text: TCR_Public/140114.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, January 14, 2014, Vol. 18, No. 13 Headlines1650473 ONTARIO: Scrapmen & Boparai Goes Into Receivership22ND CENTURY: Hal Mintz Has 3.3% Equity Stake as of Dec. 31ALLENS INC: Court Grants Final Approval of $119MM BofA LoanALLIED SYSTEMS: To Have Retired Employees CommitteeALLY FINANCIAL: Declares Dividends on Preferred StockAMERICAN AIRLINES: US Airways Bags a Rival, at a High PriceAMERIGO ENERGY: Reports Potential Acquisitions and InvestmentsAPPLIED SYSTEMS: Moody's Assigns 'B3' Corporate Family RatingAPPLIED MINERALS: Director Evan Stone Quits to Join New FirmAVSC HOLDING: S&P Assigns 'B' Corp. Credit Rating; Outlook StableBATS GLOBAL: Moody's Assigns 'B1' CFR & Alters Outlook to StableBERRY PLASTICS: Inks $1.1-Bil. Loan Agreement with Credit SuisseBIOZONE PHARMACEUTICALS: Unit Completes Merger with CocrystalBLACK CAT, LOS GATOS: Store Closing, Liquidation Sale BeginsBLOCKBUSTER INC: Raleigh's Last Store ClosesCDFI PHASE: Fitch Ups Rating on 2005B Subordinate Bonds From BB+CEDAR RIVER DEV'T: Foreclosure Auction Postponed Until Feb. 21CENTURY PLAZA: May Consent to Release Agreement Over MallCHARTER COMMUNICATIONS: Makes $37.4B Offer for Time Warner CableCHRYSLER GROUP: S&P Lifts CCR to 'BB-' on Core Status to ParentCOLLEGE WAY: Jan 15 Hearing on Request to Use ECP College's CashCOLLEGE WAY: Files Schedules of Assets and LiabilitiesCOMARCO INC: VP and Chief Accounting Officer ResignsCOMMUNICATION INTELLIGENCE: Sells $2.1 Million UnitsCOMPREHENSIVE CARE: Ramon Martinez Named PresidentCONSTAR INTERNATIONAL: Has Feb. 6 Auction for U.S. AssetsDETROIT, MI: Foundations Pledge $330 Million in AssistanceDETROIT, MI: Retirees' Committee Sues Over Benefits CutsDIOCESE OF STOCKTON, CA: To Seek Ch. 11 Bankruptcy WednesdayDOLAN CO: Amends Credit Agreement Amid Restructuring TalksDOLPHIN BAY: Jan. 14 Final Hearing on Bid to Use Cash CollateralEDISON MISSION: Seeks to Terminate Retirees' Health BenefitsEXCELLIUM INC: Changes Name to "XL-ID Solutions Inc."EXIDE TECHNOLOGIES: Creditors' Panel Taps Geosyntec as ConsultantsFAIRMONT GENERAL: Court Signs Consent Order Over Series 2008 BondsFIAT SPA: S&P Affirms 'BB-' LT CCR Over Chrysler TakeoverFIRST DATA: Sells $725 Million Additional 11.75% Senior NotesFRED'S INC: Poor Holiday Results Point to Retailer's SaleFREE HORIZON: Fitch Withdraws 'BB-' Rating on $6.3-Mil. BondsGENERAL MOTORS: 'Closest It Has Ever Been' to Reinstating DividendGLOBAL AVIATION: World Airways Fails to Reach Deal with TeamstersGMG CAPITAL: Files Schedules of Assets and LiabilitiesGMG CAPITAL: Olshan Frome Approved as Bankruptcy CounselGMX RESOURCES: U.S. Trustee Objects to Confirmation of PlanGREENESTONE HEALTHCARE: Amends FY 2012 ReportHOG BROTHERS: Central Railroad Company Suit Goes to TrialHOSPITALITY STAFFING: Conway Mackenzie Approved to Provide CROHOSPITALITY STAFFING: Epiq Approved as Administrative AdvisorHOSPITALITY STAFFING: Files Schedules of Assets and LiabilitiesHOSPITALITY STAFFING: Saul Ewing Okayed as Bankruptcy CounselIDB HOLDING: G. Willi-Food Announces Repayment of Convertible LoanILG INC: Case Summary & 20 Largest Unsecured CreditorsIRONSTONE GROUP: Burr Pilger Replaces Madsen as AccountantsJACKSONVILLE BANCORP: Directors Bill Klich, Terrie Spiro ResignLANDAUER HEALTHCARE: Balks at Rival's Motion to Litigate NY SuitLIGHTSQUARED INC: Hearing Focuses on Dish ManeuversLIME ENERGY: Grants $70,000 Cash Bonuses to CEO and CFOLONE PINE: Bankruptcy Court Approves Restructuring PlanMERRIMACK PHARMACEUTICALS: Credit Suisse Owns Less Than 1% StakeMOBILESMITH INC: Issues 1.4 Million Common Shares to GrasfordNGPL PIPECO: Moody's Lowers Corporate Family Rating to 'B3'NII HOLDINGS: S&P Lowers CCR to 'CCC+' on Weak Finc'l. PerformanceNPS PHARMACEUTICALS: Expects $31.5-Mil. Global Sales for 2013NUSTAR PIPE: Fitch Affirms B+ Rating on Jr. Subordinated NotesOPPENHEIMER PARTNERS: Bankruptcy Case Administratively ClosedOVERSEAS SHIPHOLDING: Inks Deal to Resolve Deutsche Bank ClaimsOVERSEAS SHIPHOLDING: Plans to Outsource Technical ManagementPICCADILLY RESTAURANTS: Hires CBRE Inc as Real Estate BrokerPICCADILLY RESTAURANTS: Atalaya Successfully Blocks FTI HiringPLY GEM: Moody's Rates New $380MM Sr. Unsecured Notes 'B2'PROWLER ACQUISITION: Moody's Assigns 'B3' Corp. Family RatingRIH ACQUISITIONS: Atlantic Club to Make Donations In Lieu of TaxesRITE AID: Files Form 10-Q, Posts $71.5 Million Net Income in Q3SANDRIDGE ENERGY: S&P Affirms 'B' Corp. Credit Rating on Sale PlanSEARS HOLDINGS: Moody's Lowers Corp. Family Rating to 'Caa1'SEVEN COUNTIES SERVICES: Nunc Pro Tunc Hiring of Deming DeniedSOPA SQUARE: Falls Into Interim ReceivershipSOUNDVIEW ELITE: Stuarts Walker Employment Has Limited ApprovalSOUTH FLORIDA SOD: Court Okays Hiring of Campbell Law as CounselST. CATHERINE'S HOSPITAL: Seeking Bids to Dispose of X-Rays, DocsSTANS ENERGY: Feb. 6 Hearing Scheduled for Arbitration ProceedingsTALON INTERNATIONAL: Obtains New $8.5MM Loan From Union BankTAMARACK RESORT: Assets Being Sold Through Sheriff's SaleTRAVELPORT LIMITED: Jeff Clarke Resigns From BoardTRONOX INC: Anadarko Files Brief on Kerr-McGee's Offset ClaimUNI-PIXEL INC: Delays Production of InTouch Sensors Until Q2UNIVISION COMMUNICATIONS: Fitch Rates Proposed $1.5-Bil. Loan 'B+'UNIVISION COMMUNICATIONS: S&P Rates $1.5BB Loan Due 2020 'B+'VERITY CORP: Amends Contract for Deed with Duane SpaderWILLOW CREEK: Seeks Authority to Employ Cotton Driggs as CounselWOODEN RULER: Foreclosure Auction Reset to Feb. 21WORLD SURVEILLANCE: Revokes 12-Mil. Shares Issued to ExecutivesXL-ID SOLUTIONS: Submits Proposal to Creditors Under BIAYRC WORLDWIDE: S&P Puts 'CCC' Rating on CreditWatch Negative* Default Rate to Continue Decline in 2014, Moody's Says* Ferry Route Cancellation May Bankrupt BC Biz, Study Shows* Moody's: US Subprime Auto Credit to Continue to Weaken Gradually* NADA Predicts 16.4 Million U.S. Light Vehicles Sales in 2014* New Chapter for Detroit Auto Makers* Privately-Owned Companies Likely to Face More Distress This Year* Moelis Is Said to Ready a Potential Public Offering* Marla B. Matthews Joins Cleveland, Waters & Bass* Jan P. Myskowski Joins Cleveland, Waters & Bass* Orrin Harrison Joins Gruber Hurst Johansen as Partner* Holwell Shuster & Goldberg Promotes Avi Israeli to Partner* U.S. Bankruptcy Court Judge Burton R. Lifland Dies* Large Companies With Insolvent Balance Sheet *********1650473 ONTARIO: Scrapmen & Boparai Goes Into Receivership----------------------------------------------------------AMM News reports that an Ontario metal recycler, exporter and autoshredding facility has been put into temporary receivership underthe Canadian Bankruptcy and Insolvency Act for defaulting onCanadian $17 million ($15.8 million) in loans.The report relates that the affairs of 1650473 Ontario Inc., alsoknown as Scrapmen & Boparai Trading Co., along with 2328247Ontario Inc., also known as Canada Steel, which operate at thesame location in Hamilton, are both owned by Rantej Boparai,according to documents filed in the Ontario Superior Court ofJustice.Duff & Phelps Canada Restructuring Inc. has been named interimreceiver for the business.The court documents indicate that two companies are in default onC$17 million in loans from the Bank of Montreal, which asked thecourt to appoint a receiver because it said it was concerned thatthe debtors would try to remove assets from the property,according to the report.The report notes that the bank said it hired a company in Decemberto conduct a field examination, but the field exam team was unableto secure many financial documents it requested from the owner.22ND CENTURY: Hal Mintz Has 3.3% Equity Stake as of Dec. 31-----------------------------------------------------------In an amended Schedule 13G filed with the U.S. Securities andExchange Commission, Hal Mintz and his affiliates disclosed thatas of Dec. 31, 2013, they beneficially owned 1,666,666 shares ofcommon stock of 22nd Century Group, Inc., representing 3.35percent of the shares outstanding. A copy of the regulatoryfiling is available for free at http://is.gd/K0Tt7G About 22nd CenturyClarence, New York-based 22nd Century Group, Inc., through itswholly-owned subsidiary, 22nd Century Ltd, is a plantbiotechnology company using technology that allows for the levelof nicotine and other nicotinic alkaloids (e.g., nornicotine,anatabine and anabasine) in tobacco plants to be decreased orincreased through genetic engineering and plant breeding.22nd Century incurred a net loss of $6.73 million in 2012, ascompared with a net loss of $1.34 million in 2011. The Company'sbalance sheet at Sept. 30, 2013, showed $3.84 million in totalassets, $20.84 million in total liabilities and a $17 milliontotal shareholders' deficit.Freed Maxick CPAs, P.C., in Buffalo, New York, issued a "goingconcern" qualification on the consolidated financial statementsfor the year ended Dec. 31, 2012. The independent auditors notedthat 22nd Century has suffered recurring losses from operationsand as of Dec. 31, 2012, has negative working capital of$3.3 million and a shareholders' deficit of $6.1 million.Additional capital will be required during 2013 in order tosatisfy existing current obligations and finance working capitalneeds as well as additional losses from operations that areexpected in 2013.ALLENS INC: Court Grants Final Approval of $119MM BofA Loan-----------------------------------------------------------The Bankruptcy Court in December authorized Allens, Inc., to: i) obtain credit and incur debt on a final basis until Feb. 14, 2014, (the termination date) up to the aggregate amount of $119,166,156 at any time outstanding (inclusive of debt previously extended by the Prepetition First Lien Secured Parties (Bank of America, N.A., as agent and the lenders and other financial institutions party thereto or which have extended credit); and ii) use cash collateral, the proceeds of the loans made under the DIP Credit Agreement and of Letters of Credit issued under the DIP Credit Agreement.The Debtor would use the loan to continue operations and toadminister and preserve the value of their estates.The Debtors have been unable to obtain unsecured credit allowableon more favorable terms and conditions than those provided in theDIP Credit Agreement, the other DIP Loan Documents.As adequate protection from any diminution in value of thelenders' collateral, the Debtor will grant replacement liens onreal and personal property, a superpriority administrative claimstatus, subject to carve out on certain expenses.In a separate order, the Court overruled the objection filed byRazorback Farms, Inc. and Central Sales Produce, Inc. on the useof cash collateral. The Court said the holders of allowed PACAclaims are sufficiently protected without requiring the Debtor tofund a separate PACA trust account. About Allens Inc.Siloam Springs, Arkansas-based Allens, Inc., a maker of canned andfrozen vegetables in business since 1926, filed for bankruptcy(Bankr. W.D. Ark. Case No. 13-73597) on Oct. 28, 2013, seeking tosell some divisions or reorganize as a new company.The Debtors' proposed counsel are Stan D. Smith, Esq., Lance R.Miller, Esq., and Chris A. McNulty, Esq., at Mitchell, Williams,Selig, Gates & Woodyard, P.L.L.C., in Little Rock, Arkansas; andNancy A. Mitchell, Esq., Maria J. DiConza, Esq., and Matthew L.Hinker, Esq., at Greenberg Traurig, LLP, in New York.Jonathan Hickman of Alvarez & Marsal North America, LLC, serves asthe Debtors' chief restructuring officer. Cary Daniel, NickCampbell and Markus Lahrkamp of A& serve as assistant CROs.Lazard Freres & Co. LLC and Lazard Middle Market LLC serve asinvestment bankers, while GA Keen Realty Advisors, LLC, serves asreal estate advisor to the Debtors.The Official Committee of Unsecured Creditors has tappedEichenbaum Liles P.A.'s Martha Jett McAlister, Esq.; and CooleyLLP's Cathy Hershcopf, Esq., Jeffrey L. Cohen, Esq., Seth VanAalton, Esq., and Robert B. Winning, Esq., as counsel.Bankruptcy Judge Ben Barry has authorized Allens Inc. and All Veg,LLC to designate Seneca Foods Corporation as the stalking horsepurchaser for substantially all of the Debtors' assets. The Courtalso approved the procedures governing the bidding and auction ofthe Debtors' assets. Seneca signed an agreement to purchase theDebtors' assets for $148 million plus assumption of specifieddebt.The deadline for submitting bids for the assets or any portionthereof is Jan. 27. If a bid other than the bid of the stalkinghorse purchaser is timely received by Allens, the auction willtake place on Feb. 3 at the offices of Greenberg Traurig in NewYork.Counsel to the stalking horse purchaser is Tim C. Loftis, Esq., atJaeckle, Fleishmann & Mugel, LLP, in Buffalo, New York. Localcounsel to the stalking horse purchaser is Charles T. Coleman,Esq., at Wright, Lindsey & Jennings, LLP, in Little Rock,Arkansas.ALLIED SYSTEMS: To Have Retired Employees Committee---------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware ordered theU.S. Trustee for Region 3 to form an official committee of retiredemployees in the Chapter 11 case of Allied Systems Holdings, Inc.BDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, andBlack Diamond CLO 2005-1 Adviser L.L.C., filed involuntarypetitions for Allied Systems Holdings Inc. and Allied Systems Ltd.(Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012.The signatories of the involuntary petitions assert claims of atleast $52.8 million for loan defaults by the two companies.Allied Systems, through its subsidiaries, provides logistics,distribution, and transportation services for the automotiveindustry in North America.Allied Holdings Inc. first filed for chapter 11 protection (Bankr.N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31, 2005.Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represented theDebtors in the 2005 case. Allied won confirmation of areorganization plan and emerged from bankruptcy in May 2007with $265 million in first-lien debt and $50 million in second-lien debt.The petitioning creditors said Allied defaulted on payments of$57.4 million on the first lien debt and $9.6 million on thesecond. They hold $47.9 million, or about 20% of the first-liendebt, and about $5 million, or 17%, of the second-lien obligation.They are represented by Adam G. Landis, Esq., and Kerri K.Mumford, Esq., at Landis Rath & Cobb LLP; and Adam C. Harris,Esq., and Robert J. Ward, Esq., at Schulte Roth & Zabel LLP.Allied Systems Holdings Inc. formally put itself and 18subsidiaries into bankruptcy reorganization June 10, 2012,following the filing of the involuntary Chapter 11 petition.The Company is being advised by the law firms of Troutman Sanders,Gowling Lafleur Henderson, and Richards Layton & Finger.The bankruptcy court process does not include captive insurancecompany Haul Insurance Limited or any of the Company's Mexican orBermudan subsidiaries. The Company also announced that it intendsto seek foreign recognition of its Chapter 11 cases in Canada.An official committee of unsecured creditors has been appointed inthe case. The Committee consists of Pension Benefit GuarantyCorporation, Central States Pension Fund, Teamsters NationalAutomobile Transporters Industry Negotiating Committee, andGeneral Motors LLC. The Committee is represented by Sidley AustinLLP.Yucaipa Cos. has 55 percent of the senior debt and took theposition it had the right to control actions the indenture trusteewould take on behalf of debt holders. The state court ruled inMarch 2013 that the loan documents didn't allow Yucaipa to vote.In March 2013, the bankruptcy court also gave the officialcreditors' committee authority to sue Yucaipa. The suit includesclaims that the debt held by Yucaipa should be treated as equityor subordinated so everyone else is paid before the Los Angeles-based owner. The judge allowed Black Diamond to participate in thelawsuit against Yucaipa and Allied directors.ALLY FINANCIAL: Declares Dividends on Preferred Stock-----------------------------------------------------The Ally Financial Inc. board of directors has declared quarterlydividend payments for certain outstanding preferred stock. Eachof these dividends were declared by the board of directors onJan. 2, 2014, and are payable on Feb. 18, 2014.A quarterly dividend payment was declared on Ally's Fixed RateCumulative Perpetual Preferred Stock, Series G, of approximately$46.6 million, or $18.08 per share, and is payable to shareholdersof record as of Feb. 1, 2014. Additionally, a dividend paymentwas declared on Ally's Fixed Rate/Floating Rate PerpetualPreferred Stock, Series A, of approximately $22 million, or $0.53per share, and is payable to shareholders of record as of Feb. 1,2014. About Ally FinancialAlly Financial Inc., formerly GMAC Inc. -- http://www.ally.com/-- is one of the world's largest automotive financial servicescompanies. The Company offers a full suite of automotivefinancing products and services in key markets around the world.Ally's other business units include mortgage operations andcommercial finance, and the company's subsidiary, Ally Bank,offers online retail banking products. Ally operates as a bankholding company.GMAC obtained a $17 billion bailout from the U.S. government inexchange for a 56.3 percent stake. Private equity firm CerberusCapital Management LP keeps 14.9 percent, while General Motors Co.owns 6.7 percent.Ally Financial Inc. reported net income of $1.19 billion for theyear ended Dec. 31, 2012, as compared with a net loss of$157 million during the prior year. The Company's balance sheetat Sept. 30, 2013, showed $150.55 billion in total assets,$131.49 billion in total liabilities and $19.06 billion in totalequity. * * *As reported by the TCR on Dec. 16, 2013, Standard & Poor's RatingsServices said it raised its issuer credit rating on Ally FinancialInc. to 'BB' from 'B+'. "The upgrade reflects the company'srelease from potential legal and financial liabilities stemmingfrom its ownership of ResCap," said Standard & Poor's creditanalyst Tom Connell.In the Dec. 17, 2013, edition of the TCR, Fitch Ratings upgradedAlly Financial's long-term Issuer Default Rating (IDR) and seniorunsecured debt rating to 'BB' from 'BB-'. The upgrade of Ally'sratings follows the approval of Residential Capital LLC's(ResCap's) bankruptcy plan by the Bankruptcy Court releasing Allyfrom all ResCap related claims, which combined with the recentmortgage settlements with the FHFA and the FDIC, essentiallyremoves any mortgage-related contingent liability to Ally.As reported by the TCR on Dec. 23, 2013, Moody's Investors Serviceupgraded the corporate family rating (CFR) of Ally Financial Inc.to Ba3 from B1. The upgrade of Ally's corporate family ratingfollows the U.S. Bankruptcy Court's approval of ResCap LLC's(unrated) Chapter 11 plan, which releases Ally from mortgage-related creditor claims originating from its ownership of ResCap.AMERICAN AIRLINES: US Airways Bags a Rival, at a High Price-----------------------------------------------------------William McConnell, writing for The Deal, reported that US AirwaysGroup Inc.'s $11 billion takeover of American Airlines Inc. wasone of the industry-altering transactions of 2013. The merger,had the settlement between the carriers and the U.S. Department ofJustice been approved in November, only three legacy carriers willserve the U.S. with truly nationwide route networks andinternational capacity.According to the report, US Airways and American disagree with theallegations made by the Justice Department against their mergerand complain that they paid a higher price to the government thanthey feel was warranted. US Airways and American, the reportadded, feel they are bearing the brunt for the DOJ's regret overearlier approvals of the United/Continental and Delta/Northwestdeals.The report said executives at US Airways and American had expectedthe Justice Department's Antitrust Division to use the same city-to-city analysis that allowed the merger of United/Continental andDelta/Northwest. Instead, prompted in part by the consolidationbrought on by those two previous mergers, the DOJ applied anantitrust analysis more akin to the national network framework theagency used in its successful effort to block AT&T Inc.'s attemptto acquire T-Mobile USA Inc. in 2011, the report related.The carriers say the DOJ is now restructuring the industry, andthe last of the legacy carriers to the merger game are paying muchof the cost for the whole industry's perceived sins, the reportrelated. 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 tomergers by other airlines, is the last of the so-called U.S.legacy airlines to seek court protection from creditors.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.The Retiree Committee is represented by Jenner & Block LLP'sCatherine L. Steege, Esq., Charles B. Sklarsky, Esq., and Marc B.Hankin, Esq.AMR and US Airways Group, Inc., on Feb. 14, 2013, announced adefinitive merger agreement under which the companies will combineto create a premier global carrier, which will have an impliedcombined equity value of approximately $11 billion.The bankruptcy judge on Sept. 12, 2013, confirmed AMR Corp.'s planto exit bankruptcy through a merger with US Airways. Bydistributing stock in the merged airlines, the plan is designed topay all creditors in full, with interest.Judge Sean Lane confirmed the Plan despite the lawsuit filed bythe U.S. Department of Justice and several states' attorneygeneral complaining that the merger violates antitrust laws.In November 2013, AMR and the U.S. Justice Department a settlementof the anti-trust suit. The settlements require the airlines toshed 104 slots at Reagan National Airport in Washington and 34 atLaGuardia Airport in New York.AMR stepped out of Chapter 11 protection after its $17 billionmerger with US Airways was formally completed on Dec. 9, 2013.AMERIGO ENERGY: Reports Potential Acquisitions and Investments--------------------------------------------------------------Amerigo Energy, Inc., said it has been evaluating key alliancesand strategies for the Company to continue to build shareholdervalue. Jason Griffith, chief executive officer of AmerigoEnergy, stated, "One of the ways we are working towards increasingshareholder value is by evaluating existing revenue producing andcash flow positive companies as potential acquisition targets. Wehave found particular interest in the technology space and aregoing to continue our due diligence on potential acquisitions andinvestments."The Company will notify shareholders of any developments once theyare finalized.The Company also noted the cancellation of a consulting contractwhich will return and cancel 1,000,000 shares of the Company'scommon stock. Mr. Griffith continued, "As has been statedpreviously, the Company is committed to maintaining the integrityof the capitalization structure of the company and this is anotherindication of our desire to focus on shareholder value." About AmerigoHenderson, Nevada-based Amerigo Energy, Inc., is aggressivelylooking for potential oil leases to acquire as well as businesseswhich will fit with the Company's strategy. Its wholly-ownedsubsidiary, Amerigo, Inc., incorporated in Nevada on Jan. 11,2008, holds minimal assets, including oil lease interests.The Company's balance sheet at Sept. 30, 2013, showed $2.36million in total assets, $2.86 million in total liabilities and a$499,798 total stockholders' deficit."The Company has incurred cumulative net losses of approximately$16,431,661 since its inception and requires capital for itscontemplated operational and marketing activities to take place.The Company's ability to raise additional capital through thefuture issuances of the common stock is unknown. The obtainmentof additional financing, the successful development of theCompany's contemplated plan of operations, and its transition,ultimately, to the attainment of profitable operations arenecessary for the Company to continue operations. The ability tosuccessfully resolve these factors raise substantial doubt aboutthe Company's ability to continue as a going concern," the Companysaid in its quarterly report for the period ended Sept. 30, 2013.APPLIED SYSTEMS: Moody's Assigns 'B3' Corporate Family Rating-------------------------------------------------------------Moody's Investors Service assigned the following ratings toMiddleCo, Applied Systems, Inc.: B3 corporate family rating (CFR),B3-PD probability of default rating (PDR), B1 ratings to the $675million first lien term loan and $50 million revolving creditfacility, and Caa2 rating to the $375 million second lien termloan. The rating outlook is stable.Rating RationaleThe B3 CFR reflects Applied Systems' exceptionally high pro-formaleverage of nearly 9.0 times (Moody's adjusted debt to EBITDA)resulting from the debt incurred to fund the company's sale, forabout 14 times EBITDA, to private equity investors HellmanFriedman and JMI Equity from another private equity firm. Therating also takes into account Applied System's relatively smallscale and concentrated business profile as a niche provider ofsoftware services, primarily enterprise automation solutions forretail agents, to the property and casualty (P&C) insurancedistribution industry.The leverage burden leaves Applied Systems virtually no room foroperational error or to respond effectively to competitivepressures or changing market conditions, should they arise. Aswell, the incremental interest expense cuts into its liquidity,constraining its ability to invest in acquisitions for growth.Moody's believes that significant profit expansion in line withmanagement expectations will be necessary for the company to growits way out from under its debt load and bring leverage to a levelmore in line with B3-rated peers. Nevertheless, Applied Systemsdoes have a leading market position (as the smaller of two mainsoftware providers in the P&C space), a recurring revenue basedriven by a subscription hosting model and high levels ofmaintenance renewals, and a record of solid operating performancethrough economic cycles in a business requiring minimal capitalinvestment. Applied Systems' customer base is stable, and morediversified as a result of recent acquisitions, and would incursignificant switching costs to change software providers given theneed for agencies to maintain an uninterrupted insurancedistribution channel.The stable outlook reflects our expectation that Applied Systemswill continue to maintain its solid market position and generateconsistent levels of profitability (EBITDA margins in the mid-40%range) and improving free cash flows (averaging $45 million) overthe next couple of years. Moody's expects the company to reduceleverage to under 8.0 times (adjusted debt to EBITDA) by the endof 2015."The ratings could be upgraded if Applied Systems were to achievesustained revenue and profit growth that would enable the companyto reduce its debt-to-EBITDA ratio to near or below 7.0 times foran extended period, as we do not foresee deleveraging through debtpaydowns. The rating could face downward pressure if we expectdeclining revenue or profitability, or weaker sustained free cashflow, or if financial leverage is not brought down meaningfully bythe end of 2015," Moody's said.The following ratings were assigned: Corporate Family Rating (CFR) -- B3 Probability of Default Rating (PDR) -- B3-PD $50 million Senior Secured Revolving Credit Facility -- B1 (LGD-3, 31%) $675 million First Lien Term Loan -- B1 (LGD-3, 31%) $375 million Second Lien Term Loan -- Caa2 (LGD-5, 85%) The rating outlook is stable.Applied Systems, Inc., with Moody's-projected 2014 revenues of$260 to $270 million, is a provider of software solutions to theP&C insurance industry, with a focus on insurance brokers.APPLIED MINERALS: Director Evan Stone Quits to Join New Firm------------------------------------------------------------Evan Stone resigned as a director of Applied Minerals, Inc., onDec. 