 1CLB GR 6,183.0 (574.0) (294.0) CALIFORNIA RESOU CRCEUR EU 6,183.0 (574.0) (294.0) CALIFORNIA RESOU 1CL TH 6,183.0 (574.0) (294.0) CALIFORNIA RESOU 1CLB QT 6,183.0 (574.0) (294.0) CAMBIUM LEARNING ABCD US 155.0 (45.0) (55.0) CAREDX INC CDNA US 75.1 (0.2) (14.0) CAREDX INC 1K9 GR 75.1 (0.2) (14.0) CASELLA WASTE WA3 GR 592.4 (60.5) (1.4) CASELLA WASTE CWST US 592.4 (60.5) (1.4) CASELLA WASTE WA3 TH 592.4 (60.5) (1.4) CASELLA WASTE CWSTEUR EU 592.4 (60.5) (1.4) CHENIERE EN PART CQH US 0.8 (0.1) (0.1) CHENIERE EN PART CE4 GR 0.8 (0.1) (0.1) CHESAPEAKE ENERG CHK US 11,981.0 (704.0) (1,040.0) CHESAPEAKE ENERG CS1 GR 11,981.0 (704.0) (1,040.0) CHESAPEAKE ENERG CS1 TH 11,981.0 (704.0) (1,040.0) CHESAPEAKE ENERG CHK* MM 11,981.0 (704.0) (1,040.0) CHESAPEAKE ENERG CS1 QT 11,981.0 (704.0) (1,040.0) CHESAPEAKE ENERG CHKEUR EU 11,981.0 (704.0) (1,040.0) CHOICE HOTELS CZH GR 961.2 (200.4) 182.3 CHOICE HOTELS CHH US 961.2 (200.4) 182.3 CINCINNATI BELL CBB US 1,457.3 (133.5) 5.1 CINCINNATI BELL CIB1 GR 1,457.3 (133.5) 5.1 CINCINNATI BELL CBBEUR EU 1,457.3 (133.5) 5.1 CLEAR CHANNEL-A C7C GR 5,580.5 (1,284.2) 337.6 CLEAR CHANNEL-A CCO US 5,580.5 (1,284.2) 337.6 CLEVELAND-CLIFFS CVA GR 1,923.3 (833.1) 373.6 CLEVELAND-CLIFFS CVA TH 1,923.3 (833.1) 373.6 CLEVELAND-CLIFFS CLF US 1,923.3 (833.1) 373.6 CLEVELAND-CLIFFS CLF* MM 1,923.3 (833.1) 373.6 CLEVELAND-CLIFFS CVA QT 1,923.3 (833.1) 373.6 CLEVELAND-CLIFFS CLF2EUR EU 1,923.3 (833.1) 373.6 COGENT COMMUNICA CCOI US 729.9 (80.1) 236.8 COGENT COMMUNICA OGM1 GR 729.9 (80.1) 236.8 CONSUMER CAPITAL CCGN US 5.2 (2.5) (2.6) DELEK LOGISTICS DKL US 422.9 (25.8) 5.5 DELEK LOGISTICS D6L GR 422.9 (25.8) 5.5 DENNY'S CORP DE8 GR 309.2 (97.6) (45.4) DENNY'S CORP DENN US 309.2 (97.6) (45.4) DEX MEDIA INC DMDA US 1,419.0 (1,284.0) (1,999.0) DINEEQUITY INC DIN US 1,641.2 (216.7) 79.9 DINEEQUITY INC IHP GR 1,641.2 (216.7) 79.9 DOLLARAMA INC DOL CN 1,948.8 (15.3) 363.2 DOLLARAMA INC DLMAF US 1,948.8 (15.3) 363.2 DOLLARAMA INC DR3 GR 1,948.8 (15.3) 363.2 DOLLARAMA INC DOLEUR EU 1,948.8 (15.3) 363.2 DOLLARAMA INC DR3 TH 1,948.8 (15.3) 363.2 DOLLARAMA INC DR3 QT 1,948.8 (15.3) 363.2 DOLLARAMA INC DOLCAD EU 1,948.8 (15.3) 363.2 DOMINO'S PIZZA EZV TH 816.2 (2,765.3) 194.1 DOMINO'S PIZZA EZV GR 816.2 (2,765.3) 194.1 DOMINO'S PIZZA DPZ US 816.2 (2,765.3) 194.1 DOMINO'S PIZZA EZV QT 816.2 (2,765.3) 194.1 DOMINO'S PIZZA DPZEUR EU 816.2 (2,765.3) 194.1 DOMINO'S PIZZA DPZUSD EU 816.2 (2,765.3) 194.1 DUN & BRADSTREET DB5 GR 2,301.0 (857.3) (71.7) DUN & BRADSTREET DB5 TH 2,301.0 (857.3) (71.7) DUN & BRADSTREET DNB US 2,301.0 (857.3) (71.7) DUN & BRADSTREET DB5 QT 2,301.0 (857.3) (71.7) DUN & BRADSTREET DNB1EUR EU 2,301.0 (857.3) (71.7) DUNKIN' BRANDS G 2DB GR 3,139.3 (174.1) 157.8 DUNKIN' BRANDS G DNKN US 3,139.3 (174.1) 157.8 DUNKIN' BRANDS G 2DB TH 3,139.3 (174.1) 157.8 DUNKIN' BRANDS G 2DB QT 3,139.3 (174.1) 157.8 DUNKIN' BRANDS G DNKNEUR EU 3,139.3 (174.1) 157.8 EGAIN CORP EGAN US 36.9 (9.8) (11.9) ERIN ENERGY CORP ERN SJ 229.5 (359.3) (310.8) EVERI HOLDINGS I EVRI US 1,425.6 (123.8) (5.1) EVERI HOLDINGS I G2C GR 1,425.6 (123.8) (5.1) EVERI HOLDINGS I EVRIEUR EU 1,425.6 (123.8) (5.1) FERRELLGAS-LP FEG GR 1,705.0 (793.3) (272.3) FERRELLGAS-LP FGP US 1,705.0 (793.3) (272.3) FORESCOUT TECHNO FSCT US 164.3 (65.8) (9.0) FORESCOUT TECHNO F1O GR 164.3 (65.8) (9.0) FORESCOUT TECHNO F1O QT 164.3 (65.8) (9.0) FORESCOUT TECHNO FSCTEUR EU 164.3 (65.8) (9.0) GAMCO INVESTO-A GBL US 231.0 (104.5) - GEN COMM-A GC1 GR 2,063.3 (2.7) 45.3 GEN COMM-A GNCMA US 2,063.3 (2.7) 45.3 GEN COMM-A GNCMAEUR EU 2,063.3 (2.7) 45.3 GEN COMM-B GNCMB US 2,063.3 (2.7) 45.3 GENERAL CANNABIS CANN US 2.8 (6.1) (8.1) GNC HOLDINGS INC IGN GR 1,969.0 (24.7) 441.6 GNC HOLDINGS INC GNC US 1,969.0 (24.7) 441.6 GNC HOLDINGS INC IGN TH 1,969.0 (24.7) 441.6 GNC HOLDINGS INC GNC1EUR EU 1,969.0 (24.7) 441.6 GNC HOLDINGS INC GNC* MM 1,969.0 (24.7) 441.6 GOGO INC GOGO US 1,362.9 (155.5) 322.8 GOGO INC G0G GR 1,362.9 (155.5) 322.8 GOGO INC G0G QT 1,362.9 (155.5) 322.8 GOGO INC GOGOUSD EU 1,362.9 (155.5) 322.8 GREEN PLAINS PAR GPP US 92.8 (64.3) 5.0 GREEN PLAINS PAR 8GP GR 92.8 (64.3) 5.0 H&R BLOCK INC HRB US 1,716.6 (412.8) 51.4 H&R BLOCK INC HRB GR 1,716.6 (412.8) 51.4 H&R BLOCK INC HRB TH 1,716.6 (412.8) 51.4 H&R BLOCK INC HRB QT 1,716.6 (412.8) 51.4 H&R BLOCK INC HRBEUR EU 1,716.6 (412.8) 51.4 H&R BLOCK INC HRBUSD EU 1,716.6 (412.8) 51.4 HCA HEALTHCARE I 2BH GR 35,731.0 (5,066.0) 3,837.0 HCA HEALTHCARE I HCA US 35,731.0 (5,066.0) 3,837.0 HCA HEALTHCARE I 2BH TH 35,731.0 (5,066.0) 3,837.0 HCA HEALTHCARE I 2BH QT 35,731.0 (5,066.0) 3,837.0 HCA HEALTHCARE I HCAEUR EU 35,731.0 (5,066.0) 3,837.0 HCA HEALTHCARE I HCAUSD EU 35,731.0 (5,066.0) 3,837.0 HORTONWORKS INC HDP US 211.4 (51.1) (31.0) HORTONWORKS INC 14K GR 211.4 (51.1) (31.0) HORTONWORKS INC 14K QT 211.4 (51.1) (31.0) HORTONWORKS INC HDPEUR EU 211.4 (51.1) (31.0) HORTONWORKS INC HDPUSD EU 211.4 (51.1) (31.0) HP COMPANY-BDR HPQB34 BZ 32,913.0 (3,408.0) (94.0) HP INC HPQ* MM 32,913.0 (3,408.0) (94.0) HP INC HPQ US 32,913.0 (3,408.0) (94.0) HP INC 7HP