text: TCR_Public/131114.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, November 14, 2013, Vol. 17, No. 316 HeadlinesADT CORP: S&P Withdrew 'B' Short-Term Corp. Credit RatingAFFINION GROUP: Moody's Cuts PDR to 'Ca-PD'; Outlook NegativeALBRIGHT COLLEGE: Moody's Puts 'Ba1' Long-term Rating Under ReviewALBERT EINSTEIN ACADEMIES: S&P Rates 2013A & 2013B Bonds 'BB'AMERICAN AIRLINES: Settles Suit with DOJ Over US Airways MergerAMERICAN AIRLINES: AFA Reviews Terms of DOJ Antitrust SettlementAMERICAN AIRLINES: APFA Celebrates DOJ Antitrust Suit SettlementANEW HEALTH: Voluntary Chapter 11 Case SummaryAPPVION INC: Files Form 10-Q, Posts $6.5-Mil. Net Income in Q3ARCE RIVERSIDE: Case Summary & 2 Unsecured CreditorsATLANTIC COAST: Atlanta Federal Reserve OKs CEO's AppointmentBEAR STEARNS: Fund Liquidator Suit Assails Ratings FirmsBENTLEY PREMIER: Jason Searcy Named Chapter 11 TrusteeBG MEDICINE: Incurs $3.6 Million Net Loss in Third QuarterBROADWAY FINANCIAL: Bank Inks Consent Order with OCCBROADCAST INTERNATIONAL: Cancels Merger Pact with AllDigitalBUFFALO PARK: Ocwen Opposes Claim Treatment Under Amended PlanBUFFALO PARK: Boog Firm Can Represent Lewis in Vehicle AccidentCAPITOL BANCORP: Settlement With FDIC Allows Sale of BanksCHRISTIAN BROTHERS: Case to Make Law on Substantive ConsolidationCITY COLLEGE OF SAN FRANCISCO: Trustee Charged w/ Rescuing SchoolCONCHO RESOURCES: Posts $30.4 Million Net Income in 3rd QuarterDETROIT, MI: Mayor-Elect Duggan Sees Key Role Amid BankruptcyDEVONSHIRE PGA: Gets Final Approval to Use Cash CollateralDEVONSHIRE PGA: Dec. 2 Combined Hearing to Approve PlanDIGERATI TECHNOLOGIES: Rhodes Can't Pursue Estate ClaimsDUMA ENERGY: Hydrocarb Held 12.3% Equity Stake at Oct. 31EARL GAUDIO: May Immediately Pay 33% of Bonus AmountsEAST 81ST: Voluntary Chapter 11 Case SummaryEMPIRE LLC: Moody's Confirms 'Caa1' CFR & Sr. Secured Notes RatingEMPIRE RESORTS: Welcomes Approval of Casinos in New YorkENDEAVOUR INTERNATIONAL: Incurs $40.3 Million Net Loss in Q3FAIRMONT GENERAL: Panel May Hire CohnReznick LLP as Fin'l AdvisorFAIRMONT GENERAL: Huddleston Bolen Okayed as Panel's Local CounselFIDELITY & GUARANTY: Fitch Affirms 'BB' Long-term Issuer RatingFIDELITY NATIONAL: Fitch Affirms 'BB+' Sr. Unsecured Debt RatingFLORIDA GAMING: Miami Jai-Alai Sues to Knock Out Debt to LendersFLORIDA GAMING: Guggenheim Securities Hiring Approval SoughtFNBH BANCORP: OCC Issues New Consent OrderFREDDIE MAC: In Talks with BofA to Settle Mortgage DisputeFRESH & EASY: Tesco Took $214MM as Grocery Chain FailedFRIENDFINDER NETWORKS: Can Employ Sitrick as PR ConsultantsFRIENDFINDER NETWORKS: Can Hire SSG Advisors as Investment BankerFRIENDFINDER NETWORKS: Has Final OK to Use Cash Until Dec. 31GELT PROPERTIES: Can Access Cash Collateral Until January 2014GELT PROPERTIES: Bank to Foreclose on Philadelphia PropertyGLOBAL AVIATION: Files for Chapter 11 Bankruptcy ProtectionGLOBALLOGIC HOLDINGS: Moody's Gives B3 CFR & Rates $185MM Debt B1GLOBALSTAR INC: Files Copy of Presentation Materials with SECGORDIAN MEDICAL: U.S. Trustee Objects to Plan ConfirmationGREEN FIELD ENERGY: UST Wants Another Shot at Secrecy OrderGROEB FARMS: Judge Clears Creditors to Vote on Chapter 11 PlanHELIA TEC: Court Approves Hiring of Fuqua & Associates as CounselIGLESIA PUERTA: Case Summary & 17 Largest Unsecured CreditorsIN PLAY: Meadow Ranch Asso. Says Plan Outline is InadequateIN PLAY: Maya Water Opposes Approval of 2nd Amended Plan OutlineINFINIA CORP: Can Employ Hamilton Clark as Fin'l Advisor & BankerINFINIA CORP: Can Hire Fenwick & West as Special CounselINFINIA CORP: Can Employ Rocky Mountain Advisory as AccountantsINVESTCORP BANK: Fitch Affirms 'BB' Long-term Issuer RatingISTAR FINANCIAL: Files Form 10-Q, Incurs $30.6MM Loss in Q3IZEA INC: Incurs $975,000 Net Loss in Third QuarterJASON INC: Moody's Affirms 'B1' CFR & Secured Debt RatingsKEEN EQUITIES: Case Summary & 5 Unsecured CreditorsKERA RIVERSIDE: Case Summary & 2 Unsecured CreditorsLAND CONSERVANCY BC: CCAA Stay Extended to January 2014LBI MEDIA: S&P Ups CCR to CCC- on Distressed Exchange CompletionLIFE CARE: Exit Strategy May Be Known Early December 2013LIME ENERGY: Green Gas Buys Landfill-Gas-to Energy ProjectLOFINO PROPERTIES: Seeks Access to Glicny's Cash CollateralMACCO PROPERTIES: Trustee May Hire Pierce Couch, Traub LiebermanMAD CATZ: Obtains Waiver & Fixed Charge Covenant Ratio AmendmentMARTIN KELLY: Pro Athletes Score in Bankruptcy CourtMAXIM CRANE: Moody's Rates New $325MM Loan Caa2 & Affirms Caa1 CFRMEDIA GENERAL: Files Form 10-Q, Incurs $14.6MM Net Loss in Q3METRO AFFILIATES: Obtained Interim Approval of $10-Mil. DIP LoanMETRO AFFILIATES: Has Interim Authority to Use Cash CollateralMETRO AFFILIATES: Rothschild is Fin'l Advisor & Investment BankerMETRO AFFILIATES: Employs Silverman Shin as Special CounselMICRON TECHNOLOGY: Notes Conversion No Effect on Moody's Ba3 CFRMITEL NETWORKS: Moody's Places B3 CFR on Review for UpgradeMONTREAL MAINE: Marathon, Slawson Added in Class SuitMOORE FREIGHT: Creditors Balk at Confirmation of Amended PlanMOORE FREIGHT: Plan Confirmation Hearing Continued Until Nov. 19MORGANS HOTEL: Incurs $10.3 Million Net Loss in Third QuarterMSI CORP: Negotiates Cash Collateral Access Thru Nov. 15MT. LAUREL LODGING: Secured Creditor Objects to Cash UseMT. LAUREL LODGING: Employs Perkins Coie as Bankruptcy CounselMT. LAUREL LODGING: Hires Taft Stettinius as Co-CounselMT. LAUREL LODGING: Sues NRB for Conversion of PropertyNEWLEAD HOLDINGS: Issues Add'l 20 Million Shares to HanoverNEWLEAD HOLDINGS: Hires EisnerAmper as New AccountantsNEW CENTURY TRS: Mirror Image of 'Stern' Gives Judge Final PowerNEW YORK CITY OPERA: Sets and Costumes Hit the Auction BlockNGL ENERGY: $890MM Assets Deal No Effect on Fitch's 'BB' IDRNIRVANIX INC: U.S. Trustee Appoints 3-Member CommitteeNIRVANIX INC: To Sell IP, Other Assets at Friday's AuctionNIRVANIX INC: Gets Final Okay to Incur DIP Loan From LendersNIRVANIX INC: Wants Incentive Plan for HR ExecutiveNIRVANIX INC: Court Okays Bonus Plan for Non-Insider Key EmployeesNNN 123: Hires Kaye Scholer as CounselNNN 3500: Nov. 19 Hearing on Employment of Appraisals UnlimitedNPS PHARMACEUTICALS: Incurs $1.1 Million Net Loss in 3rd QuarterOCEAN 4660: El Mar Balks at Comerica's Bid to Continue ForeclosureORCHARD SUPPLY: ACE Companies Object to Disclosure StatementORMET CORP: Wants Relief From CBA Pending Talks With SteelworkersORMET CORP: Court Approves $10MM Additional DIP FundingOVERLAND STORAGE: Cyrus Capital Held 19.9% Stake at Nov. 1PABELLON DE LA VICTORIA: Has Until Nov. 21 to File PlanPATRIOT COAL: Gov't Claims v. Brody, Patriot Ventures Due March 24PENNSYLVANIA HIGHER: Fitch Maintains 'B' Rating on Class G NotesPHYSIOTHERAPY HOLDINGS: Case Summary & 30 Top Unsecured CreditorsPLY GEM HOLDINGS: Posts $16.9 Million Net Income in 3rd QuarterPOPLAR SPRINGS: Restaurant, Inn & Spa Sold for $3.4MM at AuctionPWK TIMBERLAND: Court Approves Gerald Casey as CounselQUALITY DISTRIBUTION: Posts $2.7 Million Net Income in Q3QUICKSILVER RESOURCES: Posts $10.6 Million Net Income in Q3RAINTREE CORP: Cecil County Airport Sold for $1.35MM at AuctionRIH ACQUISITIONS: Meeting to Form Panel Set on Nov. 14ROCKWELL MEDICAL: Incurs $13.2 Million Net Loss in Third QuarterROUNDY'S SUPERMARKETS: S&P Puts Rating on CreditWatch NegativeSCRANTON, PA: Risks Default on Budget Gap, Moody's SaysSECUREALERT INC: Sapinda Now Holds 39.8% of Common StockSEVEN GROUP: To Cut 630 Jobs at WesTrac UnitSINCLAIR BROADCAST: Reports $36.6 Million Net Income in Q3SOUTHGOBI RESOURCES: Anticipates Delay in Filing Q3 ResultsSTELLAR BIOTECHNOLOGIES: Appoints CFO and COOSUNTECH POWER: Creditors of Main Unit Back Debt Restructuring PlanTHERAPEUTICSMD INC: Files Copy of Conference Call TranscriptTRANSGENOMIC INC: Incurs $5.6 Million Net Loss in Third QuarterTRAVELPORT HOLDINGS: Incurs $27 Million Net Loss in 3rd QuarterTRINITY COAL: Plan Approval Opens Way for Essar RepurchaseTUSCANY INT'L: Fitch Lowers Issuer Default Ratings to 'B-'UNIFIED 2020: Chapter 11 Trustee Hires Marshall FirmVELTI INC: Section 341(a) Meeting Set on December 2WESTGATE NURSING HOME: Voluntary Chapter 11 Case SummaryZOGENIX INC: Offering $60 Million Worth of Common Shares* In SAC Case, Judge Won't Decide on Deal Until as Late as March* Apple Credit Union Outlines Key Issues in Housing Finance Reform* U.S. Junk Default Rate Declines to 2.5% in October* Obama to Nominate Massad to Head CFTC* Big Law Mergers Turn Off Clients* Benjamin Stewart Joins Bailey Brauer Law Firm as Counsel* Recent Small-Dollar & Individual Chapter 11 Filings *********ADT CORP: S&P Withdrew 'B' Short-Term Corp. Credit Rating---------------------------------------------------------Standard & Poor's Ratings Services withdrew its 'B' short-termcorporate credit rating and 'B' commercial paper rating on ADTCorp. in conjunction with the downgrade of the company onJuly 31, 2013, at which time these two ratings should have beenwithdrawn. All other ratings on ADT remain unchanged.ADT cancelled its commercial paper program following S&P'sdowngrade of the company to a speculative grade 'BB-' rating frominvestment grade.RATINGS LISTShort-Term And Commercial Paper Ratings WithdrawnADT Corp. To From Corporate Credit Rating BB-/Stable/NR BB-/Stable/B Commercial Paper NR BAFFINION GROUP: Moody's Cuts PDR to 'Ca-PD'; Outlook Negative-------------------------------------------------------------Moody's Investors Service said that Affinion Group Holdings'recently announced Private Debt Exchange and Consent Solicitationwill be viewed as a distressed exchange upon closing. As a result,Moody's downgraded the Probability of Default rating to Ca-PD fromCaa2-PD, and anticipates appending an/LD designation (limiteddefault) once the exchange is completed. Moody's affirmed allother debt ratings, including the Caa2 Corporate Family Rating("CFR"). The outlook remains negative.Affinion plans to exchange its holding company notes and certainoperating company subordinated notes for new securities withsimilar face values but longer maturities. The new $325 millionholding company notes would be PIK/toggle notes rather than cashpay now (which Moody's expects would PIK) with warrants topurchase stock, while the new operating company subordinated noteswould be cash pay and carry a higher coupon. Upon completion ofthe exchange, Moody's expects to rate the new holding companynotes at least Ca and the operating company subordinated notes atleast Caa3.Ratings Rationale:Affinion's new PIK toggle notes free the company from having tomake a November 2014 bond interest payment that could otherwisenot be made, because of a secured-debt-covenant that restrictsupstreaming of cash to make the payment. In addition, the newholding company notes will have a longer maturity and a PIKfeature, which constitutes a diminished financial obligationrelative to the original obligation of semi-annual cash interest.Moody's therefore views the transaction as a distressed exchange.The restructuring has certain favorable attributes once completed:bond maturities would be extended to 2018, the maturity of the$1.24 secured term loan and revolver would not spring forward (toJuly, 2015), and cash interest expenses would be about $30 millionlower. These changes could provide some flexibility to manageAffinion's business transformation, which includes fostering theloyalty segment's growth, and increasing penetration into overseasmarkets. When assigning ratings on the new notes, Moody's willtake into consideration not only the company's enhanced liquidityand lowered near-term debt-maturity pressures, which may befavorable to the CFR, but also Affinion's higher expected leverageresulting from the PIK feature on the holding company notes andchallenges in executing the business turnaround plan. A higherCFR, in turn, could have a favorable impact on the ratings of debtat Affinion Group, Inc.Downgrades:Issuer: Affinion Group Holdings, Inc. Probability of Default Rating, Downgraded to Ca-PD from Caa2-PDOutlook Actions:Issuer: Affinion Group Holdings, Inc. Outlook, Remains NegativeIssuer: Affinion Group, Inc. Outlook, Remains NegativeAffirmations:Issuer: Affinion Group Holdings, Inc. Speculative Grade Liquidity Rating, Affirmed SGL-4 Corporate Family Rating, Affirmed Caa2 Senior Unsecured Regular Bond/Debenture Nov 15, 2015, Affirmed CaIssuer: Affinion Group, Inc. Senior Subordinated Regular Bond/Debenture Oct 15, 2015, Affirmed Caa3 Senior Secured Bank Credit Facility Oct 9, 2016, Affirmed B2 Senior Secured Bank Credit Facility Apr 9, 2015, Affirmed B2 Senior Unsecured Regular Bond/Debenture Dec 15, 2018, Affirmed Caa3ALBRIGHT COLLEGE: Moody's Puts 'Ba1' Long-term Rating Under Review------------------------------------------------------------------Moody's Investors Service has placed Albright College's Ba1 long-term rating on Series 2004 bonds under review for downgrade. Thereview is prompted by near-term remarketing risk for the college's$25.5 million Series 2008 bonds, which have a mandatory tender onDecember 31, 2013.The review for downgrade reflects the risk that if the Series 2008bank qualified bonds held by Wells Fargo Bank, N.A. (Aa3/P-1stable) are not successfully remarketed by the end of the calendaryear, then the bonds will be put back to the college. Given thecollege's very low monthly liquidity of $13.2 million at fiscalyearend (FYE) 2013, Albright does not have sufficient reserves torepay the bank (monthly liquidity to demand debt is 51% at FYE2013). The college currently has commitment letters from SovereignBank, N.A. (Baa1/P-2 stable; parent company is Banco SantanderS.A. (Spain), rated Baa2/P-2 negative) and Vist bank (which willprovide 25% of the loan; not rated) indicating the terms of theiragreement to purchase tax-exempt bank-qualified bonds on or beforeDecember 31, 2013 to cover the Series 2008 bonds and also refundthe Series 2004 bonds (eligible to be refunded in October 2014).Resolution of the review will be based on the college's successfulclosure of the new bank-qualified bonds with Sovereign Bank priorto the mandatory tender date. A downgrade is likely if thetransaction fails to complete on time given the college's thinliquidity profile.ALBERT EINSTEIN ACADEMIES: S&P Rates 2013A & 2013B Bonds 'BB'-------------------------------------------------------------Standard & Poor's Ratings Services assigned its 'BB' long-termrating to the California Municipal Finance Authority's $15.04million series 2013A and taxable series 2013B charter schoolrevenue bonds issued on behalf of 458 26th Street Holdings LLCfor the Albert Einstein Academies project. The outlook is stable.Operations from Albert Einstein (AE) Elementary and AE MiddleSchools secure the bonds. The schools are separately chartered andmaintain separate finances, but are governed by the same board ofdirectors and are related institutions."The rating reflects our opinion of the risks associated with theschools' consolidated financial profile, specifically the 0.5x proforma maximum annual debt service (MADS) coverage for fiscal2013and the high debt burden," said Standard & Poor's creditanalyst Jessica Matsumori. "Pro forma MADS equalled 22.3% ofexpenses in fiscal 2013. Based on management's projections, weanticipate that the schools' lease-adjusted MADS coverage shouldimprove from current levels. The rating also reflects our opinionof Albert Einstein Academies healthy demand characteristics andthe organization's institutional tenure," added Ms. Matsumori.AE Elementary and AE Middle schools are currently located at thesame location in San Diego. Upon completion of the new facilities,AE Middle School will relocate to a new building a mile away. AEElementary School opened in 2002 and now serves 531 kindergartenthrough fifth grade students. AE Middle nowserves 350 in grades six through eight.AMERICAN AIRLINES: Settles Suit with DOJ Over US Airways Merger---------------------------------------------------------------AMR Corporation, the parent company of American Airlines, Inc.,and US Airways Group, Inc. on Nov. 12 disclosed that the airlineshave settled the litigation brought by the U.S. Department ofJustice (DOJ), the States of Arizona, Florida, Michigan andTennessee, the Commonwealths of Pennsylvania and Virginia, and theDistrict of Columbia challenging the merger of AMR and US Airways.The companies also announced an agreement with the U.S. Departmentof Transportation (DOT) related to small community service fromWashington Reagan National Airport (DCA).Tom Horton, chairman, president and CEO of AMR, and incomingchairman of the board of the combined company, said, "This is animportant day for our customers, our people and our financialstakeholders. This agreement allows us to take the final steps increating the new American Airlines. With a renewed spirit, we areabout to create the world's leading airline that will offer, alongwith our oneworld(R) partners, a comprehensive global network andservice by the best people in the business. There is much morework ahead of us but we're energized by the challenge and lookforward to competing vigorously in the ever-changing globalmarketplace."Doug Parker, chairman and CEO of US Airways, and incoming CEO ofthe combined airline, said, "This is very good news and we aregrateful to all who have made it happen. In particular, we arethankful to our employees, who throughout this process continuedto believe in a better future as one airline and who voiced theirsupport passionately and consistently. We also want to thank theelected officials in the states and communities we serve, thebusiness leaders in our hub cities, and the thousands of customerswho endorsed and supported this effort. Thank you as well to theU.S. Department of Justice, the state attorneys general and theU.S. Department of Transportation. We are pleased to have thislawsuit behind us and look forward to building the new AmericanAirlines together."Under the terms of the settlement, the airlines will divest 52slot pairs at Washington Reagan National Airport (DCA) and 17 slotpairs at New York LaGuardia Airport (LGA), as well as certaingates and related facilities to support service at thoseairports.[i] The airlines also will divest two gates and relatedsupport facilities at each of Boston Logan International Airport,Chicago O'Hare International Airport, Dallas Love Field, LosAngeles International Airport, and Miami International Airport.The divestitures will occur through a DOJ approved processfollowing the completion of the merger. Despite the divestitures,the new American is still expected to generate more than $1billion in annual net synergies beginning in 2015, as wasestimated when the merger was announced in February.After completion of the required divestitures, the combinedcompany expects to operate 44 fewer daily departures at DCA and 12fewer daily departures at LGA than the approximately 290 daily DCAdepartures and 175 daily LGA departures that American and USAirways operate today.[ii] The divestitures required by thesettlement are not expected to impact total employment at the newAmerican.To ensure much of the service currently operated by the carriersto small- and medium-sized markets from DCA is maintained, the newAmerican has agreed with the DOT to use all of its DCA commuterslot pairs for service to these communities. The new Americanintends to announce the service changes that will result from thedivestitures in advance of the sale of the DCA and LGA slots, sothat the airlines acquiring those slots have the opportunity tomaintain service to those impacted communities.In the settlement agreement with the state Attorneys General, thenew American has agreed to maintain its hubs in Charlotte, NewYork (Kennedy), Los Angeles, Miami, Chicago (O'Hare),Philadelphia, and Phoenix consistent with historical operationsfor a period of three years. In addition, with limitedexceptions, for a period of five years, the new American willcontinue to provide daily scheduled service from one or more ofits hubs to each plaintiff state airport that has scheduled dailyservice from either American or US Airways. A previous settlementagreement with the state of Texas will be amended to make itconsistent with today's settlement.Completion of the merger remains subject to the approval of thesettlements by the U.S. Bankruptcy Court, and certain otherconditions. The companies now expect to complete the merger inDecember 2013. About American AirlinesAMR Corp. and its subsidiaries including American Airlines, thethird largest airline in the United States, filed for bankruptcyprotection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattanon Nov. 29, 2011, after failing to secure cost-cutting laboragreements.AMR, previously the world's largest airline prior to mergers byother airlines, is the last of the so-called U.S. legacy airlinesto seek court protection from creditors.American Airlines, American Eagle and the AmericanConnectioncarrier serve 260 airports in more than 50 countries andterritories with, on average, more than 3,300 daily flights. Thecombined network fleet numbers more than 900 aircraft.The Company reported a net loss of $884 million on $18.02 billionof total operating revenues for the nine months ended Sept. 30,2011. AMR recorded a net loss of $471 million in the year 2010, anet loss of $1.5 billion in 2009, and a net loss of $2.1 billionin 2008.AMR's balance sheet at Sept. 30, 2011, showed $24.72 billionin total assets, $29.55 billion in total liabilities, and a$4.83 billion stockholders' deficit.Weil, Gotshal & Manges LLP serves as bankruptcy counsel to theDebtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom LawGroup, Chartered, are on board as special counsel. RothschildInc., is the financial advisor. Garden City Group Inc. is theclaims and notice agent.Jack Butler, Esq., John Lyons, Esq., Felecia Perlman, Esq., andJay Goffman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLPserve as counsel to the Official Committee of Unsecured Creditorsin AMR's chapter 11 proceedings. Togut, Segal & Segal LLP is theco-counsel for conflicts and other matters; Moelis & Company LLCis the investment banker, and Mesirow Financial Consulting, LLC,is the financial advisor.Bankruptcy Creditors' Service, Inc., publishes AMERICAN AIRLINESBANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceedingundertaken by AMR Corp. and its affiliates.(http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN AIRLINES: AFA Reviews Terms of DOJ Antitrust Settlement----------------------------------------------------------------The Association of Flight Attendants-CWA (AFA), representing USAirways Flight Attendants, on Nov. 12 issued the followingstatement from AFA US Airways president Roger Holmin after theUnited States Department of Justice (DOJ) announced a settlementwith US Airways/American Airlines. The resolution of the anti-trust lawsuit will now be submitted to Bankruptcy Judge Sean Lanefor approval."AFA is carefully reviewing the terms of this agreement to ensurethat the merger continues to provide a positive future for USAirways Flight Attendants. [Tues]day's settlement is a tribute tothe powerful advocacy of Flight Attendants and other workers whotirelessly encouraged the DOJ to discuss viable options that wouldallow for the completion of the world's largest airline."US Airways Flight Attendants continue to back the merger as longas it supports the opportunities and benefits we have worked longand hard to achieve. To that end, AFA has proposed a process fornegotiating a Flight Attendant agreement which ensures 24,000Flight Attendants at the merged carrier fully share in thebenefits of the merger. AFA also remains committed to workingwith our counterparts at American Airlines on developing aharmonious integration for Flight Attendants so as to avoid arepresentation election."Flight Attendants at US Airways, through our hard work andsacrifices, helped make this merger possible. When the anti-trustlawsuit threatened the opportunity to realize the benefits of themerger, we stood together with other frontline workers and tookthe case of our colleagues and families directly to lawmakers andJustice. We have demonstrated what we can accomplish by workingtogether and we intend to redouble our efforts to ensure FlightAttendants achieve the best contract at the world's largestairline." About The Association of Flight AttendantsThe Association of Flight Attendants -- http://www.ourafa.org-- is the world's largest Flight Attendant union. Focused 100percent on Flight Attendant issues, AFA has been the leader inadvancing the Flight Attendant profession for 67 years. Servingas the voice for Flight Attendants in the workplace, in theaviation industry, in the media and on Capitol Hill, AFA hastransformed the Flight Attendant profession by raising wages,benefits and working conditions. Nearly 60,000 Flight Attendantscome together to form AFA, part of the 700,000-member strongCommunications Workers of America (CWA), AFL-CIO. About American AirlinesAMR Corp. and its subsidiaries including American Airlines, thethird largest airline in the United States, filed for bankruptcyprotection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattanon Nov. 29, 2011, after failing to secure cost-cutting laboragreements.AMR, previously the world's largest airline prior to mergers byother airlines, is the last of the so-called U.S. legacy airlinesto seek court protection from creditors.American Airlines, American Eagle and the AmericanConnectioncarrier serve 260 airports in more than 50 countries andterritories with, on average, more than 3,300 daily flights. Thecombined network fleet numbers more than 900 aircraft.The Company reported a net loss of $884 million on $18.02 billionof total operating revenues for the nine months ended Sept. 30,2011. AMR recorded a net loss of $471 million in the year 2010, anet loss of $1.5 billion in 2009, and a net loss of $2.1 billionin 2008.AMR's balance sheet at Sept. 30, 2011, showed $24.72 billionin total assets, $29.55 billion in total liabilities, and a$4.83 billion stockholders' deficit.Weil, Gotshal & Manges LLP serves as bankruptcy counsel to theDebtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom LawGroup, Chartered, are on board as special counsel. RothschildInc., is the financial advisor. Garden City Group Inc. is theclaims and notice agent.Jack Butler, Esq., John Lyons, Esq., Felecia Perlman, Esq., andJay Goffman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLPserve as counsel to the Official Committee of Unsecured Creditorsin AMR's chapter 11 proceedings. Togut, Segal & Segal LLP is theco-counsel for conflicts and other matters; Moelis & Company LLCis the investment banker, and Mesirow Financial Consulting, LLC,is the financial advisor.Bankruptcy Creditors' Service, Inc., publishes AMERICAN AIRLINESBANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceedingundertaken by AMR Corp. and its affiliates.(http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN AIRLINES: APFA Celebrates DOJ Antitrust Suit Settlement----------------------------------------------------------------The Association of Professional Flight Attendants, representing16,000 flight attendants at American Airlines, cheered theannouncement on Nov. 12 that the Justice Department has accepted asettlement in its antitrust suit against American Airlines and USAirways.This is the culmination of well over a year of hard work. APFArecognized the value of the merger plan and executed a creativestrategy to bring the deal to fruition. From the halls ofCongress to the board rooms of Wall Street, American's flightattendants convinced every major stakeholder that their airlineneeded a merger partner in order to compete with the remaininglegacy carriers Delta and United. This is the first time a mergerhas been completed in bankruptcy and it could not have occurredwithout the support of organized labor and the strong advocacy ofthe APFA."This is fantastic news not only for all the employees of the newAmerican, but for consumers and the industry," said APFA PresidentLaura Glading. "I want to thank our flight attendants forstepping up and making the case for this merger. Clearly, ourvoices were heard at the Justice Department. There is strength inunity."After striking labor agreements with US Airways management, APFAused its position on the Unsecured Creditors' Committee ofAmerican's ongoing bankruptcy trial to advocate for the mergerplan. When the Justice Department sued to block the merger inAugust, APFA took to Capitol Hill to rally support for the deal.As the strongest labor advocate for the merger, APFA PresidentLaura Glading was put on the witness list to testify in support.APFA was a relentless and unwavering advocate for the merger plansince its inception in April of 2012. The turning point of thedeal came when APFA forced American into sharing proprietaryfinancial information with US Airways. APFA was the last to holdout on a labor agreement with American following Section 1113proceedings. American, needing a contract with its flightattendants to establish its cost structure, had no choice but toentertain the merged option when APFA refused to give in. About APFAFounded in 1977, the Association of Professional Flight Attendants(APFA) is the largest independent Flight Attendant union in thenation. It represents the 16,000 Flight Attendants at AmericanAirlines. APFA Members live in almost every state of the nationas well as several countries and serve millions of Americans asthey travel the nation and the world. In 2003, APFA played amajor role in keeping American Airlines solvent and out ofbankruptcy by giving back an employee bailout of $340 million inannual salary and benefits, for a total of over $3 billion andcounting. APFA had been in negotiations with American for almostfour years when the carrier filed for Chapter 11 bankruptcyprotection on November 29, 2011. Laura Glading, a 34-year flightattendant, is serving her second four-year term as president ofthe union. About American AirlinesAMR Corp. and its subsidiaries including American Airlines, thethird largest airline in the United States, filed for bankruptcyprotection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattanon Nov. 29, 2011, after failing to secure cost-cutting laboragreements.AMR, previously the world's largest airline prior to mergers byother airlines, is the last of the so-called U.S. legacy airlinesto seek court protection from creditors.American Airlines, American Eagle and the AmericanConnectioncarrier serve 260 airports in more than 50 countries andterritories with, on average, more than 3,300 daily flights. Thecombined network fleet numbers more than 900 aircraft.The Company reported a net loss of $884 million on $18.02 billionof total operating revenues for the nine months ended Sept. 30,2011. AMR recorded a net loss of $471 million in the year 2010, anet loss of $1.5 billion in 2009, and a net loss of $2.1 billionin 2008.AMR's balance sheet at Sept. 30, 2011, showed $24.72 billionin total assets, $29.55 billion in total liabilities, and a$4.83 billion stockholders' deficit.Weil, Gotshal & Manges LLP serves as bankruptcy counsel to theDebtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom LawGroup, Chartered, are on board as special counsel. RothschildInc., is the financial advisor. Garden City Group Inc. is theclaims and notice agent.Jack Butler, Esq., John Lyons, Esq., Felecia Perlman, Esq., andJay Goffman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLPserve as counsel to the Official Committee of Unsecured Creditorsin AMR's chapter 11 proceedings. Togut, Segal & Segal LLP is theco-counsel for conflicts and other matters; Moelis & Company LLCis the investment banker, and Mesirow Financial Consulting, LLC,is the financial advisor.Bankruptcy Creditors' Service, Inc., publishes AMERICAN AIRLINESBANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceedingundertaken by AMR Corp. and its affiliates.(http://bankrupt.com/newsstand/or 215/945-7000). ANEW HEALTH: Voluntary Chapter 11 Case Summary----------------------------------------------Debtor: Anew Health Care, Inc. 4606 Centerview, Ste 223 San Antonio, TX 78228Case No.: 13-53105Chapter 11 Petition Date: November 12, 2013Court: United States Bankruptcy Court Western District of Texas (San Antonio)Judge: Hon. Craig A. GargottaDebtor's Counsel: David T. Cain, Esq. 8610 N New Braunfels, Suite 309 San Antonio, TX 78217 Tel: (210) 308-0388 Fax: (210) 341-8432 Email: email@example.com Assets: $1 million to $10 millionEstimated Liabilities: $500,001 to $1 millionThe petition was signed by Mostafa Ahmed, president.The Debtor did not file a list of its largest unsecured creditorswhen it filed the petition.APPVION INC: Files Form 10-Q, Posts $6.5-Mil. Net Income in Q3--------------------------------------------------------------Appvion, Inc., filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q disclosing net incomeof $6.46 million on $202.87 million of net sales for the threemonths ended Sept. 29, 2013, as compared with net income of$516,000 on $210.74 million of net sales for the three monthsended Sept. 30, 2012.For the nine months ended Sept. 30, 2013, the Company reported anet loss of $10.28 million on $615.20 million of net sales ascompared with a net loss of $111.32 million on $644.27 million ofnet sales for the nine months ended Sept. 29, 2012.The Company's balance sheet at Sept. 29, 2013, showed $558.91million in total assets, $931.51 million in total liabilities anda $372.59 million total deficit."The Company was in compliance with all debt covenants atSeptember 29, 2013, and is forecasted to remain compliant for thenext 12 months. The Company's ability to comply with thefinancial covenants in the future depends on achieving forecastedoperating results and operating cash flows. The Company's failureto comply with its covenants, or an assessment that it is likelyto fail to comply with its covenants, could lead the Company toseek amendments to, or waivers of, its financial covenants. TheCompany cannot provide assurance that it would be able to obtainany amendments to or waivers of the covenants. In the event ofnoncompliance with its debt covenants, if the lenders will notamend or waive the covenants, the debt would be due and theCompany would need to seek alternative financing. The Companycannot provide assurance that it would be able to obtainalternative financing. If the Company were not able to securealternative financing, this would have a material adverse impacton the Company," the Company said in the Report.A copy of the Form 10-Q is available for free at: http://is.gd/ah6mvw About Appvion, Inc.Appleton, Wisconsin-based Appvion -- http://www.appvion.com/-- creates product solutions through its development and use ofcoating formulations, coating applications and Encapsys(R)microencapsulation technology. The Company produces thermal,carbonless and security papers and Encapsys products. Appvion hasmanufacturing operations in Wisconsin, Ohio and Pennsylvania,employs approximately 1,700 people and is 100 percent employee-owned. * * *Appleton Papers carries a 'B' corporate credit rating, with stableoutlook, from Standard & Poor's. IT has a 'B2/LD' probability ofdefault rating from Moody's.ARCE RIVERSIDE: Case Summary & 2 Unsecured Creditors----------------------------------------------------Debtor: Arce Riverside, LLC 390 Bridge Parkway #C Redwood City, CA 94065Case No.: 13-32456Chapter 11 Petition Date: November 12, 2013Court: United States Bankruptcy Court Northern District of California (San Francisco)Judge: Hon. Dennis MontaliDebtor's Counsel: Chris D. Kuhner, Esq. KORNFIELD, NYBERG, BENDES AND KUHNER 1970 Broadway #225 Oakland, CA 94612 Tel: (510) 763-1000 Email: email@example.com Assets: $1 million to $10 millionEstimated Liabilities: $1 million to $10 millionThe petition was signed by George Arce, managing member.A list of the Debtor's two largest unsecured creditors isavailable for free at http://bankrupt.com/misc/canb13-32456.pdfATLANTIC COAST: Atlanta Federal Reserve OKs CEO's Appointment-------------------------------------------------------------The Federal Reserve Bank of Atlanta notified the Company that itdid not have any objection to the appointment of Mr. John K.Stephens, Jr. as president, chief executive officer and a directorof the Company. Mr. Stephens began his service as president,chief executive officer and a director of the Company effectiveOct. 31, 2013. About Atlantic CoastJacksonville, Florida-based Atlantic Coast Financial Corporationis the holding company for Atlantic Coast Bank, a federallychartered and insured stock savings bank. It is a community-oriented financial institution serving northeastern Florida andsoutheastern Georgia markets through 12 locations, with a focus onthe Jacksonville metropolitan area.The Company reported a net loss of $6.66 million on $33.50 millionof total interest and dividend income for the year ended Dec. 31,2012, as compared with a net loss of $10.28 million on $38.28million of total interest and dividend income in 2011. Totalassets were $714.1 million at Sept. 30, 2013, comparedwith $772.6 million at Dec. 31, 2012, as the Company hascontinued to manage asset size consistent with its overallcapital management strategy.McGladrey LLP, in Jacksonville, Florida, issued a "going concern"qualification on the consolidated financial statements for theyear ended Dec. 31, 2012. The independent auditors noted that theCompany has suffered recurring losses from operations that haveadversely impacted capital at Atlantic Coast Bank. The failure tocomply with the regulatory consent order may result in AtlanticCoast Bank being deemed undercapitalized for purposes of theconsent order and additional corrective actions being imposed thatcould adversely impact the Company's operations. This raisessubstantial doubt about the Company's ability to continue as agoing concern.BEAR STEARNS: Fund Liquidator Suit Assails Ratings Firms--------------------------------------------------------Chris Dolmetsch, writing for Bloomberg News, reported that McGrawHill Financial Inc.'s Standard & Poor's unit, Moody's Corp. andFitch Group Inc. were sued by the liquidators of two Bear Stearnshedge funds, who accused them of issuing ratings they knew werebogus.According to the report, Geoffrey Varga and Mark Longbottom, theliquidators of the two defunct funds, filed a summons and noticein New York State Supreme Court in Manhattan in July indicatingtheir intention to sue the companies over their ratings. Theliquidators filed a complaint on Nov. 12 giving details of theirclaims.In their lawsuit, which seeks damages in connection with more than$1 billion in losses, the liquidators include communications thatthey say show the companies knew their ratings were faulty, thereport related.In one text message cited in the filing, an S&P employeepurportedly told a co-worker that investments could be "structuredby cows" and still get rated, the report said. An internaldocument from a Moody's worker said the firm sold its soul "to thedevil for revenue," according to the complaint."These quotes are not the punch line to a bad joke," theliquidators said in the complaint, the report further related.They are "evidence that, at the same time these ratings agencieswere issuing their top, virtually risk-free ratings on numerouscomplex securities, each of these very same rating agencies (butnot the investing public) knew the ratings were false."The case is Varga v. McGraw Hill Financial Inc., 652410/2013, NewYork state Supreme Court, New York County (Manhattan). About Bear StearnsNew York City-based The Bear Stearns Companies Inc. (NYSE: BSC)-- http://www.bearstearns.com/-- was a leading financial services firm serving governments, corporations, institutions andindividuals worldwide. The investment bank collapsed in 2008 andwas sold in a distressed sale to JPMorgan Chase in a transactionbacked by the U.S. government.Grand Cayman, Cayman Islands-based Bear Stearns High-GradeStructured Credit Strategies Enhanced Leverage Master Fund Ltd.and Bear Stearns High-Grade Structured Credit Strategies MasterFund Ltd. were open-ended investment companies, which sought highincome and capital appreciation relative to the London InterbankOffered Rate, and designed for long-term investors. On July 30,2007, the Funds filed winding up petitions under the Companies Lawof the Cayman Islands. Simon Lovell Clayton Whicker and KristenBeighton at KPMG were appointed joint liquidators. The jointliquidators filed for Chapter 15 petitions before the U.S.Bankruptcy Court for the Southern District of New York the nextday. On August 30, 2007, the Honorable Burton R. Lifland deniedthe Funds protection under Chapter 15 of the Bankruptcy Code.BENTLEY PREMIER: Jason Searcy Named Chapter 11 Trustee------------------------------------------------------William T. Neary, The United States Trustee in Region 6, soughtand obtained approval from the U.S. Bankruptcy Court to appointJason Searcy as Chapter 11 Trustee in the bankruptcy case ofBentley Premier Builders, LLC.On September 26, 2013, the Court issued its order directing theappointment of a chapter 11 trustee in the Debtor's case.On October 3, 2013, the U.S. Trustee filed his Second Notice ofAppointment of Mr. Searcy as the chapter 11 trustee.Prior to the appointment of Mr. Searcy, the U.S. Trustee consultedwith counsel for the Debtor, counsel for parties-in-interest inthe case, and counsel for secured creditor and interest holder.To the best knowledge of the U.S. Trustee, Mr. Searcy hasdisclosed all of his connections with the Debtor, creditors, anyother parties-in-interest, their respective attorneys andaccountants, the U.S. Trustee and all persons employed by the U.S.Trustee.The chapter 11 trustee's bond was set at $600,000.Timothy W. O'Neal is the Assistant U.S. Trustee. Marcus F.Salitore is the Trial Attorney. About Bentley PremierBentley Premier Builders, LLC, is a Texas limited liabilitycompany in the business of real estate development and buildingcustom houses. It filed a Chapter 11 petition (Bankr. E.D. Tex.Case No. 13-41940) on Aug. 6, 2013 in Sherman, Texas. JudgeBrenda Rhoades presides over the case. Gerald P. Urbach, Esq.,and Jason A. Katz, Esq., at Hiersche, Hayward, Drakeley & Urbach,P.C., in Addison, Texas, serve as counsel. The Debtor disclosed$35,793,857 in assets and $30,428,782 in liabilities as of theChapter 11 filing.BG MEDICINE: Incurs $3.6 Million Net Loss in Third Quarter----------------------------------------------------------BG Medicine, Inc., filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q disclosing a net lossof $3.66 million on $1.03 million of total revenues for the threemonths ended Sept. 30, 2013, as compared with a net loss of $6.81million on $641,000 of total revenues for the same period duringthe prior year.For the nine months ended Sept. 30, 2013, the Company reported anet loss of $13.91 million on $2.92 million of total revenues ascompared with a net loss of $20.87 million on $1.74 million oftotal revenues for the same period a year ago.As of Sept. 30, 2013, the Company had $13.56 million in totalassets, $12.95 million in total liabilities and a $610,000 totalstockholders' equity."We continue to make significant progress in addressing thefundamentals of our business," said Paul R. Sohmer, M.D.,president and chief executive officer. "We believe that we aresetting the table for our go-forward success."A copy of the Form 10-Q is available for free at: http://is.gd/pBTVyM About BG MedicineWaltham, Mass.-based BG Medicine is a diagnostics company focusedon the development and commercialization of novel cardiovasculardiagnostic tests to address significant unmet medical needs,improve patient outcomes and contain healthcare costs. TheCompany is currently commercializing two diagnostic tests, thefirst of which is the BGM Galectin-3 test, a novel assay formeasuring galectin-3 levels in blood plasma or serum for use as anaid in assessing the prognosis of patients diagnosed with heartfailure. The Company's second diagnostic test is the CardioSCOREtest, which is designed to identify individuals at high risk fornear-term, significant cardiovascular events, such as heart attackand stroke.In its annual report for the period ended Dec. 31, 2012, theCompany said: "We expect to incur further losses in thecommercialization of our cardiovascular diagnostic test and theoperations of our business and have been dependent on funding ouroperations through the issuance and sale of equity securities.These circumstances may raise substantial doubt about our abilityto continue as a going concern."BG Medicine reported a net loss of $23.8 million in 2012, comparedwith a net loss of $17.6 million in 2011.BROADWAY FINANCIAL: Bank Inks Consent Order with OCC----------------------------------------------------Broadway Financial Corporation, parent of Broadway Federal Bank,f.s.b., reported that the Bank entered into a Consent Order withthe Office of the Comptroller of the Currency on Oct. 30, 2013.The Consent Order supersedes the Order to Cease and Desist thatthe Bank entered into with the OCC's predecessor regulatoryagency, the Office of Thrift Supervision, which was executed onSept. 9, 2010, as well as a regulatory directive issued to theBank earlier in 2010. The terms of the Consent Order were basedon the results of a full regulatory examination of the Bankconducted by the OCC during the summer of 2013 and coincided withan upgrade of the Bank's regulatory rating by the OCC.The Order to Cease and Desist issued in September 2010 to theCompany by the OTS remains in effect and is now administered bythe Federal Reserve Board, acting through the Federal Reserve Bankof San Francisco.As part of the Consent Order, the Bank is required to attain, andthereafter maintain, a Tier 1 (Core) Capital to Adjusted TotalAssets ratio of at least 9 percent and a Total Risk-Based Capitalto Risk-Weighted Assets ratio of at least 13 percent, both ofwhich ratios are greater than the respective 4 percent and 8percent levels for those ratios that are generally required underOCC regulations. The Bank's regulatory capital exceeded both ofthese higher capital ratios at the end of each quarter during2013.The Consent Order issued by the OCC imposes certain requirementson the Bank. These requirements include the following, amongothers: * The Bank must create a Compliance Committee consisting of at least three independent Directors to monitor compliance with the Consent Order, among other matters. * The Board of the Bank must prepare and submit a Strategic Plan and a Capital Plan that is consistent with the Strategic Plan. The Capital Plan requirement includes requirements regarding targeted capital ratios, as described above, and prior approval requirements for the payment of dividends to the Company. * The Bank must implement an enhanced set of business operational and corporate governance processes, as well as create a commercial real estate concentration risk management program and a written program to reduce the level of assets considered doubtful, substandard or special mention. This latter program requirement includes requirements to monitor the levels of such assets on an ongoing basis and to prepare and implement corrective actions as deemed necessary. * The Bank must also implement an independent ongoing loan review system and adopt new policies with respect to maintaining an adequate allowance for loan and lease losses.Also, the Consent Order does not include certain restrictions onthe Bank that had been imposed by the Order to Cease and Desistthat had been issued by the OTS to the Bank, such as the specificlimitation on the Bank's ability to increase its assets during anyquarter, or certain limitations on employment agreements andcompensation arrangements. Pursuant to the Consent Order, growthin the Bank's assets must be achieved in a manner that isconsistent with the Strategic Plan and Capital Plan, which must besubmitted to the OCC and receive written determinations of nosupervisory objection before they are implemented.Chief Executive Officer, Wayne-Kent Bradshaw stated, "We arepleased that the OCC has recognized improvements in the Bank'sfinancial condition and internal control processes by upgradingour regulatory rating in conjunction with its recent fullregulatory examination. In addition, the Consent Order removesthe restrictions on growth that were contained in the supersededOrder to Cease and Desist, which removal will assist us in ourrecently implemented plans to resume prudent growth in a mannerconsistent with our strategic and capital plans. We arecontinuing to implement changes in our controls and processes tonot only comply with the Consent Order, but also strengthen ourorganization so that the Consent Order for the Bank and the Orderto Cease and Desist for the Company are removed."A copy of the Consent Order is available for free at: http://is.gd/sgawOQ About Broadway FinancialLos Angeles, Calif.-based Broadway Financial Corporation wasincorporated under Delaware law in 1995 for the purpose ofacquiring and holding all of the outstanding capital stock ofBroadway Federal Savings and Loan Association as part of theBank's conversion from a federally chartered mutual savingsassociation to a federally chartered stock savings bank. Inconnection with the conversion, the Bank's name was changed toBroadway Federal Bank, f.s.b. The conversion was completed, andthe Bank became a wholly owned subsidiary of the Company, inJanuary 1996.The Company is currently regulated by the Board of Governors ofthe Federal Reserve System. The Bank is currently regulated bythe Office of the Comptroller of the Currency and the FederalDeposit Insurance Corporation.Broadway Financial disclosed net income of $588,000 on$19.89 million of total interest income for the year endedDec. 31, 2012, as compared with a net loss of $14.25 million on$25.11 million of total interest income during the prior year.The Company's balance sheet at June 30, 2013, showed$345.2 million in total assets, $328.61 million in totalliabilities, and a $16.58 million in total shareholders' equity.Crowe Horwath LLP, in Sacramento, California, issued a "goingconcern" qualification on the consolidated financial statementsfor the year ended Dec. 31, 2012. The independent auditors notedthat the Company has a tax sharing liability to its consolidatedsubsidiary that exceeds its available cash, the Company is indefault under the terms of a $5 million line of credit withanother financial institution lender in which the stock of itssubsidiary bank, Broadway Federal Bank is held as collateral forthe line of credit and the Company and the Bank are both underformal regulatory agreements. Furthermore, the Company and theBank are not in compliance with these agreements and the Company'sand the Bank's capital plan that was submitted under theagreements has been preliminarily approved subject to completionof its recapitalization. Failure to comply with these agreementsexposes the Company and the Bank to further regulatory sanctionsthat may include placing the Bank into receivership. Thesematters raise substantial doubt about the ability of BroadwayFinancial Corporation to continue as a going concern.BROADCAST INTERNATIONAL: Cancels Merger Pact with AllDigital------------------------------------------------------------The Agreement and Plan of Merger and Reorganization dated Jan. 6,2013, among Broadcast International, Inc., Alta AcquisitionCorporation and AllDigital Holdings, Inc., was terminated onNov. 