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         T R O U B L E D   C O M P A N Y   R E P O R T E R            Wednesday, October 13, 2010, Vol. 14, No. 284                            Headlines2261 BROOKHOLLOW: Case Summary & 20 Largest Unsecured CreditorsAMERICAN APPAREL: Marketing Plan Yielded Strong ResultsAMERICAN INTERNATIONAL: Amends Stock Purchase Deal with AIG CreditANDY CENTENO: Case Summary & 20 Largest Unsecured CreditorsANV SECURITY: Posts $195,400 Net Loss in June 30 QuarterARMSTRONG WORLD: S&P Affirms ‘BB’ Corporate Credit RatingAVALON OIL: Posts $265,300 Net Loss in June 30 QuarterAVRAHAM SCHWARCZ: Case Summary & 20 Largest Unsecured CreditorsBENJI’S SPECIAL: Houston ISD Takes Over OperationsBOSTON GENERATING: Judge Chapman Approves Terms of AuctionBUCKEYE TECHNOLOGIES: Moody’s Withdraws ‘Ba2′ Corp. Family RatingBUCKINGHAM EXPLORATION: Manning Elliot Resigns as AuditorCAKE MAN: Closed by NY Health Dept. Over Sanitary ViolationsCALIFORNIA: To Sell, and Lease Back, Buildings in $2.33BB DealCARIBBEAN PETROLEUM: Proofs of Claim Due By Nov. 17CHATEAU DE VILLE: Files Schedules of Assets & LiabilitiesCHATEAU DE VILLE: Section 341(a) Meeting Scheduled for Nov. 3CHEMTURA CORP: Seeks Court OK to Enter $5.6-Million Cleanup DealCIRCLE SHERMAN: Voluntary Chapter 11 Case SummaryCLEARWATER PAPER: S&P Affirms Corporate Credit Rating at ‘BB’COMMUNITY LENDING: Top-Hat Plan Payments May Be DisgorgedCONDERE CORPORATION: Fraziers Allowed $29,615 Claim, to Recoup 65%CONFORCE INTERNATIONAL: Posts $279,989 Net Loss in June 30 QuarterCROWDGATHER INC: Posts $615,900 Net Loss in July 31 QuarterCYNERGY DATA: Committee Pursues $39-Mil. from Former ShareholderD’AUR PROPERTIES: Voluntary Chapter 11 Case SummaryDAIRY PRODUCTION: Case Summary & 22 Largest Unsecured CreditorsDEBORAH HEART: Moody’s Affirms ‘B1′ Rating on $22.8 Mil. BondsDIAMOND RANCH: Taps M&K CPAS as Independent Public AccountantDRYSHIPS INC: Delivers M/V Xanadu to New Owners for $33.7 MillionDUNE ENERGY: Amends Employee Severance PlanELITE PHARMACEUTICALS: Posts $4.8-Mil. Net Loss in June 30 QuarterENERJEX RESOURCES: Earns $1 Million in June 30 QuarterENERGY FUTURE: Moody’s Downgrades Corp. Family Rating to ‘Caa2′GALP CNA: Voluntary Chapter 11 Case SummaryGENERAL MOTORS: Moody’s Assigns ‘Ba2′ Corporate Family RatingGENTA INC: Awards Grants Under 2009 Stock Incentive PlanGENTA INC: Conversion Price for Adjusted Notes Reduced to 10%GREAT ATLANTIC: Talking to Restructuring AdvisersGSI GROUP: Posts $71.3 Million Net Loss in 2009HD BUSINESS: Case Summary & 10 Largest Unsecured CreditorsHSF HOLDINGS: Two Catamarans Sold for $50 MillionIA GLOBAL: Posts $200,800 Net Loss in June 30 QuarterIMAGEWARE SYSTEMS: Extends Promissory Note Due Date to December 30INTERNATIONAL GARDEN: Gets Interim Nod to Obtain DIP FinancingINTERNATIONAL GARDEN: Gets Nod to Hire Garden City as Claims AgentINTERNATIONAL GARDEN: Wants Additional 30 Days to File SchedulesJASMINE APARTMENTS: Case Summary & 3 Largest Unsecured CreditorsJMG EXPLORATION: Posts $16,827 Net Loss in June 30 QuarterKENDYL JACOX: Voluntary Chapter 11 Case SummaryLARRY LESLIE: Case Summary & Largest Unsecured CreditorMARK SPARROW: Case Summary & 9 Largest Unsecured CreditorsMARSICO PARENT: Cut by S&P to ‘CC’ as Debt Restructuring StartsMERUELO MADDUX: Can Access Cash Collateral Until January 31MERUELO MADDUX: Wants More Time to Obtain Plan Outline ApprovalsMETRO-GOLDWYN-MAYER: Lions Gate Presents New Merger OfferMILBANK REAL ESTATE: Would-Be Buyer of Bronx Buildings Backs OutMMHJ INVESTMENTS: Case Summary & 2 Largest Unsecured CreditorsMNE BROADCASTING: Case Summary & 18 Largest Unsecured CreditorsMOVIE GALLERY: Seeks Probe Into Former Worker’s ConductMPI AZALEA: Affiliate Files Schedules of Assets and LiabilitiesMPI AZALEA: Wants Properties Sale and Plan Funding ApprovedNALINI INVESTMENTS: Case Summary & 5 Largest Unsecured CreditorsNATIONAL BENEVOLENT: 8th Cir. Keeps Weil Malpractice Suit AliveNEFF CORP: GE Capital is Co-Agent for $175-Mil. Exit RevolverNEW JERSEY: Transport Trust Fund Faces Liquidity CrunchNORTHBROOK DEVELOPMENT: Wants Until February 4 to File Ch. 11 PlanOLD COLONY: Case Summary & 20 Largest Unsecured CreditorsOMEGA MINISTRIES: Voluntary Chapter 11 Case SummaryONE VISION PARK: Ohayon Has Small Chance of Prevailing on AppealOTC HOLDINGS: Committee Taps Ashby & Geddes as Delaware CounselOTC HOLDINGS: Committee Taps Cooley LLP as Lead Bankruptcy CounselOTC HOLDINGS: Direct Fee Appointed as Chapter 11 Fee ExaminerOTC HOLDINGS: U.S. Trustee Forms 7-Member Creditors CommitteePARK AVENUE BANK: Former CEO Enters Guilty PleaPAUL SHARFF: Files Bankruptcy Protection for the Second TimePETTERS GROUP: Trustee Sues JPMorgan Chase, Ritchie CapitalPIEDMONT CONSTRUCTION: Case Summary & 12 Largest Unsec. CreditorsPOINT BLANK: Says Buyers Inspecting Financial DocumentsPREMIER GENERAL: Chapter 11 Reorganization Case DismissedQSGI INC: To Merge with KruzeCom LLC Under Chapter 11 PlanRADIO SYSTEMS: S&P Affirms Corporate Credit Rating at ‘B’RENASCENT INC: Section 341(a) Meeting Scheduled for Nov. 1RENASCENT INC: Taps Binney Law Firm as Bankruptcy CounselROTECH HEALTHCARE: Completes Offering of $230 Million Sr. NotesRW LOUISVILLE: Files for Chapter 11 in KentuckyRW LOUISVILLE: Case Summary & 20 Largest Unsecured CreditorsSCHUTT SPORTS: Wants Riddell Cited for ContemptSEA ISLAND: Rival Bidders Unite to Make $212.4MM Final BidSENECA GAMING: Moody’s Downgrades Corp. Family Rating to ‘B1′SHAFER PLAZA: Case Summary & 10 Largest Unsecured CreditorsSHERIDAN GROUP: S&P Puts ‘B’ Rating on CreditWatch NegativeSPONGETECH DELIVERY: Trustee Wants Case Converted to Chapter 7SPRING CREEK: Only Ch. 7 Trustee Has Standing to Pursue ComplaintSTEPHEN YELVERTON: Alimony Claim Derails Plan; Case ConvertedSTARNES CUSTOM: Case Summary & 12 Largest Unsecured CreditorsSUK HEE SUH: U.S. Trustee Wants Chapter 11 Trustee AppointedSUNWEST MANAGEMENT: Investors Bring Class Suit v. K&L and ThompsonTAYLOR & BISHOP: Case Summary & 17 Largest Unsecured CreditorsTEXAS RANGERS: Cuban Files $2.65MM Substantial Contribution ClaimTHOMPSON PUBLISHING: Ableco Finance Objects to Expedited SaleTKR PROPERTY: Voluntary Chapter 11 Case SummaryTRAVELPORT LLC: Moody’s Affirms ‘B2′ Corporate Family RatingTREVOR DAVIS: Grubb & Ellis to Sell $25MM Defaulted LoanTRIANGLE MANAGEMENT: Case Summary & 18 Largest Unsecured CreditorsTRIBUNE COMPANY: Committee Expands Settlement on 2007 LBOULTIMATE ESCAPES: October 18 Auction Pushes ThroughUNI CORE: Albert Wong Raises Going Concern DoubtUTE MESA: U.S. Trustee Unable to Form Creditors CommitteeWASHINGTON MUTUAL: Examiner’s Full Report to Be Filed Nov. 1WAYNE ANDERSON: Case Summary & 20 Largest Unsecured CreditorsWEBSAFETY INC: Posts $856,100 Net Loss in June 30 QuarterWECK CORP: Creditors Have Until Nov. 30 to File Proofs of ClaimWECK CORP: Committee Taps Lowenstein Sandler as Bankruptcy CounselWECK CORP: Committee Wants BDO Consulting as Financial AdvisorWENTWOOD ROLLINGBROOK: Voluntary Chapter 11 Case SummaryWENTWOOD ROUNDHILL: Voluntary Chapter 11 Case SummaryWHITE RIVER: Files for Chapter 11 Bankruptcy ProtectionYELLOWSTONE CLUB: Co-Founder Accuses Judge of ‘Myriad Misdeeds’* Upcoming Meetings, Conferences and Seminars                            *********2261 BROOKHOLLOW: Case Summary & 20 Largest Unsecured Creditors—————————————————————Debtor: 2261 Brookhollow, L.P.        aka The Centre at Brookhollow        2261 Brookhollow Plaza Drive        Arlington, TX 76006Bankruptcy Case No.: 10-46511Chapter 11 Petition Date: October 4, 2010Court: United States Bankruptcy Court       Northern District of Texas (Ft. Worth)Judge: Russell F. NelmsDebtor’s Counsel: Joseph F. Postnikoff, Esq.                  GOODRICH POSTNIKOFF & ALBERTSON, LLP                  777 Main St., Suite 1360                  Ft. Worth, TX 76102                  Tel: (817) 347-5261                  Fax: (817) 335-9411                  E-mail: jpostnikoff@gpalaw.comEstimated Assets: $1,000,001 to $10,000,000Estimated Debts: $1,000,001 to $10,000,000A list of the Company’s 20 largest unsecured creditorsfiled together with the petition is available for freeat http://bankrupt.com/misc/txnb10-46511.pdfThe petition was signed by Steffen E. Waltz, president of AmproEquities, Inc., general partner.AMERICAN APPAREL: Marketing Plan Yielded Strong Results——————————————————-MXenergy Holdings Inc. held on September 30, 2010, a conferencecall to discuss the financial results of the Company for itsfiscal year ended June 30, 2010.Jeffrey Mayer, president and CEO, said, « Fiscal 2010 was aneventful year for us.  As we entered the year, we were negotiatingwith lenders and bondholders to replace our existing credit andcommodity hedge facilities and to restructure our outstanding 2011senior unsecured floating rate notes.  June 30, 2010, marked ninemonths since the completion of our debt and equity restructuringin September, 2009, what we refer to in this call as theRestructuring. »"After completing the Restructuring, we immediately focused onexpanding our marketing channels to first stabilize and then growour customer base.  I am pleased to report that our marketing planhas yielded strong results.  Not only did we return to normalmarketing activities, using our traditional marketing channels, wealso expanded into new markets and implemented new approaches tobuild brand awareness. »Mr. Mayer added that the Company’s customer base increased 51,000RCEs, or 9%, during fiscal year 2010 to 606,000 RCEs at the end ofJune.  The increase is attributable to strong growth in theelectricity business, which increased by 91,000 RCEs, or 111%, toa total of 173,000, while our natural gas segment suffered adecline of about 40,000 RCEs, or approximately 8%.The Company, Mr. Mayer also said, expanded its geographicfootprint by entering the PJM service area in Pennsylvania behindPPL Electric Utilities.  As of June 30, 2010, the Company wasserving approximately 56,000 RCEs in this new territory.  In June,the Company also entered the BG&E electricity service territory inMaryland, where it already serves natural gas customers.Mr. Mayer concluded, « As we begin our 2011 fiscal year, we willcontinue to look for opportunities to grow in our existingmarkets, identify potential new territories to enter, and evaluateacquisition opportunities for customer portfolios that areconsistent with our overall business objectives.  We believe thatas of June 30, 2010, we have sufficient liquidity under thecommodity supply facility with RBS Sempra to meet these growthobjectives. »A full-text copy of the transcript is available for free at:               http://ResearchArchives.com/t/s?6c5c                      About MxEnergy HoldingsMxEnergy Holdings Inc. was founded in 1999 as a retail energymarketer.  The two principal operating subsidiaries of Holdingsare MxEnergy Inc. and MxEnergy Electric Inc. which are engaged inthe marketing and supply of natural gas and electricity,respectively.  Holdings and its subsidiaries operate in 39 marketareas located in 14 states in the United States and in twoCanadian provinces.MXEnergy reported $202.02 million in total assets, $115.07 millionin total liabilities, and stockholders’ equity of $86.95 millionas June 30, 2010.MxEnergy carries ‘Caa3′ long term corporate family and ‘Ca/LD’probability of default ratings from  Moody’s Investors Service.AMERICAN INTERNATIONAL: Amends Stock Purchase Deal with AIG Credit——————————————————————American International Group Inc. entered into an Amendment No. 2to the Series C Perpetual, Convertible, Participating, PreferredStock Purchase Agreement, dated as of March 1, 2009, with the AIGCredit Facility Trust and the Trust executed a Written Consent, ineach case, in order to permit AIG to conduct one or more public orprivate exchange offers for its outstanding Equity Units.A full-text copy of the Amended Purchase Agreement is availablefor free at http://ResearchArchives.com/t/s?6c5dA full-text copy of the Written Consent is available for freeat http://ResearchArchives.com/t/s?6c5e                             About AIGAmerican International Group, Inc. — http://www.aig.com/– is an international insurance organization with operations in more than130 countries and jurisdictions.  AIG companies serve commercial,institutional and individual customers through one of the mostextensive worldwide property-casualty networks of any insurer. Inaddition, AIG companies are leading providers of life insuranceand retirement services around the world.  AIG common stock islisted on the New York Stock Exchange, as well as the stockexchanges in Ireland and Tokyo.In September 2008, AIG experienced a liquidity crunch when itscredit ratings were downgraded below « AA » levels by Standard &Poor’s, Moody’s Investors Service and Fitch Ratings.  AIG almostcollapsed under the weight of bad bets it made insuring mortgage-backed securities.  The Company, however, was bailed out by theFederal Reserve, but even after an initial infusion of$85 billion, losses continued to grow.  The later rescue packagesbrought the total to $182 billion, making it the biggest federalbailout in U.S. history.AIG has been working to protect and enhance the value of its keybusinesses, execute an orderly asset disposition plan, andposition itself for the future.  AIG has sold a number of itssubsidiaries and other assets to pay down loans received from theU.S. government, and continues to seek buyers of its assets.ANDY CENTENO: Case Summary & 20 Largest Unsecured Creditors———————————————————–Joint Debtors: Andy Centeno               Maria T. Centeno               310 Wyndale St.               San Antonio, TX 78209Bankruptcy Case No.: 10-53890Chapter 11 Petition Date: October 4, 2010Court: United States Bankruptcy Court       Western District of Texas (San Antonio)Judge: Leif M. ClarkDebtor’s Counsel: Allen M. DeBard, Esq.                  LANGLEY & BANACK, INC.                  745 East Mulberry, Suite 900                  San Antonio, TX 78212                  Tel: (210) 736-6600                  Fax: (210) 735-6889                  E-mail: adebard@langleybanack.comEstimated Assets: $1,000,001 to $10,000,000Estimated Debts: $1,000,001 to $10,000,000A list of the Joint Debtors’ 20 largest unsecured creditorsfiled together with the petition is available for freeat http://bankrupt.com/misc/txwb10-53890.pdfANV SECURITY: Posts $195,400 Net Loss in June 30 Quarter——————————————————–ANV Security Group, Inc., filed its quarterly report on Form 10-Q,reporting a net loss of $195,370 on $27,335 of revenue for thethree months ended June 30, 2010, compared with a net loss of$82,652 on $5,670 of revenue for the same period ended June 30,2009.The Company has limited cash resources and intends to continue toraise additional capital through the issuance of debt or equity inorder to expand operations.  The Company has entered into a letteragreement with an investment banking group to raise funds to allowthe Company to expand its operations in China.  The availabilityof cash through such resources is not assured and if the Companyis not able to raise enough cash, the Company might be forced todelay or limit the expansion of its Chinese operations.The Company’s balance sheet at June 30, 2010, showed $4.3 millionin total assets, $2.4 million in total liabilities, andstockholders’ equity of $1.9 million.As reported in the Troubled Company Reporter on July 20, 2010,Stan J.H. Lee, CPA, in Fort Lee, N.J., expressed substantial doubtabout the Company’s ability to continue as a going concern,following the Company’s results for the year ended March 31, 2010.The independent public accounting firm noted that of the Company’slack of revenue activities and losses from operations.A full-text copy of the Form 10-Q is available for free at:               http://researcharchives.com/t/s?6c64                        About ANV SecurityShenzhen, China-based ANV Security Group, Inc., was incorporatedin British Columbia, Canada on December 18, 2006, and changed itsname from Canada ANV Systems Inc.  The Company owns 100% of ANVVideo Alarm Service Inc. which was incorporated in BritishColumbia, Canada on May 30, 2008, and ANV Security Group (Asia)Co. Limited, incorporated in December 2009 under the laws of theHong Kong Special Administrative Region.  Effective June 1, 2010,ANV Security Group (Asia) Co. Limited has a wholly ownedsubsidiary, Flybit International Limited, which was incorporatedin August 15, 2008, in Hong Kong.Flybit is in developing and marketing mobile video security systemused on vehicles and it is a certified OEM manufacturer forPanasonic in mobile video systems.ARMSTRONG WORLD: S&P Affirms ‘BB’ Corporate Credit Rating———————————————————Standard & Poor’s Ratings Services assigned a ‘BBB-’ issue-levelrating and ’1′ recovery rating to Armstrong World IndustriesInc.’s proposed $700 million of senior secured credit facilitiesdue in 2015, consisting of a proposed $450 million term loan andproposed $250 million revolving credit facility.  The issue-levelrating is two notches above the ‘BB’ corporate credit rating onArmstrong.  The recovery rating of ’1′ indicates S&P’s expectationfor a very high (90% to 100%) recovery of principal in the eventof payment default.At the same time, S&P affirmed the ‘BB’ corporate credit rating onLancaster, Pa.-based Armstrong World Industries Inc. The outlookis stable. »The ratings reflect the company’s leading positions in vinyl andwood flooring and ceiling systems production, a fair balancebetween residential and commercial end markets, strong liquidity,and manageable debt levels despite a weak operating environment, »said Standard & Poor’s credit analyst Thomas Nadramia.  Theaffirmation follows Armstrong’s recently announced proposedrefinancing, including a planned $700 million senior securedcredit agreement due 2015, consisting of a $450 million term loanfacility and a $250 million revolving credit facility.  Armstrongplans to use these borrowings to repay its existing term loans,due in 2011 and 2013, as well as its revolving credit facility duein 2011.The stable ratings outlook reflects S&P’s expectation thatArmstrong’s good cash flow characteristics, its position in theceilings segment, and what S&P considers to be a fair businessrisk profile should enable it to maintain strong liquidity andcredit measures consistent with the current rating despitechallenging construction and remodeling markets.  Specifically,S&P expects Armstrong to maintain total adjusted debt (includingoperating leases and pensions) to EBITDA of between 3.5x and 4.5x,reported book leverage (not adjusted for pensions or leases) ofaround 2x, and excess cash and revolving credit availability wellabove $400 million.  S&P think the company will remain cash flowpositive even if commercial and residential construction marketscontinue to be weak.S&P could take a negative rating action if volumes weaken morethan S&P expect, profitability is materially lower because of apoor economy, or the company displays a more aggressive use offunded leverage for debt-financed acquisitions or shareholder-friendly actions.  Specifically, S&P could revise the outlook tonegative if total adjusted debt (including operating leases andpensions) to EBITDA exceeded 4.5x on a sustained basis, or ifreported book leverage approached 3x, and total liquidity fellbelow $200 million.S&P would consider a positive rating action if the companysucceeds in executing operating initiatives and strategies thatcould result in reduced leverage in spite of market weakness.Specifically, this could occur if the company reduced totaladjusted leverage to around 3.0x and consistently produced fundsfrom operations to debt of more than 25% and S&P believed itsbusiness and financial strategies were consistent with a higherrating.AVALON OIL: Posts $265,300 Net Loss in June 30 Quarter——————————————————Avalon Oil & Gas, Inc., filed its quarterly report on Form 10-Q,reporting a net loss of $265,336 on $30,185 of revenue for thethree months ended June 30, 2010, compared with a net loss of$382,630 on $55,310 of revenue for the same period of 2009.The Company has incurred a loss of $27.4 million from inceptionthrough June 30, 2010, and has a working capital deficiency of$1.5 million.The Company’s balance sheet at June 30, 2010, showed $2.4 millionin total assets, $1.6 million in total liabilities, andstockholders’ equity of $832,844.As reported in the Troubled Company Reporter on July 28, 2010,Bernstein & Pinchuk LLP, in New York, expressed substantial doubtabout the Company’s ability to continue as a going concern,following the Company’s results for the year ended March 31, 2010.The independent auditors noted that the Company has incurredsignificant losses from operations since its inception and has aworking capital deficiency.A full-text copy of the Form 10-Q is available for free at:               http://researcharchives.com/t/s?6c60                         About Avalon OilMinneapolis, Minn.-based Avalon Oil & Gas, Inc., was originallyincorporated in Colorado in April 1991 under the name Snow Runner(USA), Inc.   The Company is currently in the process of raisingfunds to acquire oil and gas properties and related oilfieldtechnologies, which the Company plans to develop into commercialapplications.AVRAHAM SCHWARCZ: Case Summary & 20 Largest Unsecured Creditors—————————————————————Joint Debtors: Avraham K. Schwarcz                 aka Avi Schwarcz               Ana M Schwarcz               aka Ana Maria Elkins               1474 W Price Rd # 604               Brownsvile, TX 78520Bankruptcy Case No.: 10-10675Chapter 11 Petition Date: October 1, 2010Court: United States Bankruptcy Court       Southern District of Texas (Brownsville)Judge: Richard S. SchmidtDebtor’s Counsel: Eduardo V. Rodriguez, Esq.                  MALAISE LAW FIRM                  1265 N Expressway 83                  Brownsville, TX 78521                  Tel: (956) 547-9638                  Fax: (956) 547-9630                  E-mail: igotnoticesbv@malaiselawfirm.comScheduled Assets: $1,156,510Scheduled Debts: $1,343,005A list of the Joint Debtors’ 20 largest unsecured creditorsfiled together with the petition is available for freeat http://bankrupt.com/misc/txsb10-10675.pdfBENJI’S SPECIAL: Houston ISD Takes Over Operations————————————————–Ericka Mellon, writing for The Houston Chronicle, reports theHouston school district has agreed to take over Benji’s SpecialEducational Academy.  According to the report, Texas EducationCommissioner Robert Scott ordered Benji’s to close last month amidrevelations it was nearly bankrupt, but allies of the Fifth Wardcharter school have reached a deal with the Houston IndependentSchool District and another charter holder to keep it open forstudents, starting October 11.According to the report, Debbie Ratcliffe, a spokeswoman for Mr.Scott, said he will not oppose the deal, though it does not erasethe school’s debt, which state officials estimate is nearly$500,000.  The school’s original charter holder, a nonprofitcorporation called Benji’s Special Educational Academy, isresponsible for the debt, not the Houston Independent SchoolDistrict, Ms. Ratcliffe said.The report notes as of September, Benji’s owed money to two banks,the Internal Revenue Service and the state Teacher RetirementSystem, according to the Texas Education Agency.  But Ms.Ratcliffe said TEA officials are not certain of the exact debtamount because Benji’s founder and chief executive officer,Theaola Robinson, has refused to release all the financialrecords.The report says Benji’s will keep its name but will be run by theManagement Accountability Corp., which contracts with HISD to runa charter school called the High School for Business and EconomicSuccess.  That high school was born from another troubled charterschool, Gulf Shores Academy, which the TEA tried for years toclose.According to the report, Benji’s students will be considered HISDstudents, and the district will get state funding for each one, atleast for this year. The Houston school board will vote Thursdayto finalize the deal.Benji’s Special Educational Academy Charter School IndependentSchool District — http://www.benjisacademy.com/– is based in Houston, Texas.  According to The Houston Chronicle, Benji’sserved more than 500 students in elementary, middle and highschool at the start of the academic year before a TEA-appointedboard voted to close it.  Most of the children come from poorfamilies, and about 20% require special educational services,Richard Johnson, a spokesman for Benji’s, said.BOSTON GENERATING: Judge Chapman Approves Terms of Auction———————————————————-Joseph Checkler at Dow Jones’ Daily Bankruptcy Review reportsthat the Hon. Shelley C. Chapman of the U.S. Bankruptcy Court inManhattan approved the terms of an auction for the sale of assetsof Boston Generating LLC.The Company has a contract to sell its assets for $1.1 billion toConstellation Energy Group Inc.  The deal is subject to higherbids at an auction set for Nov. 15, 2010.Judge Chapman, according to Dow Jones, cut the minimum initialoverbid from $20 million to $10 million in the proposed auctionprocedures of the Company.                       About Boston GeneratingNew York-based Boston Generating, LLC, owns nearly 3,000 megawattsof mostly modern natural gas-fired power plants in the Bostonarea.  Privately held Boston Generating is an indirect subsidiaryof US Power Generating Co., and considers itself as the third-largest fleet of plants in New England.Boston Generating filed for Chapter 11 protection on August 18,2010 (Bankr. S.D.N.Y. Case No. 10-14419).  Boston Generatingestimated its assets and debts at more than $1 billion as of thePetition Date.EBG Holdings LLC; Fore River Development, LLC; Mystic, LLC; MysticDevelopment, LLC; BG New England Power Services, Inc.; and BGBoston Services, LLC, filed separate Chapter 11 petitions.D. J. Baker, Esq., at Latham & Watkins LLP, serves as bankruptcycounsel for the Debtors.  JPMorgan Securities is the Debtors’investment banker.  Perella Weinberg Partners, LP, is the Debtors’financial advisor.  Brown Rudnick LLP is the Debtors’ regulatorycounsel.  FTI Consulting, Inc., is the Debtors’ restructuringconsultant.  Anderson Kill & Olick, P.C., is the Debtors’conflicts counsel.  The Garden City Group, Inc., is the Debtors’claims agent.The Official Committee of Unsecured Creditors in the Chapter 11cases of Boston Generating, LLC, and its debtor-affiliates asksthe U.S. Bankruptcy Court for the Southern District of New Yorkfor permission to employ the law firm of Jager Smith P.C. as itscounsel.BUCKEYE TECHNOLOGIES: Moody’s Withdraws ‘Ba2′ Corp. Family Rating—————————————————————–Moody’s Investors Service has withdrawn all the credit ratings ofBuckeye Technologies Inc. because Buckeye has repaid all its rateddebt.  On October 1, 2010, Buckeye completed the redemption of itsremaining $140 million 8.5% senior notes due 2013.  As a result ofthe redemption, the 2013 notes indenture has been terminated.Please refer to Moody’s Withdrawal Policy on moodys.com.These ratings were withdrawn:* Corporate Family Rating — Ba2* Probability of Default Rating — Ba2* $140 million senior unsecured notes due 2013 — Ba3 (LGD5, 80%)The latest rating action occurred on May 12, 2010, when Buckeye’sCFR was upgraded to Ba2 from Ba3.Buckeye Technologies Inc., headquartered in Memphis, Tennessee, isa producer of specialty fibers and non-woven materials sold tomakers of consumer and industrial goods.  The company is publiclyheld and reported revenues of $756 million in the fiscal yearended June 30, 2010.BUCKINGHAM EXPLORATION: Manning Elliot Resigns as Auditor———————————————————Buckingham Exploration Inc. disclosed that Manning Elliott LLPresigned as the independent auditors of the Company effectiveOctober 7, 2010 and MaloneBailey LLP were appointed in their placeeffective the same date.Buckingham said, « There were no reservations or qualifications inthe former auditor’s report in connection with the Company’sfinancial statements for the last two fiscal years, other than agoing concern statement.  There were no disagreements between theCompany and the former auditors or any reportable events, exceptwith respect to certain weaknesses in our internal controls andwith respect to the accounting for a debenture settlement. »"The Company looks forward to taking advantage of MaloneBailey’sexperience as we continue to develop our business, » said RobinRelph, the Company’s President and Chief Executive Officer.                 About Buckingham ExplorationBuckingham Exploration is an exploration stage company whoseprincipal business is the acquisition and exploration of mineralresources.  Information about the business of the company can befound in its filings with securities regulatory authorities.CAKE MAN: Closed by NY Health Dept. Over Sanitary Violations————————————————————Daniel Massey, writing for Crain’s New York Business, reports thatCake Man Raven in Brooklyn was closed down by the Department ofHealth and Mental Hygiene last week because it posed « immediatehealth risks. »Crain’s reports the bakery racked up 78 violation points during aWednesday inspection by the health department.  Among the mostserious violations: nobody certified in food protection was onhand, the operating permit had expired, there was no runningwater, and flies were present.  To re-open, Cake Man must correctits violations, renew its expired operating permit and pass a re-opening inspection.Crain’s notes the bakery received 18 violation points during aSeptember inspection, triggering an automatic re-inspection fornot making the A grade.  The bakery was also shuttered for twodays in January 2008 after inspectors found « evidence of mice orlive mice » in the facility.Crain’s says the voice-mail box at Cake Man Raven was full and notaccepting messages.Crain’s further notes that in August, United States District JudgeRoslynn Mauskopf ordered answers to a 2008 lawsuit entered by CakeMan Raven Inc. and owner Raven P.D. Dennis III stricken from therecord and a default judgment entered against them because of arepeated « failure to appear at court conferences, participate indiscovery, or otherwise defend against plaintiffs’ allegations. »Crain’s relates Bruce Menken, Esq., an attorney for the workers,said he’ll be filing papers quantifying the damages to hisclients.Crain’s says the state Department of Labor has also set its sightson the baker for failing to respond to charges it owes more than$11,000 in wages, interest and penalties stemming from nonpaymentto three employees.  The department issued an order against thecompany, Mr. Dennis and a store manager because they did notrespond to the charges.Cake Man Raven is reportedly a favorite of stars such as Jay-Z,Bill Cosby and Robert De Niro.CALIFORNIA: To Sell, and Lease Back, Buildings in $2.33BB Deal————————————————————–California’s Department of General Services said Monday it hasselected California First, LLC, a partnership led by Hines andAntarctica Capital Real Estate LLC, as the buyer for 11 stateoffice properties authorized by the legislature and Governor lastyear.The winning offer was $2.33 billion — resulting in more than$1.2 billion for the state general fund, and $1.09 billion to payoff bonds on the buildings.  Over the next 20 years, the statewill lease the offices back from the new owner at predeterminedrates, and will no longer maintain, operate, or repair thebuildings.  All the leases with California First allow the stateto buy back any or all of the buildings at anytime during the 20-year term. »After an extensive review of the more than 300 bids that werereceived, I have determined that this offer presents the bestvalue for the state and achieves the goals set forth by theLegislature and Governor, » said Acting DGS Director Ron Diedrich. »This sale will allow us to bring in desperately needed revenuesand free the state from the ongoing costs and risks of owning realestate. »Hines, a privately owned real estate firm headquartered inHouston, Texas, is involved in real estate investment, developmentand property management worldwide.  The firm’s historical andcurrent portfolio of projects that are underway, completed,acquired and managed for third parties includes 1,119 propertiesrepresenting more than 457 million square feet of office,residential, mixed-use, industrial, hotel, medical and sportsfacilities, as well as large, master-planned communities and landdevelopments.Antarctica Capital Real Estate, LLC; a venture led by Californiareal estate veteran Rich Mayo of Spyglass Realty Partners, alongwith Chandra Patel of Antarctica Capital headquartered in Irvine,California and New York, NY, is a private equity firm specializingin real estate.  There are also additional equity investors. Theall cash offer will utilize a typical debt and equity ratio withthe general partners and investors providing approximately 40percent of the purchase price, and a major financial institutionsupplying the balance as a loan to the new owners.The offices to be sold are:     – Attorney General Building, Sacramento;     – California Emergency Management Agency Building,        Sacramento;     – Capitol Area East End Complex, Sacramento;     – Elihu M. Harris Building, Oakland;     – Franchise Tax Board Complex, Sacramento;     – San Francisco Civic Center, San Francisco;     – Junipero Serra State Building, Los Angeles;     – Department of Justice Building, Sacramento;     – Public Utilities Commission Building, San Francisco;     – Judge Joseph A. Rattigan Building, Santa Rosa;     – Ronald Reagan State Building, Los AngelesIn his letter to the legislature, Mr. Diedrich shared thedepartment’s economic analysis summary of the sale comparing thestatus quo of ownership of the buildings to the sale and leasebacktransaction.  Using a series of reasonable and prudent assumptionsthe analysis shows that the sale allows California to retire$1.09 billion in bond debt, leaving over $1.2 billion in newrevenues to shore up the state budget, as a result eliminating theneed for more program cuts statewide or tax increases.By no longer owning the properties, the state eliminates annuallease payments and interest, as well as operating expenses.  Thestate also sheds the responsibility for deferred and major capitalimprovements, as well as the obligation to pay for unforeseen andunpredictable repairs that cannot be anticipated but areincreasingly likely as the buildings age.In April, the state’s broker, CB Richard Ellis received more than300 offers to purchase the buildings.  