TH 32,913.0 (3,408.0) (94.0) HP INC 7HP GR 32,913.0 (3,408.0) (94.0) HP INC HPQ TE 32,913.0 (3,408.0) (94.0) HP INC HPQ CI 32,913.0 (3,408.0) (94.0) HP INC HPQ SW 32,913.0 (3,408.0) (94.0) HP INC HWP QT 32,913.0 (3,408.0) (94.0) HP INC HPQCHF EU 32,913.0 (3,408.0) (94.0) HP INC HPQUSD EU 32,913.0 (3,408.0) (94.0) HP INC HPQUSD SW 32,913.0 (3,408.0) (94.0) HP INC HPQEUR EU 32,913.0 (3,408.0) (94.0) IDEXX LABS IDXX US 1,669.3 (48.4) (53.8) IDEXX LABS IX1 GR 1,669.3 (48.4) (53.8) IDEXX LABS IX1 TH 1,669.3 (48.4) (53.8) IDEXX LABS IX1 QT 1,669.3 (48.4) (53.8) IDEXX LABS IDXX AV 1,669.3 (48.4) (53.8) IMMUNOGEN INC IMU GR 225.7 (111.3) 133.3 IMMUNOGEN INC IMGN US 225.7 (111.3) 133.3 IMMUNOGEN INC IMU TH 225.7 (111.3) 133.3 IMMUNOGEN INC IMU QT 225.7 (111.3) 133.3 IMMUNOGEN INC IMGNEUR EU 225.7 (111.3) 133.3 IMMUNOGEN INC IMGNUSD EU 225.7 (111.3) 133.3 IMMUNOMEDICS INC IMMU US 153.4 (67.4) (52.0) IMMUNOMEDICS INC IM3 GR 153.4 (67.4) (52.0) IMMUNOMEDICS INC IM3 TH 153.4 (67.4) (52.0) IMMUNOMEDICS INC IM3 QT 153.4 (67.4) (52.0) INNOVIVA INC INVA US 391.0 (223.0) 187.6 INNOVIVA INC HVE GR 391.0 (223.0) 187.6 INNOVIVA INC INVAEUR EU 391.0 (223.0) 187.6 INSPIRED ENTERTA INSE US 219.0 (2.3) 2.0 INSTRUCTURE INC INST US 135.5 (10.9) (24.0) INSTRUCTURE INC 1IN GR 135.5 (10.9) (24.0) IRONWOOD PHARMAC I76 GR 625.1 (17.6) 249.6 IRONWOOD PHARMAC IRWD US 625.1 (17.6) 249.6 IRONWOOD PHARMAC I76 TH 625.1 (17.6) 249.6 IRONWOOD PHARMAC I76 QT 625.1 (17.6) 249.6 IRONWOOD PHARMAC IRWDEUR EU 625.1 (17.6) 249.6 JACK IN THE BOX JBX GR 1,228.4 (388.0) (122.7) JACK IN THE BOX JACK US 1,228.4 (388.0) (122.7) JACK IN THE BOX JACK1EUR EU 1,228.4 (388.0) (122.7) JACK IN THE BOX JBX QT 1,228.4 (388.0) (122.7) JUST ENERGY GROU JE US 1,276.8 (268.4) (183.6) JUST ENERGY GROU 1JE GR 1,276.8 (268.4) (183.6) JUST ENERGY GROU JE CN 1,276.8 (268.4) (183.6) L BRANDS INC LTD GR 7,816.0 (1,119.0) 911.0 L BRANDS INC LTD TH 7,816.0 (1,119.0) 911.0 L BRANDS INC LB US 7,816.0 (1,119.0) 911.0 L BRANDS INC LBEUR EU 7,816.0 (1,119.0) 911.0 L BRANDS INC LB* MM 7,816.0 (1,119.0) 911.0 L BRANDS INC LTD QT 7,816.0 (1,119.0) 911.0 L BRANDS INC LBUSD EU 7,816.0 (1,119.0) 911.0 LAMB WESTON LW US 2,714.9 (474.9) 357.8 LAMB WESTON 0L5 GR 2,714.9 (474.9) 357.8 LAMB WESTON LW-WEUR EU 2,714.9 (474.9) 357.8 LAMB WESTON 0L5 TH 2,714.9 (474.9) 357.8 LAMB WESTON 0L5 QT 2,714.9 (474.9) 357.8 LANTHEUS HOLDING LNTH US 281.0 (77.9) 90.5 LANTHEUS HOLDING 0L8 GR 281.0 (77.9) 90.5 LIVEXLIVE MEDIA LIVX US 4.1 (3.9) (7.5) MCDONALDS - BDR MCDC34 BZ 