4, 2013.Section 8.1(b) of the Merger Agreement provides that eitherBroadcast or AllDigital may terminate the Agreement if the Mergeris not consummated by Oct. 31, 2013, provided that such failure isnot attributable to the terminating party's failure to perform itsobligations under the Merger Agreement. On Nov. 4, 2013,Broadcast notified AllDigital that it terminated the MergerAgreement pursuant to Section 8.1(b), effective immediately.Following delivery of Broadcast's notice of termination,AllDigital responded by asserting that the Merger did not closebecause Broadcast failed to perform its obligations and thatBroadcast was not entitled to terminate under Section 8.1(b).AllDigital further notified Broadcast that it was terminating theMerger Agreement for cause based on Broadcast's alleged breach ofthe non-solicitation covenants in the Merger Agreement, whichAllDigital asserts triggers a termination fee of $100,000 and 4percent of the equity of Broadcast on a non-diluted basis, and forvarious other alleged misrepresentations and breaches. Broadcastdisputes AllDigital's allegations and assertions, denies thatAllDigital is entitled to any termination fee and reserves theright to pursue damages from AllDigital arising from AllDigital'sactions in relation to the Merger Agreement.In connection with the termination of the Merger Agreement,Broadcast filed requests to withdraw its Registration Statementson Form S-4 (File Nos. 333-189869 and 333-190898) with the U.S.Securities and Exchange Commission on Nov. 6, 2013. About Broadcast InternationalBased in Salt Lake City, Broadcast International, Inc., installs,manages and supports private communication networks for largeorganizations that have widely-dispersed locations or operations.The Company owns CodecSys, a video compression technology toconvert video content into a digital data stream for transmissionover satellite, cable, Internet, or wireless networks, as well asoffers audio and video production services. The Company'senterprise clients use its networks to deliver training programs,product announcements, entertainment, and other communications totheir employees and customers.The Company reported net income of $1.30 million in 2011, comparedwith a net loss of $18.66 million in 2010. The Company's balancesheet at June 30, 2013, showed $1.23 million in total assets,$7.96 million in total liabilities and a $6.73 million totalstockholders' deficit.BUFFALO PARK: Ocwen Opposes Claim Treatment Under Amended Plan--------------------------------------------------------------Deutsche Bank National Trust Company, as trustee for GSAA HomeEquity Trust 2006-7, Asset Backed Certificates, Series 2006-7, byOcwen Loan Servicing, LLC, its loan servicer, objects to thetreatment of its claim in the Amended Chapter 11 Plan dated Oct.15, 2013 proposed by Ronald and Carol Lewis and Buffalo ParkDevelopment Company.The Debtors borrowed $280,000 from Ocwen to fund the purchase of aproperty, with a fixed rate of 7.750%.Ocwen objects to the principal balance of the loan being modifiedto $270,700 and the interest rate modifified to 3.50% under thePlan. Ocwen says the total unpaid principal balance, interest andother charges, as of Sept. 24, 2013 is $322,520. About Buffalo Park Development PropertiesBuffalo Park Development Properties, Inc., filed a Chapter 11petition (Bankr. D. Colo. Case No. 13-17669) on May 7, 2013.Ronald P. Lewis signed the petition as owner and CEO. BuffaloPark disclosed $20,777,601 assets and $11,294,567 liabilities inits schedules. Robert Padjen, Esq., at Laufer and Padjen LLCserves as counsel to Buffalo Park. Judge Elizabeth E. Brownpresides over the case.U.S. Trustee Richard A. Wieland has been unable to appoint anofficial committee of unsecured creditors in the Debtor's Chapter11 case because there were too few unsecured creditors who werewilling to serve on the creditors' committee.BUFFALO PARK: Boog Firm Can Represent Lewis in Vehicle Accident---------------------------------------------------------------Judge Howard R. Tallman granted Debtors Ronald and Carol Lewis'request to expand Boog & Cruser, P.C.'s scope of services toinclude representation of the Lewis Debtors in non-bankruptcymatters, specifically a vehicle accident involving Carol Lewisthat occurred on June 7, 2013. About Buffalo Park Development PropertiesBuffalo Park Development Properties, Inc., filed a Chapter 11petition (Bankr. D. Colo. Case No. 13-17669) on May 7, 2013.Ronald P. Lewis signed the petition as owner and CEO. BuffaloPark disclosed $20,777,601 assets and $11,294,567 liabilities inits schedules. Robert Padjen, Esq., at Laufer and Padjen LLCserves as counsel to Buffalo Park. Judge Elizabeth E. Brownpresides over the case.U.S. Trustee Richard A. Wieland has been unable to appoint anofficial committee of unsecured creditors in the Debtor's Chapter11 case because there were too few unsecured creditors who werewilling to serve on the creditors' committee.CAPITOL BANCORP: Settlement With FDIC Allows Sale of Banks----------------------------------------------------------Bill Rochelle, the bankruptcy columnist for Bloomberg News,reports that Capitol Bancorp Ltd., a bank holding company fromLansing, Michigan, reached an agreement with the Federal DepositInsurance Corp. allowing an auction to go ahead this month withWilbur Ross' Talmer Bancorp Inc. as the intended purchaser.According to the report, if there are no higher bids, Talmer willpay $4.5 million in cash to buy four banks and pick up costs tocure breaches of contracts while providing a $90 million capitalinjection for the acquired banks. Talmer will also fund an escrowaccount with $2.5 million to pay professional fees, taking backany unused portion.The FDIC had asserted so-called cross-guarantee claims against thefour banks, seeking to recover losses resulting when sister bankswere taken over by regulators.The settlement calls for the FDIC to receive 85 percent of netsale proceeds, with Capitol retaining 15 percent. The banks beingsold will be released from cross-guarantee liability.Talmer said it wouldn't go ahead with the purchase unless the FDICwere to waive its claims, Capitol said in a court filing.The bankruptcy judge in Detroit will hold a hearing on Nov. 12 forapproval of the FDIC settlement. The settlement will also enablecompletion of the sale of another Capitol bankrupt previouslyapproved by the bankruptcy court.The auction for the four banks is set for Nov. 18. A hearing toapprove sale will take place on Nov. 19.If the banks weren't sold, Capitol said, they would be taken overby regulators. In one month this year, four of Capitol's banksubsidiaries were taken over by the FDIC. About Capitol BancorpCapitol Bancorp Ltd. and Financial Commerce Corporation filedvoluntary Chapter 11 bankruptcy petitions (Bankr. E.D. Mich. CaseNos. 12-58409 and 12-58406) on Aug. 9, 2012.Capitol Bancorp -- http://www.capitolbancorp.com/-- is a community banking company with a network of individual banks andbank operations in 10 states and total consolidated assets ofroughly $2.0 billion as of June 30, 2012. CBC owns roughly 97% ofFCC, with a number of CBC affiliates owning the remainder. FCC,in turn, is the holding company for five of the banks in CBC'snetwork. CBC is registered as a bank holding company under theBank Holding Company Act of 1956, as amended, 12 U.S.C. Sec. 1841,et seq., and trades on the OTCQB under the symbol "CBCR."Lawyers at Honigman Miller Schwartz and Cohn LLP represent theDebtors as counsel. John A. Simon, Esq., at Foley & Lardner LLP,represents the Official Committee of Unsecured Creditors ascounsel.In its petition, Capitol Bancorp scheduled $112,634,112 in totalassets and $195,644,527 in total liabilities. The petitions weresigned by Cristin K. Reid, corporate president.The Company's balance sheet at Sept. 30, 2012, showed$1.749 billion in total assets, $1.891 billion in totalliabilities, and a stockholders' deficit of $141.8 million.Prepetition, the Debtor arranged a reorganization plan that wasaccepted by the requisite majorities of creditors and equityholders in all classes. Problems arose when affiliates ofValstone Partners LLC declined to proceed with a tentativeagreement to fund the reorganization by paying $50 million forcommon and preferred stock while buying $207 million in faceamount of defaulted commercial and residential mortgages.CHRISTIAN BROTHERS: Case to Make Law on Substantive Consolidation-----------------------------------------------------------------Bill Rochelle, the bankruptcy columnist for Bloomberg News,reports that Christian Brothers' Institute has a hearing inbankruptcy court on Nov. 15 for the approval of disclosurematerials explaining a reorganization plan resulting from anagreement with lawyers for sexual abuse victims.According to the report, at the same hearing in U.S. BankruptcyCourt in White Plains, New York, the institute will ask the judgeto dismiss a lawsuit filed by the Archdiocese of Seattle.The institute sought Chapter 11 protection in April 2011 afterbeing sued in Washington along with the Seattle Archdiocese. Oneyear later, the Seattle church sued the institute in bankruptcycourt, saying the judge should "substantively consolidate" theChristian Brothers Institute with the Christian Brothers ofIreland Inc.At the Nov. 15 hearing, the institute will argue that acreditor doesn't have the right to mount a suit seekingsubstantive consolidation. Only a bankrupt company has thatright, the institute says.The institute conceded that the U.S. Court of Appeals in Manhattanhas yet to rule on whether a creditor can sue for substantiveconsolidation.If a court orders substantive consolidation, assets and debts oftwo or more companies are thrown into one pot for identicaldistribution to creditors, without regard for the assets and debtof any particular company.The institute said its plan doesn't rest on substantiveconsolidation.If approved by creditors and the bankruptcy court, the plan filedin August would create a trust for abuse claimants initiallyfunded with $13.4 million from the religious order and $3.2million from Providence Washington Insurance Co. About Christian Brothers' InstituteThe Christian Brothers' Institute in New Rochelle, New York, is adomestic not-for-profit 501(c)(3) corporation organized under Sec.102(a)(5) of the New York Not-for-Profit Corporation Law. CBI wasformed to establish, conduct and support Catholic elementary andsecondary schools principally throughout New York State.The Christian Brothers of Ireland, Inc., in Chicago, Illinois, isa domestic not-for-profit 501(c)(3) corporation organized underthe Not-for-Profit Corporation Law of the State of Illinois. CBOIwas formed to establish, conduct and support Catholic elementaryand secondary schools principally throughout the State ofIllinois, as well as other spiritual and temporal affairs of theformer Brother Rice Province of the Congregation of ChristianBrothers.CBI and CBOI depend upon grants and donations to fund a portion oftheir operating expenses.The Christian Brothers' Institute and The Christian Brothers ofIreland filed for Chapter 11 bankruptcy protection (Bankr.S.D.N.Y. Case Nos. 11-22820 and 11-22821) on April 28, 2011.Scott S. Markowitz, Esq., at Tarter Krinsky & Drogin LLP, servesas the Debtors' bankruptcy counsel. The Christian Brothers'Institute disclosed assets of $63,418,267 and $8,484,853 inliabilities. CBOI discloses assets of $1,091,084 and liabilitiesof $3,622,500.Attorneys at Pachulski Stang Ziehl & Jones LLP, in Los Angeles,Calif., and New York, N.Y., represent the Official Committee ofUnsecured Creditors as counsel. Paul A. Richler, Esq., ofPacific Palisades, Calif., serves as Special Insurance Counsel tothe Official Committee of Unsecured Creditors.The Christian Brothers' Institute and The Christian Brothers ofIreland, Inc., and the Official Committee of Unsecured Creditorshave a plan made possible following an "allocation plan"negotiated with 75% of sexual abuse claimants.The Joint Chapter 11 Plan of Reorganization dated Aug. 22, 2013,has the Debtors and the Official Committee of Unsecured Creditorsas co-proponents.CITY COLLEGE OF SAN FRANCISCO: Trustee Charged w/ Rescuing School-----------------------------------------------------------------Jim Carlton and Caroline Porter, writing for The Wall StreetJournal, reported that the fate of City College of San Francisco,one of the nation's largest community colleges, rests largely onthe surgically repaired shoulder of a state-appointed trusteenamed Robert Agrella.According to the report, the 70-year-old former community-collegepresident is in a race against time to slim down the bureaucraticbehemoth with 80,000 students and 1,900 faculty before itimplodes."In community colleges in general, we tried to be all things toall people," he said, the report cited. "We cannot afford to dothat any longer."In July, the Accrediting Commission for Community and JuniorColleges, said it plans to revoke the school's accreditation atthe end of the school year, giving the college a year to provethat it can turn around or be shut down, the report said.Among other failings, the private agency found the school hadfailed to reduce spending amid state funding declines whilekeeping too little money in reserves, the report related. CityCollege has $10 million in savings and $850,000 set aside foremergencies, but the accreditor found the school faces long-termproblems if it doesn't change its spending patterns. Thecommission also found the college didn't meet standards in someinstructional programs, in student support services and in libraryfacilities.CONCHO RESOURCES: Posts $30.4 Million Net Income in 3rd Quarter---------------------------------------------------------------Concho Resources Inc. reported net income of $30.42 million on$652.92 million of total operating revenues for the three monthsended Sept. 30, 2013, as compared with net income of $5.98 millionon $465.34 million of total operating revenues for the same periodduring the prior year.For the nine months ended Sept. 30, 2013, the Company reported netincome of $145.21 million on $1.68 billion of total operatingrevenues as compared with net income of $356.40 million on $1.34billion of total operating revenues for the same period last year.The Company's balance sheet at Sept. 30, 2013, showed $9.53billion in total assets, $5.88 billion in total liabilities and$3.64 billion in total stockholders' equity."Strategically, we have significant flexibility in how we chooseto execute our business. That flexibility is a direct result ofthe success across our assets in both the Delaware and MidlandBasins," commented Tim Leach, Concho's Chairman, CEO andPresident. "The performance of our assets and depth of ourinventory are compelling and suggest that we can increase ourgrowth rate. Combined with a strong balance sheet, robust cashmargin and compelling economics, we are well positioned today toaccelerate growth. Our 2014 capital budget is intended to lay thegroundwork for a multi-year growth plan expected to double ourproduction while reducing our leverage ratio by 2016."A copy of the press release is available for free at: http://is.gd/RBIrEf About Concho Resources Inc.Concho Resources Inc. is an independent oil and natural gascompany engaged in the acquisition, development and exploration ofoil and natural gas properties. The Company's operations arefocused in the Permian Basin of Southeast New Mexico and WestTexas. For more information, visit Concho?s website atwww.concho.com. * * *As reported by the TCR on May 22, 2013, Moody's Investors Serviceupgraded Concho Resources Inc.'s Corporate Family Rating to Ba2from Ba3."The upgrade to Ba2 reflects Concho Resources' strong cashmargins, relatively high proportion of oil in the production mix,and continued growth in production and reserves," said ArvinderSaluja, Moody's Assistant Vice President-Analyst.Concho Resources Inc. carries a BB+ corporate credit ratingfrom Standard & Poor's.DETROIT, MI: Mayor-Elect Duggan Sees Key Role Amid Bankruptcy-------------------------------------------------------------Chris Christoff, writing for Bloomberg News, reported that DetroitMayor-elect Mike Duggan rescued a county, a bus system and a14,000-worker hospital network, served as a prosecutor, plottedDemocratic campaigns and coached his four children's soccer teams.Now, Duggan, 55, is back-seat driver of a city under state controland seeking to become the largest U.S. municipal bankruptcy. Hewants to take the wheel sooner rather than later."The only authority I'm going to have is the authority I canconvince the governor and emergency manager to assign me," Duggan,a Democrat, said last week by telephone, the report related. "I'mattempting to persuade them. We'll see."According to the report, with plans to combat blight, crime andpopulation losses, Duggan must remake a dysfunctional governmentthat's in the hands of Emergency Manager Kevyn Orr, a formerclassmate at the University of Michigan law school. Orr can beousted by Detroit's City Council -- with the mayor's approval --as early as September 2014, though Duggan said he hopes to manageoperations well enough to take control even sooner.Duggan will be sworn in Jan. 1 with the city under the cloud ofmore than $18 billion of obligations, understaffed police and firedepartments and a cityscape scarred by blight and more than 70,000vacant buildings, the report related. The home of General MotorsCo. had 1.8 million residents in the 1950s, a figure that hasdwindled to 700,000 scattered across 139 square miles (360 squarekilometers). About Detroit, MichiganThe city of Detroit, Michigan, weighed down by more than$18 billion in accrued obligations, sought municipal bankruptcyprotection on July 18, 2013, by filing a voluntary Chapter 9petition (Bankr. E.D. Mich. Case No. 13-53846). Detroit listedmore than $1 billion in both assets and debts.Kevyn Orr, who was appointed in March 2013 as Detroit's emergencymanager, signed the petition. Detroit is represented bylawyers at Jones Day and Miller Canfield Paddock and Stone PLC.Michigan Governor Rick Snyder authorized the bankruptcy filing.The filing makes Detroit the largest American city to seekbankruptcy, in terms of population and the size of the debts andliabilities involved.The city's $18 billion in debt includes $5.85 billion in specialrevenue obligations, $6.4 billion in post-employment benefits,$3.5 billion for underfunded pensions, $1.13 billion on securedand unsecured general obligations, and $1.43 billion on pension-related debt, according to a court filing. Debt service consumes42.5 percent of revenue. The city has 100,000 creditors and20,000 retirees.Detroit is represented by David G. Heiman, Esq., and HeatherLennox, Esq., at Jones Day, in Cleveland, Ohio; Bruce Bennett,Esq., at Jones Day, in Los Angeles, California; and Jonathan S.Green, Esq., and Stephen S. LaPlante, Esq., at Miller CanfieldPaddock and Stone PLC, in Detroit, Michigan.Sharon Levine, Esq., at Lowenstein Sandler LLP, is representingthe American Federation of State, County and Municipal Employeesand the International Union.Babette Ceccotti, Esq., at Cohen, Weiss & Simon LLP, isrepresenting the United Automobile, Aerospace and AgriculturalImplement Workers of America.A nine-member official committee of retired workers was appointedin the case. The Retirees' Committee is represented by Dentons USLLP.DEVONSHIRE PGA: Gets Final Approval to Use Cash Collateral----------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware authorized,on a final basis, Devonshire PGA Holdings, LLC, et al., to usecash collateral of its secured lender.As reported in the Troubled Company Reporter on Oct. 8, 2013, theAdministrative Agent and Secured Lender are entitled to adequateprotection of their interest in the cash collateral. Thefollowing adequate protection will be provided: (a) seniorpriority replacement liens upon all assets and property of theDebtors, excluding all claims and causes of action, and theproducts and proceeds thereof, arising under or permitted bySections 502(d), 506(c), 544, 545, 547, 548, 549 and 550 of theBankruptcy Code; (b) all security interests, liens, and rights ofsetoff existing in favor of the Administrative Agent and SecuredLender on the Petition Date; and (c) an administrative claim witha priority equivalent to a claim under Sections 364(c)(1), 503(b)and 507(b).The Replacement Liens and Super-Priority Administrative Claimgranted will be junior and subordinate to the following fees andexpenses: (a) all accrued but unpaid fees and expenses ofprofessionals incurred prior to the delivery of a TerminationNotice; (b) Professional Fees and Expenses in the amount of$100,000 incurred after delivery of a Termination Notice; and (c)the payment of fees pursuant to 28 U.S.C. Sec. 1930. About Devonshire PGA HoldingsOperators of assisted living facilities, led by Devonshire PGAHoldings LLC, sought Chapter 11 bankruptcy in U.S. BankruptcyCourt in Wilmington, Delaware on Sept. 19, 2013.Chatsworth PGA Properties (Bankr. D. Del. Case No. 13-12457)has estimated liabilities of between $100 million and $500million, and assets of up to $10 million. Chatsworth PGAProperties provides assisted living services for the elderly. Italso offers nursing and dementia care.Devonshire PGA Holdings LLC (Case No. 13-12460), the owner of anassisted-living facility in Florida, and based in Palm BeachGardens, estimated under $50,000 in assets and up to $50 millionin debts. Another entity, Devonshire at PGA National LLC,estimated more than $100 million in both assets and debt.The Debtors are represented by M. Blake Cleary, Esq., at YoungConaway Stargatt & Taylor, LLP, as counsel. Epiq BankruptcySolutions, LLC, serves as claims agent, and as administrativeadvisor for the Debtors. Alvarez & Marsal Healthcare IndustryGroup, LLC, serves as restructuring advisors, and Alvarez's PaulRundell serves as Chief Restructuring Officer.An official committee of unsecured creditors has not yet beenappointed in these cases by the Office of the United StatesTrustee.DEVONSHIRE PGA: Dec. 2 Combined Hearing to Approve Plan-------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware will holda combined hearing on Dec. 2, 2013, at 10:00 a.m., to consideradequacy of the Disclosure Statement and confirmation ofDevonshire PGA Holdings, LLC, et al.'s Amended Plan ofReorganization. Objections, if any, are due Nov. 20, at 4 p.m.According to the Debtor, by the solicitation order, the Courtestablished Nov. 20, 2013, at 4:00 p.m., as the deadline by whichballots accepting or rejecting the Plan must be received. To becounted, your original ballot must actually be received by: DEVONSHIRE PGA HOLDINGS, LLC Ballot Processing c/o Epiq Bankruptcy Solutions, LLC 757 Third Avenue, 3rd Floor New York, NY 10017The Amended Disclosure Statement for the Plan was proposed by M.Blake Cleary, Esq., at Young Conaway Stargatt & Taylor, LLP, forthe Debtor, and R. Craig Martin, Esq., at DLA Piper LLP (US), onbehalf of ELP West Palm, LLC, the secured lender, on Oct. 15,2013. The Plan is the result of negotiations by and among theDebtors and their respective secured lenders, ELP and HJSIDevonshire II, LLC (also the sole member of Holdings). Other thanthe ELP Secured Claims and HJSI-II, LLC Secured Claims, the Planleaves Unimpaired or otherwise pays in full in Cash all of theDebtors Claim Holders. Specifically, the Plan provides for thepayment or full satisfaction of all Allowed Administrative,Priority Tax, Other Priority and General Unsecured Claims.Holders of certain Other Secured Claims will also be renderedUnimpaired under the Plan.Further, the Plan provides that the Holder of the Allowed HJSI-II,LLC Secured Claims, in partial satisfaction and discharge of andin exchange for such Allowed HJSI-II, LLC Secured Claims, willreceive a payment in the aggregate total amount of $3,000,000.Finally, the Holder of Allowed ELP Secured Claims, in partialsatisfaction of and in exchange for such Allowed Claims and theMezz Payment, will receive 100% of the Interests in ReorganizedHoldings.A copy of the Amended Disclosure Statement is available for freeat http://bankrupt.com/misc/DEVONSHIRE_PGA_amendedds.pdf About Devonshire PGA HoldingsOperators of assisted living facilities, led by Devonshire PGAHoldings LLC, sought Chapter 11 bankruptcy in U.S. BankruptcyCourt in Wilmington, Delaware on Sept. 19, 2013.Chatsworth PGA Properties (Bankr. D. Del. Case No. 13-12457)has estimated liabilities of between $100 million and $500million, and assets of up to $10 million. Chatsworth PGAProperties provides assisted living services for the elderly. Italso offers nursing and dementia care.Devonshire PGA Holdings LLC (Case No. 13-12460), the owner of anassisted-living facility in Florida, and based in Palm BeachGardens, estimated under $50,000 in assets and up to $50 millionin debts. Another entity, Devonshire at PGA National LLC,estimated more than $100 million in both assets and debt.The Debtors are represented by M. Blake Cleary, Esq., at YoungConaway Stargatt & Taylor, LLP, as counsel. Epiq BankruptcySolutions, LLC, serves as claims agent, and as administrativeadvisor for the Debtors. Alvarez & Marsal Healthcare IndustryGroup, LLC, serves as restructuring advisors, and Alvarez's PaulRundell serves as Chief Restructuring Officer.An official committee of unsecured creditors has not yet beenappointed in these cases by the Office of the United StatesTrustee.DIGERATI TECHNOLOGIES: Rhodes Can't Pursue Estate Claims--------------------------------------------------------The U.S. Bankruptcy Court for the Southern District of Texasentered an order regarding the motion of Rhodes Holdings, LLC andScott Hepford to determine authority of individual creditors topursue estate claims against Digerati Technologies, Inc. TheCourt stated that the requested relief was very narrow in scope.In this relation, the Court denied the request of Hepford and RH.On Oct. 22, 2013, Terry Dishon, Sheyenne Hurley and HurleyFairview, LLC, filed their response in opposition to the motion.In a separate filing, the Debtor also balked at the motion. About Digerati TechnologiesDigerati Technologies, Inc., filed a Chapter 11 petition (Bankr.S.D. Tex. Case No. 13-33264) in Houston, on May 30, 2013.Digerati -- http://www.digerati-inc.com-- is a diversified holding company which owns operating subsidiaries in the oil fieldservices and the cloud communications industry. Digerati and itssubsidiaries maintain Texas Offices in San Antonio and Houston.The Debtor has no independent operations apart from itssubsidiaries.The Debtor's subsidiaries include Shift 8 Networks, a cloudcommunication service, Hurley Enterprises, Inc., and DishonDisposal, Inc., both oil field services companies.The Debtor disclosed $60 million in assets and $62.5 million inliabilities as of May 29, 2013.Bankruptcy Judge Jeff Bohm oversees the case. Deirdre CareyBrown, Esq., Annie E. Catmull, Esq., Melissa Anne Haselden, Esq.,Mazelle Sara Krasoff, Esq., and Edward L Rothberg, at HooverSlovacek, LLP, in Houston, represent the Debtor as counsel. TheDebtor tapped Gilbert A. Herrera and Herrera Partners as theinvestment banker.Earlier in the case, Rhode Holdings, LLC, sought the transfer ofvenue of Digerati's Chapter 11 case to the U.S. Bankruptcy Courtfor the Western District of Texas, San Antonio Division.DUMA ENERGY: Hydrocarb Held 12.3% Equity Stake at Oct. 31---------------------------------------------------------In a Schedule 13D filed with the U.S. Securities and ExchangeCommission, Hydrocarb Corporation disclosed that as of Oct. 31,2013, it beneficially owned 1,859,879 shares of common stock ofDuma Energy Corp. representing 12.3 percent of the sharesoutstanding. On Oct. 31, 2013, Hydrocarbacquired 1,859,879 sharesof the Company as settlement of certain outstanding debt owed toit by the Company at a deemed price of $1.93 per share, for atotal deemed cost of $3,589,567. A copy of the regulatory filingis available for free at http://is.gd/Linfgt About Duma EnergyCorpus Christi, Tex.-based Duma Energy Corp. --http://www.duma.com/-- formerly Strategic American Oil Corporation, is a growth stage oil and natural gas exploration andproduction company with operations in Texas, Louisiana, andIllinois. The Company's team of geologists, engineers, andexecutives leverage 3D seismic data and other proven explorationand production technologies to locate and produce oil and naturalgas in new and underexplored areas.Duma Energy incurred a net loss of $4.57 million for the yearended July 31, 2012, compared with a net loss of $10.28 millionduring the prior fiscal year. For the nine months ended April 30,2013, the Company incurred a net loss of $39.23 million on $5.10million of revenues. As of April 30, 2013, the Company had$25.78 million in total assets, $15.47 million in totalliabilities and $10.30 million in total stockholders' equity.EARL GAUDIO: May Immediately Pay 33% of Bonus Amounts-----------------------------------------------------The Hon. Gerald D. Fines of the U.S. Bankruptcy Court for theCentral District of Illinois authorized Earl Gaudio & Son, Inc.,to immediately pay bonus amounts, which represent 33% of the bonusamounts originally sought by the Debtor.The Court also ordered that the remaining portions of the bonusamounts originally sought by the Debtor will not be paid as abonus but will be allowed as general unsecured claims.As reported in the Troubled Company Reporter on Oct. 14, 2013,the Official Unsecured Creditors' Committee filed with theBankruptcy Court a limited objection to custodian First MidwestBank's motion to pay bonuses to the Debtor's employees.On Sept. 13, 2013, the Debtor requested that the Court authorizepayment of bonuses equal to one week of pay for employees thatremain with the Debtor until the closing of the sale of theDebtor's assets.According to the Committee, it is not clear why the custodianwaited until little more than one week prior to a closing of thesale to file the "stay" bonus motion. This places the Committeein the position of reviewing after the fact a commitmentpresumably already made by the custodian. On information andbelief, some of the employees are being retained by the purchaser,Skeff Distributing Company, Inc. In addition to the incentive ofreceiving the normal compensation in exchange for the servicesthey performed, those employees had ample incentive to performtheir work for the prospect of continued employment with thepurchaser. The Committee asked the Court to either deny the bonusmotion until further information is disclosed by the custodian orlimit the relief granted. About Earl Gaudio & Son, Inc.Earl Gaudio & Son, Inc., filed a Chapter 11 petition (Bankr. C.D.Ill. Case No. 13-90942) on July 19, 2013. The petition was signedby Angela E. Major Hart, as authorized signer of First MidwestBank, custodian. Judge Gerald D. Fines presides over the case.The Debtor disclosed $11,849,187 in assets and $8,489,291 inliabilities as of the Chapter 11 filing. John David Burke, Esq.,and Ben T. Caughey, Esq., at Ice Miller, LLP, serve as theDebtor's counsel.The U.S. Trustee appointed five creditors to serve in the OfficialCommittee of Unsecured Creditors. The Committee tapped to retainEvans, Forehlich, Beth & Chamley as its local counsel, and Rubin &Levin, P.C., as its counsel.EAST 81ST: Voluntary Chapter 11 Case Summary--------------------------------------------Debtor: East 81st, LLC 440 West 41st Street New York, NY 10036Case No.: 13-13685Chapter 11 Petition Date: November 12, 2013Court: United States Bankruptcy Court Southern District of New York (Manhattan)Debtor's Counsel: Gilbert A. Lazarus, Esq. LAZARUS & LAZARUS, P.C. 240 Madison Avenue, 8th Floor New York, NY 10016 Tel: (212) 889-7400 Fax: (212) 684-0314 Email: firstname.lastname@example.com Assets: $1 million to $10 millionEstimated Liabilities: $1 million to $10 millionThe petition was signed by Yossi Zaga, managing member.The Debtor did not file a list of its largest unsecured creditorswhen it filed the petition.EMPIRE LLC: Moody's Confirms 'Caa1' CFR & Sr. Secured Notes Rating------------------------------------------------------------------Moody's Investors Service confirmed Empire LLC's Caa1 corporatefamily rating, its Caa1-PD probability of default rating and theCaa1 rating of its senior secured notes. The outlook is stable.These rating actions conclude the review initiated on August 20,2013.Ratings Rationale:"The dismissal of the lawsuit filed on July 25, 2013 byManufacturers Alliance Insurance Company seeking retrospectiveworkers compensation premiums from the company without any suchpayments being made by Empire coupled with the improvement inEmpire's operating performance in the second quarter of fiscal2013 removes the downward rating pressure", Moody's Senior AnalystMickey Chadha stated. "The Caa1 corporate family ratingincorporates Moody's expectation of continued improvement inoperating performance in the next 12 months", Chadha furtherstated.Empire's Caa1 corporate family rating continues to reflect itsvery small scale, and weak credit metrics. It also reflects thediscretionary nature of the company's products, as well as itsvery high susceptibility to consumer confidence and macroeconomicfactors. Ratings also reflect risks related to the very highturnover rate of Empire's independent sales force and itsliquidity profile which does not leave much leeway for anyoperational missteps. Ratings are supported by the good positionEmpire has established in the highly-fragmented floor coveringmarket, and in the shop-at-home segment of that market, inparticular.The following ratings are confirmed and LGD point estimatesupdated: -- Corporate Family Rating of Caa1 -- Probability of Default Rating of Caa1-PD -- $150 million senior secured notes rating of Caa1 (LGD4, 54%) from (LGD4, 52%)The stable outlook incorporates Moody's expectation of improvementin profitability and credit metrics in the near to medium term.The outlook also reflects Moody's view that the company willmaintain adequate liquidity and will not make debt fundeddistributions.Although unlikely in the near term, a ratings upgrade could betriggered by sustained improvement in earnings while maintainingadequate liquidity and conservative financial policies.Specifically, an upgrade would require debt/EBITDA to be sustainedbelow 6.0 times and EBITA/interest sustained above 1.25 times.The ratings could be downgraded if sales growth and operatingmargins do not demonstrate meaningful improvement, financialpolicies become more aggressive, or liquidity deteriorates.Specifically, the ratings could be downgraded if debt/EBITDA andEBITA/interest do not demonstrate a sustained improvement fromcurrent levels.Empire LLC headquartered in Northlake, IL, is a specialty retailerof carpet, hard floor, and window treatments. The company offersshop-at-home sales in 73 metropolitan markets including over 40 ofthe largest metropolitan markets in the U.S. Revenues were about$634 million for the last twelve months ending June 30, 2013.Mercury Capital, L.P. and its affiliates own 96% of the company ona fully diluted basis.EMPIRE RESORTS: Welcomes Approval of Casinos in New York--------------------------------------------------------New York State voters approved Proposition One, a constitutionalamendment authorizing full-scale casino gaming in New York.Empire Resorts, Inc., and EPR Properties welcome passage of thereferendum, which Empire Resorts believes represents an importantnext step of the two-year process through which Empire and EPRhave collaborated to master plan, design and implement a fullyintegrated resort destination casino on the site of the formerConcord Resort in Sullivan County. Empire intends to apply forand actively pursue a license to operate such a full-scale casinofrom the New York State Gaming Commission."We are pleased that the people of New York have voted in favor ofProposition One, and look forward to the opportunity to build afirst class casino facility at the site of the former ConcordResort, which we anticipate will deliver construction andpermanent jobs, property tax relief and school funding madepossible by this legislation," said Emanuel Pearlman, Chairman ofthe Board of Empire.David Brain, president and CEO of EPR Properties, stated, "Withthis affirmative outcome we look forward to working with ouroperating partner, Empire Resorts, in submitting a proposal for acasino- anchored destination resort which will significantlyenhance the economic vitality of the surrounding community. About Empire ResortsBased in Monticello, New York, Empire Resorts, Inc. (NASDAQ: NYNY)-- http://www.empireresorts.com/-- owns and operates Monticello Casino & Raceway, a video gaming machine and harness racing trackand casino located in Monticello, New York, 90 miles northwest ofNew York City.Empire Resorts reported a net loss applicable to common shares of$2.26 million in 2012, as compared with a net loss applicable tocommon shares of $1.57 million in 2011.The Company's balance sheet at Sept. 30, 2013, showed $60.72million in total assets, $52.43 million in total liabilities and$8.29 million in total stockholders' equity.ENDEAVOUR INTERNATIONAL: Incurs $40.3 Million Net Loss in Q3------------------------------------------------------------Endeavour International Corporation reported a net loss to commonstockholders of $40.34 million on $36.90 million of revenues forthe three months ended Sept. 30, 2013, as compared with a net lossto common stockholders of $34.15 million on $83.27 million ofrevenues for the same period during the prior year.For the nine months ended Sept. 30, 2013, the Company reported anet loss to common stockholders of $69.18 million on $220.73million of revenues as compared with a net loss to commonstockholders of $121.14 million on $121.44 million of revenues forthe same period a year ago.As of Sept. 30, 2013, the Company had $1.50 billion in totalassets, $1.41 billion in total liabilities, $43.70 million inseries C convertible preferred stock, and $46.24 million instockholders' equity."First production at Rochelle is a major achievement for ourCompany. Rochelle was part of a package of assets Endeavourpurchased in 2006. The field's evolution from stranded discoveryto producing asset is a testament to the perseverance andtechnical talent of all whom have been involved in the project,"said William L. Transier, chairman, chief executive officer andpresident. "Now with three significant assets and all of our U.K.development projects on-line, we will focus on exploiting theunderlying value of our assets and turn our attention in the near-term to reducing debt and being cost efficient."A copy of the press release is available for free at: http://is.gd/Z73xXw About Endeavour InternationalHouston-based Endeavour International Corporation (NYSE: END)(LSE: ENDV) is an oil and gas exploration and production companyfocused on the acquisition, exploration and development of energyreserves in the North Sea and the United States.For the year ended Dec. 31, 2012, the Company incurred a net lossof $126.22 million, as compared with a net loss of $130.99 millionduring the prior year. * * *As reported by the TCR on March 5, 2013, Moody's Investors Servicedowngraded Endeavour International Corporation's Corporate FamilyRating to Caa3 from Caa1. Endeavour's Caa3 CFR reflects its weakliquidity, small production and proved reserve scale, geographicconcentration and the uncertainties regarding its futureperformance given the inherent execution risks related to itsoffshore North Sea operations for a company of its size.In the Feb. 22, 2013, edition of the TCR, Standard & Poor'sRatings Services lowered its corporate credit rating on Houston,Texas-based Endeavour International Corp. (Endeavour) to 'CCC+'from 'B-'. The rating action reflects S&P's expectation thatEndeavour could have insufficient liquidity to meet its needs dueto the delay in production from its Rochelle development.FAIRMONT GENERAL: Panel May Hire CohnReznick LLP as Fin'l Advisor-----------------------------------------------------------------The Official Committee of Unsecured Creditors of Fairmont GeneralHospital, Inc. and its debtor-affiliates sought and obtainedauthorization from the U.S. Bankruptcy Court for the NorthernDistrict of West Virginia to retain CohnReznick LLP as financialadvisor, nunc pro tunc to Sept. 27, 2013.The Committee requires CohnReznick LLP to: (a) gain an understanding of the Debtors' accounting and cash management systems; (b) perform an assessment of the Debtors' business plan; (c) ascertain net cash flow available from completion of contracts; (d) scrutinize proposed transactions, including the assumption and rejection of executory contracts; (e) identify, analyze, and investigate transactions with Non- Debtor entities and other related parties to determine (i) the business purpose of the transactions, (ii) if assets were diverted from the Debtor entities to Non-Debtor entities, and (iii) the current and former practices of transferring assets to/from the Debtor/Non-Debtor entities; (f) monitor the Debtors' weekly operating results, availability and borrowing base certificates; (g) analyze the Debtors' budget to actual results on an ongoing basis for reasonableness and cost control; (h) monitor any sales process and supplement list of potential Buyers; (i) communicate findings to the Committee; (j) identify and quantify any recoverable assets which are not in the Debtors' estates; (k) determine whether the Board of Directors and Senior Management performed their fiduciary duties; (l) determine if there are potential claims against the Debtors' auditors or Board members; (m) investigate and analyze all potential avoidance action claims; (n) determine the accuracy of historical and current financial data, which may have been compromised while operating in a distressed environment; (o) assist the Committee in negotiating the key terms of a Plan of Reorganization/Liquidation; (p) review the nature and origin of other significant claims asserted against the Debtors; (q) update dividend analysis; (r) review and analyze the proposed Plan of Reorganization/ Liquidation and Disclosure Statement; and (s) other services as may be requested by the Committee or its counsel.CohnReznick LLP will be paid at these hourly rates: Clifford A. Zucker, Partner $675 Harold Emahiser, Director $560 Partner/Senior Partner $585-$800 Manager/Senior Manager/Director $435-$620 Other Professional Staff $275-$410 Paraprofessional $185CohnReznick LLP has agreed to provide a similar discount of 15% tothe rates of other professionals and paraprofessionals who may beutilized in connection with its proposed retention.CohnReznick LLP will also be reimbursed for reasonable out-of-pocket expenses incurred.As an accommodation to the Committee, CohnReznick LLP has agreedthat payment of its fees and expenses for services rendered to theCommittee will be capped at $40,000, with payment of any allowedfees and expenses in excess of $40,000 per month deferred untilconfirmation of a plan herein, conversion or dismissal of thesecases.Clifford A. Zucker, partner of CohnReznick LLP, assured the Courtthat the firm is a "disinterested person" as the term is definedin Section 101(14) of the Bankruptcy Code and does not representany interest adverse to the Debtors and their estates.CohnReznick LLP can be reached at: Clifford A. Zucker COHNREZNICK LLP 1212 Avenue of the Americas New York, NY 10036 Tel: (212) 297-0400 E-mail: firstname.lastname@example.com About Fairmont GeneralFairmont General Hospital Inc. and Fairmont Physicians, Inc.,which operate a 207-bed acute-care facility in Fairmont, WestVirginia, sought Chapter 11 bankruptcy protection (Bankr. N.D.W.Va. Case No. 13-01054) on Sept. 3, 2013, listing between$10 million and $50 million in both assets and debts.The fourth-largest employer in Marion County, West Virginia, filedfor bankruptcy as it looks to partner with another hospital orhealth system.The Debtors are represented by Rayford K. Adams, III, Esq., atSpilman Thomas & Battle, PLLC, in Winston-Salem, North Carolina;David R. Croft, Esq., at Spilman Thomas & Battle, PLLC, inWheeling, West Virginia, and Michael S. Garrison, Esq., at SpilmanThomas & Battle, PLLC, in Morgantown, West Virginia. The Debtors'financial analyst is Gleason & Associates, P.C. The Debtors'claims and noticing agent is Epiq Bankruptcy Solutions.FAIRMONT GENERAL: Huddleston Bolen Okayed as Panel's Local Counsel------------------------------------------------------------------The Official Committee of Unsecured Creditors of Fairmont GeneralHospital, Inc. and its debtor-affiliates sought and obtainedauthorization from the U.S. Bankruptcy Court for the NorthernDistrict of West Virginia to retain Huddleston Bolen LLP as localcounsel, nunc pro tunc to Oct. 1, 2013.The professional services Huddleston Bolen may be asked to renderin its representation of the Committee as local counsel includethe following: (a) provide legal advice regarding the Committee's rights, powers, and duties in these cases; (b) prepare all necessary applications, answers, responses, objections, orders, reports, and other legal papers; (c) represent the Committee in any and all matters arising in these cases, including any dispute or issue with the Debtors or other third parties; (d) assist the Committee in its investigation and analysis of the Debtors, their capital structures, and issues arising in or related to these cases, including but not limited to the review and analysis of all pleadings, claims, and bankruptcy plans that might be filed in these cases and any negotiations or litigation that may arise out of or in connection with such matters, the Debtors' operations, or the Debtors' financial affairs; (e) represent the Committee in all aspects of any sale and bankruptcy plan confirmation proceedings; (f) perform any and all other legal services for the Committee that may be necessary or desirable in these cases.Huddleston Bolen will be paid at these hourly rates: Partners $275 Associates $190 Legal Assistants $100 Janet Smith Holbrook $275Huddleston Bolen will reduce its hourly rate by one-half fortravel time.Huddleston Bolen will also be reimbursed for reasonable out-of-pocket expenses incurred.Janet Smith Holbrook, partner of Huddleston Bolen, assured theCourt that the firm is a "disinterested person" as the term isdefined in Section 101(14) of the Bankruptcy Code and does notrepresent any interest adverse to the Debtors and their estates.Huddleston Bolen can be reached at: Janet Smith Holbrook, Esq. HUDDLESTON BOLEN LLP P.O. Box 2185 Huntington, WV 25722-2185 Tel: (304) 691-8330 Fax: (304) 522-4312 E-mail: email@example.com About Fairmont GeneralFairmont General Hospital Inc. and Fairmont Physicians, Inc.,which operate a 207-bed acute-care facility in Fairmont, WestVirginia, sought Chapter 11 bankruptcy protection (Bankr. N.D.W.Va. Case No. 13-01054) on Sept. 3, 2013, listing between$10 million and $50 million in both assets and debts.The fourth-largest employer in Marion County, West Virginia, filedfor bankruptcy as it looks to partner with another hospital orhealth system.The Debtors are represented by Rayford K. Adams, III, Esq., atSpilman Thomas & Battle, PLLC, in Winston-Salem, North Carolina;David R. Croft, Esq., at Spilman Thomas & Battle, PLLC, inWheeling, West Virginia, and Michael S. Garrison, Esq., at SpilmanThomas & Battle, PLLC, in Morgantown, West Virginia. The Debtors'financial analyst is Gleason & Associates, P.C. The Debtors'claims and noticing agent is Epiq Bankruptcy Solutions.FIDELITY & GUARANTY: Fitch Affirms 'BB' Long-term Issuer Rating---------------------------------------------------------------Fitch Ratings has affirmed the 'BB' long-term Issuer DefaultRating (IDR) of Fidelity & Guaranty Life Holdings, Inc. (F&G LifeHoldings) and the 'BBB' Insurer Financial Strength (IFS) ratingsassigned to F&G Life Holdings' insurance subsidiaries, Fidelity &Guaranty Life Insurance Co. and Fidelity & Guaranty Life InsuranceCo. of New York (collectively referred to as F&G Life). The RatingOutlook is Stable.Key Rating Drivers:The rating affirmation reflects Fitch's view that recent operatingperformance and balance sheet fundamentals are in line with ratingexpectations. The ratings are based on F&G Life's relativelynarrow operating profile, strong balance sheet profile, andmanagement's successful execution of its operating strategiessince the company's purchase in 2011. The ratings also considerF&G Life's highly leveraged ultimate parent company, competitivechallenges in the company's target markets, and macroeconomicchallenges associated with low interest rates and economicweakness.F&G Life's strategic focus is centered on the sale of fixedindexed annuities (FIAs) primarily through independent marketingorganizations (IMOs). FIAs accounted for over 90% of 2013 year-to-date sales and 60% of total net statutory reserves. While Fitchbelieves that F&G Life maintains a strong competitive position inthis market, this concentration exposes the company to potentiallyunfavorable regulatory or market developments that may negativelyimpact the demand for FIA products.F&G Life's strong balance sheet profile reflects the company'sgood asset quality and strong statutory capitalization. Bondquality was strong at June 30, 2013 as below investment-gradebonds approximated 4% of total bonds or 58% of total adjustedcapital (TAC). Both figures are below industry averages.Impairment losses continued to trend lower with a drop to $2million in the first half of 2013 versus $15 million in 2012.Estimated risk based capital (RBC) of 474% and financial leverageof 25% at June 30, 2013 are both in line with rating expectations.June 30, 2013 statutory capital increased $218 million to $1,167million and operating leverage declined to 14x from 17x, bothcompared to year-end 2012. The differences are largely due to theissuance of a $195 million surplus note and year-to-date earnings.RBC may be negatively impacted in the future due to new businessstrain and new surplus note interest.F&G Life's operating performance has improved considerablyfollowing the change in the company's ownership and managementteam. Improved earnings have benefited from management actions toreduce expenses and maintain product pricing discipline. Resultshave also benefited from improved investment performance due toimproved market conditions and steps taken by management to de-risk the investment portfolio. Looking forward, Fitch expectsfurther earnings improvement and estimates operating ROE in the10% range for 2014.F&G Life is wholly owned by HRG, a highly leveraged, publiclytraded holding company that seeks to acquire significant interestsin businesses across a diverse range of industries. HRG ismajority owned by investment funds affiliated with HarbingerCapital Partners.Fitch views as a credit positive the planned partial IPO ofFidelity & Guaranty Life, Inc. (F&G Life Holding's parentcompany). Fitch's view of F&G Life's credit profile has beennegatively affected by its status as a wholly owned subsidiary ofHRG (Fitch IDR of 'B'). Fitch has applied non-standard notching(three notches compared to standard two notches) between the 'BBB'IFS ratings of the insurance subsidiaries and the 'BB' IDR of F&GLife Holdings based on the ratings and financial profile of F&GLife Holdings' highly leveraged parent, Harbinger Group Inc. (HRG,'B' IDR) and its own limited financial flexibility and liquidity.Rating Sensitivities:The key rating triggers that could result in an upgrade include: -- Successful completion of the planned Fidelity & Guaranty Life, Inc. IPO; -- Sustained improvement in operating performance.The key rating triggers that could result in a downgrade include: -- Deterioration in HRG's credit profile; -- F&G Life's consolidated RBC falls below 300% with operating leverage above 20x; -- Consolidated financial leverage for F&G Life Holdings exceeds 35%; -- Maximum statutory dividend coverage of F&G Life Holdings consolidated interest falls below 3x. -- A prolonged spike in F&G Life annuity surrenders; -- Any significant issues with F&G Life's market conduct or regulatory environment.Fitch has affirmed the following ratings:Fidelity & Guaranty Life Insurance Co.Fidelity & Guaranty Life Insurance Co. of New York -- IFS rating at 'BBB'.Fidelity & Guaranty Life Holdings, Inc. -- Long-term IDR at 'BB'. -- Sr. unsecured note due March, 2021 at 'BB-'.FIDELITY NATIONAL: Fitch Affirms 'BB+' Sr. Unsecured Debt Rating----------------------------------------------------------------Fitch Ratings has affirmed Fidelity National Financial, Inc.'s(FNF) Issuer Default Rating (IDR) at 'BBB-' and senior unsecureddebt at 'BB+'. Fitch has also affirmed the Insurer FinancialStrength (IFS) of FNF's title insurance companies at 'BBB+.' TheRating Outlook for all ratings is Stable. A complete list ofrating actions follows at the end of this release.Key Rating Drivers:The affirmation reflects FNF's market leading margins and scaleand strong capitalization in title insurance. Offsetting thesepositive factors is the expected increase in tangible financialleverage and reduced financial flexibility from the proposedacquisition of Lender Processing Services, Inc. (LPS) for $2.9billion that is anticipated to close in Q4 2013 or Q1 2014.FNF previously owned LPS before it was spun-off with FidelityNational Information Services, Inc. (FIS) in 2006. FISsubsequently spun-off LPS in 2008. While the previous ownership ofLPS lessens the potential integration risk, Fitch cautions thatthe markets have changed since FNF previously owned LPS,particularly regarding litigation activity, and that pastperformance is no guarantee of future performance.Fitch remains concerned about FNF's aggressive capital managementstrategy based on its willingness to periodically increase balancesheet financial leverage to fund acquisitions, which is viewed asa limiting factor to the company's rating.FNF's title insurance subsidiaries' profitability andcapitalposition has improved in recent years. Barring any materialupstreaming of capital from the title underwriters 2013 year end'scapital position is likely to modestly improve further.FNF has a dominant position in title insurance, accounting forapproximately 33% of the U.S. title insurance market. This scalecoupled with an aggressive cost management focus has allowed FNFto be one of the most profitable title insurance companies,reporting a pretax operating margin of 14.4% as of nine monthsended Sept. 30, 2013 an improvement of 110 basis points over thesmae periodin 2012.However, on a consolidated basis, GAAP pretax operating marginsare down to 7.7% year-to-date Sept. 30, 2013 a decline