The offers includedindividually priced offers on each building; however, the mostaggressive pricing came largely from 30 offers for the entireportfolio.  Portfolio buyers were given the opportunity to submita second round of offers on May 11.  CBRE received 16 increasedportfolio offers, 11 of which exceeded the state’s $2 billionestimate of the value of the properties.  Those 11 bidders werethen invited to submit a « best and final » offer by May 21.Since May 21, DGS, in conjunction with its broker, has beenevaluating the top offers.  This evaluation included acomprehensive analysis of each of the 11 best and final offerswhich included separate interviews with each finalist.  Buyerswere evaluated based on a reconciliation of two primary factors –price and certainty of execution. CB Richard Ellis investigatedwith DGS the bidder’s track record; and how much due diligence thebidder had done on the state properties prior to making a buyerselection.  Evaluation criteria included whether due diligencereports were reviewed; due diligence inspections were completed;the extent of property tours; the nature of contract and leasecomments; the financial backing the buyer had in place andfinally, the buyer’s ability to both remove contingencies andclose the transaction quickly. »The State of California received significant portfolio interest,and the proceeds at the sale price of $2.33 billion will farexceed the $660 million originally estimated. Far from a firesale, this was a stiff, multiple offer competition that generatedfavorable pricing for the state, » said Kevin Shannon with CBRE,who handled the sale on behalf of the state.   »Currenthistorically low interest rates have allowed the state to obtainextraordinary pricing comparable with peak level capitalizationrates with leaseback rents well below peak market levels.  Anadditional benefit is that the state will be getting out of thecommercial real estate management business, and transferring assetmanagement to Hines, a globally recognized leader. »The Department of General Services anticipates completing alltransactions in the 4th quarter of 2010.The Department of General Services acts as the business managerfor the State of California, with more than 4,000 employees and abudget in excess of $1 billion.                           *     *     *Roger Vincent, writing for The Los Angeles Times, reports that DanRosenfeld, the state’s deputy director for real estate andbuildings under Gov. Pete Wilson, said the decision was poor long-term financial policy, calling it « a quiet victim of the budgetimpasse » in Sacramento. »It’s like selling your garage to your neighbor to pay yourmortgage, » he said. « Given the choice between selling strategicassets and taxing gas guzzlers, I would have selected a differentoutcome. »CARIBBEAN PETROLEUM: Proofs of Claim Due By Nov. 17—————————————————The U.S. Bankruptcy Court for the District of Delaware directsholders of claims against Caribbean Petroleum Corporation and itsdebtor-affiliates arising prior to August 12, 2010, to file theirproofs of claim by 5:00 p.m., prevailing Eastern Time, on Nov. 17,2010.  Government units have until February 8, 2011, to file theirclaims.  Claim forms and additional information about the BarDates are available at http://www.kccllc.net/caribbeanSan Juan, Puerto Rico-based Caribbean Petroleum Corporation, akaCAPECO, owns and operates certain facilities in Bayomon, PuertoRico for the import, offloading, storage and distribution ofpetroleum products.  Cribbean Petroleum sought Chapter 11protection (Bankr. D. Del. Case No. 10-12553) on August 12, 2010,nearly 10 months after a massive explosion at its majorPuerto Rican fuel storage depot virtually shut down thecompany’s operations.  The Debtor estimated assets of$100 million to $500 million and debts of $500 million to$1 billion as of the Petition Date.Affiliates Caribbean Petroleum Refining, L.P., and Gulf PetroleumRefining (Puerto Rico) Corporation filed separate Chapter 11petitions on August 12, 2010.John J. Rapisardi, Esq., George A. Davis, Esq., and Zachary A.Smith, Esq. at Cadwalader, Wickersham & Taft LLP serve as leadcounsel to the Debtors, and Mark D. Collins, Esq., and Jason M.Madron, Esq., at Richards, Layton & Finger, P.A., serve as localcounsel.  The Debtors’ financial advisor is FTI Consulting Inc.The Debtors’ chief restructuring officer is Kevin Lavin of FTIConsulting Inc.  Kurtzman Carson Consultants LLC serves as thenoticing, claims and balloting agent.CHATEAU DE VILLE: Files Schedules of Assets & Liabilities———————————————————Chateau de Ville, LLC, filed with the U.S. Bankruptcy Court forthe Western District of Washington its schedules of assets andliabilities, disclosing:  Name of Schedule                         Assets      Liabilities  —————-                         ——      ———–A. Real Property                        $12,000,000B. Personal Property                             $0C. Property Claimed as   ExemptD. Creditors Holding   Secured Claims                                       $9,520,000E. Creditors Holding   Unsecured Priority   Claims                                                   $8,000F. Creditors Holding   Unsecured Non-priority   Claims                                                 $578,000                                        ———–    ———–      TOTAL                             $12,000,000    $10,106,000Renton, Washington-based Chateau de Ville LLC filed for Chapter 11bankruptcy protection on September 30, 2010 (Bankr. W.D. Wash.Case No. 10-21648).  Larry B. Feinstein, Esq., at Vortman &Feinstein, assists the Debtor in its restructuring effort.CHATEAU DE VILLE: Section 341(a) Meeting Scheduled for Nov. 3————————————————————-The U.S. Trustee for Region 18 will convene a meeting of Chateaude Ville LLC’s creditors on November 3, 2010, at 1:00 p.m.  Themeeting will be held at the US Courthouse, Room 4107, 700 StewartStreet, Seattle, WA 98101.This is the first meeting of creditors required under Section341(a) of the U.S. Bankruptcy Code in all bankruptcy cases.All creditors are invited, but not required, to attend.  ThisMeeting of Creditors offers the one opportunity in a bankruptcyproceeding for creditors to question a responsible office of theDebtor under oath about the company’s financial affairs andoperations that would be of interest to the general body ofcreditors.Renton, Washington-based Chateau de Ville LLC filed for Chapter 11bankruptcy protection on September 30, 2010 (Bankr. W.D. Wash.Case No. 10-21648).  Larry B. Feinstein, Esq., at Vortman &Feinstein, assists the Debtor in its restructuring effort.According to its schedules, the Debtor disclosed $12 million intotal assets and $10,106,000 in total debts as of the PetitionDate.CHEMTURA CORP: Seeks Court OK to Enter $5.6-Million Cleanup Deal—————————————————————-Bankruptcy Law360 reports that Chemtura Corp. has asked a judge toapprove a roughly $5.6 million deal with New Jersey environmentalauthorities and Dial Corp. that would put to rest claims overcleanup responsibilities for a site formerly used by Chemturapredecessor Witco Corp.Law360 says Chemtura filed a request for permission to enter intothe settlement on Friday in the U.S. Bankruptcy Court for theSouthern District of New York.                     About Chemtura Corp.Based in Middlebury, Connecticut, Chemtura Corporation (CEM) –http://www.chemtura.com/– with 2008 sales of $3.5 billion, is a global manufacturer and marketer of specialty chemicals, cropprotection products, and pool, spa and home care products.Chemtura Corporation and 26 of its U.S. affiliates filed voluntarypetitions for relief under Chapter 11 on March 18, 2009 (Bankr.S.D.N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., atKirkland & Ellis LLP, in New York, serves as bankruptcy counsel.Wolfblock LLP serves as the Debtors’ special counsel.  TheDebtors’ auditors and accountant are KPMG LLP; their investmentbankers are Lazard Freres & Co.; their strategic communicationsadvisors are Joele Frank, Wilkinson Brimmer Katcher; theirbusiness advisors are Alvarez & Marsal LLC and Ray Dombrowskiserves as their chief restructuring officer; and their claims andnoticing agent is Kurtzman Carson Consultants LLC. As ofDecember 31, 2008, the Debtors had total assets of $3.06 billionand total debts of $1.02 billion.CIRCLE SHERMAN: Voluntary Chapter 11 Case Summary————————————————-Debtor: Circle Sherman, LLC        3605 Highway 75 South        Sherman, TX 75090Bankruptcy Case No.: 10-43471Chapter 11 Petition Date: October 4, 2010Court: United States Bankruptcy Court       Eastern District of Texas (Sherman)Debtor’s Counsel: Joyce W. Lindauer, Esq.                  8140 Walnut Hill Lane, Ste 301                  Dallas, TX 75231                  Tel: (972) 503-4033                  Fax: (972) 503-4034                  E-mail: courts@joycelindauer.comEstimated Assets: $1,000,001 to $10,000,000Estimated Debts: $1,000,001 to $10,000,000The Debtor did not file a list of its largest unsecured creditorstogether with its petition.The petition was signed by Abdul Karim Pirani, manager.CLEARWATER PAPER: S&P Affirms Corporate Credit Rating at ‘BB’————————————————————-Standard & Poor’s Ratings Services affirmed its ratings, includingthe ‘BB’ corporate credit rating, on Clearwater Paper Corp. Allratings were removed from CreditWatch, where they were placed withnegative implications on Sept. 17, 2010.  The rating outlook isstable.At the same time, S&P assigned a ‘BB’ (the same as the corporatecredit rating) issue-level rating to Clearwater’s proposed$350 million senior unsecured notes due 2018.  The recovery ratingon the proposed notes is ’3′, indicating S&P’s expectation ofmeaningful (50%-70%) recovery in the event of a payment default.The company will use proceeds from the proposed notes issuance,combined with existing cash balances, to fund its plannedacquisition of Cellu Tissue Holdings Inc. (B+/Watch Pos/–),including repayment of Cellu Tissue’s senior secured notes due2014. »The ratings affirmation on Clearwater reflects S&P’s view thatthe proposed combined entity’s prospective operating performance,which incorporates merger benefits of at least $15 million to$20 million from targeted synergies, will likely result in creditmeasures consistent with the ‘BB’ rating given its fair businessrisk profile, » said Standard & Poor’s credit analyst TobiasCrabtree.  Specifically, S&P expects adjusted leverage to bemaintained between 2.5x and 3.5x over the next 12 to 18 months.In addition, S&P expects the company to maintain adequateliquidity, primarily from existing cash balances and internallygenerated cash flow, even giving consideration to the increase incapital expenditures related to the expansion of its tissuemanufacturing capacity.  Also, the ratings action reflects S&P’sassessment of Clearwater’s ongoing financial policy as being inline with its significant financial risk profile, despite the moreaggressive use of its cash balances and debt issuance to financethe acquisition.The stable rating outlook reflects S&P’s expectations that thecombined entity’s prospective operating performance, reflectingmerger benefits and targeted synergies, will result in creditmetrics being maintained at a level consistent with a ‘BB’ ratinggiven its fair business risk profile.  Specifically, S&P thinksleverage will likely be maintained between 2.5x and 3.5x over thenext 12 to 18 months.  In addition, S&P expects the company tomaintain adequate liquidity, primarily from existing cash balancesand internally generated cash flow, even giving consideration tothe increase in capital expenditures related to the expansion ofits tissue manufacturing capacity.S&P could take a negative rating action if Clearwater is unable toimprove its operating margins as a result of unanticipateddifficulties in integrating the acquisition of Cellu Tissue.Specifically, a downgrade could occur if the combined entity’soperating margins (before depreciation and amortization) were tofall below 10%, which could result in adjusted EBITDA of less than$200 million and leverage likely being maintained above 4x.For a higher rating, S&P would expect adjusted debt to EBITDA toremain at or below 2x, given S&P’s assessment of the company’sbusiness risk profile as fair.  S&P could also raise the rating ifthe acquisition and the new tissue capacity resulted in a strongerbusiness risk profile.  In addition, S&P would need to assess itscomfort about the company’s future financial policies relative toacquisitions and shareholder distributions before raising therating.S&P’s rating and outlook assumes the transaction closes asproposed.  If the acquisition is not completed, S&P would likelyaffirm its ratings on Clearwater, given its assessment of thestand-alone company’s significant financial risk profile and fairbusiness risk profile.COMMUNITY LENDING: Top-Hat Plan Payments May Be Disgorged———————————————————Bill Rochelle, the bankruptcy columnist for Bloomberg News,reports that the 9th U.S. Circuit Court of Appeals in SanFrancisco said in an unpublished opinion that if a companyterminates and makes a distribution to officers under a so-calledtop-hat deferred compensation plan, the recipients can becompelled to return the payments if the company was insolvent atthe time of the distribution.According to Mr. Rochelle, a top-hat plan provides deferredcompensation to high-level company officers.  Although money tofund the payments may be held in a trust, the plans provide thattrust funds go to creditors if the company is insolvent.Before bankruptcy, the company terminated the plan and madedistributions from the funds to company officers. The districtcourt dismissed a lawsuit to recover the payment. The 9th Circuitreversed on Oct. 8.The Circuit Court, the report relates, said that termination « doesnot mean that the employer may actually pay the participant if thecompany is insolvent at the time of payment. »The circuit court, according to Mr. Rochelle, remanded the case tothe district court for a determination about whether the companywas insolvent at the time of payment.The case is Pham v. Decker (In re Community Lending Inc.),09-15302, 9th U.S. Circuit Court of Appeals (San Francisco).CONDERE CORPORATION: Fraziers Allowed $29,615 Claim, to Recoup 65%——————————————————————The Hon. Edward Ellington grants Billy Joe Frazier and ShirleyFrazier an allowed unsecured claim for $29,615 in the bankruptcycase of Condere Corporation d/b/a Servis Fleet Tire Company, d/b/aFidelity Tire Manufacturing Co.  The Debtor will tender to theFraziers 65% of the claim or $19,250.The Fraziers filed a proof of claim to which the Debtor objected.The agreement reached between the parties liquidated the Fraziers’claim and granted the Fraziers an allowed unsecured claim.  Inbankruptcy, there is not a statute of limitation on the payment ofan allowed unsecured claim.A copy of the Court’s decision is available at http://is.gd/fYAPdfrom Leagle.com.The Debtor is represented by:          Craig M. Geno, Esq.          HARRIS JERNIGAN & GENO, PLLC          587 Highland Colony Parkway          Ridgeland, Mississippi 39157-8784          Telephone: 601-427-0048          Facsimile: 601-427-0050          http://www.hjglawfirm.com/Carolyn Gill-Jefferson, in Madison, Mississippi, represented theFraziers.Condere Corporation d/b/a Servis Fleet Tire Company, d/b/aFidelity Tire Manufacturing Co., manufactured tires at a plant inNatchez, Mississippi.  Condere filed for Chapter 11 bankruptcyprotection (Bankr. S.D. Miss. Case No. 97-02549).  Following thefiling of the bankruptcy, a creditors’ committee of nine creditorswas appointed.On September 4, 1998, the Court approved the sale of the Debtor’sassets to Titan Tire Corporation.  The sale essentially providedfor Titan Tire to purchase all of the assets of the Debtor for apurchase price which was the sum of (a) all secured debt; (b) allallowed priority claims, including expenses of administration,professional fees and tax claims; and (c) 65% of the allowed,unsecured, non-priority claims, including, but not limited to, anyclaims arising under 11 U.S.C. Sec. 502(h).  In accordance withthe terms of the sale, Titan Tire posted a $15,000,000 letter ofcredit to cover the allowed administrative expense claims, allowedprofessional fees, allowed priority tax claims, and 65% of theallowed unsecured claims.On July 30, 1999, the Court entered an Order Confirming Plan.  Theorder approved the December 23, 1998, Amended Joint Plan ofLiquidation of Condere Corporation and the Official UnsecuredCreditors’ Committee.CONFORCE INTERNATIONAL: Posts $279,989 Net Loss in June 30 Quarter——————————————————————Conforce International, Inc., filed its quarterly report on Form10-Q, reporting a net loss attributable to Conforce Internationalof $279,989 on $292,505 of revenue for the three months endedJune 30, 2010, compared with a net loss attributable to ConforceInternational of $176,639 on $553,042 of revenue for the sameperiod ended June 30, 2009.The Company’s balance sheet at June 30, 2010, showed $1.1 millionin assets, $2.0 million in total liabilities, and a stockholders’deficit of $901,115.As reported in the Troubled Company Reporter on July 19, 2010,BDO Canada LLP, in Markham, Ontario, expressed substantial doubtabout the Company’s ability to continue as a going concern,following the Company’s results for the fiscal year endedMarch 31, 2010.  The independent auditors noted that the Companyhas incurred recurring losses and its ability to continue as agoing concern will depend on its ability to generate positive cashflows from operations or secure additional financing.A full-text copy of the Form 10-Q is available for free at:               http://researcharchives.com/t/s?6c61                   About Conforce InternationalHeadquartered in Concord, Ontario, Conforce International, Inc.,has two operations, the first is providing handling, storage andtransportation of overseas containers for international shippinglines as well as domestic retailers through its 50.1% ownedsubsidiary Conforce 1 Container Terminals Inc.  The second is thedevelopment and testing of a polymer based composite shippingcontainer flooring product trademarked under the name EKO-FLORthrough its 100% owned subsidiary Conforce Containers Corporation.The composite flooring product has been designed to provide anenvironmentally friendly product to increase container versatilitywhile reducing shipping costs.The Company was incorporated on May 18, 2004, in the state ofDelaware as Now Marketing Corp. and was renamed on May 25, 2005,to Conforce International Inc.CROWDGATHER INC: Posts $615,900 Net Loss in July 31 Quarter———————————————————–CrowdGather, Inc., filed its quarterly report on Form 10-Q,reporting a net loss of $615,897 on $330,079 of revenue for thethree months ended July 31, 2010, compared with a net loss of$1.3 million on $53,071 of revenue for the same period endedJuly 31, 2009.The Company has an accumulated deficit of $6.9 million as ofJuly 31, 2010, and additional debt or equity financing will berequired by the Company to fund its activities and to support itsoperations.The Company’s balance sheet at July 31, 2010, showed $10.4 millionin total assets, $589,010 in total liabilities, and stockholders’equity of $9.8 million.As reported in the Troubled Company Reporter on July 13, 2010,Q Accountancy Corporation, in Laguna Niguel, Calif., expressedsubstantial doubt about the Company’s ability to continue as agoing concern, following the Company’s results for the year endedApril 30, 2010.  The independent auditors noted that the Companyhas incurred recurring operating losses and has an accumulateddeficit.A full-text copy of the Form 10-Q is available for free at:               http://researcharchives.com/t/s?6c62                      About CrowdGather Inc.Woodland Hills, Calif.-based CrowdGather, Inc. (OTC BB: CRWG)– http://www.crowdgather.com/– is an internet company that specializes in developing and hosting forum based Web sites.CYNERGY DATA: Committee Pursues $39-Mil. from Former Shareholder—————————————————————-Bankruptcy Law360 reports that the official committee of unsecuredcreditors for Cynergy Data LLC has filed suit against MarceloPaladini, former majority shareholder of Cynergy, seeking to clawback $39 million in allegedly fraudulent transfers made during theCompany’s insolvency.                         About Cynergy DataLaunched in 1995, Cynergy Data was a merchant credit cardprocessing service provider.  The Company and two affiliates –Cynergy Data Holdings, LLC, and Cynergy Prosperity Plus, LLC –filed for Chapter 11 bankruptcy protection on September 1, 2009(Bankr. D. Del. Case No. 09-13038).  Cynergy Data said that it hadassets of $109.5 million against debts of $186.1 million as ofJune 30, 2009.The Company’s legal advisor is Nixon Peabody LLP; its financialand restructuring advisor is CM&D Management Services LLC; itsindustry expert is Unicorn Partners, LLC; and its investmentbankers are Stifel, Nicolaus & Company and Peter J. SolomonCompany.  The Company also hired Pepper Hamilton LLP as bankruptcyand restructuring counsel.  Charles D. Moore of Conway MacKenzie,Inc., serves as chief restructuring officer.  Kurtzman Carson &Consultants LLC serves as claims and notice agent.Cynergy Data filed for Chapter 11 to complete the sale of all ofits assets to an affiliate of The ComVest Group.  The $81 millionsale was completed October 2009.  The Debtor was renamed toLiquidation Co. LLC following the sale.D’AUR PROPERTIES: Voluntary Chapter 11 Case Summary—————————————————Debtor: D’Aur Properties, L.L.C.        c/o Tormey & Associates, P.C.        952 Echo Lane, Ste. 330        Houston, TX 77024Bankruptcy Case No.: 10-39034Chapter 11 Petition Date: October 5, 2010Court: United States Bankruptcy Court       Southern District of Texas (Houston)Judge: Karen K. BrownDebtor’s Counsel: Calvin C. Braun, Esq.                  ORLANDO & BRAUN LLP                  3401 Allen Parkway, Suite 101                  Houston, TX 77019                  Tel: (713) 521-0800                  Fax: (713) 521-0842                  E-mail: calvinbraun@orlandobraun.comEstimated Assets: $0 to $50,000Estimated Debts: $1,000,001 to $10,000,000The Debtor did not file a list of its largest unsecured creditorstogether with its petition.The petition was signed by Walden Davis, Jr., managing member.DAIRY PRODUCTION: Case Summary & 22 Largest Unsecured Creditors—————————————————————Debtor: Dairy Production Systems, LLC          dba Dairy Production Systems              DPS        23343 N.W. County Road 236        High Springs, FL 32643Bankruptcy Case No.: 10-11754Chapter 11 Petition Date: October 7, 2010Court: U.S. Bankruptcy Court       Middle District of Georgia (Albany)Debtor’s Counsel: Neil C. Gordon, Esq.                  ARNALL GOLDEN GREGORY LLP                  171 17th Street NW, Suite 2100                  Atlanta, GA 30363-1031                  Tel: (404) 873-8596                  Fax: (404) 873-8597                  E-mail: becky.wilkes@agg.comEstimated Assets: $10,000,001 to $50,000,000Estimated Debts: $10,000,001 to $50,000,000The petition was signed by David P. Sumrall, sole manager and solemember.Debtor-affiliates that separate Chapter 11 petitions:        Entity                        Case No.       Petition Date        ——                        ——–       ————-Dairy Production Sys. – Georgia LLC   10-11752            10/07/10  Assets: $1,000,001 to $10,000,000  Debts: $10,000,001 to $50,000,000Dairy Production Systems -  Mississippi, LLC                    10-11755            10/07/10Heifer Haven, LLC                     10-11757            10/07/10New Frontier Dairy, LLC               10-11756            10/07/10Dairy Production Systems, LLC’s List of 22 Largest UnsecuredCreditors:        Entity                      Nature of Claim   Claim Amount        ——                      —————   ————Furst McNess Company (BR)           –                  $1,714,832120 East Clark StreetFreeport, IL 61032Furst McNess Company (BL)           –                    $815,035120 East Clark StreetFreeport, IL 61032Dairy Farmers of America, Inc.      –                    $445,45210411 Cogdill RoadKnoxville, TN 37932Norvel Reed, Jr.                    –                    $275,734P.O. Box 1111Trenton, FL 32693Farm Plan                           –                     $99,271Jerry Goff                          –                     $95,85783 Custom, Inc.                     –                     $91,836Dewayne Knighton                    –                     $74,155Harriet Knighton                    –                     $74,155Central Florida Electric Coop, Inc. –                     $70,94383 Farms, LLC & Farm Credit of N.   –                     $69,704FLProfessional Veterinary Pro (BL)    –                     $69,541GEA Farm Technologies, Inc. (BR)    –                     $36,301MWI Veterinary Supply Co.           –                     $34,424Mills Brothers Livestock, LLC       –                     $33,470Wood’s Electrical Services          –                     $30,317Michael Wilkerson (BR)              –                     $27,874Commodity Specialists Company (BR)  –                     $20,271W.B. Mathis, Jr.                    –                     $18,750Kay Enterprises                     –                     $17,538Purina Mills, LLC                   –                     $16,874Agricultural Funding Solutions, LLC –                     unknownDEBORAH HEART: Moody’s Affirms ‘B1′ Rating on $22.8 Mil. Bonds————————————————————–Moody’s Investors Service has affirmed the B1 long-term ratingassigned to Deborah Heart and Lung Center’s $22.8 million ofoutstanding bonds.  The revision of the outlook to stable fromnegative reflects the recent improvement in FY 2009 financialperformance that appears to be continuing through FY 2010.Moody’s caution that the longer-term credit profile of The Center,as a B1 credit rating suggests, still remains a high-riskinvestment given the hospital’s small size, concentrated servicearray and reliance on fundraising to subsidize losses on clinicaloperations.Legal Security: Bonds are secured by a mortgage lien and grossrevenue pledge and Subsidy Agreement between the Deborah HospitalFoundation (Foundation) and the Center.  The Subsidy Agreementwith the Foundation irrevocably obligates the Foundation toprovide subsidies to the Center in amounts which will besufficient to enable the Center to pay operating expenses, capitalexpenditures and all other cash flow requirements including debtservice payments under the Loan and Security Agreement.Interest Rate Derivatives: None                            Strengths* Improvement in FY 2009 financial performance due to material  expense reduction efforts to offset revenue contraction and  anticipated lower subsidies from the Foundation* Increased volumes during FY 2010 due to the recently opened  satellite emergency department on the campus following  consecutive years of admission declines* Recent change in investment allocation to reduce the exposure to  equities, particularly important given the annual demands on  cash for operating subsidies* All fixed rate debt structure; debt service reserve fund remains  untouched* Irrevocable Subsidy Agreement from the Deborah Hospital  Foundation that has historically subsidized operating losses at  the Center, although liquidity at the Foundation has declined                           Challenges* Liquidity has declined as of August 31, 2010 to a combined $16.1  million or 44.8 days, down from $25.2 or 67.9 days at the end of  FY 2009 given continued operating losses and a decline in  fundraising given the economy; management notes that there is  some seasonality with higher cash balances typically at year end  which is the highpoint of the annual fundraising cycle* While lower than in the past, operating losses continue at The  Center with a -3.7% operating margin through the first eight  months of FY 2010; management expects about $4.3 million in  subsidies from the Foundation in FY 2010 compared to a much  higher level support of $12.9 million in FY 2008* Current economic conditions have hampered fundraising efforts  which is an integral strategy to grow liquidity and subsidize  the clinical operations* Recent retirement announcement by the long-standing CEO in  December 2010; board is commencing a search for his replacement  and represents a period of transition for the organization                     Recent Developments/ResultsThe affirmation of the B1 rating and the revision of the outlookto stable from negative reflects The Center’s financialimprovement in FY 2009 which is continuing through the first eightmonths of FY 2010.  Following years of growing operating losses atThe Center culminating in a $19.2 million loss (-14.6% margin) inFY 2008, material expense reductions reduced the loss to a moremanageable $6.1 million loss (-4.7% margin) in FY 2009 and helpedoffset declining revenues.  When adding in the performance of theFoundation to The Center’s, coverage levels improved with 2.03times maximum annual debt service (from under one times) and 7.5times debt to cash flow (from -33.2 times).The financial improvement at The Center reflects a number ofexpense reduction initiatives undertaken by management including areduction in force, length of stay management and freezing ofcontributions to the 401k plan.  The expense reductions followconsecutive years of volume declines for this small specialtyhospital.  In FY 2009 admissions declined over 7% while open heartsurgeries declined 18% from the prior year.  Additionally, TheCenter’s long-standing practice of not balance-billing patientsfor any payments owed after third-party payments are receivedplaces further stress on financial performance and has stymiedrevenue growth.  While this practice remains in place and core toThe Center’s mission, the new focus on expenses begins to addressthese financial challenges in a demonstrable way.The historical volume declines in part reflected increasedcompetition for advanced cardiology services and the departure ofsome key admitters in recent years.  To address the declines andThe Center’s narrow service array, management partnered withLourdes-Burlington (part of Catholic Health East, rated A1) andopened a satellite emergency department on The Center’s campus inMarch 2010.  The capital and operating costs were incurred byLourdes-Burlington.  The Center receives all of the cardiac,pulmonary and vascular cases needing additional care while theremaining cases are transferred to Lourdes-Burlington.  Thisprovides a new portal into The Center which never had an emergencyroom and relied entirely on physician referrals for volumes.  Todate, about 6% of the emergency room visits have translated intoadditional admissions to The Center which heretofore may not havecome to the hospital.  As a result, revenues are up over$8 million in the first eight months of FY 2010 compared to theprior year period.The improvement in performance should also reduce the need for thehistorically large subsidies provided to The Center from theFoundation annually to subsidize the losses.  After a large$12.9 million transfer in FY 2008, The Center received$2.2 million from the Foundation in FY 2009 with $4.3 millionexpected in FY 2010.  The Foundation’s revenues are generated fromfundraising and investment returns both of which have suffered inrecent years given the economy.  Historically using a largelygrass-roots fundraising strategy, the Foundation has moved to morecontemporary fundraising avenues such as annuities, bequests andcorporate giving.  Still, gifts declined in FY 2009 to$7.8 million from $10.4 million in FY 2008 and are down throughAugust 31, 2010.  However, management reports that the bulk of thefundraising typically comes in during the last quarter of everyyear.  Moody’s note that there is no spending policy that theorganization adheres to and no new capital campaign has beendeveloped.Combined unrestricted cash and investments at The Center and theFoundation increased to $25.2 million or 67.9 days cash on hand atthe end of FY 2009 due to minimal capital spending and improvedperformance.  Liquidity has since declined to $16.1 million or 45days cash on hand as of August 31, 2010 and slightly ahead of cashbalances as of August 31, 2009.  Management states that FY end2009 cash is somewhat inflated due to an advance from the statefor charity care funds and some stretching of payables.  Moody’snote favorably that the board changed the asset allocation to 40%equity/60% fixed income from 60% equity/40% fixed income tomitigate the risk.  After large capital spending budget in FY 2008($8.1 million), capital spending declined to a very low $355thousand.  FY 2010 capital budget is expected to come in at$1.4 million.                             OutlookThe revision of the outlook to stable from negative reflects therecent improvement in FY 2009 financial performance that appearsto be continuing through FY 2010.  While the revision in theoutlook to stable indicates expected rating stability over thenext one to two years, Moody’s caution that the longer-term creditprofile of The Center, as a B1 credit rating suggests, is still ahigh-risk investment given the organization’s small size andspecialty nature.  Further declines in liquidity caused by areversal in current performance will place pressure on the ratingand outlook.                What would change the rating — UpMaterial improvement in performance that is sustainable, materialgrowth in liquidity and fundraising; enterprise growth via volumeincreases               What could change the rating — DownDeparture from current results, further depletion of cash                         Key IndicatorsAssumptions & Adjustments:  – Based on the audited financial statements for Deborah Heart     and Lung Center and The Deborah Foundation (Moody’s has     combined the audits for the computations below)  – First number reflects audit year ended December 31, 2008     (excludes $8.8 million impairment charge)  – Second number reflects audit year ended December 31, 2009  – Investment returns normalized at 6% unless otherwise noted* Inpatient admissions: 4,638; 4,303* Total operating revenues: $140.5; $134.8 million* Moody’s-adjusted net revenue available for debt service: $682  thousand; $5.1million* Total debt outstanding: $26.5 million; $25.2 million* Maximum annual debt service (MADS): $2.5 million; $2.5 million* Moody’s-adjusted MADS Coverage with normalized investment  income: 0.27 times; 2.03 times* Debt-to-cash flow: -33.2 times; 7.5 times* Days cash on hand: 85.6 days; 100.3 days* Cash-to-debt: 53.1%; 67.9%* Operating margin: -16.0%; -5.5%* Operating cash flow margin: -10.2%; 0.5%                           Rated Debt* Series 1993: $22 million; fixed rate; B1The last rating action with respect to Deborah Heart & Lung Centerwas on June 1, 2009 when the Ba1 municipal finance scale ratingwas downgraded to B1 and the outlook was negative.  