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MDO TH 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD TE 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MDO GR 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD* MM 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD US 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD SW 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD CI 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MDO QT 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCDCHF EU 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCDUSD EU 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCDUSD SW 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCDEUR EU 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD AV 32,559.6 (3,477.6) 1,050.1 MCDONALDS-CEDEAR MCD AR 32,559.6 (3,477.6) 1,050.1 MDC PARTNERS-A MDCA US 1,617.8 (328.8) (220.3) MDC PARTNERS-A MD7A GR 1,617.8 (328.8) (220.3) MDC PARTNERS-A MDCAEUR EU 1,617.8 (328.8) (220.3) MEDLEY MANAGE-A MDLY US 135.5 (11.6) 35.7 MICHAELS COS INC MIK US 2,306.1 (1,732.8) 482.5 MICHAELS COS INC MIM GR 2,306.1 (1,732.8) 482.5 MIRAGEN THERAPEU MGEN US 47.1 39.0 39.9 MIRAGEN THERAPEU 1S1 GR 47.1 39.0 39.9 MIRAGEN THERAPEU SGNLEUR EU 47.1 39.0 39.9 MONEYGRAM INTERN MGI US 4,546.1 (184.0) (66.1) MONEYGRAM INTERN 9M1N GR 4,546.1 (184.0) (66.1) MONEYGRAM INTERN 9M1N QT 4,546.1 (184.0) (66.1) MONEYGRAM INTERN 9M1N TH 4,546.1 (184.0) (66.1) MONEYGRAM INTERN MGIEUR EU 4,546.1 (184.0) (66.1) MONEYGRAM INTERN MGIUSD EU 4,546.1 (184.0) (66.1) MOODY'S CORP DUT GR 8,304.9 (156.8) 296.2 MOODY'S CORP MCO US 8,304.9 (156.8) 296.2 MOODY'S CORP DUT TH 8,304.9 (156.8) 296.2 MOODY'S CORP MCOEUR EU 8,304.9 (156.8) 296.2 MOODY'S CORP DUT QT 8,304.9 (156.8) 296.2 MOODY'S CORP MCO* MM 8,304.9 (156.8) 296.2 MOODY'S CORP MCOUSD EU 8,304.9 (156.8) 296.2 MOSAIC A-CLASS A MOSC US 0.6 (0.0) (0.0) MOSAIC ACQUISITI MOSC/U US 0.6 (0.0) (0.0) MOTOROLA SOLUTIO MTLA GR 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MTLA TH 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MSI US 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MOT TE 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MTLA QT 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MSI1EUR EU 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MSI1USD EU 8,618.0 (818.0) 773.0 MSG NETWORKS- A MSGN US 819.5 (902.7) 193.1 MSG NETWORKS- A 1M4 GR 819.5 (902.7) 193.1 MSG NETWORKS- A 1M4 TH 819.5 (902.7) 193.1 MSG NETWORKS- A 1M4 QT 819.5 (902.7) 193.1 MSG