from 10%for comparable period prior year. In particular, FNF's othersegments which include Remy International, Inc. (Remy), restaurantassets, and corporate are down year-over-year offsetting theimprovement in the title insurance segment.As of Sept. 30, 2013 FNF reported financial leverage ofapproximately 21.4% and tangible financial leverage, whichexcludes goodwill from equity, of 30.7%. On a pro forma basis,financial and tangible financial leverage increase toapproximately 35% and 63%, respectively. Although Fitch believesthat FNF will actively seek to reduce financial leverage closer toFNF's stated long term target of 25% the additional goodwill theLPS transaction generates significantly alters the quality ofcapital.The Stable Outlook reflects Fitch's view that FNF will continue tooperate profitably despite fundamental challenges faced by thetitle insurance industry. Specifically, mortgage originations areforecast to fall during 2014, placing added pressure on titleinsurance revenue and margins.Rating Sensitivities:The following key rating drivers could lead to an upgrade: -- Sustained performance of operating company capital in line with Fitch's guidelines for 'A' IFS category title insurers, which includes a RAC score of approximately 140% and net leverage below 6.0x; -- Sustained calendar and accident year profitability; -- Sustained improvement in EBIT based interest coverage of 7.0x or higher.The following key rating drivers could lead to a downgrade: -- An absolute RAC score below 105% or deterioration in capitalization such as net leverage above 7.5x; -- Inability to move financial leverage below 30% on a post LPS acquisition basis, by year-end 2015; -- A significant write down in goodwill or signs that indicate a potential write down of goodwill is possible; -- Deterioration in earnings, primarily measured by consolidated pretax GAAP margins, at a pace greater than peer averages; -- Sustained material adverse reserve development; -- Any additional acquisition that makes a meaningful change to the company's profile, particularly one that increases financial leverage.Fitch has affirmed the following ratings with a Stable Outlook:Fidelity National Financial, Inc. -- IDR at 'BBB-'; -- $300 million 4.25% convertible senior note maturing Aug. 15, 2018 at 'BB+'; -- $300 million 6.6% senior note maturing May 15, 2017 at 'BB+'; -- $400 million 5.5% senior note maturing Sept. 1, 2022 at 'BB+'; -- Four year $800 million unsecured revolving bank line of credit due April 16, 2016 at 'BB+'.Fidelity National Title Ins. Co.Alamo Title Insurance Co. of TXChicago Title Ins. Co.Commonwealth Land Title Insurance Co. -- IFS ratings at 'BBB+'.FLORIDA GAMING: Miami Jai-Alai Sues to Knock Out Debt to Lenders----------------------------------------------------------------Bill Rochelle, the bankruptcy columnist for Bloomberg News,reports that Miami Jai-Alai began a lawsuit last week to determinewhether a sale of the fronton and casino will entitle holders ofsecured debt to $26.8 million on top of the $90 million inprincipal.According to the report, the casino contended in the lawsuit thatthe claim for $26.8 million amounts to criminal usury and must bepaid after creditors because it's based on a contract for the saleof securities.As described in a complaint filed Nov. 8 in U.S. Bankruptcy Courtin Miami, ABC Funding LLC, as agent for secured lenders, requiredthe casino to issue warrants to holders of the secured debt.The casino's obligation to purchase the warrants was invoked whencasino operator Silvermark LLC signed a contract to buy thebusiness for $115 million cash and $14 million in debt assumption.An investment bank, appointed under the warrant agreement,determined that the property was worth $180 million, meaning thatthe required purchase price for the warrants was $26.8 million.The warrant price killed the sale at least for the time being, thecasino said in its complaint.The casino said it found several defects in the warrant agreement.If Florida law applies, the casino contended, the interest rateworks out to 33 percent and would exceed the state's 25 percentusury cap on interest.If the 25 percent cap is applied, the warrants would be worth atmost $9 million, the casino said. If it amounts to criminal usury,the debt could be voided, according to the casino.The casino invoked Section 510(b) of the Bankruptcy Code andcontended the warrants amount to a claim arising from the sale ofsecurities and are thus automatically subordinated to creditors'claims.Holders of the warrants include Summit Partners LP and CanyonValue Realization Fund LP.The casino said the lenders are trying to take ownership through a"loan to own" scheme.In a compromise with the lenders, the casino agreed that apre-bankruptcy receiver will continue operating the business. About Florida GamingFlorida Gaming Centers Inc. filed for Chapter 11 bankruptcy(Bankr. S.D. Fla. Case No. 13-29597) in Miami on Aug. 19, 2013.Florida Gaming Centers operates a casino and jai-alai frontons inMiami. The Company disclosed debt of $138.3 million and assets of$180 million in its petition.Its parent, Florida Gaming Corp. (FGMG:US), and two otheraffiliates also sought court protection.Florida Gaming previously negotiated a sale of virtually all itsassets to casino operator Silvermark LLC for $115 million in cashand $14 million in assumed liabilities. A provision in thefinancing agreement required Florida Gaming to make an additionalpayment to the lender -- ABC Funding -- if the assets are sold tothird party. Jefferies LLC was hired to determine that amount,about $26.8 million, and valued the company at more than $180million.Luis Salazar, Esq., Esq., at Salazar Jackson in Miami, representsFlorida Gaming.ABC Funding, LLC, as Administrative Agent for a consortium ofprepetition lenders, and the prepetition lenders are representedby Dennis Twomey, Esq., and Andrew F. O'Neill, Esq., at SIDLEYAUSTIN LLP, in Chicago, Illinois; and Drew M. Dillworth, Esq., andMarissa D. Kelley, Esq., at STEARNS WEAVER MILLER WEISSLERALHADEFF & SITTERSON, P.A., in Miami, Florida. The PrepetitionLenders are Summit Partners Subordinated Debt Fund IV-A, L.P.,Summit Partners Subordinated Debt Fund IV-B, L.P., JPMorgan ChaseBank, N.A., Locust Street Funding LLC, Canyon Value RealizationFund, L.P., Canyon Value Realization Master Fund, L.P., CanyonDistressed Opportunity Master Fund, L.P., and Canyon-GRF MasterFund II, L.P.FLORIDA GAMING: Guggenheim Securities Hiring Approval Sought------------------------------------------------------------BankruptcyData reported that Florida Gaming filed with the U.S.Bankruptcy Court a motion to retain Guggenheim Securities(Contact: Alex C. Fisch) as investment banker for a financialadvisory fee of $100,000 and a monthly fee of $50,000.Guggenheim will also earn a sale transaction fee, depending on theidentity of a stalking horse bidder, as follows: sale transactionfee - if any entity other than Silvermark is the stalking horsebidder, the Company will pay Guggenheim 1.000% of the aggregatesale consideration up to $120,000,000 plus 2.000% of the aggregatesale consideration if any, between $120,000,000 and $140,000,000plus 3.000% of the aggregate sale consideration, if any, in excessof $140,000,000.If Silvermark is the stalking horse bidder, Guggenheim's saletransaction fee will be .5% of the aggregate sale consideration upto $130,000,000 plus 5.000% of the aggregate sale consideration,if any, between $130,000,000 and $160,000,000 plus 3.000% of theaggregate sale consideration, if any, in excess of $160,000,000.The motion explains, "Miami Jai-Alai has chosen Guggenheim to actas their investment banker post-petition because Guggenheim hassubstantial expertise in sale, financing, and restructuringtransactions of the type contemplated here, and is well qualifiedto perform these services and assist Miami Jai-Alai in theseChapter 11 cases. Without the services of Guggenheim, Miami Jai-Alai will be unable to accomplish a sale or other transactionthrough a canvassing of the market and any development ofalternatives." About Florida GamingFlorida Gaming Centers Inc. filed for Chapter 11 bankruptcy(Bankr. S.D. Fla. Case No. 13-29597) in Miami on Aug. 19, 2013.Florida Gaming Centers operates a casino and jai-alai frontons inMiami. The Company disclosed debt of $138.3 million and assets of$180 million in its petition.Its parent, Florida Gaming Corp. (FGMG:US), and two otheraffiliates also sought court protection.Florida Gaming previously negotiated a sale of virtually all itsassets to casino operator Silvermark LLC for $115 million in cashand $14 million in assumed liabilities. A provision in thefinancing agreement required Florida Gaming to make an additionalpayment to the lender -- ABC Funding -- if the assets are sold tothird party. Jefferies LLC was hired to determine that amount,about $26.8 million, and valued the company at more than $180million.Luis Salazar, Esq., Esq., at Salazar Jackson in Miami, representsFlorida Gaming.ABC Funding, LLC, as Administrative Agent for a consortium ofprepetition lenders, and the prepetition lenders are representedby Dennis Twomey, Esq., and Andrew F. O'Neill, Esq., at SIDLEYAUSTIN LLP, in Chicago, Illinois; and Drew M. Dillworth, Esq., andMarissa D. Kelley, Esq., at STEARNS WEAVER MILLER WEISSLERALHADEFF & SITTERSON, P.A., in Miami, Florida. The PrepetitionLenders are Summit Partners Subordinated Debt Fund IV-A, L.P.,Summit Partners Subordinated Debt Fund IV-B, L.P., JPMorgan ChaseBank, N.A., Locust Street Funding LLC, Canyon Value RealizationFund, L.P., Canyon Value Realization Master Fund, L.P., CanyonDistressed Opportunity Master Fund, L.P., and Canyon-GRF MasterFund II, L.P.FNBH BANCORP: OCC Issues New Consent Order------------------------------------------Pursuant to a Stipulation and Consent to the Issuance of a ConsentOrder, First National Bank in Howell, a wholly-owned subsidiary ofFNBH Bancorp, Inc., consented to the issuance of a Consent Orderby the Office of the Comptroller of the Currency, the Bank'sprimary banking regulator. The New Order replaces in its entiretythe Consent Order issued with respect to the Bank in September2009.The New Order requires the Bank or its Board of Directors to takecertain actions, including adopting and implementing a two-yearstrategic plan for the Bank, achieving and maintaining totalcapital equal to at least 11 percent of risk-weighted assets andTier 1 capital equal to at least 8.5 percent of adjusted totalassets, and taking certain steps to improve risk management at theBank. The New Order contains several of the same requirements asthe 2009 Order, but excludes requirements of the 2009 Order thatthe Bank has satisfied since the entry of the 2009 Order. The NewOrder also contains certain new requirements designed to improveadditional functions within the Bank.A copy of the New Order is available for free at: http://is.gd/obBgCa About FNBH BancorpHowell, Michigan-based FNBH Bancorp, Inc., is a one-bank holdingcompany, which owns all of the outstanding capital stock of FirstNational Bank in Howell. The Bank was originally organized in1934 as a national banking association. As of Dec. 31, 2011, theBank had approximately 85 full-time and part-time employees. TheBank serves primarily five communities, Howell, Brighton, GreenOak Township, Hartland, and Fowlerville, all of which are locatedin Livingston County.FNBH disclosed net income of $329,000 in 2012, as compared with anet loss of $3.57 million in 2011. The Company's balance sheet atJune 30, 2013, showed $299.05 million in total assets, $289.61million in total liabilities and $9.43 million in totalshareholders' equity.BDO USA, LLP, in Grand Rapids, Michigan, issued a "going concern"qualification on the consolidated financial statements for theyear ended Dec. 31, 2012."The Corporation's subsidiary bank ("Bank") is significantlyundercapitalized under regulatory capital guidelines and, during2009, the Bank entered into a consent order regulatory enforcementaction ("consent order") with its primary regulator, the Office ofthe Comptroller of the Currency. The consent order requiresmanagement to take a number of actions, including, among otherthings, increasing and maintaining its capital levels at amountsin excess of the Bank's current capital levels. As discussed inNote 20, the Bank has not yet met the higher capital requirementsand is therefore not in compliance with the consent order. As aresult of the uncertain potential impact of future regulatoryactions, circumstances exist that raise substantial doubt aboutthe Corporation's ability to continue as a going concern."FREDDIE MAC: In Talks with BofA to Settle Mortgage Dispute----------------------------------------------------------Nick Timiraos and Shayndi Raice, writing for The Wall StreetJournal, reported that Freddie Mac and Bank of America are insettlement talks to resolve disputes over more than $1.4 billionin faulty mortgages Freddie has said Bank of America should haveto take back, according to people familiar with the matter.According to the report, the deal would be the second suchagreement between Bank of America and Freddie since 2011. It wouldlargely shield the bank from any future repurchase demands fromFreddie stemming from loans sold before 2012. The second-largestU.S. bank by assets is hoping to settle before the end of theyear, said one of the people.Terms of the potential settlement couldn't be determined, thereport said. Such settlements with other banks have varieddepending on the terms of the agreement and the amount of loanscovered. While banks typically press to pay less than the fullamount of outstanding claims, they sometimes will end up payingslightly more to prevent any new repurchase demands frommaterializing on loans sold as long ago as 2000.Since 2011, Bank of America, based in Charlotte, N.C., has reachedtwo such settlements with Freddie's larger sibling, Fannie Mae,including one worth $11.6 billion earlier this year, the reportrelated.Fannie and Freddie can force banks to buy back loans that don'tadhere to agreed-upon standards, and since 2009, both companieshave demanded that lenders repurchase tens of billions in souredloans made as the housing boom turned to bust, the report added. About Freddie MacBased in McLean, Virginia, the Federal Home Loan MortgageCorporation, known as Freddie Mac (OTCBB: FMCC) --http://www.FreddieMac.com/-- was established by Congress in 1970 to provide liquidity, stability and affordability to thenation's residential mortgage markets. Freddie Mac supportscommunities across the nation by providing mortgage capital tolenders. Over the years, Freddie Mac has made home possible forone in six homebuyers and more than five million renters.Freddie Mac is under conservatorship and is dependent upon thecontinued support of Treasury and the Federal Housing FinanceAgency acting as conservator to continue operating itsbusiness.FRESH & EASY: Tesco Took $214MM as Grocery Chain Failed-------------------------------------------------------Peg Brickley, writing for Daily Bankruptcy Review, reported thatnew court documents shed light on Tesco PLC's apparent generosityto creditors of the U.S. grocery chain it is seeking to ditch,Fresh & Easy Neighborhood Market.According to the report, Fresh & Easy's U.K. parent drained nearly$214 million in cash out of the U.S. venture in the year beforedumping it into bankruptcy, while complaining it was losing anaverage $22 million per month.Tesco did not respond to a request on Nov. 11 to discuss theinsider pay reports filed on Nov. 8 in the U.S. Bankruptcy Courtin Wilmington, Del., the report related.Unless another bidder steps up soon with a better offer, Tesco isfinancing a sale of the bulk of the business to the Yucaipa Cos.,the report said. It is a deal that will keep stores open, savejobs, and provide suppliers with a continuing customer.Tesco has said in court documents that it put more than $3 billionin debt and equity into the venture, an effort to break into thecompetitive market of selling fresh food in California, Nevada andArizona just as those areas were being slammed by the recession,the report further related.The report added that court papers say the bulk of the insiderpayment, nearly $189 million, was to repay debt Fresh & Easy owedits parent. Another $10 million went from Fresh & Easy to coverTesco payroll costs in the U.K. and Bangalore, India. Anadditional $15 million in insider cash was labeled simply "allother payments." It is money Fresh & Easy sent home to the U.K.while shuttering stores in the recession-hit Western states whereit was attempting to establish itself. About Fresh & Easy Neighborhood Market Inc.Fresh & Easy Neighborhood Market Inc., and its affiliate filedChapter 11 petitions (Bankr. D. Del. Case Nos. 13-12569 and13-12570) on Sept. 30, 2013. The petitions were signed by JamesDibbo, chief financial officer. Judge Kevin J. Carey presidesover the case.Fresh & Easy owes $738 million to Cheshunt, England-based Tesco,the U.K.'s biggest retailer. Fresh & Easy never made a profit andlost an average of $22 million a month in the 12 months ended inFebruary, according to court papers.Jones Day serves as lead bankruptcy counsel. Richards, Layton &Finger, P.A., serves as local Delaware counsel. Alvarez & MarsalNorth America, LLC, serves as financial advisors, and Alvarez &Marsal Securities, LLC, serves as investment banker. Prime ClerkLLC acts as the Debtors' claims and noticing agent. GordonBrothers Group, LLC, and Tiger Capital Group, LLC, serves as theDebtors' consultant. The Debtors estimated assets of at least $100million and liabilities of at least $500 million.Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed fivecreditors to serve in the Official Committee of UnsecuredCreditors in the Chapter 11 cases of Fresh & Easy NeighborhoodMarket Inc., et al.FRIENDFINDER NETWORKS: Can Employ Sitrick as PR Consultants-----------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware has grantedFriendFinder Networks Inc., et al., permission to employ Sitrickand Company, a Division of Sitrick Brincko Group, LLC, ascorporate communications and public relations consultants, nuncpro tunc to the Petition Date.The professional services that Sitrick expects to render include: a. preparing materials to be distributed to the Debtors'employees explaining the impact of the Chapter 11 cases; b. drafting correspondence to creditors, vendors, employees,affiliates, and other interested parties regarding the Chapter 11cases; c. preparing written guidelines for head office and locationmanagers to assist them in addressing employee and customerconcerns; d. preparing news releases for dissemination to the media fordistribution; e. interfacing, and coordinating media reports to contain thecorrect facts and the Debtors' perspective as an ongoing business; f. assisting the Debtors in maintaining their public image asa viable going concern during the Chapter 11 process; g. assisting the Debtors in handling inquiries, e.g.,shareholders, employees, vendors, customers, etc.; and h. performing other strategic communications consultingservices as may be required by the Debtors in the Chapter 11cases. About FriendFinder NetworksFriendFinder Networks and affiliates, including lead debtor PMGIHoldings Inc., sought bankruptcy protection (Bankr. D. Del. LeadCase No. 13-12404) on Sept. 17, 2013, estimating assets of$465.3 million and debt totaling $662 million.The Debtors are represented by Nancy A. Mitchell. Esq., Matthew L.Hinker, Esq., and Paul T. Martin, Esq., at Greenberg Traurig, LLP,in New York, as lead bankruptcy counsel; and Dennis A. Meloro,Esq., in Wilmington, Delaware, as local Delaware counsel. AkermanSenterfitt serves as the Debtors' special and conflicts counsel.The Debtors' financial advisor is SSG Capital Advisors LLC. BMCGroup, Inc., is the Debtors' claims and noticing agent.On Sept. 21, 2013, the Debtors filed a plan of reorganizationcontaining details on a reorganization worked out with about 80percent of first and second-lien lenders before the Sept. 17Chapter 11 filing. Under the Plan, holders of the $234.3 millionin 14 percent first-lien notes will receive accrued interest plusan equal amount in new 14 percent first-lien notes to mature infive years. Excess cash will be used in part to pay downprincipal on the notes before maturity. Holders of $330.8 millionin two issues of second-lien notes are to receive all the newequity.U.S. Bankruptcy Judge Christopher Sontchi approved the company'sdisclosure statement, a description of the reorganization plan, ata hearing on Nov. 5 in Wilmington, Delaware.FriendFinder will seek court approval of its reorganization planto exit bankruptcy at a hearing scheduled for Dec. 16. Objectionsto the plan have to be filed by Dec. 9.FRIENDFINDER NETWORKS: Can Hire SSG Advisors as Investment Banker-----------------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware has grantedFriendFinder Networks Inc., et al., permission to employ SSGAdvisors, LLC, as investment banker and financial advisor, nuncpro tunc to the Petition Date.SSG will file fee applications for monthly, interim and finalallowance of compensation and reimbursement of expenses pursuantto the procedures set forth in the Bankruptcy Code, applicableBankruptcy Rules, the Local Rules and any other such procedures asmay be fixed by the Court.SSG will perform these services: a. Reviewing the Debtors' financial projections; b. Assisting the Debtors with schedules, cash collateralreports, statements of financial affairs, and monthly operatingreports; c. If requested, assisting the Debtors in obtaining debtor-in-possession financing and in negotiations with any DIP financinglender; d. Assisting the Debtors in negotiations with creditors andstakeholders and attending meetings; e. Assisting the Debtors and their counsel in preparation forand during these Chapter 11 cases; f. Assisting the Debtors and their counsel in preparing a planof reorganization as well as a disclosure statement and anyrequisite reports and analyses in support thereof; g. Preparing a valuation report and feasibility analysis andprovide expert testimony in support thereof; and h. If requested, coordinating a sale process, which may includepreparation of an information memorandum, compilation of anelectronic data room, development of a list of potential buyers,coordinating the execution of confidentiality agreements withpotential buyers, coordinating due diligence for potential buyers,soliciting and negotiating offers, advising and assisting theDebtors in structuring a transaction and negotiating thetransaction documents, and working with the Debtors and theirattorneys through closing on a best efforts bases.SSG will be compensated in accordance with this fee structure: a. An initial fee equal to $125,000 due upon signing theAgreement. b. Monthly fees of $125,000 per month payable on the fifteenthof each month beginning Oct. 15, 2013. SSG will credit 100% ofthe monthly fees against any success fee. c. Upon the consummation of a financial restructuring (asdefined in the letter agreement dated as of Sept. 16, 2013)through a confirmed plan of reorganization and/or a SaleTransaction to any party, the Debtors will pay SSG as fee payablein cash equal to $1,000,000.In addition to the fees, the Debtors agree to reimburse SSG forall of SSG's reasonable out-of-pocket expenses incurred inconnection with the subject matter of the letter agreement,including reimbursement of non-litigation related legal fees notto exceed $5,000. About FriendFinder NetworksFriendFinder Networks and affiliates, including lead debtor PMGIHoldings Inc., sought bankruptcy protection (Bankr. D. Del. LeadCase No. 13-12404) on Sept. 17, 2013, estimating assets of$465.3 million and debt totaling $662 million.The Debtors are represented by Nancy A. Mitchell. Esq., Matthew L.Hinker, Esq., and Paul T. Martin, Esq., at Greenberg Traurig, LLP,in New York, as lead bankruptcy counsel; and Dennis A. Meloro,Esq., in Wilmington, Delaware, as local Delaware counsel. AkermanSenterfitt serves as the Debtors' special and conflicts counsel.The Debtors' financial advisor is SSG Capital Advisors LLC. BMCGroup, Inc., is the Debtors' claims and noticing agent.On Sept. 21, 2013, the Debtors filed a plan of reorganizationcontaining details on a reorganization worked out with about 80percent of first and second-lien lenders before the Sept. 17Chapter 11 filing. Under the Plan, holders of the $234.3 millionin 14 percent first-lien notes will receive accrued interest plusan equal amount in new 14 percent first-lien notes to mature infive years. Excess cash will be used in part to pay downprincipal on the notes before maturity. Holders of $330.8 millionin two issues of second-lien notes are to receive all the newequity.U.S. Bankruptcy Judge Christopher Sontchi approved the company'sdisclosure statement, a description of the reorganization plan, ata hearing on Nov. 5 in Wilmington, Delaware.FriendFinder will seek court approval of its reorganization planto exit bankruptcy at a hearing scheduled for Dec. 16. Objectionsto the plan have to be filed by Dec. 9.FRIENDFINDER NETWORKS: Has Final OK to Use Cash Until Dec. 31-------------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware has grantedFriendFinder Networks Inc., et al., final authority to use cashcollateral pursuant to a budget, through and including the earlierof (i) Dec. 31, 2013, or (ii) five business days followingdelivery of written notice of the occurrence of an event ofdefault. A copy of the Final Cash Collateral Order is availableat http://bankrupt.com/misc/friendfinder.doc126.pdf About FriendFinder NetworksFriendFinder Networks and affiliates, including lead debtor PMGIHoldings Inc., sought bankruptcy protection (Bankr. D. Del. LeadCase No. 13-12404) on Sept. 17, 2013, estimating assets of$465.3 million and debt totaling $662 million.The Debtors are represented by Nancy A. Mitchell. Esq., Matthew L.Hinker, Esq., and Paul T. Martin, Esq., at Greenberg Traurig, LLP,in New York, as lead bankruptcy counsel; and Dennis A. Meloro,Esq., in Wilmington, Delaware, as local Delaware counsel. AkermanSenterfitt serves as the Debtors' special and conflicts counsel.The Debtors' financial advisor is SSG Capital Advisors LLC. BMCGroup, Inc., is the Debtors' claims and noticing agent.On Sept. 21, 2013, the Debtors filed a plan of reorganizationcontaining details on a reorganization worked out with about 80percent of first and second-lien lenders before the Sept. 17Chapter 11 filing. Under the Plan, holders of the $234.3 millionin 14 percent first-lien notes will receive accrued interest plusan equal amount in new 14 percent first-lien notes to mature infive years. Excess cash will be used in part to pay downprincipal on the notes before maturity. Holders of $330.8 millionin two issues of second-lien notes are to receive all the newequity.U.S. Bankruptcy Judge Christopher Sontchi approved the company'sdisclosure statement, a description of the reorganization plan, ata hearing on Nov. 5 in Wilmington, Delaware.FriendFinder will seek court approval of its reorganization planto exit bankruptcy at a hearing scheduled for Dec. 16. Objectionsto the plan have to be filed by Dec. 9.GELT PROPERTIES: Can Access Cash Collateral Until January 2014--------------------------------------------------------------The U.S. Bankruptcy Court for the Eastern District of Pennsylvaniaissued a sixteenth interim order that authorized Gelt Properties,LLC, et al., to use cash collateral which Vist Bank asserts aninterest. The Debtors may use the cash collateral to operate itsbusiness operations until Jan. 31, 2014.As adequate protection from any diminution in value of thelender's collateral, the Debtor will grant the lender replacementliens on all now owned and hereafter acquired property and assets.The Debtor will also provide written proofs of insurance andmaintain insurance on all assets.Additionally, the Debtor will pay the lender $8,234 by Nov. 5,Dec. 5 and Jan. 5, 2014.A further interim hearing on the use of cash collateral will beheld on Dec. 11, 2013, at 11:00 a.m.Meanwhile, the Bankruptcy Court approved an agreement between GeltProperties, LLC, et al., and Fox Chase Bank, extending theDebtor's loan maturity date until Jan. 1, 2014. About Gelt PropertiesBased in Huntington Valley, Pennsylvania, Gelt Properties, LLC,and affiliate Gelt Financial Corporation borrow money fromtraditional lenders and make loans to commercial borrowers. Theyalso acquire and manage real estate. Gelt Properties and GeltFinancial filed for (Bankr. E.D. Pa. Case Nos. 11-15826 and11-15826) on July 25, 2011. Judge Magdeline D. Coleman presidesover the cases.William John Baldini, Esq., Albert A. Ciardi, III, Esq., JenniferE. Cranston, Esq., Daniel S. Siedman, Esq., and Jennifer C.McEntee at Ciardi Ciardi & Astin, in Philadelphia, Pa.; ThomasDaniel Bielli, Esq., at O'Kelly Ernst & Bielli, LLC, inPhiladelphia, Pa.; Janet L. Gold, Esq., at Eisenberg, Gold &Cettei, P.C., in Cherry Hill, N.J.; David A. Huber, Esq., atBenjamin Legal Services, in Philadelphia, Pa.; Alan L. Nochumson,Esq., at Nochumson PC, in Philadelphia, Pa.; Axel A. Shield, II,Esq., of Huntington Valley, Pa., serve as counsel for Debtor GeltProperties, LLC.Ciardi Ciardi & Astin also represents Debtor Gelt FinancialCorporation as counsel.Gelt Properties disclosed $4.73 million in assets and$4.84 million in liabilities as of the Chapter 11 filing. Itsaffiliate, Gelt Financial has scheduled $20.3 million in assetsand $17.05 million in liabilities as of the Chapter 11 filing.According to the Third Amended Disclosure Statement filed by theDebtors on Oct. 22, 2013, the Plan contemplates that all assets ofthe Debtors will be sold and liquidated, rented or leased,developed and maintained, in the ordinary course of the Debtors'business. The Debtors note that the Plan envisions theutilization of management talents, commitment and an existinginfrastructure to restructure existing debt, liquidateunprofitable properties and meaningfully shift focus to itsgrowing REO portfolio.Paul J. Schoff, Esq., and Francis X. Gorman, Esq., at SchoffMcCabe, P.C., represent the Unsecured Creditors' Committee.Craig Howe, CPA, and Howe, Keller & Hunter, P.C., serve as theCommittee's accountants.GELT PROPERTIES: Bank to Foreclose on Philadelphia Property-----------------------------------------------------------Beneficial Mutual Savings Bank notified the U.S. Bankruptcy Courtfor the Eastern District of Pennsylvania of its intent toforeclose the property of Gelt Properties, LLC, et al., located at1234 Christian St., Philadelphia, Pennsylvania.Based in Huntington Valley, Pennsylvania, Gelt Properties, LLC,and affiliate Gelt Financial Corporation borrow money fromtraditional lenders and make loans to commercial borrowers. Theyalso acquire and manage real estate. Gelt Properties and GeltFinancial filed for (Bankr. E.D. Pa. Case Nos. 11-15826 and11-15826) on July 25, 2011. Judge Magdeline D. Coleman presidesover the cases.William John Baldini, Esq., Albert A. Ciardi, III, Esq., JenniferE. Cranston, Esq., Daniel S. Siedman, Esq., and Jennifer C.McEntee at Ciardi Ciardi & Astin, in Philadelphia, Pa.; ThomasDaniel Bielli, Esq., at O'Kelly Ernst & Bielli, LLC, inPhiladelphia, Pa.; Janet L. Gold, Esq., at Eisenberg, Gold &Cettei, P.C., in Cherry Hill, N.J.; David A. Huber, Esq., atBenjamin Legal Services, in Philadelphia, Pa.; Alan L. Nochumson,Esq., at Nochumson PC, in Philadelphia, Pa.; Axel A. Shield, II,Esq., of Huntington Valley, Pa., serve as counsel for Debtor GeltProperties, LLC.Ciardi Ciardi & Astin also represents Debtor Gelt FinancialCorporation as counsel.Gelt Properties disclosed $4.73 million in assets and$4.84 million in liabilities as of the Chapter 11 filing. Itsaffiliate, Gelt Financial has scheduled $20.3 million in assetsand $17.05 million in liabilities as of the Chapter 11 filing.Paul J. Schoff, Esq., and Francis X. Gorman, Esq., at SchoffMcCabe, P.C., represent the Unsecured Creditors' Committee.Craig Howe, CPA, and Howe, Keller & Hunter, P.C., serve as theCommittee's accountants.GLOBAL AVIATION: Files for Chapter 11 Bankruptcy Protection-----------------------------------------------------------Peg Brickley, writing for Daily Bankruptcy Review, reported thatcharter air service operator Global Aviation Holdings Inc. filedfor Chapter 11 protection on Nov. 12, along with its two airlines,World Airways and North American Airlines.The company said in a press release that it would be reducing itsworkforce by about 16% over the next 90 days, as it reduces coststo bring them in line with market demand. Global Aviation, theparent of World Airways and North American Airlines, employs 1,200people, according to its website.Joe Schneider, writing for Bloomberg News, reported that GlobalAviation filed for bankruptcy, citing the U.S. military's decisionto curtail transportation of cargo. Global Aviation is thebiggest commercial provider of charter air services to the U.S.military. The company listed assets and liabilities of as much as$1 billion in its Chapter 11 filing in bankruptcy court inWilmington, Delaware."The continued worldwide downturn in commercial freight marketscoupled with the military's decision to immediately curtail itscargo expansion flying has made it necessary for us to undertakethis court-supervised reorganization," Chief Executive OfficerJohn Graber said in the statement.Global Aviation plans to keep operating during the reorganizationand has obtained financing from its lenders to support theoperations, the company said.The case is In re: Global Aviation Holdings Inc. 13-12945. U.S.Bankruptcy Court District of Delaware (Wilmington).GLOBALLOGIC HOLDINGS: Moody's Gives B3 CFR & Rates $185MM Debt B1-----------------------------------------------------------------Moody's Investors Service has assigned first-time corporate familyand probability of default ratings ("CFR" and "PDR", respectively)of B3 and B2-PD, respectively, to GlobalLogic Holdings Inc.("GlobalLogic"). Concurrently, Moody's assigned B1 ratings to theproposed $25 million senior secured revolving credit facility due2018 and $160 million senior secured term loan due 2019. Therating outlook is stable.The proceeds from the financing will be used by affiliates of ApaxPartners to fund the purchase of GlobalLogic. The assigned ratingsare subject to review of final documentation and no materialchange in the terms and conditions of the transactions.Ratings Rationale:The B3 CFR reflects GlobalLogic's high financial leverage of over8 times adjusted debt to EBITDA and small size and scale relativeto larger and financially stronger information technology (IT)services and outsourcing providers. Given the limited cash flowprospects (about $10 million of free cash flow annually), theinitial impact of sales and marketing investments onprofitability, and the PIK accretion on the senior unsecured noteheld at a holding company above GlobalLogic Holdings Inc. (theissuer of the senior secured credit facilities), financialleverage will likely remain elevated in the 8 times range for thenext few years.At the same time, the B3 rating is supported by favorable industrydynamics in which the outsourced product development segmentshould outpace the overall IT services market of low single digitsthrough 2014. GlobalLogic's long-standing relationships from itsblue chip customer base should provide a recurring base ofrevenues. High client retention rates and good backlog visibilityreinforces the value of lower cost R&D solutions in a functionalarea characterized by high engineering costs.The stable outlook reflects Moody's expectation that GlobalLogicwill generate annual revenue growth of high single digits throughfiscal year ending March 2015. Moody's anticipates about $10million of free cash flow ("FCF") for each of the next two fiscalyears, resulting in a FCF to debt ratio in the low single digits.The ratings could be upgraded if GlobalLogic were to demonstratedouble-digit organic revenue growth, solid improvements inoperating margins over 13%, free cash flow to debt in the highsingle digits, and adjusted debt to EBITDA of less than 5.5 timeson a sustained basis. Downward ratings pressure could arise ifGlobalLogic's total revenue grows at a rate below that of the ITservices industry, operating profit margins were to dip into themid single digits, liquidity deteriorates (e.g., negative freecash flow), or adjusted debt to EBITDA were to exceed 9 times on asustained basis.The B2-PD PDR rating is one notch above the CFR. The notchingarises because GlobalLogic's holding company PIK note will be heldinitially by the equity shareholders, who Moody's believes will beless likely than other debt holders to trigger a default. As aresult, in determining the ratings for each debt class, Moody'sused a 35% recovery rate rather than the standard 50% expectedrecovery rate.The following first-time ratings/assessments were assigned: Corporate Family Rating -- B3 Probability of Default Rating -- B2-PD Senior Secured Revolving Credit Facility -- B1 (LGD3 -39%) Senior Secured Term Loan -- B1 (LGD3 -- 39%)With projected annual revenues of about $250 million (Moody'sestimate), GlobalLogic Holdings Inc. is a global outsourcedprovider of product development services.GLOBALSTAR INC: Files Copy of Presentation Materials with SEC-------------------------------------------------------------During Globalstar's previously announced conference call at 10a.m. Eastern Time on Nov. 6, 2013, written presentation materialswere used and is available on the Company's Web site.In November 2013, the Federal Communications Commission voted torelease Globalstar's requested Notice of Proposed Rulemaking toprovide "Wi-Fi like" service over its spectrum (2483.5-2495 MHz)and the adjacent ISM spectrum (2473-2483.5 MHz).The text copy of the presentation materials is available for freeat http://is.gd/hbf5df About GlobalstarCovington, Louisiana-based Globalstar Inc. provides mobilesatellite voice and data services. Globalstar offers theseservices to commercial and recreational users in more than 120countries around the world. The Company's products include mobileand fixed satellite telephones, simplex and duplex satellite datamodems and flexible service packages.Globalstar reported a net loss of $25.1 million on $19.3 millionof revenue for the three months ended March 31, 2013, comparedwith a net loss of $24.5 million on $16.7 million of revenue forthe same period last year. The Company's balance sheet at June30, 2013, showed $1.37 billion in total assets, $953.44 million intotal liabilities and $421.25 million in total stockholders'equity.The Company said in its Form 10-Q for the quarter ended March 31,2013, "We currently lack sufficient resources to meet our existingcontractual obligations over the next 12 months. As a result,there is substantial doubt that we can continue as a goingconcern. In order to continue as a going concern, we must obtainadditional external financing; amend the Facility Agreement andcertain other contractual obligations; and restructure the 5.75%Notes."GORDIAN MEDICAL: U.S. Trustee Objects to Plan Confirmation----------------------------------------------------------Peter C. Anderson, the U.S. Trustee for Region 16, complains thatGordian Medical, Inc.'s Plan of Reorganization fails to contain"adequate information" for creditors to make an informed decisionbecause, among other things: (1) The Plan assumed that the Bankruptcy Court was going to disallow the Internal Revenue Service's claims in their entirety. However, since the filing of the Plan, the Court ruled otherwise, allowing for a priority tax claim in favor of the IRS for more than $14 million and a general unsecured claim in favor of the IRS for more than $2.9 million; (2) The Plan failed to include historical and projected cash flows in the form of spreadsheets demonstrating the Debtor's ability to satisfy its obligations under the plan, including but not limited to the above payments to the IRS; (3) The Plan's conclusion that Class 5 general unsecured claims are unimpaired is not supported by cash flow projections and incorrectly assumed that the IRS' claims (including the $2.9 million IRS general unsecured claim) would be disallowed; (4) The proposed Effective Date of the Plan is not triggered until the disputed claims of both the CMS and the IRS become a final order. If the Debtor chooses to litigate and appeal one or both of these disputes, the Effective Date may not be triggered for years, thus, putting this case in a state of limbo.Against this backdrop, the U.S. Trustee asserts, the Plan cannotbe treated as a disclosure statement and the Court must denyconfirmation of the Plan. Michael Hauser, Esq. 411 West Fourth Street, Suite 9041 Santa Ana, CA 92701-8000 Tel No: (714) 338-3400 Fax No: (714) 338-3421 Email: email@example.com About Gordian MedicalGordian Medical, Inc., dba American Medical Technologies, filed aChapter 11 petition (Bankr. C.D. Cal. Case No. 12-12339) inSanta Ana, California, on Feb. 24, 2012, after Medicare refundswere halted. Irvine, California-based Gordian Medical providessupplies and services to treat serious wounds. The Debtor hasactive relationships with and serves patients in more than 4,000nursing facilities in 49 states with the heaviest concentration ofthe nursing homes being in the south and southeast sections of theUnited States.In its schedules, the Debtor disclosed $37,877,279 in assets and$7,585,271 in liabilities as of the Petition Date.Judge Mark S. Wallace oversees the case. Jeffrey L Kandel, Esq.,Teddy M Kapur, Esq., Samuel R. Maizel, Esq., and Scotta E.McFarland, Esq., at Pachulski Stang Ziehl & Jones LLP, representthe Debtor as counsel. Fulbright & Jaworski LLP serves as theDebtor's special regulatory counsel. Loeb & Loeb LLP serves asthe Debtor's special tax counsel.GlassRatner Advisory & Capital Group LLC serves as the Debtor'sfinancial advisor.The U.S. Trustee appointed five members to the Official Committeeof Unsecured Creditors. The Committee is represented by LandauGottfried & Berger LLP.GREEN FIELD ENERGY: UST Wants Another Shot at Secrecy Order-----------------------------------------------------------Bill Rochelle, the bankruptcy columnist for Bloomberg News,reports that when Green Field Energy Services Inc. initiated aChapter 11 reorganization on Oct. 27, the oil-field servicesprovider immediately sought court permission to hire Prime ClerkLLC as agent to send notices and receive creditors' claims.According to the report, along with papers to authorize hiringPrime Clerk, Green Field had the Delaware bankruptcy judge sign anorder allowing the agent's fees to be kept secret.Last week, the U.S. Trustee asked the judge to reconsider whetherPrime Clerk's fees should be kept secret. She's asking the judgeto hold a hearing on Nov. 26 to decide if there are proper groundsfor keeping the fees confidential.The U.S. Trustee, the Justice Department's bankruptcy watchdog,said the secrecy order was improperly signed by the judge on Oct.29 because no one was given notice or an opportunity to object tosealing the fee arrangements.Green Field already has interim approval for a $15 million loan.The Nov. 26 hearing is the occasion when the company will seekapproval of the entire $30 million loan package. The loan isprovided by BG Credit Partners LLC and ICON Capital LLC. About Green Field EnergyGreen Field is an independent oilfield services company thatprovides a wide range of services to oil and natural gas drillingand production companies to help develop and enhance theproduction of hydrocarbons. The Company's services includehydraulic fracturing, cementing, coiled tubing, pressure pumping,acidizing and other pumping services.Green Field Energy and two affiliates filed Chapter 11 petitionsin Delaware on Oct. 27, 2013, after defaulting on an $80 millioncredit provided by an affiliate of Royal Dutch Shell Plc (Case No.13-bk-12783, Bankr. D. Del.).The Debtors are represented by Michael R. Nestor, Esq., and KaraHammon Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP, inWilmington, Delaware; and Josef S. Athanas, Esq., Caroline A.Reckler, Esq., Sarah E. Barr, Esq., and Matthew L. Warren, Esq.,at Latham & Watkins LLP, in Chicago, Illinois.The Debtors' investment banker is Carl Marks Advisory Group LLC.Thomas E. Hill, from Alvarez & Marsal North America, LLC, servesas the Debtors' chief restructuring officer.GROEB FARMS: Judge Clears Creditors to Vote on Chapter 11 Plan--------------------------------------------------------------Katy Stech, writing for DBR Small Cap, reported that a bankruptcyjudge cleared creditors of Michigan honey supplier Groeb FarmsInc. to vote on the company's restructuring plan, which would seeit emerge from Chapter 11 protection under the ownership of aprivate equity firm.According to the report, at a court hearing on Nov. 8, JudgeWalter Shapero of the U.S. Bankruptcy Court in Detroit said thatthe company's 72-page description of its bankruptcy-exit plancontains enough details to inform the company's creditors who havethe power to vote on the plan -- including vendors owed $14.5million who are set to recover 10% of their claims, according to arecording of the hearing. Judge Shapero also set a Dec. 19confirmation hearing to look over the voting results.Under the Chapter 11 plan, Texas investment firm Peak Rock Capitalwould take control of Groeb Farms after extending a $30 millionbankruptcy loan to the 76-worker company, which filed forbankruptcy protection after regulators caught it illegally buyingChinese honey through other countries to avoid antidumpingtariffs, the report related. That bankruptcy loan was designed topay off the balance remaining on a $25 million bank loan that PeakRock Capital bought from Wells Fargo Bank and to provide money forthe company to keep operating during the Chapter 11 case.The bankruptcy-exit plan would enable three private equity firmsthat extended another $7 million to remain the company's lendersbut with new terms that weren't disclosed in court papers, thereport further related. Unsecured creditors would recover 10% ofthe amount they are owed, and the company's current owners --mostly individual investors -- would be wiped out.The company filed for Chapter 11 protection on Oct. 1, blamingfinancial troubles that hit after Groeb Farms was accused ofbuying Chinese honey through other countries to avoid antidumpingtariffs imposed by U.S. trade regulators in 2001. The bankruptcyfiling halted several lawsuits filed earlier this year by honeyproducers and distributors that said they were harmed in thescandal. About Groeb FarmsHeadquartered in Onsted, Mich., Groeb Farms is one of the largesthoney packers in the nation. For more than 30 years, the companyhas provided the finest, top quality, wholesome and safe honey andrelated food products to industrial and retail customers as wellas the American consumer.The Company sought protection under Chapter 11 of the BankruptcyCode on Oct. 1, 2013 (Case No. 13-58200, Bankr. E.D. Mich.).Judge Walter Shapero is overseeing the case. The Debtor isrepresented by Judy A. O'Neill, Esq., and John A. Simon, Esq., atFoley & Lardner LLP, in Detroit, Michigan. Conway MacKenzie,Inc., serves as financial advisor, while Houlihan Lokey Capital,Inc., investment banker and also as financial advisor. KurtzmanCarson Consultants LLC is the Debtors' claims, noticing, andballoting agent.Daniel M. McDermott, United States Trustee for Region 9, hasappointed five creditors to serve on the Official Committee ofUnsecured Creditors. The Creditors' Committee members are: BeesBrothers, LLC, Little Bee Impex, Delta Food International Inc.,Buoye Honey, and Citrofrut SA de CV.HC Capital Holdings 0909A, LLC, an affiliate of HoneyFinancing Company, LLC, extended $27 million senior secured super-priority revolving credit facility to the Debtors. The DIP Lenderis represented by Leonard Klingbaum, Esq., at KIRKLAND & ELLISLLP, in New York.HELIA TEC: Court Approves Hiring of Fuqua & Associates as Counsel-----------------------------------------------------------------Helia Tec Resources, Inc. sought and obtained permission from theU.S. Bankruptcy Court for the Southern District of Texas to employFuqua & Associates, P.C. as counsel and designate Richard L. Fuquaas attorney-in-charge.The Debtor requires Fuqua & Associates to: (a) provide the Debtor legal advice with respect to its powers and duties as a Debtor-in-possession in the continued operation of its business, and management of its property; (b) prepare all pleadings on behalf of the Debtor, as Debtor- in-possession, which may be necessary herein; (c) negotiate and submit potential plan of arrangement satisfactory to the Debtor, its estate, and the creditors at large; and (d) perform all other legal services for the Debtor as a Debtor-in-possession which may become necessary to these proceedings herein.Fuqua & Associates will be paid at these hourly rates: Richard L. Fuqua, Attorney-in-Charge $500 Associates $225-$250 Law Clerks & Legal Assistants $85-$125Fuqua & Associates will also be reimbursed for reasonable out-of-pocket expenses incurred.Richard L. Fuqua, Esq., assured the Court that the firm is a"disinterested person" as the term is defined in Section 101(14)of the Bankruptcy Code and does not represent any interest adverseto the Debtors and their estates.Fuqua & Associates can be reached at: Richard L. Fuqua, Esq. FUQUA & ASSOCIATES, P.C. 5005 Riverway, Suite 250 Houston, TX 77056 Tel: (713) 960-0277Helia Tec Resources, Inc. filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 13-36251) on Oct. 3, 2013 in Houston, Texas,represented by Richard L. Fuqua, II, Esq., at Fuqua & Associates,PC, in Houston, as counsel to the Debtor. The Debtor listed$16.15 million in assets and $2.24 million in liabilities. Thepetition was signed by Cary E. Hughes, president.IGLESIA PUERTA: Case Summary & 17 Largest Unsecured Creditors-------------------------------------------------------------Debtor: Iglesia Puerta Del Cielo, Inc. 9405 Betel Drive El Paso, TX 79907-3457Case No.: 13-31911Chapter 11 Petition Date: November 12, 2013Court: United States Bankruptcy Court Western District of Texas (El Paso)Judge: Hon. Christopher MottDebtor's Counsel: Wiley France James, III, Esq. JAMES & HAUGLAND, P.C. 609 Montana Ave. El Paso, TX 79902 Tel: (915) 532-3911 Fax: (915) 541-6440 Email: email@example.com Assets: $10 million to $50 millionEstimated Liabilities: $1 million to $10 millionThe petition was signed by Marco Antonio Aguirre, president.List of Debtor's 17 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------Jose Canales $105,318Raul Arizpe $87,431Jensen Harmon & Company $0United States Trustee $0Time Warner $0The El Paso Electric Company $0Texas Gas Service $0Sprint $0Internal Revenue Service $0Great America $0El Paso Water Utilities $0El Paso Disposal $0El Paso County Tax $0El Paso Central Appraisal District $0Comptroller Public Account $0City of El Paso $0AT&T $0IN PLAY: Meadow Ranch Asso. Says Plan Outline is Inadequate-----------------------------------------------------------Meadow Ranch Master Association (MRMA) questions the adequacy ofIn Play Membership Golf, Inc.'s Second Amended DisclosureStatement.In a previous objection, MRMA pointed out that a key feature of anegotiated sale of the Debtor's golf course properties to OreadCapital & Development is the sale of property owned by EagleMountain Golf but that the Original Disclosure Statement lackedinformation on Eagle Mountain.MRMA now notes that the bankruptcy filing of Eagle Mountain onSept. 