31, 2013. Mr. Stone, a lawyer, resigned because he joined anew law firm as of Jan. 1, 2014, and it is the policy of the newfirm that its lawyers may not serve as directors of publiccompanies. About Applied MineralsNew York City-based Applied Minerals, Inc. (OTC BB: AMNL) is aleading global producer of halloysite clay used in the developmentof advanced polymer, catalytic, environmental remediation, andcontrolled release applications. The Company operates the DragonMine located in Juab County, Utah, the only commercial source ofhalloysite clay in the western hemisphere. Halloysite is analuminosilicate clay that forms naturally occurring nanotubes.Applied Minerals incurred a net loss of $9.73 million in 2012 ascompared with a net loss of $7.43 million in 2011. The Company'sbalance sheet at Sept. 30, 2013, showed $16.90 million in totalassets, $13.25 million in total liabilities and $3.64 million intotal stockholders' equity. Bankruptcy Warning"The Company has had to rely mainly on cash flow generated fromthe sale of stock and convertible debt to fund its operations. Ifthe Company is unable to fund its operations through thecommercialization of its minerals at the Dragon Mine, it may haveto file bankruptcy, as there is no assurance of the foregoing,"the company said in its annual report for the year ended Dec. 31,2012.AVSC HOLDING: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable-----------------------------------------------------------------Standard & Poor's Ratings Services assigned AVSC Holding Corp. its'B' corporate credit rating. The outlook is stable.In addition, S&P assigned its issue-level and recovery ratings toAVSC Holding Corp.'s $565 million first-lien credit facilities,consisting of a $505 million term loan due 2021 and $60 millionrevolving credit facility due 2019. S&P rated this debt 'B+' (onenotch higher than the 'B' corporate credit rating on the company)with a recovery rating of '2', indicating S&P's expectation ofsubstantial (70%-90%) recovery for lenders in the event of apayment default.S&P also assigned AVSC Holding Corp.'s $180 million second-lienterm loan due 2022 its 'CCC+' issue-level rating (two notcheslower than its 'B' corporate credit rating on the company). Therecovery rating on this debt is '6', indicating S&P's expectationof negligible (0% to 10%) recovery for lenders in the event of apayment default.In addition, S&P is affirming its 'B' corporate credit rating onAudio Visual Services Group Inc. and withdrawing the rating. Thecompany's increased scale and good operating performance since itsNovember 2012 acquisition of competitor Swank Holdings Inc.supports the slight increase in debt leverage associated with thesale to another private equity sponsor. S&P is withdrawing therating because it do not expect future issuance at this entity."The 'B' rating on AVSC Holding Corp. reflects its private equityownership, substantial debt leverage, and high capital intensity,"said Standard & Poor's credit analyst Hal Diamond. "The ratingalso reflects AVSC's cash flow concentration in the hotel meetingsand conferences business, its customer concentration, andcompetitive pressure to increase commissions paid to venue-hostinghotels."The company is the only outsourced provider of audiovisualservices to the U.S. hotel industry with a national footprint.The stable outlook reflects Standard & Poor's view that, absent aprolonged downturn in the U.S. hotel industry (which S&P do notexpect), debt leverage will gradually moderate over the next fewyears.BATS GLOBAL: Moody's Assigns 'B1' CFR & Alters Outlook to Stable----------------------------------------------------------------Moody's assigned a B1 corporate family rating and B1 rating to newcredit facilities arranged by BATS Global Markets Holdings Inc.The rating outlook is stable, whereas the outlook on the existingcredit facilities had been positive.Ratings RationaleBATS is a new holding company formed to consummate the mergerbetween BATS Global Markets Inc and Direct Edge Holdings LLC. Thenew credit facilities consist of a $450 million six-year seniorsecured term loan and a $100 million three-year senior securedrevolving credit facility. The facilities will be used principallyto refinance the existing term loan at BGMI and pay distributionsto shareholders. BGMI will become a wholly-owned subsidiary ofBATS and will be merged into Direct Edge Holdings LLC. As a resultthe rating of BGMI's term loan will be withdrawn upon repayment.Moody's affirmed the existing B1 ratings of BGMI and changed theoutlook to stable from positive. The return to a stable outlookreflects the plan to pay a substantial dividend to shareholders,beyond excess working capital, resulting in an increase inleverage within the BATS corporate family. This aggressivefinancial policy and a greater tolerance for leverage than Moody'shad expected reduces the likelihood of a higher rating over thenext year or two, making a stable rating outlook more appropriate.Provided strong operating performance continues, futureshareholder distribution policies are likely to be an importantrating driver -- upward or downward.The B1 corporate family and senior debt ratings of BATS continueto reflect the sound strategic rationale for the merger. Ifexecuted successfully, BATS' merger with Direct Edge will create amajor exchange operator with six primary execution platforms inthe US and Europe. In the long run, the merger should result insubstantial cost savings and is a logical response to currentlydepressed industry trading volumes. Nonetheless, costs to achievethese merger expense synergies could be significant in 2014.Moody's expects the firm to continue to post high operatingmargins and generate significant cash flows. This also supportsthe B1 rating despite the firm's shareowner-friendly distributionpolicies.The B1 ratings also reflects BATS' heavy reliance on US equitiestrading, which is a commoditized and intensely competitivebusiness, as well as the firm's relatively short operatinghistory. Furthermore, regulatory concerns about fragmentation ofthe US equity markets and the dependence of exchanges on highfrequency trading firms for order flow, could lead to regulatorychanges that would force alterations on BATS' business model.Nevertheless, BATS has built an efficient transaction-drivenbusiness model, which has resulted in strong profitability,despite operating at lower net capture rates than incumbentexchanges.BATS is a global financial technology company headquartered inKansas City that operates electronic trading markets in the US andEurope.BERRY PLASTICS: Inks $1.1-Bil. Loan Agreement with Credit Suisse----------------------------------------------------------------Berry Plastics Group, Inc., Berry Plastics Corporation and certainof its subsidiaries, on Jan. 6, 2014, entered into an IncrementalAssumption Agreement with Credit Suisse AG, Cayman Islands Branch,to borrow an incremental amount of $1,125,000,000 under Berry'sexisting term loan credit agreement. The loans borrowed on thatdate bear interest at LIBOR plus 2.75 percent per annum with aLIBOR floor of 1.00 percent, mature on Jan. 6, 2021, and aresubject to customary amortization. If certain specified repricingevents occur prior to July 6, 2014, Berry will pay a fee to theapplicable lenders equal to 1.00 percent of the outstandingprincipal amount of the Term E Loans subject to that repricingevent.The proceeds of the Term E Loans were used to repay in full all ofBerry's outstanding Term C Loans pursuant to, and as defined in,Berry's existing term loan credit agreement. About Berry PlasticsBerry Plastics Corporation manufactures and markets plasticpackaging products, plastic film products, specialty adhesives andcoated products. At Jan. 2, 2010, the Company had more than 80production and manufacturing facilities, primarily located in theUnited States. Berry is a wholly-owned subsidiary of BerryPlastics Group, Inc. Berry Group is primarily owned by affiliatesof Apollo Management, L.P., and Graham Partners. Berry, throughits wholly owned subsidiaries operates five reporting segments:Rigid Open Top, Rigid Closed Top, Flexible Films, Tapes/Coatingsand Specialty Films. The Company's customers are locatedprincipally throughout the United States, without significantconcentration in any one region or with any one customer.On Dec. 3, 2009, Berry Plastics obtained control of 100 percent ofthe capital stock of Pliant upon Pliant's emergence fromreorganization pursuant to a proceeding under Chapter 11 for apurchase price of $602.7 million. Pliant is a leadingmanufacturer of value-added films and flexible packaging for food,personal care, medical, agricultural and industrial applications.The acquired business is primarily operated in Berry's SpecialtyFilms reporting segment.The Company's balance sheet at Sept. 28, 2013, the Company had$5.13 billion in total assets, $5.33 billion in total liabilitiesand a $196 million stockholders' deficit. * * *As reported by the TCR on Feb. 1, 2013, Moody's Investors Serviceupgraded the corporate family rating of Berry Plastics to B2 fromB3 and the probability of default rating to B2-PD from B3-PD. Theupgrade of the corporate family rating to B2 from B3 reflectsthe improvement in pro-forma credit metrics and management'spublicly stated goal to pursue a less aggressive, more balancedfinancial profile.In November 2011, Standard & Poor's Ratings Services affirmed the'B-' corporate credit rating on Berry and its holding companyparent, Berry Plastics Group Inc. "The ratings on Berry reflectthe risks associated with the company's highly leveraged financialprofile and acquisition- driven growth strategy as well as itsfair business risk profile," said Standard & Poor's credit analystCynthia Werneth.In November 2011, Standard & Poor's Ratings Services affirmed the'B-' corporate credit rating on Berry and its holding companyparent, Berry Plastics Group Inc. "The ratings on Berry reflectthe risks associated with the company's highly leveraged financialprofile and acquisition- driven growth strategy as well as itsfair business risk profile," said Standard & Poor's credit analystCynthia Werneth.BIOZONE PHARMACEUTICALS: Unit Completes Merger with Cocrystal-------------------------------------------------------------Biozone Pharmaceuticals, Inc., Biozone Acquisitions Co., Inc., awholly-owned subsidiary of Biozone (the "Merger Sub"), andCocrystal Discovery, Inc., entered into and closed an Agreementand Plan of Merger effective Jan. 2, 2014. Pursuant to the MergerAgreement, Merger Sub merged with and into Cocrystal, withCocrystal continuing as the surviving corporation and a wholly-owned subsidiary of Biozone.In connection with the Merger Agreement, Biozone issued toCocrystal's security holders 1,000,000 shares of Biozone's SeriesB Convertible Preferred Stock. The Series B shares: (i)automatically convert into shares of Biozone's common stock at arate of 205.08308640 shares for each share of Series B at suchtime that Biozone has sufficient authorized capital, (ii) areentitled to vote on all matters submitted to shareholders ofBiozone and vote on an as converted basis and (iii) have a nominalliquidation preference. Additionally, Biozone assumed all of theoutstanding stock options under the Cocrystal 2007 EquityIncentive Plan. A total of 4,402,899 options were assumed and arepresently outstanding.A full-text of the Merger Agreement is available for free at: http://is.gd/X3WxrMIn connection with the Merger, Biozone appointed Dr. Gary Wilcox,Dr. Sam Lee, Dr. Roger Kornberg, Dr. Phillip Frost, Dr. Jane Hsiaoand Steven Rubin to its Board of Directors. Elliot Maza, RobertoPrego-Novo and Brian Keller, directors of Biozone, resignedeffective at the time of the closing of the Merger. Following theMerger, the Biozone Board of Directors is set at six directors.Additionally, the following individuals were appointed asexecutive officers of Biozone: * Gary Wilcox Chief Executive Officer and Secretary * Sam Lee President * Gerald McGuire Chief Financial Officer and TreasurerDr. Wilcox has served as Cocrystal's Chairman since 2007 and chiefexecutive officer since 2008. Dr. Wilcox is 66 years old.Dr. Lee has served as Cocrystal's president since 2007. Dr. Leeis 54 years old.Mr. McGuire has served as Cocrystal's interim chief financialofficer since April 2012. Since 1990, Mr. McGuire has served as aconsulting chief financial officer at Forte Design Systems, Inc.,a provider of high-level synthesis software products. SinceNovember 2011, Mr. McGuire has served as a consulting chieffinancial officer at Yapta, Inc., a travel technology company.From 2007 until August 2009, Mr. McGuire was an outsourced chieffinancial officer at vCFO Holdings, Inc., a financial consultingbusiness. Mr. McGuire is 66 years old.Pursuant to the Merger, Biozone entered into employment agreementswith Dr. Wilcox and Dr. Lee. Dr. Wilcox's employment agreementprovides for: (i) an annual salary of $250,000, (ii) an annualtarget bonus equal to 50 percent of base salary, (iii)24,598,073.50 stock options of which 25 percent vest on Jan. 2,2015, and the remaining vest thereafter in 36 equal monthlyincrements. Dr. Lee's employment agreement provides for: (i) anannual salary of $180,000, (ii) an annual target bonus equal to 25percent of base salary, (iii) 6,149,518.38 stock options of which25 percent vest on Jan. 2, 2015, and the remaining vest thereafterin 36 equal monthly increments. The option grants are subject toBoard of Directors approval and will have an exercise price equalto the fair market value of Biozone's common stock at the time ofgrant as determined by the Board of Directors.Elliot Maza, Brian Keller and Christian Oertle, the pre-MergerBiozone executive officers, resigned from all of their positionswith Biozone.On Dec. 31, 2013, Biozone filed a Certificate of Designationdesignating the Series B stock.Closes Asset Purchase AgreementOn Jan. 2, 2014, Biozone, Biozone Laboratories, Inc. (Bio Lab),Baker Cummins Corp., Brian Keller, MusclePharm Corporation andBiozone Laboratories, Inc. (Acquisition Co), a newly formedsubsidiary of Musclepharm, closed its previously announced AssetPurchase Agreement. At closing, Acquisition Co. acquiredsubstantially all of the operating assets of Biozone including theQuSomes, HyperSorb and EquaSomes drug delivery technologies(excluding certain assets including cash on hand) for 1,200,000shares of Musclepharm's common stock. Of the 1,200,000 sharesissued under the Agreement, (i) 600,000 of the shares were issuedto the Company upon closing and (ii) 600,000 of the shares wereplaced in escrow for nine months from the date of closing. Duringthe Escrow Period, Musclepharm will have the option to purchasethe Escrowed Shares at $10.00 per share in cash. The EscrowedShares will also back-stop potential indemnification claims thatAcquisition Co. may have under the Agreement. About Biozone PharmaceuticalsBiozone Pharmaceuticals, Inc., formerly, International SurfResorts, Inc., was incorporated under the laws of the State ofNevada on Dec. 4, 2006, to operate as an internet-based providerof international surf resorts, camps and guided surf tours. TheCompany proposed to engage in the business of vacation real estateand rentals related to its surf business and it owns the Web siteisurfresorts.com. During late February 2011, the Company began toexplore alternatives to its original business plan. On Feb. 22,2011, the prior officers and directors resigned from theirpositions and the Company appointed a new President, Director,principal accounting officer and treasurer and began to pursueopportunities in medical and pharmaceutical technologies andproducts. On March 1, 2011, the Company changed its name toBiozone Pharmaceuticals, Inc.Since March 2011, the Company has been engaged primarily inseeking opportunities related to its intention to engage inmedical and pharmaceutical businesses. On May 16, 2011, theCompany acquired substantially all of the assets and assumed allof the liabilities of Aero Pharmaceuticals, Inc., pursuant to anAsset Purchase Agreement dated as of that date. Aero manufacturesmarkets and distributes a line of dermatological products underthe trade name of Baker Cummins Dermatologicals.On June 30, 2011, the Company acquired the Biozone Labs Groupwhich operates as a developer, manufacturer, and marketer of over-the-counter drugs and preparations, cosmetics, and nutritionalsupplements on behalf of health care product marketing companiesand national retailers.Biozone incurred a net loss of $7.96 million in 2012, as comparedwith a net loss of $5.45 million in 2011. The Company's balancesheet at Sept. 30, 2013, showed $7.59 million in total assets,$18.05 million in total liabilities and a $10.45 million totalshareholders' deficiency.Paritz and Company. P.A., in Hackensack, New Jersey, issued a"going concern" qualification on the consolidated financialstatements for the year ended Dec. 31, 2012. The independentauditors noted that the Company has incurred operating losses forits last two fiscal years, has a working capital deficiency of$5,255,220, and an accumulated deficit of $14,128,079. Thesefactors, among others, raise substantial doubt about the Company'sability to continue as a going concern.BLACK CAT, LOS GATOS: Store Closing, Liquidation Sale Begins------------------------------------------------------------LosGastos Patch News reports that a sales associate at Black CatHats in Los Gatos, California said owner Janet Dashiell is closingher store at 59 No. Santa Cruz Ave. effective Feb. 16.Black Cat Hats sales associate Elle Rogers said Dashiell has senther customers a letter saying she's closing her boutique becauseshe wants to spend more time with her family and parents,according to LosGastos Patch News.A liquidation sale that began Jan. 2 continues through Feb. 15,Ms. Rogers said, the report notes. Boutique merchandise is markeddown from between 10 and 60 percent. As the sale progresses, theprice reductions will be greater, she said.BLOCKBUSTER INC: Raleigh's Last Store Closes--------------------------------------------Colin Campbell, writing for The News & Observer, reports thatRaleigh, North Carolina's final remaining Blockbuster video rentalstore closed for good Jan. 12 as the company shuts down its retailpresence nationwide.The store in Wakefield Commons shopping center on Falls of NeuseRoad has already rented its last movie and is in full liquidationmode, according to newsobserver.com. The report relates DVDs thatonce rented for several dollars a night are being sold for $1, andeven the clerks' computer monitors now have price tags.All 300 stores around the country are now closing, though theBlockbuster On Demand streaming service will continue to operate,according to the report. About Blockbuster Inc.Blockbuster Inc., the movie rental chain with a library ofmore than 125,000 titles, along with 12 U.S. affiliates,initiated Chapter 11 bankruptcy proceedings with a pre-arrangedreorganization plan in Manhattan (Bankr. S.D.N.Y. Case No.10-14997) on Sept. 23, 2010. It disclosed assets of $1 billionand debts of $1.4 billion at the time of the filing.Martin A. Sosland, Esq., and Stephen Karotkin, Esq., at Weil,Gotshal & Manges, serve as counsel to the U.S. Debtors.Rothschild Inc. is the financial advisor. Alvarez & Marsal is therestructuring advisor with A&M managing director Jeffery J.Stegenga as chief restructuring officer. Kurtzman CarsonConsultants LLC is the claims and notice agent. The OfficialCommittee of Unsecured Creditors retained Cooley LLP as itscounsel.In April 2011, Blockbuster conducted a bankruptcy court-sanctionedauction for all the assets. Dish Network Corp. won with an offerhaving a gross value of $320 million. The Debtor changed its namefrom Blockbuster Inc. to BB Liquidating Inc. after Dish purchasedall assets, including the trade name.CDFI PHASE: Fitch Ups Rating on 2005B Subordinate Bonds From BB+----------------------------------------------------------------Fitch Ratings has upgraded the long-term rating to 'BBB' from'BBB-', on approximately $60.89 million of outstanding Health,Educational and Housing Facility Board of the City of Chattanoogarevenue refunding bonds, senior series 2005A issued on behalf ofthe CDFI Phase I, LLC (the project). At the same time, Fitchupgrades the rating to 'BBB-' from 'BB+' on approximately $19.48million of outstanding subordinate series 2005B bonds.The Rating Outlook is revised to Stable from Positive.The senior and subordinate series bonds are a general obligationof the project, secured by and payable solely from the revenues ofCDFI's phase I, II and III student housing facilities. Additionalsecurity for the life of the bonds is provided by annualcontributions made by the University of Chattanooga Foundation(the foundation) to be used, if needed, to meet the bonds' ratecovenant requirement. Additional bond security includes a cashfunded debt-service reserve fund.The subordinate series 2005B bonds were additionally secured byannual transfers by the foundation to a trustee held securityfund. However, there was a 2013 sunset on this provisionPROJECT STRENGTH MERITS UPGRADE: The upgrade reflects theproject's ability to generate strong coverage, with nocontribution from the foundation needed since fiscal 2009. Therisk of the stand-alone project is partially mitigated by theproject's essential role in the University of Tennessee atChattanooga's (UTC) residential life program.SELF-SUSTAINING PROJECT: The project's self-supporting nature isthe result of continued strength in occupancy and UTC's prudentmanagement of facility expenses. Sunsetting of the foundationsupport securing the subordinate bonds through fiscal 2013 ismitigated by sound debt service coverage by project revenues.CONSTRAINED FLEXIBITY: Counterbalancing rating factors includedependence on student rental payments as the project's primaryrevenue source and the somewhat limited pricing flexibility giventhe project's high rates relative to other on campus housingalternatives.HIGH CONNECTIVITY WITH UTC: Key officers of the project are alsoofficers of the foundation reflecting the importance of theproject to UTC. The project is managed as part of UTC's 3,146 bedhousing system (the system) and represented approximately 55.2% ofavailable beds in fiscal 2013.ENROLLMENT GROWTH DRIVES OCCUPANCY: UTC's steady enrollment growthdrives strong project occupancy and growth in project revenues.PROJECT PERFORMANCE: The inability of the project to grow rentalincome and sustain current debt service coverage levels, in theabsence of foundation support, could negatively impact the rating.ADDITIONAL PARITY DEBT: While not anticipated, the issuance ofadditional student housing debt on parity with the project bondscould have negative rating implications.FUTURE PROJECT COMPETITION: While demand is presently strong,competition from new university housing projects and other housingalternatives could put pressure on project occupancy levels. Thiswill be monitored by Fitch.CDFI Phase I, LLC. is a subsidiary of Campus DevelopmentFoundation Inc. (CDFI), which was formed by the foundation toacquire real estate and to construct, manage, and operate housingfor UTC students. CDFI constructed the 1,737 bed project in threephases, with the final phase opening in 2004.The project is non-recourse to the university and the foundation.However, UTC manages the project as part of its housing system andsets project room rental rates. In Fitch's view, management ofthe system and the project as a collective whole ensures theproject plays an integral role in residential life on UTC's campusand that rates and charges are set competitively. However, UTCdoes not direct students to this project on a first fill basis.A security fund was established by the foundation under the bonddocuments, which the project has been required to annually drawupon since its inception. While the project continued to receivethe subsidized payments from the security fund through fiscal2013, the draw has not been required by CDFI to meet the legallyrequired debt service coverage ratio on the subordinate bondssince fiscal 2010 and ultimately those payments have been returnedby CDFI with year-end surplus funds to the foundation. Thefoundation also previously provided supplemental support to theoverall project, however, since fiscal 2009, these contributionshave not been necessary.The system's strong 98.5% occupancy in fall 2013 is consistentwith prior years, but project occupancy is stronger at 100%.Essentially full occupancy necessitated management to houseapproximately 210 students in a hotel for the beginning of thefall 2013 semester versus 200 in the prior year. As is typical,this figure drops as beds are vacated, reducing housing overflowto 126 students for fall 2013 versus 36 in the prior year.Fitch views favorably both the project's full occupancy and thesystem-wide overflow housing which reflects strong demand andassures that vacancies can readily be filled.Pledged revenue is almost entirely reliant on rental income. Thisreliance on a single revenue stream highlights the importance ofmaintaining strong project occupancy. This risk is partiallymitigated by increased coverage levels without needing foundationsupport. Further, project rates are more than adequate to managethe required coverage levels set forth in the bond documents.Given the project's strategic location, modern facilities andamenity package, UTC has historically priced project beds at apremium relative to other options within the system. While rentalrates for the project are higher than other campus housingoptions, they are on par or lower than market rates according tostaff reports. The University of Tennessee System implementedrent increases of 3.5% in both fall 2013 and fall 2012. This islower than the 5% increase in fall 2011, which management deemsnecessary in order to maintain the system's competitive standing.Rental rate increases are expected to be slightly lower at 3% infall 2014.Limited revenue diversity for a project of this nature is notviewed as unusual by Fitch and this element is partially mitigatedby the project's high demand despite higher rent levels thanalternative campus housing. Further, management's ability tolower the rate of rental increases and grow rental income whilestill achieving sound debt service coverage is indicative offurther strengthening of project performance. In addition, thefoundation will provide funds to supplement debt service if thereis a shortfall under the coverage requirement. As of June 30,2013, the foundation had resources of $179 million, which arelargely restricted.CDFI's operating margins are historically negative. CDFI endedfiscal 2013 (on a GAAP basis) with a negative 6.7% margin, afterachieving breakeven results in fiscal 2012, due to an increase ininterest expense. The one-time increase in interest expense infiscal 2013 is not related to the project, but related to theparent CDFI and interest on contributions made by the foundationin previous years but not recorded. Interest expense on theproject decreased in fiscal 2013. Favorably, growth in rentalincome, improved collections, lower management fees and bettercost controls allow for improved project debt service coveragelevels.Net revenues available for debt service reached $7.95 million infiscal 2013. Bond documents require debt service coverage of 1.2xfor senior bonds and 1.1x for both senior and subordinate bonds.In fiscal 2013, coverage was sound at 1.76x for the senior bondsand adequate at 1.31x for the senior and subordinate bonds,compared to 1.8x and 1.34x in fiscal 2012, respectively, for astand-alone project of this nature. These coverage levels arenotably higher relative to prior years and include the fundingsubsidy provided by the foundation for the subordinate bonds.Coverage levels excluding the funding subsidy remain sound at1.72x and adequate at 1.28x, respectively.Management is conservatively budgeting 1% growth in projectoperating revenues in fiscal 2014, versus 2.7% actual revenuegrowth in fiscal 2013 and 5.6% in fiscal 2012, with expectedcoverage of 1.73x and 1.27x for the senior and subordinate bonds,respectively, excluding the funding subsidy. Fitch's expectationthat the project can sustain these coverage levels, withoutfoundation support, drives the rating upgrade.Due to strong demand for housing at UTC, its campus master planincludes the potential construction of additional auxiliaryhousing in fiscal 2016-2017. The university's residencyrequirement for freshmen and growth in undergraduate headcountdrive demand for housing. Overflow housing in fall 2013 reached126 versus 36 in the prior year reflecting there is alwaysbackfill to keep occupancy levels high. Further supporting demand,currently there are approximately 30% of full time equivalentstudents that reside on campus. Management indicated there areapproximately 900 students turned away in fall 2013 needing beds,of which approximately 500-600 are upperclassmen that prefer theamenities of project housing.Fitch expects UTC to maintain the project's solid occupancy levelsand generate net revenues necessary to support associated debtservice, if and when additional beds are added. According tomanagement, any additional student housing debt is not expected tobe on parity with the bonds which is viewed favorably by Fitch.UTC is a metropolitan university, located near downtownChattanooga. UTC's fall 2013 total headcount enrollment grew to11,664, largely flat over the prior year. However, over the pastfive years total headcount grew 11% reflecting strong overalldemand. A decline in graduate enrollment, as seen by Fitchnationwide, accounted for the shortfall in fall 2013. Favorably,UTC's ability to increase undergraduate headcount helped offsetthe decline in graduate enrollment in fall 2013.CEDAR RIVER DEV'T: Foreclosure Auction Postponed Until Feb. 21--------------------------------------------------------------The public auction of the real and personal properties of CedarRiver Development LLC, which serve as collateral to the debt owedto Cedar Cove Realty Partners, as assignee to East Boston SavingsBank, has been postponed until Feb. 21, 2014 at 11:00 a.m.The foreclosure auction was originally set for Jan. 9, 2014, at11:00 a.m. upon the Mortgaged Premises located at Whittier Streeta/k/a 111 Regent Drive, in the City of Dover, Strafford County,New Hampshire, as reported by the Troubled Company Reporter onDec. 11, 2013.Cedar Cove Realty Partners, LLC, is represented by: BERNSTEIN, SHUR, SAWYER AND NELSON, P.A. Roy W. Tilsley, Jr., Esq. 670 North Commercial Street P.O. Box 1120 Manchester, NH 03105-1120 Tel: (603) 623-8700CENTURY PLAZA: May Consent to Release Agreement Over Mall---------------------------------------------------------The U.S. Bankruptcy Court for the Northern District of Indianaauthorized Century Plaza, LLC, to execute the release and consentto foreclosure agreement; and consummate all transactionscontemplated therein, effective as of Aug. 16, 2013, in itscapacity as borrower of debt owed to IP-TL Century Plaza, LLCsecured by a mortgage on the property -- a commercial shoppingcenter located in Merriville, Indiana, known as Century Plaza.The Debtor noted that on Aug. 27, 2013, the Court authorizedTri-Land Properties, Inc. to enter into the same agreement in itscapacity as guarantor of the Debtor's mortgage indebtedness on theproperty.At the time the agreement was executed, the Debtor did not seekauthorization from the Court because it was no longer a debtor-in-possession and the contemplated transactions did not require Courtapproval.According to the Debtor, although its post-confirmation executionof the agreement is not prohibited by the Plan, and theauthorization is unnecessary, IP-TL has advised the Debtor that itis now seeking to obtain new mortgage financing on the propertyand that a potential lender to IP-TL is questioning whether theagreement, and the transactions contemplated therein, requiredapproval of the bankruptcy court to be effective.The terms of the agreement, among other things, allow for theDebtor to be released from any and all mortgage obligations,thereby enabling the Debtor to fully consummate the Plan.As reported in the Troubled Company Reporter, the Court on July24, 2013, ruled that the Debtor's Chapter 11 Plan satisfied allconfirmation requirements under the Bankruptcy Code. The Planprovides for distributions to the holders of Allowed Claims fromfunds realized by the Debtor from the continued operation of theDebtor's business by the Debtor as well as from existing cashdeposits and cash resources of the Debtor. About Century PlazaBased in Merrillville, Indiana, Century Plaza LLC owns andoperates a commercial shopping center known as "Century Plaza".It filed for Chapter 11 bankruptcy (Bankr. N.D. Ind. Case No.11-24075) on Oct. 18, 2011. Judge J. Philip Klingeberger presidesover the case. Crane, Heyman, Simon, Welch & Clar serves as theDebtor's counsel. Anderson & Anderson P.C. serves as localbankruptcy counsel. The Debtor estimated assets and debts at$10 million to $50 million. The petition was signed by RichardDube, president of Tri-Land Properties, Inc., manager.No trustee, examiner or committee of unsecured creditors wasappointed to serve in the case.CHARTER COMMUNICATIONS: Makes $37.4B Offer for Time Warner Cable----------------------------------------------------------------Charter Communications Inc. went public with a $37.4 billion cash-and-stock bid for Time Warner Cable Inc., according to newssources.The offer, valued at $132.50 a share, including $83 a share incash and $49.50 in Charter stock, was disclosed in a Jan. 13letter from Charter Chief Executive Tom Rutledge to Rob Marcus,his counterpart at Time Warner Cable, Dana Cimilluca, ShaliniRamachandran and Amol Sharma, writing for The Wall Street Journal.David Gelles, writing for The New York Times' DealBook, reportedthat Charter's offer values Time Warner Cable at $61.3 billion,and kicks off a potential round of consolidation in the cabletelevision industry. The Journal said Time Warner Cable hadprivately rebuffed Charter's offer, which was made in December andwas Charter's third private offer to buy the New York-based cablecompany since June.The bid, according to the Journal, is only slightly above TimeWarner Cable's closing share price on Jan. 13 of $132.40, thoughthe stock has risen some 40% since Charter's interest in thecombination first surfaced in June.According to news sources, instead of pursuing negotiations,Charter, by making the letter public, is seeking to enlistshareholders of Time Warner Cable to put pressure on the company'smanagement and board to negotiate a deal."Our intent is to talk to Time Warner Cable shareholders andconvince them that putting together the companies, fixing [TimeWarner Cable's] customer service issues and getting the companyback on a growth trajectory will create enormous value forshareholders," Mr. Rutledge said in an interview with the Journal.He said Charter, the fourth largest-U.S. cable operator, has noplans to increase its offer. About Charter CommunicationsBased in St. Louis, Missouri, Charter Communications, Inc. (PinkOTC: CHTRQ) -- http://www.charter.com/-- is a broadband communications company and the fourth-largest cable operator inthe United States.Charter Communications and more than a hundred affiliates filedvoluntary Chapter 11 petitions on March 27, 2009 (Bankr. S.D.N.Y.Case No. 09-11435).The Hon. James M. Peck presided over the cases. Richard M. Cieri,Esq., Paul M. Basta, Esq., and Stephen E. Hessler, Esq., atKirkland & Ellis LLP, in New York, served as counsel to theDebtors, excluding Charter Investment Inc. Albert Togut, Esq., atTogut, Segal & Segal LLP in New York, served as CharterInvestment, Inc.'s bankruptcy counsel.Charter Communications emerged from Chapter 11 under its pre-arranged Joint Plan of Reorganization, which was confirmed by theCourt on Nov. 17, 2009. The Plan was declared effective Nov. 30,2009.CHRYSLER GROUP: S&P Lifts CCR to 'BB-' on Core Status to Parent---------------------------------------------------------------Standard & Poor's Ratings Services said that it raised its ratingson U.S.