NETWORKS- A MSGNEUR EU 819.5 (902.7) 193.1 NATHANS FAMOUS NATH US 84.5 (60.4) 63.8 NATHANS FAMOUS NFA GR 84.5 (60.4) 63.8 NATIONAL CINEMED XWM GR 1,153.4 (61.9) 70.0 NATIONAL CINEMED NCMI US 1,153.4 (61.9) 70.0 NATIONAL CINEMED NCMIEUR EU 1,153.4 (61.9) 70.0 NAVISTAR INTL IHR GR 6,135.0 (4,574.0) 515.0 NAVISTAR INTL NAV US 6,135.0 (4,574.0) 515.0 NAVISTAR INTL IHR TH 6,135.0 (4,574.0) 515.0 NAVISTAR INTL IHR QT 6,135.0 (4,574.0) 515.0 NAVISTAR INTL NAVEUR EU 6,135.0 (4,574.0) 515.0 NAVISTAR INTL NAVUSD EU 6,135.0 (4,574.0) 515.0 NEBULA ACQUISITI NEBUU US 0.0 (0.0) (0.0) NEW ENG RLTY-LP NEN US 237.8 (32.4) - NYMOX PHARMACEUT NYMX US 1.3 (0.7) (0.7) PAPA JOHN'S INTL PZZA US 550.9 (39.4) 29.5 PAPA JOHN'S INTL PP1 GR 550.9 (39.4) 29.5 PHILIP MORRIS IN PM1EUR EU 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PMI SW 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM1 TE 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN 4I1 TH 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM1CHF EU 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN 4I1 GR 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM US 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM FP 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM1 EU 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PMI1 IX 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PMI EB 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN 4I1 QT 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM LN 41,951.0 (9,633.0) 2,345.0 PINNACLE ENTERTA PNK US 3,926.3 (343.8) (90.2) PINNACLE ENTERTA 65P GR 3,926.3 (343.8) (90.2) PLANET FITNESS-A PLNT US 1,366.0 (139.6) 49.0 PLANET FITNESS-A 3PL TH 1,366.0 (139.6) 49.0 PLANET FITNESS-A 3PL GR 1,366.0 (139.6) 49.0 PLANET FITNESS-A 3PL QT 1,366.0 (139.6) 49.0 PLANET FITNESS-A PLNT1EUR EU 1,366.0 (139.6) 49.0 PLANET FITNESS-A PLNT1USD EU 1,366.0 (139.6) 49.0 PROCESSA PHARMAC PCSA US 0.1 (0.0) (0.0) PROS HOLDINGS IN PH2 GR 292.6 (35.4) 105.8 PROS HOLDINGS IN PRO US 292.6 (35.4) 105.8 QUANTUM CORP QNT2 GR 211.2 (124.3) (48.3) QUANTUM CORP QNT1 TH 211.2 (124.3) (48.3) QUANTUM CORP QTM US 211.2 (124.3) (48.3) QUANTUM CORP QTM1EUR EU 211.2 (124.3) (48.3) QUANTUM CORP QNT1 QT 211.2 (124.3) (48.3) REATA PHARMACE-A RETA US 160.4 (132.4) 108.2 REATA PHARMACE-A 2R3 GR 160.4 (132.4) 108.2 REATA PHARMACE-A RETAEUR EU 160.4 (132.4) 108.2 REGAL ENTERTAI-A RGC US 2,672.2 (855.2) (59.1) REGAL ENTERTAI-A RETA GR 2,672.2 (855.2) (59.1) REGAL ENTERTAI-A RGC* MM 2,672.2 (855.2) (59.1) REGAL ENTERTAI-A