30, 2013 likely moots any issue on it being a co-proponentwith the Debtor -- but raises issues on the adequacy of theDisclosure Statement particularly whether the Debtor's case willbe jointly administered and/or substantively consolidated with theEagle Mountain case, whether the Eagle Mountain case will affectthe timing of Disclosure Statement approval, Plan confirmationproceedings, and Mile High Bank's motion for relief from stay inthe case, among other concerns.MRMA also continues to be concerned that the Debtor has failed toadequately address the risk factors involved with the contemplatedsale to Oread including the length of time to rezone the DeerCreek Golf Course, and environmental concerns like those relatedto wetlands, drainage and floodplain issues.MRMA continues that the Debtor states that it disputes thevalidity of MRMA's claims but does not state the reason for it.MRMA is represented by Curt Todd, Esq. --firstname.lastname@example.com -- of the Law Office of Curt Todd,LLC, in Denver, Colorado. About In Play Membership GolfIn Play Membership Golf, Inc., doing business as Deer Creek GolfClub and Plum Creek Golf and Country Club, filed a Chapter 11petition (Bankr. D. Col. Case No. 13-14422) in Denver on March 22,2013. Jeffrey A. Weinman, Esq., at Weinman & Associates,P.C., and Patrick D. Vellone at Allen & Vellone, P.C., representthe Debtor in its restructuring effort. Allen & Vellone, P.C.serves as the Debtor's co-counsel. The Debtor estimated assetsand liabilities of at least $10 million.IN PLAY: Maya Water Opposes Approval of 2nd Amended Plan Outline----------------------------------------------------------------Maya Water, Inc., objects to the adequacy of In Play MembershipGolf, Inc.'s Second Amended Disclosure Statement especially withregards to a certain Amended and Restated Water Lease dated June2011 between the parties.The Debtor owns the Deer Creek Gold Club, and the Water Lease isfor the provision of water to the Golf Club.The Amended Disclosure Statement states that the Debtor willassume the Water Lease under the Amended Plan, and that the Debtoris unaware of any defaults under the Water Lease.Maya Water complains that the Amended Disclosure Statement issilent as to when and the manner in which Maya or any counterpartyto a contract/lease must object to the assumption/rejection of itscontract or lease due to the treatment of its contract or leaseunder the Amended Plan.Maya Water also asserts that the Debtor has prepetition defaultsunder the Water Lease, contrary to what the Debtor is claiming inthe Amended Disclosure Statement. The Debtor, Maya Water adds,has also failed to comply postpetition with the reportingprovisions (e.g. monthly accounting report) of the Water Lease.Maya Water is represented by: BERENBAUM WEINSHIENK PC M. Frances Cetrulo, Esq. John L. Watson, Esq. 370 17th Street, #4800 Denver, Colorado 80202 Tel No: (303) 825-0800 About In Play Membership GolfIn Play Membership Golf, Inc., doing business as Deer Creek GolfClub and Plum Creek Golf and Country Club, filed a Chapter 11petition (Bankr. D. Col. Case No. 13-14422) in Denver on March 22,2013. Jeffrey A. Weinman, Esq., at Weinman & Associates,P.C., and Patrick D. Vellone at Allen & Vellone, P.C., representthe Debtor in its restructuring effort. Allen & Vellone, P.C.serves as the Debtor's co-counsel. The Debtor estimated assetsand liabilities of at least $10 million.INFINIA CORP: Can Employ Hamilton Clark as Fin'l Advisor & Banker-----------------------------------------------------------------Infinia Corporation sought and obtained authority from the U.S.Bankruptcy Court for the District of Utah, Central Division, toemploy Hamilton Clark Sustainable Capital, Inc., f/k/a HamiltonClark Securities Company, as its financial advisor and investmentbanker.Hamilton Clark will charge the Debtor a flat monthly fee of$45,000, and a deferred fee of 6%. The deferred fee becomespayable if a business transaction is closed (i) during the term ofHamilton Clark's engagement with any party or (ii) within 12months following the effective date of the termination of theagreement with a party included on Hamilton Clark's list or with aparty that had any contact with the Debtor during Hamilton Clark'sengagement but was not identified to Hamilton Clark. The deferredfee will be the greater of $200,000 or all monthly fees previouslypaid if the consideration for the business transaction is providedby an insider of the Debtor or an affiliate of that insider, and aminimum of $300,000 if the consideration for the businesstransaction is provided by an unrelated third party.In addition to the fees, Hamilton Clark will be reimbursed for anynecessary out-of-pocket expenses.John J. McKenna, chairman and CEO of Hamilton Clark, assures theCourt that his firm is a "disinterested person" as the term isdefined in Section 101(14) of the Bankruptcy Code and does notrepresent any interest adverse to the Debtors and their estates.According to Mr. McKenna, at the end of August 2013, the firm sentthe Debtor an invoice for roughly $20,120 for prepetition work butthe firm agreed to waive its claim for the prepetition amount inanticipation of the postpetition engagement. About Infinia Corp.Infinia Corp. and subsidiary Powerplay Solar I LLC, the owners ofa solar generation project in Yuma, Arizona, filed Chapter 11cases (Bankr. D. Utah Case No. 13-30688) on Sept. 17, 2013. TheDebtors estimated assets and debts of at least $10 million. TheDebtors are represented by George B. Hofmann, Esq., at ParsonsKinghorn & Harris, P.C., in Salt Lake City, Utah.INFINIA CORP: Can Hire Fenwick & West as Special Counsel--------------------------------------------------------Infinia Corporation sought and obtained authority from the U.S.Bankruptcy Court for the District of Utah, Central Division, toemploy Fenwick & West LLP as special counsel with respect tocorporate, transactional, and securities issues that may arise inthe Chapter 11 case.The current hourly rates for the Fenwick attorneys primarilyinvolved in advising and representing the Debtor are as follows:Alan C. Smith, Esq. -- email@example.com $735Andrew T. Albertson, Esq. -- email@example.com $565The firm will also be reimbursed for any necessary out-of-pocketexpenses incurred.Mr. Smith assures the Court that the firm is a "disinterestedperson" as the term is defined in Section 101(14) of theBankruptcy Code and does not represent any interest adverse to theDebtors and their estates. The Debtor paid to Fenwick a $25,000retainer on or about Sept. 3, 2013. The Debtor has billed $21,906for the work provided by the firm as special counsel in advisingthe Debtor with respect to its restructuring efforts, and thus,$3,093 of the $25,000 retainer remains. According to Mr. Smith,the Debtor currently owes the firm a prepetition debt of $131,467for services rendered prior to the Petition Date that areunrelated to the firm's service and retention as special counsel.Mr. Smith also discloses that Fenwick holds 568,368 shares of theDebtor's common stock, which represents less than one-fifth of onepercent of the Debtor's outstanding shares of common stock. About Infinia Corp.Infinia Corp. and subsidiary Powerplay Solar I LLC, the owners ofa solar generation project in Yuma, Arizona, filed Chapter 11cases (Bankr. D. Utah Case No. 13-30688) on Sept. 17, 2013. TheDebtors estimated assets and debts of at least $10 million. TheDebtors are represented by George B. Hofmann, Esq., at ParsonsKinghorn & Harris, P.C., in Salt Lake City, Utah.INFINIA CORP: Can Employ Rocky Mountain Advisory as Accountants---------------------------------------------------------------Infinia Corporation sought and obtained authority from the U.S.Bankruptcy Court for the District of Utah, Central Division, toemploy Gil A. Miller and Rocky Mountain Advisory, LLC, as itsaccountants and financial advisors.RMA will be paid its currently hourly rates, which range between$125 and $350. The firm will also be reimbursed for any necessaryout-of-pocket expenses.Gil A. Miller, senior managing director of Rocky Mountain AdvisoryLLC, assures the Court that his firm is a "disinterested person"as the term is defined in Section 101(14) of the Bankruptcy Codeand does not represent any interest adverse to the Debtors andtheir estates. RMA presently holds a retainer of $19,378,received from the Debtor. About Infinia Corp.Infinia Corp. and subsidiary Powerplay Solar I LLC, the owners ofa solar generation project in Yuma, Arizona, filed Chapter 11cases (Bankr. D. Utah Case No. 13-30688) on Sept. 17, 2013. TheDebtors estimated assets and debts of at least $10 million. TheDebtors are represented by George B. Hofmann, Esq., at ParsonsKinghorn & Harris, P.C., in Salt Lake City, Utah.INVESTCORP BANK: Fitch Affirms 'BB' Long-term Issuer Rating-----------------------------------------------------------Fitch Ratings has affirmed the long-term Issuer Default Rating(IDR) of Investcorp Bank B.S.C. at 'BB'. The Rating Outlookremains Stable.Key Rating Drivers:The rating affirmation reflects the company's successfulrefinancing of 2013 debt maturities and new debt issuance lastyear, both of which have lengthened its funding profile at a costcommensurate with its rating. The ratings also reflect an enhancedfee income stream through increased private equity and real estatedeal flow, improved leverage, and continued reduction in morevolatile hedge fund co-investments. It should be noted that assetsunder management (AUM) fees declined by 8% due to falling AUM,while deal fees rose sharply by 73% through increased privateequity and real estate placement and realizations.During 2012, Investcorp entered into a $529 million forward-startdebt facility, with contractual amortizations in September 2013and 2014 and final maturity in September 2015. The facility wasprovided by a syndicate of banks. Fitch notes that the newfacility has stricter and more creditor-friendly net worth andleverage covenants; conversely, liquidity covenants were relaxed.In November 2012, Investcorp S.A. issued $250 million in unsecuredfive-year notes maturing on Nov. 1, 2017. Proceeds of the forward-start facility and debt issue were used to repay maturingobligations in March and April 2013 and extend debt maturities.It should be noted that Investcorp recently repurchased $100million of the $515 million in preferred stock at a slightpremium. Based on its economic capital model, Investcorp has asufficient capital cushion to cover this potential purchase andits regulatory capital ratio is well above the required minimum.The Stable Outlook reflects Fitch's view that Investcorp'sliquidity, leverage and funding profile have stabilized and couldimprove over the medium term, absent a material market stress.Rating Sensitivities:Fitch believes that near-term rating upside is likely limited dueto Investcorp's volatility in profitability (particularly asset-based income associated with private equity and hedge fundinvestments), a significant proportion of high-cost preferredstock in the capital base, and its wholesale funding structure. Aone-notch upgrade could be achievable over the longer term ifInvestcorp is able to successfully increase the proportion of feeincome, decrease more volatile asset-based income and improvefixed charge coverage. This assumes that leverage metrics continueto improve, liquidity grows and the level of co-investmentscontinues to decline according to management's plans.Should Investcorp be unable to generate sufficient earnings tocover fixed charges, reverse continued net AUM outflows, and/ormaintain the recent decline in co-investments, ratings could bedowngraded. Furthermore, if the sovereign rating of Bahrain (rated'BBB', Outlook Stable by Fitch) was downgraded significantly,Investcorp's ratings would be downgraded, as Fitch does notenvision rating the issuer above the sovereign ratings.Fitch has affirmed the following ratings:Investcorp Bank B.S.C.-- Long-term IDR at 'BB'; Outlook Stable;-- Short-term IDR at 'B';-- Viability Rating at 'bb';-- Support Rating at '5';-- Support Rating Floor at 'NF'.Investcorp S.A.-- Long-term IDR at 'BB'; Outlook Stable;-- Short-term IDR at 'B';-- Senior unsecured debt at 'BB'.Investcorp Capital Ltd.-- Long-term IDR at 'BB'; Outlook Stable;-- Short-term IDR at 'B';-- Senior unsecured debt at 'BB'.ISTAR FINANCIAL: Files Form 10-Q, Incurs $30.6MM Loss in Q3-----------------------------------------------------------iStar Financial Inc. filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q disclosing a net lossallocable to common shareholders of $30.57 million on $95.80million of total revenues for the three months ended Sept. 30,2013, as compared with a net loss allocable to common shareholdersof $71.78 million on $93.53 million of total revenues for the sameperiod during the prior year.For the nine months ended Sept. 30, 2013, the Company reported anet loss allocable to common shareholders of $97.83 million on$290 million of total revenues as compared with a net lossallocable to common shareholders of $185.57 million on $301.18million of total revenues for the same period a year ago.The Company's balance sheet at Sept. 30, 2013, showed $5.77billion in total assets, $4.37 billion in total liabilities,$12.39 million in redeemable noncontrolling interests, and $1.38billion in total equity.A copy of the Form 10-Q is available for free at: http://is.gd/giUFqo About iStar FinancialNew York-based iStar Financial Inc. (NYSE: SFI) provides custom-tailored investment capital to high-end private and corporateowners of real estate, including senior and mezzanine real estatedebt, senior and mezzanine corporate capital, as well as corporatenet lease financing and equity. The Company, which is taxed as areal estate investment trust, provides innovative and value addedfinancing solutions to its customers.iStar Financial incurred a net loss of $241.43 million in 2012,following a net loss of $25.69 million in 2011. * * *In March 2013, Fitch Ratings affirmed iStar's 'B-' issuer defaultrating and revised the outlook to "positive" from "stable." Therevision of the outlook to positive is based on the company'sdemonstrated access to the unsecured debt market, which, combinedwith certain secured debt refinancings, have significantlyimproved SFI's near-term debt maturity profile.As reported by the TCR on Oct. 5, 2012, Standard & Poor's RatingsServices affirmed its 'B+' long-term issuer credit rating on iStarFinancial.In October 2012, Moody's Investors Service upgraded the corporatefamily rating to B2 from B3. The current rating reflects theREIT's success in extending near term debt maturities andimproving fundamentals in commercial real estate. The ratings onthe October 2012 senior secured credit facility takes into accountthe asset coverage, the size and quality of the collateral pool,and the term of facility.IZEA INC: Incurs $975,000 Net Loss in Third Quarter---------------------------------------------------IZEA, Inc., reported a net loss of $975,302 for the quarter endedSept. 30, 2013, compared to a net loss of $951,570 during the sameperiod last year. Revenue for the third quarter of 2013 was $1.57million, compared to $1.06 million for the third quarter of 2012. EBITDA was $(431,742) for the quarter compared to $(794,691)during the same period of last year, an improvement of 46 percent,primarily due to the higher revenue and improved margins duringthe third quarter of 2013."This is our third straight quarter of record bookings," said TedMurphy, IZEA's chairman and chief executive officer. "We have agreat deal of positive momentum right now and there is strongdemand for Social Sponsorship from marketers. Our team has donean incredible job of scaling sales booked and revenue whilecontaining annual costs and delivering operational efficiency.The trends are positive and affirm the growth opportunity in ourcategory."A copy of the press release is available for free at: http://is.gd/4itw5w About IZEA, Inc.IZEA, Inc., headquartered in Orlando, Fla., believes it is a worldleader in social media sponsorships ("SMS"), a rapidly growingsegment within social media where a company compensates a socialmedia publisher to share sponsored content within their socialnetwork. The Company accomplishes this by operating multiplemarketplaces that include its platforms SocialSpark,SponsoredTweets and WeReward, as well as its legacy platformsPayPerPost and InPostLinks.IZEA reported a net loss of $4.67 million in 2012 as compared witha net loss of $3.97 million in 2011. The Company's balance sheetat June 30, 2013, showed $1.64 million in total assets, $4.35million in total liabilities and a $2.70 million totalstockholders' deficit.Cross, Fernandez & Riley, LLP, in Orlando, Florida, issued a"going concern" qualification on the consolidated financialstatements for the year ended Dec. 31, 2012. The independentauditors noted that the Company has incurred recurring operatinglosses and had a negative working capital and an accumulateddeficit at Dec. 31, 2012. These conditions raise substantialdoubt about the Company's ability to continue as a going concernwithout raising sufficient additional financing.JASON INC: Moody's Affirms 'B1' CFR & Secured Debt Ratings----------------------------------------------------------Moody's Investors Service affirmed Jason Incorporated's B1Corporate Family Rating (CFR) as well as the B1 (LGD-3, 30%)ratings on its secured bank credit facilities. Jason is seeking anincrease of $10 million to the term portion of its senior securedcredit facilities, which include a $35 million revolving creditcommitment, that would take the outstanding balance to roughly$229.4 million. In addition it has requested certain amendments tothe credit agreement. Jason's Probability of Default ratings (PDR)of B2-PD has also been affirmed. The rating outlook remainsstable.Moody's assigned initial ratings to Jason in February 2013 atwhich time the term loan was sized at $225 million. Since thattime, the company made a prepayment of $5 million as well as thefirst scheduled amortization payment at the end of September,taking the balance to roughly $219.4 million at that time. Theadditional $10 million would increase the term loan by some 2%compared to the original amount.Jason has also requested an amendment to its credit agreement. Oneprovision relates to the use of proceeds from insurance carriersas settlements on its former Newcomerstown, OH plant, which wasdestroyed in a fire in 2011. The amendment permits those receiptsas well as the proceeds from the incremental term loan to bedistributed to shareholders. Another provision calls for a waiverof the application of an excess cash flow sweep on 2013'sperformance. In effect, the amendment causes funded debt balancesto be higher than otherwise would have been the case with afurther increase from the addition to the term loan. By deployingfunds in returns to shareholders, the pace of de-leveraging hasslowed, and suggests Jason's capital structure will be kept in aleveraged condition.Still, Jason's performance to date has been at or slightly aheadof Moody's expectations with no material change anticipated overthe near-term. Slow growth in revenues and earnings as well asmoderate amounts of free cash flow generation should continue.Thus, despite the proposed minor increase in balance sheet debt,Moody's adjusted debt/EBITDA on a pro forma basis for theadditional debt was gauged at around 4 times compared to 4.6 timesmeasured in February when an adjustment for preferred stock wasincluded in the debt total. Those preferred shares are beingredeemed in this transaction. Jason's liquidity is also notimpacted as its revolving credit facility remains undrawn.As a result, the CFR, PDR and instrument ratings are affirmed.Moody's Loss-Given-Default assessments for the senior securedcredit facilities (LGD-3, 30%) have also not moved.Ratings Rationale:Jason's B1 Corporate Family Rating reflects its moderate size,leveraged capital structure, exposure to cyclical end-markets,regional focus in North America, consistent profitability andadequate liquidity. The rating further considers the company'ssolid market position across several niche businesses in which itis believed to be the domestic or global leader. Principal end-markets of automobile, construction equipment, motorcycles, rail,lawn and garden equipment have exhibited correlation over theyears and are affected by macro-economic trends and discretionaryconsumer expenditures.The stable rating outlook reflects Moody's expectations thatJason's revenues, earnings and cash flows will be sustained acrosskey end markets over the rating horizon and is further supportedby an adequate liquidity profile.Given Jason's focus on relatively small and cyclical end marketsin North America, an upgrade in the near term is unlikely. To theextent that Jason is able to meaningfully increase its scalewithout a deterioration in its leverage profile or liquidity,upward pressure could develop. Adjusted debt-to-EBITDA sustainedmeaningfully below 4.0x would be viewed positively.A ratings downgrade would occur if weak operating performance wereto constrain the company's near-term liquidity, either throughrevolver usage or covenant tightening. EBITA/Interest coveragebelow 2.0 times, debt/EBITDA above 5.0 times or negative free cashflow would result in negative rating action.Jason Incorporated, headquartered in Milwaukee, Wisconsin, is adiversified industrial manufacturing company serving finishing(industrial and maintenance brushes, buffs, and compounds),Seating (static seating for motorcycle, construction,agricultural, lawn and turf -care equipment), Acoustics (fiberbased acoustical insulation products for the auto industry) andComponents (producer of metal products, rail safety products andsubassembly of electric smart meters). Jason is majority owned bySaw Mill Capital Partners. Revenue in 2012 was roughly $655million.KEEN EQUITIES: Case Summary & 5 Unsecured Creditors---------------------------------------------------Debtor: Keen Equities, LLC 1600 63rd Street Brooklyn, NY 11210Case No.: 13-46782Chapter 11 Petition Date: November 12, 2013Court: United States Bankruptcy Court Eastern District of New York (Brooklyn)Judge: Hon. Nancy Hershey LordDebtor's Counsel: Kevin J Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 1501 Broadway, 22nd Floor New York, NY 10036 Tel: (212) 301-6944 Fax: (212) 422-6836 Email: firstname.lastname@example.com Assets: $15.1 millionTotal Liabilities: $6.84 millionThe petition was signed by Y.C. Rubin, manager.List of Debtor's five Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------Orange County Commissioner Taxes $299,268of Finance255 Main StreetGoshen, NY 10924New York State Worker's $26,500Comp BoardVillage of South Blooming Grove Taxes $15,082Rodger W. Braley, Architect $2,200Anthony Mann $2,048KERA RIVERSIDE: Case Summary & 2 Unsecured Creditors----------------------------------------------------Debtor: Kera Riverside, LLC 390 Bridge Parkway, #C Redwood City, CA 94065Case No.: 13-32457Chapter 11 Petition Date: November 12, 2013Court: United States Bankruptcy Court Northern District of California (San Francisco)Judge: Hon. Hannah L. BlumenstielDebtor's Counsel: Chris D. Kuhner, Esq. KORNFIELD, NYBERG, BENDES AND KUHNER 1970 Broadway #225 Oakland, CA 94612 Tel: (510) 763-1000 Email: firstname.lastname@example.com Assets: $1 million to $10 millionEstimated Liabilities: $1 million to $10 millionThe petition was signed by George Arce, managing member of ArceRiverside, LLC.A list of the Debtor's two largest unsecured creditors isavailable for free at http://bankrupt.com/misc/canb13-32457.pdfLAND CONSERVANCY BC: CCAA Stay Extended to January 2014-------------------------------------------------------Madam Justice Fitzpatrick of the Supreme Court of British Columbiaissued an order extending until Jan. 20, 2014, the stay in theproceedings commenced by TLC The Land Conservancy of BritishColumbia and TLC The Land Conservancy (Enterprises) Ltd., pursuantto the Companies' Creditors Arrangement Act in Canada.On Oct. 7, 2013, the Supreme Court of British Columbia made anorder pursuant to the CCAA, granting a stay of proceedings againstthe TLC entities until Nov. 4, 2013.Pursuant to the Initial Order, Wolrige Mahon Limited was appointedas monitor.TLC was authorized to borrow up to C$550,000 under first stagedebtor-in-possession loan agreements with 0980469 BC Ltd., CarlyonHoldings Ltd., and Frances Margaret Sloan Sainas; and a furtherC$1.3 million from Carlyon. Both first and second stage DIP Loansbeing secured by the granting of a non-priming charge in favor ofthe DIP lenders.The monitor may be reached at: Gord McMorran, CPA, CA, CIRP Jonathan McNair WOLRIDGE MAHON LIMITED 900-400 Burrard Street Vancouver, BC V6C 3B7 Tel: 604-691-6804 604-691-6873 E-mail: firstname.lastname@example.com email@example.com MEDIA: S&P Ups CCR to CCC- on Distressed Exchange Completion----------------------------------------------------------------Standard & Poor's Ratings Services said it raised its corporatecredit ratings on Burbank, Calif.-based LBI Media Holdings Inc.(Holdings) and LBI Media Inc. (LBI) to 'CCC-' from 'SD'.The outlook is negative."We lowered the issue-level rating on LBI's 10% senior securednotes due 2019 to 'CCC-' from 'CCC', and the issue-level ratingson LBI's 11.5%/13.5% PIK toggle second-priority subordinatednotes, LBI's 8.5% senior subordinated notes, and Holdings' seniornotes to 'C' from 'CC'," said S&P."The upgrade reflects Holdings' completion of its distressed debtexchange on its senior discount notes," said Standard & Poor'scredit analyst Minesh Patel.The exchange had a minimal impact on leverage and interestcoverage. As of June 30, 2013, leverage remained excessive atabout 22x, cash interest coverage was fractional, anddiscretionary cash flow was negative."The 'CCC-' rating reflects LBI's unsustainable capital structure,its thin liquidity cushion, and our expectation of ongoingdiscretionary cash flow deficits. The negative outlook reflectsour expectations, absent a significant improvement in thetelevision segment performance or a meaningful curtailmentin programming investment, that the company will have insufficientliquidity to fund operations in 2014. Specifically, we forecastthat the company lacks sufficient liquidity to meet its currentobligations after funding its semi-annual interest payment on the10% senior secured notes on April 15, 2014and 11.5%/13.5% PIK toggle second-priority subordinated notes dueMay 15, 2014. Furthermore, we are concerned about potential debtacceleration caused by a going concern qualified audit opinion.""The negative rating outlook reflects our view that within six tonine months, absent a significant shift in ad demand and in thecompany's results, the company will have insufficient liquidity tomeet its short-term obligations. We would lower to 'D' the issuerating of any defaulting issue, and the corporate credit rating to'SD' (selective default)," said S&P."A revision of the outlook to positive or an upgrade, which webelieve is unlikely in the near term, would require the company toaddress its near-term liquidity needs, eliminate its discretionarycash flow deficits, and show meaningful improvement in itsoperating performance," S&P related.LIFE CARE: Exit Strategy May Be Known Early December 2013---------------------------------------------------------Life Care St. Johns, Inc., a Florida not-for-profit corporationdoing business as Glenmoor, said in court papers last month that"at the present time, the Debtor does not know if its exitstrategy will involve a sale, affiliation transaction or arestructuring. The exit strategy will not likely be determineduntil early December 2013."On Oct. 28, Judge Jerry A. Funk granted the Debtor's request forextension of its exclusive periods to file a reorganization planuntil Feb. 14, 2014, and solicit votes for that plan untilApril 15, 2014. The Court, however, said the exclusivityextensions is without prejudice to Wells Fargo Bank N.A., in itscapacity as indenture trustee, to seek a reduction in theexclusivity periods on the occurrence of a default under the"Final Order Authorizing Use of Cash Collateral and ProvidingAdequate Protection."In its request for extension of exclusivity, the Debtor said thedisclosure statement explaining the plan "will then be draftedaround the chosen strategy." An extension of the ExclusivityPeriods, the Debtor said, is warranted so that the Debtor mayfully divulge (a) the process in which the final terms of the planevolved, and (b) the details governing the treatment of creditorsand other parties-in-interest, so that creditors may make aninformed decision concerning whether to accept or reject the planof reorganization.The Debtor said it must find a solution which produces ameaningful recovery for the refund claimants; deal with arestructuring of more than $55 million in debt owed to itsbondholder constituency; and must ensure that its currentresidents continue to receive the same high level of care whichthey have historically received at Glenmoor.The Debtor said it has engaged in extensive negotiations with itsbondholders and unsecured creditors, which negotiations haveresulted in a consensual path for exiting the Chapter 11reorganization, more particularly outlined in the final courtorder authorizing the Debtor's use of cash collateral.In separate court papers last month, the Debtor also soughtapproval of a stipulation extending until Nov. 15 the time for theDebtor to enter into mutually agreeable plan support agreementpursuant to the final order authorizing use of cash collateral.On Sept. 3, 2013, the Court entered its final order authorizinguse of cash collateral and providing adequate protection.Pursuant to the order, the Debtor and the Majority Holders were toexecute a mutually agreeable Plan Support Agreement on terms andconditions acceptable to the Debtor and the Majority Holders on orbefore Sept. 16. The PSA was further required to include certainmilestones and provisions.In its request for extension of exclusivity, the Debtor said the"benchmarks" reflected in the Cash Collateral Order are: (i) the Debtor shall retain a marketing and sales consultant, and operations consultant, with qualifications and on terms acceptable to the Debtor and the Bond Trustee on or before August 28, 2013; (ii) the Debtor shall cause and discuss with the Consultants the completion and delivery to the Bond Trustee of a written assessment report based on a scope of work set forth in the Consultants' retention agreement on or before the date that is 45 days after the date the Consultants are retained; (iii) the Debtor shall use commercially reasonable efforts to implement the recommendations set forth in the Assessment Report (subject to the availability of funds in the Budget for this purpose) as soon as practicable over the 90 days immediately following the date the Assessment Report is delivered to the Debtor and the Bond Trustee (the "Implementation Period"); (iv) the Debtor and certain holders of the Bonds representing a majority of the holders of the principal amount of the Bonds (the "Majority Holders") will execute a mutually agreeable Plan Support Agreement (the "PSA") on terms and conditions acceptable to the Debtor and the Majority Holders, which shall include the following milestones and provisions: a. the Debtor and its professionals shall prepare (a) financial projections, and (b) financial models reflecting the Debtor's debt capacity based upon current operations and future projections (including taking into account any improvements provided for in the Assessment Report) (the "Restructuring Materials") and shall deliver copies of the same to the Bond Trustee on or before the date that is 30 days after the end of the Implementation Period (the "Materials Delivery Date"); b. the Debtor and its professionals shall prepare materials for use in soliciting affiliation/sale transaction proposals, which materials shall be reviewed by, and subject to input from, the Bond Trustee and its professionals and shall be completed on or before the date that is 30 days after the end of the Implementation Period; c. the Debtor and its professionals shall actively solicit affiliation/sale transaction proposals through a process acceptable to the Bond Trustee. The process terms shall include, without limitation, a deadline for interested parties to submit letters of intent (each, a "LOI") to the Debtor and the Bond Trustee on the date that is not more than 60 days after the Materials Delivery Date (the "LOI Deadline"); d. based upon the Restructuring Materials, the Debtor will deliver to the Bond Trustee a restructuring proposal on or before the date that is not more than 30 days after the Materials Delivery Date (the "Restructuring Proposal"); e. upon receipt of any LOI, the Debtor shall provide copies to the Bond Trustee, the Majority Holders, and their professionals for their review and comment; f. upon expiration of the LOI Deadline, the Debtor, the Bond Trustee, and the Majority Holders shall evaluate the Restructuring Proposal and any LOIs received, and reach agreement on the highest and best recovery for creditors of the Debtor, including the holders of the Bonds; g. to the extent the Debtor, the Bond Trustee, and the Majority Holders agree on the highest and best option received from among the Restructuring Proposal and any LOIs received, such option shall become the agreed- upon transaction to be consummated pursuant to a Chapter 11 plan (the "Consensual Exit"), which agreement shall be no later than 30 days after the LOI Deadline; h. the Debtor will prepare a Chapter 11 plan (the "Consensual Plan") and accompanying disclosure statement acceptable to the Bond Trustee and the Majority Holders by no later than 30 days after agreement on the Consensual Exit, which plan shall effectuate the Consensual Exit and shall contain releases for the benefit of the Debtor's officers, directors and board members. In the event that a LOI is selected for the Consensual Exit, such LOI shall be subject to the solicitation of higher and better offers, and a court approved auction and sale process, which shall be effectuated through the Consensual Plan; i. as part of the Consensual Plan, the agreements with the Facility's current residents will be assumed on the effective date of the Consensual Plan; and j. the PSA shall include various default and termination provisions, including that if there is a default under the Second Interim Order or the Final Order, or any further order approving the use of the Bond Trustee's Cash Collateral, resulting in the termination of the use of Cash Collateral, such default and termination shall also be a default and termination event under the PSA. About Life Care St. JohnsLife Care St. Johns, Inc., filed a Chapter 11 petition (Bankr.M.D. Fla. Case No. 13-04158) on July 3, 2013. The Debtor is theowner and operator of a continuing care retirement community knownas Glenmoor consisting of 144 independent living units located ona 40-acre site in St. Johns County, Florida.Judge Jerry A. Funk presides over the case. Richard R. Thames,Esq., and Eric N. McKay, Esq., at Stutsman Thames & Markey, P.A.,serves as the Debtor's counsel. Navigant Capital Advisors, LLC,acts as the Debtor's financial advisor. American Legal ClaimServices, LLC, serves as claims and noticing agent.The Committee of Creditors Holding Unsecured Claims appointed inthe bankruptcy case of Life Care St. Johns, Inc., is representedby Akerman Senterfitt's David E. Otero, Esq., and Christian P.George, Esq., in Jacksonville, Florida.Bruce Jones signed the petition as CEO. The Debtor estimatedassets of at least $10 million and debts of at least $50 million.LIME ENERGY: Green Gas Buys Landfill-Gas-to Energy Project----------------------------------------------------------Green Gas America's, Inc., has acquired Lime Energy's 2.8 MWlandfill-gas-to-energy project located in Charlotte County,Florida, through the acquisition of Lime Energy's subsidiary, GES-Port Charlotte, LLC, which owns the project. Lime has applied thenet proceeds from the sale to pay off the PNC Bank term loan usedto fund the construction of the facility.The sale was consummated pursuant to a Membership InterestPurchase Agreement, dated Nov. 1, 2013. The total purchase pricepaid for the membership interest was $3.3 million, less: (1) a$152,300 contribution on the part of the Seller toward the cost ofwellfield improvements; (2) $48,333 for estimated property taxes;and (3) $31,200 for pre-closing liabilities.The project is located on the Charlotte County landfill and sellspower to Orlando Utilities Commission through a long-term powerpurchase agreement. The project won the EPA's Landfill MethaneOutreach Programs' Landfill Project of the Year for 2011."We have been privileged to partner with Charlotte County on thisproject," said John O'Rourke, chief executive officer of LimeEnergy. "Green Gas' deep U.S. and international development andoperational experience in the landfill sector make it the idealowner for the project.""This acquisition marks an important milestone for Green GasAmericas to further expand our company's mission of building aportfolio of landfill gas to energy projects," said Duncan Cox,Green Gas' president. With this acquisition, Green GasInternational, the owner of Green Gas Americas, adds to itsportfolio of renewable energy projects, which now exceeds 120 MWof projects that are owned operated and maintained by the company.Green Gas uses its expertise to develop methane waste gas to powerprojects to the best interest of all stakeholders.Additional information is available for free at: http://is.gd/kw2BWI About Lime EnergyHeadquartered in Huntersville, North Carolina, Lime Energy Co. --http://www.lime-energy.com-- is engaged in planning and delivering clean energy solutions that assist its clients in theirenergy efficiency and renewable energy goals. The Company'ssolutions include energy efficient lighting upgrades, energyefficient mechanical and electrical retrofit and upgrade services,water conservation, building weatherization, on-site generationand renewable energy project development and implementation. TheCompany provides energy solutions across a range of facilities,from high-rise office buildings, distribution facilities,manufacturing plants, retail sites, multi-tenant residentialbuildings, mixed use complexes, hospitals, colleges anduniversities, government sites to small, single tenant facilities.The Company's balance sheet at June 30, 2013, showed $32.64million in total assets, $31.68 million in total liabilities and$952,000 in total stockholders' equity.Lime Energy disclosed in regulatory filings in July 2013, it is indiscussions with PNC Bank about entering into a forbearanceagreement in which they would agree not to accelerate a loan for aperiod of time while the Company attempts to correct the gas flowissue and sell its landfill-gas facility. The bank is consideringthe Company's request.LOFINO PROPERTIES: Seeks Access to Glicny's Cash Collateral-----------------------------------------------------------Lofino Properties, LLC, et al., seek a bankruptcy court orderallowing them to use rental income from properties on which GlicnyReal Estate Holdings, LLC, has interests in for ordinary courseexpenses necessary to the preservation and operation of thoseProperties in accordance with a prepared budget.The Debtors clarify that they are not seeking authority to usethose rents remaining after payment of the ordinary and necessaryexpenses or the "Net Rents."Glicny Real Estate Holdings, LLC, is believed to have interests inLofino's retail grocery stores located at 134 Wilmington Pike,8245 Springboro Pike and 8209,825-8361 Springboro, Pike, inDayton, Ohio. Accordingly, rental income on these propertiesconstitute cash collateral of Glicny.Moreover, the Debtors ask the Court to establish that Glicny'sinterests will be adequately protected to the extent of diminutionin value of the Prepetition Collateral.Debtor Southland 75, LLC, anticipates the Net Rents will accrue toan approximate aggregate amount of $11,000 each month. Any NetRents generated will be set aside, maintained and accounted for ina cash collateral account as additional adequate protection ofGlicny's interests.In addition to the existence of a substantial equity cushion forGlicny, the Debtors relate that they will grant replacement liensto Glicny to the same validity, extent, and priority as existedprepetition and will provide periodic financial reporting. Glicny ReactsGlicny Real Estate Holdings, in response, argues that it objectsto the use of its Cash Collateral by the Debtors to pay any costrelated to any property. It also objects to the use of CashCollateral generated from any property to pay for the generalcosts of administering the bankruptcy cases of jointlyadministered debtors.Glicny also opposes the use of Cash Collateral by the Debtorswithout providing adequate protection for such use. "Thereplacement liens offered by the Debtors do not constituteadequate protection because GLICNY already has fully perfected,first priority security interests in the leases, rents, andproceeds of the Properties pursuant to section 552(b) of theBankruptcy Code," counsel to Glicny contends.Attorneys for Glicny Real Estate Holdings, LLC, are: BLOMGREN & BOBKA, CO., L.P.A. Gilbert E. Blomgren, Esq. Todd A. Bobka, Esq. 1370 Ontario Street, Suite 600 Cleveland, OH 44113 Tel: (216) 622-1234 Fax: (216) 622-1233 E-mail: firstname.lastname@example.com email@example.com About Lofino PropertiesLofino Properties, LLC, and Southland 75, LLC, filed for Chapter11 protection on Oct. 4, 2013 (Bankr. S.D. Ohio Case No. 13-34099). The Debtors own shopping centers in Dayton, Ohio. Lofinoscheduled $19.91 million in assets and $13.5 million inliabilities at the time of the filing. The Hon. Guy R. Humphreypresides over the case. Joshua M. Kin, Esq. of Pickrel, Schaefferand Ebeling Co., LPA, represents the Debtor in the case.MACCO PROPERTIES: Trustee May Hire Pierce Couch, Traub Lieberman----------------------------------------------------------------Michael E. Deeba, as Chapter 11 Trustee for Macco Properties,sought and obtained permission from the U.S. Bankruptcy Court toemploy Gerald P. Green, Amy Steele Neathery and John C. Lennon ofthe firm of Pierce Couch Hendrickson Baysinger & Green, LLP andStephen D. Straus and Jeremy Monosov of the firm of TraubLieberman Straus & Shrewsberry, LLP to assist the Trustee in astate court matter, First Specialty Insurance Corporation v.General Properties, Inc., and Macco Properties, Inc., Case No.653280/2013.The lawsuit involves a declaratory judgment sought by FirstSpecialty to determine whether it is obligated to pay to theDebtor insurance proceeds for tornado damage to the BrooksApartments in April 2012. Neither of these law firms hasrepresented the Debtor prior to that lawsuit.General Properties, Inc., the other party to this lawsuit, hasalready hired local New York counsel for this case, and it hasalready filed an answer in the matter. General Properties, the 1%owner of NV Brooks Apartments, LLC, the Joint Debtor in this case,holds the same claims and defenses as the Debtor in the matter.At this time, there are roughly $2,000,000 in assets in theDebtor. It is projected that $1,000,000 will be needed to pay offthe remaining unsecured creditors of both the Debtor and the JointDebtor, which consists of $571,000 plus interest for the Debtorand $47,000 for the Joint Debtor. The remainder shall besufficient to pay the outstanding professional fees and otheradministrative claims. Any further amounts received by the estatewould inure to the benefit of the Debtor's equity holder, JenniferPrice. No further amounts are needed to ensure that all creditorsand claims of the estate are paid in full.Lew McGinnis and Jennifer Price, interested parties in thebankruptcy case of Macco Properties, Inc., filed an Objection tothe "Application for Approval of Employment of Special Counsel forthe Trustee." They said employment of Special Counsel would notbe in the best interests of the creditors. Based on theprojections and the listed amounts of claims in both the jointbankruptcy cases, there are already sufficient funds with which toimmediately pay all claims in full. There is no need for theestate to expend more time and money to chase after additionalfunds for the estate. This litigation that is being contemplatedwith be extensive and will delay payment to the unsecuredcreditors for years. All that stands in the way of immediatepayment of the unsecured creditors' claims is the continuation ofthis case or its conversion.They also noted that, at this point with the Motion to Dismiss thecase submitted by Jennifer Price, the unsecured creditors would bepaid in full plus interest and any professional fees due at thistime would be paid in full. To accomplish this, Jennifer Pricewill be filing an amendment to her Motion to Dismiss which willprovide that an escrow agent be established and that $1,000,000 isturned over to the escrow agent to immediately pay the unsecuredcreditors in full plus interest as well as the professional feesthat are due at this time, subject to court approval of thoseprofessional fees.They said the decision to bring this claim or not should liewithin the discretion of the only party who would stand to benefitfrom the time and expenses put into this endeavor. The onlyrelated party to this bankruptcy who would benefit is the equityholder of the Debtor, Jennifer Price. Therefore, the decision toincur expenses to hire counsel and spend numerous months fightingthis issue should rest with Jennifer Price alone. In fact, theparty who stands to gain the most from this litigation, thepurchaser of the Brookviews Apartments, is unwilling to contributeto legal fees on this matter.Jennifer Price, as well as Lew McGinnis, is unwilling to pursuethis matter, regardless of the benefits she may receive, in lightof the substantial attorneys' fees that would be incurred as aresult. She particularly has no desire for the estate to enterinto contingent fee agreements which obligate the estate to pay iftheir litigation is lost. Her sole interest is to seethe unsecured creditors paid in full immediately plus interest, topay the professional fees that are now due subject to the courtapproval, for the case to be dismissed, and the balance of fundsbe disbursed to her. To do anything otherwise would put the littleequity remaining from the devastating tenure of the Ch. 11 Trusteeat a complete risk of depletion.Living Investments, LLC, another interested party, filed aresponse to Lew McGinnis and Jennifer Price's amended objection toApplication for Approval of Employment of Special Counsel forTrustee. Living Investments asked the Court to approve theApplication of the Chapter 11 Trustee and allow him to employPierce Couch and Traub Lieberman as Special Counsel.Attorney for Lew McGinnis and Jennifer Price can be reached at: Joyce W. Lindauer, Esq. 8140 Walnut Hill Lane, Suite 301 Dallas, Texas 75231 Tel: (972) 503-4033 Fax: (972) 503-4034Attorneys for Michael E. Deeba can be reached at: Janice D. Loyd, OBA James H. Bellingham, OBA Christopher T. Stein, OBA BELLINGHAM & LOYD, P.C. 620 North Robinson, Suite 207 Oklahoma City, OK 73102-6217 Tel: (405)235-9371 Fax: (405)232-1003 E-mail: firstname.lastname@example.com email@example.com email@example.com About Macco PropertiesOklahoma City, Oklahoma-based Macco Properties, Inc., is aproperty management company that is the sole or controlling memberand/or manager of numerous multi-family residential rental unitsin Oklahoma City, Oklahoma, Wichita, Kansas, and Dallas, Texas,and several and commercial business properties in Oklahoma City,Oklahoma, and Holbrook, Arizona.Macco Properties filed for Chapter 11 bankruptcy protection(Bankr. W.D. Okla. Case No. 10-16682) on Nov. 2, 2010. The Debtordisclosed $50,823,581 in total assets, and $4,323,034 in totalliabilities.Affiliated entities also sought bankruptcy protection: NV BrooksApartments, LLC (10-16503); JU Villa Del Mar Apartments, LLC and(10-16842); and SEP Riverpark Plaza, LLC (10-16832). SEPRiverpark Plaza owns or controls The Riverpark Apartments, amulti-family apartment complex located in Wichita, Kansas.Receivership Services Corp., a division of the Martens Cos.,serves as property manager for the six Wichita apartment complexescaught up in the bankruptcy of Macco Properties of Oklahoma City.On May 31, 2011, an Order was entered appointing Michael E. Deebaas the Chapter 11 Trustee for Macco Properties. He is representedby Christopher T. Stein, of counsel to the firm of Bellingham &Loyd, P.C. Grubb & Ellis/Martens Commercial Group LLC acts asthe Chapter 11 Trustee's exclusive listing broker/realtor forproperties.The Official Unsecured Creditors' Committee is represented byRuston C. Welch, at Welch Law Firm, P.C., in Oklahoma City.In August 2013, the Bankruptcy Court signed off on an agreed orderdismissing the Chapter 11 cases of SEP Riverpark Plaza and JUVilla Del Mar Apartments.MAD CATZ: Obtains Waiver & Fixed Charge Covenant Ratio Amendment----------------------------------------------------------------Mad Catz Interactive, Inc., on Nov. 7 reported financial resultsfor the fiscal 2014 second quarter ended September 30, 2013.Key Fiscal 2014 Second Quarter Highlights: -- Net sales in the quarter declined 43% to $17.8 million, asthe Company's sales to North America declined 51% and sales toEurope and APAC each declined 37%; -- Gross margin was 26.7%, compared to 28.8% in the secondquarter last year; -- Total operating expenses decreased slightly year-over-yearto $8.4 million; -- Diluted loss per share of $0.07 compared to diluted loss pershare of $0.01 in the second quarter last year; -- Net position of bank loan, less cash, was $11.4 million atSeptember 30, 2013, compared to $6.1 million at March 31, 2013 and$19.3 million at September 30, 2012; -- Shipped the TRITTON(R) Pro+ True 5.1 Surround Sound Headsetfor Windows(R) PC and Mac; -- Shipped the S.T.R.I.K.E.3(TM) Professional Gaming Keyboardfor Windows(R) PC; -- Announced the Force Feedback Racing Wheel for Xbox One(TM); -- Entered into an agreement with Electronics Arts to create arange of Titanfall(TM)-branded gaming products around theCompany's TRITTON gaming headsets, R.A.T.(TM) mice,S.T.R.I.K.E.(TM) keyboards, F.R.E.Q.(TM) gaming headsets andG.L.I.D.E.(TM) gaming surfaces; and -- Began taking pre-orders for the Mad Catz M.O.J.O.Android(TM) Micro Console, which is expected to begin shipping inlimited quantities on December 10, 2013.Commenting on the results, Darren Richardson, President and ChiefExecutive Officer of Mad Catz, said, "Our fiscal 2014 secondquarter results were significantly impacted by the ongoing consoletransition around the upcoming launch of the Xbox One andPlayStation 4 gaming consoles. Sales were generally down acrossthe board during the quarter, with Saitek-branded PC and Macproducts being the one of our three brands showing a gain over theprior year. Our Tritton headset business was impacted by asignificant shift towards lower price point products, while salesof our legacy controller products and non-recurring games,specifically Damage Inc., also contributed to the decline in netsales.""The video game industry and Mad Catz are in front of a majormilestone as the 2013 holiday season approaches and I am confidentthat our newest products position us to benefit from thisinflection point as the console transition and rapidly growingappeal of mobile gaming gain traction. We are excited by theopportunities the Xbox One and PlayStation 4 consoles will bringand believe our products will make a positive contribution tosales as the new consoles roll out creating a spur in sales ofproducts for both legacy and new consoles. In addition, webelieve our GameSmart initiative, including our M.O.J.O. microconsole for Android, will position us for the emergence of a newindustry segment for mobile products."Mr. Richardson concluded, "The recent announcements from Apple andGoogle introducing support for gaming peripherals establishes theinfrastructure to support a core gaming experience on mobile. Asgame developers begin to take advantage of the full potential ofthe new operating systems, our GameSmart initiative will be wellpositioned to fully leverage this emerging opportunity with itsone-of-a kind ecosystem of gaming accessories."Karen McGinnis, Chief Financial Officer of Mad Catz, added,"Fiscal 2014 second quarter net sales were affected by generalweakness around the globe. On a category basis, sales of our miceand keyboards were essentially flat with the prior year quarterdriven by better-than-expected gaming keyboard sales which offsetweaker sales of gaming mice. Sales of our Saitek-branded productswere up slightly over the prior year while our Tritton and MadCatz-branded audio products were significantly affected by theconsole transition and a consumer shift towards lower price pointheadsets. Due to our second quarter financial results, we were inviolation of the fixed charge covenant ratio in our CreditFacility as of September 30, 2013. However, we were successful inobtaining a waiver and entered into an amendment of the CreditFacility. The amendment removed the quarterly fixed chargecoverage ratio requirement through March 31, 2014, established newmonthly financial covenants through May 31, 2014, increased theinterest rate, and lowered the inventory sublimit and overallavailability on the line of credit." About Mad Catz InteractiveBased in San Diego, California, Mad Catz Interactive, Inc.