That ratingwas subsequently recalibrated to B1 on May 7, 2010.DIAMOND RANCH: Taps M&K CPAS as Independent Public Accountant————————————————————-Diamond Ranch Foods Ltd. on August 30, 2010, was informed byGruber & Company LLC that it would not stand for re-election asindependent public accountant.On September 28, 2010, the Company engaged M&K CPAS PLLC as itsindependent public accountants.  M&K has been engaged to reviewthe Company’s unaudited interim financial information, commencingwith the quarter ended September 30, 2010, and to perform an auditof the Company and report on the financial statements for thefiscal year ending March 31, 2011.                        About Diamond RanchDiamond Ranch Foods, Ltd. — http://www.diamondranchfoods.com/– is a meat processing and distribution company now located in theHunts Point Coop Market, Bronx, New York.  The Company’soperations consist of packing, processing, labeling, anddistributing products to a customer base, including, but notlimited to; in-home food service businesses, retailers, hotels,restaurants, and institutions, deli and catering operators, andindustry suppliers.Gruber & Company LLC, in Lake Saint Louis, Missouri, expressedsubstantial doubt about Diamond Ranch Foods Ltd.’s ability tocontinue as a going concern, noting that the Company has sufferedrecurring losses from operations after the firm audited theCompany’s balance sheet as of March 31, 2010, and 2009.As of June 30, 2010, the Company had $1,408,828 in total assets,$6,274,635 in total liabilities and a $4,793,807 stockholder’sdeficit.DRYSHIPS INC: Delivers M/V Xanadu to New Owners for $33.7 Million—————————————————————–DryShips Inc. said in a filing with the U.S. Securities andExchange Commission that it has delivered the M/V Xanadu to itsnew owners for a sale price of $33.7 million.  The Company expectsto realize a book gain of approximately $200,000 from the sale ofthe vessel.                       About DryShips Inc.Based in Greece, DryShips Inc. — http://www.dryships.com/– — is an owner and operator of drybulk carriers and offshore oildeep water drilling units that operate worldwide.  As ofSeptember 10, 2010, DryShips owns a fleet of 40 drybulk carriers(including newbuildings), comprising 7 Capesize, 31 Panamax and 2Supramax, with a combined deadweight tonnage of over 3.6 milliontons and 6 offshore oil deep water drilling units, comprising of 2ultra deep water semisubmersible drilling rigs and 4 ultra deepwater newbuilding drillships.DryShips’s common stock is listed on the NASDAQ Global SelectMarket where it trades under the symbol « DRYS ».DUNE ENERGY: Amends Employee Severance Plan——————————————-Dune Energy Inc. amended its employee severance plan.  The Planapplies to all of its employees, other than those employed withpursuant to the terms of specific employment contracts.  Unlessotherwise indicated, capitalized terms used below shall have themeaning ascribed to them in the Plan.Previously, the Plan provided that upon the InvoluntaryTermination of a Covered Employee Officers would receive sixmonths Base Salary and all other Covered Employees would receivethree months Base Salary.  No Target Bonus would be provided toany Covered Employee upon the Involuntary Termination of suchCovered Employee under the Plan prior to this amendment.As amended, the Plan now provides for the Target Bonus as acomponent of a Covered Employee’s severance, and also providesthat upon an Involuntary Termination, (i) Officers would receive12 months Base Salary plus their Target Bonus, (ii) selectemployees would receive six months Base Salary plus 50% of theirTarget Bonus and (iii) other employees would receive three monthsBase Salary plus 25% of their Target Bonus.A full-text copy of the Employee Severance Plan is available forfree at http://ResearchArchives.com/t/s?6c5b                        About Dune EnergyDune Energy, Inc. (NYSE AMEX: DNE) — http://www.duneenergy.com/– is an independent energy company based in Houston, Texas.Since May 2004, the Company has been engaged in the exploration,development, acquisition and exploitation of natural gas and crudeoil properties, with interests along the Louisiana/Texas GulfCoast.  The Company’s properties cover over 90,000 gross acresacross 27 producing oil and natural gas fields.                          *     *     *Dune Energy carries a ‘CCC-’ corporate credit rating, withnegative outlook, from Standard & Poor’s. S&P said in April 2010that « the company’s heavy debt burden makes the prospects of adistressed exchange or bankruptcy a distinct possibility. »Dune Energy has a ‘Ca’ corporate family rating from Moody’s.ELITE PHARMACEUTICALS: Posts $4.8-Mil. Net Loss in June 30 Quarter——————————————————————Elite Pharmaceuticals, Inc., filed its quarterly report on Form10-Q, reporting a net loss of $4.77 million on $831,920 of revenuefor the three months ended June 30, 2010, compared with net incomeof $1.15 million on $813,875 of revenue for the same period endedJune 30, 2009.The Company continues to generate losses and negative cash flowfrom operations and does not anticipate being profitable forfiscal year 2011.As of June 30, 2010, the Company had approximately 13 months ofcash available based on its current operations.The Company’s balance sheet at June 30, 2010, showed$10.36 million in total assets, $25.41 million in totalliabilities, and a stockholders’ deficit of $15.05 million.As reported in the Troubled Company Reporter on July 13, 2010,Demetrius & Company, L.L.C., in Wayne, New Jersey, expressedsubstantial doubt about the Company’s ability to continue as agoing concern, following the Company’s results for the fiscal yearended March 31, 2010.  The independent auditors noted that theCompany has experienced significant losses and negative operatingcash flows resulting in a working capital deficiency andshareholders’ deficit.A full-text copy of the Form 10-Q is available for free at:              http://researcharchives.com/t/s?698a                   About Elite PharmaceuticalsNorthvale, N.J.-based Elite Pharmaceuticals, Inc. (OTC BB: ELTP)– http://www.elitepharma.com/– is a specialty pharmaceutical company that develops and manufactures oral, controlled-releaseproducts using proprietary technology.  Elite developed andmanufactures for its partner, ECR Pharmaceuticals, Lodrane 24(R)and Lodrane 24D(R), for allergy treatment and expects to launchsoon three approved generic products.  Elite also has a pipelineof additional generic drug candidates under active development andthe Company is developing ELI-216, an abuse resistant oxycodoneproduct, and ELI-154, a once-a-day oxycodone product.  Eliteconducts research, development and manufacturing in its facilityin Northvale, New Jersey.ENERJEX RESOURCES: Earns $1 Million in June 30 Quarter——————————————————EnerJex Resources, Inc., filed its quarterly report on From 10-Q,reporting net income of $1.0 million on $1.0 million of revenuefor the three months ended June 30, 2010, compared with net incomeof $436,194 on $1.4 million of revenue for fiscal 2009.There was a gain on derivative contracts of $1.1 million in 2010.The Company’s balance sheet at June 30, 2010, showed $6.3 millionin total assets, $13.3 million in total liabilities, and astockholders’ deficit of $7.0 million.As reported in the Troubled Company Reporter on July 21, 2010,Weaver & Martin, LLC, in Kansas City, Missouri, expressedsubstantial doubt about the Company’s ability to continue as agoing concern, following the Company’s results for the year endedMarch 31, 2010.  The independent auditors noted that the Companyhas suffered recurring losses and had negative cash flows.A full-text copy of the Form 10-Q is available for free at:               http://researcharchives.com/t/s?6c65                     About EnerJex ResourcesOverland Park, Kansas-based EnerJex Resources, Inc., formerlyknown as Millennium Plastics Corporation, is an oil and naturalgas acquisition, exploration and development company.  TheCompany’s oil and natural gas acquisition and developmentactivities are currently focused in Eastern Kansas.ENERGY FUTURE: Moody’s Downgrades Corp. Family Rating to ‘Caa2′—————————————————————Moody’s Investors Service downgraded the Corporate Family Ratingfor Energy Future Holdings Corp to Caa2 from Caa1; downgradedEFH’s Probability of Default Rating to Caa3 from Caa2 and affirmedthe SGL-4 Speculative Grade Liquidity assessment.  EFH’s ratingoutlook remains negative.In addition to the downgrades of EFH’s CFR and PDR, and utilizingMoody’s Loss Given Default methodology with respect to assigningindividual security instrument ratings, Moody’s also took theserating actions:* Affirmed EFH’s senior secured 9.75% and 10% securities due 2019  and 2020, which are secured by EFIH’s ownership interests in  Oncor Holdings, at Caa3 (LGD5, 62%);* Downgraded EFH’s LBO senior unsecured guaranteed 10.875% cash  pay and 11.25%/12% PIK Toggle notes, both due 2017, to Ca from  Caa3 (LGD5, 81%);* Affirmed EFH’s legacy senior unsecured notes due 2014, 2024 and  2034, respectively, at Ca (LGD5, 85%);* Affirmed EFIH’s senior secured notes due 2019 and 2020, which  are secured by the ownership interests in Oncor Holdings, at  Caa3 (LGD5, 62%);* Downgraded the EFCH unsecured notes to Ca from Caa3 (LGD5, 69%);* Downgraded TCEH’s senior secured first lien notes to B2 from B1  (LGD2, 15%);* Assigned a Caa2 rating for TCEH’s second lien notes due 2021  (LGD3, 41%);* Downgraded TCEH’s LBO 10.25% cash pay and 10.5%/11.25% PIK  Toggle senior unsecured guaranteed notes due 2015 and 2016,  respectively, to Caa3 from Caa2 (LGD4, 52%);* Downgraded TCEH’s legacy senior unsecured notes to Ca from Caa3  (LGD4, 65%)                        Ratings RationaleThe downgrade is triggered by the persistent environment of lownatural gas and power commodity prices and low average heat rates,which collectively drag down EFH’s current and expected cash flowgeneration.   There is little evidence indicating a significantimprovement to natural gas commodity prices, and as a result, EFHis likely to remain in financial distress.  In a recent 8-Kfiling, the company announced a sizeable impairment to goodwill,which Moody’s view as acknowledgement by the company of aprolonged period of weaker than previously anticipated cash flows.EFH’s weak cash flow generation prospects call into question thecompany’s overall liquidity profile.  EFH’s liquidity profile isan important consideration towards the company’s ability toaddress near-term debt service obligations and pending maturities.Moody’s SGL-4 rating indicates a relatively weak liquidityprofile.  Moody’s are especially concerned with the financialmaintenance covenant at TCEH’s $2.7 billion secured revolver,which expires in October 2013.The Baa1 senior secured rating for Oncor Electric Delivery CompanyLLC, which is a regulated transmission and distribution utilitythat is 80% owned by EFH, is affirmed.  Oncor’s rating outlookremains stable.  Oncor’s rating and stable rating outlook benefitby certain ring-fence type provisions and the presence of thePublic Utility Commission of Texas.  Nevertheless, Moody’s seeevent risk at Oncor as being elevated when compared to comparableregulated utility companies due to its parent’s deterioratingcredit profile.  The elevated event risk is not sufficient towarrant a change to Oncor’s rating or rating outlook at this time.Moody’s continues to view EFH as being a financially distressedcompany.  Its capital structure appears to be untenable, callinginto question the sustainability of the business model.  Thecompany’s cash flow generation is highly exposed to natural gasand power commodity prices, which are expected to remain low overthe next several years.  EFH’s credit profile continues to remainin a state of decline, as evidenced by the company’s near termstrategy of repurchasing its debt at a discount or engaging indebt exchange activities.Prospectively, ratings are unlikely to be upgraded over theintermediate term horizon, largely due to Moody’s expectations foronly modest cash flow generation due to an extended period of lowcommodity prices.  Should natural gas and power commodity pricesand market heat rates improve materially, for a sustained periodof time, EFH’s rating and rating outlook could show somestabilization, and eventually, rating upgrades.Over the near to intermediate-term horizon, ratings are morelikely to fall further, especially if commodity prices fail toraise the around-the-clock price of power in north Texas.  EFH’sliquidity profile is slowly but steadily declining, and without asustained improvement to natural gas commodity prices, eventuallyEFH’s liquidity will be exhausted.  Moody’s continue toincorporate a view that EFH’s debt restructuring activity willintensify and become more material, and will continue to focusmore on TCEH and the nearing maturities in October 2013 andOctober 2014.  Moody’s continues to incorporate a view that anyfuture restructuring activities will exclude activity related toOncor, Oncor Holdings and Energy Future Intermediate HoldingsCompany.  Additional activity on the regulated side of theorganization structure will, most likely, be viewed negatively forOncor given the material amount of debt obligations that have beenloaded on EFIH.  Moody’s view the EFIH debt (which includes thedebt at EFH that can travel to EFIH under certain circumstances)as a form of permanent leverage residing at Oncor’s intermediatesubsidiary holding company.The Baa1 senior secured rating and stable rating outlook for Oncordoes not currently incorporate the full effects of the potentialevent risk related to EFH’s financial distress.  As mentioned,Moody’s continue to view the ring-fence type provisionsincorporated into Oncor’s structure as strong, and continue toview the presence of the PUCT as a credit benefit.  Nevertheless,Moody’s remain concerned that EFH may become forced into morematerial restructuring activities, in part due to an extendedperiod of low commodity prices.  According to Oncor’s publicdisclosures, the ring fence may not work as planned under somescenarios, with only a bankruptcy judge ultimately deciding theeffectiveness of the ring fence.  Should an event like thismaterialize, the ratings for Oncor could be impacted.Oncor’s rating outlook could be changed to negative if EFHcontinues to utilize its equity interest in Oncor, either directlyor indirectly, as part of its ongoing restructuring activities orif EFH continues to transfer debt onto EFIH, Oncor’s intermediateparent holding company.  Moody’s view the recent activity at bothEFH and EFIH, where roughly $4.0 billion of debt has already beenissued which utilizes the ownership interests in Oncor, as anindirect form of permanent leverage on Oncor.Energy Future Holdings Corp (Caa2 CFR) is a large, non-regulatedmerchant power company headquartered in Dallas, Texas.  OncorElectric Delivery Company LLC (Baa1 senior secured) is a regulatedtransmission and distribution utility regulated by the PublicUtility Commission of Texas and is approximately 80% owned by EFH.GALP CNA: Voluntary Chapter 11 Case Summary——————————————-Debtor: GALP CNA Limited Partnership        c/o Law Offices of Matthew Hoffman        2777 Allen Parkway, Suite 1000        Houston, TX 77019        Tel: (713) 654-9990Bankruptcy Case No.: 10-38975Chapter 11 Petition Date: October 4, 2010Court: United States Bankruptcy Court       Southern District of Texas (Houston)Judge: Jeff BohmDebtor’s Counsel: Matthew Hoffman, Esq.                  LAW OFFICES OF MATTHEW HOFFMAN, P.C.                  2777 Allen Parkway, Suite 1000                  Houston, TX 77019                  Tel: (713) 654-9990                  Fax: (713) 654-0038                  E-mail: mhecf@aol.comEstimated Assets: $1,000,001 to $10,000,000Estimated Debts: $1,000,001 to $10,000,000The Debtor did not file a list of its largest unsecured creditorstogether with its petition.The petition was signed by Gary Gray, president of CNA-1 GP, Inc.,general partner of CNA GP, LP., Debtor’s general partner.GENERAL MOTORS: Moody’s Assigns ‘Ba2′ Corporate Family Rating————————————————————-Moody’s Investors Service assigned a Ba2 Corporate Family Ratingand Probability of Default Rating to General Motors Company, and aBaa3 rating to the company’s anticipated secured credit facility,the terms of which have not been publicly disclosed.  Moody’s alsoassigned GM a Speculative Grade Liquidity rating of SGL-1.  Theoutlook is stable.                        Ratings RationaleThe Ba2 CFR reflects GM’s strong position in developing markets, acompetitive cost structure in North America, an improving domesticproduct portfolio, and a significantly stronger balance sheet andliquidity position as a result of the bankruptcy reorganizationprocess.  The rating also anticipates that the company’s Europeanrestructuring efforts, combined with a modest recovery in marketdemand, will stem that segment’s significant losses during 2011.GM also benefits from the overall restructuring of the USautomotive sector.  US OEMs have been able to move away from thedysfunctional practices that have burdened them for decades.  Thisshift in the industry’s operating structure has been the result ofsignificant headcount reductions, the elimination of excesscapacity, and the implementation of a new UAW contract.Consequently, the US auto industry is managing production levelsand pricing in a much more sustainable manner.Moody’s expects that GM will be able to generate increasing levelsof free cash flow, gradually reduce its very sizable unfundedpension liability, and strengthen its credit metrics as a resultof a healthier operating model and more favorable industryfundamentals.Bruce Clark, senior vice president with Moody’s said, « Over thelong term, GM has the potential to become a more formidable playerin the global automotive arena.  The company has a sustainablebusiness position in North America, Asia and Latin America.Success in fixing its troubled European operations would result inone of the more balanced global footprints in the industry.Trimming the company’s large unfunded pension liability would giveit the kind of balance sheet it needs to contend with theindustry’s ongoing cyclicality. »Notwithstanding these positives, the Ba2 rating also reflects anumber of operating and financial challenges facing GM.  In NorthAmerica, the company is making progress in improving consumerperception of its vehicles, and it should begin to strengthen thepace of its product renewal cycle by 2012.  Nevertheless, GMcontinues to lag its major domestic rival in both of these areas.In addition, despite the fact that GM’s vehicle launches for 2010and 2011 are heavily focused on cars and crossover vehicles, thecompany will remain heavily dependent on the success of trucks andSUVs.  In Europe, GM is still generating sizable losses and willnot complete this segment’s restructuring and hoped-for turnaroundfor at least another year.  Finally, although the bankruptcyprocess lowered its funded debt from approximately $50 billion toa current level of about $8 billion, GM still has $26 billion inunfunded pension liabilities.  This liability results in thecompany having a significant debt burden on an adjusted basis.Consequently, despite improved first-half 2010 EBIT of$3.3 billion, GM’s ratio of EBIT/interest is a modest 1.5x afterMoody’s standard adjustments.Moody’s expects that this relatively modest coverage measure, andGM’s other key credit metrics, will improve steadily as thecompany’s earnings and cash generation continue to grow.  The keydrivers of this improvement will be stronger performance in NorthAmerica, stemming of losses in Europe, and a significant reductionin the unfunded pension liability.GM’s SGL-1 liquidity rating is supported by the company’s June30th cash position of $31.5 billion, free cash generation thatapproximated $3.4 billion during the first half of 2010, and itsanticipated bank credit facility.  These liquidity sources provideample capacity to fund the company’s key cash requirements.  Theserequirements include $5.5 billion in debt that is expected tomature during the twelve months from June 30th, and the need tofund intra-period working capital requirements that Moody’sestimate at $8 to $10 billion.  Although discretionary pensioncontributions could be large, Moody’s expect that much of thefunding will come from the company’s free cash generation, andthat the resulting liquidity position will remain strong.Importantly, GM’s UAW contract, which expires in September 2011,contains a non-strike provision that requires arbitration in theevent that an agreement cannot be reached.  This provisionprovides important protection against the risk of a large strike-related cash burn occurring during 2011.The stable rating outlook reflects Moody’s expectation that theoperating strengths that GM needs in order to improve earnings,grow cash flow, and reduce the pension liability are sustainable.In addition, the company’s strong liquidity position shouldprovide an ample cushion in the event of moderation in the pace ofimprovement in demand in major markets.GM’s Ba2 rating could come under pressure if the company does notremain largely on track for achieving key operational andfinancial initiatives through 2011.  Operational initiativesinclude completing the restructuring of the European operationsand approaching breakeven performance for these operations in2011, executing successful new product launches of car andcrossover vehicles in North America, and demonstrating furtherimprovement in consumer perception of the domestic portfolio.  Keyfinancial initiatives include further deleveraging of the balancesheet while maintaining a strong liquidity profile.  The ratingalso anticipates that GM will deliver metrics approximating thesefor 2011: EBIT/interest approaching 3.5x; debt/EBITDAapproximating 3.0x; retained cash flow/debt near 30%; and an EBITAmargin of about 6% (5.2% for the LTM through June 2010).Over time, to the extent that GM’s product renewal programs andEuropean restructuring initiatives give it the ability toconsistently exceed these financial metrics while reducing itsunderfunded pension obligation, a higher rating could beconsidered.GENTA INC: Awards Grants Under 2009 Stock Incentive Plan——————————————————–The Compensation Committee of the Board of Directors of GentaIncorporated awarded these grants of restricted stock unitspursuant to the Company’s 2009 Stock Incentive Plan, as amendedand restated:Raymond P. Warrell, Jr. M. D., Chairman and Chief ExecutiveOfficer of the Company, was granted 580,439 restricted stockunits. These restricted stock units will vest as follows:   * 20%, or 116,087 shares, shall vest on December 6, 2010, 20%,     or 116,087 shares, shall vest on December 6, 2011 and 20%, or     116,088 shares, shall vest on December 6, 2012; provided;     however, if there is a change in control of the Company, the     348,262 shares subject to the vesting schedule set forth     above will immediately vest and shall be issued on the date     prior to the date of such change in control.  If the     foregoing shares have vested, they shall be issued at the     earliest to occur of:       i) December 6, 2012,      ii) separation from service,     iii) death or      iv) disability; and  * 40%, or 232,177 shares, shall vest upon the achievement of    performance criteria determined by the Committee but require    completion prior to December 6, 2012, and if vested, such    shares shall be issued at the earliest to occur of       i) December 6, 2012,      ii) separation from service,     iii) change in control,      iv) death or       v) disability.Loretta M. Itri, M.D., President, Pharmaceutical Development andChief Medical Officer of the Company, was granted 198,897restricted stock units.  These restricted stock units will vest asfollows:   * 20%, or 39,779 shares, shall vest on December 6, 2010, 20%,     or 39,779 shares, shall vest on December 6, 2011, 20%, or     39,780 shares, shall vest on December 6, 2012; provided;     however, if there is a change in control of the Company, the     119,338 shares subject to the vesting schedule set forth     above, will immediately vest and shall be issued on the date    prior to the date of such change in control.  If the foregoing    shares have vested, they shall be issued at the earliest to    occur of:       i) December 6, 2012      ii) separation from service,     iii) death or      iv) disability; and  * 40%, or 79,559 shares, shall vest upon the achievement of    performance criteria determined by the Committee but require    completion prior to December 6, 2012, and if vested, such    shares shall be issued at the earliest to occur of:       i) December 6, 2012,      ii) separation from service,     iii) change in control,      iv) death or       v) disability.Gary Siegel, Vice President, Finance of the Company, was granted96,740 restricted stock units.  These restricted stock units willvest as follows:   * 20%, or 19,348 shares, shall vest on December 6, 2010, 20%,     or 19,348 shares, shall vest on December 6, 2011, 20%, or     19,348 shares, shall vest on December 6, 2012; provided,     however, if there is a change in control of the Company, the     58,044 shares subject to the vesting schedule set forth     above, will immediately vest and shall be issued on the date     prior to the date of such change in control.  If the     foregoing shares have vested, they shall be issued at the     earliest to occur of:        i) December 6, 2012,       ii) separation from service,      iii) death or       iv) disability; and  * 40%, or 38,696 shares, shall vest upon the achievement of    performance criteria determined by the Committee but require    completion prior to December 6, 2012, and if vested, such    shares shall be issued at the earliest to occur of:        i) December 6, 2012,       ii) separation from service,      iii) change in control,       iv) death or        v) disability.For all shares that vest under the above restricted stock units,each officer set forth above shall automatically be issued, on theissuance date of such shares  a number of fully vested sharesdetermined by multiplying a fraction, the numerator of which isthe number of shares to be issued on such issuance date and thedenominator of which is the number of shares of the Company’scommon stock outstanding on October 6, 2010, by the number ofshares of Company common stock outstanding on the issuance date,rounded up to the nearest whole share.For avoidance of doubt, and except as expressly stated above,vested shares that have been awarded pursuant to these grantsshall not be issued prior to December 6, 2012.                            About GentaBerkeley Heights, New Jersey, Genta Incorporated (OTCBB: GETA.OB)– http://www.genta.com/– is a biopharmaceutical company with a diversified product portfolio that is focused on deliveringinnovative products for the treatment of patients with cancer.                           *     *     *Genta Incorporated’s balance sheet at June 30, 2010, showed$24.11 million in total assets, $6.39 million in total currentliabilities, $145.17 million in total long-term liabilities, anda stockholders’ deficit of $127.44 million.GENTA INC: Conversion Price for Adjusted Notes Reduced to 10%————————————————————-Genta Incorporated has issued various senior unsecured and securedconvertible promissory notes to certain accredited investors in aprivate placement.  Pursuant to the terms of the Senior UnsecuredConvertible Promissory Notes B due March 9, 2013, issued by theCompany on March 9, 2010, the Senior Unsecured ConvertiblePromissory Notes E due March 9, 2013, issued by the Company onMarch 9, 2010, and the Senior Unsecured Convertible PromissoryNotes F due March 9, 2013, issued by the Company on March 9, 2010,if on the later of (A) the date that is seven months afterMarch 9, 2010, and (B) the eleventh trading day following theeffective date of the Company’s reverse stock split, which becameeffective on August 2, 2010, the volume weighted closing price ofthe Company’s Common Stock for the 10 consecutive trading dayperiod ending on the last trading day prior to the OctoberAdjustment Date is less than $0.10, the conversion price for theOctober Adjusted Notes, as applicable, shall be reduced to a priceequal to 10% of the 10-Day October VWCP.On October 8, 2010, the 10-Day October VWCP was less than $0.10.Therefore, on October 9, 2010, the conversion price for theOctober Adjusted Notes will be reduced to 10% of the 10-DayOctober VWCP, or $0.0396.The Company’s Senior Secured Convertible Promissory Notes dueJune 9, 2011, as amended, (ii) Senior Secured ConvertiblePromissory Notes due April 2, 2012, as amended, (iii) UnsecuredSubordinated Convertible Promissory Notes due July 7, 2011, asamended, issued by the Company on July 7, 2009 and September 4,2009, pursuant to a securities purchase agreement dated July 7,2009, (iv) Unsecured Subordinated Convertible Promissory Notes dueSeptember 4, 2011, as amended, issued by the Company onSeptember 4, 2009 pursuant to a securities purchase agreementdated September 4, 2009, (v) Senior Unsecured ConvertiblePromissory Notes C due March 9, 2013, issued by the Company onMarch 9, 2010, and (vi) Senior Secured Convertible PromissoryNotes D due March 9, 2013, issued by the Company on March 9, 2010,contain provisions that provide that the conversion price of theOther Notes shall be reduced to the extent the Companysubsequently issues securities at an effective price below theapplicable conversion price of the Other Notes or amends theconversion price of its outstanding notes to a price that is belowthe applicable conversion price of the Other Notes.Since the conversion price of the October Adjusted Notes will beless than the current conversion price for the Other Notes onOctober 9, 2010 following the conversion price reduction, theconversion price for the Other Notes will reset upon theadjustment of the conversion price of the October Adjusted Note.Therefore, on October 9, 2010, the current conversion price of theOther Notes will be $0.0396.                            About GentaBerkeley Heights, New Jersey, Genta Incorporated (OTCBB: GETA.OB)– http://www.genta.com/– is a biopharmaceutical company with a diversified product portfolio that is focused on deliveringinnovative products for the treatment of patients with cancer.                           *     *     *Genta Incorporated’s balance sheet at June 30, 2010, showed$24.11 million in total assets, $6.39 million in total currentliabilities, $145.17 million in total long-term liabilities, anda stockholders’ deficit of $127.44 million.GREAT ATLANTIC: Talking to Restructuring Advisers————————————————-The Wall Street Journal’s Mike Spector and Timothy W. Martinreport that people familiar with the matter said Great Atlantic &Pacific Tea Co. is sounding out restructuring advisers aboutreworking its debt-heavy balance sheet.  Sources said A&P startedcontacting Wall Street restructuring shops over the summer forideas on how to address some $1 billion in debt.  According to thesources, investment banks in discussions with A&P include LazardLtd., Rothschild Inc. and Moelis & Co.The sources told the Journal the talks have focused in part onroughly $157 million in convertible bonds due June 15, thegrocer’s biggest near-term maturity.  A&P hasn’t yet decidedwhether to hire any restructuring practices, these people said.According to the Journal, a person close to A&P said the companyhas been in touch with a number of financial advisers to seekadvice on managing its debt load.  A&P is focused on its entirebalance sheet and how to pay down or otherwise address its debt,the person said.  It hasn’t committed to any particular path fordealing with its debt and doesn’t view its current efforts as a »restructuring, » the person said.  He also told the Journal A&Phasn’t considered bankruptcy as an option or retained anyrestructuring advisers yet.The Journal, citing Capital IQ, a unit of rating agency Standard &Poor’s, relates A&P has posted losses in 33 of its past 40quarters.According to the Journal, A&P has several options to deal with itsdebt.  It could rework its convertible bonds due in June to lowerthe conversion price and push the maturity later.  It also couldseek additional equity financing from supermarket magnate RonBurkle.  Mr. Burkle’s Yucaipa Cos. injected $115 million into A&Plast year in return for a 27.6% stake, via preferred convertiblestock.  Yucaipa has two board seats.Through a spokesman, Mr. Burkle declined to comment, the Journalsays.German holding company Tengelmann Group also owns a big stake.After years of retrenchment, A&P now has 429 stores in eightEastern states and Washington, D.C.The Journal further notes A&P’s stores generate about $400,000 ofweekly sales, far short of the $650,000 grossed at key rivals Stop& Shop and ShopRite, according to Willard Bishop LLC, a retailconsultant in Barrington, Illinois.  The lower per-store saleshave driven up A&P’s labor costs to 14% to 16% of overall sales,several percentage points higher than competitors.  The gap issignificant in an industry that, on average, generates $1.50 ofprofit for every $100 of revenue.                            About A&PBased in Montvale, New Jersey, The Great Atlantic & Pacific TeaCompany, Inc. (A&P, NYSE Symbol: GAP), founded in 1859, is one ofthe nation’s first supermarket chains.  The Company operates 429stores in 8 states and the District of Columbia under thefollowing trade names: A&P, Waldbaum’s, Pathmark, Pathmark Sav-a-Center, Best Cellars, The Food Emporium, Super Foodmart, SuperFresh and Food Basics.The Company’s balance sheet at June 19, 2010, showed $2.6 billionin total assets, $897.0 million in total current liabilities, $2.3billion in total non-current liabilities, $135.0 million series Aredeemable preferred stock, and $659.0 million in stockholders’deficit.Great Atlantic carries ‘Caa3′ probability of default and corporatefamily ratings from Moody’s Investors Service and a ‘CCC’corporate credit rating from Standard & Poor’s.At the end of July 2010, when Moody’s downgraded the SGL rating toSGL-4 (reflecting weak liquidity), Moody’s said, « A&P does havesufficient liquidity to meet immediate operating needs, butliquidity is strained over the next four quarters as a result ofthe company’s debt maturity in June 2011. »  S&P, in July 2010,when it lowered the corporate rating to ‘CCC’ from ‘CCC+’, said it »expects weak trends to continue and the company to besignificantly cash flow negative. »GSI GROUP: Posts $71.3 Million Net Loss in 2009———————————————–GSI Group, Inc., filed on October 1, 2010, its annual report onForm 10-K for the fiscal year ended December 31, 2009.  