-based auto manufacturer Chrysler Group LLC, including thecorporate credit rating to 'BB-' from 'B+'. The outlook isstable."The upgrade follows the announcement that Chrysler's minorityshareholder, the VEBA trust, has agreed to sell its 41.5% stake inChrysler to Fiat SpA for a total consideration of about $4.3billion," said Standard & Poor's credit analyst Dan Picciotto."It also follows our affirmation of Fiat's ratings on Jan. 10,2014." Fiat will own 100% of Chrysler following the transaction,which Fiat has announced is expected be completed by Jan. 20,2014.The rating outlook is stable. S&P now describes Chrysler as a"core" subsidiary of Fiat and expect that the rating on thecompany will move in tandem with that on the parent, unless S&Padjusts its "core" assessment. "We could revise our coreassessment if we believe Fiat's commitment to Chrysler could wane,which we believe would represent a substantial change in Fiat'soperating strategy and which we do not expect," saidMr. Picciotto.For Fiat, S&P has stated that it could raise the rating if thecompany achieved stronger credit metrics on a sustainable basis,such as adjusted funds from operations (FFO) to debt comfortablywithin the 12%-20% range and debt to EBITDA below 5.0x; reducedits absolute amount of adjusted debt; and showed continuingmoderation in terms of external growth and shareholderdistributions. Very significant corporate actions to strengthenthe group's balance sheet or increase Fiat's effective access toChrysler's cash could result in a positive rating action.For Fiat, S&P has stated that it could take a negative ratingaction if Fiat's performance in Europe deteriorated more severelythan it expects or if its Brazilian operations weakened markedly,in turn causing the group's liquidity position to worsen. S&Pwould consider a negative rating action if Fiat's credit ratiosdeteriorated, including adjusted debt to EBITDA exceeding 6x andadjusted FFO to debt materially below 10%. An inability to reducenegative discretionary cash flow on a group basis or toconsistently maintain adequate liquidity under our criteria couldalso put downward pressure on the rating.COLLEGE WAY: Jan 15 Hearing on Request to Use ECP College's Cash----------------------------------------------------------------The U.S. Bankruptcy Court for the Western District of Washingtonwill convene a hearing on Jan. 15, 2014, at 9:00 a.m., to considerCollege Way Commercial Plaza LLC's request to use the ECP CollegeWay LLC's cash collateral to pay the Debtor's operating expenses.The Debtor also intends to use cash collateral to pay any fees andexpenses owed to professionals employed, upon entry of an orderfrom the Court authorizing the payment of professional expenses.The Debtor also requested that operating reserve funds be allowedto be built up to $140,000 for (1) $99,180 for tenant improvement($30/foot); (2) real estate commission of $23,800; and (3) legaland architectural service related to leasing of $13,224.As adequate protection from any diminution in value of thelender's collateral, the Debtor said that based on its ownestimate of value, the Debtor's $5,370,000 to $10,000,000 equitycushion in ECP College Way's collateral is more than sufficientadequate protection.As additional adequate protection, the Debtor proposed to offer$79,124 per month as adequate protection payment after threemonths of operation of Lacey Crossroads. The Debtor also proposesto provide the ECP College a replacement lien on its assets. About College Way Commercial Plaza, LLCCollege Way Commercial Plaza, LLC, filed a Chapter 11 bankruptcypetition (Bankr. W.D. Wash Case No. 13-47724) on Dec. 19, 2013.The petition was signed by Sherwood B Korssjoen as member andmanager. The Debtor disclosed $29,160,000 in assets and$21,444,155 in liabilities as of the Chapter 11 filing. MasafumiIwama, Esq., at Iwama Law Firm, serves as the Debtor's counsel.Judge Brian D Lynch presides over the case.COLLEGE WAY: Files Schedules of Assets and Liabilities------------------------------------------------------College Way Commercial Plaza LLC filed with the U.S. BankruptcyCourt for the Western District of Washington its schedules ofassets and liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $28,700,000 B. Personal Property $460,000 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $21,431,190 E. Creditors Holding Unsecured Priority Claims $0 F. Creditors Holding Unsecured Non-priority Claims $12,965 ----------- ----------- TOTAL $29,160,000 $21,444,155A copy of the schedules is available for free at: http://bankrupt.com/misc/COLLEGEWAYsal.pdfCollege Way Commercial Plaza, LLC, filed a Chapter 11 bankruptcypetition (Bankr. W.D. Wash Case No. 13-47724) on Dec. 19, 2013.The petition was signed by Sherwood B Korssjoen as member andmanager. Masafumi Iwama, Esq., at Iwama Law Firm, serves as theDebtor's counsel. Judge Brian D. Lynch presides over the case.COMARCO INC: VP and Chief Accounting Officer Resigns----------------------------------------------------Alisha K. Charlton submitted to Comarco, Inc., her resignation asvice president and chief accounting officer effective as ofJan. 24, 2013.The Board of Directors is currently seeking a replacement for thepositions of principal financial officer and principal accountingofficer held by Ms. Charlton. About Comarco Inc.Based in Lake Forest, California, Comarco, Inc. (OTC: CMRO)-- http://www.comarco.com/-- is a provider of innovative, patented mobile power solutions that can be used to power andcharge notebook computers, mobile phones, and many otherrechargeable mobile devices with a single device.Comarco disclosed a net loss of $5.59 million on $6.33 million ofrevenue for the year ended Jan. 31, 2013, as compared with a netloss of $5.31 million on $8.06 million of revenue for the yearended Jan. 31, 2012. As of Oct. 31, 2013, the Company had $2.39million in total assets, $9.78 million in total liabilities and a$7.39 million total shareholders' deficit.Squar, Milner, Peterson, Miranda & Williamson, LLP, issued a"going concern" qualification on the consolidated financialstatements for the year ended Dec. 31, 2012. The independentauditors noted that the Company has suffered recurring losses andnegative cashflow from operations, has negative working capitaland uncertainties surrounding the Company's ability to raiseadditional funds. These factors, among others, raise substantialdoubt about its ability to continue as a going concern.COMMUNICATION INTELLIGENCE: Sells $2.1 Million Units----------------------------------------------------Communication Intelligence Corporation entered into subscriptionagreements with certain investors on Dec. 31, 2013. Under theterms of the Subscription Agreements, the Investors purchased anaggregate of 696,252 Units at a purchase price of $3.00 per Unitfor an aggregate purchase price of approximately $2.089 million,which amount included the conversion of $1.15 million in existingindebtedness. Each Unit consists of two shares of the Company'sSeries D-1 Preferred Stock and one share of Series D-2 PreferredStock. The Series D-1 Preferred Stock and Series D-2 PreferredStock are identical in rights, preferences, and privileges, exceptfor their conversion price to Common Stock. Shares of Series D-1Preferred Stock are convertible into shares of Common Stock at aninitial conversion price of $0.0225 per share. Shares of SeriesD-2 Preferred Stock are convertible into shares of Common Stock atan initial conversion price of $0.05 per share.The Investors were also issued warrants to purchase approximately18.989 million shares of Common Stock at the time of the fundingof their investment. These warrants are exercisable for a periodof three years and have an exercise price of $0.0275 per share.In addition to the warrants issued at closing, the SubscriptionAgreements entitle Investors to receive warrants to purchase up toan additional 56.966 million shares of Common Stock based onwhether the Company attains certain revenue targets in 2014, asdescribed therein. Any such additional warrants will beexercisable until Dec. 31, 2016, and will have an exercise priceof $0.0275 per share.The Company had previously raised $1.15 million in May 2013through the issuance of units comprised of shares of Series D-1Preferred Stock and Series D-2 Preferred Stock. All investorsfrom the May 2013 financing agreed to exchange the securitiesissued to them in the prior financing for the same securitiesissued to investors in the financing closed on Dec. 31, 2013, withthe investors from the May 2013 financing receiving in suchexchange an aggregate of 383,333 Units and an initial warrantgrant to purchase approximately 10.455 million shares of CommonStock, with the ability to receive warrants to purchase up to anadditional 31.363 million shares of Common Stock based on whetherthe Company attains certain revenue targets in 2014.Amendments to Articles or BylawsOn Dec. 31, 2013, the Company filed with the Delaware Secretary ofState a Certificate of Amendment to the Certificate of Designationof Series D Convertible Preferred Stock. The primary purpose ofthe Certificate of Amendment was to make conforming changes to theSeries D Certificate of Designation regarding the number ofauthorized shares of Series D-1 Preferred Stock and Series D-2Preferred Stock following approval by the Company's stockholdersat the November 2013 Annual Meeting of Stockholders of an increasein the authorized number of shares of Series D-1 Preferred Stockfrom 3,000,000 to 6,000,000 shares and an increase in theauthorized number of shares of Series D-2 Preferred Stock from8,000,000 to 9,000,000 shares. The Certificate of Amendment wasapproved by a majority of the outstanding shares of each of theSeries B Preferred Stock, Series C Preferred Stock, Series D-1Preferred Stock and Series D-2 Preferred Stock acting by writtenconsent.A copy of the Form 8-K as filed with the U.S. Securities andExchange Commission is available at http://is.gd/ehwDW0 About Communication IntelligenceRedwood Shores, California-based Communication IntelligenceCorporation is a supplier of electronic signature products and therecognized leader in biometric signature verification.In its audit report accompanying the financial statements for2011, PMB Helin Donovan, LLP, in San Francisco, Calif.,expressed substantial doubt about Communication Intelligence'sability to continue as a going concern. The independent auditorsnoted that of the Company's significant recurring losses andaccumulated deficit.Communication Intelligence incurred a net loss attributable tocommon stockholders of $6.11 million in 2012 as compared with anet loss attributable to common stockholders of $6.66 million in2011. The Company's balance sheet at March 31, 2013, showed $1.98million in total assets, $1.50 million in total liabilities and$486,000 in total stockholders' equity.PMB Helin Donovan, LLP, in San Francisco, CA, issued a "goingconcern" qualification on the consolidated financial statementsfor the year ended Dec. 31, 2012. The independent auditors notedthat the Company's significant recurring losses and accumulateddeficit raise substantial doubt about its ability to continue as agoing concern.COMPREHENSIVE CARE: Ramon Martinez Named President--------------------------------------------------Ramon Martinez, a U.S. Air Force Lieutenant Colonel, retired, hasbeen named president of Comprehensive Care Corporation and electeda member of the Board of Directors.In April 2013, Colonel Martinez was named president of CompCarePharmacy Solutions, Inc. Prior to that appointment, ColonelMartinez served the Company as Senior Management Advisor focusinghis attention on building and refining the infrastructurenecessary to market and fulfill the Company's promise ofdelivering its innovative pharmacy cost containment programdedicated to providing guaranteed and bonded annual reduced costsof at least ten percent to businesses, unions and healthcareorganizations who contract with the Company."As a team builder, strategist, manager, and man of soundcharacter, Colonel Martinez is an excellent choice for Presidentof Comprehensive Care Corporation. Not only has he been aneffective leader in introducing our innovative pharmacy plan tothe commercial/union and government markets, he has alsoreorganized, streamlined and motivated our staff to focus withlaser precision on the overall health, attitude and success of theCompany," said Clark A. Marcus, Comprehensive Care Corporation'sChairman and CEO. "Healthcare costs, led by dramatic increases inpharmacy expenses, have spiraled out of control in recent years.The Company's innovative pharmacy program dramatically reigns inand reduces those costs by as much as ten percent annually.Colonel Martinez has the profound background, extensiverelationships and experience to introduce our unique programs tokey government officials, unions and corporate leaders throughoutthe U.S." Mr. Marcus added, "Colonel Martinez is the rightperson, at the right time, and with the right skills andcapabilities to help CompCare deliver results that will lead togreater health and wellbeing through lower cost, superior quality,and multi-faceted solutions.""I am grateful and honored that the CompCare's leadership named meto this key position. We are headed in the right direction andprimed to take the Company to the next level of success," ColonelMartinez said. "We have laid a solid foundation with a leaner,more capable, and integrated team. We are a more agile, reliable,resilient, and innovative company that will deliver and sustainhealthy growth. Our window of opportunity is wide open, and Ibelieve 2014 will be a breakthrough year for our Company. Inthese days of turbulence in the healthcare industry, I expect theCompany's team will play a significant role in revolutionizinghealthcare in the U.S."Colonel Martinez earned a Master of Arts degree in philosophy fromthe University of California at Santa Barbara, a Master's degreein public administration from the University of Northern Colorado,and a Bachelor of Arts degree in philosophy and geography fromCalifornia State University, Long Beach.He served a twenty-year military career in the U.S. Air Force andhis positions included Combat Crew Commander, Test Director andProgram Manager of Inter-Continental Ballistic Missiles; AssistantProfessor of Philosophy at the U.S. Air Force Academy; DeputySecretary of the Inter-American Defense Board; U.S. NationalDefense Fellow; Chief of Latin American Strategy of U.S. SouthernCommand and Interim Director of the U.S. Southern CommandWashington Field Office.Colonel Martinez entered the private sector as Vice President atGenetics & IVF Institute in Virginia, also serving as AssistantDirector of Strategic Planning at the South Florida WorkforceBoard, adjunct professor of philosophy at Miami-Dade CommunityCollege, and as a consultant working on Homeland Security issues.He also served as President/CEO of Progreso Latino, Inc., RhodeIsland's flagship Latino empowerment agency and largest bilingual,multi-cultural community based organization.He is the recipient of the Hispanic American Chamber of Commerceof Rhode Island Community Leader of 2009; National Association forthe Advancement of Colored People (NAACP) Providence BranchThurgood Marshall Award of 2008; 2008 Service Person of the YearAward of Sigma Nu Chapter Omega Psi Phi Fraternity, Inc., and aProvidence Phoenix Newspaper Local Hero award. He is co-founderand former vice-chair of the Board of Directors of the RhodeIsland Mayoral Academies, which the US Secretary of Educationlauded as a nationally unique paradigm for public educationexcellence with a regional network of public charter schoolsserving underserved students. About Comprehensive CareTampa, Fla.-based Comprehensive Care Corporation provides managedcare services in the behavioral health, substance abuse, andpsychotropic pharmacy management fields.Comprehensive Care disclosed a net loss attributable to commonstockholders of $6.99 million in 2012 as compared with a net lossattributable to common stockholders of $14.08 million in 2011.As of June 30, 2013, Comprehensive Care had $3.07 million in totalassets, $28.30 million in total liabilities and a $25.23 millionstockholders' deficiency.Mayer Hoffman McCann P.C., in Clearwater, Florida, issued a "goingconcern" qualification on the consolidated financial statementsfor the year ended Dec. 31, 2012. The independent auditors notedthat the Company has suffered recurring losses from operations andhas not generated sufficient cash flows from operations to fundits working capital requirements. This raises substantial doubtabout the Company's ability to continue as a going concern.CONSTAR INTERNATIONAL: Has Feb. 6 Auction for U.S. Assets---------------------------------------------------------Constar International Holdings LLC, et al., obtained approval fromthe U.S. Bankruptcy Court for the District of Delaware ofprocedures governing the sale of all or substantially all of theirU.S. assets to Amcor Rigid Plastics USA, Inc., or another higheror better bidder.If the Debtors receive one or more qualified bids, the Debtorswill conduct an auction for the sale of the Debtors' assetsbeginning on Feb. 6, 2014, at 1:00 p.m. (prevailing Eastern Time)at the offices of Dechert LLP, in New York. Only parties thathave submitted a qualified bid by no later than Feb. 4 mayparticipate in the auction. The sale hearing will be held onFeb. 10.Peg Brickley, writing for The Wall Street Journal, pointed outthat a bidding war is brewing for the Philadelphia-based maker, asthree companies have shown interest in the assets. Australia'sAmcor, which signed a stalking horse agreement with the Debtors,proposes to pay $68.5 million. Michigan's Plastipak HoldingsInc., which has annual revenues of about $2.5 billion, andGeorgia's CKS Packaging, Inc., with 2013 sales of $375 million,could also be contending for Constar, which is in its thirdbankruptcy but which is being put up for sale for the first time.Both Plastipak and CKS Packaging objected to the proposed biddingprocedures. CKS Packaging said in court papers that,notwithstanding its prepetition expressions of interest inacquiring certain of the Debtors' assets, it was not solicited byLincoln Partner Advisors LLC prior to the negotiation andselection of the stalking horse bidder. About Constar InternationalPrivately held Constar International Holdings and nine affiliateddebtors filed for Chapter 11 protection (Bankr. D. Del. Lead CaseNo. 13-13281) on Dec. 19, 2013.Constar, which manufactures plastic containers, is represented byMichael J. Sage, Esq., Brian E. Greer, Esq., Stephen M. Wolpert,Esq., and Janet Bollinger Doherty, Esq., at Dechert LLP; andRobert S. Brady, Esq., and Sean T. Greecher, Esq., at YoungConaway Stargatt & Taylor, LLP. Prime Clerk LLC serves as theDebtors' claims and noticing agent, and administrative advisor.Lincoln Partners Advisors LLC serves as the Debtors' financialadvisor.Judge Christopher S. Sontchi oversees the 2013 case.This is Constar International's third bankruptcy. Constar firstfiled for Chapter 11 protection (Bankr. D. Del. Lead Case No.08-13432) in December 2008, with a pre-negotiated Chapter 11 Planand emerged from bankruptcy in May 2009. Constar and itsaffiliates returned to Chapter 11 protection (Bankr. D. Del. CaseNo. 11-10109) on Jan. 11, 2011, with a pre-negotiated Chapter 11plan and emerged from bankruptcy in June 2011.The new petition listed assets worth less than $100 millionagainst $123 million on three layers of secured debt.Attorneys at Brown Rudnick LLP represent the official committee ofunsecured creditors.Counsel to Wells Fargo Capital Finance, LLC, the revolving loanagent, is Andrew M. Kramer, Esq., at Otterbourg P.C.DETROIT, MI: Foundations Pledge $330 Million in Assistance----------------------------------------------------------Mediators involved in the city of Detroit's Chapter 9 bankruptcyissued a statement on Jan. 13, disclosing that some of the leadingnational and local foundations have stepped forward with a "trulygenerous philanthropic offer of assistsnce that, to date, hasresulted in commitments of more than $330 million in assistance."The statement said additional foundations are expected to announcetheir participation in the near future.In that statement, available at http://is.gd/yI1RIDfrom Fox's Detroit bureau, the mediators call the move "extraordinary andunprecedented effort" to help resolve two very challenging sets ofissues in the city's municipal bankruptcy -- the underfunding ofDetroit's two pension systems and the preservation of the DetroitInstitute of Art.According to the statement, reports of foundations' generosity inthe media have inspired others to come forward, including Dr. PaulSchaap, who, with no solicitation, has committed $5 million. Inaddition, a fund has been established with the CommunityFoundation for Southeast Michigan to capture other privatevoluntary contributions, which, to date, has attracted almost 130individual contributors.A leadership committee has been established consisting of thePresidents of the Ford Foundation, The Kresge Foundation, the JohnS. and James L. Knight Foundation and the Community Foundation forSoutheast Michigan.The mediation team, which consists of lawyers and current andretired judges, said it has continued its work in attempting tofacilitate agreements among as many of the varied creditorconstituencies involved in the bankruptcy as possible, whichagreements can become part of a larger agreed upon Plan ofAdjustment.Dennis Kraniak, writing for Fox 2 News in Detroit, reports thatFederal Judge Gerald Rosen, the chief mediator between the cityand its creditors, has asked foundations and others to raise $500million to protect pieces in the Detroit Institute of Arts whileassisting pensioners who are expected to lose some benefits in thecity's restructuring.Detroit has at least $18 billion in debt, including about $3.5billion is unfunded pension liabilities, according to state-appointed emergency manager Kevyn Orr.According to the Fox report, the Emergency Manager warned DIAofficials last spring that artwork owned by the city could beconsidered assets and might be vulnerable to sale if Detroit wentinto bankruptcy. Fox says an appraisal ordered by Mr. Orr andcompleted late last year by New York-based Christie's, about 2,800paintings, sculptures and other pieces owned by Detroit arecollectively worth between $454 million to $867 million. Theyrepresent about 5 percent of the museum's estimated 66,000-workcollection.Fox says Detroit's Plan of Adjustment will also include arenegotiated settlement with UBS and Bank of America Merrill Lynchover pension debt. Fox notes that closing arguments on the $165million deal reached in December were being held Jan. 13 inbankruptcy court. Detroit has pledged casino tax revenue in 2009as collateral to avoid defaulting on pension debt payments. Theswaps allowed Detroit to get fixed interest rates on pension bondswith the banks. An initial $220 million payoff was reached, butBankruptcy Judge Rhodes ordered the city to renegotiate."There is no question the settlement is extremely beneficial tothe city," Merrill Lynch lawyer Mark Ellenberg told Judge RhodesMonday, according to the Fox report. "The city pushed us to thelowest number we would ever accept."Judge Rhodes still has to approve the new deal, Fox says. About City of 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.DETROIT, MI: Retirees' Committee Sues Over Benefits Cuts--------------------------------------------------------The Official Committee of Retirees of the City of Detroit, whocollectively represents a number of retirees of the city, suedfiled a complaint for equitable and injunctive relief to preventthe City from significantly impairing its contractual obligationto provide healthcare benefits and coverage to the retirees, andthereby violating the Michigan and United States Constitutions.The complaint arises from the City's plan to reduce the annualamount it spends to procure healthcare benefits for its retireesand their spouses and their dependents by approximately 83% --from approximately $180 million per year to approximately $30million. Under the City's plan, the rest of the premiums willhave to come from the retirees themselves or from federalsubsidies available to non-Medicare eligible retirees under theAffordable Care Act.The Retirees Committee asserts that the City has breached itscontracts with the retirees and has unilaterally and significantlyimpaired its contracts with its retirees. The Committee furtherasserts that the City's actions result in a substantial impairmentof the retirees' contracts and rights with the City. Theretirees, according to the Committee, will suffer significant harmand substantial damages because of the City's breaches. TheCommittee even went on to assert that Kevin Orr's appointment waspart of a plan developed in advance of the appointment tounilaterally reduce or eliminate the City's funding of thecontractually-guaranteed healthcare benefits.The adversary proceeding is THE OFFICIAL COMMITTEE OF RETIREES OFTHE CITY OF DETROIT, MICHIGAN, DETROIT RETIRED CITYEMPLOYEES ASSOCIATION, RETIRED DETROIT POLICE AND FIRE FIGHTERSASSOCIATION, and AFSCME SUBCHAPTER 98, CITY OF DETROIT RETIREES,Plaintiffs. v. THE CITY OF DETROIT, MICHIGAN and KEVYN ORR,INDIVIDUALLY AND IN HIS OFFICIAL CAPACITY AS EMERGENCY MANAGER OFTHE CITY OF DETROIT, MICHIGAN, Defendants, Adv. Pro. No. ____(Bankr. E.D. Mic.).The Retirees Committee is represented by: Claude Montgomery, Esq. Carole Neville, Esq. DENTONS US LLP 1221 Avenue of the Americas New York, New York 10020 Tel: (212) 768-6700 Fax: (212) 768-6800 E-mail: firstname.lastname@example.com email@example.com -- and -- Sam Alberts, Esq. Dan Barnowski, Esq. DENTONS US LLP 1301 K Street, NW, Suite 600 East Tower Washington, DC 20005 Tel: (202) 408-6400 Fax: (202) 408-6399 E-mail: firstname.lastname@example.com email@example.com -- and -- Matthew E. Wilkins, Esq. Paula A. Hall, Esq. BROOKS WILKINS SHARKEY & TURCO PLLC 401 South Old Woodward, Suite 400 Birmingham, Michigan 48009 Direct: (248) 971-1711 Cell: (248) 882-8496 Fax: (248) 971-1801 E-mail: firstname.lastname@example.com email@example.com for Retired Detroit Police and Fire Fighters Associationand the Detroit Retired City Employees Association: Ryan C. Plecha, Esq. LIPPITT O'KEEFE, PLLC 370 E. Maple, 3rd Floor Birmingham, MI 48009 Direct: (248) 646-8292 Fax: (248) 646-8375 E-mail: firstname.lastname@example.com for AFSCME Sub-Chapter 98, City of Detroit Retirees: Bruce Miller, Esq. Richard G. Mack, Jr., Esq. MILLER COHEN, PLC 600 West Lafayette, 4th floor Detroit, Michigan 48226 Tel: (313)-964-4454 Fax: (313)-964-4490 E-mail: email@example.com About City of 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.DIOCESE OF STOCKTON, CA: To Seek Ch. 11 Bankruptcy Wednesday------------------------------------------------------------Rich Ibarra, writing for Capital Public Radio, reports that BishopStephen Blaire of the Roman Catholic Diocese of Stockton inCalifornia said Monday he will file for Chapter 11 bankruptcy onWednesday partly in response to the financial loss of sexual abusecases by priests. The report notes the diocese and its insurershave paid out more than $32 million over the last 20 years. TheBishop said the parishes, cemetery, and Catholic schools areseparate corporations within the Diocese so they will not beaffected.DOLAN CO: Amends Credit Agreement Amid Restructuring Talks----------------------------------------------------------The Dolan Company on Jan. 13 disclosed that it entered into theSeventh Amendment to its Third Amended and Restated CreditAgreement dated December 6, 2010.In general, the Seventh Amendment provides the Company with accessto its revolving credit facility while the Company and lendersnegotiate a term sheet for restructuring the Company's balancesheet. The Amendment provides that an HIG Capital affiliate,Bayside Capital, Inc., which currently holds participationinterests covering a majority of the indebtedness outstandingunder the Credit Agreement, can become a lender under the CreditAgreement, and requires the Company and its lenders to agree on aterm sheet for restructuring the Company's capital structurepromptly after receipt of a restructuring proposal from BaysideCapital. The Seventh Amendment also temporarily waives theCompany's default with respect to certain covenants andobligations existing or anticipated as of December 31, 2013,reduces the amount available in the revolving credit facility,increases the interest rate on outstanding loan amounts by 2% peryear, requires an additional fee equal to 2% of the sum of theoutstanding term loans and revolving commitments, and requires theCompany to have engaged a chief restructuring officer. Aspreviously announced, the Company appointed Kevin Nystrom,managing director of Zolfo Cooper, as its chief restructuringofficer.Headquartered in Minneapolis, Minnesota, The Dolan Company --http://www.thedolancompany.com-- is a provider of professional services and business information to legal, financial and realestate sectors in the United States. The Company operates throughtwo operating divisions: its Professional Services Division andits Business Information Division. Its Professional ServicesDivision consists of two segments: mortgage default processingservices and litigation support services. Its BusinessInformation Division produces legal publications, businessjournals, court and commercial media, other online informationproducts and services, and operates Websites and produces eventsfor targeted professional audiences in 21 geographic marketsacross the United States.DOLPHIN BAY: Jan. 14 Final Hearing on Bid to Use Cash Collateral----------------------------------------------------------------The Hon. Paul G. Hyman Bankruptcy Court for the Southern Districtof Florida authorized, on an interim basis, Dolphin BayDevelopers, Inc., to use cash collateral of prepetition securedcreditors Bank United, James Gillis, Regions Bank and the PalmBeach County Tax Collector.The Court will hold a final hearing on the matter on Jan. 14,2014, at 9:30 a.m.The Debtor may use the cash collateral to pay all ordinary andnecessary expenses associated with maintaining the real propertiesuntil Jan. 19, 2014.As adequate protection from any diminution in value of thelender's collateral, the Debtor will grant the lender replacementliens.As reported in the Troubled Company Reporter on Jan. 9, 2014, theDebtor said the secured creditors are adequately protected sincethe budget illustrates that the Debtor will be operating on a cashflow positive basis for each property. In addition, the Debtorproposes to pay regular monthly mortgage payments as adequateprotection payments to Bank United and Regions.The Debtor reserves the right to challenge the validity of theliens of Bank United, et al., against the Debtor's assets. About Dolphin BayDolphin Bay Developers, Inc., owner of commercial real propertiesin Delray Beach, Florida, filed a Chapter 11 bankruptcy petition(Bankr. S.D. Fla. Case No. 13-40027) on Dec. 19, 2013. DavidRoss, the president and 100% owner, signed Dolphin Bay'sbankruptcy petition. Mr. Ross simultaneously filed his ownbankruptcy petition (Case No. 13-40020).Dolphin Bay scheduled $4,795,423 in total assets and $4,591,853 intotal liabilities. It has hired Philip J. Landau, Esq., and thelaw firm of Shraiberg, Ferrara & Landau, P.A., as bankruptcycounsel. The case is assigned to Judge Paul G. Hyman Jr.Governmental entities are required to submit proofs of claim byJune 17, 2014.EDISON MISSION: Seeks to Terminate Retirees' Health Benefits------------------------------------------------------------Edison Mission Energy, et al., seek authority from the U.S.Bankruptcy Court for the Northern District of Illinois, EasternDivision, to terminate retiree benefits immediately following theeffective date of the Chapter 11 Plan of Reorganization andterminate the Midwest Generation, LLC Union Retiree Benefits as ofMarch 31, 2015.The Plan, which is up for approval at a Feb. 19 confirmationhearing, provides for the sale of all or substantially all ofDebtors MWG, EME, and Midwest Generation EME, LLC, will be sold toNRG Energy, Inc.The Debtors state that historically, they have been able to fundthe retiree benefits with revenues from their power generatingassets. Soon, this will no longer be possible as followingconfirmation, the Debtors will lack revenue generating operationsthat would allow them to continue to fund the retiree benefits,currently estimated to exceed $62.5 million on a present valuebasis. The Debtors add that NRG is not assuming responsibilityfor the retiree benefits.Moreover, following confirmation of the Plan, the Debtors will beunable to administer the Retiree Benefits. For the past 27 years,the Debtors? corporate parent, Edison International has beenresponsible for administering the Retiree Benefits. Thisarrangement will end following confirmation of the Plan. Afterconfirmation, EME will not have the resources, administrativesupport, personnel, or experience that would allow them tocontinue to administer the Retiree Benefits following Planconfirmation into the future.Furthermore, the Debtors assert that both the documents governingthe Retiree Benefits and applicable law unequivocally permit theSponsoring Debtors to unilaterally terminate the Retiree Benefits.The Debtors are only obligated to continue to provide the RetireeBenefits to the extent such benefits are ?vested" and thesebenefits are not vested, the Debtors' counsel, David R. Seligman,P.C., Esq., at Kirkland & Ellips LLP, in Chicago, Illinois,asserts in court papers.A hearing on the request is set for Jan. 22, 2014, at 10:30 a.m.(Central Time). Objections are due Jan. 15. About Edison MissionSanta Ana, California-based Edison Mission Energy is a holdingcompany whose subsidiaries and affiliates are engaged in thebusiness of developing, acquiring, owning or leasing, operatingand selling energy and capacity from independent power productionfacilities. EME also engages in hedging and energy tradingactivities in power markets through its subsidiary Edison MissionMarketing & Trading, Inc.EME was formed in 1986 and is an indirect subsidiary of EdisonInternational. Edison International also owns Southern CaliforniaEdison Company, one of the largest electric utilities in theUnited States.EME and its affiliates sought Chapter 11 protection (Bankr. N.D.Ill. Lead Case No. 12-49219) on Dec. 17, 2012.EME has reached an agreement with the holders of a majority ofEME's $3.7 billion of outstanding public indebtedness and itsparent company, Edison International EIX, that, pursuant to a planof reorganization and pending court approval, would transitionEdison International's equity interest to EME's creditors, retireexisting public debt and enhance EME's access to liquidity.The Company's balance sheet at Sept. 30, 2012, showed$8.17 billion in total assets, $6.68 billion in total liabilitiesand $1.48 billion in total equity.In its schedules, Edison Mission Energy disclosed total assets ofassets of $5,721,559,170 and total liabilities of $6,202,215,094as of the Petition Date.The Debtors, other than Camino Energy Company, are alsorepresented by James H.M. Sprayregen, P.C., Sarah Hiltz Seewer,Esq., and Seth A. Gastwirth, Esq., at Kirkland & Ellis LLP, inChicago, Illinois; and Joshua A. Sussberg, Esq., at Kirkland &Ellis LLP, in New York. Debtor Camino Energy Company isrepresented by David A. Agay, Esq., and Joshua Gadharf, Esq., atMcDonald Hopkins LLC, in Chicago, Illinois.Perella Weinberg Partners is acting as the Debtors' financialadvisor and McKinsey & Company Recovery and TransformationServices is acting as restructuring advisor. GCG, Inc., is theclaims and notice agent.An official committee of unsecured creditors has been appointed inthe case and is represented by Ira S. Dizengoff, Esq., Stephen M.Baldini, Esq., Arik Preis, Esq., and Robert J. Boller, Esq., atAkin Gump Strauss Hauer & Feld LLP in New York; James Savin, Esq.,and Kevin M. Eide, Esq., at Akin Gump Strauss Hauer & Feld LLP inWashington, DC; and David M. Neff, Esq., and Brian Audette, Esq.,at Perkins Coie LLP. The Committee also has tapped BlackstoneAdvisory Partners as investment banker and FTI Consulting asfinancial advisor.EXCELLIUM INC: Changes Name to "XL-ID Solutions Inc."-----------------------------------------------------Excellium Inc., a Tier II issuer listed on the TSX VentureExchange, on Jan. 10 disclosed that it has changed its name to"XL-ID Solutions Inc." The name change was made pursuant to thepreviously announced transaction with Site Integration Plus Inc.,which closed on December 11, 2013 following receipt of approvalfrom the Superior Court of Quebec. Under the terms of the Courtorder, the Corporation is authorized to proceed with the change ofname without shareholder approval.The name change takes effect immediately. The Corporation's stocksymbol will remain "XLM" on the Exchange.As announced on December 4, 2013, the Corporation has filed withthe Office of the Superintendent of Bankruptcy a notice ofintention to submit a proposal to its creditors pursuant to theBankruptcy and Insolvency Act (Canada). The Corporation intendsto submit a proposal to its creditors in January 2014 and willmake further announcements in that regard at such time.Excellium -- http://www.excellium.ca-- is a security company specialized in biometrics identity systems and proactive securitymanagement and in the integration of security products for theinstitutional and industrial markets. Excellium is active in twodistinct but complementary lines of business: electronic security,which includes security management, access control and videosurveillance, and electronic identification, comprising backgroundchecks and biometric identification.EXIDE TECHNOLOGIES: Creditors' Panel Taps Geosyntec as Consultants------------------------------------------------------------------The Official Committee of Unsecured Creditors of ExideTechnologies Inc. seeks authorization from the U.S. BankruptcyCourt for the District of Delaware to retain Geosyntec Consultantsas environmental consultants to the Committee.The Committee requires Geosyntec Consultants to: (a) assist the Committee in evaluating potential environmental exposure at various of the Debtor's current and former plant sites; (b) assist the Committee in understanding and evaluating potential future capital expenditures necessary to comply with regulatory requirements; (c) assist the Committee in understanding and evaluating possible exposure to claims stemming from Exide's operations; and (d) provide other services as requested by the Committee.Geosyntec Consultants will be paid at these hourly rates: Michael Berman $270 Michael McKibben $270 Jeffrey Leed $270 Professional $122-$215 Associate $240 Principal $270 Other Staff $52-$135Geosyntec Consultants will also be reimbursed for reasonable out-of-pocket expenses incurred.Michael Berman, principal of Geosyntec Consultants, 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 for the District of Delaware will hold a hearing on theapplication on Jan. 22, 2014, at 3:00 p.m. Objections, if any,are due Jan. 15, 2014, at 4:00 p.m.Geosyntec Consultants can be reached at: Michael Berman GEOSYNTEC CONSULTANTS 10220 Old Columbia Road, Suite A Columbia, MD 21046 Tel: +1 (410) 910-7639 E-mail: email@example.com About Exide TechnologiesHeadquartered in Princeton, New Jersey, Exide Technologies(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and distributes lead acid batteries and other related electricalenergy storage products.Exide first sought Chapter 11 protection (Bankr. Del. Case No.02-11125) on April 14, 2002 and exited bankruptcy two years after.Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland &Ellis, and James E. O'Neill, Esq., at Pachulski Stang Ziehl &Jones LLP represented the Debtors in their successfulrestructuring.Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No.13-11482) on June 10, 2013. Exide's international operations werenot included in the filing and have continued their businessoperations without supervision from the U.S. courts.When it filed for bankruptcy, the Debtor disclosed $1.89 billionin assets and $1.14 billion in liabilities as of March 31, 2013.In its formal schedules filed with the Court in August 2013, Exidelisted $1,704,327,521 (plus undetermined amounts) in total assets;and $988,700,577 (plus undetermined amounts) in total liabilities.For the 2013 case, Exide has tapped Anthony W. Clark, Esq., atSkadden, Arps, Slate, Meagher & Flom LLP, and Pachulski StangZiehl & Jones LLP as counsel; Alvarez & Marsal as financialadvisor; Sitrick and Company Inc. as public relations consultantand GCG as claims agent.The Official Committee of Unsecured Creditors is represented byLowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP asco counsel. Zolfo Cooper, LLC serves as its bankruptcyconsultants and financial advisors.FAIRMONT GENERAL: Court Signs Consent Order Over Series 2008 Bonds------------------------------------------------------------------The Hon. Patrick M. Flatley of the U.S. Bankruptcy Court for theNorthern District of West Virginia on Dec. 20 approved a consentorder regarding the validity, enforceability and priority of theliens and security interests securing Fairmont General Hospital,Inc., et al.'s obligations in respect of the Series 2008 Bonds.Pursuant to the consent order, among other things: 1. any claims or causes of action that may arise from the control agreement issues will be addressed in conjunction with the confirmation of the Debtors' plan of reorganization or liquidation; 2. for the avoidance of doubt, the control agreement issues do not implicate or pertain to the accounts established under the 2008 Trust Indenture which are held by the trustee; 3. the Committee's and the trustee's respective rights, claims and defenses with respect to the control agreement issues and the effect thereof on the enforceability and priority of the Series 2008 Liens are reserved and preserved; and 4. the trustee's rights and liens with respect to the trustee-held funds, and the treatment afforded to such funds under the cash collateral order, will not be altered or modified in any respect by the order.As reported in the Troubled Company Reporter on Nov. 12, 2013,the Debtors obtained final approval to use the cash collateralof UMB Bank, N.A., as the successor Indenture Trustee for theDebtor's 2007 bonds (Marion County) and Series 2008 bonds (WestVirginia Hospital Finance Authority).As reported by the TCR on Oct. 10, 2013, the Debtors obtained anorder from the Court authorizing interim cash collateral use; andthe Debtors, the Official Committee of Unsecured Creditors, andUMB Bank engaged in discussions regarding the terms and conditionsof continued use of cash collateral. To afford the Debtors, theCommittee, and UMB Bank additional time to attempt to achieve aconsensual resolution of the terms and conditions of continued useof cash collateral, the Parties agreed to seek a continuance ofthe final hearing on the Cash Collateral Motion and authorizationfor the Debtors to continue to use cash collateral in accordancewith the provisions of the first interim order, as modified,pending a final hearing on the motion.UMB Bank is entitled to adequate protection of its interests inthe prepetition collateral, including, but not limited to, thecash collateral, for any diminution in value of its interests inthe prepetition collateral. As security for and solely to theextent of any diminution in the value of the Trustee's PrepetitionCollateral from and after the Petition Date, the Trustee isgranted senior priority replacement liens upon all assets andproperty of the Debtors and their respective estates of any kindor nature whatsoever, to the extent of and with the same validityand priority of the Trustee's valid and duly perfected liens onand security interests in the prepetition collateral. TheReplacement Liens and Super-Priority Administrative Claim will bejunior and subordinate to these fees and expenses: (a) all accruedbut unpaid fees and expenses of the attorneys, accountants,financial advisors, bankers and other professionals retained bythe Debtors or the Committee under section 327 or 1103(a) of theBankruptcy Code, allocable to the professionals under and to theextent set forth in the budget and incurred prior to the deliveryof a termination notice; (b) professional fees and expenses in theamount of $100,000 incurred after delivery of a terminationnotice; and (c) the payment of fees to the extent related to theChapter 11 cases of the Debtors. 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. he fourth-largestemployer in Marion County, West Virginia, filed for bankruptcy asit looks to partner with another hospital or health system.The Debtors are represented by Rayford K. Adams, III, Esq., andCasey H. Howard, Esq., at Spilman Thomas & Battle, PLLC, inWinston-Salem, North Carolina; David R. Croft, Esq., at SpilmanThomas & Battle, PLLC, in Wheeling, West Virginia, and Michael S.Garrison, Esq., at Spilman Thomas & Battle, PLLC, in Morgantown,West Virginia. The Debtors' financial analyst is Gleason &Associates, P.C. The Debtors' claims and noticing agent is EpiqBankruptcy Solutions. Hammond Hanlon Camp, LLC, has been engagedas investment banker and financial advisor.UMB Bank is represented by Nathan F. Coco, Esq., and Suzanne JettTrowbridge, Esq., at McDermott Will & Emery LLP.The Committee of Unsecured Creditors is represented by AndrewSherman, Esq., and Boris I. Mankovetskiy, Esq., at Sills Cummis &Gross P.C. and Kirk B. Burkley, Esq., Bernstein Burkley, P.C.Janet Smith Holbrook, Esq., at Huddleston Bolen LLP, representsthe Committee as local counsel.The Bankruptcy Court has named Suzanne Koenig at SAK ManagementServices, LLC, as patient care ombudsman.The Debtors are engaged in the process of locating a buyer orstrategic partner for the hospital, through the Debtors'investment bankers. The Debtors believe that by the end ofMarch 2014 that process will be complete and a plan can be filed.The Debtors have scheduled $48,568,863 in total assets and$54,774,365 in total liabilities.FIAT SPA: S&P Affirms 'BB-' LT CCR Over Chrysler Takeover---------------------------------------------------------Standard & Poor's Ratings Services said it had affirmed its'BB-/B' long- and short-term corporate credit ratings on Italy-incorporated automobile manufacturer Fiat SpA (Fiat). Theoutlook is stable.At the same time, S&P affirmed its 'BB-' issuer ratings on thegroup's debt instruments. The recovery rating on theseinstruments is '4', indicating S&P's expectation of average(30%-50%) recovery in the event of default.The affirmation follows Fiat's announcement that it has reached anagreement with the VEBA Trust to acquire the remaining 41.5%equity stake in Chrysler it does not already own. The acquisitionis to be completed by Jan. 20, 2014, for a total consideration of$4.3 billion, and will result in Fiat taking full control ofChrysler. The initial purchase price of $3.65 billion will befunded by a $1.9 billion special distribution from Chrysler and$1.75 billion in cash from Fiat, and followed by an additional$0.7 billion contribution to be made by Chrysler over the nextthree years in four installments. The agreement between Fiat andthe VEBA Trust also allows for the dismissal of the legalproceedings regarding the interpretation of the call optionagreement between Fiat and the VEBA Trust.S&P understands Fiat does not plan to raise equity to fund anypart of the acquisition. Including the $1.9 billion distributionfrom Chrysler, the transaction will likely lead to growth inFiat's reported net debt. On a Standard & Poor's-adjusted basis,this will likely be offset by a similar-size year-on-year decreasein net liabilities related to pensions and other post-employmentbenefits, in S&P's view. Overall, S&P expects Fiat will be ableto maintain credit ratios in S&P's "aggressive" financial riskprofile category following the transaction.The ratings on Fiat reflect S&P's view of the company's "fair"business risk profile and "aggressive" financial risk profile, asS&P's criteria define these terms."Given that Chrysler is already 58.5%-owned and fully consolidatedby Fiat, we believe 100% control will not immediately strengthenFiat's business risk profile, which we already assess as "fair".Still, the acquisition should provide a new impetus to the group'sintegration initiatives. We believe full control will give thegroup greater flexibility to deploy its commercial and industrialstrategy on a global basis and could over time generate some costsavings. Full integration will also likely support Fiat'spositioning in light trucks and minivan markets and enable cross-selling agreements that should underpin revenue growth over thenext few years. Chrysler's main exposures to the increasing NorthAmerican auto market and the Asian market will also dilute thegroup's substantial exposure to the depressed European auto marketfor mass-market vehicles," S&P said.The stable outlook reflects S&P's expectation that Fiat willaccelerate the Chrysler integration process, supporting animprovement in operating performance in 2014, and take measures tofacilitate cash flow movements with Chrysler.In S&P's base case, it expects the consolidated group to maintainFFO to net adjusted debt at 10%-12% and net adjusted debt toEBITDA at about 5.0x in 2014. S&P views both of these levels asthe minimum levels commensurate with the current rating.FIRST DATA: Sells $725 Million Additional 11.75% Senior Notes-------------------------------------------------------------First Data Corporation, on Jan. 6, 2014, issued and sold$725,000,000 aggregate principal amount of additional 11.75percent Senior Subordinated Notes due 2021, which mature onAug. 15, 2021, pursuant to an indenture governing the 11.75percent Senior Subordinated Notes due 2021 that were issued onMay 30, 2013, and Nov. 19, 2013, by and among the Company, theguarantors and Wells Fargo Bank, National Association, as trustee.The additional notes are expected to be treated as a single serieswith the Existing 11.75 percent Notes and will have the same termsas those of the Existing 11.75 percent Notes, except that theadditional notes (i) will be subject to a separate registrationrights agreement and (ii) will be issued initially under CUSIPnumbers different from the Existing 11.75 percent Notes. Theadditional notes and the Existing 11.75 percent Notes will vote asone class under the Indenture.The Company will use the net proceeds from the issue and sale ofthe additional notes, together with cash on hand, to optionallyredeem on Jan. 15, 2014, all of its outstanding 11.25 percentSenior Subordinated Notes due 2016 and pay related fees andexpenses.Registration Rights AgreementOn Jan. 6, 2014, the Company, the guarantors of the additionalnotes and the initial purchasers entered into a registrationrights agreement with respect to the additional notes. In theRegistration Rights Agreement, the Company and the guarantors ofthe additional notes have agreed that they will (1) file aregistration statements on an appropriate registration form withrespect to a registered offer to exchange the additional notes fornew notes guaranteed by the guarantors on a senior unsecuredbasis, with terms substantially identical in all material respectsto the additional notes and (2) use their reasonable best effortsto cause the exchange offer registration statement to be declaredeffective under the Securities Act of 1933, as amended.The Company and the guarantors have agreed to use their reasonablebest efforts to cause the exchange offer to be consummated or, ifrequired, to have one or more shelf registration statementsdeclared effective, within 180 days after the issue date of theadditional notes.If the Company and the guarantors fail to satisfy this obligation,the annual interest rate on the additional notes will increase by0.25 percent. The annual interest rate on the additional noteswill increase by an additional 0.25 percent for each subsequent90-day period during which the registration default continues, upto a maximum additional interest rate of 0.50 percent per yearover the applicable interest rate listed in the Indenture. If theregistration default is corrected, the applicable interest rate onthose additional notes will revert to the original level.If the Company must pay additional interest, it will pay it to thenoteholders in cash on the same dates that the Company makes otherinterest payments on the additional notes, until the registrationdefault is corrected.A copy of the Second Supplemental Indenture is available at: http://is.gd/59YeGi About First DataBased in Atlanta, Georgia, First Data Corporation providescommerce and payment solutions for financial institutions,merchants, and other organizations worldwide.For the nine months ended Sept. 30, 2013, the Company reported anet loss attributable to the Company of $746 million. First Dataincurred a net loss attributable to the Company of $700.9 millionin 2012, a net loss attributable to the Company of $516.1 millionin 2011, and a net loss attributable to the Company of $1.02billion in 2010.The Company's balance sheet at Sept. 30, 2013, showed $36.84billion in total assets, $34.97 billion in total liabilities,$67.9 million in redeemable noncontrolling interest and $1.79billion in total equity. * * *The Company carries a 'B3' corporate family rating, with astable outlook, from Moody's Investors Service, a 'B' corporatecredit rating, with stable outlook, from Standard & Poor's, anda 'B' long-term issuer default rating from Fitch Ratings.FRED'S INC: Poor Holiday Results Point to Retailer's Sale---------------------------------------------------------Sarah Pringle, writing for The Deal, reported that as Fred's Inc.embarks on a review of strategic alternatives after revenue overthe holiday season fell short of expectations, industry observersthink an outright sale could be in the discount generalmerchandise store operator's future.According to the report, though the specific alternatives beingevaluated weren't identified by the Memphis, Tenn.-based retailer,Fred's CFO Jerry Shore confirmed by phone that "there are a lot ofdifferent options that are available to the company."The report related that, in the Jan. 9, announcement, Fred's citedlackluster sales for its general merchandise business during BlackFriday as the key factor behind the review. Fred's said its totalsales for the five-week fiscal month of December were essentiallyflat at $209.5 million, as compared with $209.9 million a yearearlier.Should Fred's pursue an outright sale, the company would likely bevalued somewhere between about $17.50 and $22.50 a share,according to Northcoast Research Partners LLC analyst NickMitchell, the report further related. Based on Fred's 36.79million shares or so outstanding, that means the retailer couldfetch somewhere between $643.8 million and $827.8 million in atransaction.FREE HORIZON: Fitch Withdraws 'BB-' Rating on $6.3-Mil. Bonds-------------------------------------------------------------Fitch Ratings withdraws its unenhanced 'BB-' rating onapproximately $6.3 million outstanding charter school revenuebonds, series 2010, issued by the Colorado Educational andCultural Facilities Authority on behalf of Free Horizon MontessoriCharter School (FHM).FHM has chosen to stop participating in the rating process.Therefore, Fitch will no longer have sufficient information tomaintain the ratings. Accordingly, Fitch will no longer provideratings or analytical coverage for FHM.GENERAL MOTORS: 'Closest It Has Ever Been' to Reinstating Dividend------------------------------------------------------------------Jeff Bennett, writing for The Wall Street Journal, reported tthatGeneral Motors Co. Chief Financial Officer Dan Ammann said theauto maker is "the closest it has ever been" to reinstating adividend.According to the report, Mr. Ammann made the comments on Jan. 12as he also said the European economy appears to have bottomed out.GM last paid a dividend on its common stock in May 2008."It is at the bottom, but I am unsure how quickly we will come offthe bottom," he said, the report cited. "We will see how the yearunfolds."The comments inject more enthusiasm in the auto maker which hasbeen showing signs of financial strength since its exit frombankruptcy in 2009, the report said. The auto maker reports its2013 financial results next month. About Motors LiquidationGeneral Motors Corporation and three of its affiliates filed forChapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) onJune 1, 2009. The Honorable Robert E. Gerber presides over theChapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin,Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & MangesLLP, assist the Debtors in their restructuring efforts. Al Kochat AP Services, LLC, an affiliate of AlixPartners, LLP, serves asthe Chief Executive Officer for Motors Liquidation Company. GMis also represented by Jenner & Block LLP and Honigman MillerSchwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLPis providing legal advice to the GM Board of Directors. GM'sfinancial advisors are Morgan Stanley, Evercore Partners and theBlackstone Group LLP. Garden City Group is the claims and noticeagent of the Debtors.The U.S. Trustee appointed an Official Committee of UnsecuredCreditors and a separate Official Committee of UnsecuredCreditors Holding Asbestos-Related Claims. Lawyers at KramerLevin Naftalis & Frankel LLP served as bankruptcy counsel to theCreditors Committee. Attorneys at Butzel Long served as counselon supplier contract matters. FTI Consulting Inc. served asfinancial advisors to the Creditors Committee. Elihu Inselbuch,Esq., at Caplin & Drysdale, Chartered, represented the AsbestosCommittee. Legal Analysis Systems, Inc., served as asbestosvaluation analyst.The Bankruptcy Court entered an order confirming the Debtors'Second Amended Joint Chapter 11 Plan on March 29, 2011. The Planwas declared effect on March 31.On Dec. 15, 2011, Motors Liquidation Company was dissolved. Onthe Dissolution Date, pursuant to the Plan and the MotorsLiquidation Company GUC Trust Agreement, dated March 30, 2011,between the parties thereto, the trust administrator and trustee-- GUC Trust Administrator -- of the Motors Liquidation CompanyGUC Trust, assumed responsibility for the affairs of and certainclaims against MLC and its debtor subsidiaries that were notconcluded prior to the Dissolution Date.GLOBAL AVIATION: World Airways Fails to Reach Deal with Teamsters-----------------------------------------------------------------On Jan. 10, 2014, Teamster representatives of the FlightAttendants and Pilots of World Airways disclosed that bankruptcydiscussions with their employer failed to yield an agreement onconcessions their carrier was seeking.Approximately one year ago, Teamsters members sacrificed$75 million in concessions to allow World to emerge frombankruptcy for the first time. Less than nine months afteremerging in February 2013, the company again declared bankruptcyin November 2013."While the Teamsters remain committed to finding some way forwardwith the management of World Airways, our members have spoken loudand clear that we cannot make more concessions without assurancesthat sacrifices will be shared equally among stakeholders and thatthe sacrifices will be remembered and honored should the companyreturn to profitability," said Capt. David Bourne, Director of theTeamsters Airline Division. "So far, the company has beenunwilling to give us such assurances. Moreover, the company hasfailed to provide up-to-date information about their businessplans, or solid accounting supporting their requests forconcessions."This round of concessionary negotiations marks the second timeTeamsters-represented Pilots and Flight Attendants were asked tocut wages and benefits. No further negotiations are scheduled atthis time.The