(AMEX/TSX: MCZ) -- http://www.madcatz.com,as well as http://www.gameshark.com,http://www.airdrives.com,http://www.saitek.comand http://www.joytech.net-- provides peripherals for the interactive entertainment industry. Mad Catzdesigns and markets accessories for video game systems andpublishes video game software, including the industry-leadingGameShark video game enhancements, under its Mad Catz, GameSharkand Joytech brands. Mad Catz also designs and markets mice,keyboards, headsets, PC gaming controllers and other PCperipherals through its Saitek brand, and develops, manufacturesand markets proprietary portable earphones under its AirDrivesbrand. Mad Catz distributes its products through most of theleading retailers offering interactive entertainment products andhas offices across Canada, Europe and Asia.MARTIN KELLY: Pro Athletes Score in Bankruptcy Court----------------------------------------------------Jacqueline Palank, writing for The Wall Street Journal, reportedthat two professional athletes scored in bankruptcy court lastweek when a judge allowed them to continue chasing after theirformer financial adviser, a man they've accused of cheating them.According to the report, Judge Christopher B. Latham of the U.S.Bankruptcy Court in San Diego lifted the shield of bankruptcy thatwas protecting financial adviser Bill Clay Crafton Jr. from thearbitration proceedings that two of his former clients -- retiredNFL player Aaron Shea and current Philadelphia Phillies pitcherCole Hamels -- launched last year.The athletes say they trusted Mr. Crafton to invest their fundswisely but claim he was instead reckless with their money,violating state and federal securities laws in the process andcommitting fraud, the report related. Mr. Crafton has sought todefend himself against the allegations, which other pro athleteshave also brought. Mr. Crafton has blamed his bankruptcy filing onthe "onslaught" of litigation he's faced in recent months.In the case of Mr. Shea and Mr. Hamels, Judge Latham found itwould be more efficient to let the arbitrations go forward ratherthan let Mr. Crafton's September bankruptcy filing haltproceedings that were well under way, court papers show, thereport further related. The judge also authorized Mr. Crafton andhis company to tap their insurance policies to fund their defense.Bill Clay Crafton, Jr. (Case No. 13-09004) and Martin KellyCapital Management, LLC (Case No. 13-09005) filed their voluntary"bare bones" Chapter 7 petitions on Sept. 5, 2013. Each Debtorshowed assets of less than $250,000, with potential liabilitiesexceeding $20 million.MAXIM CRANE: Moody's Rates New $325MM Loan Caa2 & Affirms Caa1 CFR------------------------------------------------------------------Moody's Investors Service affirmed Maxim Crane Works, L.P.'sCorporate Family Rating ("CFR") of Caa1 and its Probability ofDefault Rating ("PDR") of Caa1-PD. Moody's also rated thecompany's new $325 million senior secured second lien term loan atCaa2. The new term loan is refinancing the company's seniorsecured second lien notes and associated premium in addition tofinancing a $50 million dividend. The rating outlook is stable.Ratings Rationale:The Caa1 CFR reflects the company's high leverage, weakanticipated free cash flow generation, and plans for the new $50million dividend that will further leverage its balance sheet.Maxim is anticipated to have adequate liquidity includingremaining borrowing capacity under its $375 million ABL revolverdue 2017. The extension of the maturity on the company's juniorportion of its debt capital as part of this transaction to 2019from 2015 is considered a credit positive. The company benefitsfrom relatively good customer diversification across the U.S., andrents a various crane types used in a variety of projects. Moody'snotes that while more than half of its revenues are to the energysector, the energy sector serves the broader economy. Over thecourse of the past year, the company has generally seenimprovement in its rental rates though utilization trends havebeen more mixed by equipment type. Moody's believes the company iswell positioned to benefit from increased utilization and pricingflexibility when operating and economic conditions improve. Maximhas rationalized its fleet over the years and maintains equipmentwith a good amount of useful rental life remaining for the variousunits in its fleet including rough terrain equipment (whichcomprises the largest portion of its fleet), crawlers, hydraulictrucks, and tower cranes.Affirmations:Issuer: Maxim Crane Works, L.P. Corporate Family Rating, Affirmed Caa1 Probability of Default Rating, Affirmed Caa1-PD Outlook, Remains StableAssignments:Issuer: Maxim Crane Works, L.P. Senior Secured Second Lien Term Loan, Assigned Caa2, LGD5 (79%)Note: The rating on the $250 million 12.25% Senior Secured Second Lien Notes due 2015 will be withdrawn upon closing of the transaction.Maxim Crane Work's stable rating outlook reflects Moody's viewthat the company's financial policies are aggressive and thatimprovement in its operating metrics could be offset by acontinuation of its policies. Further, the outlook takes intoconsideration the additional stress placed on the company'sbalance sheet as a result of additional leverage from the currentdividend recapitalization. Moreover, the weakened balance sheetreduces the company's financial flexibility in a downturn.Weakening debt to EBITDA from currently high levels and weakeningcash flow to debt metrics are among factors that could result inratings pressure. Growth capital expenditures could also adverselyimpact the ratings if they result in higher leverage and weakerequipment utilization rates.Factors that could contribute to a positive outlook or ratingsupgrade include improving cash flow to debt and leverage metricsand EBITDA to interest increasing above 2.0 times, each on asustained basis. The ratings are currently constrained by highleverage, aggressive financial policies, and weak cash flowgeneration but continued improvement in operating performance andstronger credit metrics would provide positive ratings traction.The new senior secured second lien term loan is rated Caa2, onenotch below the CFR, reflecting contractual subordination to the$375 million ABL revolver. The ABL revolver is secured by a firstlien, with certain limited exceptions, on substantially all of thecompany's assets.Maxim Crane Works Holdings, Inc., headquartered in Bridgeville,Pennsylvania, is a holding company conducting its operationsthrough its subsidiary, Maxim Crane Works, L.P. The company rentscranes and other heavy equipment primarily for industrial repairand maintenance activities and construction projects. As ofSeptember 30, 2013, the company had a fleet of over 1,200 cranes.Customers are provided with the choice of renting cranes alongwith operators supplied by the company or just the cranesthemselves. Customers are primarily within the United States withend markets including the petrochemical, paper, steel, utility,power generation, telecommunications, and mining industries amongothers. The company is principally owned by affiliates of PlatinumEquity Capital Partners II, L.P via a wholly-owned subsidiary,Steelers Holding Corporation. LTM revenues through September 30,2013 were over $350 million.MEDIA GENERAL: Files Form 10-Q, Incurs $14.6MM Net Loss in Q3-------------------------------------------------------------Media General, Inc., filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q disclosing a net lossof $14.61 million on $78.48 million of station revenue for thethree months ended Sept. 30, 2013, as compared with a net loss of$30.33 million on $93.75 million of station revenue for the threemonths ended Sept. 23, 2012.For the nine months ended Sept. 30, 2013, the Company reported anet loss of $48.45 million on $234.44 million of station revenueas compared with a net loss of $211.05 million on $251.06 millionof station revenue for the nine months ended Sept. 23, 2012.The Company's balance sheet at Sept. 30, 2013, showed $749.87million in total assets, $967.06 million in total liabilities anda $217.18 million in total stockholders' deficit.A copy of the Form 10-Q is available for free at: http://is.gd/mXiR35 About Media GeneralRichmond, Virginia-based Media General Inc. (NYSE: MEG) --http://www.mediageneral.com/-- is an independent communications company with interests in newspapers, television stations andinteractive media in the United States. * * *As reported by the Troubled Company Report on July 10, 2013,Moody's Investors Service upgraded Media General, Inc.'s CorporateFamily Rating to B1 from Caa1 reflecting the marked improvement incredit metrics pro forma for the pending stock merger with NewYoung Broadcasting Holding Co., Inc.In the July 12, 2013, edition of the TCR, Standard & Poor'sRatings Services raised its corporate credit rating on Richmond,Va.-based local TV broadcaster Media General Inc. to 'B+' from'B'. "The rating action reflects the improvement in discretionarycash flow from the refinancing and our expectation that trailing-eight-quarter leverage will remain at 6x or below over theintermediate term," said Standard & Poor's credit analyst DanielHaines.METRO AFFILIATES: Obtained Interim Approval of $10-Mil. DIP Loan----------------------------------------------------------------Judge Sean Lane of the U.S. Bankruptcy Court for the SouthernDistrict of New York gave Metro Affiliates, Inc., et al., interimauthority to obtain postpetition secured financing from WellsFargo Bank, National Association, in its capacity as agent for aconsortium of lenders.During the interim financing period, the amount of revolving loansauthorized to be drawn and outstanding at any given time will belimited to $10 million; provided that the Debtors will make good-faith, reasonable efforts, to limit the amount of revolving loansdrawn and outstanding at any given time to $8 million.The Debtors are seeking authority to obtain $53.5 million inpostpetition financing, which includes a revolver with $37 millionin availability, subject to a borrowing base, from Wells Fargo.The DIP Loan will accrue interest at the prime rate + 0.5% forRevolving Loans; Prime + 2.5% for Vehicle Term Loans; and 12% forSupplemental Loans and the Non-Default Rate + 2% on and during theoccurrence of an event of default.A hearing to consider final approval of the DIP motion isscheduled for Dec. 2, 2013, at 11:00 a.m. About Metro AffiliatesStaten Island, New York-based Metro Affiliates, Inc., and itssubsidiaries sought protection under Chapter 11 of the BankruptcyCode on Nov. 4, 2013 (Bankr. S.D.N.Y. Case No. 13-13591). Thecase is assigned to Judge Sean Lane.Lisa G. Beckerman, Esq., and Rachel Ehrlich Albanese, Esq., atAkin Gump Strauss Hauer & Feld LLP, in New York; and Scott L.Alberino, Esq., at Akin Gump Strauss Hauer & Feld LLP, inWashington, D.C., represent the Debtors. Silverman Shin & ByrnePLLC serves as special counsel. Rothschild Inc. serves as theDebtors' investment banker, while Kurtzman Carson Consultants LLCserves as their claims and noticing agent.Wells Fargo Bank, National Association, as agent for a consortiumof DIP lenders, is represented by Jonathan N. Helfat, Esq., atOtterbourg, Steindler, Houston & Rosen, P.C., in New York.The Bank of New York Mellon as indenture trustee and collateralagent for prepetition noteholders, is represented by JamesGadsden, Esq., at Carter, Ledyard & Milburn LLP, in New York.Certain Noteholders are represented by Kristopher M. Hansen, Esq.,at Stroock & Stroock & Lavan LLP, in New York.This is Metro Affiliates' third trip to Chapter 11. The Company,together with its subsidiaries, first sought protection underChapter 11 of the Bankruptcy Code on Aug. 16, 2002 (In re MetroAffiliates, Inc., Case No. 02-42560 (PCB), Bankr. S.D.N.Y.). Aplan in the second Chapter 11 case was confirmed in September2003. The first bankruptcy was in 1994.METRO AFFILIATES: Has Interim Authority to Use Cash Collateral--------------------------------------------------------------Judge Sean Lane of the U.S. Bankruptcy Court for the SouthernDistrict of New York gave Metro Affiliates, Inc., et al., interimauthority to use cash collateral securing their prepetitionindebtedness. A hearing to consider final approval of the CashCollateral motion is scheduled for Dec. 2, 2013, at 11:00 a.m. About Metro AffiliatesStaten Island, New York-based Metro Affiliates, Inc., and itssubsidiaries sought protection under Chapter 11 of the BankruptcyCode on Nov. 4, 2013 (Bankr. S.D.N.Y. Case No. 13-13591). Thecase is assigned to Judge Sean Lane.Lisa G. Beckerman, Esq., and Rachel Ehrlich Albanese, Esq., atAkin Gump Strauss Hauer & Feld LLP, in New York; and Scott L.Alberino, Esq., at Akin Gump Strauss Hauer & Feld LLP, inWashington, D.C., represent the Debtors. Silverman Shin & ByrnePLLC serves as special counsel. Rothschild Inc. serves as theDebtors' investment banker, while Kurtzman Carson Consultants LLCserves as their claims and noticing agent.Wells Fargo Bank, National Association, as agent for a consortiumof DIP lenders, is represented by Jonathan N. Helfat, Esq., atOtterbourg, Steindler, Houston & Rosen, P.C., in New York.The Bank of New York Mellon as indenture trustee and collateralagent for prepetition noteholders, is represented by JamesGadsden, Esq., at Carter, Ledyard & Milburn LLP, in New York.Certain Noteholders are represented by Kristopher M. Hansen, Esq.,at Stroock & Stroock & Lavan LLP, in New York.This is Metro Affiliates' third trip to Chapter 11. The Company,together with its subsidiaries, first sought protection underChapter 11 of the Bankruptcy Code on Aug. 16, 2002 (In re MetroAffiliates, Inc., Case No. 02-42560 (PCB), Bankr. S.D.N.Y.). Aplan in the second Chapter 11 case was confirmed in September2003. The first bankruptcy was in 1994.METRO AFFILIATES: Rothschild is Fin'l Advisor & Investment Banker-----------------------------------------------------------------Metro Affiliates, Inc., et al., seek authority from the U.S.Bankruptcy Court for the Southern District of New York to employRothschild Inc. as financial advisor and investment banker.The firm will be paid a monthly fee of $125,000; and a completionfee of $2,250,000 upon the earlier effectiveness of a confirmedPlan and the closing of a Transaction, except that the fee will bereduced to $1,125,000 if all of the following occur: (1) closingof a Transaction, (2) dismissal of the bankruptcy proceedings onor before Jan. 21, 2014, and (3) agreement by Nov. 22, 2013 on anew consensual collective bargaining agreement with Local 1181-1061, Amalgamated Transit Union, AFL-CIO that is ratified withinthirty days of the agreement. The engagement agreement betweenthe Debtors and Rothschild provides that only one Completion Feemay be paid and 50% of Monthly Fees over $375,000 may be creditedagainst any Completion Fee. The Debtors will also reimburseRothschild for its reasonable expenses incurred in connection withthe performance of its engagement.Neil A. Augustine, Executive Vice Chairman of North American GFAand Co-Chair of the North American Debt Advisory and RestructuringGroup at Rothschild Inc., assures the Court that his firm is a"disinterested person" as the term is defined in Section 101(14)of the Bankruptcy Code and does not represent any interest adverseto the Debtors and their estates.During the 90 days immediately preceding the Petition Date,Rothschild received fee payments totaling $283,333 and expensereimbursement payments totaling $35,000. Mr. Augustine says as ofthe Petition Date, the Debtors did not owe Rothschild for any feesor expenses incurred prior to the Petition Date. About Metro AffiliatesStaten Island, New York-based Metro Affiliates, Inc., and itssubsidiaries sought protection under Chapter 11 of the BankruptcyCode on Nov. 4, 2013 (Bankr. S.D.N.Y. Case No. 13-13591). Thecase is assigned to Judge Sean Lane.Lisa G. Beckerman, Esq., and Rachel Ehrlich Albanese, Esq., atAkin Gump Strauss Hauer & Feld LLP, in New York; and Scott L.Alberino, Esq., at Akin Gump Strauss Hauer & Feld LLP, inWashington, D.C., represent the Debtors. Silverman Shin & ByrnePLLC serves as special counsel. Rothschild Inc. serves as theDebtors' investment banker, while Kurtzman Carson Consultants LLCserves as their claims and noticing agent.Wells Fargo Bank, National Association, as agent for a consortiumof DIP lenders, is represented by Jonathan N. Helfat, Esq., atOtterbourg, Steindler, Houston & Rosen, P.C., in New York.The Bank of New York Mellon as indenture trustee and collateralagent for prepetition noteholders, is represented by JamesGadsden, Esq., at Carter, Ledyard & Milburn LLP, in New York.Certain Noteholders are represented by Kristopher M. Hansen, Esq.,at Stroock & Stroock & Lavan LLP, in New York.This is Metro Affiliates' third trip to Chapter 11. The Company,together with its subsidiaries, first sought protection underChapter 11 of the Bankruptcy Code on Aug. 16, 2002 (In re MetroAffiliates, Inc., Case No. 02-42560 (PCB), Bankr. S.D.N.Y.). Aplan in the second Chapter 11 case was confirmed in September2003. The first bankruptcy was in 1994.METRO AFFILIATES: Employs Silverman Shin as Special Counsel-----------------------------------------------------------Metro Affiliates, Inc., et al., seek authority from the U.S.Bankruptcy Court for the Southern District of New York to employSilverman Shin & Byrne PLLC as special counsel to represent theinterests of the Debtors with respect to general corporate andcorporate governance matters and certain litigation related to theDebtors' businesses.The firm will be paid the following hourly rates: $550 to $350 forpartners; $475 to $400 to for counsel; $330 to $200 forassociates; and $180 to $90 for paraprofessionals. The currenthourly rates for the Silverman Shin attorneys with primaryresponsibility for this matter are: Peter Silverman, Esq. -- firstname.lastname@example.com $550 John Shin, Esq. -- email@example.com $525The firm will also be reimbursed for any necessary out-of-pocketexpenses.Mr. Shin, member of the firm of Silverman Shin & Byrne PLLC,assures the Court that his firm is a "disinterested person" as theterm is defined in Section 101(14) of the Bankruptcy Code and doesnot represent any interest adverse to the Debtors and theirestates. As of the Petition Date, no Prepetition Fees are due andowing on account of the Prepetition Services. Silverman Shinreceived an advance retainer payment of $55,000, bringing thefirm's total retainer to approximately $100,000. About Metro AffiliatesStaten Island, New York-based Metro Affiliates, Inc., and itssubsidiaries sought protection under Chapter 11 of the BankruptcyCode on Nov. 4, 2013 (Bankr. S.D.N.Y. Case No. 13-13591). Thecase is assigned to Judge Sean Lane.Lisa G. Beckerman, Esq., and Rachel Ehrlich Albanese, Esq., atAkin Gump Strauss Hauer & Feld LLP, in New York; and Scott L.Alberino, Esq., at Akin Gump Strauss Hauer & Feld LLP, inWashington, D.C., represent the Debtors. Silverman Shin & ByrnePLLC serves as special counsel. Rothschild Inc. serves as theDebtors' investment banker, while Kurtzman Carson Consultants LLCserves as their claims and noticing agent.Wells Fargo Bank, National Association, as agent for a consortiumof DIP lenders, is represented by Jonathan N. Helfat, Esq., atOtterbourg, Steindler, Houston & Rosen, P.C., in New York.The Bank of New York Mellon as indenture trustee and collateralagent for prepetition noteholders, is represented by JamesGadsden, Esq., at Carter, Ledyard & Milburn LLP, in New York.Certain Noteholders are represented by Kristopher M. Hansen, Esq.,at Stroock & Stroock & Lavan LLP, in New York.This is Metro Affiliates' third trip to Chapter 11. The Company,together with its subsidiaries, first sought protection underChapter 11 of the Bankruptcy Code on Aug. 16, 2002 (In re MetroAffiliates, Inc., Case No. 02-42560 (PCB), Bankr. S.D.N.Y.). Aplan in the second Chapter 11 case was confirmed in September2003. The first bankruptcy was in 1994.MICRON TECHNOLOGY: Notes Conversion No Effect on Moody's Ba3 CFR----------------------------------------------------------------Moody's Investors Service said Micron Technology, Inc.'s debtratings, including the Ba3 Corporate Family Rating (CFR), are notaffected by Micron's plan to exchange, redeem, and terminate theconversion option of a substantial portion of their convertiblenotes, though the transactions are a negative credit developmentbecause the transactions will increase financial leverage.Micron Technology, Inc., based in Boise, Idaho, manufactures andmarkets semiconductor devices, principally DRAM, NAND Flash andNOR Flash memory, as well as other innovative memory technologies,packaging solutions and semiconductor systems. In addition, theymanufacture semiconductor components for CMOS image sensors andother semiconductor products.MITEL NETWORKS: Moody's Places B3 CFR on Review for Upgrade-----------------------------------------------------------Moody's Investors Service placed Mitel Networks Corporation's B3corporate family rating, B3-PD probability of default rating, B1rating of Mitel and Mitel US Holdings Inc. ("US Holdings")revolving credit facility and the B1 and Caa1 ratings of USHoldings' first and second lien term loans on review for upgrade.Mitel's SGL-2 speculative grade liquidity rating was affirmed. Therating action follows the company's announced merger with AastraTechnologies Limited (unrated), a global enterprise communicationsprovider in a transaction that is valued at C$392 million toAastra shareholders.On Review for Upgrade:Issuer: Mitel Networks CorporationCorporate Family Rating, currently B3Probability of Default Rating, currently B3-PDIssuers: Mitel Networks Corporation and Mitel US Holdings Inc.$40 million first lien revolving credit facility due February2018, currently B1 (LGD2, 26%)Issuer: Mitel US Holdings Inc.$200 million first lien term loan due February 2019, currently B1(LGD2, 26%)$80 million second lien term loan due February 2020, currentlyCaa1 (LGD4, 68%)Rating Affirmed:Issuer: Mitel Networks CorporationSpeculative Grade Liquidity Rating, SGL-2Outlook Actions:Issuers: Mitel Networks Corporation and Mitel US Holdings Inc.Changed To Rating Under Review From StableRatings Rationale:The review will focus on financing plans for the acquisition andwill consider integration risks, potential synergies that could berealized, and the company's appetite for future acquisitions.Moody's does not expect incremental funded debt from the merger toexceed $80 million and considers the transaction to bedeleveraging which will improve Mitel adjusted Debt/EBITDA from4.2x to about 3.5x. Moody's anticipates that the merger couldpotentially provide Mitel with a leading market share in WesternEurope and enhance its market share in North America. The mergedcompany will also provide complementary products with minimaloverlap, and could boost revenue from the cloud business due to alarge global installed base of customers that could migrate tocloud services.Mitel Networks Corporation provides integrated businesscommunications software and related services to small-to-medium-sized businesses/enterprises (user size ranging from 50 to 1000).Revenue for the twelve months ended July 31, 2013 was $580million. The company is headquartered in Ottawa, Ontario, Canada.MONTREAL MAINE: Marathon, Slawson Added in Class Suit-----------------------------------------------------The Honourable Mr. Justice Martin Bureau, the judge designated tooversee the Lac Megantic train explosion class action, granted amotion to add two oil producers, Marathon Oil Corporation andSlawson Exploration Company, Inc. as Respondents in the ClassProceeding. It is alleged that these were two of the companiesthat produced the highly explosive shale liquids that were carriedon the train and that they failed to provide adequate warningsabout the composition of the shale liquids and the true dangersassociated with shipping it by rail.The amendment includes several corporate entities which formedvarious joint ventures with an existing Respondent in the case,World Fuel Services Corp. It is alleged that these entities werecollectively involved in purchasing the shale liquids from MRO andSlawson and thereafter in transporting the liquids from the oilwellheads to the transloading station in New Town, North Dakota,where they were loaded onto rail tanker cars destined for IrvingOil's refinery in New Brunswick.Lac-Megantic lawyer Daniel E. Larochelle explained that theseparties were added "on the basis that they knew or should havebeen aware through testing that the shale liquids carried a muchgreater risk of explosion and flammability than typical crude oil.They should have communicated this increased risk to thepurchasers and shippers of the shale liquids." He stated thatinvestigations continue in order to ensure that all responsibleparties will be held accountable.The amendment has also added two new proposed representativepetitioners, Serge Jacques and Louis-Serge Parent, both of whosehomes and businesses were destroyed as a result of the derailmentand ensuing explosions. Further, a Motion for a RepresentationOrder has been filed in the MMA Canada CCAA proceedings on behalfof all Class Members, in order to provide formal standing for allvictims in the insolvency proceedings equal to that of otherstakeholders.A team of experienced class action lawyers has been assembled toassist the Lac-Megantic community to prosecute this action, andconsists of Daniel Larochelle in Lac-Megantic, Consumer Law Groupin Montreal, Rochon Genova LLP of Toronto and Lieff CabraserHeimann and Bernstein LLP of New York and San Francisco.Headquartered in Houston, Texas, Marathon Oil Corporation --http://www.marathonoil.com-- is an international energy company engaged in exploration and production, oil sands mining andintegrated gas with operations in the United States, Angola,Canada, Equatorial Guinea.(E.G.), Ethiopia, Gabon, Kenya, theKurdistan Region of Iraq, Libya, Norway, Poland and the UnitedKingdom. The Company operates in three business segments:Exploration and Production Segment, explores for, produces andmarkets liquid hydrocarbons and natural gas on a worldwide basis;Oil sands mining segment, mines, extracts and transports bitumenfrom oil sands deposits in Alberta, Canada, and upgrades thebitumen to produce and market synthetic crude oil and vacuum gasoil, and integrated gas, produces and markets productsmanufactured from natural gas, such as LNG and methanol, in E.G.During the year ended December 31, 2012, the Company Companyacquired approximately 25,000 net acres in the core of the EagleFord shale. About Montreal MaineMontreal, Maine & Atlantic Railway Ltd., the railway company thatoperated the train that derailed and exploded in July 2013,killing 47 people and destroying part of Lac-Megantic, Quebec,sought bankruptcy protection in U.S. Bankruptcy Court in Bangor,Maine (Case No. 13-10670) on Aug. 7, 2013, with the aim of sellingits business. Its Canadian counterpart, Montreal, Maine &Atlantic Canada Co., meanwhile, filed for protection fromcreditors in Superior Court of Quebec in Montreal.Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson,P.A., has been named as chapter 11 trustee. His firm serves ashis chapter 11 bankruptcy counsel. Development Specialists, Inc.,serves as his financial advisor. Gordian Group, LLC, serves asthe Chapter 11 Trustee's investment banker.U.S. Bankruptcy Judge Louis H. Kornreich has been assigned to theU.S. case. The Maine law firm of Verrill Dana served as counselto MM&A. It now serves as counsel to the Chapter 11 Trustee.Justice Martin Castonguay oversees the case in Canada.The Canadian Transportation Agency suspended the carrier'soperating certificate after the accident, due to insufficientliability coverage.The town of Lac-Megantic, Quebec, is seeking financial aid torestore the gutted community and a civil complaint alleges afailure to take steps to prevent a derailment.The Hermon, Maine-based carrier is still working to create aformal claims process for the families of the victims and otherclaims holders. The carrier will present a formal process to thecourt for approval by Nov. 30, according to the filings, BloombergNews reported.MOORE FREIGHT: Creditors Balk at Confirmation of Amended Plan-------------------------------------------------------------Lynda F. Jones, Esq., at The Jones Law Group, PLLC, on behalf ofWallwork Financial Corp., filed an objection to the confirmationof Moore Freight Service, Inc., et al.'s Amended Plan ofReorganization dated Sept. 16, 2013.Susquehanna Commercial Finance, Inc., also objected to thetreatment of its claim under the Amended Plan. The creditor fileda proof of claim for $289,113.As Troubled Company Reporter on Oct. 3, 2013, Branch Banking andTrust Company objected to the treatment of its Class 6.3 Claim inthe Debtors' Amended Plan. BB&T said a plan of reorganizationcannot impact a creditor's rights with respect to third-partyguarantors of the debtor's obligations to the creditor, unless thecreditor consents to such treatment. The bank cited In re: MonroeWell Serv., Inc., 80 B.R.324, 334-35 (Bankr. E. D. Pa. 1987).BB&T added that the failure to provide for payment of BB&T'sunsecured claim while providing for payment of other unsecuredcreditors' claims violates 11 U.S.C. Section 1123(a)(4). Amended PlanThe Amended Plan contemplates the continuation of the Debtors'business, payment in full of Allowed Secured Claims, and a fairdistribution to unsecured creditors, which distribution Debtorbelieve far exceeds the amount unsecured creditors would receivein the event of a Chapter 7 liquidation.Each Holder of an allowed unsecured claim in Class 35 will receiveits Pro rata share of (i) $80,000 on the Effective Date of thePlan; (ii) $600,000, payable in installments of $50,000 each onJuly 1 and November 1 of each calendar year beginning in 2014; and(iii) one-third of any additional recovery from Pilot Flying J.Dan Moore and Judith Moore will retain all of their ownershipinterests in Debtors as consideration for the existing andcontinuing personal guaranties of several of Debtors'obligations. The ownership interests of SJ Strategic InvestmentsLLC and Norene Nichols (or her heirs) in Moore Freight will beterminated upon Confirmation, unless on or before the ConfirmationDate, these remaining equity security holders contribute capitalto Moore Freight in a pro rata amount equal to the total debtguaranteed by Dan Moore and Judith Moore, which amounts will beused to fund payments provided for in the Plan.According to the Amended Disclosure Statement, the Debtors' Cashon hand as of the Petition Date and Cash generated from theoperation of business after the Petition Date will be sufficientto make all payments due on the Effective Date. Cash generatedfrom the operation of business after the Effective Date, afterservice of Exit Financing, will generate sufficient cash flow tomake all payments due under the Plan.A copy of the Amended Disclosure Statement is available at: http://bankrupt.com/misc/moorefreight.doc794.pdf About Moore Freight Service and G.R.E.A.T. LogisticsMoore Freight Service, Inc. and G.R.E.A.T. Logistics Inc. soughtChapter 11 protection (Bankr. M.D. Tenn. Case Nos. 12-08921 and12-08923) in Nashville on Sept. 28, 2012. Moore Freight is afreight service company specializing in flat gas transportation.Founded in 2001, Moore is the largest commercial flat glasslogistics firm in the U.S. It operates in the U.S., Canada andMexico. GLI does not have any operations other than the limited,occasional freight brokerage services currently provided to MooreFreight.Bankruptcy Judge Keith M. Lundin oversees the cases. Attorneys atHarwell Howard Hyne Gabbert & Manner, P.C., serve as counsel. LTCAdvisory Services LLC serves as the Debtor's financial advisors.Moore Freight estimated assets and debts of $10 million to $50million. CEO Dan R. Moore signed the petitions.Counsel for the Debtor's pre-bankruptcy and DIP lender, MarquetteTransportation Finance, Inc., are Linda W. Knight, Esq., atGullett, Sanford, Robinson & Martin, PLLC; and Thomas J. Lallier,Esq., at Foley & Mansfield PLLP.On Sept. 17, 2013, the Court approved Moore Freight Service, Inc.,et al.'s Amended Disclosure Statement describing the Debtors'Amended Plan of Reorganization dated Sept. 16, 2013.The Amended Plan contemplates the continuation of the Debtors'business, payment in full of Allowed Secured Claims, and a fairdistribution to unsecured creditors, which distribution Debtorbelieve far exceeds the amount unsecured creditors would receivein the event of a Chapter 7 liquidation.MOORE FREIGHT: Plan Confirmation Hearing Continued Until Nov. 19----------------------------------------------------------------The Hon. Keith M. Lundin of the U.S. Bankruptcy Court for theMiddle District of Tennessee approved an expedited agreed orderregarding the motion to stay proceedings on confirmation of MooreFreight Service, Inc., et al.'s Amended Plan of Reorganizationdated Sept. 16, 2013.The Debtors and the U.S. Trustee requested that the Court stayproceedings on confirmation of the Plan. Pursuant to theagreement, among other things: 1. the time for the U.S. Trustee to object to confirmation of the Amended Joint Plan of Reorganization was extended to and including Nov. 8; 2. the hearing on confirmation of the Amended Plan is continued to and reset for Nov. 19, at 10 a.m. in Courtroom Two, Customs House, 701 Broadway, Nashville, Tennessee, without prejudice for either Debtors or the United States to seek further continuance. About Moore Freight Service and G.R.E.A.T. LogisticsMoore Freight Service, Inc. and G.R.E.A.T. Logistics Inc. soughtChapter 11 protection (Bankr. M.D. Tenn. Case Nos. 12-08921 and12-08923) in Nashville on Sept. 28, 2012. Moore Freight is afreight service company specializing in flat gas transportation.Founded in 2001, Moore is the largest commercial flat glasslogistics firm in the U.S. It operates in the U.S., Canada andMexico. GLI does not have any operations other than the limited,occasional freight brokerage services currently provided to MooreFreight.Bankruptcy Judge Keith M. Lundin oversees the cases. Attorneys atHarwell Howard Hyne Gabbert & Manner, P.C., serve as counsel. LTCAdvisory Services LLC serves as the Debtor's financial advisors.Moore Freight estimated assets and debts of $10 million to $50million. CEO Dan R. Moore signed the petitions.Counsel for the Debtor's pre-bankruptcy and DIP lender, MarquetteTransportation Finance, Inc., are Linda W. Knight, Esq., atGullett, Sanford, Robinson & Martin, PLLC; and Thomas J. Lallier,Esq., at Foley & Mansfield PLLP.On Sept. 17, 2013, the Court approved Moore Freight Service, Inc.,et al.'s Amended Disclosure Statement describing the Debtors'Amended Plan of Reorganization dated Sept. 16, 2013.The Amended Plan contemplates the continuation of the Debtors'business, payment in full of Allowed Secured Claims, and a fairdistribution to unsecured creditors, which distribution Debtorbelieve far exceeds the amount unsecured creditors would receivein the event of a Chapter 7 liquidation.MORGANS HOTEL: Incurs $10.3 Million Net Loss in Third Quarter-------------------------------------------------------------Morgans Hotel Group Co. reported a net loss of $10.32 million on$58.26 million of total revenues for the three months endedSept. 30, 2013, as compared with a net loss of $15.95 million on$44.03 million of total revenues for the same period during theprior year.For the nine months ended Sept. 30, 2013, the Company reported anet loss of $38.05 million on $171.62 million of total revenues ascompared with a net loss of $43.96 million on $135.12 million oftotal revenues for the same period last year.As of Sept. 30, 2013, the Company had $572.83 million in totalassets, $745.70 million in total liabilities, $6.31 million inredeemable noncontrolling interest, and a $179.18 million totalstockholders' deficit.At Sept. 30, 2013, MHG had approximately $7.6 million in cash andcash equivalents and $55 million available under its revolvingcredit facility. As of Sept. 30, 2013, total restricted cash heldpursuant to certain debt and lease requirements was $20.6 million.A copy of the press release is available for free at: http://is.gd/d0ZJuw About Morgans Hotel GroupBased in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --http://www.morganshotelgroup.com/-- is widely credited as the creator of the first "boutique" hotel and a continuing leader ofthe hotel industry's boutique sector. Morgans Hotel Groupoperates and owns, or has an ownership interest in, Morgans,Royalton and Hudson in New York, Delano and Shore Club in SouthBeach, Mondrian in Los Angeles and South Beach, Clift in SanFrancisco, Ames in Boston, and Sanderson and St Martins Lane inLondon. Morgans Hotel Group and an equity partner also own theHard Rock Hotel & Casino in Las Vegas and related assets. MorgansHotel Group also manages hotels in Isla Verde, Puerto Rico andPlaya del Carmen, Mexico. Morgans Hotel Group has other propertytransactions in various stages of completion, including projectsin SoHo, New York and Palm Springs, California.The Company incurred a net loss attributable to commonstockholders of $66.81 million in 2012, a net loss attributable tocommon stockholders of $95.34 million in 2011, and a net lossattributable to common stockholders of $89.96 million in 2010.MSI CORP: Negotiates Cash Collateral Access Thru Nov. 15--------------------------------------------------------MSI Corporation entered into a stipulation with First CommonwealthBank and The "M" Line Railroad Company for an extension of itsaccess to cash collateral through Nov. 15, 2013 pursuant to aprepared budget.The Budget includes a line item for Payroll, which includespayments to be made to Albert's Capital Services, LLC.The Debtor is to make a monthly interest payment and monthlyprincipal payment on its secured debt by Nov. 12, 2013.First Commonwealth Bank is represented by: McGRATH McCALL, P.C. Roger P. Poorman, Esq. Justin L. McCall, Esq. Three Gateway Center, Suite 1375 401 Liberty Avenue Pittsburgh, Pennsylvania, 15222 Tel No: (412) 281-4333 Fax No: (412) 281-2141 E-mail: email@example.com email@example.com About MSI Corp.MSI Corporation filed a bare-bones Chapter 11 petition (Bankr.W.D. Pa. Case No. 13-22457) in Pittsburgh on June 7, 2013. JudgeJeffery A. Deller presides over the case. The Vandergrift,Pennsylvania-based company estimated at least $10 million inassets and less than $10 million in liabilities.Albert's Capital Services, LLC, is the Debtor's chiefrestructuring officer. Michael J. Roeschenthaler, Esq., and ScottE. Schuster, Esq., at McGuireWoods LLP, in Pittsburgh, serve asthe Debtor's counsel. Geary & Loperfito, LLC serves as specialcounsel.No unsecured creditors was formed because no one responded to theU.S. Trustee's communication for service on the committee.MT. LAUREL LODGING: Secured Creditor Objects to Cash Use--------------------------------------------------------The National Republic Bank of Chicago, a secured creditor of Mt.Laurel Lodging Associates, LLP, objects to the Debtor's proposeduse of the cash collateral securing its prepetition indebtedness.In papers filed with the U.S. Bankruptcy Court for the SouthernDistrict of Indiana, NRB states, "The Debtor is engaging in arisky game of chicken and expects the Bank to blink first. TheDebtor is one of seven related debtors who filed Chapter 11petitions to stop foreclosures and non-judicial sales of sevenhotels located in five states, all securing loans to a single bankwith outstanding balances of about $121 million. Since the loanswere all coming due in October 2013, the debtors needed to find away to force the Bank to either extend the maturity date of theloans or provide the debtors with a large discount. Uponinformation and belief, hoping that such a large portfolio ofdefaulted loans would cause severe financial problems for theBank, the debtors caused the loans to go into default in July2013, several months before they came due. However, the Bank didnot succumb to this strategy and chose to enforce its contractualand legal rights.NRB further complains that the Debtor has failed to offer the Bankany adequate protection in the form of a replacement lien onunencumbered assets or to prove that the Bank is protected by anequity cushion in the hotel. Because of this, the Debtor may notuse the hotel revenues to fund its case unless the Debtor makesadequate protection payments to the Bank and provides detailedfinancial reporting on a weekly basis, NRB asserts. About Mt. Laurel LodgingMt. Laurel Lodging Associates, LLP, and its six affiliates soughtprotection under Chapter 11 of the Bankruptcy Code on Nov. 4, 2013(Case No. 13-bk-11697, Bankr. S.D. Ind.). The case is assigned toJudge Robyn L. Moberly. The petition lists the assets and debt asboth exceeding $10 million on the Mount Laurel property.The Debtors are represented by Brian A Audette, Esq., and David MNeff, Esq., at PERKINS COIE LLP, in Chicago, Illinois; and AndrewT. Kight, Esq., and Michael P. O'Neil, Esq., at TAFT STETTINIUS &HOLLISTER LLP, in Indianapolis, Indiana.The National Republic Bank of Chicago, a secured creditor, isrepresented by James E. Carlberg, Esq. -- firstname.lastname@example.com --and James P. Moloy, Esq. -- firstname.lastname@example.com -- at Bose McKinney& Evans LLP, in Indianapolis, Indiana; and Timothy P. Duggan, Esq.-- email@example.com -- at Stark & Stark, P.C., inLawrenceville, New Jersey.MT. LAUREL LODGING: Employs Perkins Coie as Bankruptcy Counsel--------------------------------------------------------------Mt. Laurel Lodging Associates, LLP, seeks authority from the U.S.Bankruptcy Court for the Southern District of Indiana,Indianapolis Division, to employ Perkins Coie LLP as itsbankruptcy counsel.Perkins Coie will be paid the following hourly rates: $270 to$1,040 per hour for its partners, $185 to $720 for its associates,and from $110 to $485 for paralegals.The following attorneys and paralegal are presently expected tohave responsibility for providing services to the Debtor: David M. Neff, Esq. -- email@example.com $695 Brian A. Audette, Esq. -- email@example.com $550 David J. Gold, Esq. -- email@example.com $420 Nancy Y. Saldinger, Paralegal $205The firm will be reimbursed for any necessary out-of-pocketexpenses.Mr. Neff, a partner at the law firm of Perkins Coie LLP, assuresthe Court that his firm is a "disinterested person" as the term isdefined in Section 101(14) of the Bankruptcy Code and does notrepresent any interest adverse to the Debtors and their estates.Prior to the Petition Date, the Debtor paid Perkins Coie anadvance payment retainer in the amount of $106,250 plus the filingfee of $1,213. Prior to the Petition Date, the Debtor paidPerkins $43,571 for restructuring advice and work in connectionwith the Chapter 11 case. About Mt. Laurel LodgingMt. Laurel Lodging Associates, LLP, and its six affiliates soughtprotection under Chapter 11 of the Bankruptcy Code on Nov. 4, 2013(Case No. 13-bk-11697, Bankr. S.D. Ind.). The case is assigned toJudge Robyn L. Moberly. The petition lists the assets and debt asboth exceeding $10 million on the Mount Laurel property.The Debtors are represented by Brian A Audette, Esq., and David MNeff, Esq., at PERKINS COIE LLP, in Chicago, Illinois; and AndrewT. Kight, Esq., and Michael P. O'Neil, Esq., at TAFT STETTINIUS &HOLLISTER LLP, in Indianapolis, Indiana.The National Republic Bank of Chicago, a secured creditor, isrepresented by James E. Carlberg, Esq. -- email@example.com --and James P. Moloy, Esq. -- email@example.com -- at Bose McKinney& Evans LLP, in Indianapolis, Indiana; and Timothy P. Duggan, Esq.-- firstname.lastname@example.com -- at Stark & Stark, P.C., inLawrenceville, New Jersey.MT. LAUREL LODGING: Hires Taft Stettinius as Co-Counsel-------------------------------------------------------Mt. Laurel Lodging Associates, LLP, seeks authority from the U.S.Bankruptcy Court for the Southern District of Indiana,Indianapolis Division, to employ Taft Stettinius & Hollister LLPas bankruptcy co-counsel.Taft professionals who are expected to take primary roles inproviding services to the Debtor will be paid the following hourlyrates: Michael P. O'Neil, Esq. -- firstname.lastname@example.com $495 Jeffrey J. Graham, Esq. -- email@example.com $395 John R. Humphrey, Esq. -- firstname.lastname@example.com $395 Andrew T. Kight, Esq. -- email@example.com $390 Erin C. Nave, Esq. -- email@example.com $250 Celeste A. Brodnik, Paralegal $245 Shawn D. Lantz, ECF Filing Clerk $190The firm will be reimbursed for any necessary out-of-pocketexpenses.Mr. O'Neil, a partner at Taft Stettinius & Hollister LLP, assuresthe Court that his firm is a "disinterested person" as the term isdefined in Section 101(14) of the Bankruptcy Code and does notrepresent any interest adverse to the Debtors and their estates.Prior to the Petition Date, the Debtor paid Taft an advancepayment retainer in the amount of $25,000. Prior to PetitionDate, $705 in prepetition services provided by Taft to the Debtorwere billed and applied, and the remaining balance of $24,295remains in Taft's trust account. About Mt. Laurel LodgingMt. Laurel Lodging Associates, LLP, and its six affiliates soughtprotection under Chapter 11 of the Bankruptcy Code on Nov. 4, 2013(Case No. 13-bk-11697, Bankr. S.D. Ind.). The case is assigned toJudge Robyn L. Moberly. The petition lists the assets and debt asboth exceeding $10 million on the Mount Laurel property.The Debtors are represented by Brian A Audette, Esq., and David MNeff, Esq., at PERKINS COIE LLP, in Chicago, Illinois; and AndrewT. Kight, Esq., and Michael P. O'Neil, Esq., at TAFT STETTINIUS &HOLLISTER LLP, in Indianapolis, Indiana.The National Republic Bank of Chicago, a secured creditor, isrepresented by James E. Carlberg, Esq. -- email@example.com --and James P. Moloy, Esq. -- firstname.lastname@example.com -- at Bose McKinney& Evans LLP, in Indianapolis, Indiana; and Timothy P. Duggan, Esq.-- email@example.com -- at Stark & Stark, P.C., inLawrenceville, New Jersey.MT. LAUREL LODGING: Sues NRB for Conversion of Property-------------------------------------------------------Mt. Laurel Lodging Associates, LLP, filed an adversary proceedingagainst The National Republic Bank of Chicago for conversionof property, alleging that the bank, which is a prepetition lenderof the Debtor, knowingly and intentionally exerted control over$143,146 of the Debtor's unallocated and undisbursed loan proceedsand used and applied those loan proceeds to pay loans extended bythe bank to non-debtor third parties.According to David M. Neff, Esq., at Perkins Coie LLP, in Chicago,Illinois, the Debtor did not obtain any benefit from NRB's use ofthe Undisbursed Loan Proceeds to pay the third party loans. Infact, Mr. Neff says, the Debtor was damaged by NRB's use of theUndisbursed Loan Proceeds because the outstanding balance of theDebtor's Loan was increased by the amount of the Undisbursed LoanProceeds, thereby also increasing interest owed to NRB.Mr. Neff relates that prior to the Petition Date, the Debtor madewritten demands to NRB for the return of the Undisbursed LoanProceeds to Debtor but the Debtor never received a response tothose demands. About Mt. Laurel LodgingMt. Laurel Lodging Associates, LLP, and its six affiliates soughtprotection under Chapter 11 of the Bankruptcy Code on Nov. 4, 2013(Case No. 13-bk-11697, Bankr. S.D. Ind.). The case is assigned toJudge Robyn L. Moberly. The petition lists the assets and debt asboth exceeding $10 million on the Mount Laurel property.The Debtors are represented by Brian A Audette, Esq., and David MNeff, Esq., at PERKINS COIE LLP, in Chicago, Illinois; and AndrewT. Kight, Esq., and Michael P. O'Neil, Esq., at TAFT STETTINIUS &HOLLISTER LLP, in Indianapolis, Indiana.The National Republic Bank of Chicago, a secured creditor, isrepresented by James E. Carlberg, Esq. -- email@example.com --and James P. Moloy, Esq. -- firstname.lastname@example.com -- at Bose McKinney& Evans LLP, in Indianapolis, Indiana; and Timothy P. Duggan, Esq.-- email@example.com -- at Stark & Stark, P.C., inLawrenceville, New Jersey.NEWLEAD HOLDINGS: Issues Add'l 20 Million Shares to Hanover-----------------------------------------------------------NewLead Holdings Ltd. issued and delivered to Hanover 20,000,000(1,333,334 shares on a post-split basis) additional settlementshares pursuant to the terms of the Settlement Agreement approvedby the Supreme Court of the State of New York, County of New York,on July 9, 2013, in the matter entitled Hanover Holdings I, LLC v.NewLead Holdings Ltd., Case No. 155723/2013.Hanover commenced the Action against the Company on June 21, 2013,to recover an aggregate of $7,205,547 of past-due accounts payableof the Company, plus fees and costs. The Settlement Agreementbecame effective and binding upon the Company and Hanover uponexecution of the Order by the Court on July 9, 2013.Pursuant to the terms of the Settlement Agreement approved by theOrder, on July 10, 2013, the Company issued and delivered toHanover 61,000,000 shares (4,066,667 shares on a post-split basis)of the Company's common stock, $0.01 par value.As of Nov. 5, 2013, there were approximately 47.6 million sharesof Common Stock outstanding.A copy of the Form 6-K is available for free at: http://is.gd/yFBlaB About NewLead Holdings Ltd.NewLead Holdings Ltd. -- http://www.newleadholdings.com/-- is an international, vertically integrated shipping company that ownsand manages product tankers and dry bulk vessels. NewLeadcurrently controls 22 vessels, including six double-hull producttankers and 16 dry bulk vessels of which two are newbuildings. NewLead's common shares are traded under the symbol "NEWL" on theNASDAQ Global Select Market.Newlead Holdings Ltd. filed with the U.S. Securities and ExchangeCommission its annual report on Form 20-F disclosing a net loss of$403.92 million on $8.92 million of operating revenues for theyear ended Dec. 31, 2012, as compared with a net loss of $290.39million on $12.22 million of operating revenues for the year endedDec. 31, 2011. The Company incurred a net loss of $86.34 millionon $17.43 million of operating revenues in 2010.As of Dec. 31, 2012, Newlead Holdings had $61.79 million in totalassets, $177.42 million in total liabilities and a $115.62 milliontotal shareholders' deficit. Going Concern DoubtPricewaterhouseCoopers S.A., in Athens, Greece, issued a "goingconcern" qualification on the consolidated financial statementsfor the year ended Dec. 31, 2012. The independent auditors notedthat the Company has incurred a net loss, has negative cash flowsfrom operations, negative working capital, an accumulated deficitand has defaulted under its credit facility agreements resultingin all of its debt being reclassified to current liabilities, allof which raise substantial doubt about its ability to continue asa going concern.NEWLEAD HOLDINGS: Hires EisnerAmper as New Accountants------------------------------------------------------The engagement between NewLead Holdings Ltd. andPricewaterhouseCoopers Auditing Company S.A., the Company'sindependent registered public accounting firm, expired uponissuance of an audit opinion for the fiscal year ended Dec. 31,2012. The Company dismissed PWC at the end of the engagement anddecided to engage a new accounting firm as the Company'scertifying accountant.PwC audited the Company's financial statements for the periodended Dec. 31, 2005, to the period ended Dec. 31, 2012.PwC's reports on the Company's consolidated financial statementsfor the fiscal years ended Dec. 31, 2011, and 2012 did not containan adverse opinion or disclaimer of opinion, nor were theyqualified or modified as to uncertainty, audit scope, oraccounting principle, except that the reports of PwC on theCompany's financial statements for fiscal years 2011 and 2012contained an explanatory paragraph, which noted that there wassubstantial doubt about the Company's ability to continue as agoing concern.The dismissal was not a result of any disagreement with theaccounting firm.On Sept. 4, 2013, the Company engaged EisnerAmper LLP as its newindependent registered public accounting firm. The decision toengage EisnerAmper was approved by the Company's board ofdirectors.A copy of the Form 6-K is available for free at: http://is.gd/4VHI9t About NewLead Holdings Ltd.NewLead Holdings Ltd. -- http://www.newleadholdings.com/-- is an international, vertically integrated shipping company that ownsand manages product tankers and dry bulk vessels. NewLeadcurrently controls 22 vessels, including six double-hull producttankers and 16 dry bulk vessels of which two are newbuildings. NewLead's common shares are traded under the symbol "NEWL" on theNASDAQ Global Select Market.Newlead Holdings Ltd. filed with the U.S. Securities and ExchangeCommission its annual report on Form 20-F disclosing a net loss of$403.92 million on $8.92 million of operating revenues for theyear ended Dec. 31, 2012, as compared with a net loss of $290.39million on $12.22 million of operating revenues for the year endedDec. 