TheCompany expects to file its quarterly reports on Form 10-Q for thefiscal quarters ended April 2, July 2, and October 1, 2010, on orbefore December 31, 2010.The Company reported a net loss of $71.3 million on $254.4 millionof revenue for 2009, compared with a net loss of $203.8 million on$288.5 million of revenue for 2008.The Company’s 2009 operating results included $47.9 million ofnon-recurring charges comprised of $1.0 million relating to theimpairment of its goodwill and intangible assets, $16.3 million ofrestructuring, restatement related costs and other charges,approximately $7.0 million of prepetition professional feesrelated to the debt restructuring analysis that preceded theChapter 11 Cases and $23.6 million of net reorganization items.The Company’s 2008 operating results included $237.7 million ofnon-recurring charges comprised of $215.1 million relating to theimpairment of its goodwill, intangible assets and other long-livedassets, $12.1 million of acquisition related in-process researchand development that was written off in connection with itsacquisition of Excel Technology, Inc., and $10.5 million ofrestructuring, restatement related costs and other charges.The Company’s balance sheet at December 31, 2009, showed$436.7 million in total assets, $352.4 million in totalliabilities, and stockholders’ equity of $84.3 million.In connection with the Company’s emergence from bankruptcy onJuly 23, 2010, the Company completed a rights offering pursuant towhich it sold common shares for approximately $85 million.  Theproceeds from the rights offering were used to pay down a portionof the obligations due with respect to the 2008 Senior Notes.  Theremaining obligations due with respect to the 2008 Senior Notesfor unpaid principal and accrued interest were satisfied throughthe issuance of the Company’s common shares, the payment of cashand the issuance of new 12.25% Senior Secured PIK Election Noteswhich mature in July 2014.As a result of the Company’s emergence from bankruptcy and theassociated restructuring of its debt obligations, the Companybelieves it has sufficient liquidity to fund its operationsthrough at least December 31, 2010.Based upon the Company’s current level of business activity, theCompany believes it will have sufficient liquidity to fund itsoperations beyond December 31, 2010, to at least the end of 2011. »However, our ability to make payments on or to refinance ourindebtedness, including the New Notes, which incur an additional2% in interest until our common shares are listed on a nationalsecurities exchange and we become current with our SEC reporting,and to fund planned capital expenditures and research anddevelopment efforts will depend on our ability to generate cash inthe future.  This, to a certain extent, is subject to generaleconomic, financial, competitive, legislative, regulatory andother factors that are beyond our control. »A full-text copy of the Form 10-K is available for free at:               http://researcharchives.com/t/s?6c58                         About GSI GroupHeadquartered in Bedford, Massachusetts, GSI Group Inc.– http://www.gsig.com/– supplies precision technology to the global medical, electronics, and industrial markets andsemiconductor systems.  GSI Group Inc.’s common shares are quotedon Pink Sheets OTC Markets Inc. (LASR.PK).The Company together with two of its subsidiaries filed forChapter 11 protection on Nov. 20, 2009 (Bankr. D. Del. Lead CaseNo. 09-14110).  William R. Baldiga, Esq., at Brown Rudnick LLP,represented the Debtors as lead counsel.  Mark Minuti, Esq., atSaul Ewing LLP, represented the Debtors as its local counsel.  TheDebtors selected Garden City Group Inc. as their claims and noticeagent.  The Debtors disclosed $555,000,000 in total assets and$370,000,000 in total liabilities as of Nov. 6, 2009.On May 24, 2010, the Debtors filed a modified Chapter 11 plan withthe Bankruptcy Court, which was supported by eight of tenbeneficial holders of the 2008 Senior Notes, the Equity Committee,and the individual members of the Equity Committee pursuant to aplan support agreement that the Company entered into on May 14,2010, which superseded the prior plan support agreement.  Themodified Chapter 11 plan was further supplemented on May 27, 2010,to provide for minor modifications to the May Plan.  On May 27,2010, the Bankruptcy Court entered an order confirming andapproving the Final Chapter 11 Plan and the plan documents.On July 23, 2010, the Debtors consummated their reorganizationthrough a series of transactions contemplated by the Final Chapter11 Plan, and the Final Chapter 11 Plan became effective pursuantto its terms.The Company’s shareholders prior to the emergence from bankruptcyretained approximately 86.1% of its capital stock followingemergence.HD BUSINESS: Case Summary & 10 Largest Unsecured Creditors———————————————————-Debtor: HD Business, LLC        1221 Admiral Street        Richmond, VA 23220Bankruptcy Case No.: 10-36830Chapter 11 Petition Date: October 1, 2010Court: United States Bankruptcy Court       Eastern District of Virginia (Richmond)Judge: Douglas O. Tice Jr.Debtor’s Counsel: David K. Spiro, Esq.                  HIRSCHLER FLEISCHER                  P.O. Box 500                  Richmond, VA 23218-0500                  Tel: (804) 771-9500                  Fax: (804) 644-0957                  E-mail: dspiro@hf-law.comEstimated Assets: $1,000,001 to $10,000,000Estimated Debts: $1,000,001 to $10,000,000A list of the Company’s 10 largest unsecured creditorsfiled together with the petition is available for freeat http://bankrupt.com/misc/vaeb10-36830.pdfThe petition was signed by Thornton L. Holt, Jr., managing member.HSF HOLDINGS: Two Catamarans Sold for $50 Million————————————————-The Virginian-Pilot reports that the U.S. Department ofTransportation’s Maritime Administration bought two high-speedcatamarans built for Hawaii Superferry Inc. at an auction inVirginia for $25 million each.The report says Hawaii Superferry owed the Maritime Administrationmore than $135.7 million from the loan guarantees it made to helpbuild the ships.  The ferries are both berthed in a shipyard inNorfolk, Virginia.The report notes the Maritime Administration held first prioritymortgages and took possession of the vessels after they wereabandoned by the Company.  The report says Austal USA, the Alabamashipbuilder that built the vessels, and the state of Hawaii, whichprovided $40 million in harbor improvements, held second and thirdmortgages.  Austal USA was owed $23 million.                      About Hawaii SuperferryWilmington, Delaware-based HSF Holding Inc. operated as the parentcompany of Hawaii Superferry, Inc., a Hawaiian inter-island ferryservice.  The Superferry was shut down on March 16, 2009.The Company and its affiliate filed for Chapter 11 bankruptcyprotection (Bankr. D. Del. Case Nos. 09-11901 and 09-11902) onMay 30, 2009.  David B. Stratton, Esq., and Evelyn J. Meltzer,Esq., at Pepper Hamilton LLP, represented the Debtors in theirrestructuring efforts.  Craig A. Wolfe, Esq., at Kelley Drye &Warren LLP, served as the Committee’s lead counsel.  Adam Hiller,Esq., Brian Arban, Esq., and Michelle Berkeley-Ayres, Esq., atAtlantic Law, acted as the Committee’s local counsel.  When theDebtors sought protection from their creditors, they listedbetween $100 million and $500 million each in assets and debts.As reported by the Troubled Company Reporter, the Bankruptcy Courtapproved the Debtors’ second amended Joint Plan of Liquidation onOctober 21, 2009.  According to Bill Rochelle, Hawaii Superferryobtained approval from Judge Peter Walsh to surrender its ships tolenders owed $158.8 million for their construction.  The Planprovides that all remaining assets would be liquidated anddistributed to creditors in accordance with the relativepriorities set forth in the Bankruptcy Code.  Bankruptcyprofessionals employed in the case were paid $658,000.  Unsecuredcreditors against Hawaii Superferry were paid $2,100.  Creditorsof the holding company got nothing.IA GLOBAL: Posts $200,800 Net Loss in June 30 Quarter—————————————————–IA Global, Inc., filed its quarterly report on Form 10-Q,reporting a $200,849 on $670,933 of revenue for the three monthsended June 30, 2010, compared with a net loss of $3.5 million on$0 revenue for the same period ended June 30, 2009.The Company has an accumulated deficit of approximately$60.4 million and a working capital deficit of $1.1 million as ofJune 30, 2010.The Company’s balance sheet at June 30, 2010, showed $4.6 millionin total assets, $6.4 million in total liabilities, and astockholders’ deficit of $1.8 million.As reported in the Troubled Company Reporter on July 20, 2010,Sherb & Co., LLP, in New York, expressed substantial doubt aboutthe Company’s ability to continue as a going concern, followingthe Company’s results for the fiscal year ended March 31, 2010.The independent auditors noted that the Company has incurredsignificant operating losses, and has a working capital deficit asof March 31, 2010.A full-text copy of the Form 10-Q is available for free at:               http://researcharchives.com/t/s?6c66                         About IA GlobalSan Francisco, Calif.-based IA Global, Inc. (OTCQB: IAGI.OB)– http://www.iaglobalinc.com/– is a global services and outsourcing company focused on growing existing businesses andexpansion through global mergers and acquisitions.  The Company isutilizing its current partnerships to acquire growth businesses intarget sectors and markets at discounted prices.  The Company isactively engaging in discussions with businesses that wouldbenefit from our business acumen and marketing expertise,knowledge of Asian Markets, and technology infrastructure.IMAGEWARE SYSTEMS: Extends Promissory Note Due Date to December 30——————————————————————ImageWare Systems Inc. and BET Funding LLC agreed on October 6,2010, to extend the Company’s secured promissory note datedFebruary 12, 2009.  The agreement changed the maturity date toDecember 30, 2010 from September 15, 2010.  The Company alsoagreed to retire the Note with three installment payments to bemade in October, November and December of 2010.  The Octoberinstallment has been paid.The Company will fund the repayment of the Note from:  * Funds from operations  * A new, two year unsecured convertible 6% note dated October    5, 2010 in the amount of $2.0 million purchased by Neal    Goldman, a current shareholder.  The Convertible Note is    convertible into common shares at $0.50 per share.  The    company issued warrants to purchase 1.0 million shares of    common stock with a strike price of $0.50 as part of the    transaction.  * The Company has received a commitment letter from Genoa    Capital Partners, an institutional investor for a two year    $3.5 million line of credit, convertible into common stock at    $0.50 a share.   The Company will issue warrants to purchase    100,000 shares of common stock with a strike price of $0.50 as    part of this transaction.                      About ImageWare SystemsHeadquartered in San Diego, California, ImageWare Systems, Inc. isa leader in the emerging market for software-based identitymanagement solutions, providing biometric, secure credential, lawenforcement and enterprise authorization.  Its « flagship » productis the IWS Biometric Engine.  Scalable for small city business orworldwide deployment, the Company’s biometric engine is a multi-biometric platform that is hardware and algorithm independent,enabling the enrollment and management of unlimited populationsizes.  The Company’s identification products are used to manageand issue secure credentials, including national IDs, passports,driver licenses, smart cards and access control credentials.  Itslaw enforcement products provide law enforcement with integratedmug shot, fingerprint LiveScan and investigative capabilities.The Company also provides comprehensive authentication securitysoftware.                           *     *     *ImageWare Systems has not timely filed its financial reports withthe Securities and Exchange Commission.  The latest balance sheet,which is as of June 30, 2009, showed total assets of $5,400,000,total liabilities of $8,149,000, and a shareholders’ deficit of$2,749,000.INTERNATIONAL GARDEN: Gets Interim Nod to Obtain DIP Financing————————————————————–International Garden Products,, Inc., et al., sought and obtainedinterim authorization from the Hon. Kevin J. Carey of the U.S.Bankruptcy Court for the District of Delaware to obtainpostpetition secured financing from a syndicate of lenders led byHarris N.A., as administrative and collateral agent, and to usecash collateral.The DIP lenders have committed to provide up to $7.5 millionpostpetition revolving line of credit, of which $4.75 million willbe available during the interim period.Derek C. Abbott, Esq., at Morris, Nichols, Arsht & Tunnell LLP,explained that the Debtors need the money to fund their Chapter 11case, pay suppliers and other parties.  A copy of the DIPFinancing agreement is available for free at:http://bankrupt.com/misc/INTERNATIONAL_GARDEN_dipfinancingpact.pdfThe DIP Facility will mature on June 30, 2011.The maximum principal amount of DIP Facility outstanding at anyone time must not exceed these amounts without the written consentof 100% of the DIP Lenders:      (i) $2.75 million from the Petition Date through and          including October 31, 2010;     (ii) $4.75 million from November 1, 2010, through and          including November 30, 2010;    (iii) $7.25 from December 1, 2010 through and including          December 31, 2010;     (iv) $7.50 million from January 1, 2010, through January 31,          2011;      (v) $7.25 from February 1, 2011, through and including          February 28, 2011;     (vi) $7.00 million from March 1, 2011, through and including          March 31, 2011;    (vii) $6.00 million from April 1, 2011, through and including          April 30, 2011; and   (viii) $1.50 million from May 1, 2011, through and including          the maturity date.The DIP facility will incur interest at the DIP Agent’s Base Rateplus the applicable margin (4.0% per annum), payable monthly inarrears.  Base Rate is the greatest of (x) the prime commercialrate, or its equivalent, for U.S. Dollar loans to borrowers in theU.S., as announced from time to time by the DIP Agent, (y) theFederal Funds Rate plus 1/2 of 1%, and (z) the reserve adjustedLIBOR Quoted Rate for a one-month interest period plus 1.00%,calculated on an actual day 360 day basis for actual number ofdays elapsed.In the event of default, the interest will accrue at the DIPAgent’s Base Rate plus the Applicable Margin plus 2.0% per annum.The Debtors will pay the DIP Lenders a fee of 0.25% per annum onthe unused available DIP Facility, payable monthly in arrears tothe DIP Agent for the ratable account of the DIP Lenders.A per annum participation fee equal to the 4.0% on the face amountof each letter of credit payable monthly in arrears will be paidto the lenders.  A fee of 0.125% on the face amount of each letterof credit issued, or the term of which is extended, will be paidto the DIP Agent for its own account, together with the DIPAgent’s standard documentary and processing charges in connectionwith the issuance, amendment, cancellation, negotiation, drawingunder or transfer of any letter of credit.The DIP Lenders will be granted first-priority priming, valid,perfected and enforceable liens to the DIP Agent, andsuperpriority administrative expense claim status to the DIPAgent.In exchange for the use of cash collateral, prepetition securedparties will be granted: (i) additional and replacement securityinterests in and liens upon all the collateral, which securityinterests and liens will be junior to the DIP liens the carve-out,permitted prior encumbrances, and other liens consented to inwriting by the required prepetition lenders; (ii) an allowedsuperpriority administrative expense claim; (iii) payment ofhedging liability and funds transfer and deposit accountliability, as and when due; and (iv) payment of costs, expenses,indemnities and other amounts with respect to the prepetitionliabilities hereafter arising in accordance with the prepetitioncredit agreement and the interim court order.  Accrual of interestat the default rate set forth in the prepetition credit agreementwill become due and payable on the termination date with respectto the prepetition liabilities.The Court has set a final hearing for November 4, 2010, at2:30 p.m. on the Debtors’ request to obtain DIP financing and usecash collateral.                    About International GardenDamascus, Oregon-based International Garden Products, Inc., wasincorporated in 1996 as a holding company for Iseli Nursery, Inc.,California Nursery Supply, Weeks Wholesale Rose Grower, and OldSkagit, Inc.  The company’s operating businesses, Iseli and Weeks,focus primarily on growing horticultural products for nationwidesale to independent garden centers, landscape suppliers,landscapers and similar parties.  Iseli’s is known in the industryas the premium source of dwarf conifers, Japanese maples andunique companion plants.  Weeks is one of the largest wholesalebreeders and growers of premium roses in the U.S.International Garden filed for Chapter 11 bankruptcy protection onOctober 4, 2010 (Bankr. D. Del. Case No. 10-13207).Andrew R. Remming, Esq., and Derek C. Abbott, Esq., at Morris,Nichols, Arsht & Tunnell, assist the Debtor in its restructuringeffort.Bryan Cave LLP is the Debtor’s legal counsel.  FTI Consulting isthe Debtor’s restructuring adviser.The Debtor estimated its assets and debts at $10 million to$50 million.Affiliates Weeks Wholesale Rose Grower (Bankr. D. Del. Case No.10-13208), California Nursery Supply (Bankr. D. Del. Case No. 10-13209), Iseli Nursery, Inc. (Bankr. D. Del. Case No. 10-13210),and Old Skagit, Inc. (Bankr. D. Del. Case No. 10-13211) filedseparate Chapter 11 petitions.INTERNATIONAL GARDEN: Gets Nod to Hire Garden City as Claims Agent——————————————————————International Garden Products, Inc., et al., sought and obtainedauthorization from the Hon. Kevin J. Carey of the U.S. BankruptcyCourt for the District of Delaware to employ The Garden CityGroup, Inc., as notice, claims and balloting agent, effective asof the Petition Date.GCG will, among other things:     a. serve required notices and other pleadings;     b. within three business days after the service of a        particular notice, prepare for filing with the Clerk’s        Office a certificate or affidavit of service that includes        a list of persons on whom the notice was served, along        with their addresses, and the date and manner of service;     c. assist the Debtors in the collection of information and        preparation of the schedules; and     d. maintain a copy of the Debtors’ schedules listing the        Debtors’ known creditors and the amounts owed thereto and        the matrix listing all other interested parties.The Debtors will pay GCG, among other things, a retainer of$10,000.  A copy of GCG’s services agreement with the Debtors isavailable for free at:  http://bankrupt.com/misc/INTERNATIONAL_GARDEN_servicespact.pdfEmily S. Gottlieb, GCG’s senior director, assures the Court thatthe firm is a « disinterested person, » as that term is defined insection 101(14) of the Bankruptcy Code, as modified by section1107(b) of the Bankruptcy Code.                    About International GardenDamascus, Oregon-based International Garden Products, Inc., wasincorporated in 1996 as a holding company for Iseli Nursery, Inc.,California Nursery Supply, Weeks Wholesale Rose Grower, and OldSkagit, Inc.  The company’s operating businesses, Iseli and Weeks,focus primarily on growing horticultural products for nationwidesale to independent garden centers, landscape suppliers,landscapers and similar parties.  Iseli’s is known in the industryas the premium source of dwarf conifers, Japanese maples andunique companion plants.  Weeks is one of the largest wholesalebreeders and growers of premium roses in the U.S.International Garden filed for Chapter 11 bankruptcy protection onOctober 4, 2010 (Bankr. D. Del. Case No. 10-13207).Andrew R. Remming, Esq., and Derek C. Abbott, Esq., at Morris,Nichols, Arsht & Tunnell, assist the Debtor in its restructuringeffort.Bryan Cave LLP is the Debtor’s legal counsel.  FTI Consulting isthe Debtor’s restructuring adviser.The Debtor estimated its assets and debts at $10 million to$50 million.Affiliates Weeks Wholesale Rose Grower (Bankr. D. Del. Case No.10-13208), California Nursery Supply (Bankr. D. Del. Case No. 10-13209), Iseli Nursery, Inc. (Bankr. D. Del. Case No. 10-13210),and Old Skagit, Inc. (Bankr. D. Del. Case No. 10-13211) filedseparate Chapter 11 petitions.INTERNATIONAL GARDEN: Wants Additional 30 Days to File Schedules—————————————————————-International Garden Products, Inc., et al., ask the U.S.Bankruptcy Court for the District of Delaware to extend by anadditional 30 days the deadline for the filing of schedules ofassets and liabilities and statements of financial affairs.The Debtors say that due to the nature of their businesses, due tothe size and complexity of the Debtors’ businesses, the fact thatthere are multiple Debtors and a large number of potentialcreditors, the limited staff available to perform the requiredinternal review of the Debtors’ business and affairs, and thepressure of numerous other matters incident to the commencement ofthe Debtors’ cases, the automatic 16-day extension provided underLocal Rule 1007-1(b) would be insufficient.                    About International GardenDamascus, Oregon-based International Garden Products, Inc., wasincorporated in 1996 as a holding company for Iseli Nursery, Inc.,California Nursery Supply, Weeks Wholesale Rose Grower, and OldSkagit, Inc.  The company’s operating businesses, Iseli and Weeks,focus primarily on growing horticultural products for nationwidesale to independent garden centers, landscape suppliers,landscapers and similar parties.  Iseli’s is known in the industryas the premium source of dwarf conifers, Japanese maples andunique companion plants.  Weeks is one of the largest wholesalebreeders and growers of premium roses in the U.S.International Garden filed for Chapter 11 bankruptcy protection onOctober 4, 2010 (Bankr. D. Del. Case No. 10-13207).Andrew R. Remming, Esq., and Derek C. Abbott, Esq., at Morris,Nichols, Arsht & Tunnell, assist the Debtor in its restructuringeffort.Bryan Cave LLP is the Debtor’s legal counsel.  FTI Consulting isthe Debtor’s restructuring adviser.The Debtor estimated its assets and debts at $10 million to$50 million.Affiliates Weeks Wholesale Rose Grower (Bankr. D. Del. Case No.10-13208), California Nursery Supply (Bankr. D. Del. Case No. 10-13209), Iseli Nursery, Inc. (Bankr. D. Del. Case No. 10-13210),and Old Skagit, Inc. (Bankr. D. Del. Case No. 10-13211) filedseparate Chapter 11 petitions.JASMINE APARTMENTS: Case Summary & 3 Largest Unsecured Creditors—————————————————————-Debtor: Jasmine Apartments, Inc.        6053 Miramar Parkway        Hollywood, FL 33023Bankruptcy Case No.: 10-20668Chapter 11 Petition Date: October 4, 2010Court: United States Bankruptcy Court       Northern District of Texas (Amarillo)Judge: Robert L. JonesDebtor’s Counsel: Todd Jeffrey Johnston, Esq.                  MCWHORTER COBB & JOHNSON, LLP                  1722 Broadway                  Lubbock, TX 79401                  Tel: (806) 762-0214                  Fax: (806) 762-8014                  E-mail: tjohnston@mcjllp.comScheduled Assets: $3,906,250Scheduled Debts: $2,856,549A list of the Company’s three largest unsecured creditorsfiled together with the petition is available for freeat http://bankrupt.com/misc/txnb10-20668.pdfThe petition was signed by Joseph Kuruvila, president.JMG EXPLORATION: Posts $16,827 Net Loss in June 30 Quarter———————————————————-JMG Exploration, Inc., filed its quarterly report on Form 10-Q,reporting a net loss of $16,827 on $20,700 of revenue for thethree months ended June 30, 2010, compared with a net loss of$214,781 $20,700 of revenue for the same period of 2009.As of June 30, 2010, JMG has an accumulated deficit of$26.7 million and has insufficient working capital to funddevelopment and exploratory drilling opportunities.  Following thecollection of its loan receivable in May 2010, JMG has sufficientworking capital to maintain the current level of operationsthrough at least December 31, 2011.  Raising additional capital isnot considered a viable strategy.  JMG is presently exploring arange of strategic alternatives, including the possible sale ormerger with another party.The Company’s balance sheet at June 30, 2010, showed $1.8 millionin total assets, $259,197 in total liabilities, and stockholders’equity of $1.8 million.A full-text copy of the Form 10-Q is available for free at:               http://researcharchives.com/t/s?6c5f                      About JMG ExplorationPasadena, Calif.-based JMG Exploration, Inc., was incorporatedunder the laws of the State of Nevada on July 16, 2004, for thepurpose of exploring for oil and natural gas in the United Statesand Canada.  In August 2004, two private placements totaling$8.8 million were completed and exploration activities commenced.All of the properties under development, with the exception of thePinedale natural gas wells, have not met with developmentalobjectives and have been sold as of January 2008.KENDYL JACOX: Voluntary Chapter 11 Case Summary———————————————–Debtor: Kendyl LaMarc Jacox        50 Schubach Dr.        Sugar Land, TX 77479Bankruptcy Case No.: 10-38674Chapter 11 Petition Date: October 1, 2010Court: United States Bankruptcy Court       Southern District of Texas (Houston)Judge: Karen K. BrownDebtor’s Counsel: Dawn Guilliams, Esq.                  WILLIAMS BIRNBERG                  2000 Bering Dr., Ste 909                  Houston, TX 77057                  Tel: (713) 981-9595                  Fax: (713) 981-8670                  E-mail: dguilliams@wba-law.comEstimated Assets: $1,000,001 to $10,000,000Estimated Debts: $500,001 to $1,000,000The Debtor did not file a list of its largest unsecured creditorstogether with its petition.LARRY LESLIE: Case Summary & Largest Unsecured Creditor——————————————————-Debtor: Larry Solomon Leslie        P.O. Box 609        Cowen, WV 26206Bankruptcy Case No.: 10-02116Chapter 11 Petition Date: October 5, 2010Court: United States Bankruptcy Court       Northern District of West Virginia (Elkins)Judge: BK Patrick M. FlatleyDebtor’s Counsel: Thomas H. Fluharty, Esq.                  408 Lee Avenue                  Clarksburg, WV 26301                  Tel: (304) 624-7832                  Fax: (304) 622-7649                  E-mail: THFDEBTATTY@wvdsl.netScheduled Assets: $877,840Scheduled Debts: $3,500,000In its list of 20 largest unsecured creditors, the Debtor placedonly one entry: Entity                   Nature of Claim        Claim Amount ——                   —————        ————BB&T                      Deed of Trust          $3,500,000PO Box 580002Charlotte NC 28258-0002MARK SPARROW: Case Summary & 9 Largest Unsecured Creditors———————————————————-Joint Debtors: Mark Charles Sparrow               Dawn Marie Sparrow               865 WC Ranch Rd               Willow City, TX 78675Bankruptcy Case No.: 10-12841Chapter 11 Petition Date: October 4, 2010Court: United States Bankruptcy Court       Western District of Texas (Austin)Judge: Craig A. GargottaDebtor’s Counsel: B. Weldon Ponder, Jr., Esq.                  Building 3, Suite 200                  4601 Spicewood Springs Rd                  Austin, TX 78759-7841                  Tel: (512) 342-8222                  Fax: (512) 342-8444                  E-mail: welpon@austin.rr.comEstimated Assets: $1,000,001 to $10,000,000Estimated Debts: $500,001 to $1,000,000A list of the Joint Debtors’ nine largest unsecuredcreditors filed together with the petition is available forfree at http://bankrupt.com/misc/txwb10-12841.pdfMARSICO PARENT: Cut by S&P to ‘CC’ as Debt Restructuring Starts—————————————————————Standard & Poor’s Ratings Services said that it lowered itsratings on Marsico Parent Co. LLC, including lowering the long-term counterparty credit rating to ‘CC’ from ‘CCC+’ and the ratingon $600 million senior subordinated notes due January 2016 to ‘CC’from ‘CCC-’.  S&P also affirmed the ‘CCC+’ rating on Marsico’s$1.0 billion senior secured term loan due December 2014.  Theoutlook is negative.The rating actions follow Marsico’s commencement of a majorrestructuring of debt issued by Marsico Parent Co. and two unratedholding companies (Marsico Parent Holdco LLC and Marsico ParentSuperholdco LLC).  The restructuring is due to the heavy debtburden at the consolidated organization, which is compounded bysignificant declines in assets under management at the operatingcompany.  Marsico is a boutique asset manager that specializes inlarge-cap growth stocks.  Its AUM, the principal driver of top-line revenues, has fallen by more than 50% from its peak in 2007to about $48 billion.The $600 million 10.625% senior subordinated notes due January2016, issued by Marsico, will be exchanged for $600 million seniorsubordinated notes due 2020.  Marsico Holdings LLC, a newlyestablished holding company, will issue these notes.  The cashinterest on these notes can vary between 0% and 15%, depending oncompany performance.  These senior subordinated noteholders willget a 30% equity stake in Marsico Holdings LLC.  Due to thematurity extension and the variability of the periodic cashinterest payment, S&P believes existing noteholders are receivingless than originally promised; hence, the downgrade.The $1.0 billion senior secured term loan due December 2014 toMarsico will be amended and remain outstanding, with MarsicoHoldings LLC added as a borrower.  Principal, interest, and thematurity date remain the same.  The amended term loan will have ahigher periodic principal amortization rate and current noncashback-end fees, in certain situations, based on balances towardfinal maturity.  S&P believes existing creditors are receivingvalue no less than originally promised.  Therefore, S&P isaffirming the rating on the senior secured term loan.All unrated debt and preferred stock issued by Holdco andSuperholdco will convert into a 19% equity stake in MarsicoHoldings LLC.  Management will own the remaining 51% of MarsicoHoldings LLC. »When the debt exchange is complete, S&P will lower its long-termcounterparty credit rating on Marsico to ‘SD’ and its rating onits $600 million senior subordinated notes to ‘D’, » said Standard& Poor’s credit analyst Charles D. Rauch.  The negative outlookincorporates S&P’s belief that the fundamental prospects for thecompany’s asset management business will not materially improve inthe near term.  This is because equities have fallen out of favorwith investors and net asset flows at Marsico remain negative. »Even under its most optimistic scenario, S&P does not foreseeMarsico generating enough cash flow from operations to repay the$1.0 billion senior secured term loan in full when it comes due inDecember 2014, » he continued.MERUELO MADDUX: Can Access Cash Collateral Until January 31———————————————————–The U.S. Bankruptcy Court for the Central District of Californiaauthorized, on final basis, Meruelo Maddux Properties Inc., andits debtor-affiliates to access the cash which the cash collateralcreditors claim an interest.The Debtors can expend the funds necessary to operate and preservetheir business until January 31, 2011.  The Debtors may alsoutilize the cash collateral to perform their obligations under thesettlement between certain Debtors and FNBN-CMLCON I, LLC.  TheDebtors must not deviate in the usage of cash collateral bymore than 20% in the aggregate of all the line item expenditures.Any excess cash collateral may be utilized by any other Debtor topay its ordinary direct costs and expenses of preserving,maintaining and operating its property and business, including thegeneral administrative expenses provided by Service Level Debtors.As adequate protection for any diminution in value of the lenders’collateral, the Debtors will grant the each of the cash collateralcreditors replacement lien in its respective postpetition cashcollateral, with the same force, effect, validity and priority ofthe liens held prepetition.Additionally, the Debtors must maintain and preserve the cashcollateral properties by payment of the ordinary expenses formaintaining and preserving the real property collateral; andpay real property taxes due and payable on and after November 1,2009, owing to the County of Los Angeles assessed against the cashcollateral properties on or before the date on which the taxes arepayable and due without penalty.                       About Meruelo MadduxMeruelo Maddux and its affiliates filed for Chapter 11 protectionon March 26, 2009 (Bankr. C.D. Calif. Lead Case No. 09-13356).Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N.Tedford, Esq., at Danning Gill Diamond & Kollitz, represent theDebtors in their restructuring effort.  The Creditors Committee isrepresented by Victor A. Sahn, Esq., Dean G. Rallis Jr., Esq., AsaS. Hami, Esq., and Tamar Kouyoumjian, Esq., at SULMEYERKUPETZ.The Debtors’ financial condition as of December 31, 2008, showed$681,769,000 in assets and $342,022,000 of debts.MERUELO MADDUX: Wants More Time to Obtain Plan Outline Approvals—————————————————————-Meruelo Maddux Properties Inc., and its debtor-affiliates ask theU.S. Bankruptcy Court for the Central District of California toextend their exclusive periods until November 26, 2010.The Debtors relate that the requested extension will provide themand the other plan proponents sufficient time to obtain finalapprovals of their disclosure statements, submit the plans tocreditors for voting, and complete the balloting process.Meruelo Maddux and its affiliates filed for Chapter 11 protectionon March 26, 2009 (Bankr. C.D. Calif. Lead Case No. 09-13356).Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N.Tedford, Esq., at Danning Gill Diamond & Kollitz, represent theDebtors in their restructuring effort.  The Creditors Committee isrepresented by Victor A. Sahn, Esq., Dean G. Rallis Jr., Esq., AsaS. Hami, Esq., and Tamar Kouyoumjian, Esq., at SULMEYERKUPETZ.The Debtors’ financial condition as of December 31, 2008, showed$681,769,000 in assets and $342,022,000 of debts.METRO-GOLDWYN-MAYER: Lions Gate Presents New Merger Offer———————————————————Claudia Eller, writing for The Los Angeles Times, reports thatpeople close to the matter said Lions Gate Entertainment has madeanother merger proposal to Metro-Goldwyn-Mayer Inc. lenders, whichwould give the MGM lenders a 55% stake in the merged company.Ms. Eller notes the development comes one day before Lions Gate isscheduled to square off in a Canadian court with dissidentshareholder Carl Icahn.  She says the proposed merger appears tobe a defensive move on the part of Lions Gate management, whichhas been under assault by Mr. Icahn for more than a year.MGM’s current bankruptcy plan calls for Spyglass Entertainmentprincipals Gary Barber and Roger Birnbaum to take over themanagement of the studio along with a minority ownership stake ofjust under 5%.  That plan is subject to approval by approximately100 MGM lenders.  The votes are due October 22.  LA Times notes ifthe lenders end up favoring an alternative bid from Lions Gate orany other party, they’re on the hook to pay Spyglass a breakup feeof $4 million to $5 million.According to LA Times, the wild card in any scenario is Mr. Icahn.Although he’s been battling Lions Gate management, claiming thecompany has been poorly run, he has also signaled that he’d bewilling to consider a merger between Lions Gate and MGM, whichmany industry observers consider logical.Moreover, Mr. Icahn recently has been accumulating debt in MGM,fueling speculation that he might make another run at MGM.In June, Lions Gate was in merger talks with MGM after previouslymaking a bid to buy the hobbled studio for $1.4 billion. LionsGate was told its offer was too low.                        Prepack BankruptcyAs reported by the Troubled Company Reporter on October 8, 2010,MGM has begun a solicitation of votes from its secured lenders fora pre-packaged plan of reorganization.  MGM expects to continuenormal business operations throughout the restructuring process.The Plan provides for MGM’s employees, vendors, participants,guilds, and licensees to be unimpaired.The Plan provides for MGM’s secured lenders to exchange more than$4 billion in outstanding debt for approximately 95.3% of equityin MGM upon its emergence from Chapter 11.  Spyglass Entertainmentwould contribute certain assets to the reorganized company inexchange for approximately 0.52% of the reorganized company.  Inaddition, two entities owned by Spyglass affiliates — CypressEntertainment Group, Inc. and Garoge, Inc. — will merge with andinto a subsidiary of MGM, with the MGM subsidiary as the survivingentity.  The stockholders of Cypress and Garoge will receiveapproximately 4.17% of the reorganized company in exchange.Following the receipt of the requisite consents from securedlenders during the solicitation period, and to implement the debtrestructuring, MGM intends to commence pre-packaged Chapter 11cases under the U.S. Bankruptcy Code and seek confirmation of thePlan.  Gary Barber and Roger Birnbaum, currently Co-Chairman andChief Executive Officer of Spyglass Entertainment, would serve asthe Co-Chairman and Chief Executive Officer of MGM following thecompany’s emergence from Chapter 11.The deadline for the Company’s secured lenders to vote on the Planis October 22, 2010, unless extended.  Only holders of secureddebt as of October 4, 2010 under MGM’s April 8, 2005 CreditAgreement will be solicited.The Wall Street Journal’s Mike Spector and Lauren A. E. Schukerreport that if MGM gets enough creditor support, it hopes to spendroughly two months under Chapter 11 bankruptcy protection.  Whenit exits bankruptcy, MGM’s ambitions will be scaled back to makingonly a handful of new movies each year.  The studio plans to tap anew $500 million credit line to finance new film production,people familiar with the matter said, far less than the companyhad originally envisioned.MGM is grappling with $3.7 billion in debt.  MGM has received aseries of forbearance agreements from its bondholders and lenders,wherein the lenders extended the period during which MGM won’thave to pay principal and interest on its bank debt, including arevolving credit facility.  The latest forbearance agreementexpires October 29.MGM tried to sell itself in March 2010 but received low bids.According to The Wall Street Journal, Sahara India Pariwar offereda bit more than $2 billion for MGM in September, but the studio’screditors rejected the overture.MGM has hired investment bank Moelis & Company and the law firmSkadden, Arps, Slate, Meagher & Flom.  In August 2009, it hiredthe restructuring expert Stephen F. Cooper to help lead thecompany.Sayantani Ghosh and Sakthi Prasad, writing for Sify Finance,report that Carl Icahn said he supported Lions Gate EntertainmentCorp’s proposal to merge with MGM. »We believe this proposal as submitted is far better for MGMholders than the current proposal to combine MGM with Spyglass, »Mr. Icahn said in a statement, according to the report.Mr. Icahn, who is Lions Gate’s largest shareholder, with over 37%ownership as of end August, also holds half a billion dollars ofMGM’s debt.                      About Metro-Goldwyn-MayerMetro-Goldwyn-Mayer, Inc., is an independent, privately heldmotion picture, television, home video, and theatrical productionand Distribution Company.  The Company owns the world’s largestlibrary of modern films, comprising approximately 4,000 titles,and over 10,400 episodes of television programming.  An investorconsortium, comprised of Providence Equity Partners, TPG Capital,Sony Corporation of America, Comcast Corporation, DLJ MerchantBanking Partners and Quadrangle Group, owns MGM.MILBANK REAL ESTATE: Would-Be Buyer of Bronx Buildings Backs Out—————————————————————-Daniel Massey, writing for Crain’s New York Business, said lastweek that New York City housing officials were slated to meetyesterday with LNR Property Corp., the special servicer overseeingthe $35 million mortgage on 10 run-down, foreclosed Bronxbuildings, and the debt’s would-be purchaser in an effort tobroker a deal that ensures the dilapidated properties will berepaired and maintained.Crain’s said the transfer of the mortgage had been scheduled forTuesday, but instead LNR went into Bronx Supreme Court and told ajudge that the buyer would not close on the $35 million deal.Crain’s says the buyer’s name has not been publicly revealed, butsources say it is Bronx-based Chestnut Holdings.  Facing scrutinyfrom tenants, city officials and housing advocates, Chestnut gotcold feet and refused to close the deal, sources say.According to Crain’s, city housing officials have voiced « seriousconcerns » about the extent of rehabilitation needed on the 10buildings, bought by Los Angeles-based Milbank Real Estate in2007, and how the renovations would be financed.  An architect’sreport released by the City Council two weeks ago pegged the totalrepair cost at as much as $26.6 million.  Crain’s reported thatCouncil Speaker Christine Quinn and several members will host aseparate meeting Thursday with LNR and the buyer in an effort toget LNR to lower the debt.MMHJ INVESTMENTS: Case Summary & 2 Largest Unsecured Creditors————————————————————–Debtor: MMHJ Investments, Inc.        451 Lake Forest Drive        McKinney, TX 75070Bankruptcy Case No.: 10-43466Chapter 11 Petition Date: October 4, 2010Court: United States Bankruptcy Court       Eastern District of Texas (Sherman)Debtor’s Counsel: Daniel C. Durand, III, Esq.                  DURAND & ASSOCIATES, P.C.                  522 Edmonds, Ste. 101                  Lewisville, TX 75067                  Tel: (972) 221-5655                  E-mail: bankruptcy@durandlaw.comEstimated Assets: $0 to $50,000Estimated Debts: $1,000,001 to $10,000,000A list of the Company’s two largest unsecured creditorsfiled together with the petition is available for freeat http://bankrupt.com/misc/txeb10-43466.pdfThe petition was signed by Hernan P. Olivares, president.MNE BROADCASTING: Case Summary & 18 Largest Unsecured Creditors—————————————————————Debtor: MNE Broadcasting, LLC        P.O. Box 21509        Roanoke, VA 24018Bankruptcy Case No.: 10-72381Chapter 11 Petition Date: October 1, 2010Court: United States Bankruptcy Court       Western District of Virginia (Roanoke)Judge: Ross W. KrummDebtor’s Counsel: Mark A. Black, Esq.                  BRUMBERG MACKEY & WALL PLC                  P.O. Box 2470                  30 W Franklin Road, Suite 800                  Roanoke, VA 24010                  Tel: (540) 343-2956                  E-mail: mblack@bmwlaw.comEstimated Assets: $1,000,001 to $10,000,000Estimated Debts: $100,001 to $500,000A list of the Company’s 18 largest unsecured creditorsfiled together with the petition is available for freeat http://bankrupt.com/misc/vawb10-72381.pdfThe petition was signed by Melvin Eleazer, managing member.MOVIE GALLERY: Seeks Probe Into Former Worker’s Conduct——————————————————-Bankruptcy Law360 reports that Movie Gallery Inc. has asked abankruptcy judge to appoint an examiner to investigate a formeremployee who allegedly attempted to trade confidential informationto a potential buyer of a portion of the company’s assets inreturn for a job.The Company suspects Jason Grosz, who ran the Company’s VideoLibrary business, attempted to undercut the sale of assetsassociated with that business by offering confidentialinformation, according to Law360.                         About Movie GalleryBased in Wilsonville, Ore., Movie Gallery, Inc., is the secondlargest North American video and game rental company, operatingstores in the U.S. and Canada under the Movie Gallery, HollywoodVideo and Game Crazy brands.Movie Gallery first filed for Chapter 11 on Oct. 16, 2007 (Bankr.E.D. Va. Case Nos. 07-33849 to 07-33853).  Kirkland & Ellis LLPand Kutak Rock LLP represented the Debtors.  The Company emergedfrom bankruptcy on May 20, 2008, with private-investment firmsSopris Capital Advisors LLC and Aspen Advisors LLC as itsprincipal owners.  William Kaye was appointed plan administratorand litigation trustee.Movie Gallery returned to Chapter 11 protection on February 3,2009 (Bankr. E.D. Va. Case No. 10-30696).  Attorneys atSonnenschein Nath & Rosenthal LLP and Kutak Rock LLP represent theDebtors in their second restructuring effort.  Kurtzman CarsonConsultants serves as claims and notice agent.Bankruptcy Creditors’ Service, Inc., publishes Movie GalleryBankruptcy News.  The newsletter tracks the chapter 11 proceedingundertaken by Movie Gallery Inc. and its various affiliates(http://bankrupt.com/newsstand/or 215/945-7000). MPI AZALEA: Affiliate Files Schedules of Assets and Liabilities—————————————————————Miles Properties, Inc., a debtor-affiliate of MPI Azalea, LLC,filed with the U.S. Bankruptcy Court for the Northern District ofGeorgia its schedules of assets and liabilities, disclosing:     Name of Schedule              Assets         Liabilities     —————-            ———–      ———–  A. Real Property                        $0  B. Personal Property           $16,673,605  C. Property Claimed as     Exempt  D. Creditors Holding     Secured Claims                                $1,233,737  E. Creditors Holding     Unsecured Priority     Claims                                           $22,877  F. Creditors Holding     Unsecured Non-priority     Claims                                       $20,002,714                                 ———–      ———–        TOTAL                    $16,673,605      $21,259,328                       About MPI AzaleaAtlanta, Georgia-based MPI Azalea, LLC, aka Highland BrookeApartments and its affiliates filed for Chapter 11 on January 8,2010 (Bankr. N.D. Ga. Lead Case No. 09-60803).  Jimmy C. Luke,Esq., at Foltz Martin, LLC assists the Debtor in its restructuringeffort.  In its petition, the Debtor estimated assets andliabilities at $10 million to $50 million.MPI AZALEA: Wants Properties Sale and Plan Funding Approved———————————————————–MPI Azalea, LLC, and its debtor-affiliates ask the U.S. BankruptcyCourt for the Northern District of Georgia to extend theirexclusive periods to file and solicit acceptances for theirproposed Plan of Reorganization until November 30, 2010, andDecember 31, respectively.The Debtors also ask the Court to approve their entry into aletter of intent for a plan funding arrangement, and grantingrelated relief to allow a market test of the plan fundingarrangement proposed, including the approval of biddingprocedures.The letter of intent and the proposed Plan contemplate a sale ofthe properties to the proposed purchaser, subject to higher orbetter bids.  Under the Plan, the proposed purchaser will, througheight new entities, purchase the eight residential apartmentcomplexes, and assume the debt owed to Wells Fargo Bank, N.A.,successor in interest to Wachovia Bank, N.A.The proposed purchaser will also re-capitalize the properties byinjecting $1,050,000 in equity, to be used to enhance theproperties and their profitability, and to fund $250,000 to aliquidating trust under the Plan or fund a distribution toholders of allowed unsecured claims against the Debtors.  Theproposed purchaser will also (i) provide a new guarantor of thedebt owed to Wachovia, (ii) form a new holding company for theeight owners, with that holding company assuming the debtowed by MPI Portfolio to Arbor Realty Mortgage Securities 2004-1,Ltd. and Arbor Realty Funding LLC, and (iii) agree to retainHediger Enterprises, Inc. as property manager for the eightProperties for at least 90 days after closing.The terms of the letter of intent includes:Deadline for Bids:        November 5 at 5:00 p.m. (Eastern time)Auction:                  November 10 beginning at 10:00 a.m. at                          the offices of Alston & Bird LLP, 1201                          West Peachtree Street, Atlanta, GeorgiaBreak-up Fee              $600,000The Debtors expect to file a Plan and a related disclosurestatement in the coming days.                       About MPI AzaleaAtlanta, Georgia-based MPI Azalea, LLC, aka Highland BrookeApartments and its affiliates filed for Chapter 11 on January 8,2010 (Bankr. N.D. Ga. Lead Case No. 09-60803).  Jimmy C. Luke,Esq., at Foltz Martin, LLC assists the Debtor in its restructuringeffort.  In its petition, the Debtor estimated assets andliabilities at $10 million to $50 million.NALINI INVESTMENTS: Case Summary & 5 Largest Unsecured Creditors—————————————————————-Debtor: Nalini Investments, Inc.        723 Hot Wells Blvd.        San Antonio, TX 78223Bankruptcy Case No.: 10-53839Chapter 11 Petition Date: October 4, 2010Court: United States Bankruptcy Court       Western District of Texas (San Antonio)Judge: Ronald B. KingDebtor’s Counsel: James Samuel Wilkins, Esq.                  WILLIS & WILKINS, LLP                  100 W Houston St, Suite 1275                  San Antonio, TX 78205                  Tel: (210) 271-9212                  Fax: (210) 271-9389                  E-mail: jwilkins@stic.netEstimated Assets: $1,000,001 to $10,000,000Estimated Debts: $1,000,001 to $10,000,000A list of the Company’s five largest unsecured creditorsfiled together with the petition is available for freeat http://bankrupt.com/misc/txwb10-53839.pdfThe petition was signed by Pradip R. Bhakta, president.NATIONAL BENEVOLENT: 8th Cir. Keeps Weil Malpractice Suit Alive—————————————————————Leigh Jones at The National Law Journal reports that the U.S.Bankruptcy Appellate Panel for the 8th Circuit on Friday reversedthe dismissal of a legal malpractice action filed by the NationalBenevolent Association of the Christian Church (Disciples ofChrist) and by the attorney general of Missouri against WeilGotshal & Manges.  The report says the panel ruled that thebankruptcy court erred by not remanding the case to state court.The appeals court remanded the case back to bankruptcy court anddirected that court to remand the case to Missouri state court.The religious group and Missouri Attorney General Chris Kostersued Weil Gotshal for allegedly mishandling the nonprofitorganization’s bond debt during a restructuring effort.  Theorganization ultimately filed for Chapter 11 bankruptcy in 2004.The report notes the malpractice action has bounced around fromMissouri state court to bankruptcy court, to district court andtwo federal circuit courts.The association is represented by Daniel Sheehan, Esq., principalat Daniel Sheehan & Associates.According to the report, Weil Gotshal spokeswoman said in astatement, « This case has been repeatedly dismissed and we areconfident that it will be dismissed again if it returns to StateCourt. »The report says Judge Jerry Venters wrote the decision.  Also onthe bankruptcy panel were judges Robert Kressel and ThomasSaladino.Headquartered in Saint Louis, Missouri, The National BenevolentAssociation of the Christian Church (Disciples of Christ) –http://www.nbacares.org/– manages more than 70 facilities financed by the Department of Housing and Urban Development andowns and operates 18 other facilities, including 11 multi-levelolder adult communities, four children’s facilities and threespecial-care facilities for people with disabilities.  The non-profit organization filed for chapter 11 protection on February16, 2004 (Bankr. W.D. Tex. Case No. 04-50948).  Alfredo R. Perez,Esq., at Weil, Gotshal & Manges, LLP, represented the Debtors intheir restructuring efforts.  When the Debtor filed for protectionfrom its creditors, it listed more than $200 million in debts andassets at that time.  The organization emerged from chapter 11protection on April 15, 2005.NEFF CORP: GE Capital is Co-Agent for $175-Mil. Exit Revolver————————————————————-GE Capital, Restructuring Finance disclosed that it is co-agentfor a $175 million plan of reorganization revolving creditfacility to Neff Rental, Inc., a national construction equipmentrental company.  The financing supports working capital needs asthe company emerges from Chapter 11. GE Capital Markets served asjoint lead arranger.Established in 1989, Miami, FL-based Neff Rental owns and operates62 equipment rental locations in 14 states throughout thesoutheastern, gulf and western regions of the U.S.  The companyprimarily serves the construction, industrial and governmentsectors. »With the help of GE Capital, this completes our prearrangedfinancial restructuring, » said Mark Irion, CFO for Neff Rental,Inc.   »GE helped to provide the liquidity and financialflexibility we needed to execute our turnaround plan and begin anew chapter. »"Construction equipment rental was hit extremely hard by therecent downturn, » said Jim Hogan, senior managing director, GECapital, Restructuring Finance.   »Throughout the ups and downs ofthe economy, we specialize in helping management and theiradvisors                           About Neff Corp.Privately held Neff Corp., doing business as Neff Rental, providesconstruction companies, golf course developers, industrial plants,the oil industry, and governments with reliable and qualityequipment that is delivered on time where it is needed.  With morethan 1,000 employees operating from branches coast to coast, NeffRental is ranked by Rental Equipment Register (RER) magazine asone of the nation’s 10 largest  equipment rental companies.Neff Corp. and its units, including Neff Rental Inc. filed forChapter 11 on May 17, 2010 (Bankr. S.D.N.Y. Case No. 10-12610).Based in Miami, Neff had assets of $299 million and debt of$609 million as of the Petition Date, according to the disclosurestatement explaining the plan.  Funded debt totals $580 million.Revenue in 2009 was $192 million.Neff selected an affiliate of Wayzata Investment Partners as thesuccessful bidder to sponsor its reorganization plan.  The Planprovides (i) cash recoveries available to second lien lendersof $73 million, (ii) payment in full in cash or right toparticipate in a rights offering for up to $181.6 million forfirst lien lenders.  In October, Neff Rental and its affiliatesemerged from Chapter 11.NEW JERSEY: Transport Trust Fund Faces Liquidity Crunch——————————————————-Mark J. Magyar, adjunct professor in the Rutgers University Schoolof Labor and Management Relations, wrote for the NJ Spotlight thatNew Jersey’s Transportation Trust Fund is nearly bankrupt.  TheTTF, which is used to pay for regular road and bridge maintenance,is slated to run out of money next year.According to Prof. Magyar, within 10 days, New Jersey GovernorChris Christie will have to make one of the most difficultpolitical and policy choices of his political career — whether tocompromise with federal officials on a new plan for the $8.7billion rail passenger tunnel that would keep on track the largestpublic works project in the nation, or to give up the tunnel andthe $3 billion in federal aid that comes along with it, to providea short-term fix for the TTF.According to Prof. Magyar’s article, Gov. Christie made apreemptory announcement late last week that he would kill the ARC– Access to the Region’s Core — tunnel despite 20 years ofplanning, a $3 billion grant in federal funding for constructionjobs and perhaps repaying the federal government $300 million ithas already spent on the project.  Gov. Christie has been heavilycriticized for the move by Democrats, planners, and transportationexperts who say the decision will put a stranglehold on thestate’s economic growth.The article says Gov. Christie has ruled out raising the state’sgas tax, one of the lowest in the nation, to replenish the fund.According to the article, without the ARC tunnel, the $3 billiondedicated to the project by the federal Department ofTransportation would be lost to other states.  The Port Authorityfunding dedicated to the ARC tunnel could be redirected to majorprojects in the port region, which is generally defined as within25 miles of the Statue of Liberty.NORTHBROOK DEVELOPMENT: Wants Until February 4 to File Ch. 11 Plan——————————————————————The Hon. Thomas J. Catliota of the U.S. Bankruptcy Court for theDistrict of Maryland extended Northbrook Development Parcel Owner,LP’s exclusive periods to file and solicit acceptances for theproposed Chapter 11 Plan until February 4, 2011, and April 6,respectively.Rockville, Maryland-based Northbrook Development Parcel Owner, LP,filed for Chapter 11 bankruptcy protection on June 9, 2010 (Bankr.D. Md. Case No. 10-22983).  Bradford F. Englander, Esq., atWhiteford Taylor & Preston, L.L.P., assists the Debtor in itsrestructuring effort.  The Company disclosed $15,556,894 inassets and $16,171,421 in liabilities as of the Petition Date.The Company’s affiliate, Jersey Island Owner, LLC, filed separateChapter 11 petition on June 9, 2010 (Case No. 10-22970).OLD COLONY: Case Summary & 20 Largest Unsecured Creditors———————————————————Debtor: Old Colony, LLC          dba The Inn At Jackson Hole        36 Columbus Avenue        Saugus, MA 01906-2303Bankruptcy Case No.: 10-21100Chapter 11 Petition Date: October 11, 2010Court: United States Bankruptcy Court       District of Massachusetts (Boston)Judge: Henry J. BoroffDebtor’s Counsel: Donald F. Farrell, Jr., Esq.                  ANDERSON AQUINO LLP                  240 Lewis Wharf                  Boston, MA 02110                  Tel: (617) 723-3600                  Fax: (617) 723-3699                  E-mail: dff@andersonaquino.comEstimated Assets: $10,000,001 to $50,000,000Estimated Debts: $10,000,001 to $50,000,000The petition was signed by Joseph Cuzzupoli, manager.Debtor’s List of 20 Largest Unsecured Creditors:        Entity                     Nature of Claim    Claim Amount        ——                     —————    ————Erik Grunigen                      Loan                   $100,000RGO Partnership1340 Centre StreetNewton Street, MA 02459Wyoming Department Of Revenue      Sales Tax               $30,466Herschler Building122 W 14th StreetCheyenne, WY 82002-0110High Country Linen                 Trade Debt              $12,909P.O. Box 1729Jackson, WY 83002Maintenance Masters                Trade Debt              $11,310Lower Valley Energy                Trade Debt              $11,134Sabre Hospitality Solutions        Trade Debt               $7,575Teton Village Water & Sewer        Trade Debt               $6,520S&S Services, Inc                  Trade Debt               $3,157Guest Supply                       Trade Debt               $1,277Jackson Hole Chamber Of Commerce   Trade Debt               $1,230Ski.Com                            Trade Debt               $1,207Bresnan Communications             Trade Debt               $1,030Vertical Media                     Trade Debt                 $868Compunet                           Trade Debt                 $661ThyssenKrupp Elevator              Trade Debt                 $614Circumerro Publishing Group        Trade Debt                 $600Westbank Sanitation                Trade Debt                 $595Lato Supply Corporation            Trade Debt                 $469In The Swim                        Trade Debt                 $411Lodgenet Entertainment Corp.       Trade Debt                 $409OMEGA MINISTRIES: Voluntary Chapter 11 Case Summary—————————————————Debtor: Omega Ministries of Tyler, Inc.        202 North Parkdale Drive        Tyler, TX 75702Bankruptcy Case No.: 10-61086Chapter 11 Petition Date: October 4, 2010Court: United States Bankruptcy Court       Eastern District of Texas (Tyler)Debtor’s Counsel: Joyce W. Lindauer, Esq.                  8140 Walnut Hill Lane, Suite 301                  Dallas, TX 75231                  Tel: (972) 503-4033                  Fax: (972) 503-4034                  E-mail: courts@joycelindauer.comEstimated Assets: $1,000,001 to $10,000,000Estimated Debts: $500,001 to $1,000,000The Debtor did not file a list of its largest unsecured creditorstogether with its petition.The petition was signed by Demarcus Pierson, pastor.ONE VISION PARK: Ohayon Has Small Chance of Prevailing on Appeal—————————————————————-On September 10, 2010, the court held a hearing on the jointMotion filed by Ohayon Investments, LLC and Michael Ohayon for astay pending appeal of three orders entered on July 12, 2010: (1)an order denying Ohayon’s motion for reconsideration of the OrderDisallowing Claim No. 22; (2) an order denying Ohayon InvestmentLLC’s motion for reconsideration of the Order Disallowing ClaimNo. 36; and (3) an order denying the motion of Ohayon Investments,LLC to excuse and permit the late filing of claim no. 36.The Hon. Thomas E. Carlson denies the motion for stay pendingappeal, notwithstanding the possibility of irreparable harm toOhayon Investments, LLC and Michael Ohayon, because theseclaimants have a very small chance of prevailing on appeal.A copy of the Court’s order is available at http://is.gd/fYBTwfrom Leagle.comf.Based in Atherton, California, One Vision Park, Inc., filed forchapter 11 bankruptcy protection (Bankr. N.D. Calif. Case No.09-31130) on April 30, 2009.  The Debtor’s petition estimated$10 million to $50 million in assets and $1 million to $10 millionin debts.OTC HOLDINGS: Committee Taps Ashby & Geddes as Delaware Counsel—————————————————————The Official Committee of Unsecured Creditors in the Chapter 11cases of OTC Holdings Corporation, et al., asks the U.S.Bankruptcy Court for the District of Delaware for permission toemploy Ashby & Geddes, P.A. as its Delaware counsel.Ashby & Geddes will, among other things:   – provide legal services regarding the rules and practices of      the Court applicable to the Committee’s powers and duties;   – provide legal advise regarding any disclosure statement and      plan files in the Debtors’ Chapter 11 cases, and with      respect to the process for approving or disapproving a      disclosure statement and confirming or denying confirmation      of a plan; and   – prepare and review applications, motions, complaints,      answers, orders, agreements and other legal papers filed on      behalf of the Committee and unsecured creditors.Ashby & Geddes will coordinate with Cooley LLP, the Committee’sproposed lead counsel to avoid duplication of efforts.The hourly rates of Ashby & Geddes’ personnel are:     William P. Bowden, member                  $590     Leigh-Anne M. Raport, associate            $260     Christopher Warnick, paralegal             $180Mr. Bowden, assures the Court that Ashby & Geddes is a »disinterested person » as that term is defined in Section 101(14)of the Bankruptcy Code.The Committee proposes a hearing on Ashby & Geddes’ employment onNovember 1, 2010, at 10:00 a.m.  Objections, if any are dueOctober 25 at 4:00 p.m.Mr. Bowden can be reached at:   Ashby & Geddes, P.A.   500 Delaware Avenue, 8th Floor   P.O. Box 1150   Wilmington, DE 19899   Tel: (302) 654-1888   Fax: (302) 654-2067                        About OTC HoldingsOmaha, Nebraska-based OTC Holdings Corporation filed for Chapter11 protection on August 25, 2010 (Bankr. D. Del. Case No. 10-12636).  Affiliates OTC Investors Corporation (Bankr. D. Del. CaseNo. 10-12637), Oriental Trading Company, Inc. (Bankr. D. Del. CaseNo. 10-12638), Fun Express, Inc. (Bankr. D. Del. Case No. 10-12639), and Oriental Trading Marketing, Inc. (Bankr. D. Del. CaseNo. 10-12640), filed separate Chapter 11 petitions on August 25,2010.  The Debtors disclosed $463 million in total assets and$757 million in total liabilities as of the Petition Date.Richard Hahn, Esq., My Chi To, Esq., Jae-Sun Chung, Esq., HuyueAngela Zhang, Esq., and Jessica Katz, Esq., at Debevoise &Plimpton LLP, assist the Debtors in their restructuring efforts.Joel A. Waite, Esq., and Kenneth J. Enos, Esq., at Young, Conaway,Stargatt & Taylor, serve as the Debtors’ local counsel.  Jefferies& Company, Inc., is the Debtors’ financial advisor.  Protiviti,Inc., is the Debtors’ restructuring consultant.  Kurtzman CarsonConsultants LLC is the Debtors’ claims agent.The Official Committee of Unsecured Creditors is represented byCooley LLP.OTC HOLDINGS: Committee Taps Cooley LLP as Lead Bankruptcy Counsel——————————————————————The Official Committee of Unsecured Creditors in the Chapter 11cases of OTC Holdings Corporation, et al., ask the U.S. BankruptcyCourt for the District of Delaware for permission to employ CooleyLLP, as its lead counsel.Cooley LLP will, among other things:   – attend meetings of the Committee;   – review financial information furnished by the Debtors to the      Committee; and   – negotiate the budget and the use of the cash collateral.Cooley LLP will represent the Committee in coordination with Ashby& Geddes, P.A., the Committee’s proposed Delaware counsel, toavoid duplication of services.Jeffrey L. Cohen, a partner at Cooley LLP, tells the Court thatthe hourly rates of Cooley LLP’s personnel are:     Cathy R. Hershcopf, partner              $730     Mr. Cohen                                $595     Michael A. Klein, associate              $550     Alex R. Velinsky, associate              $305     Rebecca Goldstein, paralegal             $235Mr. Cohen assures the Court that Cooley LLP is a « disinterestedperson » as that term is defined in Section 101(14) of theBankruptcy Code.The Committee proposes a hearing on Cooley LLP’s employment onNovember 1, 2010, at 10:00 a.m.  Objections, if any are dueOctober 25 at 4:00 p.m.Mr. Cohen can be reached at:     Cooley LLP     The Grace Building     1114 Avenue of the Americas     New York, NY 10036-7798     Tel: (212) 479-6218     Fax: (212) 479-5275                        About OTC HoldingsOmaha, Nebraska-based OTC Holdings Corporation filed for Chapter11 protection on August 25, 2010 (Bankr. D. Del. Case No. 10-12636).  Affiliates OTC Investors Corporation (Bankr. D. Del. CaseNo. 10-12637), Oriental Trading Company, Inc. (Bankr. D. Del. CaseNo. 10-12638), Fun Express, Inc. (Bankr. D. Del. Case No. 10-12639), and Oriental Trading Marketing, Inc. (Bankr. D. Del. CaseNo. 10-12640), filed separate Chapter 11 petitions on August 25,2010.  The Debtors disclosed $463 million in total assets and$757 million in total liabilities as of the Petition Date.Richard Hahn, Esq., My Chi To, Esq., Jae-Sun Chung, Esq., HuyueAngela Zhang, Esq., and Jessica Katz, Esq., at Debevoise &Plimpton LLP, assist the Debtors in their restructuring efforts.Joel A. Waite, Esq., and Kenneth J. Enos, Esq., at Young, Conaway,Stargatt & Taylor, serve as the Debtors’ local counsel.  Jefferies& Company, Inc., is the Debtors’ financial advisor.  Protiviti,Inc., is the Debtors’ restructuring consultant.  Kurtzman CarsonConsultants LLC is the Debtors’ claims agent.The Official Committee of Unsecured Creditors’ Delaware counsel isAshby & Geddes, P.A.OTC HOLDINGS: Direct Fee Appointed as Chapter 11 Fee Examiner————————————————————-The Hon. Brendan L. Shannon of the U.S. Bankruptcy Court for theDistrict of Delaware appointed Direct Fee Review LLC, as feeexaminer in the Chapter 11 cases of OTC Holdings Corporation, etal.Direct Fee will, among other things:   – review interim fee application requests and final fee      applications filed by each applicant in the Debtors’ cases;   – during the course of its review of an application, consult,      as it deems appropriate, with each applicant concerning the      professional application; and   – serve the final report on counsel for the Debtors, the      Office of the U.S. Trustee, counsel for the Committee and      each applicant whose fees and expenses are addressed in the      final report.The fees and expenses of Direct Fee will be subject to applicationand review, and will be paid from the Debtors’ estates as anadministrative expense.  The court document did not disclose thecompensation of the fee examiner.To the best of the Debtors’ knowledge, Direct Fee is a »disinterested person » as that term is defined in Section 101(14)of the Bankruptcy Code.                        About OTC HoldingsOmaha, Nebraska-based OTC Holdings Corporation filed for Chapter11 protection on August 25, 2010 (Bankr. D. Del. Case No. 10-12636).  Affiliates OTC Investors Corporation (Bankr. D. Del. CaseNo. 10-12637), Oriental Trading Company, Inc. (Bankr. D. Del. CaseNo. 10-12638), Fun Express, Inc. (Bankr. D. Del. Case No. 10-12639), and Oriental Trading Marketing, Inc. (Bankr. D. Del. CaseNo. 10-12640), filed separate Chapter 11 petitions on August 25,2010.  