Teamsters Airline Division represents approximately 80,000workers in all segments of commercial aviation, including pilotsand flight attendants. The International Brotherhood of Teamsterswas founded in 1903 and represents more than 1.4 millionhardworking men and women in the United States, Canada and PuertoRico. About Global Aviation HoldingsGlobal Aviation Holdings Inc. -- http://www.glah.com-- the parent company of North American Airlines and World Airways, soughtChapter 11 bankruptcy protection on Nov. 12, 2013. North AmericanAirlines, founded in 1989, operates passenger charter flightsusing B767-300ER aircraft. Founded in 1948, World Airways --http://www.woa.com-- operates cargo and passenger charter flights using B747-400 and MD-11 aircraft.The parent of World Airways Inc. and North American Airlines Inc.implemented a prior Chapter 11 reorganization in February 2013.The new case is In re Global Aviation Holdings Inc., 13-12945,U.S. Bankruptcy Court, District of Delaware (Wilmington). Theprior case was In re Global Aviation Holdings Inc., 12-bk-40783,U.S. Bankruptcy Court, Eastern District New York (Brooklyn).Peachtree City, Georgia-based Global blamed the new bankruptcy ondecreased flying for the government that reduced revenue for thefirst nine months of this year to $354 million from $486 millionin the same period of 2012.The 2013 petition shows assets and debt both exceeding $500million. In the first bankruptcy, Global listed $589.8 million inassets and debt of $493.2 million.In the 2013 case, the Debtors are represented by Kourtney Lyda,Esq., at Haynes and Boone, LLP, in Houston, Texas; and ChristopherA. Ward, Esq., at Polsinelli PC, in Wilmington, Delaware.The first lien agent is represented by Michael L. Tuchin, Esq., atKlee, Tuchin, Bogdanoff & Stern LLP, in Los Angeles, California.Wells Fargo Bank, National Association, agent to the secondlienholders and third lienholders, is represented by MildredQuinones-Holmes, Esq., at Thompson Hines LLP, in New York.GMG CAPITAL: Files Schedules of Assets and Liabilities------------------------------------------------------GMG Capital Partners III, L.P., filed with the U.S. BankruptcyCourt for the Southern District of New York its schedules ofassets and liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $0 B. Personal Property $21,696,757 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $0 E. Creditors Holding Unsecured Priority Claims $0 F. Creditors Holding Unsecured Non-priority Claims $7,877,498 ----------- ----------- TOTAL $21,696,757 $7,877,498A copy of the schedules is available for free at: http://bankrupt.com/misc/GMGCAPITALsal.pdfGMG Capital Partners III, L.P., and GMG Capital Partners IIICompanion Fund, L.P., sought Chapter 11 protection (Bankr.S.D.N.Y. Case No. 13-12937 and 13-12939) in Manhattan on Sept. 10,2013.GMG CAPITAL: Olshan Frome Approved as Bankruptcy Counsel--------------------------------------------------------The Bankruptcy Court has authorized GMG Capital Partners III,L.P., and GMG Capital Partners III Companion Fund, L.P, to employOlshan Frome Wolosky LLP as counsel.As reported in the Troubled Company Reporter on Sept. 18, 2013,Olshan is expected to, among other things: (a) advise the Debtors of their rights, powers and duties as debtors and debtors in possession continuing to operate and to manage their respective businesses and properties under Chapter 11 of the Bankruptcy Code; (b) prepare on behalf of the Debtors all necessary and appropriate applications, motions, draft orders, other pleadings, notices, schedules and other documents, and review all financial and other reports to be filed in the Debtors' Chapter 11 cases; (c) advise the Debtors concerning, and prepare responses to, applications, motions, other pleadings, notices and other papers that may be filed by other parties in the Chapter 11 cases; (d) advise the Debtors regarding their ability to initiate actions to collect and recover property for the benefit of their estates; (e) advise and assist the Debtors in connection with any commercial transactions; (f) advise and assist the Debtors in communications with the Debtors' stakeholders; (g) advise the Debtors concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructurings; (h) advise the Debtors in connection with the formulation, negotiation and promulgation of a Chapter 11 plan or plans, and related transactional documents; (i) assist the Debtors in reviewing, estimating and resolving claims asserted against the Debtors' estates; (j) commence and conduct litigation necessary and appropriate to assert rights held by the Debtors, protect assets of the Debtors' Chapter 11 estates or otherwise further the goal of completing the Debtors' successful Chapter 11 process, and to defend against any litigation brought against the Debtors; and (k) perform all other necessary and appropriate legal services in connection with the Chapter 11 cases for or on behalf of the Debtors.The Debtors will pay Olshan based on the firm's current hourlyrates as follows: Partners & Counsel $500 to $780 Associates $290 to $500 Paraprofessionals $170 to $300These professionals who will have primary responsibility forproviding services to the Debtor: Michael S. Fox ($670), Kyle C.Bisceglie ($650) and Jonathan T. Koevary ($490).The Debtors will also reimburse the firm for its expenses incurredin connection with its representation.Olshan received an initial retainer on Aug. 27, 2013, of $55,000and a subsequent retainer on Sept. 9, 2013, of $15,000, for itspreparation for and representation of the Debtors in their Chapter11 cases.The Debtors believe that Olshan is a "disinterested person" asthat term is defined in section 101(14) of the Bankruptcy Code, asmodified by Section 1107(b) of the Bankruptcy Code. About GMG Capital PartnersGMG Capital Partners III, L.P., and GMG Capital Partners IIICompanion Fund, L.P., sought Chapter 11 protection (Bankr.S.D.N.Y. Case No. 13-12937 and 13-12939) in Manhattan on Sept. 10,2013. GMG Capital Partners III disclosed $21,696,757 in assetsand $7,877,498 in liabilities as of the Chapter 11 filing.GMX RESOURCES: U.S. Trustee Objects to Confirmation of Plan-----------------------------------------------------------Richard A. Wieland, the U.S. Trustee for Region 19, objects to theJoint Plan of Reorganization of GMX Resources, Inc., et al.,complaining that the release provisions, as they pertain to non-debtors, are in violation of Section 524(e) and, potentially,Section 1141(d)(3) of the Bankruptcy Code, as the debtor estatesare not truly reorganized under the plan.The Court has set Jan. 21, 2014 at 1:30 p.m. central time, as thedate and time for hearing on confirmation of the Plan and toconsider any objections to the Plan. The confirmation hearingwill be held in the Ninth Floor Courtroom, Old Post OfficeBuilding, 215 Dean A. McGee Avenue, Oklahoma City, Oklahoma. GMX PlanThe revised Chapter 11 plan is based on a settlement betweensenior secured noteholders and unsecured creditors. Seniorsecured noteholders are to assume ownership of the Debtors inexchange for $336.3 million of the $402.4 million they're owed --a recovery of about 83 percent. The plan reduces debt by $505million. The senior noteholders will waive their $64 milliondeficiency claim if unsecured creditors vote in favor of the plan.Second-lien notes totaling $51.5 million and $42.3 million inconvertible notes will be treated as unsecured debt. Similarly,$2 million in old senior notes will be in the class of unsecuredcreditors.Unsecured creditors will share $1.5 million in cash, for arecovery estimated at 1 percent or an undetermined larger amountas a result of successful lawsuits.Before the settlement, the unsecured creditors' committee objectedto selling the assets to lenders in exchange for debt. Thelenders had won an auction to buy the assets in a debt swap. Thecommittee said the sale would have left nothing for unsecuredcreditors.The settlement abandoned the idea of standalone sale, in favor ofgiving ownership to senior noteholders through the plan.The $51.5 million in 9 percent second-lien notes last traded onDec. 3 for less than 1 cent on the dollar, according to Trace, thebond-price reporting system of the Financial Industry RegulatoryAuthority. The $48.3 million in senior unsecured notes due 2015traded on Nov. 20 for less than 1 cent, according to Trace.A copy of the Disclosure Statement is available for free at: http://bankrupt.com/misc/GMX_RESOURCES_ds.pdf About GMX ResourcesGMX Resources Inc. -- http://www.gmxresources.com/-- is an independent natural gas production company headquartered inOklahoma City, Oklahoma. GMXR has 53 producing wells in Texas &Louisiana, 24 proved developed non-producing reservoirs, 48 provedundeveloped locations and several hundred other developmentlocations. GMXR has 9,000 net acres on the Sabine Uplift of EastTexas. GMXR has 7 producing wells in New Mexico.GMX filed a Chapter 11 petition in its hometown (Bankr. W.D. Okla.Case No. 13-11456) on April 1, 2013, so secured lenders can buythe business in exchange for $324.3 million in first-lien notes.GMX listed assets for $281.1 million and liabilities totaling$458.5 million.GMX missed a payment due in March 2013 on $51.5 million in second-lien notes. Other principal liabilities include $48.3 million inunsecured convertible senior notes.The DIP financing provided by senior noteholders requires courtapproval of a sale within 75 days following approval of saleprocedures. The lenders and principal senior noteholders includeChatham Asset Management LLC, GSO Capital Partners, Omega AdvisorsInc. and Whitebox Advisors LLC.David Zdunkewicz, Esq., Timothy A. Davidson II, Esq., and JosephRovira, Esq., at ANDREWS KURTH LLP, serves as the Debtors'counsel. Special Local Counsel, Conflicts Counsel and LitigationCounsel for the Debtors are William H. Hoch, Esq., and ChristopherM. Staine, Esq., at CROWE & DUNLEVY, P.C.Counsel to Backstop Lenders under DIP Financing and SteeringCommittee of Holders of Senior Secured Notes are Brian Hermann,Esq., and Sarah Harnett, Esq., at PAUL, WEISS, RIFKIND, WHARTON &GARRISON LLP.Counsel to the Unsecured Creditors Committee is Jason Brookner,Esq., at LOOPER REED & MCGRAW P.C. Looper Reed replaced Winston &Strawn LLP, effective as of April 25, 2013. The Committee tappedConway MacKenzie, Inc., as financial advisor.GREENESTONE HEALTHCARE: Amends FY 2012 Report---------------------------------------------GreeneStone Healthcare Corporation filed with the U.S. Securitiesand Exchange Commission on January 7, 2014, an amendment to itsannual report on Form 10-K for the year ended Dec. 31, 2012.In the report, Jarvis Ryan Associates expressed substantial doubtabout the Company's ability to continue as a going concern, citingthe Company has incurred losses since inception. As at Dec. 31,2012, the Company has a working capital deficiency of $4,015,405(2011: $3,587,001) and accumulated deficit of $10,303,902 (2011:$8,819,549). Accordingly, the Company will be dependent upon theraising of additional capital through placement of common shares,and, or debt financing in order to implement its business plan.The Company reported total comprehensive loss of $1.55 million on$5.54 million of revenues on Dec. 31, 2012, compared with a totalcomprehensive loss $2.46 million on $1.68 million of revenues onDec. 31, 2011.The Company's balance sheet at Dec. 31, 2012, showed $1.12 millionin total assets, $4.56 million in total liabilities, andstockholders' deficit of $3.44 million.A copy of the Form 10-K/A is available at: http://is.gd/eOYC54Greenestone Healthcare Corporation -- http://www.greenestone.net/-- operates medical and healthcare clinics in Ontario, Canada.GreeneStone's clinics serve to add overflow capacity to anincreasingly stretched provincial healthcare system, and provideprivate alternatives to publicly available healthcare services.Its four medical clinics (three in Toronto, along with a facilityin Muskoka, Ontario) offer various medical services, includingaddiction treatment, endoscopy, minor cosmetic procedures, andexecutive health care services.HOG BROTHERS: Central Railroad Company Suit Goes to Trial---------------------------------------------------------District Judge Denise Page Hood granted the request of HogBrothers Recycling, LLC, to set aside a default judgment enteredin November 2009 in the lawsuit commenced against it by CentralRailroad Company of Indianapolis to allow the parties to litigatethe issues based on merits."The Court is satisfied that the entry of this default wasjustified pursuant to Fed. R. Civ. P. 55(a) as Defendant failed toplead or otherwise defend after it was properly served with asummons and a copy of the Complaint. The Court also appreciatesthe fact that following the entry of default, this case wasadministratively closed by the Court due to [Hog Brothers']Bankruptcy Court proceedings. The court recognizes that vacatinga default judgment duly entered without fraud or overreaching isnot an action which the Court should take arbitrarily or as acourtesy or favor to the losing party. . . . Nevertheless, federalcourts also tend to view default judgments with disfavor and favortrials on the merits," according to Judge Hood.CRCI filed a Complaint against Hog Brothers in September 2009 tocollect freight and finance charges assessed pursuant toapplicable tariffs governing the common carriage of freight by theChicago, Fort Wayne & Eastern Division of CRCI, an interstate railcarrier, as mandated by 49 U.S.C. Sec. 11101. Beginning inJanuary 2009 and continuing through August 2009, Hog Brothersincurred $112,578.26 in freight and finance charges, but hasfailed to pay them.The case is, CENTRAL RAILROAD COMPANY OF INDIANAPOLIS d/b/aCHICAGO FORT WAYNE & EASTERN RAILROAD, Plaintiff, v. HOG BROTHERSRECYCLING, LLC, Defendant, Case No. 09-CV-13522 (E.D. Mich.). Acopy of the Court's Jan. 8, 2014 Memorandum Opinion and Order isavailable at http://is.gd/GSrN8nfrom Leagle.com. Hog Brothers Recycling, LLC, filed for bankruptcy on March 18,2010 (Bankr. E.D. Mich., Case No. 10-48733). On July 9, 2010, theBankruptcy Court approved a motion for the sale of substantiallyall of the Debtor's assets for Fort Iron. On Oct. 22, 2010, theCourt entered an order dismissing the case and the case was closedon Oct. 25, 2010.HOSPITALITY STAFFING: Conway Mackenzie Approved to Provide CRO--------------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware hasauthorized HSS Holding, LLC, et al., to employ Conway MackenzieManagement Services, LLC, to provide chief restructuring officerand additional personnel; and appoint A. Jeffrey Zappone as chiefrestructuring officer, and Peter J. Richter as executive vicepresident.As reported in the Troubled Company Reporter on Nov. 4, 2013, theengagement letter between the Debtors and CMS provides that thefirm will be compensated for its services on a weekly basispursuant to these hourly rates: Managing and Senior Directors $355 to $675 Senior Associates and Directors $295 to $425The engagement agreement also provides for a $50,000 retainer, andthe reimbursement of CMS' reasonable out-of-pocket expenses.The firm has assured the Court that it 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. About Hospitality Staffing Solutions, LLCHospitality Staffing Solutions, LLC (HSS) --http://www.hssstaffing.com-- is a hospitality staffing company. Established in 1990, the company's team of hotel industry expertsworks with 4 and 5 star properties in 35 states and 62 marketsacross the country.Hospitality Staffing Solutions and various affiliates filedvoluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No.13-12740) on Oct. 24, 2013, to facilitate a sale of the businessto HS Solutions Corporation, an entity formed by LJC InvestmentsI, LLC and a group of investors including Littlejohn OpportunitiesMaster Fund, L.P., Caymus Equity Partners and Management, and SGDistressed Debt Fund LP. The investor group acquired $22.9million of the Company's secured bank debt on Oct. 11. That debtis in default.The sale transaction is subject to higher and better offers.The Chapter 11 cases are before Judge Brendan Linehan Shannon.The Debtors are represented by Mark Minuti, Esq., at Saul EwingLLP, in Wilmington, Delaware; and Jeffrey C. Hampton, Esq.,Monique Bair DiSabatino, Esq., and Ryan B. White, Esq., at SaulEwing LLP, in Philadelphia, Pennsylvania. The Debtors' financialadvisor is Conway Mackenzie, Inc., and their investment banker isDuff & Phelps Corp. Epiq Systems, Inc., is the Debtors' claimsand noticing agent. HSS Holding disclosed assets of undeterminedamount and liabilities of $22,910,994 as of the Chapter 11 filing.The investor group is providing DIP financing. They arerepresented by Scott K. Charles, Esq., and Neil M. Snyder, Esq.,at Wachtell, Lipton, Rosen & Katz, in New York; and Derek C.Abbott, Esq., at Morris, Nichols, Arsht & Tunnell LLP, inWilmington, Delaware.Roberta A. DeAngelis, U.S. Trustee for Region 3, has notified theBankruptcy Court that she was unable to appoint a committee ofunsecured creditors in the Debtors' cases as there wasinsufficient response to the U.S. Trustee communication/contactfor service on the committee.HOSPITALITY STAFFING: Epiq Approved as Administrative Advisor-------------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware hasauthorized HSS Holding, LLC, et al., to employ Epiq BankruptcySolutions, LLC as administrative advisor.Epiq presently serves as the Debtors' claims and noticing agent.Prior to the Petition Date, the Debtors provided Epiq a $25,000retainer. The firm will be paid in accordance to its customaryhourly rates and will be reimbursed for any necessary out-of-pocket expenses. About Hospitality Staffing Solutions, LLCHospitality Staffing Solutions, LLC (HSS) --http://www.hssstaffing.com-- is a hospitality staffing company. Established in 1990, the company's team of hotel industry expertsworks with 4 and 5 star properties in 35 states and 62 marketsacross the country.Hospitality Staffing Solutions and various affiliates filedvoluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No.13-12740) on Oct. 24, 2013, to facilitate a sale of the businessto HS Solutions Corporation, an entity formed by LJC InvestmentsI, LLC and a group of investors including Littlejohn OpportunitiesMaster Fund, L.P., Caymus Equity Partners and Management, and SGDistressed Debt Fund LP. The investor group acquired $22.9million of the Company's secured bank debt on Oct. 11. That debtis in default.The sale transaction is subject to higher and better offers.The Chapter 11 cases are before Judge Brendan Linehan Shannon.The Debtors are represented by Mark Minuti, Esq., at Saul EwingLLP, in Wilmington, Delaware; and Jeffrey C. Hampton, Esq.,Monique Bair DiSabatino, Esq., and Ryan B. White, Esq., at SaulEwing LLP, in Philadelphia, Pennsylvania. The Debtors' financialadvisor is Conway Mackenzie, Inc., and their investment banker isDuff & Phelps Corp. Epiq Systems, Inc., is the Debtors' claimsand noticing agent. HSS Holding disclosed assets of undeterminedamount and liabilities of $22,910,994 as of the Chapter 11 filing.The investor group is providing DIP financing. They arerepresented by Scott K. Charles, Esq., and Neil M. Snyder, Esq.,at Wachtell, Lipton, Rosen & Katz, in New York; and Derek C.Abbott, Esq., at Morris, Nichols, Arsht & Tunnell LLP, inWilmington, Delaware.Roberta A. DeAngelis, U.S. Trustee for Region 3, has notified theBankruptcy Court that she was unable to appoint a committee ofunsecured creditors in the Debtors' cases as there wasinsufficient response to the U.S. Trustee communication/contactfor service on the committee.HOSPITALITY STAFFING: Files Schedules of Assets and Liabilities----------------------------------------------------------------HSS Holding, LLC, filed with the U.S. Bankruptcy Court for theDistrict of Delaware its schedules of assets and liabilities,disclosing: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $0 B. Personal Property Undermined C. Property Claimed as Exempt D. Creditors Holding Secured Claims $22,910,994 E. Creditors Holding Unsecured Priority Claims $0 F. Creditors Holding Unsecured Non-priority Claims $0 ----------- ----------- TOTAL Undetermined $22,910,994A copy of HSS Holding's schedules is available for free at: http://bankrupt.com/misc/HOSPITALITYSTAFFINGsal.pdf About Hospitality Staffing Solutions, LLCHospitality Staffing Solutions, LLC (HSS) --http://www.hssstaffing.com-- is a hospitality staffing company. Established in 1990, the company's team of hotel industry expertsworks with 4 and 5 star properties in 35 states and 62 marketsacross the country.Hospitality Staffing Solutions and various affiliates filedvoluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No.13-12740) on Oct. 24, 2013, to facilitate a sale of the businessto HS Solutions Corporation, an entity formed by LJC InvestmentsI, LLC and a group of investors including Littlejohn OpportunitiesMaster Fund, L.P., Caymus Equity Partners and Management, and SGDistressed Debt Fund LP. The investor group acquired $22.9million of the Company's secured bank debt on Oct. 11. That debtis in default.The sale transaction is subject to higher and better offers.The Chapter 11 cases are before Judge Brendan Linehan Shannon.The Debtors are represented by Mark Minuti, Esq., at Saul EwingLLP, in Wilmington, Delaware; and Jeffrey C. Hampton, Esq.,Monique Bair DiSabatino, Esq., and Ryan B. White, Esq., at SaulEwing LLP, in Philadelphia, Pennsylvania. The Debtors' financialadvisor is Conway Mackenzie, Inc., and their investment banker isDuff & Phelps Corp. Epiq Systems, Inc., is the Debtors' claimsand noticing agent.The investor group is providing DIP financing. They arerepresented by Scott K. Charles, Esq., and Neil M. Snyder, Esq.,at Wachtell, Lipton, Rosen & Katz, in New York; and Derek C.Abbott, Esq., at Morris, Nichols, Arsht & Tunnell LLP, inWilmington, Delaware.Roberta A. DeAngelis, U.S. Trustee for Region 3, has notified theBankruptcy Court that she was unable to appoint a committee ofunsecured creditors in the Debtors' cases as there wasinsufficient response to the U.S. Trustee communication/contactfor service on the committee.HOSPITALITY STAFFING: Saul Ewing Okayed as Bankruptcy Counsel-------------------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware hasauthorized HSS Holding, LLC, et al., to employ Saul Ewing LLP asgeneral bankruptcy counsel.As reported in the Troubled Company Reporter on Nov. 4, 2013, theattorneys designated to represent the Debtors and their currenthourly rates are: Mark Minuti, Esq. $640 Jeffrey C. Hampton, Esq. $560 Lucian Murley, Esq. $375 Monique B. DiSabatino, Esq. $275 Ryan B. White, Esq. $270In addition, other attorneys and paralegals will be involved asnecessary and appropriate to represent the Debtors, and the firm'shourly rates for those professionals are as follows: Partners $350 to $750 Special Counsel $300 to $495 Associates $245 to $425 Paraprofessionals $160 to $275The firm will also be reimbursed for any necessary out-of-pocketexpenses.Mr. Minuti, a partner at Saul Ewing LLP, in Wilmington, Delaware,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. In the one-year period prior to the Petition Date, SaulEwing received payment from the Debtors in the approximate amountof $365,000 for services rendered in contemplation of or inconnection with the planning of the Debtors' bankruptcy cases. Asof the Petition Date, Saul Ewing also received from the Debtorsthe filing fees for the Chapter 11 cases in the amount of $12,130. About Hospitality Staffing Solutions, LLCHospitality Staffing Solutions, LLC (HSS) --http://www.hssstaffing.com-- is a hospitality staffing company. Established in 1990, the company's team of hotel industry expertsworks with 4 and 5 star properties in 35 states and 62 marketsacross the country.Hospitality Staffing Solutions and various affiliates filedvoluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No.13-12740) on Oct. 24, 2013, to facilitate a sale of the businessto HS Solutions Corporation, an entity formed by LJC InvestmentsI, LLC and a group of investors including Littlejohn OpportunitiesMaster Fund, L.P., Caymus Equity Partners and Management, and SGDistressed Debt Fund LP. The investor group acquired $22.9million of the Company's secured bank debt on Oct. 11. That debtis in default.The sale transaction is subject to higher and better offers.The Chapter 11 cases are before Judge Brendan Linehan Shannon.The Debtors are represented by Mark Minuti, Esq., at Saul EwingLLP, in Wilmington, Delaware; and Jeffrey C. Hampton, Esq.,Monique Bair DiSabatino, Esq., and Ryan B. White, Esq., at SaulEwing LLP, in Philadelphia, Pennsylvania. The Debtors' financialadvisor is Conway Mackenzie, Inc., and their investment banker isDuff & Phelps Corp. Epiq Systems, Inc., is the Debtors' claimsand noticing agent. HSS Holding disclosed assets of undeterminedamount and liabilities of $22,910,994 as of the Chapter 11 filing.The investor group is providing DIP financing. They arerepresented by Scott K. Charles, Esq., and Neil M. Snyder, Esq.,at Wachtell, Lipton, Rosen & Katz, in New York; and Derek C.Abbott, Esq., at Morris, Nichols, Arsht & Tunnell LLP, inWilmington, Delaware.Roberta A. DeAngelis, U.S. Trustee for Region 3, has notified theBankruptcy Court that she was unable to appoint a committee ofunsecured creditors in the Debtors' cases as there wasinsufficient response to the U.S. Trustee communication/contactfor service on the committee.IDB HOLDING: G. Willi-Food Announces Repayment of Convertible Loan------------------------------------------------------------------G. Willi-Food International Ltd., a global company thatspecializes in the development, marketing and internationaldistribution of kosher foods, on Jan. 13 disclosed that it expectsrevenue growth of approximately 17% for fiscal 2013 compared torevenue in fiscal 2012, based on a preliminary assessment of thefinancial results."In the 2013 fiscal year we were able to continue to attract newcustomers as well as maintain our strong customer base byproviding quality products that have come to represent our brand,"commented Zwi Williger, Chairman of Willi-Food. "We intend tocontinue the positive gains we have made and continue developingour product line in the current fiscal year."The Company also announced the full repayment by C.D-B.A Holdings(Designated) (2013) Ltd. (" C.D-B.A ") of the convertible loan ofNIS65 million (approximately USD18.3 million) granted onNovember 28, 2013 in connection with the proposed reorganizationplan for IDB Holding Corporation. The Company has also submitteda request from C.D-B.A to receive the NIS410 thousands(approximately USD120 thousands) in accumulated interest owed tothe Company under the terms of the convertible loan agreement. About G. Willi-Food International Ltd.G. Willi-Food International Ltd. -- http://www.willi-food.com-- is an Israeli-based company specializing in high-quality, great-tasting kosher food products. Willi-Food is engaged directly andthrough its subsidiaries in the design, import, marketing anddistribution of over 600 food products worldwide. As one ofIsrael's leading food importers, Willi-Food markets and sells itsfood products to over 1,500 customers in Israel and around theworld including large retail and private supermarket chains,wholesalers and institutional consumers. The company's operatingdivisions include Willi-Food in Israel and Gold Frost, a whollyowned subsidiary who designs, develops and distributes brandedkosher, dairy-food products. About IDB HoldingsHeadquartered in Tel Aviv, Israel, IDB Holdings Corporation Ltd.-- http://www.idb.co.il-- part of the IDB Group is a company engaged in diversified investment, financial and other relatedoperations. IDB Holding Corporation owns a 100% interest in IDBDevelopment Corporation Ltd., which holds and centralizes theGroup's investment activities. Through its interest in IDBDevelopment, IDB Holding's business interests include insurancethrough Clal Insurance, financial activities through Credit Suisseand Clal Finance, communications through 013 NetVision and CellcomCommunications, technology through several of its subsidiaries,industry through Makhteshim Agan Industries, Nesher, Taavura andseveral other companies, real estate development through Property& Building Corp. and Gav-Yam, and retail trade and tourism throughShufersal, Golf & Co. and Clal Tourism.ILG INC: Case Summary & 20 Largest Unsecured Creditors------------------------------------------------------Debtor: ILG, Inc. fdba Interline Logistics Groups 5018 Bristol Industrial Way, Suite 204 Buford, GA 30518Case No.: 14-50921Chapter 11 Petition Date: January 12, 2014Court: United States Bankruptcy Court Northern District of Georgia (Atlanta)Debtor's Counsel: Cameron M. McCord, Esq. JONES & WALDEN, LLC 21 Eighth Street, NE Atlanta, GA 30309 Tel: (404) 564-9300 Fax: (404) 564-9301 Email: email@example.com Assets: $0 to $50,000Estimated Liabilities: $1 million to $10 millionThe petition was signed by Rusty Miller, CEO and secretary.A list of the Debtor's 20 largest unsecured creditors is availablefor free at http://bankrupt.com/misc/ganb14-50921.pdfIRONSTONE GROUP: Burr Pilger Replaces Madsen as Accountants-----------------------------------------------------------Madsen & Associates CPAs, Inc., the independent registered publicaccounting firm of Ironstone, was dismissed by Ironstone onJan. 2, 2014. Also, on Jan. 2, 2014, Ironstone engaged BurrPilger Mayer, Inc., as its independent registered publicaccounting firm. Ironstone's decision to dismiss Madsen and toengage BPM was approved conditionally on BPM's client acceptanceprocedures by the Board of Directors of Ironstone on Dec. 17,2013.None of the reports of Madsen on the consolidated financialstatements for Ironstone for each of the two most recent fiscalyears ending Dec. 31, 2012, and 2011 or any subsequent interimperiods contain an adverse opinion or a disclaimer of opinion, norwere those reports qualified or modified as to uncertainty, auditscope or accounting principles.During Ironstone's two most recent fiscal years and the subsequentinterim periods through the date of dismissal, there were nodisagreements with Madsen on any matters of accounting principlesor practices, financial statement disclosure or auditing scope orprocedure, which, if not resolved to the satisfaction of Madsen,would have caused it to make reference to the subject matter ofthe disagreements in connection with its reports on the financialstatements for those periods. For the years ended Dec. 31, 2012,and 2011, and through Jan. 6, 2014, there were no "reportableevents" as that term is described in Item 304(a)(1)(v) ofRegulation S-K.During the fiscal years ended Dec. 31, 2012, and 2011 and throughJan. 