RGCEUR EU 2,672.2 (855.2) (59.1) REMARK HOLD INC 3SWN GR 109.7 (9.4) (58.2) REMARK HOLD INC MARK US 109.7 (9.4) (58.2) REMARK HOLD INC MARKEUR EU 109.7 (9.4) (58.2) REMARK HOLD INC MARKUSD EU 109.7 (9.4) (58.2) RESOLUTE ENERGY R21 GR 792.3 (73.8) (109.3) RESOLUTE ENERGY REN US 792.3 (73.8) (109.3) RESOLUTE ENERGY RENEUR EU 792.3 (73.8) (109.3) REVLON INC-A REV US 3,167.8 (701.9) 241.5 REVLON INC-A RVL1 GR 3,167.8 (701.9) 241.5 REVLON INC-A RVL1 TH 3,167.8 (701.9) 241.5 REVLON INC-A REVEUR EU 3,167.8 (701.9) 241.5 RH RH US 1,801.6 (25.3) 219.2 RH RS1 GR 1,801.6 (25.3) 219.2 RH RH* MM 1,801.6 (25.3) 219.2 RH RHEUR EU 1,801.6 (25.3) 219.2 ROKU INC ROKU US 225.5 (42.8) 52.0 ROKU INC ROKUEUR EU 225.5 (42.8) 52.0 ROKU INC R35 QT 225.5 (42.8) 52.0 ROKU INC R35 GR 225.5 (42.8) 52.0 ROKU INC R35 TH 225.5 (42.8) 52.0 ROKU INC ROKUUSD EU 225.5 (42.8) 52.0 ROSETTA STONE IN RST US 196.8 (1.4) (58.1) ROSETTA STONE IN RS8 GR 196.8 (1.4) (58.1) ROSETTA STONE IN RST1EUR EU 196.8 (1.4) (58.1) RR DONNELLEY & S DLLN GR 3,956.7 (163.0) 740.3 RR DONNELLEY & S RRD US 3,956.7 (163.0) 740.3 RR DONNELLEY & S DLLN TH 3,956.7 (163.0) 740.3 RR DONNELLEY & S RRDEUR EU 3,956.7 (163.0) 740.3 RYERSON HOLDING RYI US 1,817.3 (14.4) 731.7 RYERSON HOLDING 7RY TH 1,817.3 (14.4) 731.7 RYERSON HOLDING 7RY GR 1,817.3 (14.4) 731.7 SALLY BEAUTY HOL SBH US 2,123.1 (363.6) 595.9 SALLY BEAUTY HOL S7V GR 2,123.1 (363.6) 595.9 SANCHEZ ENERGY C SN US 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C SN* MM 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C 13S GR 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C 13S TH 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C 13S QT 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C SNEUR EU 2,240.1 (90.4) (43.2) SAUDI AMERICAN H SAHN US 0.0 (2.6) (2.6) SBA COMM CORP 4SB GR 7,300.5 (2,257.8) (698.6) SBA COMM CORP SBAC US 7,300.5 (2,257.8) (698.6) SBA COMM CORP SBJ TH 7,300.5 (2,257.8) (698.6) SBA COMM CORP SBACEUR EU 7,300.5 (2,257.8) (698.6) SBA COMM CORP SBACUSD EU 7,300.5 (2,257.8) (698.6) SCIENTIFIC GAMES SGMS US 7,062.4 (1,976.5) 554.8 SEARS HOLDINGS SHLD US 8,193.0 (4,007.0) (1,112.0) SIGA TECH INC SIGA US 148.7 (312.8) 27.9 SILVER SPRING NE SSNI US 316.5 (39.0) (14.9) SILVER SPRING NE 9SI GR 316.5 (39.0) (14.9) SILVER SPRING NE 9SI TH 316.5 (39.0) (14.9) SILVER SPRING NE 9SI QT 316.5 (39.0) (14.9) SILVER SPRING NE SSNIEUR EU 316.5 (39.0) (14.9) SIRIUS XM HOLDIN SIRI US 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN RDO TH 