The Debtors disclosed $463 million in total assets and$757 million in total liabilities as of the Petition Date.Richard Hahn, Esq., My Chi To, Esq., Jae-Sun Chung, Esq., HuyueAngela Zhang, Esq., and Jessica Katz, Esq., at Debevoise &Plimpton LLP, assist the Debtors in their restructuring efforts.Joel A. Waite, Esq., and Kenneth J. Enos, Esq., at Young, Conaway,Stargatt & Taylor, serve as the Debtors’ local counsel.  Jefferies& Company, Inc., is the Debtors’ financial advisor.  Protiviti,Inc., is the Debtors’ restructuring consultant.  Kurtzman CarsonConsultants LLC is the Debtors’ claims agent.The Official Committee of Unsecured Creditors’ proposed Delawarecounsel is Ashby & Geddes, P.A.  Cooley LLP is the Committee’sproposed lead counsel.OTC HOLDINGS: U.S. Trustee Forms 7-Member Creditors Committee————————————————————-Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed sevenmembers to the official committee of unsecured creditors inthe Chapter 11 cases of OTC Holdings Corporation, et al.The Creditors Committee members are:1. Quad Graphics   Attn: Patricia Rydzik   N63 W23075 State Hwy. 74   Sussex, WI 53089   Tel: (414) 566-2127   Fax: (414) 566-94152. Yeko Trading Limited   Attn: Jeffrey Chan   2/F Yee Kuk Industrial Centre   555 Yee Kuk Street   Kowloon, Hong Kong   Tel: (852) 2361-1368   Fax: (852) 2725-37703. Google Inc.   Attn: Caitlin Evans   1600 Amphitheatre Pkwy.   Mountainview, CA 94043   Tel: 650-468-98034. Intertek Testing Services   Attn: Kevin Bakko   2200 West Loop South, Suite 200   Houston, TX 77027   Tel: (713) 407-3500   Fax: (713) 407-36805. Lucky Worldwide Trading Co. Ltd.   Attn: Julie Hwang   713 W. Duarte Rd., Unit G-888   Arcadia, CA 91007   Tel: (626) 840-8204   Fax: (626) 369-25086. Omniglow, LLC   Attn: George Stanbury   865 Memorial Ave., Unit 4   West Springfield, MA 01089   Tel: (413) 241-6010   Fax: (413) 543-54707. Experian   Attn: Stephen Grant   475 Anton Blvd.   Costa Mesa, CA 92626   Tel: (714) 830-7710Official creditors’ committees have the right to employ legal andaccounting professionals and financial advisors, at the Debtor’sexpense.  They may investigate the Debtor’s business and financialaffairs.  Importantly, official committees serve as fiduciaries tothe general population of creditors they represent.  Thosecommittees will also attempt to negotiate the terms of aconsensual Chapter 11 plan — almost always subject to the termsof strict confidentiality agreements with the Debtors and othercore parties-in-interest.  If negotiations break down, theCommittee may ask the Bankruptcy Court to replace management withan independent trustee.  If the Committee concludes reorganizationof the Debtor is impossible, the Committee will urge theBankruptcy Court to convert the Chapter 11 cases to a liquidationproceeding.                        About OTC HoldingsOmaha, Nebraska-based OTC Holdings Corporation filed for Chapter11 protection on August 25, 2010 (Bankr. D. Del. Case No. 10-12636).  Affiliates OTC Investors Corporation (Bankr. D. Del. CaseNo. 10-12637), Oriental Trading Company, Inc. (Bankr. D. Del. CaseNo. 10-12638), Fun Express, Inc. (Bankr. D. Del. Case No. 10-12639), and Oriental Trading Marketing, Inc. (Bankr. D. Del. CaseNo. 10-12640), filed separate Chapter 11 petitions on August 25,2010.  The Debtors disclosed $463 million in total assets and$757 million in total liabilities as of the Petition Date.Richard Hahn, Esq., My Chi To, Esq., Jae-Sun Chung, Esq., HuyueAngela Zhang, Esq., and Jessica Katz, Esq., at Debevoise &Plimpton LLP, assist the Debtors in their restructuring efforts.Joel A. Waite, Esq., and Kenneth J. Enos, Esq., at Young, Conaway,Stargatt & Taylor, serve as the Debtors’ local counsel.  Jefferies& Company, Inc., is the Debtors’ financial advisor.  Protiviti,Inc., is the Debtors’ restructuring consultant.  Kurtzman CarsonConsultants LLC is the Debtors’ claims agent.The Official Committee of Unsecured Creditors’ proposed Delawarecounsel is Ashby & Geddes, P.A.  Cooley LLP, is the Committee’sproposed lead counsel.PARK AVENUE BANK: Former CEO Enters Guilty Plea———————————————–The Associated Press reports that Charles Antonucci Sr., 59, ofFishkill, N.Y., entered the plea in U.S. District Court to fraud,bank bribery, embezzlement and conspiracy charges.  As part of theplea, Mr. Antonucci admitted that he accepted bribes to influencehis decisions as president and chief executive officer of The ParkAvenue Bank.  Mr. Antonucci was contrite and agreed to pay $11.2million and forfeit various assets to the government.  He resignedas the bank’s president last year.The AP says although they carry a potential penalty of 135 yearsin prison, Mr. Antonucci was expected to earn leniency bycooperating with federal authorities in a continuing probe.AP says sentencing was tentatively set for April 8.Park Avenue Bank was a lender with more than $500 million inassets that specialized in commercial-real-estate loans.  The bankfailed in March 2010 after piling up more than $27 million in netlosses last year.  The Wall Street Journal, citing filings thebank made with the Federal Deposit Insurance Corp., reported thatthe bank’s bad real-estate loans shrank its capital to just$3.3 million at end of 2009, down 87% from two years earlier.The bank’s four branches were taken over by Valley National Bank.Park Avenue Bank of New York isn’t affiliated with Park AvenueBank in Georgia.PAUL SHARFF: Files Bankruptcy Protection for the Second Time————————————————————Michael Braga at the HeraldTribune.com reports that Paul Sharff,a Manatee County political fundraiser and real estate investor,filed for bankruptcy under Chapter 11 for the second time.  Mr.Sharff’s first filing was dismissed after it failed to pay forinsurance on his real estate holdings, which include the 144-unitCity Walk complex in Bradenton.Ms. Braga, citing papers filed with the Court, says Mr. Sharfffiled for bankruptcy because he was a victim of the downturn inthe real estate market and the failure of some of his tenants tokeep paying rent.Mr. Sharff disclosed assets of $7.2 million and liabilities of$26.9 million.  Among his liabilities are $190,000 owed to theBoardwalk Regency Corp., which runs the Caesars Atlantic Citycasino, and $200,000 owed to Kerzner International, which owns theAtlantis Resort & Casino in the Bahamas, says Ms. Braga.PETTERS GROUP: Trustee Sues JPMorgan Chase, Ritchie Capital———————————————————–Bill Rochelle, the bankruptcy columnist for Bloomberg News,reports that the trustee for Petters Group Worldwide and PettersCo. is teaching investors that they can be compelled to returnpayments they received from a Ponzi scheme, even without knowingthere was a fraud. The latest defendants to be sued includeJPMorgan Chase & Co. and Ritchie Capital Management LLC. For                  About Petters Group Worldwide LLCBased in Minnetonka, Minnesota, Petters Group Worldwide LLC isnamed for founder and chairman Tom Petters.  The group is acollection of some 20 companies, most of which make and marketconsumer products.  It also works with existing brands throughlicensing agreements to further extend those brands into newproduct lines and markets.  Holdings include Fingerhut (consumerproducts via its catalog and Web site), SoniqCast (maker ofportable, WiFi MP3 devices), leading instant film and cameracompany Polaroid (purchased for $426 million in 2005), Sun CountryAirlines (acquired in 2006), and Enable Holdings (onlinemarketplace and auction for consumers and manufacturers’ overstockinventory).  Petters formed the company in 1988.Petters Company, Inc., is the financing and capital-raising unitof Petters Group Worldwide, LLC.  Petters Company, Inc., PettersGroup Worldwide, LLC, and eight other affiliates filed separatepetitions for Chapter 11 protection (Bankr. D. Minn. Case No.08-45257) on October 11, 2008.  James A. Lodoen, Esq., atLindquist & Vennum P.L.L.P., serves as the Debtors’ counsel.In its petition, Petters Company, Inc., estimated debts of between$500 million and $1 billion, while its parent, Petters GroupWorldwide, LLC, estimated debts of not more than $50,000.Petters Aviation, LLC, and affiliates MN Airlines, LLC, doingbusiness as Sun Country Airlines, Inc., and MN Airline Holdings,Inc., filed separate petitions for Chapter 11 bankruptcyprotection (Bankr. D. Minn. Case Nos. 08-45136, 08-35197 and08-35198) on October 6, 2008 .  Petters Aviation, LLC is awholly owned unit of Thomas Petters Inc. and owner ofMN Airline Holdings, Inc., Sun Country’s parent company.PIEDMONT CONSTRUCTION: Case Summary & 12 Largest Unsec. Creditors—————————————————————–Debtor: Piedmont Construction I, LLC        208 S. Wilton Road        Richmond, VA 23226Bankruptcy Case No.: 10-36829Chapter 11 Petition Date: October 1, 2010Court: United States Bankruptcy Court       Eastern District of Virginia (Richmond)Judge: Kevin R. HuennekensDebtor’s Counsel: Robert Coleman Smith, Esq.                  RICHARD KNAPP AND ASSOCIATES                  2800 Patterson Ave, Suite 101                  Richmond, VA 23221                  Tel: (804) 377-8848, Ext.4                  E-mail: rsmith@chartwellcapital.netEstimated Assets: $1,000,001 to $10,000,000Estimated Debts: $100,001 to $500,000A list of the Company’s 12 largest unsecured creditorsfiled together with the petition is available for freeat http://bankrupt.com/misc/vaeb10-36829.pdfThe petition was signed by Robert Smith, managing member.POINT BLANK: Says Buyers Inspecting Financial Documents——————————————————-Bill Rochelle, the bankruptcy columnist for Bloomberg News,reports that Point Blank Solutions Inc. is seeking a February 9extension of the exclusive period to propose a Chapter 11 plan.  Ahearing on the exclusivity motion is scheduled for November 3.Point Blank said in the motion that prospective buyers areexamining financial information in a data room.                        About Point BlankHeadquartered in Pompano Beach, Florida, Point Blank Solutions,Inc. — http://www.pointblanksolutionsinc.com/– designs and produces body armor systems for the U.S. Military, Government andlaw enforcement agencies, well as select international markets.The Company is recognized as the largest producer of soft bodyarmor in the U.S.  The Company maintains facilities in PompanoBeach, Florida and Jacksboro, Tennessee.Point Blank Solutions, formerly DHB Industries, filed for Chapter11 protection on April 14, 2010 (Bankr. D. Del. Case No. 10-11255).  Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., atPachulski Stang Ziehl & Jones LLP serve as bankruptcy counsel tothe Debtor.  Olshan Grundman Frome Rosenweig & Wolosky LLP servesas corporate counsel.  T. Scott Avila of CRG Partners Group LLC isthe restructuring officer.The U.S. Trustee has appointed an Official Committee of UnsecuredCreditors and a separate Official Committee of Equity SecurityHolders in the case.  The Equity Committee has tapped MorrisonCohen LLP, and The Bayard, P.A., as counsel.PREMIER GENERAL: Chapter 11 Reorganization Case Dismissed———————————————————The Hon. Leif M. Clark of the U.S. Bankruptcy Court for theWestern District of Texas dismissed the Chapter 11 cases ofPremier General Holdings, and Mark Allen Wynne.As reported in the Troubled Company Reporter on May 27, 2010,creditors Dillon Water Resources, LP, and Dean Cavenport, soughtfor the conversion of Premier General’s case to one underChapter 7 of the Bankruptcy Code, or in the alternative, appoint atrustee in the Debtor’s case.The Creditors alleged that the Debtor:   – converted property;   – breached fiduciary duties;   – engaged in a conspiracy to harm the creditors; and   – found by clear and convincing evidence that it acted with      malice.San Antonio, Texas-based Premier General Holdings, Ltd., filed forChapter 11 bankruptcy protection on March 17, 2010 (Bankr. W.D.Texas Case No. 10-51005).  William B. Kingman, Esq., who has anoffice in San Antonio, Texas, assists the Company in itsrestructuring effort.  The Company estimated its assets and debtsat $50 million to $100 million.QSGI INC: To Merge with KruzeCom LLC Under Chapter 11 Plan———————————————————-QSGI Inc. and its debtor-affiliates delivered to the U.S.Bankruptcy for the Southern District of Florida a Chapter 11 planof reorganization which they say will create a marketable entitywhich will merge with KruseCom LLC.Under the Plan, among other things, the general unsecuredcreditors will benefit from the reorganized Debtors’ plannedacquisition or merger with KruseCom.  The unsecured creditors willget additional common stock from the reorganized Debtors in theamount stated in the plan.The ultimate effect of the restructuring transaction upon theeffective date of the plan will be the reorganized Debtor havingbeen authorized to issue up to two billion shares of common stock.According to an October 11 report by BeaconEquity.com, theCompany’s shares soared 147% due to the filing of the plan.A full-text copy of the company’s Chapter 11 plan ofreorganization is available for free at:              http://ResearchArchives.com/t/s?6c68Palm Beach, Florida-based QSGI, Inc., and its affiliates providetechnology services and maintenance geared towards both uses ofenterprise class hardware as well as the uses of business -competing hardware.  The Debtors filed for Chapter 11 protectionon July 2, 2009 (Bankr. S.D. Fla. Lead Case No. 09-23658).Bradley S. Shraiberg, Esq., at Shraiberg, Ferrara, Landau P.A.,represented the Debtors in their restructuring effort.  TheDebtors estimated assets and debts at $10 million and $50 million.RADIO SYSTEMS: S&P Affirms Corporate Credit Rating at ‘B’———————————————————Standard & Poor’s Rating Services said it affirmed its ‘B’corporate credit rating on Knoxville, Tenn.-based pet productssupplier Radio Systems Corp.  S&P also assigned its ‘B+’ issue-level rating to the company’s proposed $225 million senior securedcredit facility due 2015.  The outlook is stable.The recovery rating on the proposed credit facility is ’2′,indicating S&P’s expectation for substantial (70%-90%) recovery inthe event of a payment default.  The company’s ratings are basedupon preliminary terms and conditions and are subject to reviewupon receipt of final documentation.  S&P expects to withdraw its’B+’ issue-level and ’2′ recovery ratings on the company’sexisting $150 million term loan due 2013 and $55 million revolverdue 2011 upon completion of the proposed refinancing and repaymentof this existing debt.  Pro forma for the refinancing, total debtoutstanding is about $152 million. »The ratings on RSC reflect its narrow business focus,discretionary product offerings, some customer concentration,exposure to technology risk, and risks related to outsourcingsubstantially all of its manufacturing to third parties, » saidStandard & Poor’s credit analyst Jerry Phelan.  Although S&Pbelieves the proposed refinancing will initially result insubstantially improved credit availability, S&P view the company’sliquidity as less than adequate given several planned fourth-quarter 2010 acquisitions, potentially higher shareholderpayments, and a very tight forecasted fixed-charge coveragecovenant for fourth-quarter fiscal 2011.  S&P believes RSCbenefits from its leading market share in the niche petcontainment and training industry, long-time relationships withcustomers and suppliers, and patent protection.RENASCENT INC: Section 341(a) Meeting Scheduled for Nov. 1———————————————————-The U.S. Trustee for Region 18 will convene a meeting ofRenascent, Inc’s creditors on November 1, 2010, at 10:00 a.m.  Themeeting will be held at 341 Missoula, 3720 N Reserve Street,Bitterroot River RM, Hilton Garden Inn, Missoula, MT 59808.This is the first meeting of creditors required under Section341(a) of the U.S. Bankruptcy Code in all bankruptcy cases.All creditors are invited, but not required, to attend.  ThisMeeting of Creditors offers the one opportunity in a bankruptcyproceeding for creditors to question a responsible office of theDebtor under oath about the company’s financial affairs andoperations that would be of interest to the general body ofcreditors.Victor, Montana-based Renascent, Inc, filed for Chapter 11bankruptcy protection on September 29, 2010 (Bankr. D. Mont. CaseNo. 10-62358).  Jon R. Binney, Esq., who has an office inMissoula, Montana, assists the Debtor in its restructuring effort.The Debtor estimated its assets at $10 million to $50 million anddebts at $1 million to $10 million as of the Petition Date.RENASCENT INC: Taps Binney Law Firm as Bankruptcy Counsel———————————————————Renascent, Inc., asks for authorization from the U.S. BankruptcyCourt for the District of Montana to employ Binney Law Firm, P.C.,as bankruptcy counsel.Binney Law will, among other things:     a. provide general counseling and representation before the        Court in connection with the Debtor’s bankruptcy case;     b. prepare petition, schedules, and other filings;     c. represent the Debtor in court hearings and at the meeting        of creditors; and     d. prepare the plan and disclosure statement.Binney Law will be paid based on the hourly rates of itspersonnel:        Jon R. Binney                 $250        Elizabeth Ries-Simpson        $200Jon R. Binney, Esq., and Elizabeth Ries-Simpson, Esq., at BinneyLaw, assures the Court that the firm is a « disinterested person, »as that term is defined in section 101(14) of the Bankruptcy Code,as modified by section 1107(b) of the Bankruptcy Code.Victor, Montana-based Renascent, Inc, filed for Chapter 11bankruptcy protection on September 29, 2010 (Bankr. D. Mont. CaseNo. 10-62358).  The Debtor estimated its assets at $10 million to$50 million and debts at $1 million to $10 million as of thePetition Date.ROTECH HEALTHCARE: Completes Offering of $230 Million Sr. Notes—————————————————————Rotech Healthcare Inc. completed an offering of $230,000,00010.75% Senior Secured Notes due 2015.  The Senior Notes wereoffered and sold to Credit Suisse Securities (USA) LLC in relianceon the exemption from registration provided by Section 4(2) of theSecurities Act of 1933, as amended, and resold by the InitialPurchaser to qualified institutional buyers pursuant to exemptionsfrom registration provided by Rule 144A and Regulation S under theSecurities Act.The Senior Notes are governed by an Indenture, dated October 6,2010, by and among the Company and The Bank of New York MellonTrust Company, N.A. as trustee.  The Indenture contains covenantslimiting the Company’s ability and the ability of the Company’srestricted subsidiaries to, among other things: sell assets; paydividends or make other distributions or repurchase or redeem theCompany’s stock; incur or guarantee additional indebtedness; incurcertain liens; make loans and investments; enter into agreementsrestricting the Company’s subsidiaries’ ability to pay dividends;consolidate, merge or sell all or substantially all of theCompany’s assets; and enter into transactions with affiliates.The Senior Notes are fully and unconditionally guaranteed, jointlyand severally, on a senior basis by the Company and by itssubsidiaries.                      About Rotech HealthcareBased in Orlando, Florida, Rotech Healthcare Inc. (NASDAQ: ROHI)– http://www.rotech.com/– provides home medical equipment and related products and services in the United States, with acomprehensive offering of respiratory therapy and durable homemedical equipment and related services.  The company providesequipment and services in 48 states through approximately 500operating centers located primarily in non-urban markets.Standard & Poor’s Ratings Services said it raised its corporatecredit rating on Orlando, Fla.-based home health care providerRotech Healthcare Inc. to ‘B-’ from ‘CCC’.  At the same time, S&Premoved the ratings from CreditWatch with positive implications,where they had been placed on Sept. 27, 2010.  The outlook ispositive.Moody’s Investors Service upgraded Rotech Healthcare, Inc.’scorporate family rating and probability of default rating to Caa1from Caa2 following the successful execution of $230 million ofsenior secured notes due 2015.  In addition, Moody’s upgradedRotech’s senior subordinated notes rating to Caa2 from Caa3 andconfirmed the B1 rating on the senior secured notes.  These ratingactions conclude the review for possible upgrade initiated onSeptember 27, 2010.  The rating outlook is now stable.RW LOUISVILLE: Files for Chapter 11 in Kentucky———————————————–RW Louisville Hotel Associates LLC filed for Chapter 11 protectionon October 8, 2010 (Bankr. W.D. Ky. Case No. 10-35356).RW Louisville is the owner of the Holiday Inn Hurstbourne inLouisville, Kentucky.  According to Bill Rochelle, the bankruptcycolumnist at Bloomberg News, the 271-room hotel hasn’t madeprincipal payments of $45,000 a month on the $13.9 millionmortgage since October 2009.  The mortgage is part of thecollateral in a pass-through trust.  Wells Fargo NA is trustee forthe trust.The Debtor estimated assets and debts of $10 million to$50 million in its Chapter 11 petition.Mr. Rochelle relates that according to court papers, the hotelproperty is currently appraised for $10 million.  Previously, theassessed value was $14.1 million.RW LOUISVILLE: Case Summary & 20 Largest Unsecured Creditors————————————————————Debtor: RW Louisville Hotel Associates, LLC        aka Holiday Inn Hurstbourne        1325 S. Hurstbourne Parkway        Louisville, KY 40222Bankruptcy Case No.: 10-35356Chapter 11 Petition Date: October 8, 2010Bankruptcy Court:  U.S. Bankruptcy Court                   Western District of Kentucky (Louisville)Debtor’s Counsel:  Emily Pagorski, Esq.                   Lea Pauley Goff, Esq.                   Tristan McD. van Tine                   STOLL KEENON OGDEN PLLC                   2000 PNC Plaza                   500 West Jefferson Street                   Louisville, KY 40202                   Tel.: (502) 333-6000                   Fax : (502) 333-6099                   E-mail: emily.pagorski@skofirm.com                           lea.goff@skofirm.com                          tristan.vantine@skofirm.comEstimated Assets: $10 million to $50 millionEstimated Debts : $10 million to $50 millionThe petition was signed by James J. Papovich, general manager.RW Louisville’s List of 20 Largest Unsecured Creditors:  Entity/Person                 Nature of Claim      Claim Amount  ————-                 —————      ————PAP Car Hospitality                                   $147,1161325 South Hurstbourne ParkwayLouisville KY 40222Sysco                                                 $117,0137705 National TurnpikeLouisville KY 40214Crystal Enterprises                                    $94,2484126 Stevens Reynolds BlvdNorcross GA 30093Ridgewood Hotels                                       $40,233Louisville Gas & Electric                              $21,763Walton Signage                                         $18,286DECA                                                   $12,676Guest Supply                                           $10,286Louisville Water Company                               $10,186Securitas Services                                     $8,336PAP Car                                                $7,500Ikon Financial Services                                $4,827Mattingly Foods                                        $4,253A New Leaf                                             $3,938Micros                                                 $3,887Horizon Opportunities                                  $3,801Kentucky Sports Marketing                              $3,225Louisville Convention Visitors                         $3,210Precise Services Inc.                                  $2,653The Home Depot Supply                                  $2,368SCHUTT SPORTS: Wants Riddell Cited for Contempt———————————————–Bill Rochelle, the bankruptcy columnist for Bloomberg News,reports Schutt Sports Inc. accused rival Riddell Inc. of violatinga stay order and asked that it be cited for contempt in a requestthat raises issues about free speech in bankruptcy cases.According to Mr. Rochelle, the new controversy resulted from a $29million patent-infringement judgment won by Riddell.  Schutt filedunder Chapter 11 on September 6 to halt collection on thejudgment.  Schutt alleges that sales representatives from Riddellare telling Schutt customers that the company filed for Chapter 11and may go out of business.  Schutt contends that thecommunications violate the automatic stay in bankruptcy thatprohibits attempting to collect a pre-bankruptcy debt.  The stayalso prohibits interference with a bankrupt company’s property.Riddell should be held in contempt of the automatic stay, Schuttsaid in court papers filed October 6.Schutt, Mr. Rochelle relates, claims that trying to drive away abankrupt’s customers is a violation of the stay.  Likewise,communications « designed to erode the value of the debtor’sassets » violates the stay.The contempt motion is scheduled for hearing on October 21.                        About Schutt SportsLitchfield, Illinois-based Schutt Sports, Inc. — fka SchuttManufacturing Company; aka Schutt Sports Manufacturing Co., SchuttSports Distribution Company, and Schutt Athletic Sales Company –designs, manufactures, distributes and markets team sporting goodsequipment, offering an extensive line of football, baseball andsoftball protective gear and complementary accessories.Schutt Sports filed for Chapter 11 bankruptcy protection onSeptember 6, 2010 (Bankr. D. Del. Case No. 10-12795).  VictoriaWatson Counihan, Esq., at Greenberg Traurig, LLP, assists theDebtor in its restructuring effort.  Ernst & Young is the Debtor’sfinancial advisor.  Oppenheimer & Co., Inc., is the Debtor’sinvestment banker.  Logan & Company, Inc., is the Debtor’s claims,noticing and balloting agent.The Debtor estimated its assets and debts at $50 million to$100 million.Affiliates Circle System Group, Inc. (Bankr. D. Del. Case No.10-12796), Melas, Inc. (Bankr. D. Del. Case No. 10-12797),Mountain View Investment Co. of Illinois (Bankr. D. Del. Case No.10-12794), R.D.H. Enterprises, Inc. (Bankr. D. Del. Case No.10-12798), and Triangle Sports, Inc. (Bankr. D. Del. Case No.10-12799) filed separate Chapter 11 petitions on September 6,2010.SEA ISLAND: Rival Bidders Unite to Make $212.4MM Final Bid———————————————————-Sea Island Co. ended an October 11 auction with a high bid of$212.4 million, an improvement on the $197.5 million stalkinghorse bid from a company affiliated with Oaktree CapitalManagement LP and Avenue Capital Group.Bill Rochelle, the bankruptcy columnist for Bloomberg News, citinga report in the Atlanta Journal-Constitution, relates that nearthe end of an all-day auction, competing bidders Starwood CapitalGroup Global LP and Anschutz Corp. joined with Oaktree and Avenueto make the final bid.The combination of the bidding groups was approved by securedcreditors and the official creditors’ committee, the Atlantanewspaper reported.The buyers agreed to pay nearly $15 million more that theCompany’s resorts, golf courses and private clubs would havefetched without going on the auction block, according to TheAssociated Press.The AP relates that the sale won’t be final unless Sea Island’splan to emerge from Chapter 11 is confirmed by the bankruptcyjudge.Sea Island has filed a bankruptcy-exit plan premised on the assetsale.  Hearing to confirm the plan is slated for November 4.Creditors have until October 29 to vote on the Plan.  Based on the$197.5 million stalking horse bid, lenders including Synovus Bank,Bank of America and Bank of Scotland, were expected to recoupabout $180 million, less than a third of outstanding loans.Unsecured creditors would be paid shares from a pool totaling just$3 million.  They include former Sea Island president DennieMcCrary, who is owed about $27 million.  The Company estimatesthat unsecured creditors, at best, would receive about 3 cents perdollar owed to them.A full-text copy of the amended and restated Disclosure Statementis available for free at:        http://bankrupt.com/misc/SEAISLAND_AmendedDS.pdf                         About Sea IslandSt. Simons Island, Georgia-based Sea Island Company –http://www.seaisland.com/– aka Sea Island Shooting School, Sea Island Yacht Club, Sea Island Stables, and Cabin Bluff, is aprivate resort and real estate development company founded in1926.  Sea Island Company owns and operates Sea Island Resorts,featuring two of the world’s most exceptional destinations: theForbes Five-Star Cloister at Sea Island and The Lodge at SeaIsland.Sea Island filed for Chapter 11 protection on August 10, 2010(Bankr. S.D. Ga. Case No. 10-21034).  Sea Island has filed aChapter 11 plan based upon an agreement to sell substantially allof its assets to Sea Island Acquisition LP, a limited partnershipformed by investment funds managed by the global investment firmsOaktree Capital Management, L.P., and Avenue Capital Group.Sarah R. Borders, Esq., Harris Winsberg, Esq., Sarah L. Taub,Esq., and Jeffrey R. Dutson, Esq., at King & Spalding LLP, assistthe Debtor in its restructuring effort.  Robert M. Cunningham,Esq., at Gilbert, Harrell, Sumerford & Martin PC, is the Debtor’sco-counsel. FTI Consulting, Inc., is the Debtor’s restructuringadvisor.  EPIQ Bankruptcy Solutions, LLC, is the Debtor’s claimsand notice agent.Donald F. Walton, the U.S. Trustee for Region 21, appointed sevenmembers to the official committee of unsecured creditors in theChapter 11 cases of Sea Island Company, et al.  The officialcommittee of unsecured creditors has retained Jordi Guso, Esq. andBerger Singerman, P.A. as its counsel.  The Debtor estimated itsassets and debts at $500 million to $1 billion as of the PetitionDate.Affiliates Sea Island Coastal Properties, LLC; Sea IslandServices, Inc.; Sea Island Resort Residences, LLC; Sea IslandApparel, LLC; First Sea Island, LLC; and Sical, LLC, filedseparate Chapter 11 petitions on August 10, 2010.SENECA GAMING: Moody’s Downgrades Corp. Family Rating to ‘B1′————————————————————-Moody’s Investors Service lowered Seneca Gaming Corporation’sratings while keeping the long term ratings under review forpossible downgrade.  In Moody’s opinion, SGC’s short termliquidity profile is expected to remain adequate as expressed bythe existing SGL-3.Ratings lowered and kept on review for further possible downgrade:* Corporate Family Rating — to B1 from Ba2* Probability of Default Rating — to B1 from Ba2* $500 million senior unsecured notes due 2012 — to B1 (LGD 4,  52%) from Ba2 (LGD 4, 51%)                        Ratings RationaleThe downgrades incorporate Moody’s becoming aware that The SenecaNation of Indians, owner of SGC, has withheld exclusivity paymentsto the State of New York as required by the Gaming Compact betweenthe Nation and the State to the extent that Nation has exclusivitywith respect to a particular category of gaming device.  TheCompact authorizes the Nation to own and operate three class IIIgaming facilities in the state.  SGC owns and operates theNation’s gaming facilities and is the sole source of debtrepayment for the rated debt.Moody’s actions also reflect Moody’s view that because theexclusivity payments withheld by the Nation are not, to Moody’sunderstanding, currently in a restricted account or being held byan independent third party set-up solely for the purpose offunding any potential Compact settlement, there is no formalassurance that the Nation will have or make these funds availableif it is determined that as part of any settlement, all or aportion of it has to be paid to the State.  In the extreme eventthat a settlement is not reached and the Compact is terminated,SGC’s ability to operate a class III gaming facility would be injeopardy.On October 6, 2010, the Nation received of a copy of writtennotice from the State officials of a claimed breach by the Nationof the Compact.  The October 6th Letter, in response tocorrespondence from, and action of, the Nation, alleges that theNation owes the State approximately $200 million for exclusivitypayments.  Reportedly, the State and the Nation disagree as towhether or not exclusivity has been breached.The review for possible further downgrade considers that, whilethe possibility of a favorable settlement exists for the Nation,the negotiated and political nature of the Compact settlementprocess combined with the uncertainty of the timing, amount andfuture terms of any settlement going forward make it difficult forMoody’s to assume that this dispute will be resolved in favor ofthe Nation.Moody’s review will focus on the Nation’s ability to reach atimely agreement with the State that does not impair the financialprofile of SGC.  Moody’s review will also continue to focus on theuncertainties surrounding the ongoing review of the Nation’srecords by the Internal Revenue Service that triggered a reviewfor possible downgrade by Moody’s in July 2010.  SGC’s operatingprofile, competitive environment and plans to address therevolving credit facility maturity in December 2011 (not rated byMoody’s) will also be incorporated in Moody’s review.Per disclosure in SGC’s form 8-K filing with the SEC (Securitiesand Exchange Commission) on October 8, 2010, the Nation and theState have triggered a dispute resolution process thatcontemplates a meeting within fourteen days.  If the discussionsbetween the State and the Nation are not successful in resolvingthese disputes within 30 days of such a meeting, either party maysubmit the dispute to binding arbitration.  The Compact providesthat neither the State nor the Nation can electively orunilaterally terminate the compact unless a material uncuredbreach has occurred and not less than 180 days prior notice hasbeen provided.  Neither the Nation nor the State has provided atermination notice, per the 8-K filing.Seneca Gaming Corporation owns and operates Seneca Niagara FallsCasino and Hotel in Niagara Falls, NY, Seneca Allegany Casino andHotel in Salamanca, NY, and Seneca Buffalo Creek Casino in ErieCounty, NY.  Net revenues for the twelve-month period endedJune 30, 2010, were approximately $578 million.  SGC is anincorporated instrumentality of the Seneca Nation of Indians, afederally recognized tribe.SHAFER PLAZA: Case Summary & 10 Largest Unsecured Creditors———————————————————–Debtor: Shafer Plaza LII, Ltd        dba FREI Frisco Retail, LP        aka Frisco LP Investors, LTC        5210 Tracy        8980 Preston Road, Frisco, TX 75230        Dallas, TX 75205Bankruptcy Case No.: 10-43479Chapter 11 Petition Date: October 4, 2010Court: United States Bankruptcy Court       Eastern District of Texas (Sherman)Debtor’s Counsel: Eric A. Liepins, Esq.                  