31, 2011. The Company incurred a net loss of $86.34 millionon $17.43 million of operating revenues in 2010.As of Dec. 31, 2012, Newlead Holdings had $61.79 million in totalassets, $177.42 million in total liabilities and a $115.62 milliontotal shareholders' deficit. Going Concern DoubtPricewaterhouseCoopers S.A., in Athens, Greece, issued a "goingconcern" qualification on the consolidated financial statementsfor the year ended Dec. 31, 2012. The independent auditors notedthat the Company has incurred a net loss, has negative cash flowsfrom operations, negative working capital, an accumulated deficitand has defaulted under its credit facility agreements resultingin all of its debt being reclassified to current liabilities, allof which raise substantial doubt about its ability to continue asa going concern.NEW CENTURY TRS: Mirror Image of 'Stern' Gives Judge Final Power----------------------------------------------------------------Bill Rochelle, the bankruptcy columnist for Bloomberg News,reports that presented with a case the obverse of Stern v.Marshall, the U.S. Court of Appeals in Philadelphia concluded thata bankruptcy judge has the right to enter final judgment on afraud claim brought by a creditor regarding the bankrupt's conductduring bankruptcy.According to the report, a homeowner filed a claim and a lawsuitin the Chapter 11 reorganization of a mortgage lender allegingfraud. The suit ended in a settlement giving the homeowner$60,000.Later, the homeowner sought to reopen the dismissed lawsuit,alleging she was fraudulently induced into the settlement. Thebankruptcy judge dismissed the fraudulent-inducement claim and thedistrict court affirmed.On appeal in Philadelphia, the homeowner pointed to U.S. SupremeCourt's opinion in Stern v. Marshall and argued that thebankruptcy judge had no power to make a final judgment on thefraudulent inducement claim.In an unsigned opinion, the appeals court rejected that argument,noting that Stern involved a bankrupt who made an unrelated fraudclaim against a creditor.Because the homeowner made the original claim, the laterfraudulent-inducement claim was "irreversibly intertwined" withthe original settlement, thus giving the bankruptcy court fullpower.The opinion won't be officially published, Mr. Rochelle said.The case is Carr v. New Century TRS Holdings Inc. (In re NewCentury TRS Holdings Inc.), 13-2220, U.S. Court of Appeals for theThird Circuit (Philadelphia).NEW YORK CITY OPERA: Sets and Costumes Hit the Auction Block------------------------------------------------------------Stephanie Gleason, writing for The Wall Street Journal, reportedthat New York City Opera is setting the stage to begin selling itsmany sets, props and costumes, according to court documents.According to the report, wigs, footwear, headwear, stage curtains,furniture, prop fabric, even 60 musical instruments, are all to besold at auction by liquidators, pending court approval. City Operasaid none of the goods are individually worth more than $15,000.Prior to filing for bankruptcy, City Opera held an auction for2,000 items, including props, sets and audio/video equipment,raising $500,000, the report related. In the past, similar assetshave found some pretty interesting homes.Orlando Opera Co. filed for Chapter 7 bankruptcy in 2009 after itran out of cash, the report said. A Universal Studios unitstepped in to purchase an $1,800 lot of the props. They wereeventually used to decorate Universal's Harry Potter-themed park. About New York City OperaNew York City Opera, Inc., sought Chapter 11 bankruptcy protectionon Oct. 3 (Bankr. S.D.N.Y. Case No. 13-13240), listing between$1 million and $10 million in both assets and debts.The petition was signed by George Steel, general manager andartistic director. Kenneth A. Rosen, Esq., at Lowenstein SandlerLLP, serves as the opera's counsel. Ewenstein Young & Roth LLPserves as special counsel.NGL ENERGY: $890MM Assets Deal No Effect on Fitch's 'BB' IDR------------------------------------------------------------Fitch Ratings does not expect to change NGL Energy Partners LP's'BB' Issuer Default Rating or 'BB-' senior unsecured ratingfollowing the company's announcement that it will acquire $890million of crude midstream assets. The Rating Outlook is Stable.NGL plans to acquire Gavilon, LLC whose assets are crude oilstorage, terminal and pipeline assets as well as crude oilmarketing and supply. Fitch believes the Gavilon assets willcomplement NGL's existing footprint as they should enable thecompany to expand its geographic diversity and optimize itscombined asset base. The transaction is expected to close by year-end 2013.To fund the transaction, NGL plans to issue $240 million through aprivate investment in public equity (PIPE) and the remaining $650million will come from credit facility borrowings. The company hasindicated it does not plan to issue additional equity for theacquisition. This follows equity issuances with combined netproceeds of $416 million in July and September 2013.The 'BB' rating is supported by NGL's strategy to operate with lowleverage, its strong distribution coverage, and diverse operationswhich are located throughout the U.S. Since NGL has significantsenior secured debt ahead of the senior unsecured debt, it isnotched down to 'BB-'.Concerns include NGL's lack of operating history and growththrough multiple acquisitions over a short period of time. Thepending acquisition has execution risk and there is also risk thatthe assets to be acquired will not generate expected EBITDA andcash flows. Fitch believes that acquisitions will continue to besignificant for NGL as it seeks to expand its operations andincrease distributions paid to unitholders. Other concerns includelow EBITDA margins that should expand as the company seeks to growhigher margin businesses, and the weather-linked volatilityassociated with the company's retail propane business.Leverage as defined by Fitch as total debt to adjusted EBITDA was4.2x as of June 30, 2013, unchanged from the end of FY2013 but asignificant improvement from 6.0x at the end of FY2012. With thepending acquisition, Fitch now forecasts leverage to beapproximately 4.0x at the end of FY2014, which is viewed asappropriate by Fitch for NGL's 'BB' rating.NGL has increased the size of its secured revolving creditfacility to $1.67 billion from $1.05 billion. The bank agreementis comprised of two facilities: an $885.5 million working capitalfacility which is restricted by a borrowing base and a $785.5million expansion capital facility. The maturity also beenextended to 2018 from 2017.As of June 30, 2013, the borrowing base did not restrictavailability on the working capital facility. In addition to thebank agreement having this restriction, financial covenants do notallow leverage (as defined by the bank agreement) to exceed 4.25x.With permitted acquisitions, this temporarily increases to 4.5x.As of June 30, 2013 the bank-defined leverage ratio wasapproximately 3.0x. Interest coverage must exceed 2.75x and it wasapproximately 7.0x at June 30, 2013. The bank agreement allowsworking capital borrowings and letters of credit to be excludedfrom the leverage calculation and NGL gets pro forma EBITDA creditfor acquisitions, which is typical for master limited partnership(MLP) bank agreements.The company maintains a high distribution coverage ratio (DCR)which it targets to be in the range of 1.5-2.0x. Fitch forecastsDCR to be approximately 1.6x at the end of FY14, which remainsvery strong.NGL's assets are diverse and are comprised of crude logistics (32%of FY2013 EBITDA excluding G&A), water treatment and processing(17%), NGL logistics (21%), and retail propane (30%). Furthermore,its assets are located throughout the U.S. Recent acquisitionsincluding the pending crude oil midstream assets have been in thewater treatment and crude logistics segment. These are highermargin segments which should improve NGL's overall EBITDA marginsgoing forward.NIRVANIX INC: U.S. Trustee Appoints 3-Member Committee------------------------------------------------------Roberta A. DeAngelis, the U.S. Trustee for Region 3, named athree-member Official Committee of Unsecured Creditors inconnection with the Chapter 11 case of Nirvanix Inc. ahead of thescheduled auction of the Debtor's assets.The Committee members are: 1. By Appointment Only, Inc. Attn: Greg Hunt 100 Brickstone Square, Suite 501 Andover, MA 01810 Tel: 978-763-7500 Fax: 978-763-7520 2. Independent Consulting Services Attn: Carlos Soares 120 West Bellevue Ave. San Mateo, CA 94402 Tel: 650-281-8707 3. Rebit, Inc. Attn: Cheryl Szydlo 2420 Trade Centre Ave. Longmont, CO 80503 Tel: 720-204-2238 Fax: 303-776-6188Jane M. Leamy, Esq., appeared on behalf of T. Patrick Tinker, theAssistant U.S. Trustee.The Bankruptcy Court last month approved bidding procedures togovern the sale of substantially all of the Debtor's assets. TheDebtors scheduled a Nov. 15, 2013 auction for the assets at theoffices of Cooley LLP, 101 California Street, 5th Floor, SanFrancisco, California. The Court will consider approval of thesale at a hearing on Nov. 19, at 12:00 p.m. Objections, if any,were due Nov. 12, at 4:00 p.m. About Nirvanix, Inc.Cloud storage company Nirvanix, Inc., based in San Diego,California, sought protection under Chapter 11 of the BankruptcyCode on Oct. 1, 2013 (Case No. 13-12595, Bankr. D.Del.). The caseis assigned to Judge Brendan Linehan Shannon.The Debtor is represented by Norman L. Pernick, Esq., Marion M.Quirk, Esq., and Patrick J. Reilley, Esq., at Cole, Schotz,Meisel, Forman & Leonard, PA. Cooley LLP serves as the Debtor'sspecial corporate counsel. Arch & Beam Global LLC serves as theDebtor's financial advisor. Epiq Systems Inc. is the Debtor'sclaims and noticing agent.The Debtor disclosed estimated assets of $10 million to $50million and estimated debts of $10 million to $50 million.The petition was signed by Debra Chrapaty, CEO.NIRVANIX INC: To Sell IP, Other Assets at Friday's Auction----------------------------------------------------------Nirvanix Inc. will proceed with Friday's auction (Nov. 15) at theoffices of Cooley LLP, its bankruptcy counsel, located at 101California Street, 5th Floor, San Francisco, California.The Court will consider approval of the sale to Novak or thewinning bidder at a hearing on Nov. 19, at 12:00 p.m. Objections,if any, were due Nov. 12, at 4:00 p.m.The Court last month approved bidding procedures to govern theasset sale. The Debtor's assets will be sold in two lots. Itinitially sought to sell the entire business but failed to file abuyer.The Debtor has struck an asset purchase agreement dated Oct. 10with Acme Acquisition LLC, which will acquire the Debtor'sintellectual property assets. TriplePoint Capital LLC and KhoslaVentures IV LP will serve as guarantor.Excluded from the sale to Acme are the accounts receivables, cash,permits, certain contracts, interest in real property, claims andcauses of action under Chapter 5 of the Bankruptcy Code, certainpersonal property, and rights to the name "Nirvanix".Acme has offered to pay $2.8 million in cash, without interest,and assumed certain of the Debtor's liabilities. In the event,the Debtor sells the IP assets to another buyer with a higheroffer, the Debtor will pay Acme a $150,000 breakup fee andreimburse Acme's expenses not to exceed the lesser of $150,000 andits reasonable out-of-pocket documented expenses.Acme is represented in the deal by: Keith Flaum, Esq. WEIL GOTSHAL & MANGES LLP 201 Redwood Shores Parkway Redwood Shores, CA 94065 Fax: 650-802-3100 E-mail: firstname.lastname@example.com - and - Gary T. Holtzer, Esq. WEIL GOTSHAL & MANGES LLP 767 Fifth Avenue New York, NY 10153 Fax: 212-310-8007 E-mail: email@example.com - and - Mark D. Collins, Esq. RICHARDS LAYTON & FINGER 920 North King Street Wilmington, DE 19801 Fax: 212-310-8007Khosla and TriplePoint may be reached at: Khosla Ventures 2128 Sand Hill Road Menlo Park, CA 94025 Attn: General Counsel Fax: 650-926-9590 E-mail: email@example.com - and - TriplePoint Capital LLC 2755 Sand Hill Road, Suite 150 Menlo Park, CA 94025 Attn: Legal Dept. Fax: 650-854-1850 E-mail: email@example.com guarantors' counsel is: Gary Rosenbaum, Esq. McDERMOTT WILL & EMERY LLP 2049 Century Park East, Suite 3800 Los Angeles, CA 90067 Fax: 310-317-7268 E-mail: firstname.lastname@example.com About Nirvanix, Inc.Cloud storage company Nirvanix, Inc., based in San Diego,California, sought protection under Chapter 11 of the BankruptcyCode on Oct. 1, 2013 (Case No. 13-12595, Bankr. D.Del.). The caseis assigned to Judge Brendan Linehan Shannon.The Debtor is represented by Norman L. Pernick, Esq., Marion M.Quirk, Esq., and Patrick J. Reilley, Esq., at Cole, Schotz,Meisel, Forman & Leonard, PA. Cooley LLP serves as the Debtor'sspecial corporate counsel. Arch & Beam Global LLC serves as theDebtor's financial advisor. Epiq Systems Inc. is the Debtor'sclaims and noticing agent.The Debtor disclosed estimated assets of $10 million to $50million and estimated debts of $10 million to $50 million.The petition was signed by Debra Chrapaty, CEO.NIRVANIX INC: Gets Final Okay to Incur DIP Loan From Lenders------------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware, in a finalorder, authorized Nirvanix, Inc., to (i) obtain postpetitionsecured financing from its prepetition lenders; and (ii) use cashcollateral until Nov. 30, 2013.As reported in the Troubled Company Reporter on Oct. 15, 2013, theDIP Facility consists of a postpetition multi-draw term loanfacility in an aggregate amount, before giving effect to a "rollup, in an interim amount up to $1.1 million and thereafter in anamount to be agreed upon by the Khosla Ventures IV, LP, KhoslaVentures IV (CF), LP, and TriplePoint Capital, LLC, as DIPLenders, in their sole discretion. The initial maximum commitmentfor each of the DIP Lenders will be $900,000 for KV and $200,000for TriplePoint. The DIP Lenders, according to court documents,have not agreed to any funding beyond the week ending Oct. 26,2013, or to any funding in excess of $1.1 million.The DIP Loans will accrue at 9% per annum, with the interestpayable monthly in arrears on the monthly anniversary of thePetition Date, computed based on a 360 day year. At all timeswhile a default exists, principal, interest and other amount willbear interest at a rate per annum equal to 2% in excess of the 9%per annum interest rate.To secure the DIP Loan Obligations, the DIP Lenders are grantedvalid and perfected first priority liens and security interests,subject only to permitted liens and the carve out. The DIPLenders will also be granted superpriority administrative expenseclaim for all DIP Loan Obligations.Carve-out means (i) fees payable to the U.S. Trustee, (ii) unpaidprofessional fees and expenses payable to each professionalretained by the Debtor and any official committee of unsecuredcreditors, and (iii) case administration fees and professionalfees incurred on or after the date of the occurrence of atermination date in an aggregate amount not to exceed $25,000.Nirvanix scheduled a Nov. 15, 2013 auction for its assets to beheld at the Offices of Cooley LLP, 101 California Street, 5thFloor, San Francisco, California. The Court will consider thesale of the assets to Novak or the winning bidder at a hearing onNov. 19, at 12:00 p.m. Objections, if any, are due Nov. 12, at4:00 p.m. About Nirvanix, Inc.Cloud storage company Nirvanix, Inc., based in San Diego,California, sought protection under Chapter 11 of the BankruptcyCode on Oct. 1, 2013 (Case No. 13-12595, Bankr. D.Del.). The caseis assigned to Judge Brendan Linehan Shannon.The Debtor is represented by Norman L. Pernick, Esq., Marion M.Quirk, Esq., and Patrick J. Reilley, Esq., at Cole, Schotz,Meisel, Forman & Leonard, PA. Cooley LLP serves as the Debtor'sspecial corporate counsel. Arch & Beam Global LLC serves as theDebtor's financial advisor. Epiq Systems Inc. is the Debtor'sclaims and noticing agent.The Debtor disclosed estimated assets of $10 million to$50 million and estimated debts of $10 million to $50 million.The petition was signed by Debra Chrapaty, CEO.NIRVANIX INC: Wants Incentive Plan for HR Executive---------------------------------------------------Nirvanix, Inc., asks the U.S. Bankruptcy Court for the District ofDelaware to (i) approve the implementation of a managementincentive plan; and (ii) authorize payments thereunder.The Debtor intends to sell substantially all of its assetspursuant to a Court-approved auction and sale process. In thisrelation, the work and effort of Catherine Clark, the Debtor'svice president of Legal and Human Resources, is critical to thesale and the management of the Debtor's chapter 11 case. Ms.Clark is one of two remaining officers of the Debtor and is theofficer with the longest tenure and most institutional knowledgeregarding the Debtor's business, the latter of which is criticalto the Debtor's sale efforts and efficient management of thechapter 11 case. Ms. Clark's involvement is particularly vital toensuring the Debtor's satisfaction of the rigorous closingconditions contained in the Lot 1 Stalking Horse Agreement.The incentive plan applies only to Ms. Clark, whose services areabsolutely critical to the successful consummation of the sale.Under the terms of the incentive plan, Ms. Clark will be paid anincentive payment only if she actually meets certain objectivebenchmarks. The maximum amount of incentive payments that Ms.Clark could receive under the Incentive Plan -- if she meets allapplicable performance criteria -- is $21,340.Ms. Clark will also be compensated when she meets the performancegoals. Payments in these amounts will be made under the incentiveplan if the following Performance Goals are met: a. First Tier: Ms. Clark will receive an amount equal to $16,500 if a sale of the Lot 1 Assets is consummated with a purchase price equal to or greater than $2,800,000. b. Second Tier: Ms. Clark will receive an amount equal to $4,840 if a sale of the Lot 2 Assets is consummated with a purchase price equal to or greater than $500,000. About Nirvanix, Inc.Cloud storage company Nirvanix, Inc., based in San Diego,California, sought protection under Chapter 11 of the BankruptcyCode on Oct. 1, 2013 (Case No. 13-12595, Bankr. D.Del.). The caseis assigned to Judge Brendan Linehan Shannon.The Debtor is represented by Norman L. Pernick, Esq., Marion M.Quirk, Esq., and Patrick J. Reilley, Esq., at Cole, Schotz,Meisel, Forman & Leonard, PA. Cooley LLP serves as the Debtor'sspecial corporate counsel. Arch & Beam Global LLC serves as theDebtor's financial advisor. Epiq Systems Inc. is the Debtor'sclaims and noticing agent.The Debtor disclosed estimated assets of $10 million to $50million and estimated debts of $10 million to $50 million.The petition was signed by Debra Chrapaty, CEO.NIRVANIX INC: Court Okays Bonus Plan for Non-Insider Key Employees------------------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware authorizedNirvanix, Inc. to implement the key employee retention plan for11 non-insider key employees.The key employees will be tasked to effectuate the sale ofsubstantially all of the Debtor's assets pursuant to a saleprocess under Section 363 of the Bankruptcy Code.Pursuant to the KERP, the key employees will continue to performtheir duties through their respective termination dates. Inexchange for their continued efforts and pursuant to the terms ofthe KERP, the key employees will be eligible to receive theretention bonus in the total potential aggregate amount of theretention bonuses of $89,000. About Nirvanix, Inc.Cloud storage company Nirvanix, Inc., based in San Diego,California, sought protection under Chapter 11 of the BankruptcyCode on Oct. 1, 2013 (Case No. 13-12595, Bankr. D.Del.). The caseis assigned to Judge Brendan Linehan Shannon.The Debtor is represented by Norman L. Pernick, Esq., Marion M.Quirk, Esq., and Patrick J. Reilley, Esq., at Cole, Schotz,Meisel, Forman & Leonard, PA. Cooley LLP serves as the Debtor'sspecial corporate counsel. Arch & Beam Global LLC serves as theDebtor's financial advisor. Epiq Systems Inc. is the Debtor'sclaims and noticing agent.The Debtor disclosed estimated assets of $10 million to $50million and estimated debts of $10 million to $50 million.The petition was signed by Debra Chrapaty, CEO.NNN 123: Hires Kaye Scholer as Counsel--------------------------------------NNN 123 North Wacker, LLC and NNN 123 North Wacker Member, LLCseek authorization from the Hon. Jack B. Schmetterer of the U.S.Bankruptcy Court for the Northern District of Illinois to employKaye Scholer LLP as counsel, nunc pro tunc to Oct. 4, 2013.The professional services that the Debtors anticipate requestingof Kaye Scholer in connection with these Chapter 11 cases include,but are not limited to, the following: (a) advise the Debtors with respect to a possible restructuring, sale or other disposition of the Debtors' business or assets, in whole or in part; (b) appear and represent the Debtors before this Court, any appellate courts, and in their dealings with the Office of the United States Trustee; and (c) provide such other legal services and advice to the Debtors as may become necessary in connection with these Chapter 11 cases.Kaye Scholer will be paid at these hourly rates: Partners $700-$1,175 Counsel $605-$800 Associates $310-$755 Legal Assistants $95-$340Kaye Scholer will also be reimbursed for reasonable out-of-pocketexpenses incurred.On Oct. 3, 2013, the Debtors paid Kaye Scholer $100,000, which waspayment in full for services rendered by Kaye Scholer prior to thePetition Date. The payment related to services rendered by KayeScholer during the period from Sept. 20, 2013 through the filingof the Debtors' petitions on Oct. 4, 2013. Kaye Scholer was notpaid any additional amounts by the Debtors in the 90 days prior tothe Petition Date.D. Tyler Nurnberg, Esq., partner of Kaye Scholer, assured theCourt that the firm is a "disinterested person" as the term isdefined in Section 101(14) of the Bankruptcy Code and does notrepresent any interest adverse to the Debtors and their estates.The Bankruptcy Court will hold a hearing on the engagementNov. 14, 2013, at 10:30 a.m.Kaye Scholer can be reached at: D. Tyler Nurnberg, Esq. KAYE SCHOLER LLP 70 West Madison, Suite 4200 Chicago, IL 60602 Tel: (312) 583-2313 Fax: (312) 583-2360 E-mail: email@example.com 123 North Wacker, LLC, filed a Chapter 11 petition (Bankr.N.D. Ill. Case No. 13-39210) on Oct. 4, 2013 in Chicago,represented by Andrea Johnson Frost, Esq., at Kaye Scholer LLC, ascounsel. The Debtor estimated $10 million to $50 million inassets and $100 million to $500 million in liabilities.Another entity, NNN 123 North Wacker Member LLC, soughtChapter 11 protection (Case No. 13-39240) on the same day.NNN 3500: Nov. 19 Hearing on Employment of Appraisals Unlimited---------------------------------------------------------------A hearing on NNN 3500 Maple 26 LLC's bid to employ AppraisalsUnlimited as appraiser is set for Nov. 19, 2013 at 2:00 p.m.NNN 3500 Maple 26, LLC, based in Costa Mesa, Calif., filed forChapter 11 bankruptcy (Bankr. C.D. Calif. Case No. 12-23718) onNov. 30, 2012. Judge Scott C. Clarkson presided over the case.In its schedules, the Debtor disclosed $45,563,241 in total assetsand $46,658,593 in total liabilities.On Jan. 23, 2013, the Bankruptcy Court entered an ordertransferring venue of the bankruptcy case to the U.S. BankruptcyCourt for the Northern District of Texas (Case No. 13-30402).Judge Harlin DeWayne Hale presides over the case.Darvy M. Cohan, Esq., with offices at La Jolla, Calif., andMichelle V. Larson, Esq., at Andrews Kurth LLP, in Dallas,represent the Debtor as counsel.NPS PHARMACEUTICALS: Incurs $1.1 Million Net Loss in 3rd Quarter----------------------------------------------------------------NPS Pharmaceuticals, Inc., filed with the U.S. Securities andExchange Commission its quarterly report on Form 10-Q disclosing anet loss of $1.08 million on $39.20 million of total revenues forthe three months ended Sept. 30, 2013, as compared with a net lossof $3.32 million on $27.01 million of total revenues for the sameperiod during the prior year.For the nine months ended Sept. 30, 2013, the Company reported anet loss of $21.27 million on $101.14 million of total revenues ascompared with a net loss of $6.53 million on $103.46 million oftotal revenues for the same period a year ago.The Company's balance sheet at Sept. 30, 2013, showed $277.01million in total assets, $185.18 million in total liabilities and$91.83 million in total stockholders' equity."We are excited by the continued success of the Gattex launch inthe U.S.," said Francois Nader, MD, president and chief executiveofficer of NPS Pharmaceuticals. "We are seeing strong demand andsales have exceeded our expectations so far with 235 patients nowon Gattex. We are also pleased to raise our full-year net salesguidance to $28 to $32 million given the favorable results andtrends we have seen so far. In addition, recent progress includesdata from STEPS 2, which showed that patients can continue toachieve clinically meaningful reductions in parenteral supportrequirements or even complete independence with Gattex treatmentbeyond one year. With respect to our international expansion, weare quite proud of the significant progress we have made. Thetransfer of the Revestive EU Marketing Authorization is completeand we are preparing to initiate pricing and reimbursementdiscussions early in 2014. We also expect to begin launching ourfirst named-patient programs around the end of this year."A copy of the Form 10-Q is available for free at: http://is.gd/pGxtkr About NPS PharmaceuticalsBased in Bedminster, New Jersey, NPS Pharmaceuticals Inc. (Nasdaq:NPSP) -- http://www.npsp.com/-- is developing new treatment options for patients with rare gastrointestinal and endocrinedisorders.NPS has been in the red since 2009. It posted a net loss of$36.26 million in 2011, a net loss of $31.44 million in 2010, anda net loss of $17.86 million in 2009.OCEAN 4660: El Mar Balks at Comerica's Bid to Continue Foreclosure------------------------------------------------------------------El Mar Associates, Inc., a Florida corporation, and the largest,contingent, unliquidated, creditor of Ocean 4660, LLC, objected tothe motion of Comerica Bank for limited relief from the automaticstay to allow Comerica to proceed with the prosecution ofComerica's state court foreclosure action against the property andthe interests of all parties named as defendants therein, throughthe entry of a final judgment of foreclosure, but withoutscheduling a foreclosure sale of the property.El Mar explained that, among other things: 1. There is no provision in the Local Rules for an expedited hearing on a motion for relief from stay. No emergency grounds have been stated. 2. The motion regards all of the real property owned by the estate. 3. The estate's interest is inferior to that of Comerica. 4. If the trustee actually pursues a Sec. 363 sale mentioned in the motion and in various other court papers, El Mar Associates, Inc. is still entitled to the protections of 11 U.S.C. Section 365(h)(1)(A)(ii), which precludes the trustee from dispossessing El Mar Associates, Inc. 5. The trustee can only sell the estate's interest in property, not that of Comerica.On Oct. 18, 2013, Comerica asked the Court for limited relief fromthe automatic stay to allow Comerica to proceed with theprosecution of Comerica's state court foreclosure action againstthe property and the interests of all parties named as defendantstherein, through the entry of a final judgment of foreclosure, butwithout scheduling a foreclosure sale of the property.Comerica is the owner and holder of a promissory note, mortgageand security agreement encumbering the hotel property owned by theDebtor located in Broward County, Florida. The Debtor defaultedunder the loan documents by failing to make the required monthlyinstallment payments and Comerica filed its foreclosure actionagainst the Debtor. About Ocean 4660Ocean 4660, LLC, owner of a beachfront property operated as theLauderdale Beachside Hotel in Lauderdale-by-the-Sea, Florida,filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 13-23165)in its hometown on June 2, 2013. Rick Barreca signed the petitionas chief restructuring officer.The Lauderdale Beachside Hotel features a beach-front location,two five-story interior corridor buildings (east and west), 147guest rooms, a beach front tiki bar and grill, a large adjoiningrestaurant and commercial kitchen space and on-site parking.The restaurant space and the tiki bar and grill are unoccupied.The occupancy rates have generally been between 40 percent and 70percent occupancy. Room rates are $40 to $80 per night.The Company disclosed $15,762,871 in assets and $16,587,678 inliabilities as of the Chapter 11 filing.Judge John K. Olson presides over the case. The Debtor tapped RKJHotel Management, LLC, as hotel manager and RKJ's Rick Barreca asthe CRO.The Debtor tapped Genovese Joblove & Battista, P.A. as counsel.Irreconcilable differences prompted the firm to withdraw ascounsel in July 2013.The Court approved the appointment of Maria Yip, of Coral Gables,Florida, as Chapter 11 trustee. Drew M. Dillworth, Esq., of theLaw firm of Stearns Weaver Miller Weissler Alhadeff & Sitterson,P.A. serves as his counsel. Kerry-Ann Rin, CPA, and theconsulting firm of Yip Associates serve as financial advisor, andaccountant.The U.S. Trustee has not appointed an official committee ofunsecured creditors.ORCHARD SUPPLY: ACE Companies Object to Disclosure Statement------------------------------------------------------------BankruptcyData reported that ACE American Insurance Company,Illinois Union Insurance Company and Westchester Surplus LinesInsurance Company (the ACE Companies) filed with the U.S.Bankruptcy Court an objection to Orchard Supply Hardware Stores'Disclosure Statement.The ACE Companies explain, "The ACE Companies object to theDisclosure Statement because it lacks adequate information thatwould enable creditors including, but not limited to, The ACECompanies and claimants under the ACE Insurance Program, toascertain how their respective claims will be classified andtreated, or to make an informed decision about thePlan....Accordingly, the Disclosure Statement and the Plan shouldbe modified to clearly provide that the release and injunctionprovisions of the Plan do not apply to the right and ability of(and to extent applicable, the automatic stay of section 362 ofthe Bankruptcy Code is modified to permit) the ACE Companies toadjust, settle and/or pay, subject to and in accordance with theterms and conditions of the ACE Insurance Program, those claims.The ACE Companies hereby request that the Insurance Provision berevised ...in order to resolve the Objection. Wherefore, the ACECompanies respectfully request that this Court either conditionthe confirmation of the Plan on inclusion of the modificationsrequested herein or deny the Debtors' request for approval of theDisclosure Statement as it does not contain the adequateinformation required by 11 U.S.C. section 1125 and grant suchother relief as the Court deems appropriate."As previously reported by The Troubled Company Reporter, OSH 1Liquidating Corporation, f/k/a Orchard Supply Hardware StoresCorporation, filed a Plan of Liquidation and Disclosure Statementdated Oct. 9, 2013.The Plan embodies a settlement among the Debtors, secured lendersand the unsecured creditors committee resolving issues regardingthe use of the sale proceeds of the Debtors' assets. Thesignificant terms of the Settlement are: * The Senior Secured Term Loan Lenders received all proceeds of the Sale that are not used to pay off the DIP financing loans, minus $25,000,000, which amount was left in the Debtors' estates, and $9,400,000, which amount is being held as cash collateral for certain letters of credit; * On the Plan Effective Date, $500,000 is to be paid from the Debtors' estates to the GUC Trust for the benefit of holders of Allowed General Unsecured Claims whose prepetition debts were not assumed by the Purchaser under the Final Asset Purchase Agreement (APA); * On the Plan Effective Date (or such later time as they may be monetized), the first $250,000 of any proceeds from the Designation Rights Sale is to be paid to the GUC Trust; and * The Senior Secured Term Loan Agent, the Senior Secured Term Loan Steering Committee, the Creditors Committee and the Debtors agreed to support consummation of a plan that contains full and complete releases to each of the parties, and that does not modify or adversely affect the parties' rights benefits and obligations under the terms of the Settlement.The Plan divides allowed claims against, and equity interests in,the Debtors into four classes: - Class 1 Senior Secured Term Loan Claims, estimated to total $130,700,000, are expected to have a 74%-86%. - Class 2 Other Secured Claims, which are not impaired and expected to have a 100% recovery. - Class 3 General Unsecured Claims, estimated to total $25,000,000 to $35,000,000, are expected to have a 2.1%-3%. - Claim 4 Equity Interests, which will receive no distribution under the Plan. About Orchard SupplySan Jose, Calif.-based Orchard Supply Hardware Stores Corporationoperates neighborhood hardware and garden stores focused on paint,repair and the backyard. It was spun off from Sears HoldingsCorp. in 2012.Orchard Supply and two affiliates sought Chapter 11 protection(Bankr. D. Del. Lead Case No. 13-11565) on June 16, 2013, tofacilitate a restructuring of the company's balance sheet and asale of its assets for $205 million in cash to Lowe's Companies,Inc., absent higher and better offers. In addition to the $205million cash, Lowe's has agreed to assume payables owed to nearlyall of Orchard's supplier partners.Bankruptcy Judge Christopher S. Sontchi oversees the case.Michael W. Fox signed the petitions as senior vice president andgeneral counsel. The Debtors disclosed total assets of$441,028,000 and total debts of $480,144,000.Stuart M. Brown, Esq., at DLA Piper LLP (US), in Wilmington,Delaware; and Richard A. Chesley, Esq., Chun I. Jang, Esq., andDaniel M. Simon, Esq., at DLA Piper LLP (US), in Chicago,Illinois, are the Debtors' counsel. Moelis & Company LLC servesas the Debtors' investment banker. FTI Consulting, Inc., servesas the Debtors' financial advisors. A&G Realty Partners, LLC,serves as the Debtors' real estate advisors. BMC Group Inc. isthe Debtors' claims and noticing agent.The Official Committee of Unsecured Creditors appointed in casehas retained Pachulski Stang Ziehl & Jones LLP as counsel, andAlvarez & Marsal as financial advisors.Lowe's Cos. completed the $205 million acquisition of 72 ofOrchard Supply's 91 stores.The Company changed its name to OSH 1 Liquidating Corporation andreduced the size and simplified the structure of the Board ofDirectors effective as of Aug. 20, 2013.ORMET CORP: Wants Relief From CBA Pending Talks With Steelworkers-----------------------------------------------------------------Ormet Corporation, et al., filed an emergency motion asking theU.S. Bankruptcy Court for the District of Delaware to authorizeinterim relief from various terms of the Hannibal CollectiveBargaining Agreement and from certain Retiree Benefits Obligationsuntil the earlier of the Debtors (i) reaching a consensualagreement with the Steelworkers to modify the Hannibal CBA; or(ii) Nov. 27, 2013.According to the Debtors, the requested interim relief isessential for the Debtors to maximize the realizable value for theestates' assets because, among other things: 1. with the cessation of business at the Hannibal Smelter, andthe limited funding available to continue efforts to maximizevalue for the benefit of the estates and the parties-in-interest,including the sale of the Burnside Refinery, the Debtors now seekrelief allowing them to reduce one of the significant remainingexpenses of the chapter 11 estates -- labor costs -- and preservesome value for the parties in interest while conducting an orderlywind down of operations. 2. the Debtors has shut down all remaining operations at theHannibal Smelter. The Debtors are making decisions on a dailybasis to maximize recoveries and value for the estates, whileminimizing ongoing costs to achieve these results. 3. Without reasonable economic terms for their purchase ofelectricity and the inability to satisfy the condition precedent,the Debtors concluded that they would not be able to emerge frombankruptcy with ongoing operations at the Hannibal Smelter. TheDebtors are now seeking the next best alternative, to wind downoperations at the Hannibal Smelter in such a way as to allowrestart of operations at some point in the future, when theinternational market price improves and the cost of power allowsfor the Hannibal Smelter to operate profitably, whilesimultaneously seeking to finalize a sale of the refinery inBurnside as a going concern. 4. The Steelworkers, and all parties involved, have taken allappropriate measures to wind down operations at the HannibalFacility in such a way as to preserve the assets and maximizeremaining value at the facility. About Ormet Corp.Aluminum producer Ormet Corporation, along with affiliates, filedfor Chapter 11 protection (Bankr. D. Del. Case No. 13-10334) onFeb. 25, 2013, with a deal to sell the business to a portfoliocompany owned by private investment funds managed by WayzataInvestment Partners LLC.Headquartered in Wheeling, West Virginia, Ormet --http://www.ormet.com/-- is a fully integrated aluminum manufacturer, providing primary metal, extrusion and thixotropicbillet, foil and flat rolled sheet and other products.Ormet disclosed assets of $406.8 million and liabilities totaling$416 million. Secured debt of about $180 million includes $139.5million on a secured term loan and $39.3 million on a revolvingcredit.Affiliates that separately filed Chapter 11 petitions are OrmetPrimary Aluminum Corporation; Ormet Aluminum Mill ProductsCorporation; Specialty Blanks Holding Corporation; and OrmetRailroad Corporation.Ormet emerged from a prior bankruptcy in April 2005. LenderWayzata Investment Partners LLC is among existing owners. Othersare UBS Willow Fund LLC and Fidelity Leverage Company Stock Fund.In the 2013 case, Ormet is represented in the case by Morris,Nichols, Arsht & Tunnell LLP's Erin R. Fay, Esq., Robert J.Dehney, Esq., Daniel B. Butz, Esq.; and Dinsmore & Shohl LLP's KimMartin Lewis, Esq., Patrick D. Burns, Esq. Kurtzman CarsonConsultants is the claims and notice agent. Evercore's LloydSprung and Paul Billyard serve as investment bankers to theDebtor.An official committee of unsecured creditors was appointed in thecase in March 2013. The Committee is represented by Rafael X.Zahralddin, Esq., Shelley A. Kinsella, Esq., and Jonathan M.Stemerman, Esq., at Elliott Greenleaf; and Sharon Levine, Esq., S.Jason Teele, Esq., and Cassandra M. Porter, Esq., at LowensteinSandler LLP.ORMET CORP: Court Approves $10MM Additional DIP Funding-------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware, in a finalorder, authorized Ormet Corporation, et al., to enter into anamendment to the term loan DIP Credit Agreement.As reported in the Troubled Company Reporter on Nov. 4, 2013,the Debtor asked the Delaware bankruptcy judge to approve anadditional $10 million of debtor-in-possession financing designedto fund the company's wind down, which includes a $39.4 millionsale of its Louisiana refinery.Under Ormet's emergency DIP motion, private equity firm WayzataInvestment Partners LLC -- a prepetition creditor whose deal topurchase the company fell apart -- would enlarge its existing$40 million term loan by $10 million. The funds are key toOrmet's plan to sell its Louisiana facility. About Ormet Corp.Aluminum producer Ormet Corporation, along with affiliates, filedfor Chapter 11 protection (Bankr. D. Del. Case No. 13-10334) onFeb. 25, 2013, with a deal to sell the business to a portfoliocompany owned by private investment funds managed by WayzataInvestment Partners LLC.Headquartered in Wheeling, West Virginia, Ormet --http://www.ormet.com/-- is a fully integrated aluminum manufacturer, providing primary metal, extrusion and thixotropicbillet, foil and flat rolled sheet and other products.Ormet disclosed assets of $406.8 million and liabilities totaling$416 million. Secured debt of about $180 million includes $139.5million on a secured term loan and $39.3 million on a revolvingcredit.Affiliates that separately filed Chapter 11 petitions are OrmetPrimary Aluminum Corporation; Ormet Aluminum Mill ProductsCorporation; Specialty Blanks Holding Corporation; and OrmetRailroad Corporation.Ormet emerged from a prior bankruptcy in April 2005. LenderWayzata Investment Partners LLC is among existing owners. Othersare UBS Willow Fund LLC and Fidelity Leverage Company Stock Fund.In the 2013 case, Ormet is represented in the case by Morris,Nichols, Arsht & Tunnell LLP's Erin R. Fay, Esq., Robert J.Dehney, Esq., Daniel B. Butz, Esq.; and Dinsmore & Shohl LLP's KimMartin Lewis, Esq., Patrick D. Burns, Esq. Kurtzman CarsonConsultants is the claims and notice agent. Evercore's LloydSprung and Paul Billyard serve as investment bankers to theDebtor.An official committee of unsecured creditors was appointed in thecase in March 2013. The Committee is represented by Rafael X.Zahralddin, Esq., Shelley A. Kinsella, Esq., and Jonathan M.Stemerman, Esq., at Elliott Greenleaf; and Sharon Levine, Esq., S.Jason Teele, Esq., and Cassandra M. Porter, Esq., at LowensteinSandler LLP.OVERLAND STORAGE: Cyrus Capital Held 19.9% Stake at Nov. 1----------------------------------------------------------In an amended Schedule 13D filed with the U.S. Securities andExchange Commission, Cyrus Capital Partners, L.P., and itsaffiliates disclosed that as of Nov. 1, 2013, they beneficiallyowned 7,696,614 shares of common stock of Overland Storage, Inc.,representing 19.99 percent of the shares outstanding. CyrusCapital previously reported beneficial ownership of 7,352,200common shares or 19.99 percent equtiy stake as of Feb. 12, 2013.A copy of the amended regulatory filing is available at: http://is.gd/Tn9S0y About Overland StorageSan Diego, Cal.-based Overland Storage, Inc. (Nasdaq: OVRL) --http://www.overlandstorage.com/-- is a global provider of unified data management and data protection solutions designed to enablesmall and medium enterprises (SMEs), corporate departments andsmall and medium businesses (SMBs) to anticipate and respond tochange.Overland Storage incurred a net loss of $19.64 million on $48.02million of net revenue for the fiscal year ended June 30, 2013, ascompared with a net loss of $16.16 million on $59.63 million ofnet revenue during the prior fiscal year. The Company's balancesheet at June 30, 2013, showed $31.40 million in total assets,$41.69 million in total liabilities and a $10.29 million totalshareholders' deficit.Moss Adams LLP, in San Diego, California, issued a "going concern"qualification on the consolidated financial statements for theyear ended June 30, 2013, citing recurring losses and negativeoperating cash flows which raise substantial doubt about theCompany's ability to continue as a going concern.PABELLON DE LA VICTORIA: Has Until Nov. 21 to File Plan-------------------------------------------------------The Hon. Edward Godoy of the U.S. Bankruptcy Court for theDistrict of Puerto Rico gave Pabellon De La Victoria MovimientoIglesias De Fe (MI FE) Inc. until November 21 to file a disclosurestatement and Chapter 11 plan of reorganization. About Pabellon De La VictoriaPabellon De La Victoria Movimiento Iglesias De Fe (MI FE) Inc.,filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-08223) inPonce, Puerto Rico, on Oct. 16, 2012. Bankruptcy Judge Edward A.Godoy oversees the case. Gloria M. Justiniano Irizarry, Esq., atJustiniano's Law Office, in Mayaguez, Puerto Rico, serves ascounsel. The Debtor estimated assets and debts of $10 million to$50 million. Banco Popular De Puerto Rico has $14 million inunsecured claims. The petition was signed by Evelyn DominguezRamos, president.PATRIOT COAL: Gov't Claims v. Brody, Patriot Ventures Due March 24------------------------------------------------------------------Government entities have until March 24, 2014, to file proofs ofclaim against Brody Mining LLC and Patriot Ventures LLC. Thedeadline for most creditors of the two debtors to file proofs ofclaim expired Oct. 24, 2013. About Patriot CoalSt. Louis-based Patriot Coal Corporation (NYSE: PCX) is a producerand marketer of coal in the eastern United States, with 13 activemining complexes in Appalachia and the Illinois Basin. TheCompany ships to domestic and international electricitygenerators, industrial users and metallurgical coal customers, andcontrols roughly 1.9 billion tons of proven and probable coalreserves.Patriot Coal and nearly 100 affiliates filed voluntary Chapter 11petitions in U.S. bankruptcy court in Manhattan (Bankr. S.D.N.Y.Lead Case No. 12-12900) on July 9, 2012. Patriot said it had$3.57 billion of assets and $3.07 billion of debts, and hasarranged $802 million of financing to continue operations duringthe reorganization.Davis Polk & Wardwell LLP serves as lead restructuring counsel.Bryan Cave LLP serves as local counsel to the Debtors. BlackstoneAdvisory Partners LP is serving as financial advisor, and APServices, LLC is providing interim management services to Patriotin connection with the reorganization. Ted Stenger, a ManagingDirector at AlixPartners LLP, the parent company of AP Services,has been named Chief Restructuring Officer of Patriot, reportingto the Chairman and CEO. GCG, Inc. serves as claims and noticingagent.The U.S. Trustee appointed a seven-member creditors committee.Kramer Levin Naftalis & Frankel LLP serves as its counsel.Houlihan Lokey Capital, Inc., serves as its financial advisor andinvestment banker. Epiq Bankruptcy Solutions, LLC, serves as itsinformation agent.On Nov. 27, 2012, the New York bankruptcy judge moved Patriot'sbankruptcy case to St. Louis. The order formally sending thereorganization to Missouri was signed December 19 by thebankruptcy judge. The New York Judge in a Jan. 23, 2013 orderdenied motions to transfer the venue to the U.S. Bankruptcy Courtfor the Southern District of West Virginia.Patriot Coal Corp., et al., filed with the U.S. Bankruptcy Courtfor the Eastern District of Missouri a First Amended JointChapter 11 Plan of Reorganization and an explanatory disclosurestatement on Oct. 9, 2013, and a Second Amended Joint Chapter 11Plan of Reorganization and an explanatory disclosure statement onOct. 26, 2013.PENNSYLVANIA HIGHER: Fitch Maintains 'B' Rating on Class G Notes----------------------------------------------------------------Fitch Ratings currently maintains ratings as listed below on thestudent loan revenue bonds issued from the Pennsylvania HigherEducation Assistance Agency (PHEAA) trust indenture dated as ofAug. 