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN RDO GR 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN RDO QT 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN SIRIEUR EU 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN SIRI AV 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN SIRIUSD EU 8,652.4 (1,050.1) (2,186.3) SIX FLAGS ENTERT SIX US 2,528.3 (67.7) (70.3) SIX FLAGS ENTERT 6FE GR 2,528.3 (67.7) (70.3) SIX FLAGS ENTERT SIXEUR EU 2,528.3 (67.7) (70.3) SOLARWINDOW TECH WNDW US 0.8 (3.6) 0.5 SOLARWINDOW TECH 2N0N GR 0.8 (3.6) 0.5 SOLARWINDOW TECH WNDWUSD EU 0.8 (3.6) 0.5 SONIC CORP SONC US 552.9 (237.3) 38.7 SONIC CORP SO4 GR 552.9 (237.3) 38.7 SONIC CORP SONCEUR EU 552.9 (237.3) 38.7 STRAIGHT PATH-B STRP US 10.1 (20.3) (13.5) STRAIGHT PATH-B 5I0 GR 10.1 (20.3) (13.5) SYNTEL INC SYNT US 461.0 (63.6) 142.3 SYNTEL INC SYE GR 461.0 (63.6) 142.3 SYNTEL INC SYE TH 461.0 (63.6) 142.3 SYNTEL INC SYE QT 461.0 (63.6) 142.3 SYNTEL INC SYNT1EUR EU 461.0 (63.6) 142.3 SYNTEL INC SYNT* MM 461.0 (63.6) 142.3 SYNTEL INC SYNT1USD EU 461.0 (63.6) 142.3 TAILORED BRANDS TLRD US 2,111.3 (15.0) 735.6 TAILORED BRANDS WRMA GR 2,111.3 (15.0) 735.6 TAILORED BRANDS TLRD* MM 2,111.3 (15.0) 735.6 TAILORED BRANDS TLRDEUR EU 2,111.3 (15.0) 735.6 TAUBMAN CENTERS TU8 GR 4,108.0 (148.8) - TAUBMAN CENTERS TCO US 4,108.0 (148.8) - TINTRI INC TNTR US 100.9 (68.4) 3.5 TOWN SPORTS INTE CLUB US 230.9 (99.7) (4.1) TRANSDIGM GROUP T7D GR 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP TDG US 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP T7D QT 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP TDGEUR EU 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP T7D TH 9,975.7 (2,951.2) 1,262.6 ULTRA PETROLEUM UPL US 1,862.1 (1,257.8) (157.3) ULTRA PETROLEUM UPL1EUR EU 1,862.1 (1,257.8) (157.3) ULTRA PETROLEUM UPM1 GR 1,862.1 (1,257.8) (157.3) ULTRA PETROLEUM UPM1 TH 1,862.1 (1,257.8) (157.3) ULTRA PETROLEUM UPM1 QT 1,862.1 (1,257.8) (157.3) UNISYS CORP UISCHF EU 2,296.9 (1,649.9) 340.6 UNISYS CORP UISEUR EU 2,296.9 (1,649.9) 340.6 UNISYS CORP UIS US 2,296.9 (1,649.9) 340.6 UNISYS CORP UIS1 SW 2,296.9 (1,649.9) 340.6 UNISYS CORP USY1 TH 2,296.9 (1,649.9) 340.6 UNISYS CORP USY1 GR 2,296.9 (1,649.9) 340.6 UNISYS CORP USY1 QT 2,296.9 (1,649.9) 340.6 UNITI GROUP INC UNIT US 4,292.2 (1,052.9) - UNITI GROUP INC 8XC GR 4,292.2 (1,052.9) - VALVOLINE INC VVV US 1,915.0 (117.0) 312.0 VALVOLINE INC 0V4 GR 1,915.0 (117.0) 312.0 VALVOLINE INC VVVEUR EU 1,915.0 (117.0) 312.0 VALVOLINE INC 0V4 QT 1,915.0 (117.0) 