ERIC A. LIEPINS P.C.                  12770 Coit Road, Suite 1100                  Dallas, TX 75251                  Tel: (972) 991-5591                  E-mail: eric@ealpc.comEstimated Assets: $0 to $50,000Estimated Debts: $1,000,001 to $10,000,000A list of the Company’s 10 largest unsecured creditorsfiled together with the petition is available for freeat http://bankrupt.com/misc/txeb10-43479.pdfThe petition was signed by Steve Shafer, managing member ofgeneral partner.SHERIDAN GROUP: S&P Puts ‘B’ Rating on CreditWatch Negative———————————————————–Standard & Poor’s Ratings Services placed its ‘B’ corporate creditrating for Hunt Valley, Md.-based printing company The SheridanGroup Inc., as well as all related issue-level ratings, onCreditWatch with negative implications. »The negative CreditWatch listing is based on Sheridan’s decliningliquidity because of its significant near-term maturities, »explained Standard & Poor’s credit analyst Tulip Lim.   »The ‘B’corporate credit rating reflects S&P’s expectation of continueddifficult operating conditions across niche printing segments,high debt leverage, and vulnerability to a secular shift away fromprint media. »S&P views Sheridan’s business risk as vulnerable because it is aspecialized printer servicing niche segments, including short-and-medium run journals, specialty magazines, short-run books, andspecialty catalogues, many of which are facing operatingpressures.  S&P deems Sheridan’s financial risk profile as highlyleveraged, based on the company’s near-term refinancing hurdles.The company is exposed to secular pressures affecting print media,as more content is available and consumed online and moreadvertising dollars are being allocated to digital media.Sheridan is also vulnerable to economic cyclicality, and itscontinuing weak operating performance is partially linked to thesoft economy.Year-over-year revenue in the first half of 2010 declined 10.1%,primarily reflecting continued weak economic conditions.Sheridan’s EBITDA in the first half of 2010 increased 5.3%,compared to the first half of 2009, primarily because ofreductions in staffing-related costs.For the 12 months ended June 30, 2010, adjusted debt to EBITDA was3.6x, lower than the indicative adjusted debt-to-EBITDA ratio ofgreater than 5x for this financial risk profile category.  Still,S&P considers the company’s financial profile as highly leveragedgiven the significant amount of debt that will be maturing overthe near term.  Sheridan’s adjusted EBITDA coverage of interestwas 2.5x for the period–an improvement from 2.3x at Dec. 31,2009, reflecting note repurchases that the company completed lastyear.  The company generated moderate positive discretionary cashflow for the 12 months ended June 30, 2010, converting over 43.9%of EBITDA to discretionary cash flow.On June 30, 2010, liquidity resources include $14.4 million ofcash on hand, a $20 million working capital facility (of whichSheridan had $15.5 million of borrowing capacity on June 30,2010), and positive discretionary cash flow.  However, onMarch 25, 2011, the working capital facility matures and onAug. 15, 2011, $142.9 million in senior secured notes mature.S&P could lower the rating if the company’s near-term maturitiesare not refinanced by the end of the year.  S&P could alsoconsider lowering the rating if operating trends prove worse thanS&P currently expects and interest costs rise as part of arefinancing, resulting in interest coverage falling to the mid-1xarea.SPONGETECH DELIVERY: Trustee Wants Case Converted to Chapter 7————————————————————–Bankruptcy Law360 reports that the trustee for Spongetech DeliverySystems Inc. has asked that the case be converted to a Chapter 7,saying there is « no possibility » of rehabilitation in the wake ofalleged criminal securities violations by executives and theSection 363 sale of the company’s primary manufacturing unit.Chapter 11 trustee Kenneth P. Silverman lodged a motion Friday inthe U.S. Bankruptcy Court for the Southern District of New York,Law360 says.New York-based Spongetech Delivery Systems Inc. distributes a lineof hydrophilic polyurethane and polyurethane sponge cleaning andwaxing products.  Spongetech filed for Chapter 11 bankruptcyprotection on July 9, 2010 (Bankr. S.D.N.Y. Case No. 10-13647).The Company estimated $10 million to $50 million in total assetsand $1 million to $10 million in total liabilities.  An affiliate,Dicon Technologies, LLC, filed a separate Chapter 11 petition onJune 24, 2010 (Bankr. S.D.N.Y. Case No. 10-41275).The Hon. Stuart M. Bernstein in July 2010 authorized Tracy HopeDavis, the Acting U.S. Trustee for Region 2, to appoint a Chapter11 trustee for Spongetech Delivery Systems, Inc.  The U.S. Trusteesought permission from Judge Bernstein to appoint a Chapter 11trustee or, in the alternative, convert the Debtor’s Chapter 11bankruptcy case to Chapter 7.Edward Neiger, Esq., at Neiger, LLP, and M. David Graubard, Esq.,at Kera & Graubard, assist the Debtors in their restructuringefforts.SPRING CREEK: Only Ch. 7 Trustee Has Standing to Pursue Complaint—————————————————————–The Hon. Joan A. Lloyd denied Spring Creek Air Park, Inc.’s Motionto Alter or Amend the Court’s Order of July 12, 2010.  Pursuant tothe July 12, 2010 order, the Court granted a bid by the Chapter 7trustee to strike Docket No. 121 entitled « Debtor’s Complaint,Objection to Proof of Claim and Requesting Affirmative Relief. »The basis for the Order striking Docket No. 121 was that neitherthe Debtor nor Linda Stetler has standing to file the document.Document No. 121 was not filed as a separate adversary proceeding,although it plainly seeks damages and injunctive relief on behalfof the Debtor and Linda Stetler who were denominated as Plaintiffsin the case against Defendants Roswell Holdings, LLC, James E.Sutton, Tom Graziani, Gene Stoker, Doug Haughs, Dwayne L. Shaw,Louis N. Sanders, David S. Riley and unknown Defendants.  Anaction to recover damages on behalf of the Debtor is an asset ofthe estate under 11 U.S.C. Sec. 541.  The Court says the actionssought by Document No. 121 are solely within the province of theChapter 7 Trustee and neither the Debtor nor Linda Stetler hasstanding to bring those actions.Moreover, Document No. 121 was not filed in conformity with any ofthe Federal Rules of Bankruptcy Procedure which require thepayment of a filing fee, issuance of summons and service ofprocess.  It does not conform with any notion of due process.  Ifthe document is meant to be only an objection to a proof of claim,again, this is solely within the province of the Chapter 7Trustee.The Court also notes the meeting of creditors required under 11U.S.C. Sec. 341 has not yet been held.  Therefore, the Chapter 7Trustee has not even had the opportunity to review necessaryinformation and documents to assess whether the estate possessesany claims.  The Trustee has not abandoned any alleged causes ofaction or claims should they so exist.A copy of the Court’s decision is available at http://is.gd/fYAKgfrom Leagle.com.The case is In re: Spring Creek Air Park, Inc. (Bankr. W.D. Ky.Case No. 09-11412).  On May 19, 2010, the Court entered an Orderconverting the Debtor’s case from one under Chapter 11 of theUnited States Bankruptcy Code to one under Chapter 7.  On May 21,2010, Jerry A. Burns was appointed as Chapter 7 Trustee on thecase.STEPHEN YELVERTON: Alimony Claim Derails Plan; Case Converted————————————————————-The Hon. S. Martin Teel, Jr., stuck to his earlier decision anddenied Stephen Thomas Yelverton’s motion asking the Court toreconsider its August 20, 2010 orders denying confirmation of planand converting case to Chapter 7.On August 18, 2010, the court held a hearing on confirmation ofMr. Yelverton’s amended plan and a hearing on the United StatesTrustee’s motion to convert the case to chapter 7.  Prior to thehearing, Mr. Yelverton submitted ballots reflecting acceptance ofthe plan by classes 5, 6, and 7.  After hearing evidence on thematter, the Court denied confirmation on the basis of feasibilityand based on a finding that Mr. Yelverton had failed to show hewould be able to pay the administrative claims of his ex-wife,Alexandra Senyi de Nagy-Unyom and Sedghi Investment Properties onthe effective date of the plan.  The Court granted the U.S.Trustee’s motion to convert, finding that Ms. Senyi’s postpetitionalimony claim would result in a continuing loss to the estate andthat there was no reasonable likelihood of reorganization.  TheCourt also held that Mr. Yelverton’s plan was so vague andambiguous as to the rights of creditors as to be unconfirmable.A copy of the Court’s memorandum decision is availableat http://is.gd/fYAN9from Leagle.com. Stephen Yelverton, a minority shareholder in Yelverton Farms,Ltd., filed for Chapter 11 bankruptcy protection (Bankr. D. D.C.Case No. 09-00414) on May 14, 2009.STARNES CUSTOM: Case Summary & 12 Largest Unsecured Creditors————————————————————-Debtor: Starnes Custom Homes, Ltd.        dba Starnes Custom Homes        2611 N. Loop 1604 W., Ste. 202A        San Antonio, TX 78258Bankruptcy Case No.: 10-53885Chapter 11 Petition Date: October 4, 2010Court: United States Bankruptcy Court       Western District of Texas (San Antonio)Judge: Leif M. ClarkDebtor’s Counsel: Michael G. Colvard, Esq.                  MARTIN & DROUGHT, P.C.                  2500 Bank of America Plaza, 300 Convent St                  San Antonio, TX 78205                  Tel: (210) 227-7591                  E-mail: mcolvard@mdtlaw.comScheduled Assets: $2,000,000Scheduled Debts: $1,843,300A list of the Company’s 12 largest unsecured creditorsfiled together with the petition is available for freeat http://bankrupt.com/misc/txwb10-53885.pdfThe petition was signed by Mitchell Starnes, president of StarnesGP, LLC.SUK HEE SUH: U.S. Trustee Wants Chapter 11 Trustee Appointed————————————————————Peter C. Anderson, U.S. Trustee for Region 16, asks the U.S.Bankruptcy Court for the Central District of California to appointRichard Laski as Chapter 11 trustee in the case of Suk Hee Suh.As reported in the Troubled Company Reporter on September 21,2010, Mr. Laski was appointed as Chapter 11 trustee in case ofSYS Hospitality, LLC, a debtor-affiliate of Suk Hee Suh.The U.S. Trustee also asks the Court to fix the Chapter 11trustee’s individual bond at $10,000.La Canada Flintridge, California-based Suk Hee Suh filed forChapter 11 bankruptcy protection on April 9, 2010 (Bankr. C.D.Calif. Case No. 10-23682).  Robert M. Yaspan, Esq., at the LawOffices of Robert M Yaspan, assists the Debtor in itsrestructuring effort.  The Company disclosed $10,253,055 in assetsand $19,380,036 in liabilities as of the Petition Date.An affiliate, SYS Hospitality LLC, doing business as HawthornSuites, also filed for Chapter 11 on April 9, 2010 (Bankr. C.D.Calif. Case No. 10-20501).  The Debtor disclosed assets of$434,800 and debts of $10,319,421 in its Chapter 11 petition.SUNWEST MANAGEMENT: Investors Bring Class Suit v. K&L and Thompson——————————————————————Leigh Jones, writing for The National Law Journal, reports that agroup of investors in Sunwest Management Inc. has filed a classaction against K&L Gates and Thompson & Knight for allegedlyaiding in a « Ponzi-like » scheme.  According to the report, theclass action alleges that the law firms prepared materialscontaining misleading statements and misrepresentations about thecompanies and failed to tell investors about the true financialcondition of the company.The class consists of investors in assisted living centers andother properties.  The lawsuit was filed on October 4 in U.S.District Court in Oregon.  It seeks damages under the OregonSecurities Act against Sunwest.The report says Thompson & Knight general counsel Luke Ashley,Esq., said his firm had expected the class action because it is aparty to a settlement with the plaintiffs reached last month.  Theparties are expected to agree to a confidential settlement amountpursuant to mediation they already have undertaken, he said.K&L Gates declined to comment on the lawsuit.                     About Sunwest ManagementFounded in Oregon in 1991, Sunwest Management –http://www.sunwestmanagement.com/– was one of the largest private senior living providers in the U.S.  In March 2009, U.S.District Judge Michael Hogan appointed Michael Grassmueck –founder and principal of Portland, Oregon-based Grassmueck Group,a national firm that specializes in fiduciary and insolvencyservices — as receiver for the Company after the Securities andExchange Commission filed suit against Sunwest and former CEO JonHarder, alleging securities fraud.Sunwest Management placed 10 assisted living centers — two inOregon — into Chapter 11 bankruptcy.  Briarwood Retirement andAssisted Living Community LLC, which owns a retirement center inSpringfield, and Century Fields Retirement and Assisted LivingCommunity LLC, which owns a center in Lebanon, filed for Chapter11 protection on August 19, 2008.  On Aug. 17, 2008, eightSunwest-affiliated LLCs filed for Chapter 11 bankruptcy protectionfrom creditors in Tennessee.Sunwest was later renamed Stayton SW Assisted Living.  As reportedby the Troubled Company Reporter on July 16, 2010, Judge Hoganconfirmed the plan of reorganization in the Chapter 11 proceedingsof Stayton.  The plan provides for the sale of up to 149 seniorliving facilities to a joint venture formed by Blackstone RealEstate Advisors VI L.P., Emeritus Senior Living and ColumbiaPacific Advisors.  The Blackstone/Emeritus joint venture acquiredthe properties in exchange for cash, securities and debt valued at$1.3 billion in cash.Existing Sunwest investors were permitted to receive either cashor securities in the new company, with a choice between Class Apreferred interests paying 6%, or up to 49% in common interests inthe joint venture.The reorganization plan also provides for the creation of aTrustco entity to hold certain non-senior living assets, such asapartments, office buildings and bare land, and liquidate theassets over time for the benefit of the estate’s investors andcreditors.  The Receiver oversees Trustco.As reported by the TCR on August 9, 2010, Stayton completed thesale of 132 senior living facilities to the joint venture.  Thetransaction was valued at $1.2 billion.TAYLOR & BISHOP: Case Summary & 17 Largest Unsecured Creditors————————————————————–Debtor: Taylor & Bishop, LLC        2575 E. Camelback Road, Suite 1100        Phoenix, AZ 85016Bankruptcy Case No.: 10-32563Chapter 11 Petition Date: October 8, 2010Court: U.S. Bankruptcy Court       District of Arizona (Phoenix)Judge: Sarah Sharer CurleyDebtor’s Counsel: John R. Clemency, Esq.                  GALLAGHER & KENNEDY PA                  2575 East Camelback Road, Suite 1100                  Phoenix, AZ 85016                  Tel: (602) 530-8040                  E-mail: john.clemency@gknet.comScheduled Assets: $16,040,393Scheduled Debts: $9,934,149The petition was signed by Thomas O’Malley, authorized agent.Debtor’s List of 17 Largest Unsecured Creditors:        Entity                     Nature of Claim    Claim Amount        ——                     —————    ————Lancelot Lending, LLC              Promissory Note        $500,0006991 E. Camelback Road, Suite B310Scottsdale, AZ 85251Scopelitis Garvin Light Hanson     Legal Fees              $21,538& Feary30 W. Monroe Street, Suite 600Chicago, IL 60603ADT Security Services              Trade Debt               $1,2821815 Glenview RoadGlenview, IL 60025Valley Fire Protection Services    Trade Debt               $1,215City of Chicago – Dept of Revenue  –                       $1,150Belcore Electric                   Trade Debt               $1,053Strategic Property Management      Trade Debt                 $979American Combustion Services       Trade Debt                 $920City of Chicago – Dept of          –                         $714Water MgmtPeoples Gas                        Trade Debt                 $630City of Chicago – Dept of          –                         $600BuildingsR&S Electric                       Trade Debt                 $500Complete Pump Service Co., Inc.    Trade Debt                 $477Urban Elevator Service             Trade Debt                 $390Alarms Unlimited                   Trade Debt                 $383Preferred Mechanical Heating       Trade Debt                 $345& CoolingAurora Tristate Fire Protection    Trade Debt                 $201TEXAS RANGERS: Cuban Files $2.65MM Substantial Contribution Claim—————————————————————–Bill Rochelle, the bankruptcy columnist for Bloomberg News,reports that Mark Cuban and James Crane, who bid unsuccessfully atthe auction for the Texas Rangers baseball club, filed papersasking the bankruptcy judge for reimbursement of $2.65 million forwhat they say was their « substantial contribution » to thesuccessful outcome of the case.According to the report, Messrs. Cuban and Crane noted that as aresult of their bids at the auction in August, the price for theteam rose almost $100 million.  Accordingly, they are asking forreimbursement of attorneys’ fees and other expenses under Section503 of the U.S. Bankruptcy Code where a creditor can receivepayment for making a « substantial contribution in a case. »  Ahearing on their motion for reimbursement will be held Oct. 25.                   About Texas Rangers BaseballTexas Rangers Baseball Partners owns and operates the TexasRangers Major League Baseball Club, a professional baseball clubin the Dallas/Fort Worth Metroplex.  TRBP is a Texas generalpartnership, in which subsidiaries of HSG Sports Group LLC own a100% stake.  Controlled by Thomas O. Hicks, HSG also indirectlywholly-owns Dallas Stars, L.P., which owns and operates the DallasStars National Hockey League franchise.  The Texas Rangers havehad five owners since the club moved to Arlington in 1972.  Mr.Hicks became the fifth owner in the history of the Texas Rangerson June 16, 1998.In its petition, Texas Rangers Baseball Partners said it had bothassets and debt of less than $500 million.Martin A. Sosland, Esq., at Weil, Gotshal & Manges LLP, serves asbankruptcy counsel to the Debtor.  Forshey & Prostok LLP is theconflicts counsel.  Parella Weinberg Partners LP serves asfinancial advisor.Lenders to the Texas Rangers sought to force the baseball team’sequity owners — Rangers Equity Holdings, L.P. and Rangers EquityHoldings GP, LLC — into bankruptcy court protection (Bankr. N.D.Tex. Case No. 10-43624 and 10-43625).  The lenders, a group thatincludes investment funds Monarch Alternative Capital andKingsland Capital Management, filed an involuntary bankruptcypetition on May 28 against the two companies.  The two companieswere not included in the May 24 Chapter 11 filing of TRBP.U.S. Bankruptcy Judge Stacey G. C. Jernigan on August 5 confirmedthe fourth amended version of the Prepackaged Plan ofReorganization of Texas Rangers Baseball Partners.  The judge’sconfirmation order clears the way for a group of Hall of Famepitcher Nolan Ryan, and Pittsburgh sports attorney and minor-league team owner Charles Greenberg to purchase the Texas Rangers.The Ryan group paid $385 million in cash and assumed $208 millionin liabilities.  The Ryan group outbid Dallas Mavericks owner MarkCuban at an auction.THOMPSON PUBLISHING: Ableco Finance Objects to Expedited Sale————————————————————-Bill Rochelle, the bankruptcy columnist for Bloomberg News,reports that Thompson Publishing Holding Co. is facing oppositionto procedures for the auction and sale of the business fromcreditor Ableco Finance LLP.  Ableco contends there is no need foran « extremely expedited sale process. »  According to Ableco, thecompany is « not bleeding cash » and the time periods for theauction are « unnecessarily truncated. »As reported in yesterday’s Troubled Company Reporter, the U.S.Trustee has objected to the sale process.  Mr. Rochelle relatesthe U.S. Trustee argued that the proposed auction procedures givethe first-lien lenders control « at every step. »  The U.S. Trusteepointed out how proposed auction rules require Thompson to obtainthe consent of the lenders in deciding who is qualified to bid andwho made the best bid at auction.Thompson Publishing is seeking approval to conduct an auctionwhere the first lien lenders would lead the auction with theircredit bid.The first lien lenders have entered into an asset purchaseagreement with the Debtors.  A copy of the agreement is availablefor free at http://bankrupt.com/misc/THOMPSON_apa.pdfAbsent higher and better offers, the first lien lenders will buythe business in exchange for (a) a credit bid in the amount of$42,000,000; (b) cash in an amount sufficient for (i) therepayment of outstanding obligations under a DIP facility, (ii)payment of the cure costs, and (iii) without duplication, paymentof any carve-out and any additional amounts payable pursuant toand in accordance with a wind-down budget; and (c) assumption ofcertain of the Debtors’ liabilities.  The Potential Purchaser alsohas the option to assume certain of the Debtors’ accounts payableincurred in the ordinary course of business prior to the PetitionDate by designating the accounts payable five business days priorto the auction or seven business days before the sale hearing.A copy of the auction procedures proposed by the Debtors isavailable for free at:      http://bankrupt.com/misc/THOMPSON_biddingprocedures.pdfAccording to the auction rules, the Debtors, with the consent ofthe first lien agent and after consultation with the committee,will determine whether a bid for less than substantially all ofthe Debtors’ assets qualifies as a qualified partial bid.  Thebidding at the auction will start at the purchase price statedin the starting qualified bid — to be determined by the Debtors,with the consent of the first lien agent and after consultationwith the committee — and then continue in minimum increments of$250,000.                     About Thompson PublishingThompson Publishing Holding Co. Inc., which produces books onregulatory trends and how they affect businesses and government,sought bankruptcy protection from creditors (Bankr. D. Del. CaseNo. 10-13070) on September 21, 2010.  Thompson is majority ownedby Avista Capital Partners, which bought a 50% stake in thecompany for $130 million in 2006.  Thompson estimated assets of$10 million to $50 million and debts of $100 million to $500million in its Chapter 11 petition.Six affiliates, including Thompson Publishing Group, Inc., filedseparate Chapter 11 petitions.Alissa T. Gazze, Esq., Chad A. Fights, Esq., and Derek C. Abbott,Esq., at Morris Nichols Arsht & Tunnell, LLP, assist the Debtorsin their restructuring effort.TKR PROPERTY: Voluntary Chapter 11 Case Summary———————————————–Debtor: TKR Property, LLC        8541 Thorne Drive        Lantana, TX 76226Bankruptcy Case No.: 10-46473Chapter 11 Petition Date: October 4, 2010Court: United States Bankruptcy Court       Northern District of Texas (Ft. Worth)Judge: Russell F. NelmsDebtor’s Counsel: Stephen Michael Stasio, Esq.                  STASIO & STASIO                  303 Main Street, Suite 302                  Fort Worth, TX 76102                  Tel: (817) 332-5113                  Fax: (817) 870-0335                  E-mail: steve.stasio@stasiolawfirm.comEstimated Assets: $1,000,001 to $10,000,000Estimated Debts: $1,000,001 to $10,000,000The Debtor did not file a list of its largest unsecured creditorstogether with its petition.The petition was signed by James Thayer, president.TRAVELPORT LLC: Moody’s Affirms ‘B2′ Corporate Family Rating————————————————————Moody’s has affirmed the B2 corporate family rating andprobability of default rating of Travelport LLC.  The Ba3 seniorsecured, the B3 senior unsecured and Caa1 subordinated instrumentratings have also been affirmed; the outlook is changed tonegative from stable.The change in outlook reflects Moody’s expectation thatprofitability and cash flows in the short to medium term may notincrease to the degree that had been previously anticipated, andtherefore that deleveraging towards Moody’s target metrics for thecurrent rating will likely also take longer than expected.  Whilethe airline industry is recovering in terms of passenger numbers,Moody’s believes that the benefit that Travelport derives fromthis may be mitigated by increased pressure on margins.As Moody’s has previously noted, Moody’s continue to believe thatheadroom under the company’s net leverage covenant for its securedcredit facilities remains limited (actual 5.48x versus 6x requiredas of June 2010), and that these covenants are due to step down.Moody’s current ratings and outlook therefore factor in theexpectation that the company will take appropriate actions torebuild headroom to more comfortable levels and avoid any risks ofa potential breach of its financial covenant within the comingquarters.As of June 2010 the company’s liquidity consisted ofUS$167 million in cash, in addition to US$240 million ofavailability under its existing revolving credit facility.  It isalso supported by the company’s 48% stake in Orbitz (rated B2 witha stable outlook).  Moody’s further notes that the companygenerated free cash flow of approximately US$140 million on a last12 months to end June 2010 and has no meaningful near-term debtmaturities.The negative outlook reflects predominantly Moody’s view thatmetrics are likely to remain weak for the current rating for theforeseeable future, and that gross leverage (as adjusted byMoody’s and including the PIK notes) may remain above 7x inFY2010.  In this regard, a failure to improve metrics over theshort to medium term, with gross leverage not trending towards6.5x, or further concerns developing over liquidity, would likelybe negative for the rating.  While not expected in the mediumterm, positive pressure could develop if the company were able tosustain leverage below 5.5x with a strong liquidity profile.The last rating action for Travelport LLC was on 12 August 2010,when the ratings were affirmed following the company’sannouncement that it planned to issue US$250 million in new seniorunsecured notes which was partly used to repay existing secureddebt.Headquartered in New-York, Travelport is a leading provider oftransaction processing services to the travel industry through itstwo main business networks, the global distribution systembusiness, which includes the Group’s airline informationtechnology solutions business, and the Gullivers Travel Associatesbusiness.  During fiscal year ending December 2009, the companygenerated revenues of c.US$2.2 billion.TREVOR DAVIS: Grubb & Ellis to Sell $25MM Defaulted Loan——————————————————–Theresa Agovino, writing for Crain’s New York Business, reportsthat Grubb & Ellis New York Inc. has been tapped to market a loanfor a site on East 65th Street and Lexington Avenue that went intodefault last year when developer Trevor Davis failed to make apayment.Crain’s notes Mr. Davis had already started excavating the sitewhere he planned to build a 17-story condo with a retailcomponent, according to Vincent Carrega, executive managingdirector of Grubb & Ellis’ investment group.According to Crain’s, Mr. Carrega said the original loan was for$17 million but with charges and interest, the amount due is$25 million.  The loan is held by an investor group that had beenhoping to reach a deal with Mr. Davis but opted to sell when anagreement couldn’t be hammered out.  Mr. Carrega said formalmarketing of the loan will begin within the next 30 days.Crain’s notes Mr. Davis didn’t return calls for comment.According to Crain’s, Mr. Davis recently developed 1055 Park Ave.,a sleek condo project that caused some consternation amongpreservationists on the Upper East Side.  He is a former partnerof noted developers Aby Rosen and Michael Fuchs, who own themodernist landmarks the Lever House and Seagram Building.TRIANGLE MANAGEMENT: Case Summary & 18 Largest Unsecured Creditors——————————————————————Debtor: Triangle Management Investments, Inc.          dba Hollywood Inn & Suites, LLC              4928 Investments, LLC              Atlantic Hospitality of Florida, LLC              Mazel Investments, LLC              Magic Real Estate Investments, Inc.              Tropical Paradise Resorts, LLC              Mindy-O, LLC              Lisa Land Trust              Oceola Diamond, LLC              Green Diamond of Oceola, Ltd.              Kissimmee Heritage Pk Condo Assoc        4800 Hollywood Beach Boulevard        Hollywood, FL 33020Bankruptcy Case No.: 10-40792Chapter 11 Petition Date: October 7, 2010Court: U.S. Bankruptcy Court       Southern District of Florida (Fort Lauderdale)Judge: John K. OlsonDebtor’s Counsel: Anna B. Middleton, Esq.                  2850 N. Andrews Avenue                  Wilton, FL 33311                  Tel: (954) 568-7000                  E-mail: annabmiddleton@gmail.comEstimated Assets: $10,000,001 to $50,000,000Estimated Debts: $50,000,001 to $100,000,000The petition was signed by Marcos Fintz, president & CEO.Debtor’s List of 18 Largest Unsecured Creditors:        Entity                     Nature of Claim    Claim Amount        ——                     —————    ————Triangle Management                Trade                  $642,1034800  Hollywood Boulevard, #1AHollywood, FL 33020KUA                                Trade                  $234,7271701 W. Carroll StreetKissimmee, FL 34741American Ateller, Inc.             Trade                  $159,701301 N. Front StreetAllentown, PA 18102American Express Co.               Trade                   $38,868Appellbrough & Farah               Trade                   $37,858Sysco Foods                        Trade                   $35,750Greater Miami Jewish Fed.          Trade                   $30,000American Express Co.               Trade                   $25,813CitiCards                          Trade                   $24,425CardMember Services                Trade                   $23,202Bank of America Card               Trade                   $22,866Bright House Network               Trade                   $17,119Cheney Brothers                    Trade                   $15,846OrlandoMTS.com                     Trade                   $13,800CardMember Services                Trade                   $13,555Expedia Travel                     Trade                   $11,448Lathan Shucker, LLP                Trade                   $11,158MPG Communications                 Trade                    $9,092TRIBUNE COMPANY: Committee Expands Settlement on 2007 LBO———————————————————Tribune Company disclosed its support for an agreement reached byits Official Committee of Unsecured Creditors, Oaktree CapitalManagement, L.P., Angelo, Gordon & Co, L.P., and JPMorgan ChaseBank, N.A. on a plan of reorganization that will settle certainclaims surrounding both « Step 1″ and « Step 2″ of the company’s2007 going-private transaction.This settlement expands upon the previously-announced settlementwith Oaktree and Angelo Gordon with respect to Step 1, and comesas a result of the court-ordered mediation overseen by U. S.Bankruptcy Court Judge Kevin Gross.  The settlement has beenendorsed by Judge Gross as mediator and approved by the SpecialCommittee of Tribune’s Board of Directors, comprised ofindependent members of the company’s board.  Oaktree, AngeloGordon, and JPMorgan hold significant amounts of the Initial andIncremental Senior Loans of Tribune Company, and the OfficialCommittee represents the interests of all unsecured creditors inthe Tribune bankruptcy cases. »With the able assistance of Judge Gross, we continue to achievesuccess in our mediation efforts, and are pleased to have nowexpanded the plan settlement to include the Official Committee ofUnsecured Creditors, » said Don Liebentritt, Tribune’s ChiefRestructuring Officer.   »The additional value being allocated toour bondholders and other unsecured creditors represents a fairand equitable settlement for all of our constituencies.  We remainconfident that Tribune continues on a path toward resolution ofits Chapter 11 cases that maximizes the value of the bankruptcyestates, preserves all stakeholders’ legitimate entitlements andenables the company to conclude its bankruptcy proceedings as soonas possible. »An important component of the new settlement is the contributionof $120 million in cash by recipients of pre-bankruptcy paymentson the Incremental tranche of the Tribune Senior Loan and theBridge Loan facilities through an optional settlement of thoseclaims, with the arrangers for those facilities providing abackstop to ensure that the estates receive the full settlementpayment on the plan’s effective date.  This additional settlementpayment, together with additional contributions by holders of theSenior Loans, allows for Tribune’s bondholders to receive $420million, representing 32.73 cents on the dollar upon emergenceplus their interest in a litigation trust, and provides for tradecreditors of Tribune’s operating subsidiaries to be paid in full.As with the previously-announced settlement, this agreement allowsfor the distribution of the equity of the reorganized Tribune andits subsidiaries pro rata to the holders of the Initial andIncremental Senior Loan claims.In addition, claims and causes of action against various parties(including advisors, directors and officers involved in the 2007transactions) will be preserved and placed in a litigation trustand pursued for the benefit of creditors of Tribune.  The first$90 million of recoveries from the trust will be allocated toTribune’s general unsecured creditors, including its bondholders.The litigation trust will allow an independent litigation trusteeto pursue legal action relating to the remaining fraudulentconveyance issues alleged by various unsecured creditors, whileminimizing the possible negative impact these litigation issuesmight have on the company’s business operations.The company intends to file a plan of reorganization anddisclosure statement incorporating both settlement agreements withthe U.S. Bankruptcy Court for the District of Delaware by Friday,Oct. 15.Headquartered in Chicago, Illinois, Tribune Co. –http://www.tribune.com/– is a media company, operating businesses in publishing, interactive and broadcasting, includingten daily newspapers and commuter tabloids, 23 televisionstations, WGN America, WGN-AM and the Chicago Cubs baseball team.The Company and 110 of its affiliates filed for Chapter 11protection on December 8, 2008 (Bankr. D. Del. Lead Case No. 08-13141).  