1, 1997, as amended and supplemented (the 1997 Trust).PHEAA has requested that Fitch confirm the existing ratingsassigned to the bonds issued under the 1997 Trust in connectionwith: (i) the bond purchase and cancellation of certain auctionrate securities (the ARS) issued under the 1997 Trust and (ii) thesale of the related student loan collateral securing such ARSwhich will exceed the loans remaining in the 20% Selected LoanPool as defined by the 40th Supplemental Indenture of the 1997Indenture.Fitch is treating this request as a notification. The 1997 Trusthas repurchased and cancelled approximately $10.95 million ofoutstanding ARS as of Nov. 7, 2013. Additionally, the student loanreceivables balance will decrease by $8 million as those loans aresold and released from the lien of the trust. The amount of theloan sale combined with past loan sales for this trust will exceedthe loans remaining in the 20% Selected Pool.The repurchase and cancellation of ARS and sale of relatedcollateral will result in a slight increase in the total andsenior parity ratio of the 1997 Trust. Total parity will increasefrom 107.31% to 107.53% and senior parity will increase from113.21% to 113.48% as of Nov. 7, 2013; however, the release levelswill be maintained at total parity of 102% and senior parity ratioof 106%. Fitch compared the balance sheet of the 1997 Trust pre-financing and post-refinancing and determined the change to beimmaterial.Based on the information provided, Fitch has determined that thepurchase and cancellation of $10.95 million ARS in addition to therelated loan release of $8 million which will exceed the loansremaining in the 20% Selected Loan Pool will not have a materialimpact on the existing ratings at this time. This determinationonly addresses the effect of the purchase and loan release on thecurrent ratings assigned by Fitch to the securities listed below.This determination does not address whether the purchase andsubsequent loan release is permitted by the terms of thetransaction documents. It does not address whether the purchaseand loan release is in the best interests of, or prejudicial to,some or all of the holders of the securities listed.The current ratings of the bonds are as follows:Pennsylvania Higher Education Assistance Agency 1997 TrustIndenture Senior Class Notes--2000-1 Class F-1 'BBBsf'; Outlook Stable;--2000-2 Class H 'BBBsf'; Outlook Stable;--2000-3 Class J-3 'BBBsf'; Outlook Stable;--2000-3 Class J-4 'BBBsf'; Outlook Stable;--2001 Class L-1 'BBBsf'; Outlook Stable;--2001 Class L-2 'BBBsf'; Outlook Stable;--2002-1 Class N-1 'BBBsf'; Outlook Stable;--2002-1 Class N-2 'BBBsf'; Outlook Stable;--2002-3 Class R-1 'BBBsf'; Outlook Stable;--2002-4 Class T-1 'BBBsf'; Outlook Stable;--2002-4 Class T-2 'BBBsf'; Outlook Stable;--2002-4 Class T-3 'BBBsf'; Outlook Stable;--2002-4 Class T-4 'BBBsf'; Outlook Stable;--2002-4 Class T-5 'BBBsf'; Outlook Stable;--2002-5 Class V-1 'BBBsf'; Outlook Stable;--2002-5 Class V-2 'BBBsf'; Outlook Stable;--2002-5 Class V-3 'BBBsf'; Outlook Stable;--2002-5 Class V-4 'BBBsf'; Outlook Stable;--2003-1 Class W-1 'BBBsf'; Outlook Stable;--2003-1 Class W-2 'BBBsf'; Outlook Stable;--2003-2 Class Y-1 'BBBsf'; Outlook Stable;--2003-2 Class Y-2 'BBBsf'; Outlook Stable;--2003-2 Class Y-3 'BBBsf'; Outlook Stable;--2003-2 Class Y-4 'BBBsf'; Outlook Stable;--2004-1 Class Z-1 'BBBsf'; Outlook Stable;--2004-1 Class Z-3 'BBBsf'; Outlook Stable;--2004-1 Class Z-4 'BBBsf'; Outlook Stable;--2004-2 Class AA-1 'BBBsf'; Outlook Stable;--2004-2 Class AA-2 'BBBsf'; Outlook Stable;--2004-3 Class BB-1 'BBBsf'; Outlook Stable;--2004-3 Class BB-2 'BBBsf'; Outlook Stable;--2004-3 Class BB-3 'BBBsf'; Outlook Stable;--2004-3 Class BB-4 'BBBsf'; Outlook Stable;--2005-1 Class CC-2 'BBBsf'; Outlook Stable;--2005-2 Class DD-1 'BBBsf'; Outlook Stable;--2005-2 Class DD-2 'BBBsf'; Outlook Stable;--2005-3 Class EE-1 'BBBsf'; Outlook Stable;--2005-3 Class EE-2 'BBBsf'; Outlook Stable;--2005-3 Class EE-3 'BBBsf'; Outlook Stable;--2005-3 Class EE-4 'BBBsf'; Outlook Stable;--2005-4 Class GG-1 'BBBsf'; Outlook Stable;--2005-4 Class GG-2 'BBBsf'; Outlook Stable;--2005-4 Class GG-3 'BBBsf'; Outlook Stable;--2005-4 Class GG-4 'BBBsf'; Outlook Stable;--2005-4 Class GG-5 'BBBsf'; Outlook Stable;--2006-1 Class HH-1 'BBBsf'; Outlook Stable;--2006-1 Class HH-2 'BBBsf'; Outlook Stable;--2006-1 Class HH-3 'BBBsf'; Outlook Stable;--2006-1 Class HH-4 'BBBsf'; Outlook Stable;--2006-1 Class HH-5 'BBBsf'; Outlook Stable;--2006-1 Class HH-6 'BBBsf'; Outlook Stable;--2006-1 Class HH-7 'BBBsf'; Outlook Stable;--2006-1 Class HH-8 'BBBsf'; Outlook Stable;--2006-1 Class HH-9 'BBBsf'; Outlook Stable;--2006-1 Class HH-10 'BBBsf'; Outlook Stable;--2006-2 Class JJ-1 'BBBsf'; Outlook Stable;--2006-2 Class JJ-2 'BBBsf'; Outlook Stable;--2006-2 Class JJ-3 'BBBsf'; Outlook Stable;--2006-2 Class JJ-4 'BBBsf'; Outlook Stable;--2006-2 Class JJ-5 'BBBsf'; Outlook Stable;--2006-2 Class JJ-6 'BBBsf'; Outlook Stable;--2006-2 Class JJ-8 'BBBsf'; Outlook Stable;--2006-2 Class JJ-9 'BBBsf'; Outlook Stable;--2006-2 Class JJ-10 'BBBsf'; Outlook Stable;--2007 Class LL-2 'BBBsf'; Outlook Stable;--2007 Class LL-3 'BBBsf'; Outlook Stable;--2007 Class LL-4 'BBBsf'; Outlook Stable;--2007 Class LL-5 'BBBsf'; Outlook Stable;--2007 Class LL-6 'BBBsf'; Outlook Stable;--2007 Class LL-7 'BBBsf'; Outlook Stable;--2007 Class LL-8 'BBBsf'; Outlook Stable;--2007 Class LL-9 'BBBsf'; Outlook Stable;--2007 Class LL-10 'BBBsf'; Outlook Stable;--2007 Class MM-1 'BBBsf'; Outlook Stable;--2007 Class MM-2 'BBBsf'; Outlook Stable;--2007 Class MM-3 'BBBsf'; Outlook Stable;--2007 Class MM-4 'BBBsf'; Outlook Stable;--2007 Class MM-6 'BBBsf'; Outlook Stable.Pennsylvania Higher Education Assistance Agency 1997 TrustIndenture Subordinate Class Notes--2000-1 Class G 'Bsf'; Outlook Stable;--2000-3 Class K 'Bsf'; Outlook Stable;--2001 Class M 'Bsf'; Outlook Stable;--2002-4 Class U 'Bsf'; Outlook Stable;--2003-1 Class X 'Bsf'; Outlook Stable;--2005-3 Class FF 'Bsf'; Outlook Stable;--2006-1 Class II 'Bsf'; Outlook Stable;--2006-2 Class KK 'Bsf'; Outlook Stable; and--2007 Class NN 'Bsf'; Outlook Stable.PHYSIOTHERAPY HOLDINGS: Case Summary & 30 Top Unsecured Creditors-----------------------------------------------------------------Debtor entities filing separate Chapter 11 cases: Debtor Case No. ------ -------- Physiotherapy Holdings, Inc. 13-12965 Actra Rehabilitation Associates, Inc. 13-12966 Alexandria Sports, Inc. 13-12967 Benchmark Acquisition Corp. 13-12968 Benchmark Medical Management Company 13-12969 Benchmark O & P Holdings, Inc. 13-12970 Benchmark Orthotics & Prosthetics, Inc. 13-12971 Blue Hen Physical Therapy, Inc. 13-12972 Cape Prosthetics-Orthotics, Inc. 13-12973 Carrollton Physical Therapy Clinic, Inc. 13-12975 Integrity Physical Therapy, Inc. 13-12976 Keystone Rehabilitation Associates of Warren 13-12977 Keystone Rehabilitation Systems, Inc. 13-12978 Keystone Rehabilitation Systems of McMurray 13-12979 Leesburg Sports, Inc. 13-12980 MATRIX Healthcare Services, LLC 13-12981 MATRIX Rehabilitation, Inc. 13-12982 MATRIX Rehabilitation-Delaware, Inc. 13-12983 MATRIX Rehabilitation-Georgia, Inc. 13-12984 MATRIX Rehabilitation-Ohio, Inc. 13-12985 MATRIX Rehabilitation-South Carolina, Inc. 13-12986 MATRIX Rehabilitation-Texas, Inc. 13-12987 Morris Area Rehabilitation Association, Inc. 13-12988 North Dallas Physical Therapy Associates, Inc. 13-12989 Northstar Health Services, Inc. 13-12990 NSHS Services, Inc. 13-12991 Orthopaedic Services of Paducah, Inc. 13-12992 PhysioLink Corporation 13-12993 Physiotherapy Associates Holdings, Inc. 13-12994 Physiotherapy Associates-Union Rehab, LLC 13-12996 Physiotherapy Associates, Inc. 13-12995 Physiotherapy Corporation 13-12997 Physiotherapy-BMHI Holdings, Inc. 13-12998 Physiotherapy-BMI, Inc. 13-12999 Potomac Rehabilitation Services, Inc. 13-13000 Professional Rehab Associates, Inc. 13-13001 Progressive Therapy Services, Inc. 13-13002 R.S. Network, Inc. 13-13003 Rehab Associates, L.L.C. 13-13004 Rehab Colorado, LLC 13-13005 Rehab Missouri, LLC 13-13006 Rehab Xcel, LLC 13-13007 Rehabilitation Consultants, Inc. 13-13008 SMR Banyan Tree, Inc. 13-13009 Swanson Orthotic & Prosthetic Center, Inc. 13-13010 The Parks Physical Therapy and Work Hardening Center, Inc. 13-13011 Theraphysics Partners of Colorado, Inc. 13-13012 Theraphysics Partners of Texas, Inc. 13-13013 Therapy Associates of Martinsville, Inc. 13-13014 Trumbull P.T. Corp. 13-13015 Wisconsin Prosthetics and Orthotics, Inc. 13-13016Type of Business: Provider of outpatient physical therapy servicesChapter 11 Petition Date: November 12, 2013Court: United States Bankruptcy Court District of Delaware (Delaware)Judge: Hon. Kevin GrossDebtors' Bankruptcy Counsel: KIRKLAND & ELLIS LLPDebtors'Co-Counsel: Domenic E. Pacitti, Esq. KLEHR HARRISON HARVEY BRANZBURG LLP 919 Market Street, Suite 1000 Wilmington, DE 19801 Tel: 302-552-5511 Fax: 302-426-9193 E-mail: firstname.lastname@example.com'Special Counsel: DECHERT LLPDebtors'RestructuringAdvisor: ALVAREZ & MARSAL HEALTHCARE INDUSTRY GROUP, LLCDebtors'FinancialAdvisor: ROTHSCHILD INC.Debtors' Noticeand ClaimsAgent: KURTZMAN CARSON CONSULTANTS LLCEstimated Assets: $500 million to $1 billionEstimated Liabilities: $100 million to $500 millionThe petitions were signed by Martin McGahan, chief restructuringofficer and interim chief executive officer.Consolidated List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------The Bank of New York Bond Debt $218,493,000Mellon Trust Company,N.A., As IndentureTrusteeAttn: Corporate Finance/GlobalCorporate Trust601 Travis Street, 16th FloorHouston, TX 77002Tel: 713-483-6751Fax: 713-483-6878Inventurus Knowledge Solutions Trade Debt $996,8455 Penn Plaza, 23rd FloorNew York, NY 10001Tel: 646-378-2182Fax: 646-471-5531Meyer Distributing Co. Trade Debt $204,124KPMG Trade Debt $191,500Office Depot Inc. Trade Debt $187,414Otto Bock Health Care Trade Debt $149,765Marriot Business Services Trade Debt $148,983Ossur North America Trade Debt $122,417Spencer Stuart Trade Debt $119,147Cascade Orthopedic Supply Trade Debt $71,354Louderback Logistics Trade Debt $67,757Recall Total Information Mgmt Trade Debt $41,293Gateway Edi, LLC Trade Debt $40,131Sungard Availability Services Trade Debt $38,866Kaye Scholer Trade Debt $31,380Pel Supply Company Trade Debt $27,542Empi, Inc. Trade Debt $26,057Cooke & Barrett P.L. Trade Debt $25,134Mills Woodley Development Trade Debt $22,031Fulton Communications Trade Debt $18,468Park Place Technologies Trade Debt $14,739Freedom Innovations Trade Debt $12,335ADP, Inc. Trade Debt $12,157O&P Enterprises Trade Debt $12,007Patterson Medical Holdings Trade Debt $11,657DJ Orthopedics LLC Trade Debt $10,122Ohio Willow Wood Co. Trade Debt $9,935Orthomerica Products, Inc. Trade Debt $9,873Ricoh USA, Inc. Trade Debt $9,368Shi International Corp. Trade Debt $8,913PLY GEM HOLDINGS: Posts $16.9 Million Net Income in 3rd Quarter---------------------------------------------------------------Ply Gem Holdings, Inc., filed with the U.S. Securities andExchange Commission its quarterly report on Form 10-Q disclosingnet income of $16.89 million on $407.42 million of net sales forthe three months ended Sept. 28, 2013, as compared with a net lossof $3.67 million on $306.19 million of net sales for the threemonths ended Sept. 29, 2012.For the nine months ended Sept. 28, 2013, the Company reported anet loss of $62.08 million on $1.03 billion of net sales ascompared with a net loss of $24.04 million on $852.65 million ofnet sales for the nine months ended Sept. 29, 2012.The Company's balance sheet at Sept. 28, 2013, showed $1.08billion in total assets, $1.12 billion in total liabilities and a$37.69 million total stockholders' deficit."Ply Gem continued to execute during the third quarter as the newconstruction market drove further demand for our products whilechannel inventory levels improved. We experienced strong revenuegrowth led by our Windows and Doors segment. As a result, we arecontinuing to add labor resources to scale our operations in orderto satisfy customer demand. Importantly, as we complete theimplementation of our enterprise lean initiatives, we anticipateexperiencing productivity improvements. In addition, demand forour vinyl siding product, which is more closely aligned with therepair and remodeling market, showed improvement as compared tothe third quarter of 2012," said Gary E. Robinette, Ply Gem'spresident and CEO.A copy of the Form 10-Q is available for free at: http://is.gd/vaehR6 About Ply GemBased in Cary, North Carolina, Ply Gem Holdings Inc. is adiversified manufacturer of residential and commercial buildingproducts, which are sold primarily in the United States andCanada, and include a wide variety of products for the residentialand commercial construction, the do-it-yourself and theprofessional remodeling and renovation markets.Ply Gem Holdings incurred a net loss of $39.05 million in 2012, ascompared with a net loss of $84.50 million in 2011. * * *In May 2010, Standard & Poor's Ratings Services raised its(unsolicited) corporate credit rating on Ply Gem to 'B-' from'CCC+'. "The ratings upgrade reflects our expectation that thecompany's credit measures are likely to improve modestly over thenext several quarters to levels that we would consider more inline with the 'B-' corporate credit rating," said Standard &Poor's credit analyst Tobias Crabtree.POPLAR SPRINGS: Restaurant, Inn & Spa Sold for $3.4MM at Auction----------------------------------------------------------------Lawrence Emerson, writing for Fauquier Now, reports that thePoplar Springs Inn & Spa, a manor house and restaurant atCasanova, Va., was sold for $3.4 million at an auction Nov. 6.Baltimore couple Becky and Richard G. Gay Jr. prevailed over twoother bidders and agreed to pay $3.4 million for the 172-acreproperty, centered on a 1928 stone manor house renovated as arestaurant. The Gays have 30 days to complete the purchase."We're gonna try to open it as soon as possible," Mrs. Gay saidafter the auction, according to the report. "We don't wantanybody to lose their jobs. We will interview, and we will keepanybody we can."The centerpiece of the property is the Manor House, a fieldstonemansion built in the 1929 with European influenced design. Thisbeautiful home was renovated in 2002 and converted into a 12,600square foot restaurant with the ability to host both largegatherings and intimate dinners. The Inn, built in 2002, isapproximately 20,500 sf. There are 21 guest rooms with privatebathrooms along with a balcony or patio. The Spa portion isapproximately 4,000 sf and contains a sauna, locker rooms, weightrooms and massage/treatment rooms. Property amenities include aheated swimming pool, a hot tub, steam rooms, tennis court andbocce court. The property also includes a 3,200 sf metalmaintenance building and there are a number of barns and sheds ofvarying sizes.The restaurant had gross income in excess of $2.4 million in 2012.Fauquier Now reports that Howard and Lauren Foer spent 11 yearsand millions of dollars transforming the rundown property into awell-regarded "boutique resort," with 21 new guest rooms, finedining, a spa and other amenities.The report also notes that, for tax purposes, Fauquier Countyvalues the land and buildings at $2.8 million. Much of propertygets farmed and qualifies for Fauquier's "land use" tax breaks.According to the report, Reston, Va. attorney Hae Chan Park dueledwith Mr. Gay for the property until the final bid of $3.4 million.Dayn Smith dropped out of the bidding around $3 million. Mr.Smith and his wife Nancy Moon own Glen Gordon Manor, an inn andrestaurant near Flint Hill in Rappahannock County. They andCatlett resident Rick Gerhardt put together a group to bid onPoplar Springs.The property was sold at auction after a default by Poplar SpringsL.C. in the payment of secured debt. Tranzon Fox conducted theforeclosure auction. Tranzon Fox may be reached at: Tranzon Fox Attn: Jeff Stein, Partner 3819 Plaza Drive Fairfax, VA 22030 Tel: 888-921-2110 E-mail: firstname.lastname@example.com substitute trustee for the property is: Vernon E. Inge, Jr., Esq. Katja H. Hill, Esq. LeCLAIRRYAN, PC 951 East Byrd Street, Eighth Floor Tel: 804-343-4095 E-mail: firstname.lastname@example.com firstname.lastname@example.com TIMBERLAND: Court Approves Gerald Casey as Counsel------------------------------------------------------PWK Timberland, LLC, sought and obtained approval to employ GeraldJ. Casey, Esq., of Lake Charles, Louisiana, as attorney under ageneral retainer to give the Debtor legal advice with respect toits powers and duties as debtor-in-possession in the continuedoperation of the Debtor's business and management of the Debtor'sproperty and to perform all legal services for the Debtor inpossession which may be necessary. Casey's hourly rate was notdisclosed in the court filings.Lake Charles, Louisiana-based PWK Timberland, LLC, sought Chapter11 protection (Bankr. W.D. La. Case No. 13-20242) on March 22,2013. The Debtor estimated assets of at least $10 million andliabilities of up to $10 million.QUALITY DISTRIBUTION: Posts $2.7 Million Net Income in Q3---------------------------------------------------------Quality Distribution, Inc., reported net income of $2.76 millionon $235.67 million of total operating revenues for the threemonths ended Sept. 30, 2013, as compared with net income of $8.86million on $222.07 million of total operating revenues for thesame period during the prior year.For the nine months ended Sept. 30, 2013, the Company reported anet loss of $19.24 million on $704.38 million of total operatingrevenues as compared with net income of $44.36 million on $626.72million of total operating revenues for the same period a yearago.As of Sept. 30, 2013, the Company had $465.05 million in totalassets, $503.19 million in total liabilities and a $38.13 milliontotal shareholders' deficit."Our overall results were in line with our expectations,especially with respect to our free cash flow generation, whichtends to be seasonally strong in the third quarter," stated GaryEnzor, chairman and chief executive officer. "On the operatingfront, we continue to see solid demand in our Chemical Logisticsbusiness and strong results from our Intermodal operation. Thereorganization of our Energy Logistics business is progressing aswe shed under-utilized assets and implement plans to furtheraffiliate company-operated locations, which supports our goal ofmoving this segment toward our proven asset-light business model."A copy of the press release is available for free at: http://is.gd/bsUMbr About Quality DistributionQuality Distribution, LLC, and its parent holding company, QualityDistribution, Inc., are headquartered in Tampa, Florida. Thecompany is a transporter of bulk liquid and dry bulk chemicals.The company's 2010 revenues are approximately $686 million.Apollo Management, L.P., owns roughly 30 percent of the commonstock of Quality Distribution, Inc.Quality Distribution reported net income of $50.07 million for theyear ended Dec. 31, 2012, as compared with net income of $23.43million in 2011. Bankruptcy WarningAccording to the Company's annual report for the period endedDec. 31, 2012, the Company had consolidated indebtedness andcapital lease obligations, including current maturities, of $418.8million as of Dec. 31, 2012. The Company must make regularpayments under the ABL Facility and its capital leases and semi-annual interest payments under its 2018 Notes.The Company's 2018 Notes issued in the quarter ended Dec. 31,2010, carry high fixed rates of interest. In addition, intereston amounts borrowed under the Company's ABL Facility is variableand will increase as market rates of interest increase. TheCompany does not presently hedge against the risk of risinginterest rates. The Company's higher interest expense may reduceits future profitability. The Company's future higher interestexpense and future redemption obligations could have otherimportant consequences with respect to the Company's ability tomanage its business successfully, including the following: * it may make it more difficult for the Company to satisfy its obligations for its indebtedness, and any failure to comply with these obligations could result in an event of default; * it will reduce the availability of the Company's cash flow to fund working capital, capital expenditures and other business activities; * it increases the Company's vulnerability to adverse economic and industry conditions; * it limits the Company's flexibility in planning for, or reacting to, changes in the Company's business and the industry in which the Company operates; * it may make the Company more vulnerable to further downturns in its business or the economy; and * it limits the Company's ability to exploit business opportunities.The ABL Facility matures August 2016. However, the maturity dateof the ABL Facility may be accelerated if the Company defaults onits obligations."If the maturity of the ABL Facility and/or such other debt isaccelerated, we may not have sufficient cash on hand to repay theABL Facility and/or such other debt or be able to refinance theABL Facility and/or such other debt on acceptable terms, or atall. The failure to repay or refinance the ABL Facility and/orsuch other debt at maturity would have a material adverse effecton our business and financial condition, would cause substantialliquidity problems and may result in the bankruptcy of us and/orour subsidiaries. Any actual or potential bankruptcy or liquiditycrisis may materially harm our relationships with our customers,suppliers and independent affiliates." * * *As reported in the TCR on June 28, 2013, Moody's Investors Serviceupgraded Quality Distribution, LLC's Corporate Family Rating to B2from B3 and Probability of Default Rating to B2-PD from B3-PD.The upgrade of Quality's CFR to B2 was largely driven by theexpectation that credit metrics will improve over the next twelveto eighteen months, through a combination of EBITDA growth anddebt paydowns, to levels consistent with the B2 rating level. Thecompany is in the process of integrating the bolt-on acquisitionsmade in its Energy Logistics business sector since 2011.QUICKSILVER RESOURCES: Posts $10.6 Million Net Income in Q3-----------------------------------------------------------Quicksilver Resources Inc. filed with the U.S. Securities andExchange Commission its quarterly report on Form 10-Q disclosingnet income of $10.57 million on $153.11 million of total revenuefor the three months ended Sept. 30, 2013, as compared with a netloss of $790.52 million on $118.18 million of total revenue forthe same period a year ago.For the nine months ended Sept. 30, 2013, the Company reported netincome of $193.39 million on $447.31 million of total revenue ascompared with a net loss of $1.80 billion on $485.07 million oftotal revenue for the same period last year.As of Sept. 30, 2013, the Company had $1.33 billion in totalassets, $2.29 billion in total liabilities and a $964.51 milliontotal stockholders' deficit.A copy of the Form 10-Q is available for free at: http://is.gd/kZfljD About QuicksilverQuicksilver Resources Inc. is an exploration and productioncompany engaged in the development and production of long-livednatural gas and oil properties onshore North America. Based inFort Worth, Texas, the company is widely recognized as a leader inthe development and production from unconventional reservoirsincluding shale gas, and coal bed methane. Following more than 30years of operating as a private company, Quicksilver became publicin 1999 and is listed on the New York Stock Exchange under theticker symbol KWK. The company has U.S. offices in Fort Worth,Texas; Glen Rose, Texas; Steamboat Springs, Colorado; Craig,Colorado and Cut Bank, Montana. The Company's Canadiansubsidiary, Quicksilver Resources Canada Inc., is headquartered inCalgary, Alberta. * * *As reported by the TCR on June 17, 2013, Moody's Investors Servicedowngraded Quicksilver Resources Inc.'s Corporate Family Rating toCaa1 from B3. "This rating action is reflective of Quicksilver'srevised recapitalization plan," stated Michael Somogyi, Moody'sVice President and Senior Analyst. "Quicksilver's inability tocomplete its recapitalization plan as proposed elevates near-termrefinancing risk given its weak operating profile and raisesconcerns over the sustainability of the company's capitalstructure."In the June 27, 2013, edition of the TCR, Standard & Poor'sRatings Services said it lowered its corporate credit rating onFort Worth, Texas-based Quicksilver Resources Inc. to 'CCC+' from'B-'. "We lowered our corporate credit rating on QuicksilverResources because we do not believe the company will be able toremedy its unsustainable leverage," said Standard & Poor's creditanalyst Carin Dehne-Kiley.RAINTREE CORP: Cecil County Airport Sold for $1.35MM at Auction---------------------------------------------------------------Cheryl Mattix, writing for Cecil Daily, reports that AtlanticAuctions Auctioneer Bill Hudson sold Cecil County Airport(Raintree) in Elkton, Md., on Oct. 18 to the highest bidder, aresident of New York, for $1.35 million."I am so happy we sold it, and the bank (NBRS) seemed pleasedalso," Mr. Hudson said, according to the report.Mr. Hudson said there were nine registered bidders and some"spirited" bidding before the gavel fell and NBRS accepted theoffer. He wouldn't reveal the name of the buyer until the salegoes to settlement in about 45 days, but he did say the new buyerwants to continue operating it as an airport.The entire transaction included the airport, approximately 129acres and a 3,450 square-foot home. It's located off OldfieldPoint Road, south of Route 7.Cecil Daily also reported that a spokesman for the MarylandAviation Administration said that the agency is aware of the sale.The auction was conducted by: Atlantic Auctions Inc. 802A Belair Road Bel Air, MD 21014 http://www.atlanticauctions.com/Raintree Corporation filed for Chapter 11 bankruptcy (Bankr. D.Md. Case No. 11-28402) on Sept. 12, 2011, estimating under$1 million in both assets and debts. A copy of the petition isavailable at http://bankrupt.com/misc/mdb11-28402.pdfRIH ACQUISITIONS: Meeting to Form Panel Set on Nov. 14------------------------------------------------------Roberta A. DeAngelis, United States Trustee for Region 3, willhold an organizational meeting on Nov. 14, 2013 at 1:00 p.m. inthe bankruptcy cases of RIH Acquisitions NJ, LLC dba The AtlanticClub Casino Hotel and RIH Propco NJ, LLC. The meeting will beheld at: United States Trustee?s Meeting Room Bridge View 800-840 Cooper Street, Suite 102 Camden, NJ 08102The sole purpose of the meeting will be to form a committee orcommittees of unsecured creditors in the Debtors' case.The organizational meeting is not the meeting of creditorspursuant to Section 341 of the Bankruptcy Code. A representativeof the Debtor, however, may attend the Organizational Meeting, andprovide background information regarding the bankruptcy cases.To increase participation in the Chapter 11 proceeding, Section1102 of the Bankruptcy Code requires that the United StatesTrustee appoint a committee of unsecured creditors as soon aspracticable. The Committee ordinarily consists of the persons,willing to serve, that hold the seven largest unsecured claimsagainst the debtor of the kinds represented on the committee.Section 1103 of the Bankruptcy Code provides that the Committeemay consult with the debtor, investigate the debtor and itsbusiness operations and participate in the formulation of a planof reorganization. The Committee may also perform other servicesas are in the interests of the unsecured creditors whom itrepresents.RIH Acquisitions NJ LLC, doing business as the Atlantic ClubCasino Hotel in Atlantic City, New Jersey, filed a Chapter 11petition on Nov. 6, 2013 (Bankr. D.N.J. Case No. 13-34483) inCamden, New Jersey, designed to sell the property "in the nearterm."ROCKWELL MEDICAL: Incurs $13.2 Million Net Loss in Third Quarter----------------------------------------------------------------Rockwell Medical, Inc., filed with the U.S. Securities andExchange Commission its quarterly report on Form 10-Q disclosinga net loss of $13.21 million on $13.09 million of sales for thethree months ended Sept. 30, 2013, as compared with a net loss of$17.87 million on $12.68 million of sales for the same periodduring the prior year.For the nine months ended Sept. 30, 2013, the Company reported anet loss of $40.45 million on $38.41 million of sales as comparedwith a net loss of $40.34 million on $36.84 million of sales forthe same period a year ago.The Company's balance sheet at Sept. 30, 2013, showed $43.60million in total assets, $37.50 million in total liabilities and$6.10 million in total shareholders' equity."During the third quarter we achieved several major clinicalmilestones that have the potential to transform Rockwell," stated,Rob Chioini, Founder, Chairman and CEO of Rockwell. "Top linedata from our Phase 3 CRUISE-2 study was exceptional, confirmingthe prior CRUISE-1 results with an identical p-value andexhibiting an excellent safety profile. These exceptional Phase 3results demonstrate that TrifericTM, in place of IV iron, caneffectively deliver iron and maintain hemoglobin levels indialysis patients without increasing their iron stores. Coupledwith the ESA sparing data from our PRIME study that showed asignificant 35% ESA dose sparing effect, we have confidence thatTriferic has tremendous potential to capture considerable marketshare quickly in the consolidated dialysis provider market uponFDA approval. Data from all three of our successful, large-scaleclinical studies will be presented and showcased at the upcomingASN Meeting, November 7-9, 2013 in Atlanta, GA."A copy of the Form 10-Q is available for free at: http://is.gd/atbW6q About RockwellRockwell Medical, Inc. (Nasdaq: RMTI), headquartered in Wixom,Michigan, is a fully-integrated biopharmaceutical companytargeting end-stage renal disease ("ESRD") and chronic kidneydisease ("CKD") with innovative products and services for thetreatment of iron deficiency, secondary hyperparathyroidism andhemodialysis (also referred to as "HD" or "dialysis").Rockwell's lead investigational drug is in late stage clinicaldevelopment for iron therapy treatment in CKD-HD patients. It iscalled Soluble Ferric Pyrophosphate ("SFP"). SFP delivers iron tothe bone marrow in a non-invasive, physiologic manner tohemodialysis patients via dialysate during their regular dialysistreatment.In its report on the consolidated financial statements for theyear ended Dec. 31, 2012, Plante & Moran, PLLC, in ClintonTownship, Michigan, expressed substantial doubt about RockwellMedical's ability to continue as a going concern, citing theCompany's recurring losses from operations, negative workingcapital, and insufficient liquidity.The Company reported a net loss of $54.0 million on $49.8 millionof sales in 2012, compared with a net loss of $21.4 million on$49.0 million of sales in 2011.ROUNDY'S SUPERMARKETS: S&P Puts Rating on CreditWatch Negative--------------------------------------------------------------Standard & Poor's Ratings Services said it placed its ratings onRoundy's Supermarkets Inc. on CreditWatch with negativeimplications following the company's announcement of its thirdquarter results, which were notably weaker than expected.The company's same-store sales declined 3.7% in the third quarter,which led to meaningful margin deterioration as the companydeleveraged operating and administrative expenses as it continuedto open new stores. As such, overall EBITDA declined in theapproximately 21% area, while S&P was expecting a more moderatedecline. As a result, credit ratios will be materially weaker thanexpected at the end of 2013. Furthermore, since the companycontinues with capital spending to fund store growth and itsdividend payments, discretionary cash flow generation will be muchlower than expected and relatively small as compared with thecompany's debt levels."Our rating on Roundy's currently reflects our view of thecompany's "weak" business risk profile and "highly leveraged"financial risk profile," said credit analyst Charles Pinson-Rose."We expect to review the company's financial and business riskprofile in light of the recent performance trends and expect toresolve the CreditWatch listing before the end of the year. Wewill examine the company's operating strategies and assess thecompetitive environment to see if there is a viable and realisticto plan to improve the company's same-store sales and overalloperating trends. We also expect to discuss any potential changesin capital allocation in light of weaker operating trends toappropriately assess the company's financial risk profile," saidS&P.As reported in the Sept. 11, 2012 edition of The Troubled CompanyReporter, Standard & Poor's Ratings Services lowered its ratingson Milwaukee-based Roundy's Supermarkets Inc., including thecorporate credit rating to 'B' from 'B+'. The downgrade comesafter weaker-than-expected operating trends in the second quarterof 2012 as a result of increased price competition and effectivemarketing programs from competitors.SCRANTON, PA: Risks Default on Budget Gap, Moody's Says-------------------------------------------------------Brian Chappatta, writing for Bloomberg News, reported thatScranton, Pennsylvania's sixth-most populous city, risksdefaulting on its obligations if it can't close a $20 millionbudget gap for next year, Moody's Investors Service said.According to the report, the city of about 76,000 residents facesa Nov. 15 deadline to introduce a spending plan for the yearbeginning Jan. 1. Without closing that shortfall, JanneyMontgomery Scott and Amalgamated Bank will probably withdraw fromplanned financing that would give the municipality positiveoperating cash flow, Moody's said in a report on Nov. 9.Without that funding, "the resulting liquidity squeeze would leavethe city with few options to meet its financial obligations,raising the threat of default or bankruptcy," Michael D'Arcy, aMoody's analyst, wrote, the report related.Scranton, about 120 miles (193 kilometers) northwest of New York,faced a similar issue in June 2012 when city council refused topay almost $1 million on parking-authority bonds, causing theagency to default, the report further related. The debt wasguaranteed by the city. Another crisis "could have more severeeffects," Moody's said.The city, which is in Pennsylvania's program for distressedlocalities, has $195 million of long-term debt, including about$77 million of fixed-rate general obligations and $49.5 million ofthe guaranteed parking securities, according to Moody's.SECUREALERT INC: Sapinda Now Holds 39.8% of Common Stock--------------------------------------------------------SecureAlert, Inc., entered into a Loan and Security Agreement withSapinda Asia Limited on Dec. 3, 2012. The principal amount of theloan advanced to the Company under the Loan Agreement was$16,640,000. Proceeds of the loan were used to redeem certainroyalty rights held by Borinquen Container Corporation and forworking capital. Under the terms of the Loan Agreement, Sapindahad the right at its sole discretion to convert the principalamount and any accrued interest into Common Stock of the Companyat a rate of $4.50 per share (giving effect to the 200:1 reversestock split effected by the Company on March 25, 2013), at anytime after March 1, 2013.On Sept. 30, 2013, Sapinda exercised its right to convert theprincipal amount and all accrued interest under the Loan Agreementinto Common Stock of the Company. The amount of principal andaccrued interest as of Sept. 30, 2013, totaled $17,576,627, and asa result of the Conversion, the Company issued a total of3,905,917 restricted shares of Common Stock to Sapinda onSept. 30, 2013.Based on information contained in a Form 4 Statement of Changes inBeneficial Ownership (Form 4) filed by Sapinda and Mr. LarsWindhorst (who controls Sapinda) on Nov. 5, 2013, Mr. Windhorstentered into a Stock Purchase Agreement on June 13, 2013, toacquire 556,648 shares of Common Stock of the Company owned byBorinquen for a total purchase price of $4,174,860. Thetransaction contemplated in the SPA was closed on or aboutSept. 30, 2013.The Company reasonably believes that immediately following theConversion and the Purchase, Sapinda (together with LarsWindhorst, its sole shareholder and director) became thebeneficial owner approximately 51.9 percent of the outstandingvoting shares of the Registrant. Prior to the closing of thePurchase, Sapinda was the beneficial owner of approximately4,534,168 shares, or 46.2 percent of the Company's issued andoutstanding Common Stock.According to the Form 4, Sapinda sold 628,251 shares of CommonStock on Oct. 29, 2013, at a price of $19.00 per share and Mr.Windhorst sold 556,648 shares of Common Stock on Oct. 30, 2013, ata price of $7.50 per share. In addition, based on informationcontained in an amendment to Schedule 13D filed by Sapinda onNov. 5, 2013, the Company believes that Sapinda is now thebeneficial owner of 3,905,917 shares or 39.8 percent of theCompany's issued and outstanding Common Stock. About SecureAlertSandy, Utah-based SecureAlert, Inc., markets and deploys offendermanagement programs, combining patented GPS tracking technologies,fulltime 24/7/365 intervention-based monitoring capabilities andcase management services.Hansen, Barnett & Maxwell, P.C., in Salt Lake City, Utah, issued a"going concern" qualification on the consolidated financialstatements for the fiscal year ended Sept. 30, 2012, citinglosses, negative cash flows from operating activities, notespayable in default and an accumulated deficit, which conditionsraise substantial doubt about its ability to continue as a goingconcern.The Company's balance sheet at June 30, 2013, showed$27.63 million in total assets, $9.73 million in totalliabilities, and $17.90 million in total equity.SEVEN GROUP: To Cut 630 Jobs at WesTrac Unit--------------------------------------------Rhiannon Hoyle, writing for The Wall Street Journal, reported thatSeven Group Holdings Ltd. said it would cut 630 jobs at its heavy-machinery unit WesTrac, one of several mining-industry suppliersgrappling with a slowing global-commodities boom.According to the report, the latest WesTrac job losses bring thetotal number of cuts this year to more than 1,000, and will lowerhead count in Australia to 3,350 people. WesTrac is an authorizeddealer for equipment made by Caterpillar Inc.Like other suppliers to the minerals sector, WesTrac's revenue hasbeen hurt by a slowdown in mining investment in key resources hubssuch as Australia, the report said. The price of nickel, coal andother materials has fallen as the pace of demand fromindustrializing China has slowed in the past year. Meanwhile mineexpansions have boosted supply.In August, Boart Longyear Ltd. the world's biggest mineral-exploration drilling company, described business conditions as theworst since the global financial crisis, the report related.Seven Group, controlled by the billionaire Kerry Stokes, said itwould cut jobs by through a combination of natural attrition,hiring fewer contractors and eliminating redundancies over thecoming month, the report further related. The reorganizationwould cost Seven Group about 13 million Australian dollars(US$12.2 million), it said in a statement dated Nov. 12.SINCLAIR BROADCAST: Reports $36.6 Million Net Income in Q3----------------------------------------------------------Sinclair Broadcast Group, Inc., reported net income of $36.65million on $338.64 million of total revenues for the three monthsended Sept. 30, 2013, as compared with net income of $26.35million on $258.71 million of total revenues for the same periodduring the prior year.For the nine months ended Sept. 30, 2013, the Company reported netincome of $71.16 million on $935.41 million of total revenues ascompared with net income of $85.55 million on $732.16 million oftotal revenues for the same period a year ago.The Company's balance sheet at Sept. 30, 2013, showed $3.61billion in total assets, $3.20 billion in total liabilities and$416.23 million in total stockholders' equity."Our third quarter 2013 results showed an increase of 11.0% in netbroadcast revenues on a same station basis, excluding politicalrevenues, which was driven by growth in our retransmissionrevenues and core business," commented David Smith, president andCEO of Sinclair. "We are pleased with our solid third quarterresults and expect to continue to grow our revenue share andprovide additional value to our shareholders through our stationacquisitions and the synergies and efficiencies of scale that weare creating as we continue to consolidate. Including all pendingstation acquisitions, we are the largest and one of the mostdiversified TV broadcasters in the country and have been the mostactive TV broadcasting consolidator with over $3.0 billion inassets purchased and announced. Television continues to be thepreferred medium for advertisers and consumers top choice for newsand entertainment. As we look ahead, we are beginning to assessother possible avenues for growth after the industry consolidates,including enhancing our original content offerings anddistribution, the pursuit of strategic partnerships and monetizingspectrum holdings, all with the intent of creating additionalvalue for our shareholders."A copy of the press release is available for free at: http://is.gd/wbU9GW About Sinclair BroadcastBased in Baltimore, Maryland, Sinclair Broadcast Group, Inc.(Nasdaq: SBGI) -- http://www.sbgi.net/-- one of the largest and most diversified television broadcasting companies, currently ownsand operates, programs or provides sales services to 58 televisionstations in 35 markets. The Company's television group reachesroughly 22 percent of U.S. television households and includes FOX,ABC, CBS, NBC, MNT, and CW affiliates."Any insolvency or bankruptcy proceeding relating to Cunningham,one of our LMA partners, would cause a default and potentialacceleration under the Bank Credit Agreement and could,potentially, result in Cunningham's rejection of our seven LMAswith Cunningham, which would negatively affect our financialcondition and results of operations," the Company said in itsannual report for the period ended Dec. 31, 2012. * * *As reported by the TCR on Feb. 24, 2011, Standard & Poor's RatingsServices raised its corporate credit rating on Sinclair to 'BB-'from 'B+'. The rating outlook is stable. "The 'BB-' rating onSinclair reflects S&P's expectation that the company could keepits lease-adjusted debt to EBITDA below historical levelsthroughout the election cycle, absent a reversal of economicgrowth, meaningful debt-financed acquisitions, or significantshareholder-favoring measures," explained Standard & Poor's creditanalyst Deborah Kinzer.In September 2010, Moody's raised its ratings for SinclairBroadcast and subsidiary Sinclair Television Group, including theCorporate Family Rating and Probability-of-Default Rating, each toBa3 from B1, and the ratings for individual debt instruments.Moody's also assigned a B2 (LGD 5, 87%) rating to the proposed$250 million issuance of Senior Unsecured Notes due 2018 by STG.The Speculative Grade Liquidity Rating remains unchanged at SGL-2.The rating outlook is now stable.SOUTHGOBI RESOURCES: Anticipates Delay in Filing Q3 Results-----------------------------------------------------------SouthGobi Resources Ltd. on Nov. 8 disclosed that it anticipates adelay in the filing of its interim statements for the three andnine month periods ended September 30, 2013 and the relatedManagement's Discussion and Analysis and certifications by theChief Executive Officer and Chief Financial Officer.The anticipated delay is a result of the decision by the Company'sboard of directors today to restate the Company's financialstatements for 2011 and 2012, and consequently its comparativeinterim financial statements for 2013 and the related MD&A.The restatement and anticipated delay in filing the RequiredFilings follows a review by the Company of its prior revenuerecognition practices for its coal sales in the fourth quarter of2010, full year 2011 and in the first half of 2012. This reviewhas been conducted in consultation with PricewaterhouseCoopersLLP, the Company's current auditors, and Deloitte LLP, theCompany's auditors during the 2010 and 2011 fiscal years.As a result of this review, the Company has determined thatcertain revenue transactions were previously recognized in theCompany's consolidated financial statements prior to meetingrelevant revenue recognition criteria. These transactions relateto coal that had been delivered to the customer's stockpile in astockyard located within the SouthGobi's Ovoot Tolgoi mininglicense area, the location at which title transferred, but fromwhich the coal had not been collected by the customers. Therestatement of the Company's consolidated financial statementswill reflect a change in the point of revenue recognition from:(A) the delivery of coal to the customer stockpiles within theStockyard to (B) the loading of coal onto the customer's trucks atthe time of collection.The Company adopted new terms in its sales contracts starting inthe second half of 2012 such that title transfers when coal isloaded onto the customer's trucks which results in the latterpoint of revenue recognition for all its sales starting from thesecond half of 2012. Until the recent review, it was determinedthat a restatement of financial statements for periods prior tothe second half of 2012 was not required. The restatement of theCompany's 2011 and 2012 financials in order to reflect this changein the point of revenue recognition will, in turn, requirerestatements to the comparative information in the Company'spreviously filed interim financial statements for 2013.As a result of the potentially material effects on the Company'sfinancial statements, the previous financial information providedby the Company in respect of the periods to be covered by theRestated Financials are no longer accurate and should not berelied upon.Under National Instrument 51-102 of the Canadian SecuritiesAdministrators, the Required Filings should be made no later thanNovember 14, 2013. The Company is working expeditiously with PwCand Deloitte to complete the Required Filings and the RestatedFinancials as soon as possible. The Restated Financials areexpected to be available on or before January 16, 2014.The Company will be applying to the British Columbia SecuritiesCommission pursuant to Part 4 of National Policy 12-203 for aManagement Cease Trade Order in connection with the anticipatedlate filing of the Required Filings and the Restated Financials.If issued, the MCTO will prohibit trading in securities of theCompany, whether direct or indirect, by the Company's CEO, CFO andboard of directors or other persons or companies who had, or mayhave had, access directly or indirectly to any material fact ormaterial change with respect to the Company that has not beengenerally disclosed. There can be no assurance that an MCTO willbe issued.If an MCTO is not issued, or should an MCTO be issued and shouldthe Company thereafter fail to make the Required Filings on orbefore January 16, 2014, the Principal Regulator can impose ageneral cease trade order ceasing all trading in securities of theCompany for such period of time as the Principal Regulator maydeem appropriate.As part of the process described above, the Company isre-examining the Company's internal controls over financialreporting and disclosure controls and procedures in order toidentify material weaknesses with such processes which gave riseto the decision to prepare the Restated Financials.Any delay in filing the Required Filings, or the related financialstatement restatements, could ultimately result in an event ofdefault of the Company's convertible debenture held by ChinaInvestment Corporation, which if not cured within applicable cureperiods in accordance with the terms of such debenture, may resultin the principal amount owing and all accrued and unpaid interestbecoming immediately due and payable upon notice to the Company byCIC.The Company intends to satisfy the provisions of the AlternateInformation Guidelines as set out in NP 12-203, including therequirement to file bi-weekly status reports in the form of newsreleases containing prescribed updating information, for as longas it remains in default in respect of the Required Filings.Other information for the third quarter of 2013The Company achieved strong production results in the thirdquarter of 2013 with production up at 1.13 million tonnes of rawcoal produced and a strip ratio of 1.39 compared to 0.17 milliontonnes of raw coal produced with a strip ratio of 15.55 in thesecond quarter of 2013.Processing InfrastructureOn February 13, 2012, the Company announced the successfulcommissioning of the dry coal handling facility ("DCHF") at theOvoot Tolgoi Mine. The Company has received all permits tooperate the DCHF. The 2013 mine plan considered limitedutilization of the DCHF at the latter end of 2013. However thereis now no plan to use the DCHF in 2013 due to higher quality coalsbeing mined that likely will not require processing through theDCHF and the Company has delayed construction to upgrade the DCHF.A review of the DCHF, and its future contribution to the Company'sproduct strategy, is currently ongoing. The total constructioncapital investment to date is $85 million.CIC Convertible DebentureDuring the second quarter of 2013, the Company and the CICmutually agreed upon a three month deferral of the convertibledebenture semi-annual $7.9 million cash interest payment due onMay 19, 2013. The Company and the CIC subsequently agreed to anadditional deferral of one month, and the cash interest paymentbecame due on September 19, 2013.On September 19, 2013, the Company settled the $7.9 millionamount, plus additional accrued interest of $0.2 million, asfollows: -- The Company issued 1.8 million shares to the CIC forthe November 19, 2012 1.6% share interest payment, where thenumber of common shares was based on the 50-day volume-weightedaverage share price on November 19, 2012 of Cdn.$2.16; -- In consideration of the common share issuance, CICapplied the $4.0 million in cash already paid by the Company inthe first quarter of 2013 for the November 19, 2012 share interestpayment against the amount due on September 19, 2013; and -- The Company paid the remaining $4.1 million balance incash.Liquidity and capital managementAs of September 30, 2013, the Company had cash of $16.1 millioncompared to cash of $19.2 million as of June 30, 2013. TheCompany expects to have sufficient liquidity and capital resourcesto meet its ongoing obligations and future contractual commitmentsfor at least twelve months from the end of the September 30, 2013reporting period. The Company expects its liquidity to remainsufficient based on existing capital resources and estimatedincome from mining operations. Estimated income from miningoperations is subject to a number of external market factorsincluding supply and demand and pricing in the coal industry. TheCompany continues to minimize uncommitted capital expenditures andexploration expenditures in order to preserve the Company'sfinancial resources.Impairment analysisUnchanged from the assessment made as of June 30, 2013, theCompany determined that an indicator of impairment existed for itsOvoot Tolgoi Mine cash generating unit as of September 30, 2013.The impairment indicator was the continued weakness in theCompany's share price during the third quarter of 2013 and thefact that the market capitalization of the Company, as ofSeptember 30, 2013, was less than the carrying value of its netassets.Therefore, the Company conducted an impairment test whereby thecarrying value of the Company's Ovoot Tolgoi Mine cash generatingunit was compared to its "value-in-use" using a discounted futurecash flow valuation model. The Company's Ovoot Tolgoi Mine cashgenerating unit carrying value was $517.5 million as of September30, 2013.Key estimates and assumptions incorporated in the valuation modelincluded the following: -- Inland Chinese coking coal market coal prices; -- Life-of-mine coal production and operating costs; and -- A discount rate based on an analysis of market,country and company specific factors.The impairment analysis did not result in the identification of animpairment loss and no charge was required as of September 30,2013. The Company believes that the estimates and assumptionsincorporated in the impairment analysis are reasonable; however,the estimates and assumptions are subject to significantuncertainties and judgments.Governmental, Regulatory and Internal InvestigationsThe Company is subject to investigations by Mongolia's IndependentAuthority against Corruption ("the IAAC") and the Mongolian StateInvestigation Office (the "SIA") regarding allegations againstSouthGobi and some of its former employees. The IAACinvestigation concerns possible breaches of Mongolia's anti-corruption laws, while the SIA investigation concerns possiblebreaches of Mongolia's money laundering and taxation laws.While the IAAC investigation into allegations of possible breachesof Mongolian anti-corruption laws has been suspended, the Companyhas not received notice that the IAAC investigation is complete.To date, four former SouthGobi employees have been named assuspects in the IAAC investigation and are subject to a continuingtravel ban imposed by the IAAC. The IAAC has not formally accusedany current or former SouthGobi employees of breach of Mongolia'santi-corruption laws.The SIA has not accused any current or former SouthGobi employeesof money laundering. However, three former SouthGobi employeeshave been informed that they have each been designated as"accused" in connection with the allegations of tax evasion, andare subject to a travel ban. The Company has been designated as a"civil defendant" in connection with the tax evasion allegations,and it may potentially be held financially liable for the criminalmisconduct of its former employees under Mongolian Law. TheCompany has shown full cooperation with the investigation byproviding relevant information. The relevant authorities are yetto conclude on this information. Accordingly, the likelihood orconsequences for the Company of a judgment against its formeremployees is unclear at this time.The SIA also continues to enforce administrative restrictions,which were initially imposed by the IAAC investigation, on certainof the Company's Mongolian assets, including local bank accounts,in connection with its continuing investigation of theseallegations. While the orders restrict the use of in-countryfunds pending the outcome of the investigation, they are notexpected to have a material impact on the Company's activities inthe short term, although they could create potential difficultiesfor the Company in the medium to long term. SouthGobi willcontinue to take all appropriate steps to protect its ability toconduct its business activities in the ordinary course.Certain of the allegations raised by the SIA and IAAC againstSouthGobi (concerning allegations of bribery, money laundering andtax evasion) have been the subject of public statements andMongolian media reports, both prior to and in connection with therecent trial, conviction, and unsuccessful appeal of the formerChairman and the former director of the Geology, Mining andCadastral Department of the MRAM, and others. SouthGobi was not aparty to this case. The Company understands that the courtprocess is now concluded following the decision of the SupremeCourt of Mongolia to uphold the convictions. As far as theCompany is aware from publicly available information, the courtconcluded that the transfer of one of SouthGobi Sands LLC'slicenses (5261X) involved government officials and violatedapplicable Mongolian anti-corruption laws. License 5261X wastransferred to an entity nominated by MRAM, after the license hadbeen reinstated by MRAM for this purpose, in exchange for MRAMrenewing certain SouthGobi Sands LLC licenses (5259X, 5277X,12388X and 9442X) that were due to expire. As a result the courtinvalidated the transfer of 5261X and cancelled the otherlicenses. At that time only one of the licenses at issue (9442X)was held by SouthGobi Sands LLC, with the other licenses havingearlier been allowed to lapse when they were determined not to beprospective. The Company considers that it was entitled underapplicable law to the renewal of the relevant licenses and that itreceived reasonable payment for the transfer of license 5261X.Through its Audit Committee (comprised solely of independentdirectors), SouthGobi is conducting an internal investigation intopossible breaches of law, internal corporate policies and codes ofconduct arising from the allegations which have been raised. TheAudit Committee has the assistance of independent legal counsel inconnection with its investigation.The Chair of the Audit Committee is also participating in atripartite committee, comprised of the Audit Committee Chairs ofthe Company and Turquoise Hill and a representative of Rio Tinto,which is focused on the investigation of a number of thoseallegations, including possible violations of anti-corruptionlaws. Independent legal counsel and forensic accountants havebeen engaged by this committee to assist it with itsinvestigation. The tripartite committee substantially completedthe investigative phase of its activities during the third quarterof 2013. The Company continues to cooperate with the IAAC, SIAand with Canadian and United States government and regulatoryauthorities that are monitoring the Mongolian investigations. Itis possible that these authorities may subsequently conduct theirown review or investigation or seek further information from theCompany and until all such reviews or investigations are completethe Audit Committee's and the tripartite committee's work may beconsidered ongoing.The investigations referred to above could result in one or moreMongolian, Canadian, United States or other governmental orregulatory agencies taking civil or criminal action against theCompany, its affiliates or its current or former employees. Thelikelihood or consequences of such an outcome are unclear at thistime but could include financial or other penalties, which couldbe material, and which could have a material adverse effect on theCompany. Reference is made to the Company's MD&A for the yearended December 31, 2012, which is available at www.sedar.com,Section 13, Risk Factors, "the Company is subject to continuinggovernmental, regulatory and internal investigations, the outcomeof which is unclear at this time but could have a material adverseeffect on the Company".The Company, through its Board of Directors and new management,has taken a number of steps to address issues noted during theinvestigations and to focus ongoing compliance by employees withall applicable laws, internal corporate policies and codes ofconduct, and with the Company's disclosure controls and proceduresand internal controls over financial reporting.Withdrawal of Notice of Investment DisputeOn August 22, 2013, SouthGobi announced that it had withdrawn theNotice of Investment Dispute on the Government of Mongolia inrecognition of the fact that the dispute was resolved followingthe grant of three pre-mining agreements ("PMAs") on August 14,2013 relating to the Zag Suuj Deposit and certain areas associatedwith the Soumber Deposit, and the earlier grant of a PMA onJanuary 18, 2013 pertaining to the Soumber Deposit. About SouthGobi ResourcesSouthGobi is listed on the Toronto and Hong Kong stock exchanges,in which Turquoise Hill Resources Ltd., also publicly listed inToronto and New York, has a 57% shareholding. Turquoise Hill tookmanagement control of SouthGobi in September 2012 and made changesto the board and senior management. Rio Tinto has a majorityshareholding in Turquoise Hill.SouthGobi is focused on exploration and development of itsmetallurgical and thermal coal deposits in Mongolia's South GobiRegion. It has a 100% shareholding in SouthGobi Sands LLC,Mongolian registered company that holds the mining and explorationlicences in Mongolia and operates the flagship Ovoot Tolgoi coalmine. Ovoot Tolgoi produces and sells coal to customers in China.STELLAR BIOTECHNOLOGIES: Appoints CFO and COO---------------------------------------------Stellar Biotechnologies, Inc., announced the appointment of two ofthe Company's senior executives to expanded leadership positions.Kathi Niffenegger, CPA, has been appointed chief financial officerand Catherine Brisson, Ph.D., has been appointed chief operationsofficer. Stellar's board of directors voted unanimously topromote Ms. Niffenegger and Ms. Brisson to strengthen theCompany's financial oversight and operational efficiency."I am delighted to have Ms. Niffenegger and Dr. Brisson take onbroader executive roles within Stellar and leverage their provensuccesses managing critical areas of our business," said FrankOakes, president and CEO of Stellar Biotechnologies, Inc. "I lookforward to leveraging their leadership to advance the multiplegrowth opportunities the Company has in sight."Ms. Niffenegger began working with Stellar in 1999, as outsideCPA. She became Controller for Stellar Biotechnologies in 2012and assumed the role of Corporate Secretary earlier this year.Ms. Niffenegger is a Certified Public Accountant with more than 30years of experience in accounting and finance in a range ofindustries. Ms. Niffenegger was previously technical partner inthe audit division of Glenn Burdette CPAs, obtained CFO experienceat Martin Aviation and began her career at Peat, Marwick, Mitchell& Co. (now KPMG LLP). She held leadership roles for audits ofmanufacturing, aquaculture, pharmaceutical, and governmental grantclients, and developed specific expertise in cost accountingsystems and internal controls. Ms. Niffenegger holds a B.S.degree in Business Administration from California StateUniversity, Long Beach.Mr. Oakes said, "Kathi is a seasoned finance executive who hasbeen a key contributor to Stellar Biotechnologies' growth for overfourteen years. We are very fortunate to have a CFO with both herextensive experience and in-depth knowledge of our business,overseeing the financial resources and assets that are vital toour long-term plan."Dr. Brisson joined Stellar in 2010 as Director of Quality andRegulatory Affairs, and was promoted to Chief PharmaceuticalOfficer in 2012. She has more than 20 years of experience in thebiotechnology, pharmaceutical and medical device industries withstrong expertise and broad scientific and operationalunderstanding in quality assurance, quality control, regulatoryaffairs, manufacturing, and product development areas. Dr.Brisson has held past positions in both startup and establishedcompanies such as MacuSight and Teva Parenteral Products. Dr.Brisson holds a B.S. degree in Chemistry from North Carolina StateUniversity and a Ph.D. in Organic Chemistry from the University ofNorth Carolina.Commenting on Dr. Brisson's elevated role as chief operationsofficer, Mr. Oakes said, "Catherine brings together pharmaceuticalindustry experience with a deep understanding of KLH production,quality control and regulatory compliance. She has a progressivevision for ensuring unmatched operations that will supportStellar's immunotherapy customers on multiple fronts, whileproviding critical input on Stellar's strategic developmentprograms." About StellarPort Hueneme, Cal.