6, 2014, neither Ironstone, nor anyone acting on theirbehalf, consulted with BPM.Meanwhile, on Jan. 2, 2014, Mr. Thomas Thurston was appointed tothe Board of Directors to fill an existing vacancy on the Board.Issues $230,000 Common SharesIronstone Group entered into a Stock Purchase Agreement withcertain new investors and certain of its existing investors,pursuant to which, Ironstone issued and sold to such SharePurchasers 131,429 shares of Ironstone's Common Stock,representing 7.0 percent of Ironstone's outstanding equitysecurities, for an aggregate purchase price of $230,000. TheShare Purchasers included Ironstone Directors, Thomas Thurston andRobert Hambrecht, chief financial officer, Elizabeth Hambrecht,and secretary, Helen Miazga. About Ironstone GroupSan Francisco, Calif.-based Ironstone Group, Inc., andsubsidiaries have no operations but are seeking appropriatebusiness combination opportunities.Madsen & Associates CPA's, Inc., in Murray, Utah, issued a "goingconcern" qualification on the consolidated financial statementsfor the year ended Dec. 31, 2012. The independent auditors notedthat the Company does not have the necessary working capital forits planned activity, which raises substantial doubt about itsability to continue as a going concern.The Company's balance sheet at Sept. 30, 2013, showed$1.10 million in total assets, $1.59 million in total liabilitiesand a $488,769 total stockholders' deficit.JACKSONVILLE BANCORP: Directors Bill Klich, Terrie Spiro Resign---------------------------------------------------------------William R. Klich delivered to Jacksonville Bancorp, Inc., onJan. 2, 2014, a notice of his resignation from the boards ofdirectors of the Company and The Jacksonville Bank, its whollyowned subsidiary, located in Jacksonville, Florida.On Jan. 3, 2014, Terrie G. Spiro also delivered notice of herresignation from the boards of directors of the Company and theBank. About Jacksonville BancorpJacksonville Bancorp, Inc., a bank holding company, is the parentof The Jacksonville Bank, a Florida state-chartered bank focusingon the Northeast Florida market with eight full-service branchesin Jacksonville, Duval County, Florida, as well as the Company'svirtual branch. The Jacksonville Bank opened for business onMay 28, 1999, and provides a variety of community banking servicesto businesses and individuals in Jacksonville, Florida.Jacksonville Bancorp disclosed a net loss of $43.04 million in2012, a net loss of $24.05 million in 2011 and a $11.44 millionnet loss in 2010. As of Sept. 30, 2013, the Company had $514.54million in total assets, $481.82 million in total liabilities and$32.72 million in total shareholders' equity."Both Bancorp and the Bank must meet regulatory capitalrequirements and maintain sufficient capital and liquidity and ourregulators may modify and adjust such requirements in the future.The Bank's Board of Directors has agreed to a Memorandum ofUnderstanding (the "2012 MoU") with the FDIC and the OFR for theBank to maintain a total risk-based capital ratio of 12.00% and aTier 1 leverage ratio of 8.00%. As of December 31, 2012, the Bankwas well capitalized for regulatory purposes and met the capitalrequirements of the 2012 MoU. If noncompliance or other eventscause the Bank to become subject to formal enforcement action, theFDIC could determine that the Bank is no longer "adequatelycapitalized" for regulatory purposes. Failure to remainadequately capitalized for regulatory purposes could affectcustomer confidence, our ability to grow, our costs of funds andFDIC insurance costs, our ability to make distributions on ourtrust preferred securities, and our business, results ofoperation, liquidity and financial condition, generally,"according to the Company's annual report for the year endedDec. 31, 2012.LANDAUER HEALTHCARE: Balks at Rival's Motion to Litigate NY Suit----------------------------------------------------------------Landauer Healthcare Holdings, Inc., et al., objected to the motionfiled by Passaic Healthcare Services, LLC, dba Allcare Medical,for relief from the automatic stay, which, according to theDebtors, attempts to blur the line separating the Debtors'counterclaim in the lawsuit pending in a New York court and theprosecution of Allcare's affirmative claims in the pendinglawsuit.Allcare, a full service durable medical equipment companyspecializing in clinical respiratory, wound care and supportsurfaces, in 2012, began negotiations to acquire Landauer from itscontrolling shareholder. In 2013, the negotiations fell asLandauer executed acquisition agreements with an entity known as"RiteCare" and with Medstar Surgical & Breating Equipment, Inc.Allcare filed a complaint against Landauer, Clairvest and LMIHealthcare Holdings, Inc., for breach of certain agreements andthe covenant of good faith and fair dealing that caused Allcaresubstantial monetary damages. The Allcare lawsuit is captionedPassaic Healthcare Services, LLC, d/b/a Allcare Medical v.Landauer-Metropolitan, Inc., et al., Index No. 007775-13, SupremeCt., NY, Nassau County.Allcare asked the U.S. Bankruptcy Court for the District ofDelaware to lift the automatic stay so it can proceed litigationof the New York lawsuit and effectuate setoff of its claims. TheDebtors assert that the litigation stay be extended through atleast the effective date of a plan of liquidation to remove anypotential unfairness to Allcare and to allow the Debtors to focustheir efforts on their bankruptcy cases.The Official Committee of Unsecured Creditors and LMI DME HoldingsLLC also join in the Debtors' objection to Allcare's lift staymotion.A hearing on Allcare's motion is scheduled for Jan. 17, 2014, at11:00 a.m.Allcare is represented by Gary D. Bressler, Esq. --firstname.lastname@example.com -- and David P. Primack, Esq. --email@example.com -- at McElroy, Deutsch, Mulvaney &Carpenter, LLP, in Wilmington, Delaware; and Louis A. Modugno,Esq. -- email@example.com -- at McElroy, Deutsch, Mulvaney &Carpenter, LLP, in Morristown, New Jersey.The Creditors' Committee is represented by Adam G. Landis, Esq.,Kerri K. Mumford, Esq., and Joseph D. Wright, Esq., at Landis Rath& Cobb LLP, in Wilmington, Delaware.LMI DME is represented by David B. Stratton, Esq. --email@example.com -- and Evelyn J. Meltzer, Esq. --firstname.lastname@example.com -- at Pepper Hamilton LLP, in Wilmington,Delaware. About Landauer HealthcareHome medical equipment provider Landauer Healthcare Holdings,Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No.13-12098) on Aug. 16, 2013, with a deal to sell all assets toQuadrant Management Inc. for $22 million, absent higher and betteroffers.The Company has 32 operating locations, with 50% of inventoryconcentrated in Mount Vernon, New York; Great Neck, New York;Warwick, Rhode Island; and Philadelphia, Pennsylvania. Landauer,which derives revenues by reimbursement from insurers, Medicareand Medicaid, reported net revenues of $128.5 million in fiscalyear ended March 31, 2013.Landauer disclosed $2,978,495 in assets and $53,636,751 inliabilities as of the Chapter 11 filing.The Debtors are represented by Justin H. Rucki, Esq., Michael R.Nestor, Esq., and Matthew B. Lunn, Esq., at Young Conaway Stargatt& Taylor LLP, in Wilmington, Delaware; John A. Bicks, Esq., at K&LGates LLP, in New York; and Charles A. Dale III, Esq., andMackenzie L. Shea, Esq., in Boston, Massachusetts.Carl Marks Advisory Group serves as the Debtor's financialadvisors, and Epiq Systems as claims and notice agent. MaillieLLP serves as the Debtors' tax accountants.The Debtor filed a Chapter 11 restructuring plan that wouldtransfer ownership of the home medical supply company to QuadrantManagement Inc., whose $22 million bid for the company wentunchallenged.Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointedfive members to the official committee of unsecured creditors inthe Chapter 11 cases. The Committee retained Landis Rath & CobbLLP as counsel. Deloitte Financial Advisory Services LLP servesas its financial advisor.LIGHTSQUARED INC: Hearing Focuses on Dish Maneuvers---------------------------------------------------Chris Nolter, writing for The Deal, reported that after DishNetwork Corp. withdrew a $2.2 billion bid for a group ofLightsquared Inc.'s assets, debt purchases by the satellite TVcompany's chairman Charlie Ergen were the focus of a Jan. 9bankruptcy hearing.According to the report, at the hearing, a lawyer for the bankrupttelecom suggested that the abrupt bid withdrawal, as well as theway Ergen went about acquiring his debt stake, were tactical movesmeant to impede the reorganization to the benefit of Dish.Judge Shelley Chapman began an extended hearing on Jan. 9 thatwill consider competing plans to reorganize LightSquared and alawsuit that the debtor brought against Ergen because of hispurchases of secured debt, the report related.The hearing, the report noted, marks the culmination of legalwrangling between Ergen and LightSquared backer Philip Falconeover the troubled telecom.The parties debated whether Ergen made a legitimate investment inLightSquared's secured as an individual, or whether he violateddebt terms by purchasing the securities, maneuvers that DavidFriedman of Kasowitz Benson Torres & Friedman LLP, representingFalcone's Harbinger Capital Partners LLC, termed "Ergenomics," thereport said. About LightSquared Inc.LightSquared Inc. and 19 of its affiliates filed Chapter 11bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) onMay 14, 2012, to resolve regulatory issues that have prevented itfrom building its coast-to-coast integrated satellite 4G wirelessnetwork.LightSquared had invested more than $4 billion to deploy anintegrated satellite-terrestrial network. In February 2012,however, the U.S. Federal Communications Commission toldLightSquared the agency would revoke a license to build out thenetwork as it would interfere with global positioning systems usedby the military and various industries. In March 2012, theCompany's partner, Sprint, canceled a master services agreement.LightSquared's lenders deemed the termination of the Sprintagreement would trigger cross-defaults under LightSquared'sprepetition credit agreements.LightSquared and its prepetition lenders attempted to negotiate aglobal restructuring that would provide LightSquared withliquidity and runway necessary to resolve its issues with the FCC.Despite working diligently and in good faith, however,LightSquared and the lenders were not able to consummate a globalrestructuring on terms acceptable to all interested parties.Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel tothe Debtors. Alvarez & Marsal North America, LLC, is thefinancial advisor. Kurtzman Carson Consultants LLC serves asclaims and notice agent.LIME ENERGY: Grants $70,000 Cash Bonuses to CEO and CFO-------------------------------------------------------Lime Energy's Compensation Committee granted Messrs. Adam Procell(chief executive officer) and Jeffrey Mistarz (chief financialofficer) the following bonuses for their performance during 2013: Value of Shares of Cash Restricted Stock ------------ ------------------ Adam Procell $40,000 80,000 Jeffrey Mistarz $30,000 -The Committee approved the payment of these bonuses prior to thecompletion of the annual audit because it determined these bonusesbased on criteria that are not dependent on the results of theaudit.The restricted stock will be valued based on the closing price ofthe Company's stock on Jan. 6, 2014, which was $3.18 per share,and will vest in equal amounts on the last day of each of 2014,2015 and 2016. The restricted stock was granted pursuant to arestricted stock agreement under the Company's 2008 Long-TermIncentive Plan, as amended. 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.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.As of Sept. 30, 2013, the Company had $33.15 million in totalassets, $26.70 million in total liabilities and $6.45 million intotal stockholders' equity.For the nine months ended Sept. 30, 2013, the Company reported anet loss of $12.58 million. The Company incurred a net loss of$31.81 million in 2012 as compared with a net loss of $18.93million in 2011.BDO USA, LLP, issued a "going concern" qualification on theconsolidated financial statements for the year ended Dec. 31,2012. The independent auditors noted that the Company hassuffered recurring losses and negative cash flow from operationsthat raise substantial doubt about its ability to continue as agoing concern.LONE PINE: Bankruptcy Court Approves Restructuring Plan-------------------------------------------------------Lone Pine Resources Inc. on Jan. 10 disclosed that the UnitedStates Bankruptcy Court for the District of Delaware has issued anorder recognizing and enforcing in the United States under Chapter15 of the U.S. Bankruptcy Code the order issued on January 9, 2014by the Court of Queen's Bench of Alberta sanctioning and approvingLone Pine's previously announced First Amended and Restated Planof Compromise and Arrangement under the Companies' CreditorsArrangement Act.Implementation of the Plan remains subject to satisfaction orwaiver of the various other conditions precedent set forth in thePlan. Assuming satisfaction or waiver of these conditions withinthe expected time frames, the Company currently anticipatesimplementing the Plan and completing its restructuring on orbefore Friday, January 31, 2014.Further information regarding the Company's restructuringproceedings under the CCAA and Chapter 15, including copies of thePlan, the Plan Supplement dated December 27, 2013, the informationcircular and other materials relating to the creditors' meetingsheld on January 6, 2014, the Sanction Order and U.S. RecognitionOrder, and all other court orders and previously-filed reports ofPricewaterhouseCoopers Inc., as Court-appointed monitor of LonePine and its subsidiaries, are available on the Monitor's websiteat http://www.pwc.com/car-lpr About Lone Pine ResourcesCalgary, Canada-based Lone Pine Resources Inc. is an independentoil and gas exploration, development and production company withoperations in Canada. The Company's reserves, producingproperties and exploration prospects are located in the provincesof Alberta, British Columbia and Quebec, and in the NorthwestTerritories. The Company is incorporated under the laws of theState of Delaware.Lone Pine entered bankruptcy protection in Canada on Sept. 25,2013, under the Companies' Creditors Arrangement Act and receivedan initial protection order from an Alberta court the same day.Lone Pine Resources simultaneously filed for Chapter 15 protectionin Delaware in the United States (Bankr. D. Del. Case No. 13-12487) to seek recognition of the CCAA proceedings.Lone Pine, LPR Canada and all other subsidiaries of the Companyare parties to the CCAA and Chapter 15 proceedings.Lone Pine is being advised by RBC Capital Markets, Bennett JonesLLP, Vinson & Elkins LLP and Richards Layton & Finger P.A. inconnection with the restructuring, with Wachtell, Lipton, Rosen &Katz LLP providing independent advice to the Company's board ofdirectors. The Supporting Noteholders are being advised byGoodmans LLP and Stroock & Stroock & Lavan LLP.Lone Pine's plan of reorganization is a debt-for-equity swap thatwould allow it to shed $195 million in bond debt. Noteholders areto receive 100 percent ownership of the new common stock. Theexisting $180 million secured bank credit will be paid in fullwith proceeds from a new asset-backed loan. General unsecuredcreditors will share a $700,000 fund. Current equity holders arebeing wiped out.MERRIMACK PHARMACEUTICALS: Credit Suisse Owns Less Than 1% Stake----------------------------------------------------------------In an amended Schedule 13G filed with the U.S. Securities andExchange Commission, Credit Suisse AG disclosed that as ofJan. 8, 2014, it beneficially owned 819,800 shares of common stockof Merrimack Pharmaceuticals Inc. representing 0.80 percent of theshares outstanding. Credit Suisse previously reported beneficialownership of 5,097,450 common shares or 5.41 percent equity stakeas of Feb. 14, 2013. A copy of the regulatory filing is availablefor free at http://is.gd/h676EH About MerrimackCambridge, Mass.-based Merrimack Pharmaceuticals, Inc., abiopharmaceutical company discovering, developing and preparing tocommercialize innovative medicines consisting of noveltherapeutics paired with companion diagnostics. The Company'sinitial focus is in the field of oncology. The Company has fiveprograms in clinical development. In it most advanced program,the Company is conducting a pivotal Phase 3 clinical trial.Merrimack Pharmaceuticals disclosed a net loss of $91.75 millionin 2012, following a net loss of $79.67 million in 2011. TheCompany incurred a $50.15 million net loss in 2010.The Company's balance sheet at Sept. 30, 2013, showed $224.24million in total assets, $240.87 million in total liabilities,$374,000 in noncontrolling interest, and a $16.26 million totalstockholders' deficit.MOBILESMITH INC: Issues 1.4 Million Common Shares to Grasford-------------------------------------------------------------MobileSmith, Inc., issued 1,475,000 million shares of theCompany's common stock to Grasford Investments Ltd., AtlasCapital, S.A.,'s assignee under an Agreement, Acknowledgment andPartial Release, in consideration of $737,500.MobileSmith, Mary Beauregard, as Lead Plaintiff in the securitiesclass action involving the Company captioned Mary Jane Beauregardvs. Smart Online, Inc., et al., filed in the United StatesDistrict Court for the Middle District of North Carolina, andAtlas Capital, S.A., entered into the Agreement on Dec. 18, 2013.Pursuant to the terms of the Agreement, Atlas agreed to purchase25,000 shares of common stock of the Company transferred by HenryNouri to the Class Action settlement fund and 1,475,000 shares ofcommon stock of the Company for $0.50 per share, and to waive andrelinquish any claim to any share of the future proceeds of theSettlement Fund. About MobileSmith Inc.MobileSmith, Inc. (formerly, Smart Online, Inc.) was incorporatedin the State of Delaware in 1993. The Company changed its name toMobileSmith, Inc., effective July 1, 2013. The Company developsand markets software products and services tailored to users ofmobile devices. The Company's flagship product is TheMobileSmithTM Platform. The MobileSmithTM Platform is aninnovative, patents pending mobile app development platform thatenables organizations to rapidly create, deploy, and managecustom, native smartphone apps deliverable across iOS and Androidmobile platforms.Smart Online disclosed a net loss of $4.39 million in 2012, ascompared with a net loss of $3.54 million in 2011. The Company'sbalance sheet at Sept. 30, 2013, showed $1.67 million in totalassets, $31.59 million in total liabilities, and stockholders'deficit of $29.92 million.Cherry Bekaert LLP, in Raleigh, North Carolina, issued a "goingconcern" qualification on the consolidated financial statementsfor the year ended Dec. 31, 2012. The independent auditors notedthat the Company has suffered recurring losses from operations andhas a working capital deficiency as of Dec. 31, 2012, whichconditions raise substantial doubt about the Company's ability tocontinue as a going concern.NGPL PIPECO: Moody's Lowers Corporate Family Rating to 'B3'-----------------------------------------------------------Moody's Investors Service downgraded NGPL PipeCo LLC's debtratings (including the Corporate Family Rating to B3 from B2). Thecompany's Speculative Grade Liquidity rating remains at SGL-4, andthe Probability of Default Rating is downgraded to B3-PD from B2-PD. The rating outlook is negative. These rating actions concludea review initiated on Oct. 10, 2013, and follows an assessment ofNGPL's third quarter 2013 results and its near-term prospectswhich indicated a continuing deterioration in the pipeline'sfinancial performance.Ratings Rationale"NGPL has an untenable amount of debt, bringing near-term solvencyinto question, as the company is likely to violate its financialcovenants over the next few quarters, absent a recapitalization,"says Moody's senior vice president Mihoko Manabe.Moody's understands that NGPL believes it met its financialcovenants for the 4Q13, typically a seasonally strong quarter.However, further deterioration in cash flow over the next fewquarters will become evident due to significant amounts ofcontracts expiring in the 4Q13 and 1Q14. As a result, liquiditywill get tighter.NGPL has a short average contract life (barely 2 years for itstransport business), which makes it particularly sensitive to in-the-market legacy contracts being re-priced at lower prevailingrates. Since year-end 2012, the amount of contracted capacity fortransport services has decreased by 13% and storage services by6%. Such steep cuts in contracted capacity could repeat in 2014,as legacy transport contracts with utilities expire, puttingroughly $40 million of related revenues at risk. NGPL also hascited a newfound weakness in its storage business, which indicatessome large legacy contracts expiring this year, including thosewith marketers looking to exit the gas marketing business.NGPL's EBITDA in 3Q13 was $66 million, including about $10 millionof gas sales that just brought its trailing 12 months EBITDA tothe $300 million threshold needed to meet its debt-to-EBITDAleverage covenant of 9.75x. Also in the 3Q13, the company made adistribution of the full $58 million allowed under its creditagreement, retaining $50 million of it to supplement EBITDA tocure any future default on its financial covenants. Moody'sestimates that NGPL will need to draw on these earningsenhancements to comply during 2014, based on the 3Q13 EBITDA thatsuggests an annualized run-rate in the range of $250 to $260million, implying a debt-to-EBITDA of 12x using the low end ofthat EBITDA range. This level of earnings implies that NGPL needsto have debt of $2.4 to $2.5 billion, well below the $3.0 billionof debt it has currently, in order to meet the 9.75x test. Thiscovenant will be harder to meet in 2015, when the threshold islowered to 9.50x, requiring even more debt reduction, assumingEBITDA does not improve.Liquidity will continue to be strained as NGPL is unlikely togenerate sufficient internal cash flow to make its semi-annualprincipal payments on its term loan, which will increase from $7.5million in 2013 to $25 million in 2014. As a result, the companywould need to begin borrowing under its $75 million revolver, sothat NGPL's total debt could increase rather than decline overtime as expected with the last refinancing two years ago.Based on the above-mentioned EBITDA of $250 million and assuming a9x multiple suggest an enterprise value of $2.3 billion, whichwill not cover its $3 billion of debt and is less than half itstotal assets of $5.0 billion."This valuation estimate and poor returns on its assets (-0.2% inthe LTM 9/2013) indicates an imminent write-down of a substantialamount, if not all, of its goodwill ($3 billion) and book equity($1.5 billion)," Manabe said.Moody's notes that NGPL's owners have substantial financialresources, but to-date they have capitalized NGPL at a bareminimum, allowing little margin for error as NGPL's revenuessteadily erode. Having two owners has slowed decision-making,which could become more challenging as the company undergoesfinancial distress. The company has been under-investing, whichrisks pipeline integrity and safety longer term. A mitigatingfactor, which distinguishes NGPL from some Caa1 companies,however, is it being a substantial FERC-regulated asset thatserves a public necessity, which provides some level of enduringvalue to cover debt.The negative outlook indicates NGPL's fluid situation, and thepotential for announcements which will take place over the nextseveral months that could spur further rating action. Moody'santicipates that NGPL's owners will be compelled to address itspersistently troubled financial condition during this time, sinceNGPL will be required to make certain disclosures under itsfinancing documents, for example, the deliveries of the 2014business plan, the officers' compliance statement, auditedfinancial statements, and a conference call with bondholders.NGPL's B3 corporate family rating could be downgraded if NGPL doesnot address its deteriorated financial condition in a timelymanner, resulting in a loss of liquidity. Its outlook could bestabilized if the company is sufficiently de-leveraged andliquidity is improved, for example, debt-to-EBITDA comfortablyunder 9.5x.Downgrades:Issuer: NGPL PipeCo. LLC Probability of Default Rating, Downgraded to B3-PD from B2-PD Corporate Family Rating, Downgraded to B3 from B2 Senior Secured Bank Credit Facility Sep 15, 2017, Downgraded to B3 from B2, LGD3, 46 % from LGD3, 47 % Senior Secured Bank Credit Facility Sep 15, 2017, Downgraded to B3 from B2, LGD3, 46 % from LGD3, 47 % Senior Secured Regular Bond/Debenture Jun 1, 2019, Downgraded to B3 from B2, LGD4, 52 % from LGD4, 51 % Issuer: NGPL PipeCo. LLC (Old) Senior Secured Regular Bond/Debenture Dec 15, 2017, Downgraded to B3 from B2, LGD4, 52 % from LGD4, 51 % Senior Secured Regular Bond/Debenture Dec 15, 2037, Downgraded to B3 from B2, LGD4, 52 % from LGD4, 51 %Outlook Actions:Issuer: NGPL PipeCo. LLC Outlook, Changed To Negative From Rating Under ReviewThe principal methodology used in this rating was the Natural GasPipelines published in November 2012. Other methodologies usedinclude Loss Given Default for Speculative-Grade Non-FinancialCompanies in the U.S., Canada and EMEA published in June 2009.NII HOLDINGS: S&P Lowers CCR to 'CCC+' on Weak Finc'l. Performance------------------------------------------------------------------Standard & Poor's Ratings Services said it lowered its corporatecredit rating on Reston, Va.-based wireless service provider NIIHoldings Inc. (NII) to 'CCC+' from 'B-'. The outlook is negative.At the same time, S&P lowered the rating on the senior unsecureddebt at NII International Telecoms S.C.A., a wholly-ownedsubsidiary of NII, to 'CCC' from 'B-' and revised the recoveryrating to '5' from '3'. The '5' recovery rating indicates S&P'sexpectation for modest (10%-30%) recovery in the event of paymentdefault. S&P also lowered the rating on the senior unsecured debtat NIICapital Corp. to 'CCC-' from 'CCC'. The recovery rating onthis debt remains at '6', which indicates S&P's expectation fornegligible (0%-10%) recovery in the event of payment default.S&P removed all ratings from CreditWatch, where it had placed themwith negative implications on Nov. 1, 2013, following thecompany's release of its 2013 third quarter earnings, whichincluded a sharp 78% year-over-year decline in EBITDA."The downgrade is based on NII's weak operating and financialperformance and our view that the company's financial commitmentsmay be unsustainable over the next few years, although liquidityshould remain 'adequate' in 2014," said Standard & Poor's creditanalyst Allyn Arden.More specifically, S&P believes the company faces uncertainlonger-term business prospects given its weak market position as aniche provider of wireless services and greater price-basedcompetition from better capitalized wireless operators. NII'sresults in the third quarter of 2013 were due primarily tosubscriber losses in the Mexico market, investments related to thecompany's 3G wireless network deployment, weaker local currencyrates, and lower average revenue per user (ARPU) in all of itsmarkets. In particular, the shutdown of Sprint Corp.'s legacyintegrated digital enhanced network (iDEN) had a significantimpact on NII's operating and financial performance in Mexicosince its 3G network experienced loading issues, which resulted inheightened churn and net subscriber losses.The outlook is negative. Despite the company's large cashbalances and cost reduction initiatives, S&P believes there is agreater risk of default over the next few years given S&P'sexpectation for continued revenue declines and FOCF deficits.S&P could lower the rating if the potential for a defaultincreases in the near term, which could be caused by growingcompetitive pressures, higher churn, subscriber losses, and lowerARPU in Brazil and Mexico such that liquidity deteriorates morerapidly from accelerating FOCF deficits than S&P currentlyanticipates.S&P do not expect a positive rating action in the near term. S&Pcould revise the outlook to stable or raise the rating if NII isable to: -- Maintain at least 15% cushion under its various covenants at the operating company facilities; -- Raise additional capital to improve its liquidity position; -- Demonstrate a trajectory to improve FOCF generation; and -- Improve the EBITDA margin to above 10% on a sustained basis.NPS PHARMACEUTICALS: Expects $31.5-Mil. Global Sales for 2013-------------------------------------------------------------NPS Pharmaceuticals, Inc., announced preliminary financial resultsfor 2013 and its outlook for 2014."2013 was a highly successful year marked by transformative eventsthat position NPS to become a premier global commercial raredisease company," said Francois Nader, MD, president and chiefexecutive officer of NPS Pharmaceuticals. "Highlights includedthe successful US launch of Gattex, regaining our ex-US rights toRevestive and Natpara, and filing the US BLA for Natpara inhypoparathyroidism."Preliminary 2013 Results and Update * In February, NPS launched and initiated commercial sales of Gattex(R) (teduglutide [rDNA origin]) for injection in the US for the treatment of adult Short Bowel Syndrome (SBS) patients who are dependent on parenteral support. Teduglutide is also approved in the European Union for adult SBS under the tradename Revestive(R). * NPS expects to report 2013 net global sales of approximately $31.5 million. As of December 31, there were 303 patients on Gattex/Revestive as compared to 235 patients as of November 1. These results are in line with the Company's guidance of $28 to $32 million in net sales and 275 to 325 patients on therapy by the end of 2013. The Company's 2013 guidance for net sales and the number of patients expected on therapy by year-end were positively revised over the course of 2013. * As of December 31, 530 Gattex/Revestive prescriptions were received, versus 452 prescriptions as of November 1. As previously reported, it is expected to take an average of 90 to 120 days to dispense the product after it is prescribed in the US. During this time, NPS Advantage works with patients to secure prior authorizations and reimbursement, obtain co- pay assistance, confirm completion of recommended testing, and coordinate nursing visits. * NPS ended 2013 with approximately $180 million in cash and investments.Dr. Nader continued: "As we move forward in 2014, our strongfinancial position and commercial outlook will allow us tocontinue to grow Gattex sales domestically and expand our globalpresence with the launches of Revestive in key ex-US markets.Importantly, we believe the peak opportunity for Revestive couldsignificantly exceed that of Gattex in the US. Our commercial-readiness activities are underway for the potential US approval ofNatpara later this year and international regulatory filings arealso in preparation."2014 Financial OutlookNPS expects to achieve the following financial objectives in 2014: * Net Gattex/Revestive sales of between $110 and $120 million, representing more than 250 percent growth in the Company's SBS franchise. * Operating expenses, excluding cost of goods sold and share- based compensation expense, of between $180 and $200 million. The anticipated increase in 2014 operating expenses is primarily related to the following investments that NPS is making to drive continued long-term, global growth: -- The build-out of the Company's infrastructure and core competencies to support the continued growth of NPS as a global organization. -- The production of pre-launch Natpara inventory and the establishment of secondary supply-chain sources. -- The pre-launch initiatives and the milestone-based ramp up of the US commercial infrastructure to support the successful commercialization of Natpara. Key pre- launch activities include generating awareness on the burden of hypoparathyroidism, creating an unbranded platform, deploying a pre-launch field-based team, and identifying patients. -- The execution of clinical activities supporting the global development of teduglutide in pediatric SBS and NPSP795 in autosomal dominant hypocalcemia or ADH. -- Regulatory activities, including preparations for a potential US Food and Drug Administration Advisory Committee meeting and key international regulatory submissions for Natpara in hypoparathyroidism. 