312.0 VECTOR GROUP LTD VGR GR 1,409.9 (318.2) 431.7 VECTOR GROUP LTD VGR US 1,409.9 (318.2) 431.7 VECTOR GROUP LTD VGR QT 1,409.9 (318.2) 431.7 VECTOR GROUP LTD VGREUR EU 1,409.9 (318.2) 431.7 VERISIGN INC VRS TH 2,908.4 (1,229.9) 870.5 VERISIGN INC VRS GR 2,908.4 (1,229.9) 870.5 VERISIGN INC VRSN US 2,908.4 (1,229.9) 870.5 VERISIGN INC VRS QT 2,908.4 (1,229.9) 870.5 VERISIGN INC VRSNEUR EU 2,908.4 (1,229.9) 870.5 VERISIGN INC VRSNUSD EU 2,908.4 (1,229.9) 870.5 VIEWRAY INC VRAY US 88.1 (26.6) 27.9 VIEWRAY INC 6L9 GR 88.1 (26.6) 27.9 VIEWRAY INC VRAYEUR EU 88.1 (26.6) 27.9 VTV THERAPEUTI-A VTVT US 24.1 (5.7) 9.3 W&T OFFSHORE INC WTI US 887.4 (597.3) 34.5 W&T OFFSHORE INC UWV GR 887.4 (597.3) 34.5 W&T OFFSHORE INC WTI1EUR EU 887.4 (597.3) 34.5 WEIGHT WATCHERS WTW US 1,315.5 (1,080.7) (12.7) WEIGHT WATCHERS WW6 GR 1,315.5 (1,080.7) (12.7) WEIGHT WATCHERS WW6 TH 1,315.5 (1,080.7) (12.7) WEIGHT WATCHERS WTWEUR EU 1,315.5 (1,080.7) (12.7) WEIGHT WATCHERS WW6 QT 1,315.5 (1,080.7) (12.7) WIDEOPENWEST INC WOW US 2,676.5 (288.3) (50.7) WIDEOPENWEST INC WU5 TH 2,676.5 (288.3) (50.7) WIDEOPENWEST INC WU5 GR 2,676.5 (288.3) (50.7) WIDEOPENWEST INC WOW1EUR EU 2,676.5 (288.3) (50.7) WIDEOPENWEST INC WU5 QT 2,676.5 (288.3) (50.7) WINGSTOP INC WING US 121.1 (57.7) (2.1) WINGSTOP INC EWG GR 121.1 (57.7) (2.1) WINMARK CORP WINA US 47.2 (39.4) 12.5 WINMARK CORP GBZ GR 47.2 (39.4) 12.5 WORKIVA INC WK US 155.6 (14.5) (12.1) WORKIVA INC 0WKA GR 155.6 (14.5) (12.1) WORKIVA INC WKEUR EU 155.6 (14.5) (12.1) YRC WORLDWIDE IN YRCW US 1,701.6 (403.7) 226.5 YRC WORLDWIDE IN YEL1 GR 1,701.6 (403.7) 226.5 YRC WORLDWIDE IN YEL1 TH 1,701.6 (403.7) 226.5 YRC WORLDWIDE IN YEL1 QT 1,701.6 (403.7) 226.5 YRC WORLDWIDE IN YRCWEUR EU 1,701.6 (403.7) 226.5 YUM! BRANDS INC YUM US 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC TGR GR 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC TGR TH 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUMEUR EU 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC TGR QT 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUMCHF EU 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUM SW 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUMUSD SW 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUMUSD EU 5,454.0 (6,121.0) 596.0 ********* 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. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* 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 2018. 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 ***