-based Stellar Biotechnologies, Inc.'sbusiness is to commercially produce and market Keyhole LimpetHemocyanin ("KLH") as well as to develop new technology related toculture and production of KLH and subunit KLH ("suKLH")formulations. The Company markets KLH and suKLH formulations tocustomers in the United States and Europe.KLH is used extensively as a carrier protein in the production ofantibodies for research, biotechnology and therapeuticapplications.The Company's balance sheet at May 31, 2013, showed $2.23 millionin total assets, $5.35 million in total liabilities and a $3.11million total shareholders' deficiency."Without raising additional financial resources or achievingprofitable operations, there is substantial doubt about theability of the Company to continue as a going concern," theCompany said in its quarterly report for the period ended May 31,2013.SUNTECH POWER: Creditors of Main Unit Back Debt Restructuring Plan------------------------------------------------------------------Charlie Zhu, writing for Reuters, reported that creditors of themain unit of Chinese solar panel maker Suntech Power Holdings CoLtd on Nov. 12 approved a plan to restructure its $1.75 billiondebts with proceeds from acquirer Hong Kong-listed ShunfengPhotovoltaic International Ltd.According to the report, Shunfeng announced this month it hadagreed to take over indebted Wuxi Suntech Power Co Ltd for 3billion yuan (US$493 million), pending approvals from variousparties including its own shareholders and Wuxi Suntech'screditors on the debt restructuring.Shunfeng has said it would use the proceeds to pay down WuxiSuntech's debts, the report related.Creditors, including representatives from Chinese banks as well asdomestic and foreign suppliers, backed the debt restructuringplan, Suntech spokesman Ryan Ulrich said, the report cited.A source who attended the Nov. 12 meeting in the eastern city ofWuxi said the more than 500 creditors had "overwhelmingly"approved the plan, the report further related. About SuntechWuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)produces solar products for residential, commercial, industrial,and utility applications. With regional headquarters in China,Switzerland, and the United States, and gigawatt-scalemanufacturing worldwide, Suntech has delivered more than25,000,000 photovoltaic panels to over a thousand customers inmore than 80 countries.Suntech Power Holdings Co., Ltd., received from the trustee of its3 percent Convertible Notes a notice of default and accelerationrelating to Suntech's non-payment of the principal amount ofUS$541 million that was due to holders of the Notes on March 15,2013. That event of default has also triggered cross-defaultsunder Suntech's other outstanding debt, including its loans fromInternational Finance Corporation and Chinese domestic lenders.Suntech Power had involuntary Chapter 7 bankruptcy proceedingsinitiated against it on Oct. 14, 2013 in U.S. Bankruptcy Court inWhite Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), byholders of more than $1.5 million of defaulted securities under a2008 $575 million indenture. The Chapter 7 Petitioners areTrondheim Capital Partners, L.P., Michael Meixler, LongballHoldings, LLC, and Jiangsu Liquidators, LLC. They are representedby Jay Teitelbaum, Esq., at TEITELBAUM & BASKIN LLP, in WhitePlains, New York.THERAPEUTICSMD INC: Files Copy of Conference Call Transcript------------------------------------------------------------TherapeuticsMD, Inc., furnished a current report on Form 8-K withthe U.S. Securities and Exchange Commission in connection with thedisclosure of information during a conference call and webcast onNov. 4, 2013, discussing the Company's third quarter fiscal 2013financial results. The transcript of the conference call andwebcast is available for free at http://is.gd/MNTtVK About TherapeuticsMDBoca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is awomen's healthcare product company focused on creating andcommercializing products targeted exclusively for women. TheCompany currently manufactures and distributes branded and genericprescription prenatal vitamins as well as over-the-countervitamins and cosmetics. The Company is currently focused onconducting the clinical trials necessary for regulatory approvaland commercialization of advanced hormone therapy pharmaceuticalproducts designed to alleviate the symptoms of and reduce thehealth risks resulting from menopause-related hormonedeficiencies.In the auditors' report accompanying the consolidated financialstatements for the year ended Dec. 31, 2012, Rosenberg Rich BakerBerman & Company, in Somerset, New Jersey, expressed substantialdoubt about TherapeuticsMD's ability to continue as a goingconcern, citing the Company's loss from operations ofapproximately $16 million and negative cash flow from operationsof approximately $13 million.The Company reported a net loss of $35.1 million on $3.8 millionof revenues in 2012, compared with a net loss of $12.9 million on$2.1 million of revenues in 2011. As of June 30, 2013, theCompany had $43.06 million in total assets, $4.59 million in totalliabilities and $38.46 million in total stockholders' equity.TRANSGENOMIC INC: Incurs $5.6 Million Net Loss in Third Quarter---------------------------------------------------------------Transgenomic, Inc., reported a net loss of $5.55 million on $6.64million of net sales for the three months ended Sept. 30, 2013, ascompared with a net loss of $2.75 million on $7.88 million of netsales for the same period a year ago.For the nine months ended Sept. 30, 2013, the Company reported anet loss of $12 million on $21.32 million of net sales as comparedwith a net loss of $6.01 million on $24.18 million of net salesfor the same period last year.As of Sept. 30, 2013, the Company had $33.18 million in totalassets, $17.78 million in total liabilities and $15.39 million instockholders' equity.Cash and cash equivalents were $4 million as of Sept. 30,2013, compared with $4.5 million as of Dec. 31, 2012."Transgenomic's highest priority over the near term is to maximizethe commercial potential of our strong molecular diagnosticsportfolio, which focuses on low level and rare mutation detection,and the adoption of strategic partnerships to expand the Company'scommercial reach," said Paul Kinnon, president and chief executiveofficer. "The new commercialization agreements with PerkinElmerand PDI, as recently announced, highlight our renewed vigor andcorporate strategy, which aims to optimize, through channelpartnerships, the commercial potential of these strong assetswhile focusing our internal resources on our areas of strength."A copy of the press release is available for free at: http://is.gd/2nUJdg About TransgenomicTransgenomic, Inc. -- http://www.transgenomic.com/-- is a global biotechnology company advancing personalized medicine incardiology, oncology, and inherited diseases through itsproprietary molecular technologies and world-class clinical andresearch services. The Company is a global leader in cardiacgenetic testing with a family of innovative products, includingits C-GAAP test, designed to detect gene mutations which indicatecardiac disorders, or which can lead to serious adverse events.Transgenomic has three complementary business divisions:Transgenomic Clinical Laboratories, which specializes in moleculardiagnostics for cardiology, oncology, neurology, and mitochondrialdisorders; Transgenomic Pharmacogenomic Services, a contractresearch laboratory that specializes in supporting all phases ofpre-clinical and clinical trials for oncology drugs indevelopment; and Transgenomic Diagnostic Tools, which producesequipment, reagents, and other consumables that empower clinicaland research applications in molecular testing and cytogenetics.Transgenomic believes there is significant opportunity forcontinued growth across all three businesses by leveraging theirsynergistic capabilities, technologies, and expertise. TheCompany actively develops and acquires new technology and otherintellectual property that strengthens its leadership inpersonalized medicine.Transgenomic incurred a net loss of $8.32 million in 2012, a netloss of $9.78 million in 2011 and a net loss of $3.13 million in2010. Forbearance AgreementOn Feb. 7, 2013, the Company entered into a Forbearance Agreementwith Dogwood Pharmaceuticals, Inc., a wholly owned subsidiary ofForest Laboratories, Inc., and successor-in-interest to PGxHealth,LLC, with an effective date of Dec. 31, 2012. In December 2012,the Company commenced discussions with the Lender to defer thepayment due on Dec. 31, 2012, until March 31, 2013. As ofDec. 31, 2012, an aggregate of $1.4 million was due and payableunder the Note by Transgenomic, and non-payment would constitutean event of default under the Note and that certain SecurityAgreement, dated as of Dec. 29, 2010, entered into betweenTransgenomic and PGX. Pursuant to the Forbearance Agreement, theLender agreed, among other things, to forbear from exercising itsrights and remedies under the Note and the Security Agreement as aTRAVELPORT HOLDINGS: Incurs $27 Million Net Loss in 3rd Quarter---------------------------------------------------------------Travelport Limited reported a net loss of $27 million on $511million of net revenue for the three months ended Sept. 30, 2013,as compared with a net loss of $40 million on $489 million of netrevenue for the same period during the prior year.For the nine months ended Sept. 30, 2013, the Company reported anet loss of $140 million on $1.59 billion of net revenue ascompared with a net loss of $72 million on $1.54 billion of netrevenue for the same period a year ago.The Company's balance sheet at Sept. 30, 2013, showed $3.16billion in total assets, $4.53 billion in total liabilities and a$1.36 billion total deficit.Commenting on developments, Gordon Wilson, president and CEO ofTravelport, said: "We have delivered five percent growth in bothRevenue and Adjusted EBITDA for the quarter and year to date andwe look to the future with confidence."A copy of the press release is available for free at: http://is.gd/l1JviB About Travelport HoldingsHeadquartered in Atlanta, Georgia, Travelport provides transactionprocessing services to the travel industry through its globaldistribution system business, which includes the group's airlineinformation technology solutions business. During FYE2011, thegroup reported revenues and adjusted EBITDA of US$2 billion andUS$507 million, respectively.Travelport Limited incurred a net loss of $236 million in 2012, ascompared with net income of $172 million in 2011. * * *As reported by the TCR on Oct. 10, 2011, Standard & Poor's RatingsServices lowered its long-term corporate credit ratings on travelservices provider Travelport Holdings Limited (TravelportHoldings) and indirect subsidiary Travelport LLC (Travelport) to'SD' (selective default) from 'CC'.The downgrades follow the implementation of a capitalrestructuring, which was necessary because of the Travelportgroup's high leverage, weak liquidity, and the upcoming maturityof its $693 million (as of end-June 2011) PIK loan in March 2012."According to our criteria, we view this restructuring as adistressed exchange and tantamount to a default (see 'RatingImplications Of Exchange Offers And Similar Restructurings,Update,' published May 12, 2009, on RatingsDirect on the GlobalCredit Portal)," S&P related.In May 2012, Moody's Investors Service affirmed the Caa1 corporatefamily rating (CFR) and probability of default rating (PDR) ofTravelport LLC.TRINITY COAL: Plan Approval Opens Way for Essar Repurchase----------------------------------------------------------Bill Rochelle, the bankruptcy columnist for Bloomberg News,reports that Trinity Coal Corp. got a signed confirmation orderNov. 8, clearing the way for the company to exit Chapter 11protection in Lexington, Kentucky, through a repurchase by EssarGroup.According to the report, the official creditors' committeesupported the plan, and every creditor class voted in favor.Essar in substance is reacquiring Trinity by paying securedlenders $56 million toward claims of some $123 million. AbsentEssar's repurchase, Trinity would have been sold in August.Essar is an Indian business group controlled by billionairebrothers Shashikant and Ravikant Ruia. They acquired Trinity Coalin 2010 for $600 million.Essar will provide $22 million to pay off the revolving creditfinancing bankruptcy. It will also provide $16.4 million to coverthe cost of the bankruptcy and funds to pay secured lenders. Inreturn, Essar has all of the new equity and, in the process, willwaive its $133.4 million claim, thus not diluting creditors'recoveries. About Trinity CoalTrinity Coal Corp. is a coal mining company that owns coaldeposits located in the Appalachian region of the eastern UnitedStates, specifically, in Breathitt, Floyd, Knott Magoffin, andPerry Counties in eastern Kentucky and in Boone, Fayette, Mingo,McDowell and Wyoming Counties in West Virginia.Trinity's coal mining operations are organized into six distinctcoal mining complexes. Three complexes are located in Kentucky andare referred to as Prater Branch Resources, Little Elk Mining andLevisa Fork. The Kentucky Operations produced compliance and lowsulfur steam coal. Three complexes are located in West Virginiaand are referred to as Deep Water Resources, North SpringsResources and Falcon Resources.Trinity is a wholly owned subsidiary of privately heldmultinational conglomerate Essar Global Limited.Credit Agricole Corporate & Investment Bank, ING Capital LLC andNatixis, New York Branch filed an involuntary petition for reliefunder Chapter 11 against Trinity Coal Corporation and 15affiliates (Bankr. E.D. Ky. Lead Case No. 13-50364). The threeentities say they are owed a total of $104 million on accountloans provided to Trinity.On Feb. 14, 2013, Austin Powder Company, Whayne Supply Company andCecil I. Walker Machinery Co. filed an involuntary petition forrelief under Chapter 11 (Bankr. E.D. Ky. Case No. 13-50335)against Frasure Creek Mining, LLC. On Feb. 19, 2013, CreditAgricole, ING Capital and Natixis joined as petitioning creditors.On March 4, 2013, the Debtors filed their consolidated answer toinvoluntary petitions and consent to an order for relief andreservation of rights, thereby consenting to the entry of an orderfor relief in each of their respective Chapter 11 cases. An orderfor relief in each of the Debtors was entered by the Court onMarch 4, 2013, which converted the involuntary cases to voluntaryChapter 11 cases.Steven J. Reisman, Esq., L. P. Harrison 3rd, Esq., Jerrold L.Bregman, Esq., and Dienna Ching, Esq., at CURTIS, MALLET-PREVOST,COLT & MOSLE LLP, in New York, N.Y.; and John W. Ames, Esq., C.R.Bowles, Jr., Esq., and Bruce Cryder, Esq., at BINGHAM GREENEBAUMDOLL LLP, in Lexington, Ky., represent the Debtors as counsel.Attorneys at Foley & Lardner LLP, in Chicago, Ill., represent theOfficial Committee of Unsecured Creditors as counsel. Sturgill,Turner, Barker & Maloney, PLLC, in Lexington, Ky., represents theOfficial Committee of Unsecured Creditors as local counsel.Judge Tracey N. Wise approved on Oct. 3, 2013, the adequacy of theDisclosure Statement explaining the Joint Chapter 11 Plan ofTrinity Coal. With this development, the Debtors are nowpermitted to solicit acceptances of their Plan.TUSCANY INT'L: Fitch Lowers Issuer Default Ratings to 'B-'----------------------------------------------------------Fitch Ratings has downgraded Tuscany International Drilling Inc.'sforeign and local currency Issuer Default Ratings (IDRs) to 'B-'from 'B+'. The Rating Outlook is Negative.Rating Drivers:The rating downgrade reflects Tuscany's limited liquidity positionand its difficulties lowering leverage levels to be in line withFitch's expectations due to drilling rigs coming out of contractas well as a contained number of unexpectedly contractcancellations. These events have hindered the company's ability togenerate cash flow from operations as a large number of drillingrigs remain idle. Tuscany's ratings reflect the company'sexperienced management team and a technologically advanced assetfleet, which is either new or has been recently refurbished, andgives the company a competitive advantage. The ratings alsoincorporate a degree of counterparty credit risk in itsdiversified customer base, a relatively small rig fleet, andexposure to the cyclical and competitive onshore drillingindustry.High Leverage:Tuscany's reported leverage for the last 12 months ended June 30,2013 of approximately 5.2 times (x) is considered high. Goingforward, leverage might marginally decline overtime if the companyis successful at increasing its utilization rate at unchanged dayrates. Tuscany's EBITDA, initially expected to reach USD70 millionby 2013, is now expected to range between USD50 and USD60 million,assuming the company progressively increases its utilization rateto levels similar to those evidenced in 2012 of approximately 75%and average day rates range between USD25 thousand and USD30thousand. For the last 12 months (LTM) ended June 30, 2013, thecompany reported an adjusted EBTIDA of approximately USD49million. Total consolidated debt as of the same date wasapproximately USD256 million, of which the majority correspondedto a term loan used to finance acquisitions during 2011 and anexisting revolving credit facility.Limited Liquidity Position:Tuscany liquidity position is weak and supported by its cashposition of approximately USD10 million as of June 30, 2013. Also,as of June 30, 2013, the company had fully drawn its revolvingcredit facility of USD45 million. This revolving line of creditexpires on Sept. 15, 2015 and the long term credit facilityamortizes through Sept. 14, 2017. Absent a significant increase inutilization rates during the next 12 to 18 months from currentlevels, Tuscany will have difficulties accumulating the sufficientfunds from its operating activities to meet the payment on itsfinancial obligations.Smaller Fleet Size and Customer Base:The company's rig fleet is relatively small with 37 onshoredrilling rigs, which limits operational diversification as well asthe ability to serve larger, financially stronger oil companiesand their demand for rigs. Tuscany's small fleet size exposes thecompany to operational issues surrounding a particular rig,specifically those that are more technologically advanced andreceive higher day rates. Tuscany has exposure to customers thattend to have a lower credit quality, which adds to counter partyrisk. The majority of Tuscany's revenues are generated from smallto medium sized independent oil and gas companies, which ingeneral are more sensitive to oil price volatility when comparedwith larger, integrated oil and gas companies.Cyclical and Competitive Industry:Tuscany's cash flow generation ability is exposed to oil pricevolatility as a substantial decrease in oil prices could reducethe exploration activity of its counterparties and lower demandfor rigs. A sustained downturn in day rates and utilization levelscould affect Tuscany's ability to generate cash flow fromoperations and pressure its ratings. The drilling market is highlycompetitive and is characterized by short-term contracts.Companies in the sector tend to have short-term contract backlogsof one to two years, yet have built long-term relationships withtheir client base. Tuscany's contract backlog is small given thecompany's short history. The company is expected to concentrate onbuilding long-term commercial relationships in the short to mediumterm. A possible deterioration in customer credit quality remainsa concern, although this risk is somewhat mitigated by reasonablecustomer diversification.Rating Sensitivity:Catalysts for a negative rating action include a significantdeterioration of the company's rig fleet utilization levels,coupled with lower than expected day rates, which could lowerEBITDA and deteriorate the company's credit quality. The company'sratings could also be downgraded if the company's debt andcoverage ratios do not improve in line with Fitch's expectations.A positive rating action could result from the satisfactoryconsolidation of the company current business, higher level ofmedium-term contracts with solid counterparts.UNIFIED 2020: Chapter 11 Trustee Hires Marshall Firm----------------------------------------------------Daniel J. Sherman, the Chapter 11 trustee of Unified 2020 RealtyPartners, LP, seeks permission from the Hon. Stacey G.C. Jerniganof the U.S. Bankruptcy Court for the Northern District of Texas toemploy The Marshall Firm to provide legal services regarding thechallenge of the taxable value of 2020 Live Oak, Dallas, Texas.Marshall Firm will assist the Trustee in maximizing the value ofthe Debtor's Estate, as stated in the Engagement Letter,including, as reasonably requested: representing the Trustee inchallenging the taxable value of the Property for 2011, 2012 and2013.As set forth in the Engagement Letter, if the challenge to thetaxable value of the Property for the tax years 2011, 2012 and2013 is settled early in the litigation process, without the needto engage in discovery, mediation, or pre-trial motions orpreparation, the fee to be charged by Marshall Firm will be a flatfee of $8,000, to be paid out of the proceeds from the taxsavings. If Marshall Firm engages in the discovery process,mediation or pre-trial preparation, The Marshall Firm's fees are$275 per hour, plus any actual expenses incurred in furtherance ofthe representation.Marshall Firm will also be reimbursed for reasonable out-of-pocketexpenses incurred.Jason C. Marshall, managing partner of Marshall Firm, assured theCourt that the firm is a "disinterested person" as the term isdefined in Section 101(14) of the Bankruptcy Code and does notrepresent any interest adverse to the Debtors and their estates.The Court will hold a hearing on the engagement Dec. 5, 2013, at9:30 a.m.Marshall Firm can be reached at: Jason C. Marshall, Esq. THE MARSHALL FIRM 302 N. Market, Suite #510 Dallas, TX 75202 Tel: (214) 742-4800 Fax: (214) 452-9064 E-mail: firstname.lastname@example.com About Unified 2020 RealtyUnified 2020 Realty Partners, LP, filed a bare-bones petitionunder Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.13-32425) in its home-town in Dallas on May 6, 2013. The petitionwas signed by Edward Roush as president of general partner. TheDebtor disclosed $44.7 million in total assets and $31.6 millionin liabilities as of the Chapter 11 filing. The Debtor says itowns and leases infrastructure critical to telecommunicationscompanies and data center facilities. Judge Stacey G. Jerniganpresides over the Chapter 11 case.Arthur I. Ungerman, Esq., and Kerry S. Alleyne-Simmons, Esq., atthe Law Office of Arthur Ungerman, in Dallas, Texas, represent theDebtor. Peter C. Lewis, Esq., and Jacob W. Sparks, Esq., atScheef & Stone, LLP, in Dallas, Texas, represent United CentralBank.In its schedules, the Debtor disclosed $280,178,409 in assets and$46,378,972 in liabilities.VELTI INC: Section 341(a) Meeting Set on December 2---------------------------------------------------A meeting of creditors in the bankruptcy case of Velti Inc. willbe held on Dec. 2, 2013, at 1:00 p.m. in Room 5209 of the J. CalebBoggs Federal Building, 844 King Street, Wilmington, DelawareThis is the first meeting of creditors required under Section341(a) of the 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. About Velti Inc.Velti Inc., a provider of technology for marketing on mobiledevices, sought Chapter 11 protection (Bankr. D. Del. Case No. 13-bk-12878) on Nov. 4. DLA PIPER LLP (US) serves as the Debtor'scounsel. BMC Group, Inc., is the Debtor's claims agent. JudgePeter J. Walsh presides over the case.Velti Inc., a San Francisco-based unit of Velti Plc, listed assetsof as much $50 million and debt of as much as $100 million inChapter 11 documents filed this week. Its Air2Web Inc. unit,based in Atlanta, also sought creditor protection.Velti Plc, which trades on the Nasdaq Stock Market, isn't part ofthe bankruptcy process. Operations in the U.K., Greece, India,China, Brazil, Russia, the United Arab Emirates and elsewhereoutside the U.S. will continue as usual.WESTGATE NURSING HOME: Voluntary Chapter 11 Case Summary--------------------------------------------------------Debtor: Westgate Nursing Home Inc. 525 Beahan Road Rochester, NY 14624Case No.: 13-21665Chapter 11 Petition Date: November 12, 2013Court: United States Bankruptcy Court Western District of New York (Rochester)Judge: Hon. Paul R. WarrenDebtor's Counsel: Gary A. Christiano, Esq. 350 Reynolds Arcade 16 East Main Street Rochester, NY 14614 Tel: (585) 232-5768 Fax: (585) 232-4004 Email: firstname.lastname@example.com Assets: $1 million to $10 millionEstimated Liabilities: $1 million to $10 millionThe petition was signed by Dennis J. Christiano, Sr., president.The Debtor did not file a list of its largest unsecured creditorswhen it filed the petition.ZOGENIX INC: Offering $60 Million Worth of Common Shares--------------------------------------------------------Zogenix, Inc., has priced an underwritten public offering of26,666,667 shares of its common stock at a price to the public of$2.25 per share. Net proceeds, after underwriting discounts andcommissions and estimated offering costs, are expected to beapproximately $56 million.Zogenix intends to use the net proceeds from the offering to fundpre-commercialization and commercialization activities forZohydroTM ER, additional development activities of Zohydro ER andReldayTM, and for working capital and other general corporatepurposes. Zogenix may also use a portion of the net proceeds toin-license, acquire or invest in complementary businesses orproducts.Zogenix has granted the underwriters a 30-day option to purchaseup to 4,000,000 additional shares of common stock to cover over-allotments, if any. The offering is expected to close on or aboutNov. 12, 2013, subject to satisfaction of customary closingconditions.Stifel, Leerink Swann LLC and Wells Fargo Securities, LLC, areacting as book-running managers for the offering. Oppenheimer &Co. and William Blair & Company, L.L.C., are acting as co-managersfor the offering.Terminates Cantor AgreementOn Nov. 5, 2013, Zogenix gave notice to Cantor Fitzgerald & Co.that it was terminating its Controlled Equity OfferingSM SalesAgreement, dated March 27, 2013, pursuant to Section 12(b) of theCantor Agreement. The Company elected to terminate the CantorAgreement in order to sell shares of its common stock, par value$0.001 per share, which were otherwise reserved for issuancepursuant to the Cantor Agreement, in an underwritten offering.The termination of the Cantor Agreement will be effective onNov. 16, 2013. About Zogenix Inc.Zogenix, Inc. (NASDAQ: ZGNX), with offices in San Diego andEmeryville, California, is a pharmaceutical companycommercializing and developing products for the treatment ofcentral nervous system disorders and pain.Ernst & Young LLP, in San Diego, California, issued a "goingconcern" qualification on the consolidated financial statementsfor the year ended Dec. 31, 2012, citing recurring losses fromoperations and lack of sufficient working capital which raisesubstantial doubt about the Company's ability to continue as agoing concern.Zogenix incurred a net loss of $47.38 million in 2012, as comparedwith a net loss of $83.90 million in 2011.The Company's balance sheet at Sept. 30, 2013, showed $54.63million in total assets, $68.52 million in total liabilities and a$13.88 million total stockholders' deficit.* In SAC Case, Judge Won't Decide on Deal Until as Late as March----------------------------------------------------------------Christopher M. Matthews, writing for The Wall Street Journal,reported that the case was a decade in the making, but SAC CapitalAdvisors LP and the Department of Justice will have to wait alittle longer to find out whether a federal judge accepts theirlandmark settlement.According to the report, hedge-fund giant SAC pleaded guilty onNov. 8, accepting responsibility for insider trading by at leastsix of its employees over the past 10 years, an admission thatcould cost the firm $1.8 billion in civil and criminal penalties.But U.S. District Judge Laura Swain deferred until March adecision about whether she would accept the plea deal and allowthe settlement to go forward. If she rejects the terms, SAC wouldhave the authority to withdraw its guilty plea, in which case itwould once again be under federal indictment.Judge Swain, known as a careful and deliberate jurist, satdispassionately through the roughly hourlong proceeding,occasionally asking the lawyers questions about the settlementterms, the report related. At the end, she said she wanted totake time to review the plea agreement and a report to be filed bythe federal probation office, among other things, before making adecision."On behalf of SAC, I want to express our deep remorse for themisconduct of each individual who broke the law while employed atSAC," said SAC General Counsel Peter Nussbaum during the hearing,the report further related. "This happened on our watch, and weare responsible for that misconduct."The admission followed years of denials from the firm, the reportsaid. In the meantime, the Federal Bureau of Investigation andthe Manhattan U.S. attorney's office brought dozens of insider-trading cases and charged eight current and former SAC employees,six of whom have pleaded guilty. The stream of cases culminated inthe past two week's groundbreaking settlement.* Apple Credit Union Outlines Key Issues in Housing Finance Reform------------------------------------------------------------------Apple Federal Credit Union on Nov. 8 disclosed that at a hearingbefore the Senate Banking Committee on Nov. 5, John Harwell,associate vice president of risk management for Apple FederalCredit Union (Apple), emphasized the importance of consumer accessto housing loans and other important points as the committee heardtestimony from the credit union industry on secondary mortgagemarkets. This testimony is in relation to the government'sconsideration of how to prevent another financial crisis like theone in 2008 that resulted in banks defaulting and consumers losingtheir homes to foreclosure, as tax payers were forced to bail outthe big bank culprits. Specifically, Harwell's testimonyaddressed provisions in S. 1217, the "Housing Finance Reform andTaxpayer Protection Act of 2013.""When the government is considering major changes in the wayfinancial institutions provide loans, they need to know how theindustry is impacted and in turn how consumers could be affected,"explained Harwell. He shared six key points that are of concernto Apple and the credit union industry. -- Consumers, especially in rural areas, will have less accessto loans or will have to pay more for them if credit unions andcommunity banks can't mitigate their risk in secondary markets.Credit unions hedge against interest rate risk in part by sellingproducts for securitization on the secondary market--a keycomponent of safety and soundness. Mr. Harwell emphasized thatlenders must have unfettered access to secondary market sources,including Fannie Mae, Freddie Mac, Ginnie Mae and Federal HomeLoan Banks as they are valuable partners for credit unions whoseek to hedge interest rate risks by selling their fixed-ratemortgages to them on the secondary market. This allows creditunions to better manage risk and reinvest those funds into theirmembership by offering new loan products or additional forms offinancial services. -- Credit unions need to preserve their servicing rights,meaning they will continue to work directly with their members,rather than the second mortgages being serviced by Freddie Mac orothers. Harwell told the committee that credit unions want toensure that relationships with their members are maintained, asthat is a key differentiator between credit unions and banks. -- Consumers will be required to pay higher costs for credit iffees for small lenders to join the proposed Federal MortgageInsurance Corporation (similar to FDIC or NCUA) to insure smalllenders is too high. Small lenders will be forced to pass alongthese fees to customers. -- Credit unions need flexible underwriting standards that willallow them to decide how best to serve their members and the levelof risk that is appropriate in making loans. These standardstranslate into fair pricing and fee structures that reward loanquality. Because credit unions originate a relatively few numberof loans compared to others in the marketplace--they cannotsupport a pricing structure based on loan volume, institutionasset size, or any other geopolitical issue that will lend itselfto discrimination and disadvantage their members-owners. -- Because Congress cannot flip a switch and turn off access tothe secondary market, adequate transition time to a new housingfinance model is necessary. If Congress chooses to do away withFannie and Freddie, both entities should be allowed to remain inoperation until the new entity is up and running, with a six monthoverlap. If the new entity is not ready then lenders may beafraid to sell to the secondary market and that means consumersmay not have access to mortgage loans. -- An explicit government guarantee on mortgage backedsecurities is important to provide certainty to the market,especially for investors who will need to be enticed to invest inthese securities and facilitate the flow of liquidity in times ofeconomic uncertainty. Without the government guarantee many smalllenders will stop making mortgage loans and that will drive up thecost of credit and make it harder for consumers in rural areas toget mortgage loans."Consumers and industry have a lot at stake as the governmentdetermines how it will reform the home mortgage market," saysMr. Harwell. "At Apple, we are watching the wrangling of thegovernment and providing insight on how changes will impact bothof these stakeholder groups."Apple Federal Credit Union's Mission: Through a lifelongpartnership with anyone touched by education, Apple FCU helpsmembers achieve their dreams by offering competitive financialsolutions, with dedicated personal service. Apple exists, not forprofit, but for the benefit of its members.* U.S. Junk Default Rate Declines to 2.5% in October----------------------------------------------------Bill Rochelle, the bankruptcy columnist for Bloomberg News,reports that turnaround professions face continuingunderemployment because "ample market liquidity continues tosupport our low default outlook," Moody's Investors Service saidin a Nov. 8 report.According to the report, the worldwide default rate on junk-rateddebt remained at 2.8 percent in October, unchanged from September.Last year, the junk default rate was 3.2 percent.In the U.S., the default rate on junk ended October at 2.5percent, down 0.1 percent from the month before, Moody's said.Last year at this time, the U.S. default rate was 3.6 percent.Moody's predicted that the global junk default rate will end 2013at 2.8 percent and decline to 2.4 percent by October 2014.* Obama to Nominate Massad to Head CFTC---------------------------------------Andrew Ackerman, writing for The Wall Street Journal, reportedthat President Barack Obama will nominate Timothy Massad, a seniorTreasury Department official, to head the Commodity FuturesTrading Commission, according to a White House official.The WSJ report related that Mr. Obama plans to nominate Mr.Massad, who has run the government's Troubled Asset Relief Programfor the past three years, at a White House event on Nov. 12.If confirmed by the Senate, Mr. Massad would fill the role vacatedby Gary Gensler, who plans to step down as CFTC chairman when hissuccessor is confirmed but no later than Jan. 3. Mr. Gensler'sterm officially ended last year, the report said.The five-member CFTC has been operating with just fourcommissioners since Republican Jill Sommers stepped down earlierthis year, according to the report. Another commissioner,Democrat Bart Chilton, last week announced plans to leave beforeyear-end. The Senate has yet to confirm Republican J. ChristopherGiancarlo to succeed Ms. Sommers, and the pending departures ofMessrs. Gensler and Chilton could leave the CFTC with just twocommissioners -- Republican Scott O'Malia and Democrat MarkWetjen. Senate aides have said they expect Congress tosimultaneously move the nominations of Mr. Giancarlo and whomeverthe White House nominated to succeed Mr. Gensler.Among Mr. Massad's biggest challenges would be completing andimplementing the derivatives overhaul ushered in as part of the2010 Dodd-Frank financial law and ensuring the agency has enoughresources to enforce the rules it is writing, the report said. AWhite House official said Mr. Obama on Nov. 12 is expected to callon Congress to "stop underfunding agencies like the CFTC that areresponsible for putting new rules in place to prevent some of thereckless and irresponsible practices that caused the financialcrisis."* Big Law Mergers Turn Off Clients----------------------------------Jennifer Smith, writing for The Wall Street Journal, reported thatwhen it comes to law firms, bigger may not always be better.According to the report, a wave of legal tie-ups has created afleet of supersize law firms with offices around the world, andmore are in the works this fall.Partners at cross-border entity Dentons and U.S. firm McKenna Long& Aldridge LLP, for example, are poised to vote on a union thatwould produce one of the top three global law firms by head count,the report related. Recent merger talks between two big U.S.firms?Orrick, Herrington & Sutcliffe LLP and Pillsbury WinthropShaw Pittman LLP -- could lead to the creation of another bigplayer. But law firms with the urge to merge might check withtheir clients first.Some top legal officers at Fortune 100 companies say theconsolidation craze leaves them cold. Others remain agnostic, butpoint out that size or geographic reach is no guarantee ofquality, the report further related. And they caution thatmegamergers can bring unwelcome distractions that sometimes reduceefficiency, and increase legal bills."I'm pretty skeptical about the value these big mergers give toclients," said Robert Weber, general counsel for InternationalBusiness Machines Corp., the report cited.* Benjamin Stewart Joins Bailey Brauer Law Firm as Counsel----------------------------------------------------------Bailey Brauer PLLC, a complex commercial litigation and appellateboutique, on Nov. 11 disclosed that Benjamin L. Stewart has joinedthe firm as Counsel.Mr. Stewart represents corporate clients and individuals incomplex commercial and bankruptcy litigation matters. He hassuccessfully litigated cases in federal courts in Texas, Coloradoand Delaware and in state courts throughout Texas. Mr. Stewarthas also assisted companies with internal and governmentinvestigations, including responding to civil investigativedemands from the U.S. Securities and Exchange Commission and theU.S. Commodity Futures Trading Commission."Ben brings experience and skills far beyond his years," saysBailey Brauer co-founder Alex Brauer. "He has the creativity anddepth of expertise our clients need, and we're excited to have himjoin us."Mr. Brauer and Mr. Stewart met in 2008, when a client they bothrepresented filed for bankruptcy. Mr. Stewart's firm at the time,Weil Gotshal & Manges, served as bankruptcy counsel."We found ourselves together in court on that matter quite a fewtimes, and it became clear that we wanted to work with Ben again,"says Bailey Brauer co-founder Clayton Bailey. "We've kept intouch over the years, and now is the perfect time for him to comeon-board."Mr. Stewart is a member of the Federal Bar Association and serveson the Publications Committee of the Younger Lawyers Division ofthe FBA. He is also a member of the Texas Bar Foundation andvolunteers with Texas Lawyers for Texas Veterans. Mr. Stewartreceived a Bachelor of Arts in 2001 from East Texas BaptistUniversity. He earned his law degree in 2004 from Columbia LawSchool, where he was a Harlan Fiske Stone Scholar and served as amoot court editor and judge."I'm delighted to be joining forces with Bailey Brauer,"Mr. Stewart says. "I look forward to a long and mutuallybeneficial relationship that adds value for all of our clients."Bailey Brauer PLLC -- http://www.baileybrauer.com-- is a law firm that focuses on complex commercial litigation, agribusiness,appeals, and class and collective actions.* Recent Small-Dollar & Individual Chapter 11 Filings-----------------------------------------------------In re Paula Bruce Bankr. N.D. Cal. Case No. 13-32427 Chapter 11 Petition filed November 6, 2013In re Jamal Saleh Bankr. M.D. Fla. Case No. 13-06631 Chapter 11 Petition filed November 6, 2013In re Geny Lima Bankr. S.D. Fla. Case No. 13-36823 Chapter 11 Petition filed November 6, 2013In re Hongyan Gao Bankr. D. Md. Case No. 13-28875 Chapter 11 Petition filed November 6, 2013In re Kevin Boutin Bankr. N.D. Miss. Case No. 13-14699 Chapter 11 Petition filed November 6, 2013In re Knox Installation - Dismantling and Serv Bankr. D. Nev. Case No. 13-19377 Chapter 11 Petition filed November 6, 2013 See http://bankrupt.com/misc/nvb13-19377.pdf represented by: Richard McKnight, Esq. THE MCKNIGHT LAW FIRM, PLLC E-mail: firstname.lastname@example.com re High Street Center, LLC Bankr. D.N.J. Case No. 13-34449 Chapter 11 Petition filed November 6, 2013 See http://bankrupt.com/misc/njb13-34449.pdf represented by: Bunce Atkinson, Esq. ATKINSON & DEBARTOLO, P.C. E-mail: email@example.com re Eduardo Ruiz Valentin Bankr. D.P.R. Case No. 13-09274 Chapter 11 Petition filed November 6, 2013In re IOP, LLC aka Ireland's Own Bankr. E.D. Va. Case No. 13-15004 Chapter 11 Petition filed November 6, 2013 See http://bankrupt.com/misc/vaeb13-15004.pdf represented by: George LeRoy Moran, Esq. MORAN MONFORT, P.L.C. E-mail: firstname.lastname@example.com re Miller Powell Group Group LLC. Bankr. N.D. Ala. Case No. 13-05000 Chapter 11 Petition filed November 7, 2013 See http://bankrupt.com/misc/alnb13-05000.pdf represented by: George Babakitis, Esq. E-mail: email@example.com re Alex Martinez Bankr. C.D. Cal. Case No. 13-17106 Chapter 11 Petition filed November 7, 2013In re CIAJ Davis Land & Cattle Company, Inc. dba Oggi's Garden Grove Bankr. C.D. Cal. Case No. 13-19146 Chapter 11 Petition filed November 7, 2013 See http://bankrupt.com/misc/cacb13-19146.pdf represented by: Vanessa M. Haberbush, Esq. HABERBUSH & ASSOCIATES, LLP E-mail: email@example.com re Alfred Alvarez Bankr. D. Conn. Case No. 13-32136 Chapter 11 Petition filed November 7, 2013In re Boutique Lounges, LLC dba Recess Recess Bar Recess Tapas Lounge Recess Lounge Recess Tapas Bankr. D. D.C. Case No. 13-00703 Chapter 11 Petition filed November 7, 2013 See http://bankrupt.com/misc/dcb13-00703.pdf represented by: Steven H. Greenfeld, Esq. COHEN, BALDINGER & GREENFELD LLC E-mail: email@example.com re AMA Enterprise, LLC Bankr. S.D. Fla. Case No. 13-36898 Chapter 11 Petition filed November 7, 2013 See http://bankrupt.com/misc/flsb13-36898.pdf represented by: Stephen P. Orchard, Esq. LAW OFFICES OF STEPHEN ORCHARD E-mail: email@example.com re Little John Restaurant Group, Inc. dba Shooters Restaurant and Sports Bar Bankr. D. Mass. Case No. 13-16517 Chapter 11 Petition filed November 7, 2013 See http://bankrupt.com/misc/mab13-16517.pdf represented by: Marques Lipton, Esq. THE LAW OFFICES OF TIMOTHY M. MAUSER E-mail: email@example.com re Raymon K. Nelson, M.D., P.A. Classic Cardiology, Inc. Bankr. D. Md. Case No. 13-28961 Chapter 11 Petition filed November 7, 2013 See http://bankrupt.com/misc/mdb13-28961.pdf represented by: William C. Johnson, Jr., Esq. LAW OFFICES OF WILLIAM JOHNSON E-mail: firstname.lastname@example.com re RIH Propco NJ, LLC Bankr. D.N.J. Case No. 13-34484 Chapter 11 Petition filed November 7, 2013 See http://bankrupt.com/misc/njb13-34484.pdf represented by: Michael D. Sirota, Esq. COLE, SCHOTZ, MEISEL, FORMAN & LEONARD, P.A. E-mail: email@example.com re 9521 Church Avenue Realty Corp. Bankr. E.D.N.Y. Case No. 13-46696 Chapter 11 Petition filed November 7, 2013 See http://bankrupt.com/misc/nyeb13-46696.pdf represented by: Nestor Rosado, Esq. LAW OFFICE OF NESTOR ROSADO, P.C. E-mail: firstname.lastname@example.com re Seongjun Kim Bankr. E.D.N.Y. Case No. 13-75655 Chapter 11 Petition filed November 7, 2013In re Oxnard Gas Station, Inc. dba Oxnard 76 Oxnard Gas Station 76 Oxnard Valero Bankr. C.D. Cal. Case No. 13-17114 Chapter 11 Petition filed November 8, 2013 See http://bankrupt.com/misc/cacb13-17114.pdf represented by: Raymond H. Aver, Esq. LAW OFFICES OF RAYMOND H. AVER, APC E-mail: email@example.com re Mammalucco's, Inc. Bankr. C.D. Cal. Case No. 13-19184 Chapter 11 Petition filed November 8, 2013 See http://bankrupt.com/misc/cacb13-19184.pdf represented by: Michael G. Spector, Esq. LAW OFFICES OF MICHAEL G. SPECTOR E-mail: email@example.com re Angelica Flores Bankr. C.D. Cal. Case No. 13-37069 Chapter 11 Petition filed November 8, 2013In re Michael Artmore Bankr. N.D. Cal. Case No. 13-55895 Chapter 11 Petition filed November 8, 2013In re Luz Roa Bankr. M.D. Fla. Case No. 13-13816 Chapter 11 Petition filed November 8, 2013In re Kuhio Banyan Lease Extension Accommodator, Inc. Bankr. D. Hawaii Case No. 13-01821 Chapter 11 Petition filed November 8, 2013 See http://bankrupt.com/misc/hib13-01821.pdf represented by: Jerrold K. Guben, Esq. O'CONNOR PLAYDON & GUBEN, LLP E-mail: email@example.com re Christopher Jones Bankr. N.D. Ill. Case No. 13-43721 Chapter 11 Petition filed November 8, 2013In re Generations Family Limited Partnership Bankr. N.D. Ind. Case No. 13-13355 Chapter 11 Petition filed November 8, 2013 See http://bankrupt.com/misc/innb13-13355.pdf represented by: Robert L. Nicholson, Esq. CARSON BOXBERGER, LLP E-mail: firstname.lastname@example.com re Jose Norford Bankr. D. Mass. Case No. 13-42859 Chapter 11 Petition filed November 8, 2013In re Michael Gilbertson Bankr. D. Minn. Case No. 13-35384 Chapter 11 Petition filed November 8, 2013In re NTC, Transportation, Inc. dba NTC, Inc. Bankr. N.D. Miss. Case No. 13-14728 Chapter 11 Petition filed November 8, 2013 See http://bankrupt.com/misc/msnb13-14728.pdf represented by: Bryant D. Guy, Esq. BRYANT D. GUY ATTORNEY AT LAW, PLLC E-mail: email@example.com re Stephen Gill Bankr. D. N.M. Case No. 13-13659 Chapter 11 Petition filed November 8, 2013In re Jorge Perez Cisneros Sigarreta Bankr. D.P.R. Case No. 13-09361 Chapter 11 Petition filed November 8, 2013In re Hecho A Mano, Inc. Bankr. D.P.R. Case No. 13-09377 Chapter 11 Petition filed November 8, 2013 See http://bankrupt.com/misc/prb13-09377.pdf represented by: Hector Juan Figueroa Vincenty, Esq. EL BUFETE DEL PUEBLO, P.S.C. E-mail: email@example.com *********Monday's edition of the TCR delivers a list of indicative pricesfor bond issues that reportedly trade well below par. Prices areobtained by TCR editors from a variety of outside sources duringthe prior week we think are reliable. Those sources may not,however, be complete or accurate. The Monday Bond Pricing tableis compiled on the Friday prior to publication. Prices reportedare not intended to reflect actual trades. Prices for actualtrades are probably different. Our objective is to shareinformation, not make markets in publicly traded securities.Nothing in the TCR constitutes an offer or solicitation to buy orsell any security of any kind. It is likely that some entityaffiliated with a TCR editor holds some position in the issuers"public debt and equity securities about which we report.Each Tuesday edition of the TCR contains a list of companies withinsolvent balance sheets whose shares trade higher than $3 pershare in public markets. At first glance, this list may look likethe definitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historical costnet of depreciation may understate the true value of a firm'sassets. A company may establish reserves on its balance sheet forliabilities that may never materialize. The prices at whichequity securities trade in public market are determined by morethan a balance sheet solvency test.A list of Meetings, Conferences and Seminars appears in eachWednesday's edition of the TCR. Submissions about insolvency-related conferences are encouraged. Send announcements email@example.com/On Thursdays, the TCR delivers a list of recently filedChapter 11 cases involving less than $1,000,000 in assets andliabilities delivered to nation's bankruptcy courts. The listincludes links to freely downloadable images of these small-dollarpetitions in Acrobat PDF format.Each Friday's edition of the TCR includes a review about a book ofinterest to troubled company professionals. All titles areavailable at your local bookstore or through Amazon.com. Go tohttp://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday editionof the TCR.The Sunday TCR delivers securitization rating news from the weekthen-ending.For copies of court documents filed in the District of Delaware,please contact Vito at Parcels, Inc., at 302-658-9911. Forbankruptcy documents filed in cases pending outside the Districtof Delaware, contact Ken Troubh at Nationwide Research &Consulting at 207/791-2852. *********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., Washington, D.C., USA.Jhonas Dampog, Marites Claro, Joy Agravante, Rousel ElaineTumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,Meriam Fernandez, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.Villacampa, Sheryl Joy P. Olano, Ivy B. Magdadaro, CarloFernandez, Christopher G. Patalinghug, and Peter A. Chapman,Editors.Copyright 2013. 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 $975 for 6 months delivered viae-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 Peter A.Chapman at 215-945-7000 or Nina Novak at 202-241-8200. *** End of Transmission ***