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$18.73 million in 2012, a net loss of $36.26 million in 2011, anet loss of $31.44 million in 2010, and a net loss of $17.86million in 2009.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.NUSTAR PIPE: Fitch Affirms B+ Rating on Jr. Subordinated Notes-------------------------------------------------------------Fitch Ratings affirms the 'BB' Issuer Default Rating (IDR) andsenior unsecured rating for NuStar Logistics, L.P.'s (Logistics).The junior subordinated notes are affirmed at 'B+'. At the sametime, the 'BB' IDR is withdrawn for NuStar Pipe Line OperatingPartnership, L.P. (NPOP) since there is no longer debt issued atNPOP.Debt issued by Logistics is guaranteed by NuStar Energy L.P.(NuStar) and NPOP. Both Logistics and NPOP are the operatinglimited partnerships of NuStar, which is a publicly traded masterlimited partnership.The Outlook is Stable based on expectations that EBITDA growthresumes following significant deterioration in 2012 and that cashflow should be more stable than in the recent past.The 'BB' rating is supported by NuStar's strong base of primarilyfee-based and regulated pipeline, and terminalling and storageassets. These assets accounted for 80% of segment EBITDA in 2011and Fitch estimates the assets could account for approximately 95%of EBITDA in 2013 and 2014. The company sold 50% of its asphaltoperations in September 2012 and closed on the sale of its SanAntonio refinery in January 2013. Both of these assets generatedvolatile cash flows.NuStar has been in discussions with its asphalt operations JVpartner to divest the remaining 50% stake it owns. NuStarcurrently provides the JV with a $250 million senior unsecuredrevolver and up to $150 million in guarantees. Should NuStarsuccessfully divest its 50% stake and financial obligations to theJV, it would benefit NuStar's credit profile but would not likelytrigger a rating action.Other factors which support the rating include expectations areturn to EBITDA growth in 2013 and beyond after significantdeterioration in 2012. In 2013, EBITDA growth from thetransportation segment is expected to more than offset weakness inthe storage segment which has been hurt by lower demand forstorage due to backwardation of the forward curve for crude.Ratings concerns include the company's leverage (Fitch defined asdebt adjusted for 50% equity credit for the junior subordinatednotes to adjusted EBITDA) of 4.9x as of Sept. 30, 2013. Otherconcerns include continued high levels of spending for capex in2013 and expectations for significant spending in 2014. FollowingNuStar's acquisition of crude oil assets in December 2012 forapproximately $325 million, the company plans to invest in theassets for growth.Fitch estimates overall liquidity to be approximately $485 millionas of Sept. 30, 2013. The company had $25 million of cash andequivalents on the balance sheet. In addition, it has a $1.5billion revolver due 2017 and availability to draw on the revolveris restricted by the leverage covenant as defined by the bankagreement. Fitch estimates that NuStar had availability to drawapproximately $460 million since leverage as defined by the bankagreement was 4.3x as of Sept. 30, 2013. Revolver borrowings were$286 million.Leverage as defined by the bank agreement is to be no greater than5.0x for covenant compliance. However, if NuStar makesacquisitions which exceed $50 million, the bank-defined leverageratio increases to 5.5x from 5.0x for two consecutive quarters.The bank agreement definition of debt excludes debt proceeds heldin escrow for the future funding of construction which was $88million as of Sept. 30, 2013 and $403 million of juniorsubordinated debt from the definition of debt. The bank-definedleverage calculation also gives pro forma credit for EBITDA formaterial projects.Fitch still expects yearend 2013 leverage (Fitch defined as debtadjusted for 50% equity credit for the junior subordinated notesto adjusted EBITDA) to be in the range of 4.8 - 5.0x. Leverage isforecast to remain in that range in 2014 and 2015.After the revolver matures in 2017, the next debt maturity is $350million due in 2018.Capital expenditures remain significant. In 2011, total capex was$336 million and it rose to $411 million in 2012. Managementestimates it to be in the range of $335 million to $370 million in2013. Fitch believes spending in 2014 could be above 2013 givenNuStar's need to increase EBITDA and distributable cash flow.Positive: Future developments that may, individually orcollectively, lead to positive rating action include: -- Significant leverage reduction. Should leverage fall below 4.5x over a sustained period of time, Fitch may take positive rating action.Negative: Future developments that may, individually orcollectively, lead to a negative rating action include: -- Reduced liquidity; -- Deterioration of EBITDA; -- Inability to meet growth expectations associated with the crude oil acquisition in late 2012 given the substantial investment; -- Significant increases in capital spending beyond Fitch's expectations or further acquisition activity which have negative consequences for the credit profile; -- Increased adjusted leverage beyond 5.5x for a sustained period of time.OPPENHEIMER PARTNERS: Bankruptcy Case Administratively Closed-------------------------------------------------------------The Hon. Sarah S. Curley of the U.S. Bankruptcy Court for theDistrict of Arizona has entered a final decree administrativelyclosing the Chapter 11 case of Oppenheimer Partners Properties,LLP.As reported in the Troubled Company Reporter, the Court on July 18entered an order confirming the Debtor's Plan of Reorganizationdated March 21, 2012, as modified. The Court approved thedisclosure statement describing the Plan on May 30, 2012.The Court ordered that the Plan Effective Date would be Aug. 1,2013.Pursuant to the Modified Plan filed July 18, 2013, MidFirst'ssecured claim (Class 3) in the amount of $10,007,532 would be paidin full and on the basis of the so-called A Note dated July 1,2013. The A Note was due in full on July 1, 2013.Interest would accrue on the principal amount of the A Note at arate of 5.25% commencing on July 1, 2013. The Debtor would makemonthly principal and interest payments on the A Note to MidFirstbased upon a 25-year amortization until the entire principalbalance of the A Note and all interest accruing thereunder is paidin full.MidFirst's deficiency claim (Class 5) in the amount of $1,881,171Would be paid in full and on the basis of a so-called B Note datedJuly 1, 2013. The B Note would be due and payable in full July 1,2023.The B Note would accrue interest at 2% per annum commencing on theEffective Date. The Debtor would make payments of $10,000 perquarter until the B Note and all interest accruing thereunder ispaid in full.Unsecured Claims (Class 7) in the amount of $168,723 were slatedto receive payments quarterly beginning on the last day of themonth after the fourth full quarter after the Effective Date ofthe Plan. The Debtor would make a quarterly payment to the Class7 claims of $10,000. The allowed unsecured claims would be paidin full no later than the end of the fourth full year of quarterlypayments. The Debtor and the holders of Class 7 allowed clamswould bear their own attorneys' fees and costs.Holders of equity interests of the Debtor (Class 9) would retaintheir interests and contribute a total of $50,000 on the PlanEffective Date.A copy of the Modified Plan is available at: http://bankrupt.com/misc/oppenheimer.doc298.pdfA copy of the Confirmation Order is available at: http://bankrupt.com/misc/oppenheimer.doc303.pdf About Oppenheimer Partners PropertiesOppenheimer Partners Properties LLP owns and operates a 184-unitresidential apartment complex in Phoenix, Arizona. Oppenheimerpurchased the property in June 2007 for $12 million through acombination of cash and a construction loan totaling$12.4 million. Oppenheimer filed for Chapter 11 bankruptcy(Bankr. D. Ariz. Case No. 11-33139) on Dec. 2, 2011. Judge SarahSharer Curley presides over the case. In its petition,the Debtor estimated $10 million to $50 million in assets anddebts. The petition was signed by Eric Hamburger, managingpartner. Robert C. Warnicke, Esq., at Warnicke Law PLC, serves ascounsel to the Debtor, replacing Gordon Silver.OVERSEAS SHIPHOLDING: Inks Deal to Resolve Deutsche Bank Claims---------------------------------------------------------------Overseas Shipholding Group and its debtor affiliates filed withthe U.S. Bankruptcy Court for the District of Delaware a motionfor entry of an order approving a stipulation resolving claimsheld by Deutsche Bank Securities, as assignee of claims filedagainst certain Debtors by Sorrel Shipmanagement Inc., BelerionMaritime Co., and Wind Dancer Shipping, Inc.The Stipulation provides for the following: (a) the Claims against Debtor Serifos Tanker Corporation will be allowed as general unsecured non-priority claims in the reduced amount of $15,088,497 against each of Serifos and OSG, on account of a guarantee provided to Sorrel; (b) the Claims against Debtor Kimolos Tanker Corporation will be allowed as general unsecured nonpriority claims in the reduced amount of $14,130,130 against each of Kimolos and OSG, on a guarantee provided to Kimolos; and (c) the Claims against Debtor Sifnos Tanker Corporation will be allowed as general unsecured non-priority claims in the reduced amount of $13,781,372 against each of Sifnos and OSG, on account of a guarantee provided to Sifnos.The Court scheduled a Feb. 3, 2014, hearing to consider thestipulation. Objections are due Jan. 27. About Overseas ShipholdingOverseas Shipholding Group, Inc., headquartered in New York, isone of the largest publicly traded tanker companies in the world,engaged primarily in the ocean transportation of crude oil andpetroleum products. OSG owns or operates 111 vessels thattransport oil and petroleum products throughout the world.Overseas Shipholding Group and 180 affiliates filed voluntaryChapter 11 petitions (Bankr. D. Del. Lead Case No. 12-20000) onNov. 14, 2012, disclosing $4.15 billion in assets and $2.67billion in liabilities. Greylock Partners LLC Chief ExecutiveJohn Ray serves as chief reorganization officer. James L.Bromley, Esq., and Luke A. Barefoot, Esq., at Cleary GottliebSteen & Hamilton LLP serve as OSG's Chapter 11 counsel. Derek C.Abbott, Esq., Daniel B. Butz, Esq., and William M. Alleman, Jr.,at Morris, Nichols, Arsht & Tunnell LLP, serve as local counsel.Chilmark Partners LLC serves as financial adviser. KurtzmanCarson Consultants LLC is the claims and notice agent.The Export-Import Bank of China, owed $312 million used for theconstruction of five tankers, is represented by Louis R. Strubeck,Jr., Esq., and Kristian W. Gluck, Esq., at Fulbright & JaworskiLLP in Dallas; David L. Barrack, Esq., and Beret Flom, Esq., atFulbright & Jaworski in New York; and John Knight, Esq., andChristopher Samis, Esq., at Richards Layton & Finger PA. ChilmarkPartners, LLC serves as financial and restructuring advisor.Akin Gump Strauss Hauer & Feld LLP, and Pepper Hamilton LLP, serveas co-counsel to the official committee of unsecured creditors.FTI Consulting, Inc., is the financial advisor and Houlihan LokeyCapital, Inc., is the investment banker.OVERSEAS SHIPHOLDING: Plans to Outsource Technical Management-------------------------------------------------------------Overseas Shipholding Group, Inc. on Jan. 13 disclosed that itintends to outsource the technical management of its InternationalFlag shipping business to V.Ships, a leading third-party shipmanager. The outsourcing contract with V.Ships is subject to theapproval of the Bankruptcy Court, which will be sought today andwill be heard on February 3, 2014. The Company's U.S. Flagbusiness will continue with its current strategy and will continueto be headquartered in Tampa, FL. Customers, employees, vendorsand others involved with OSG's U.S. Flag business will see few, ifany, changes.Pursuant to a newly focused strategy, the outsourcing of technicalmanagement will provide the Company's International Flag businesswith a competitive cost structure, consistent with industry bestpractice, that will enable it to take advantage of future marketopportunities. This new strategy will include the use of a world-class third-party ship management company, V.Ships, to providetechnical management services to OSG's International Flagconventional tanker fleet. The International Flag business, whichhas a strong history of pool participation, will now utilize poolsas the principal commercial strategy for all of its vessels, andOSG intends to participate in independently managed tanker pools."The simplification of our International business will allow us torely upon the economies of scale, systems, and expertise ofleading third parties," said OSG's chief executive officer,Capt. Bob Johnston. "By outsourcing technical management andpursuing a pool strategy for all our international vessels, wewill position our international business to emerge successfullyfrom Chapter 11 with a smaller, more-concentrated fleet withoutthe need for costly systems, multiple offices and the associatedexpense. Outsourcing will allow our international management teamto focus on the strategic direction of the business as the marketrecovers by retaining key operational and commercial oversight."As we make this transition, we are committed to providing thesame high level of service to our customers and maintaining ourfocus on safety, quality and environmental compliance. Customerswill continue to be served by the same highly trained OSG crews asbefore, but under management by V.Ships, a larger organizationwith an established track record of incorporating industry bestpractices system-wide. For vendors, suppliers and others involvedwith our International Flag business, there will be a seamlesstransition as V.Ships assumes various functions. As we continueour restructuring process and emerge from Chapter 11 as astronger, more-focused business, we are confident that we will bewell positioned to succeed," concluded Capt. Johnston. About Overseas ShipholdingOverseas Shipholding Group, Inc., headquartered in New York, isone of the largest publicly traded tanker companies in the world,engaged primarily in the ocean transportation of crude oil andpetroleum products. OSG owns or operates 111 vessels thattransport oil and petroleum products throughout the world.Overseas Shipholding Group and 180 affiliates filed voluntaryChapter 11 petitions (Bankr. D. Del. Lead Case No. 12-20000) onNov. 14, 2012, disclosing $4.15 billion in assets and $2.67billion in liabilities. Greylock Partners LLC Chief ExecutiveJohn Ray serves as chief reorganization officer. James L.Bromley, Esq., and Luke A. Barefoot, Esq., at Cleary GottliebSteen & Hamilton LLP serve as OSG's Chapter 11 counsel. Derek C.Abbott, Esq., Daniel B. Butz, Esq., and William M. Alleman, Jr.,at Morris, Nichols, Arsht & Tunnell LLP, serve as local counsel.Chilmark Partners LLC serves as financial adviser. KurtzmanCarson Consultants LLC is the claims and notice agent.The Export-Import Bank of China, owed $312 million used for theconstruction of five tankers, is represented by Louis R. Strubeck,Jr., Esq., and Kristian W. Gluck, Esq., at Fulbright & JaworskiLLP in Dallas; David L. Barrack, Esq., and Beret Flom, Esq., atFulbright & Jaworski in New York; and John Knight, Esq., andChristopher Samis, Esq., at Richards Layton & Finger PA. ChilmarkPartners, LLC serves as financial and restructuring advisor.Akin Gump Strauss Hauer & Feld LLP, and Pepper Hamilton LLP, serveas co-counsel to the official committee of unsecured creditors.FTI Consulting, Inc., is the financial advisor and Houlihan LokeyCapital, Inc., is the investment banker.PICCADILLY RESTAURANTS: Hires CBRE Inc as Real Estate Broker------------------------------------------------------------Piccadilly Restaurants LLC and its debtor-affiliates seekauthorization from the Hon. Robert Summerhays of the U.S.Bankruptcy Court for the Western District of Louisiana to enterinto a commission agreement with CBRE Inc. to market real propertyof the debtors.The services that CBRE Inc. will render as real estate brokerinclude using reasonable diligent efforts to find purchasers forthe Tamarac Property.The Commission Agreement envisions paying CBRE a commission at theclosing of the sale of the Tamarac Property equal to four percentof actual sales price received by the Debtors. The commission isdue only if CBRE Inc procures a purchaser for the sale of theTamarac Property that closes during the term of the CommissionAgreement or within 45 days after the expiration of the term.The Commission Agreement grants to CBRE the exclusive right tomarket the Tamarac Property for a period of six months after theeffective date, and may be renewed by the parties.CBRE is responsible for its own administrative and out-of-pocketexpenses in connection with its efforts under the CommissionAgreement.Given the transactional nature of CBRE's engagement, CBRE will notbill the Debtors by the hour and will not keep records of timespent for professional services rendered in this Chapter 11 Case.CBRE's compensation is purely contingent on whether the TamaracProperty is sold as described above.Ken Krasnow, managing director of CBRE Inc, assured the Court thatthe firm is a "disinterested person" as the term is defined inSection 101(14) of the Bankruptcy Code and does not represent anyinterest adverse to the Debtors and their estates.CBRE Inc can be reached at: Ken Krasnow CBRE, INC. 200 E. Las Olas Boulevard, Suite 1620 Fort Lauderdale, FL 33301 Tel: (954) 331-1738 E-mail: firstname.lastname@example.com About Piccadilly RestaurantsPiccadilly Restaurants, LLC, and two affiliated entities soughtChapter 11 bankruptcy protection (Bankr. W.D. La. Case Nos.12-51127 to 12-51129) on Sept. 11, 2012. The affiliates arePiccadilly Food Service, LLC, and Piccadilly Investments LLC.Piccadilly Restaurants, LLC, headquartered in Baton Rouge,Louisiana, is the largest cafeteria-style restaurant in the UnitedStates, with operations in 10 states in the Southeast and Mid-Atlantic regions. It is wholly owned by Piccadilly Investments,LLC. Piccadilly operates an institutional foodservice divisionthrough a wholly owned subsidiary, Piccadilly Food Service, LLC,servicing schools and other organizations. With a history datingback to 1944, the Company operates 81 restaurants at three ownedand 78 leased locations.Then known as Piccadilly Cafeterias, Inc., the Company filed forChapter 11 relief (Bankr. S.D. Fla. Case No. 03-27976) on Oct. 29,2003. Paul Steven Singerman, Esq., and Jordi Guso, Esq., atBerger Singerman, P.A., represented the Debtor in the case. AfterPiccadilly declared bankruptcy under Chapter 11, but before itsplan was submitted to the Bankruptcy Court for the SouthernDistrict of Florida, the Bankruptcy Court authorized Piccadilly tosell its assets to Yucaipa Cos., for about $80 million. InOctober 2004, the Bankruptcy Court confirmed the plan.Judge Robert Summerhays oversees the 2012 cases. Attorneys atJones, Walker. Waechter, Poitevent, Carrere & Denegre, LLP,represent the Debtors in their restructuring efforts. BMC Group,Inc., serves as claims agent, noticing agent and balloting agent.In its schedules, the Debtor disclosed $34,952,780 in assets and$32,000,929 in liabilities.Jeffrey L. Cornish serves as the Debtors' consultant.Postlethwaite & Netterville, PAC, serve as their independentauditors, accountants and tax consultants. GA Keen RealtyAdvisors, LLC, serve as the Debtors' special real estate advisorswhile FTI Consulting, Inc., as their financial consultants.New York-based vulture fund Atalaya Administrative LLC, in itscapacity as administrative agent for Atalaya Funding II, LP,Atalaya Special Opportunities Fund IV LP (Tranche B), and AtalayaSpecial Opportunities Fund (Cayman) IV LP (Tranche B), theDebtors' prepetition secured lender, is represented in the caseby lawyers at Carver, Darden, Koretzky, Tessier, Finn, Blossman &Areaux, L.L.C.; and Patton Boggs, LLP.Henry G. Hobbs, Jr., Acting United States Trustee for Region 5,has appointed seven members to the official committee of unsecuredcreditors in the Debtors' Chapter 11 cases. The Committee soughtand obtained Court approval to employ Frederick L. Bunol, Esq.,and Albert J. Derbes, IV, Esq., of Derbes Law Firm, LLC., asattorneys. Greenberg Traurig LLP also serves as counsel for theCommittee while Protiviti Inc. serves as financial advisor.PICCADILLY RESTAURANTS: Atalaya Successfully Blocks FTI Hiring--------------------------------------------------------------The Hon. Robert Summerhays of the U.S. Bankruptcy Court for theWestern District of Louisiana denied Piccadilly Restaurants, LLC,et al.'s application to continue and expand FTI Consulting, Inc.'sscope of employment as financial consultants for a period fromDec. 5, 2013 through plan confirmation.Atalaya Administrative LLC -- in its capacity as administrativeagent for Atalaya Special Opportunities Fund IV LP, the post-petition lenders to Piccadilly Restaurants, LLC, Piccadilly FoodService, LLC and Piccadilly Investments, LLC -- says the Debtorshave no further availability under the DIP Financing and are notgenerating sufficient cash flow to satisfy administrativeexpenses. The Debtors are significantly behind in payments toprofessionals, having accrued unpaid fees of at least $700,000.Layering on $75,000 per month to pay FTI Consulting for work thatis either unnecessary or should be accomplished at a fraction ofthe costs internally is not a prudent business decision. AtalayaAdministrative does not consent to any use of cash collateral orDIP Financing funds to pay FTI Consulting going forward.Accordingly, there are no funds available to pay FTI Consulting.According to the Debtors, FTI Consulting was to: (a) develop an understanding of the businesses' current financial situation and the short and long term objectives; (b) review and assist in updating individual location profitability analyses; (c) work with the Debtors on 13-week forecasts and long term budget with specific focus on cash management and reporting and documentation as necessary; (d) assist the Debtors with various initiatives and analyses required by the restructuring process including identification and review of strategic options, reviews related to the plan confirmation process, and the assessment of current working capital control procedures; and (e) assist the Debtors in the preparation of financial information for distribution to the lenders and other stakeholders, including, but not limited to: cash flow projections and budgets; long term planning support packages; and cash sufficiency analyses.As in the Original Engagement Contract, The Debtors agreed to payFTI Consulting a fixed monthly fee of $75,000 through the extendedterms of the engagement.Attorney for Atalaya Administrative can be reached at: Brent R. McIlwain, Esq. HOLLAND & KNIGHT, LLP 300 Crescent Court, Suite 1100 Dallas, TX 75201 Tel: (214) 964-9481 E-mail: email@example.com About Piccadilly RestaurantsPiccadilly Restaurants, LLC, and two affiliated entities soughtChapter 11 bankruptcy protection (Bankr. W.D. La. Case Nos.12-51127 to 12-51129) on Sept. 11, 2012. The affiliates arePiccadilly Food Service, LLC, and Piccadilly Investments LLC.Piccadilly Restaurants, LLC, headquartered in Baton Rouge,Louisiana, is the largest cafeteria-style restaurant in the UnitedStates, with operations in 10 states in the Southeast and Mid-Atlantic regions. It is wholly owned by Piccadilly Investments,LLC. Piccadilly operates an institutional foodservice divisionthrough a wholly owned subsidiary, Piccadilly Food Service, LLC,servicing schools and other organizations. With a history datingback to 1944, the Company operates 81 restaurants at three ownedand 78 leased locations.Then known as Piccadilly Cafeterias, Inc., the Company filed forChapter 11 relief (Bankr. S.D. Fla. Case No. 03-27976) on Oct. 29,2003. Paul Steven Singerman, Esq., and Jordi Guso, Esq., atBerger Singerman, P.A., represented the Debtor in the case. AfterPiccadilly declared bankruptcy under Chapter 11, but before itsplan was submitted to the Bankruptcy Court for the SouthernDistrict of Florida, the Bankruptcy Court authorized Piccadilly tosell its assets to Yucaipa Cos., for about $80 million. InOctober 2004, the Bankruptcy Court confirmed the plan.Judge Robert Summerhays oversees the 2012 cases. Attorneys atJones, Walker. Waechter, Poitevent, Carrere & Denegre, LLP,represent the Debtors in their restructuring efforts. BMC Group,Inc., serves as claims agent, noticing agent and balloting agent.In its schedules, the Debtor disclosed $34,952,780 in assets and$32,000,929 in liabilities.Jeffrey L. Cornish serves as the Debtors' consultant.Postlethwaite & Netterville, PAC, serve as their independentauditors, accountants and tax consultants. GA Keen RealtyAdvisors, LLC, serve as the Debtors' special real estate advisorswhile FTI Consulting, Inc., as their financial consultants.New York-based vulture fund Atalaya Administrative LLC, in itscapacity as administrative agent for Atalaya Funding II, LP,Atalaya Special Opportunities Fund IV LP (Tranche B), and AtalayaSpecial Opportunities Fund (Cayman) IV LP (Tranche B), theDebtors' prepetition secured lender, is represented in the caseby lawyers at Carver, Darden, Koretzky, Tessier, Finn, Blossman &Areaux, L.L.C.; and Patton Boggs, LLP.Henry G. Hobbs, Jr., Acting United States Trustee for Region 5,has appointed seven members to the official committee of unsecuredcreditors in the Debtors' Chapter 11 cases. The Committee soughtand obtained Court approval to employ Frederick L. Bunol, Esq.,and Albert J. Derbes, IV, Esq., of Derbes Law Firm, LLC., asattorneys. Greenberg Traurig LLP also serves as counsel for theCommittee while Protiviti Inc. serves as financial advisor.PLY GEM: Moody's Rates New $380MM Sr. Unsecured Notes 'B2'----------------------------------------------------------Moody's Investors Service assigned Ply Gem Industries, Inc.'sproposed $380 million senior secured term loan a B2 rating andproposed $550 million senior unsecured notes a Caa1 rating.Concurrently, Moody's affirmed the company's existing ratingsincluding its B3 Corporate Family Rating and B3-PD Probability ofDefault Rating. Also, Moody's raised the company's Speculative-Grade Liquidity ("SGL") Assessment to SGL-2 from SGL-3 andmaintained a positive rating outlook.Proceeds from the proposed $380 million term loan due 2021 and$550 million unsecured notes due 2022 along with cash on hand areexpected to be applied towards refinancing Ply Gem's existing debtsecurities including its $756 million 8.25% senior secured notesdue 2018 and $96 million 9.375% senior unsecured notes.Despite higher initial debt leverage, the transaction is creditpositive as the company will lower its cost of capital whilepushing out its maturity schedule.The following rating actions were taken (LGD point estimates aresubject to change and all ratings are subject to the execution ofthe transaction as currently proposed and Moody's review of finaldocumentation): Corporate Family Rating, affirmed at B3; Probability of Default Rating, affirmed at B3-PD; $380 million senior secured term loan due 2021, assigned B2 (LGD3, 33%); $550 million senior unsecured notes due 2022, assigned Caa1 (LGD5, 78%); Speculative-Grade Liquidity Assessment, upgraded to SGL-2 from SGL-3; Rating outlook remains positive.If the transaction closes as currently proposed, Moody's willwithdraw the ratings on the company's existing senior securednotes due 2018 and senior unsecured notes due 2017.Ratings RationalePly Gem's B3 Corporate Family Rating reflects its high adjusteddebt leverage that pro forma for this transaction is expected toincrease to 7.4x from 6.9x at 9/28/2013. Moreover, the ratingsreflect the company's aggressive balance sheet management andacquisitive nature. Ply Gem's customer concentration is of concernas well because top 10 customers represent 46% of total revenues.At the same time, Ply Gem's B3 Corporate Family Rating reflectsthe expected improvement in the company's credit metrics over thenext two years as the company continues to benefit from the robustgrowth in its end markets (repair and remodeling and new homeconstruction) and lower cost of capital. Adjusted debt leverage isanticipated to decline to around 5x and adjusted EBITA to interestexpense to increase to about 2.4x by the end of 2015 absent anydebt financed acquisitions and/or shareholder friendly activities.ABL facility availability and the lack of near-term debtmaturities provide some offset to the company's high debt leveragemetrics. The company's strong market position in both of its endmarkets - "siding, fencing, and stone" and "windows and doors" -benefits the rating.The upgrade of the SGL rating to SGL-2 from SGL-3 indicatesimprovement in the company's liquidity profile to "good" from"adequate." The SGL rating takes into consideration internalliquidity, external liquidity, covenant compliance and alternatesources of liquidity. By the end of 2014, Ply-Gem's free cash flowis expected to be positive. Additionally, Moody's projects thecompany to have no advances outstanding under its $250 million ABLfacility due 2018.The positive rating outlook reflects Moody's expectation for animprovement in Ply Gem's credit metrics as the company's endmarkets continue to expand.The ratings could be upgraded if debt to EBITDA declines below 5.5times and/or EBITA to interest expense is sustained above 2.0times (all ratios incorporate Moody's standard