The Debtors proposed Sidley Austion LLP as their counsel;Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;Lazard Ltd. and Alvarez & Marsal North Americal LLC as financialadvisors; and Epiq Bankruptcy Solutions LLC as claims agent.  Asof December 8, 2008, the Debtors have $7,604,195,000 in totalassets and $12,972,541,148 in total debts.ULTIMATE ESCAPES: October 18 Auction Pushes Through—————————————————Ultimate Escapes Holdings, LLC, on Monday filed with the Court anAmended and Restated Agreement of Sale and Purchase dated as ofOctober 7, 2010.The Debtors have entered into an asset purchase agreement withCapitalSource Finance LLC, as administrative, payment andcollateral agent, CapitalSource Bahamas LLC, as collateral agent,for the benefit of CapitalSource Bank, as lender, with respect tothe sale of the Company’s assets.The Court on October 8 approved bidding procedures that wouldgovern the sale.CapitalSource will serve as stalking horse bidder.  It is offering$65,242,572 for the assets.Competing bids are due October 15.  An auction will be heldOctober 18 if rival offers are received.  The Debtors will seekapproval of the winning bid at a hearing on October 20.CapitalSource is represented in the case by:          Michael Richman, Esq.          PATTON BOGGS LLP          1185 Avenue of the Americas          New York, NY 10036               - and -          Mark A. Salzberg, Esq.          PATTON BOGGS LLP          2550 M. Street, N.W.          Washington, D.C. 20037A full-text copy of the Amendment Agreement is available at nocharge at http://bankrupt.com/misc/UltimateEscapesSale.pdfMonami K. Thakur, writing for International Business Times,reports that creditors have turned down Ultimate Escapes’ plan tosell the assets.  The official committee of unsecured creditorspushed the proposed deadlines by at least one month.A meeting of creditors under Section 341 of the Bankruptcy Code isslated for October 28 to address the issue, the Times notes.  Thecommittee is seeking to schedule the bid deadline on November 15and plan to hold an auction on November 18.According to the Times, the committee has said the biddingprocedures required that the sale occur on an extremely expeditedbasis solely for the benefit of the secured lenders in an attemptto chill all competing bids.  The Times also relates the committeeargued that the procedure required the exclusion of the committeefrom participating in the sale and included an expensereimbursement for the Secured Lenders and a success fee of 1% ofany bid other than the Stalking Horse Purchaser’s Bids for CRGPartners Group LLC, neither of which represents actual, necessarycosts of preserving the Debtors’ estate.The creditors committee is represented by:          Peter W. Ito, Esq.          GORDON & REES LLP          55 Seventeenth Street, Suite 3400          Denver, CO 80202               - and -          Christopher A. Ward, Esq.          POLSINELLI SHUGHART PC          222 Delaware Avenue, Suite 1101          Wilmington, DE 19801                   About Ultimate Escapes, Inc.Ultimate Escapes, Inc. — http://www.ultimateescapes.com/– is a luxury destination club that sells club memberships offeringmembers reservation rights to use its vacation properties, subjectto the rules of the club member’s Club Membership Agreement.  TheCompany’s properties are located in various resort locationsthroughout the world.Kissimmee, Florida-based Ultimate Escapes Holdings, LLC, filed forChapter 11 bankruptcy protection on September 20, 2010 (Bankr. D.Del. Case No. 10-12915).  Affiliates Ultimate Resort, LLC;Ultimate Operations, LLC; Ultimate Resort Holdings, LLC; UltimateEscapes, Inc. (fka Secure America Acquisition Corporation); P & JPartners, LLC; UE Holdco, LLC; UE Member, LLC, et al., filedseparate Chapter 11 petitions.Scott D. Cousins, Esq., Matthew L. Hinker, Esq., and Nancy A.Mitchell, Esq., at Greenberg Traurig LLP, assist the Debtors intheir restructuring efforts.  CRG Partners Group LLC is theDebtors’ chief restructuring officer.  BMC Group Inc. is theCompany’s claims and notice agent.Ultimate Escapes estimated assets at $10 million to $50 millionand debts at $100 million to $500 million as of the Petition Date.UNI CORE: Albert Wong Raises Going Concern Doubt————————————————Uni Core Holdings Corporation (formerly known as IntermostCorporation) filed on October 7, 2010, its annual report on Form10-K for the fiscal year ended June 30, 2010.Albert Wong & Co., in Hong Kong, expressed substantial doubt aboutthe Company’s ability to continue as a going concern.  Theindependent auditors noted that the Company has suffered recurringlosses from operations, has a significant accumulated deficit, andcontinues to experience negative cash flows from operations.The Company reported a net loss of $12.8 million on $2.7 millionof revenue for fiscal 2010, compared to a net loss of $2.4 millionon $4,023 of revenue for fiscal 2009.  Net revenues during fiscals2010 and 2009 were derived principally from sales of paperproducts and e-commerce solutions.The Company’s balance sheet at June 30, 2010, showed $32.7 millionin total assets, $12.4 million in total liabilities, $1.2 millionin minority interests, and stockholders’ equity of $19.1 million.A full-text copy of the Form 10-K is available for free at:               http://researcharchives.com/t/s?6c4d                          About Uni CoreWanchai, Hong Kong-based Uni Core Holdings Corporation wasincorporated as La Med Tech, Inc., under the laws of the State ofUtah on March 6, 1985.  The Company changed its name toEntertainment Concepts International in 1987, to Lords & Lazarus,Inc. in 1988, to Utility Communications International, Inc. in1996, to Intermost Corporation in 1998, and to Uni Core HoldingsLimited in 2009.In February 2003, the Company reincorporated from Utah to theState of Wyoming.Through its subsidiary ChinaE.com Technology (Shenzhen) Ltd., theCompany offers web design, web hosting, domain name registration,software development and office automation software to itsclients.Through its subsidiary Hainan Concord Financial ProductsDevelopment Co., Ltd., the Company issues and manages multi-functional membership cards for the people who participate inprivate equity exchange in Hainan, and has an exclusive agreementwith Hainan Exchange Centre Non-Public Company Registration Co.,Ltd. to issue multi-functional membership and credit cards totheir members.Through its subsidiary APT Paper Group Limited, the Company isengaged in the manufacture of honeycomb paper packaging products.UTE MESA: U.S. Trustee Unable to Form Creditors Committee———————————————————Charles F. McVay, the U.S. Trustee for Region 19, notified theU.S. Bankruptcy Court for the District of Colorado that he wasunable to appoint an official committee of unsecured creditors inthe Chapter 11 case of Ute Mesa Lot 1, LLC.The U.S. Trustee explained that there were insufficientindications of willingness from the unsecured creditors to servein the committee.Denver, Colorado-based Ute Mesa Lot 1, LLC, filed for Chapter 11bankruptcy protection on August 13, 2010 (Bankr. D. Colo. Case No.10-30620).  Duncan E. Barber, Esq., at Bieging Shapiro & BurrusLLP, assists the Debtor in its restructuring effort.  The Debtordisclosed $10,017,982 in assets and $11,633,024 in liabilities.WASHINGTON MUTUAL: Examiner’s Full Report to Be Filed Nov. 1————————————————————Bill Rochelle, the bankruptcy columnist for Bloomberg News,reports that most if not all of the Washington Mutual Inc.examiner’s report should be filed publicly on Nov. 1, as theresult of procedures laid down by the bankruptcy judge forresolving confidentiality disputes.Mr. Rochelle relates that the examiner, Joshua Hochberg, willreport on the merits of a settlement among WaMu, the FederalDeposit Insurance Corp. and JPMorgan Chase & Co.  The contents ofmany documents to be covered in the report were obtained underconfidentiality agreements that prohibit public disclosure ofunderlying information.According to Mr. Rochelle, in an order on Oct. 8, U.S. BankruptcyJudge Mary F. Walrath created a procedure where objections topublic disclosure of documents or their contents are to be workedout between Oct. 25 and Oct. 28.  To the extent that disputesaren’t resolved, the examiner’s report will be filed publicly inredacted form on Nov. 1.  The entire report will be filed underseal.                           Revised PlanAs reported by the Troubled Company Reporter on October 7, 2010,Washington Mutual filed with the Bankruptcy Court an amended Planof Reorganization and Disclosure Statement.  The Plan andDisclosure Statement are premised upon consummating an amended andrestated global settlement agreement among WMI, the FDIC andJPMorgan.  The parties have agreed to modify the terms of theinitial global settlement agreement announced earlier this year toaddress changed circumstances, including the appointment of anexaminer in connection with the Company’s bankruptcy proceedingsand subsequent agreement with certain holders of indebtednessissued by Washington Mutual Bank.The Plan contemplates, among other things, distribution of fundsto holders of allowed claims against the estate in excess ofapproximately $7 billion, including approximately $4 billion ofpreviously disputed funds on deposit with JPMC.WMI believes the Settlement will result in significant recoveriesfor the estate’s stakeholders and is in the best interests of theestate.The Bankruptcy Court will hold a hearing on October 18, 2010, toconsider approval of the Disclosure Statement.  Following approvalof the Disclosure Statement, WMI will ask the Bankruptcy Court toconfirm the Plan.                      About Washington MutualBased in Seattle, Washington, Washington Mutual Inc. –http://www.wamu.com/– is a holding company for Washington Mutual Bank as well as numerous non-bank subsidiaries.  The Companyoperates in four segments: the Retail Banking Group, whichoperates a retail bank network of 2,257 stores in California,Florida, Texas, New York, Washington, Illinois, Oregon, NewJersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho andConnecticut; the Card Services Group, which operates a nationwidecredit card lending business; the Commercial Group, which conductsa multi-family and commercial real estate lending business inselected markets, and the Home Loans Group, which engages innationwide single-family residential real estate lending,servicing and capital markets activities.Washington Mutual Bank was taken over September 25 by U.S.government regulators.  The next day, WaMu and its affiliate, WMIInvestment Corp., filed separate petitions for Chapter 11 relief(Bankr. D. Del. 08-12229 and 08-12228, respectively).  Wamu owns100% of the equity in WMI Investment.  When WaMu filed forprotection from its creditors, it disclosed assets of$32,896,605,516 and debts of $8,167,022,695.  WMI Investmentestimated assets of $500,000,000 to $1,000,000,000 with zerodebts.Peter Calamari, Esq., and David Elsberg, Esq., at Quinn EmanuelUrquhart Oliver & Hedges, LLP, serve as legal counsel to WMI withresponsibility for the litigation.  Brian Rosen, Esq., at Weil,Gotshal & Manges LLP, serves as legal counsel to WMI withresponsibility for the Chapter 11 case.WAYNE ANDERSON: Case Summary & 20 Largest Unsecured Creditors————————————————————-Debtor: Wayne E. Anderson        110 Woodland Blvd.        Boerne, TX 78006Bankruptcy Case No.: 10-53835Chapter 11 Petition Date: October 4, 2010Court: United States Bankruptcy Court       Western District of Texas (San Antonio)Judge: Leif M. ClarkDebtor’s Counsel: James Samuel Wilkins, Esq.                  WILLIS & WILKINS, LLP                  100 W Houston St, Suite 1275                  San Antonio, TX 78205                  Tel: (210) 271-9212                  Fax: (210) 271-9389                  E-mail: jwilkins@stic.netEstimated Assets: $1,000,001 to $10,000,000Estimated Debts: $1,000,001 to $10,000,000A list of the Debtor’s 20 largest unsecured creditorsfiled together with the petition is available for freeat http://bankrupt.com/misc/txwb10-53835.pdfWEBSAFETY INC: Posts $856,100 Net Loss in June 30 Quarter———————————————————Websafety, Inc. (formerly Blindspot Alert, Inc.), filed itsquarterly report on Form 10-Q, reporting a net loss of $856,139 on$76,712 of revenue for the three months ended June 30, 2010,compared with a net loss of $156,764 on $0 revenue for the sameperiod last year.The Company has incurred cumulative net losses of approximately$4.1 million from the period of July 3, 2006, through June 30,2010, and has used significant cash in support of its operatingactivities.The Company’s balance sheet at June 30, 2010, showed $2.3 millionin total assets, $632,101 in total liabilities, and stockholders’equity of $1.7 million.EFP Rotenberg, LLP, in Rochester, New York, expressed substantialdoubt about the Company’s ability to continue as a going concern,following the Company’s 2009 results.  The independent auditorsnoted that the Company has a significant accumulated deficit andsignificant net losses for the year ending December 31, 2009.A full-text copy of the Form 10-Q is available for free at:               http://researcharchives.com/t/s?6c50                       About Websafety Inc.Irving, Tex.-based Websafety, Inc., focuses on marketing, selling,and distributing a range of Internet software applications andservices for computers and cell phones that allow parents or othercaregivers to monitor and be notified of occurrences of predatoradvances, cyber bullying and pornography received on children’scomputers.  The cell phone application would also restrict textmessaging while driving and provide location information toparents using GPS technology.WECK CORP: Creditors Have Until Nov. 30 to File Proofs of Claim—————————————————————The U.S. Bankruptcy Court for the Southern District of New Yorkhas established November 30, 2010, at 5:00 p.m. (prevailingEastern Time), as the deadline for any individual or entity tofile proofs of claim against The Weck Corporation, et al.The Court also fixed February 9, as the governmental bar date.Proofs of claim must be delivered to:If by hand delivery or overnight courier,     The Weck Corporation     c/o The Garden City Group, Inc.     5151 Blazer Parkway, Suite A     Dublin, OH 43017If by U.S. Postal Service,     The Weck Corporation     c/o The Garden City Group, Inc.     P.O. Box 9666     Dublin, OH 43017-4966Or if by hand delivery,     U.S. Bankruptcy Court, SDNY     One Bowling Green     Room 534     New York, New York 10004                    About The Weck CorporationHeadquartered in New York, The Weck Corporation operates ahousewares and home furnishings business at six retail storelocations, utilizing seven store leases, a warehouse lease and anoffice lease, and an internet-based business, all under the nameGracious Home.  Gracious Home offers a wide range of customizedproducts and services, including personal shopping, corporate andbridal gifts, decorative hardware, lighting and plumbing, keymaking, knife sharpening, lamp re-wiring, vacuum repairs, customwindow treatments and stationary.The Weck filed for Chapter 11 bankruptcy protection on August 13,2010 (Bankr. S.D.N.Y. Case No. 10-14349).  Mark T. Power, Esq., atHahn & Hessen LLP, assists the Debtor in its restructuring effort.The Debtor estimated its assets and debts at $10 million to$50 million as of the Petition Date.Affiliates Weck Chelsea, LLC (Bankr. S.D.N.Y. Case No. 10-14353),Gracious Home.com, LLC (Bankr. S.D.N.Y. Case No. 10-14351), andWest Weck, LLC (Bankr. S.D.N.Y. Case No. 10-14350) filed separateChapter 11 petitions on August 13, 2010.WECK CORP: Committee Taps Lowenstein Sandler as Bankruptcy Counsel——————————————————————The Official Committee of Unsecured Creditors in the Chapter 11cases of The Weck Corporation, et al., asks the U.S. BankruptcyCourt for the Southern District of New York for permission toemploy Lowenstein Sandler PC as its counsel.Lowenstein Sandler will, among other things:   a) provide legal advice necessary with respect to the      Committee’s powers and duties;   b) assist the Committee in investigating the acts, conduct,      assets, liabilities, and financial condition of the Debtors,      the operation of the Debtors’ business, potential claims,      and any other matters relevant to the case, or to the      formulation of a plan of reorganization or a sale of the      Debtors’ assets; and   c) participate in the formulation of a Plan or sale of the      Debtors’ assets.The hourly rates of Lowenstein Sandler’s personnel are:     Partners                    $410 – $765     Counsel                     $320 – $520     Associates                  $220 – $380     Legal Assistants            $120 – $215To the best of the Committee’s knowledge, Lowenstein Sandler is a »disinterested person » as that term is defined in Section 101(14)of the Bankruptcy Code.The firm can be reached at:     Kenneth A. Rosen, Esq.     Sharon L. Levine, Esq.     Bruce S. Nathan, Esq.     Scott Cargill, Esq.     Thomas A. Pitta, Esq.     LOWENSTEIN SANDLER PC     1251 Avenue of the Americas, 18th Floor     New York, NY 10020     Tel: (212) 262-6700     Fax: (212) 262-7402             -and-     65 Livingston Avenue     Roseland, NJ 07068     Tel: (973) 597-2500     Fax: (973) 597-2400                    About The Weck CorporationHeadquartered in New York, The Weck Corporation operates ahousewares and home furnishings business at six retail storelocations, utilizing seven store leases, a warehouse lease and anoffice lease, and an internet-based business, all under the nameGracious Home.  Gracious Home offers a wide range of customizedproducts and services, including personal shopping, corporate andbridal gifts, decorative hardware, lighting and plumbing, keymaking, knife sharpening, lamp re-wiring, vacuum repairs, customwindow treatments and stationary.The Weck filed for Chapter 11 bankruptcy protection on August 13,2010 (Bankr. S.D.N.Y. Case No. 10-14349).  Mark T. Power, Esq., atHahn & Hessen LLP, assists the Debtor in its restructuring effort.The Debtor estimated its assets and debts at $10 million to$50 million as of the Petition Date.Affiliates Weck Chelsea, LLC (Bankr. S.D.N.Y. Case No. 10-14353),Gracious Home.com, LLC (Bankr. S.D.N.Y. Case No. 10-14351), andWest Weck, LLC (Bankr. S.D.N.Y. Case No. 10-14350) filed separateChapter 11 petitions on August 13, 2010.WECK CORP: Committee Wants BDO Consulting as Financial Advisor————————————————————–The Official Committee of Unsecured Creditors in the Chapter 11cases of The Weck Corporation, et al., asks the U.S. BankruptcyCourt for the Southern District of New York for permission toemploy BDO Consulting, a division of BDO Seidman, LLP as itsfinancial advisor.BDO Consulting will, among other things:   a) analyze the financial operations of the Debtors pre- and      post-petition, as necessary;   b) analyze the financial ramifications of any proposed      transactions for which the Debtors seek Bankruptcy Court      approval including, but not limited to, postpetition      financing, sale of all or a portion of the Debtors’ assets,      critical vendor payments, retention of management or      employee incentive and severance plans; and   c) conduct any requested financial analysis including verifying      the material assets and liabilities of the Debtors, as      necessary, and their values.David E. Berliner, a partner at BDO Consulting, tells the Courtthat the firm will charge a flat rate of $25,000 for the months ofAugust, September, October and November.  In the event that BDOConsulting’s services are needed beyond the initial period, BDOConsulting will either convert to an hourly billing arrangement ata blended rate not to exceed $295 per hour, or will negotiate anew monthly flat rate.Mr. Berliner assures the Court that BDO Consulting is a »disinterested person » as that term is defined in Section 101(14)of the Bankruptcy Code.                    About The Weck CorporationHeadquartered in New York, The Weck Corporation operates ahousewares and home furnishings business at six retail storelocations, utilizing seven store leases, a warehouse lease and anoffice lease, and an internet-based business, all under the nameGracious Home.  Gracious Home offers a wide range of customizedproducts and services, including personal shopping, corporate andbridal gifts, decorative hardware, lighting and plumbing, keymaking, knife sharpening, lamp re-wiring, vacuum repairs, customwindow treatments and stationary.The Weck filed for Chapter 11 bankruptcy protection on August 13,2010 (Bankr. S.D.N.Y. Case No. 10-14349).  Mark T. Power, Esq., atHahn & Hessen LLP, assists the Debtor in its restructuring effort.The Debtor estimated its assets and debts at $10 million to$50 million as of the Petition Date.Affiliates Weck Chelsea, LLC (Bankr. S.D.N.Y. Case No. 10-14353),Gracious Home.com, LLC (Bankr. S.D.N.Y. Case No. 10-14351), andWest Weck, LLC (Bankr. S.D.N.Y. Case No. 10-14350) filed separateChapter 11 petitions on August 13, 2010.WENTWOOD ROLLINGBROOK: Voluntary Chapter 11 Case Summary——————————————————–Debtor: Wentwood Rollingbrook, L.P.        c/o Law Offices of Matthew Hoffman, p.c.        2777 Allen Parkway, Suite 1000        Houston, TX 77019        Tel: (713) 654-9990Bankruptcy Case No.: 10-38988Chapter 11 Petition Date: October 4, 2010Court: United States Bankruptcy Court       Southern District of Texas (Houston)Judge: Karen K. BrownDebtor’s Counsel: Matthew Hoffman, Esq.                  LAW OFFICES OF MATTHEW HOFFMAN, P.C.                  2777 Allen Parkway, Suite 1000                  Houston, TX 77019                  Tel: (713) 654-9990                  Fax: (713) 654-0038                  E-mail: mhecf@aol.comEstimated Assets: $1,000,001 to $10,000,000Estimated Debts: $1,000,001 to $10,000,000The Debtor did not file a list of its largest unsecured creditorstogether with its petition.The petition was signed by Gary Gray, manager of WentwoodRollingbrook Partners, LLC, Debtor’s general partner.WENTWOOD ROUNDHILL: Voluntary Chapter 11 Case Summary—————————————————–Debtor: Wentwood Roundhill I, L.P.        c/o Law Offices of Matthew Hoffman, p.c.        2777 Allen Parkway, Suite 1000        Houston, TX 77019        Tel: (713) 654-9990Bankruptcy Case No.: 10-38984Chapter 11 Petition Date: October 4, 2010Court: United States Bankruptcy Court       Southern District of Texas (Houston)Judge: Karen K. BrownDebtor’s Counsel: Matthew Hoffman, Esq.                  LAW OFFICES OF MATTHEW HOFFMAN, P.C.                  2777 Allen Parkway, Suite 1000                  Houston, TX 77019                  Tel: (713) 654-9990                  Fax: (713) 654-0038                  E-mail: mhecf@aol.comEstimated Assets: $1,000,001 to $10,000,000Estimated Debts: $1,000,001 to $10,000,000The Debtor did not file a list of its largest unsecured creditorstogether with its petition.The petition was signed by Gary Gray, manager of WentwoodRoundhill Partners, LLC, Debtor’s general partner.WHITE RIVER: Files for Chapter 11 Bankruptcy Protection——————————————————-Indianapolis Business Journal reports that White River InvestmentsLP, a subsidiary of Broadbent Co., made a voluntary filing toreorganize under Chapter 11 bankruptcy protection.  The Companydisclosed assets of $1.4 million and liabilities of $1.3 million.The Journal relates that the Company’s local concert venue, MusicMill, was out of business twice in 2009 but reoponed each timeafter ownership changes.According to the journal, the bankruptcy is the latest sign offinancial strain at Broadbent Co.  The firm and its president,George Broadbent, are immersed in nearly a half dozen lawsuitswith lenders and other creditors that collectively are seekingmore than $20 million.  The court fights began in August 2009,when Broadbent sued PNC Bank and Huntington, claiming they werewrongly attempting to restrict access to a $50 million creditline.The Company owes $1.1 million to Huntington.  White River is thesecond Broadbent unit to file for bankruptcy in 2010.YELLOWSTONE CLUB: Co-Founder Accuses Judge of ‘Myriad Misdeeds’—————————————————————A co-founder of Yellowstone Club has disclosed that his ex-wife isbeing investigated for criminal activities and accused the judgein the resort’s Chapter 11 case of committing myriad misdeeds,including trying to shut down the investigation, Bankruptcy Law360reports.According to Law360, Timothy L. Blixseth lodged a draft motionFriday in the U.S. District Court for the District of Montana.                       About Yellowstone ClubLocated near Big Sky, Montana, Yellowstone Club –http://www.theyellowstoneclub.com/– is a private golf and ski community with more than 350 members, including Bill Gates and DanQuayle.  The Company was founded in 1999.Yellowstone Mountain Club LLC and its affiliates filed for Chapter11 on Nov. 10, 2008 (Bankr. D. Mont. Case No. 08-61570).  TheCompany’s owner affiliate Edra D. Blixseth, filed for Chapter 11on March 27, 2009 (Bankr. D. Mont. Case No. 09-60452).In June 2009, the Bankruptcy Court entered an order confirmingYellowstone’s Chapter 11 Plan.  Pursuant to the Plan, CrossHarborCapital Partners, LLC, acquired equity ownership in thereorganized club for $115 million.Attorneys at Bullivant Houser Bailey PC and Bekkedahl & GreenPLLC, represented the Debtors.  The Debtors hired FTI ConsultingInc. and Ronald Greenspan as CRO.  The official committee ofunsecured creditors were represented by Parsons, Behle andLatimer, as counsel, and James H. Cossitt, Esq., at local counsel.Credit Suisse, the prepetition first lien lender, was representedby Skadden, Arps, Slate, Meagher & Flom.The Court entered an order confirming The Yellowstone Club’sChapter 11 Plan of Reorganization in June 2009.* Upcoming Meetings, Conferences and Seminars———————————————Oct. 6-8, 2010  TURNAROUND MANAGEMENT ASSOCIATION     TMA Annual Convention        JW Marriott Grande Lakes, Orlando, Florida           Contact: http://www.turnaround.org/Oct. 11, 2010  AMERICAN BANKRUPTCY INSTITUTE     Chicago Consumer Bankruptcy Conference        Standard Club, Chicago, Ill.           Contact: 1-703-739-0800; http://www.abiworld.org/Oct. 15, 2010  AMERICAN BANKRUPTCY INSTITUTE     NCBJ/ABI Educational Program        Hilton New Orleans Riverside, New Orleans, La.           Contact: 1-703-739-0800; http://www.abiworld.org/Oct. 28, 2010  AMERICAN BANKRUPTCY INSTITUTE     Mid-Level Professional Development Program        Weil, Gotshal & Manges LLP, New York, N.Y.           Contact: 1-703-739-0800; http://www.abiworld.org/Oct. 29, 2010 (tentative)  AMERICAN BANKRUPTCY INSTITUTE     International Insolvency Symposium        The Savoy, London, England           Contact: 1-703-739-0800; http://www.abiworld.org/Nov. __, 2010  AMERICAN BANKRUPTCY INSTITUTE     Delaware Views from the Bench and Bankruptcy Bar        Hotel du Pont, Wilmington, Del.           Contact: 1-703-739-0800; http://www.abiworld.org/Nov. 11, 2010  AMERICAN BANKRUPTCY INSTITUTE     Detroit Consumer Bankruptcy Conference        Hyatt Regency Dearborn, Dearborn, Mich.           Contact: 1-703-739-0800; http://www.abiworld.org/Nov. 29, 2010  RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC.     17th Annual Distressed Investing Conference        The Helmsley Park Lane Hotel, New York City           Contact: 1-903-595-3800;                    http://www.renaissanceamerican.com/Dec. 9-11, 2010  AMERICAN BANKRUPTCY INSTITUTE     Winter Leadership Conference        Camelback Inn, a JW Marriott Resort & Spa,        Scottsdale, Ariz.           Contact: 1-703-739-0800; http://www.abiworld.org/Dec. 2-4, 2010  AMERICAN BANKRUPTCY INSTITUTE     22nd Annual Winter Leadership Conference        Camelback Inn, Scottsdale, Arizona           Contact: 1-703-739-0800; http://www.abiworld.org/January 26-28, 2011  TURNAROUND MANAGEMENT ASSOCIATION     TMA Distressed Investing Conference        Aria Las Vegas           Contact: http://www.turnaround.org/Jan. 27-28, 2011  AMERICAN BANKRUPTCY INSTITUTE     Rocky Mountain Bankruptcy Conference        Westin Tabor Center, Denver, Colo.           Contact: 1-703-739-0800; http://www.abiworld.org/Feb. 3-5, 2011  AMERICAN BANKRUPTCY INSTITUTE     Caribbean Insolvency Symposium        Westin Casuarina Resort & Spa, Grand Cayman Island           Contact: 1-703-739-0800; http://www.abiworld.org/Feb. 24-25, 2011  AMERICAN BANKRUPTCY INSTITUTE     Valcon        Four Seasons Las Vegas, Las Vegas, Nev.           Contact: 1-703-739-0800; http://www.abiworld.org/Mar. 4, 2011  AMERICAN BANKRUPTCY INSTITUTE     Bankruptcy Battleground West        Hyatt Regency Century Plaza, Los Angeles, Calif.           Contact: 1-703-739-0800; http://www.abiworld.org/Mar. 7-9, 2011  AMERICAN BANKRUPTCY INSTITUTE     Conrad Duberstein Moot Court Competition        Duberstein U.S. Courthouse, New York, N.Y.           Contact: 1-703-739-0800; http://www.abiworld.org/Mar. 10, 2011  AMERICAN BANKRUPTCY INSTITUTE     Nuts and Bolts – Florida        Tampa, Fla.           Contact: 1-703-739-0800; http://www.abiworld.org/Mar. 10-12, 2011  AMERICAN BANKRUPTCY INSTITUTE     SUCL/ Alexander L. Paskay Seminar on     Bankruptcy Law and Practice        Marriott Tampa Waterside, Tampa, Fla.           Contact: 1-703-739-0800; http://www.abiworld.org/Mar. 17-19, 2011  AMERICAN BANKRUPTCY INSTITUTE     Byrne Judicial Clerkship Institute        Pepperdine University School of Law, Malibu, Calif.           Contact: 1-703-739-0800; http://www.abiworld.org/Mar. 31-Apr. 3, 2011  AMERICAN BANKRUPTCY INSTITUTE     Annual Spring Meeting        Gaylord National Resort & Convention Center,        National Harbor, Md.           Contact: 1-703-739-0800; http://www.abiworld.org/April 27-29, 2011  TURNAROUND MANAGEMENT ASSOCIATION     TMA Spring Conference        JW Marriott, Chicago, IL           Contact: http://www.turnaround.org/May 5, 2011  AMERICAN BANKRUPTCY INSTITUTE     Nuts and Bolts – New York City        Association of the Bar of the City of New York,        New York, N.Y.           Contact: 1-703-739-0800; http://www.abiworld.org/May 6, 2011  AMERICAN BANKRUPTCY INSTITUTE     New York City Bankruptcy Conference        Hilton New York, New York, N.Y.           Contact: 1-703-739-0800; http://www.abiworld.org/June 6, 2011  AMERICAN BANKRUPTCY INSTITUTE     Canadian-American Cross-Border Insolvency Symposium        Fairmont Royal York, Toronto, Ont.           Contact: 1-703-739-0800; http://www.abiworld.org/June 9-12, 2011  AMERICAN BANKRUPTCY INSTITUTE     Central States Bankruptcy Workshop        Grand Traverse Resort and Spa, Traverse City, Mich.              Contact: http://www.abiworld.org/July 21-24, 2011  AMERICAN BANKRUPTCY INSTITUTE     Northeast Bankruptcy Conference        Hyatt Regency Newport, Newport, R.I.           Contact: 1-703-739-0800; http://www.abiworld.org/July 27-30, 2011  AMERICAN BANKRUPTCY INSTITUTE     Southeast Bankruptcy Workshop        The Sanctuary at Kiawah Island, Kiawah Island, S.C.           Contact: 1-703-739-0800; http://www.abiworld.org/Aug. 4-6, 2011  AMERICAN BANKRUPTCY INSTITUTE     Mid-Atlantic Bankruptcy Workshop        Hotel Hershey, Hershey, Pa.           Contact: 1-703-739-0800; http://www.abiworld.org/Oct. 14, 2011  AMERICAN BANKRUPTCY INSTITUTE     NCBJ/ABI Educational Program        Tampa Convention Center, Tampa, Fla.           Contact: 1-703-739-0800; http://www.abiworld.org/Oct. __, 2011  AMERICAN BANKRUPTCY INSTITUTE     International Insolvency Symposium        Dublin, Ireland           Contact: 1-703-739-0800; http://www.abiworld.org/Oct. 25-27, 2011  TURNAROUND MANAGEMENT ASSOCIATION     Hilton San Diego Bayfront, San Diego, CA        Contact: http://www.turnaround.org/Dec. 1-3, 2011  AMERICAN BANKRUPTCY INSTITUTE     23rd Annual Winter Leadership Conference        La Quinta Resort & Spa, La Quinta, Calif.           Contact: 1-703-739-0800; http://www.abiworld.org/April 3-5, 2012  TURNAROUND MANAGEMENT ASSOCIATION     TMA Spring Conference        Grand Hyatt Atlanta, Atlanta, Ga.           Contact: http://www.turnaround.org/Apr. 19-22, 2012  AMERICAN BANKRUPTCY INSTITUTE     Annual Spring Meeting        Gaylord National Resort & Convention Center,        National Harbor, Md.           Contact: 1-703-739-0800; http://www.abiworld.org/July 14-17, 2012  AMERICAN BANKRUPTCY INSTITUTE     Southeast Bankruptcy Workshop        The Ritz-Carlton Amelia Island, Amelia Island, Fla.           Contact: 1-703-739-0800; http://www.abiworld.org/Aug. 2-4, 2012  AMERICAN BANKRUPTCY INSTITUTE     Mid-Atlantic Bankruptcy Workshop        Hyatt Regency Chesapeake Bay, Cambridge, Md.           Contact: 1-703-739-0800; http://www.abiworld.org/November 1-3, 2012  TURNAROUND MANAGEMENT ASSOCIATION     TMA Annual Convention        Westin Copley Place, Boston, Mass.           Contact: http://www.turnaround.org/Nov. 29 – Dec. 2, 2012  AMERICAN BANKRUPTCY INSTITUTE     Winter Leadership Conference        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.           Contact: 1-703-739-0800; http://www.abiworld.org/April 10-12, 2013  TURNAROUND MANAGEMENT ASSOCIATION     TMA Spring Conference        JW Marriott Chicago, Chicago, Ill.           Contact: http://www.turnaround.org/October 3-5, 2013  TURNAROUND MANAGEMENT ASSOCIATION     TMA Annual Convention        Marriott Wardman Park, Washington, D.C.           Contact: http://www.turnaround.org/The Meetings, Conferences and Seminars column appears in theTroubled Company Reporter each Wednesday.  Submissions viae-mail to conferences@bankrupt.com are encouraged.Last Updated: October 3, 2010                           *********S U B S C R I P T I O N   I N F O R M A T I O NTroubled Company Reporter is a daily newsletter co-publishedby Bankruptcy Creditors » Service, Inc., Fairless Hills,Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,USA.  Marites Claro, Joy Agravante, Rousel Elaine Tumanda, HowardC. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.Patalinghug, and Peter A. Chapman, Editors.Copyright 2010.  All rights reserved.  ISSN: 1520-9474.This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding, electronicre-mailing and photocopying) is strictly prohibited without priorwritten permission of the publishers.  Information containedherein is obtained from sources believed to be reliable, but isnot guaranteed.The TCR subscription rate is $775 for 6 months delivered via e-mail.  Additional e-mail subscriptions for members of the samefirm for the term of the initial subscription or balance thereofare $25 each.  For subscription information, contact ChristopherBeard at 240/629-3300.                  *** End of Transmission ***

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