adjustments). Inaddition, the ratings would benefit from consistent positive cashflow generation.The outlook could reverse back to stable if the company is unableto reduce its debt leverage below 6x by the end of 2015.Additionally, deteriorating liquidity profile and/or interestcoverage as measured by EBITA to interest expense below 1x couldresult in a downgrade. Further, if debt/EBITDA is sustained above7x then ratings could be downgraded.The principal methodology used in this rating was the GlobalManufacturing Industry published in December 2010. Othermethodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEApublished in June 2009.Ply Gem Industries, Inc. is a leading manufacturer of exteriorbuilding products in North America. The company's core productsare vinyl siding, windows, patio doors, and stone veneer, servingboth the new construction and repair and remodeling end markets.Ply Gem is a public company and trades on NYSE under the symbolPGEM. CI Capital Partners LLC purchased the company in 2004 andtogether with management have a majority ownership. Revenues forthe 12 months ended Sept. 28, 2013 totaled about $1.3 billion.PROWLER ACQUISITION: Moody's Assigns 'B3' Corp. Family Rating-------------------------------------------------------------Moody's Investors Service assigned first-time ratings to ProwlerAcquistion Corp., a holding company that wholly-owns PipelineSupply & Service, LLC. Moody's assigned Prowler a B3 CorporateFamily Rating (CFR), a B3-PD Probability of Default Rating, a B2rating to its proposed $245 million first lien term loan facility,consisting of a $40 million revolving credit facility and $205million first lien term loan, a Caa2 rating to its proposed $65million second lien term loan facility, and a SGL-2 SpeculativeGrade Liquidity rating. The outlook is positive.Proceeds from the term loan facilities will be used primarily tofinance PSS's acquisition of Industrial Air Tool, L.P. (IAT), withthe remainder used to refinance existing debt and pay fees andexpenses. The assigned ratings assume this transaction occurs asexpected and are subject to review of final documents and terms."While Prowler's ratings are constrained by the company's fairlysmall size and scale, with exposure to energy cyclicality, itsratings and positive outlook benefit from the company's gooddiversification across the energy value chain, long-standingcustomer and supplier relationships and healthy margins comparedto peers," commented Gretchen French, Moody's Vice President.Assignments: Issuer: Prowler Acquisition Corp. Corporate Family Rating, Assigned B3 Probability of Default Rating, Assigned B3-PD Speculative Grade Liquidity Rating, Assigned SGL-2 Senior Secured First Lien Term Loan Facility, Assigned B2 (LGD 3, 38%) Senior Secured Second Lien Term Loan Facility, Assigned Caa2 (LGD 5, 88%)RATINGS RATIONALEProwler's B3 CFR reflects the company's small revenue and assetbase and the company's exposure to the cyclical energy sector.Prowler has weak asset coverage of debt and will need to reduceelevated debt balances in order to better withstand energyindustry cyclicality and support a higher CFR. The B3 rating alsoconsiders Prowler's limited track record at its current size andconfiguration.Prowler's B3 CFR is supported by its counter cyclical workingcapital cycle, favorable margins compared to a number of rateddistributors, diversification across the energy value chain, andour positive outlook for midstream and upstream offshore activitylevels over the next 12-18 months. Moreover, the company has longestablished customer and supplier relationships and hasconsiderable revenue exposure to MRO (maintenance, repair andoverhaul) activity that should help to provide a degree ofstability to its revenue through the cycle.Prowler's liquidity is good (SGL-2), supported by its pro formaprojected free cash flow generation, undrawn credit facility, goodheadroom under springing and incurrence-based covenants of itsproposed credit facilities, and no near-term debt maturities. Fullavailability under its $40 million revolving credit facility willbe sufficient to meet any potential cash shortfalls to coverworking capital requirements and larger than anticipated capitalexpenditures. However, alternate liquidity options are constrainedsince the company's assets are fully encumbered to secure its bankcredit facilities.The B2 rating on the $205 million first lien term loan and $40million revolver reflect both the overall probability of defaultof Prowler, to which Moody's assigns a PDR of B3-PD, and a lossgiven default of LGD 3 (38%). The Caa2 rating on the $65 millionsecond lien term loan reflects a PDR of B3-PD with a loss givendefault of LGD 5 (88%). The first lien term loan, revolver, andsecond lien term loan are guaranteed by all subsidiaries on asenior secured basis with the second lien term loan beingguaranteed on a secondary basis. The credit facilities alsobenefit from a downstream guarantee from Prowler IntermediateCorp. The size of potential first priority claims relative tosecond priority results in the first lien term loan and revolverbeing notched above the CFR and the second lien being two notchesbelow the CFR under Moody's Loss Given Default Methodology.The positive rating outlook reflects the expectation that Prowlerwill use free cash flow for debt reduction over the next 12-18months, resulting in credit metrics that are more supportive of aB2 CFR.The ratings could be upgraded if the company is successful inreducing debt balances sufficiently such that debt/EBITDA can besustained below 4.5x.The ratings could be downgraded if Prowler's operating performancematerially falls below expectation, resulting in debt/EBITDArising above 6x. The ratings could also be downgraded if liquiditywere to deteriorate.The principal methodology used in this rating was the GlobalDistribution & Supply Chain Services published in November 2011.Other methodologies used include Loss Given Default forSpeculative-Grade Non-Financial Companies in the U.S., Canada andEMEA published in June 2009.Prowler Acquistion Corp. is a distributor of products primarily tothe midstream, upstream offshore, and downstream energy sectors.Prowler is majority owned by Broad Street Energy Partners, anaffiliate of Goldman Sachs Merchant Banking, with a minority stakeheld by members of the management of the company.RIH ACQUISITIONS: Atlantic Club to Make Donations In Lieu of Taxes------------------------------------------------------------------RIH Acquisitions NJ, LLC, d/b/a The Atlantic Club Casino Hotel,and RIH Propco NJ, LLC, seek authority from the U.S. BankruptcyCourt for the District of New Jersey to donate investmentalternative tax payments to the Casino Reinvestment DevelopmentAuthority, a New Jersey state governmental agency, in exchange fora cash credit.According to the Debtors' counsel, Michael D. Sirota, Esq., atCole, Schotz, Meisel, Forman & Leonard, P.A., A ProfessionalCorporation, in Hackensack, New Jersey, pursuant to certain NewJersey law, a casino licensee, such as RIH Acquisitions, maysatisfy its investment alternative tax obligations by making adonation to an eligible project, facility or program if CRDA soapproves. RIH Acquisitions intends to utilize the cash credit itreceives to satisfy its final regulatory fee obligations,including any investment alternative tax payments the Debtorcurrently owes and will owe related to its operation of theAtlantic Club Casino through Jan. 13, 2014.The Debtors are also represented by Warren A. Usatine, Esq., RyanT. Jareck, Esq., and Nicholas B. Vislocky, Esq., at COLE, SCHOTZ,MEISEL, FORMAN & LEONARD, P.A., A Professional Corporation, inHackensack, New Jersey. About RIH AcquisitionsRIH Acquisitions NJ LLC, doing business as the Atlantic ClubCasino Hotel in Atlantic City, New Jersey, filed a Chapter 11petition (Bankr. D.N.J. Case No. 13-34483) on Nov. 6, 2013, inCamden, New Jersey, designed to sell the property in the nearterm.The Debtors are represented by Michael D. Sirota, Esq., and WarrenA. Ustaine, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A.,in Hackensack, New Jersey; and Paul V. Shalhoub, Esq., at WillkieFarr & Gallagher LLP, in New York. Duane Morris, LLP, serves asthe Debtors' special gaming regulatory counsel.Imperial Capital, LLC, serves as financial advisor and investmentbanker to the Debtors, while Mercer (US) Inc. serves ascompensation consultant. Kurtzman Carson Consultants LLC is theDebtors' claims and noticing agent.Northlight Financial LLC, as DIP Lender, is represented by HarlanW. Robins, Esq., at Dickinson Wright PLLC, in Columbus, Ohio;Kristi A. Katsma, Esq., at Dickinson Wright PLLC, in Detroit,Michigan; and Bruce Buechler, Esq., and Kenneth A. Rosen, Esq., atLowenstein Sandler LLP, in Roseland, New Jersey.Financing for the Chapter 11 reorganization is being provided byNorthlight Financial LLC.RITE AID: Files Form 10-Q, Posts $71.5 Million Net Income in Q3---------------------------------------------------------------Rite Aid Corporation filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q disclosing net incomeof $71.54 million on $6.35 billion of revenues for the 13-weekperiod ended Nov. 30, 2013, as compared with net income of $61.87million on $6.23 billion of revenues for the 13-week period endedDec. 1, 2012.For the 39-week period ended Nov. 30, 2013, the Company reportednet income of $194.03 million on $18.92 billion of revenues ascompared with a net loss of $4.98 million on $18.93 billion ofrevenues for the 39-week period ended Dec. 1, 2012As of Nov. 30, 2013, the Company had $7.13 billion in totalassets, $9.36 billion in total liabilities and a $2.22 billiontotal stockholders' deficit.A copy of the Form 10-Q is available for free at: http://is.gd/h53rFE About Rite Aid Corp.Drugstore chain Rite Aid Corporation (NYSE: RAD) --http://www.riteaid.com/-- based in Camp Hill, Pennsylvania, is one of the nation's leading drugstore chains with 4,626 stores in31 states and the District of Columbia.Rite Aid disclosed net income of $118.10 million on $25.39 billionof revenue for the year ended March 2, 2013, as compared with anet loss of $368.57 million on $26.12 billion of revenue for theyear ended March 2, 2012. * * *As reported by the TCR on March 1, 2013, Moody's Investors Serviceupgraded Rite Aid Corporation's Corporate Family Rating to B3 fromCaa1 and Probability of Default Rating to B3-PD from Caa1-PD. Atthe same time, the Speculative Grade Liquidity rating was revisedto SGL-2 from SGL-3. This rating action concludes the review forupgrade initiated on Feb. 4, 2013.Rite Aid carries a 'B-' corporate credit rating from Standard &Poor's Ratings Services.SANDRIDGE ENERGY: S&P Affirms 'B' Corp. Credit Rating on Sale Plan------------------------------------------------------------------Standard & Poor's Ratings Services said it affirmed its 'B'corporate credit rating on Oklahoma City-based SandRidge EnergyInc. and its 'B-' issue rating on the company's $3.2 billion ofsenior unsecured notes. The outlook is stable.The affirmation follows the announcement that SandRidge plans tosell Gulf of Mexico shelf and Gulf Coast properties forapproximately $750 million and plus the assumption of $370 millionof abandonment liabilities to privately held Fieldwood Energy LLC.The transaction materially reduces the company's production andcash flow and increases its geographic concentration in the Mid-Continent Mississippian play. S&P views operating risks relatedto onshore shale development as significantly lower than thoserelated to the Gulf of Mexico. Sale proceeds provide substantialcash that S&P expects the company to use to increase liquidity andfund development of its very sizable Mississippian acreageposition."The stable outlook reflects our expectation that SandRidge EnergyInc. will continue to aggressively grow its asset base while notmaterially increasing leverage beyond current levels," saidStandard & Poor's credit analyst Ben Tsocanos.S&P would consider lowering the rating if the company becomes moreaggressive in financing its growth with debt, such that debt toEBITDA increases to more than 5.5x, without a clear view todeleveraging.S&P would consider raising the rating if the company is able toreduce and maintain debt to EBITDA below 4x.SEARS HOLDINGS: Moody's Lowers Corp. Family Rating to 'Caa1'------------------------------------------------------------Moody's Investors Service downgraded Sears Holdings CorporateFamily Rating to Caa1 from B3. Actions on other rated debtinstruments are detailed below. The rating outlook is stable.The downgrade reflects the accelerating negative performance ofSears' domestic business with comparable sales falling 7.4% forthe quarter to date ending January 6th, 2014 compared to the prioryear. The company now expects domestic Adjusted EBITDA to declineto a range of ($80 million) to $20 million for the fourth fiscalquarter, compared with $365 million in the year prior period. Forthe full year, Sears expects domestic Adjusted EBITDA loss between$(308) million and $(408) million, as compared to $557 millionlast year. Moody's expects full year cash burn (after capitalspending, interest and pension funding) to be around $1.2 billionin 2013 and we expect Sears' cash burn to remain well above $1billion in 2014. "Operating performance for fiscal 2013 ismeaningfully weaker than our previous expectations, and we expectnegative trends in performance to persist into 2014" said Moody'sVice President Scott Tuhy. He added "While Sears noted improvedengagement metrics for its "Shop Your Way" Rewards program,Moody's remains uncertain when these improved engagement metricswill lead to stabilization of operating performance."The following ratings were downgraded:Sears Holdings Corporation Corporate Family Rating to Caa1 from B3 Probability of Default Rating to Caa1-PD from B3-PDIssuer Rating to Caa1 from B3 $1.0 billion Senior Secured First Lien Term Loan due 2018 to B1 (LGD 2, 24% from Ba3 (LGD 2,24%) Senior Secured Notes (2nd lien) due 2018 to Caa1 (LGD 4, 57%) from B3 (LGD 4, 54%)Sears Roebuck & Co Issuer Rating to Caa1 from B3The following ratings were affirmed and LGD assessments amended:Sears Holdings Corporation Speculative Grade Liquidity rating at SGL-2Sears Roebuck Acceptance Corporation Senior Unsecured Notes at Caa2 (LGD 5, 83% from LGD 5, 82%) Commercial Paper at Not PrimeRatings RationaleSears' Caa1 Corporate Family Rating reflects the company'ssignificant weakness in operating performance evidenced by itslarge operating losses and its sizable cash burn after interest,capital expenditures, and required domestic pension fundingcontributions. The rating also considers our view that theviability of Kmart (which represented around 41% of domestic salesin its latest fiscal year), is uncertain given its continuedchallenges as evidenced by its meaningful operating losses andmarket share erosion. The company continues to also see meaningfulnegative trends at its Sears Domestic business, with falling salesacross multiple key product categories in the latest quarter. TheCaa1 rating considers the company's good liquidity position,primarily reflecting the company's unencumbered real estate, itsownership of well known consumer brands such as Lands' End,Kenmore and Craftsman, and the value of its 51% interest in SearsCanada. Sears also has $1.0 billion of cash and $2.3 billion inavailability under its revolving credit facilities ($1.8 billionunder its domestic facility and $0.5 billion under the SearsCanada facility, prior to taking into consideration possiblereserves) as of January 4th, 2014. The ratings also reflect thelack of any near dated debt maturities until the April 2016maturity of its domestic asset based revolving credit facility andthe 2018 maturity of its senior secured term loan and 2nd liennotes.The stable rating outlook considers the company's still meaningfullevel of unencumbered assets and its access to its domestic assetbased revolving credit facility (availability of $1.8 billionunder its domestic facility as of January 4, 2014). The company'sdomestic credit facility also permits it to issue up to anadditional $760 million in second lien indebtedness. The companyhas shown the ability to realize asset values to improveliquidity, such as through the sale of real estate and dividendsreceived from 51% owned Sears Canada. "We expect the company willcontinue to look to monetize assets as necessary to fund itscontinued cash burn," Moody's said.Ratings could be upgraded if the company demonstratedstabilization of sales and improved operating margins, evidencingsuccessful results of its efforts to transform its business.Ratings could be upgraded if cash flows approaches break-evenlevels and interest coverage (EBITDA-Cap Ex to Interest)approaches 1 times, while maintaining a good overall liquidityposition.Ratings could be downgraded if the company's liquidity were tobecome more constrained, the company's unencumbered asset basewere to erode, or the probability of default were to otherwiseincrease.Sears Holdings Corporation is the parent company of KmartCorporation and Sears, Roebuck and Co. The company also owns a 51%stake in Sears Canada. LTM revenues are approximately $38 billion.As of November 2, 2013, the company operated over 2,000 Sears andKmart stores in the United Sates and, through its 51% ownedconsolidated subsidiary Sears Canada, 456 stores in Canada.SEVEN COUNTIES SERVICES: Nunc Pro Tunc Hiring of Deming Denied--------------------------------------------------------------Bankruptcy Judge Joan A. Lloyd denied the request of SevenCounties Services Inc., to retroactively approve the employment ofDeming, Malone, Livesay & Ostroff CPAs to the Chapter 11 petitiondate pursuant to 11 U.S.C. Sec. 327(a) and 328(a).The United States Trustee for Kentucky and Tennessee, Samuel K.Crocker, objected to the request, as reported by the TroubledCompany Reporter on Nov. 21, 2013.Initially, the Debtor sought to have DMLO approved as an "ordinarycourse" professional pursuant to 11 U.S.C. Sec. 1108 to performauditing services. Following an initial hearing on the OrdinaryCourse Motion, the Court scheduled an evidentiary hearing to havethe parties present evidence as to the extent of the services tobe performed by DMLO. However, prior to that hearing, the Debtorwithdrew the Ordinary Course Motion and filed the pending Nunc ProTunc Application to Employ DMLO Pursuant to 11 U.S.C. Sec. 327(a)because counsel subsequently learned that DMLO prepares taxreturns on behalf of the Debtor, in addition to its auditingservices. The Debtor disclosed in that Motion that it hadincluded an $8,340 check to DMLO for pre-petition work in its"Motion for an Order Authorizing Banks to Honor Pre-PetitionChecks" filed April 2013. The Debtor also disclosed that based onits expectation that DMLO's employment would be governed by theOrdinary Course Motion, it had paid DMLO $17,000 for servicesrendered post-petition. The Debtor claimed this post-petitioncompensation was paid to DMLO for services made in the ordinarycourse of its business and according to normal business terms.Judge Lloyd held that the Debtor cannot satisfy the requirementsof disinterestedness of DMLO under 11 U.S.C. Sec. 327 based on thefirm's receipt of post-petition payments, which were notpreviously approved by the Court. Accordingly, the Nunc Pro TuncApplication is denied.A copy of Judge Lloyd's Jan. 9, 2014 Memorandum Opinion isavailable at http://is.gd/eby3Defrom Leagle.com. About Seven CountiesSeven Counties Services Inc., a not-for-profit behavioralservices provider from Louisville, Kentucky, filed for Chapter 11protection (Bankr. W.D. Ky. Case No. 13-31442) on April 4, 2013.The agency generates more than $100 million a year in revenue andemploys a staff of 1,400 providing services at 21 locations and120 schools and community centers.The petition was signed by Anthony M. Zipple as president/CEO.The Debtor scheduled assets of $45,603,716 and scheduledliabilities of $232,598,880. Seiller Waterman LLC serves as theDebtor's counsel. Judge Joan A. Lloyd presides over the case.Bingham Greenebaum Doll LLP and Wyatt, Tarrant & Combs LLP havebeen retained by the Debtor as special counsel. Hall, Render,Killian, Heath & Lyman, PLLC, is special counsel to represent andadvise it in the implementation of its new software system.Peritus Public Relations, LLC, has been tapped to provide publicrelations and public affairs support in Kentucky.SOPA SQUARE: Falls Into Interim Receivership--------------------------------------------Ragnar Haagen, writing for CASTANET.net, reports that courtdocuments filed in BC Supreme Court on Dec. 30 show the SOPASquare, a shopping project in South Pandosy, western Canada, hasfallen into interim receivership, with current tenants being toldthe project must find a buyer by the end of the month.As of Jan. 8, only one shop is open for business. Silent NoiseJewellery opened its door on Dec. 8 of last year and owner GadiNussen says he received an unwelcome surprise a few weeks later,according to the report.The report notes that on Dec. 31, a man from Ernst & Young Inc.,named as interim receiver walked through the doors and told Nussenthe project had 30 days to find a buyer.Mr. Nussen, the report relates, believes the problems stem frompoor management, and too many people involved in the buildingprocess.SOUNDVIEW ELITE: Stuarts Walker Employment Has Limited Approval---------------------------------------------------------------The Hon. Robert E. Gerber of the U.S. Bankruptcy Court for theSouthern District of New York has authorized Soundview Elite,Ltd., and its debtor-affiliates to employ Stuarts Walker Hersantas special counsel, nunc pro tunc to the Sept. 24, 2013 petitiondate through Nov. 21, 2013.The Debtors require Stuarts Walker to: (a) assist and advise the Debtors and Debtors' proposed counsel, Porzio, Bromberg & Newman, P.C. relative to the proceedings before the Grand Court of the Cayman Islands; (b) appear before the Grand Court of the Cayman Islands as Porzio and the Debtors deem necessary and appropriate; (c) perform all other necessary litigation services requested or required by the Debtors in these cases as related to the Cayman Islands proceedings; and (d) assist and advise the Debtors and Debtors' proposed counsel Porzio in connection with Cayman Islands law issues arising in these chapter 11 cases.Pasig Ltd. objected to the engagement, saying the StuartsRetention Motion should be denied because the Debtors' proposedretention of counsel to represent the Debtors in the Grand Courtis not in the best interest of the estates and the Debtors havefailed to establish urgency for its approval at this time. Infact, as a result of the appointment of the Joint OfficialLiquidators, the Debtors lack standing to appear in the GrandCourt and the retention of Stuarts is merely a waste of estateassets to the detriment of stakeholders. The Debtors are beingwound up pursuant to Cayman Companies Law (2012 Revision) by orderof the Grand Court which appointed the Joint Official Liquidatorsin September 2013. A Cayman official liquidator serves as acourt-appointed, independent fiduciary under Cayman law acting asthe Debtors' governance consistent with the approval by the CaymanIsland Monetary Authority.Peter Anderson and Matthew Wright, as Joint Official Liquidatorsof the Debtors, said that under the Companies Law, which the JointOfficial Liquidators cited to and attached to their previousfilings, the Joint Official Liquidators are the only party withauthority to act on behalf of the Debtors in the Cayman Islands.To allow officers and directors to retain Stuarts Walker to appearand purport to act on behalf of the Limited Debtors in front ofthe Grand Court is a direct challenge to the sovereignty andauthority of the Grand Court, and ignores the long-establishedprinciples of international comity.As a result of the objections filed, and with respect to theapplication to retain the Stuarts Firm, the Debtors modified theirrequest as follows: (a) requested approval of the retention of the Stuarts Firm as Special Cayman Islands counsel to the Debtors only for the period of the Petition Date through Nov. 21, 2013, the date of the hearing on the firm's employment application. (b) denied, without prejudice, any continued retention of the Stuarts Firm from the date of the hearing.Attorney for Pasig Ltd. can be reached at: Andrew K. Glenn, Esq. KASOWITZ, BENSON, TORRES & FRIEDMAN LLP 1633 Broadway New York, NY 10019 Tel: (212) 506-1700 Fax: (212) 506-1800 E-mail: email@example.com About Soundview EliteSix mutual funds originally created by Citco Group of Cos.,including Soundview Elite Ltd., filed petitions for Chapter 11protection on Sept. 24, 2013, in Manhattan to avoid undergoingbankruptcy liquidation in the Cayman Islands, where they areincorporated.The funds are Soundview Elite (Bankr. S.D.N.Y. Case No. 13-13098)Soundview Premium, Ltd. (Case No. 13-13099); Soundview Star Ltd.(Case No. 13-13101); Elite Designated (Case No. 13-13102); PremiumDesignated (Case No. 13-13103); and Star Designated (Case No.13-13104). The petitions were signed by Floyd Saunders ascorporate secretary.SoundView Elite Ltd. and two similarly named funds were the targetof a winding-up petitions in the Cayman Islands filed in August byCitco, which had sold its interest in the funds' manager yearsbefore. An investor, who was removed from the funds' board inJune, filed a different winding-up petition in August, aimed atthree funds created later to hold illiquid assets.Soundview Elite estimated assets and debts of at least $10million. The funds said in a court filing their total cash assetsof about $20 million are held in the U.S., where the funds aremanaged. Court papers list the funds' total assets as $52.8million, against debt totaling $28 million.Porzio, Bromberg & Newman, PC, serves as the Debtors' counsel.CohnReznick LLP serves as financial advisor.Judge Robert E. Gerber presides over the case.Attorney for Peter Anderson and Matthew Wright, as Joint OfficialLiquidators of the Debtors, can be reached at: Gary S. Lee, Esq. MORRISON & FOERSTER LLP 1290 Avenue of the Americas New York, NY 10104 Tel: (212) 468-8000 Fax: (212) 468-7900Tracy Hope Davis, U.S. Trustee for Region 2, and creditor PasigLtd. have asked the U.S. Bankruptcy Court to enter an orderdirecting the appointment of a Chapter 11 trustee in the Debtors'cases. Creditors Richcourt Allweather Fund Inc, Optima AbsoluteReturn Fund, Ltd., and America Alternative Investments Inc. haveasked the U.S. Court to dismiss the Chapter 11 cases, or appointone or more Chapter 11 or Chapter 7 trustee for the Debtors'estates.SOUTH FLORIDA SOD: Court Okays Hiring of Campbell Law as Counsel----------------------------------------------------------------South Florida Sod, Inc. sought and obtained permission from theU.S. Bankruptcy Court for the Middle District of Florida to employRichard D. Campbell and Campbell Law Firm, LLC as special counselfor the Debtor.Campbell Law will represent the Debtor in state court litigationwith Gillia AG & Timber, Inc.The Debtor filed suit in the Superior Court of Wheeler County,Georgia against Gillia AG & Timber, Inc. in 2012. The suit waspending on the petition date. In the Complaint, the Debtoralleges that it was damaged when Gillia AG breached a timber leasebetween the parties. The timber lease covered the Debtors acreagein Wheeler County, Georgia. The Debtor wished to retain CampbellLaw to continue to serve as local Georgia counsel in its actionfor damages against. Gillia AG.Richard D. Campbell, attorney with Campbell Law, 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.Campbell Law can be reached at: Richard D. Campbell, Esq. CAMPBELL LAW FIRM, LLC 47 W. Church Street Elberton, GA 30635 Tel: (706) 283-5000 Fax: (706) 283-7955 E-mail: email@example.com About South Florida SodSouth Florida Sod Inc., a sod farmer, owns multiple parcels ofrural real estate in Florida, Georgia, Michigan and Montana. TheDebtor uses these parcels in its sod, hay, cattle, timber,stumping and hunting operations.The Company filed for Chapter 11 protection (Bankr. M.D. Fla. CaseNo. 13-08466) on July 9, 2013, in Orlando, Florida.The Debtor estimated at least $10 million in assets andliabilities. The company owns 13 properties in Florida and threeother states. The company intends on selling a 5,777-acreproperty in Sarasota County, Florida, with a claimed value of$20 million or more. Secured debt totals $23.5 million, notincluding a $1.6 million judgment.Latham Shuker Eden & Beaudine, LLP, originally represented theDebtor as counsel. Latham Shuker was later replaced by Frank M.Wolff, Esq., at Wolff, Hill, McFarlin & Herron, P.A. JonathanStidham, Esq., at Stidham & Stidham, P.A., serves as specialcounsel to the Debtor.South Florida Sod also tapped Daniel Dempsey as its financialadvisor. Wallace T. Long, Jr., CPA and Lynch, Johnson & Long,CPA, serve as accountants.Orange Hammock Ranch, LLC, principal secured creditor, isrepresented by Brian A. McDowell, Esq., at Holland & Knight LLP.ST. CATHERINE'S HOSPITAL: Seeking Bids to Dispose of X-Rays, Docs-----------------------------------------------------------------Pursuant to the Order of the U.S. Bankruptcy Court for the MiddleDistrict of Pennsylvania, William G. Schwab, Trustee of St.Catherine's Hospital of Pennsylvania, LLC, has been authorized todispose of the medical records currently still in existence in thebuilding that formerly housed St. Catherine Medical Center inAshland, PA. The Trustee is seeking a proposal for the shreddingof all documents and disposal of all x-rays in the building.Contact the Chapter 7 Trustee's office, at 610-377-5200, toarrange for an inspection of the premises to determine the scopeof work to be done and time frame.St. Catherine Hospital of Pennsylvania, LLC, filed for Chapter 11bankruptcy (Bankr. M.D. Pa. Case No. 12-02073) on April 9, 2012.The case was later converted to Chapter 7.STANS ENERGY: Feb. 6 Hearing Scheduled for Arbitration Proceedings------------------------------------------------------------------Stans Energy Corp. on Jan. 10 disclosed that further to itsapplication dated November 28, 2013 for a Management Cease TradeOrder (MCTO), a temporary MCTO of the Ontario SecuritiesCommission (the Commission) was issued on December 9, 2013. ThisMCTO prohibits all trading in and all acquisitions of thesecurities of the Company, by certain insiders, until two daysafter receipt by the Commission of all the required filings asnoted in the Company's November 28, 2013 press release.Until the MCTO is lifted, Stans will comply with the alternativeinformation guidelines set out in National Policy 12-203 ? CeaseTrade Orders for Continuous Disclosure Defaults for issuers whohave failed to comply with a specified continuous disclosurerequirement within the times prescribed by applicable securitieslaws. The guidelines, among other things, require the Company toissue bi-weekly default status reports by way of a news release,and one will be forthcoming in the prescribed time frame.Rodney Irwin, Interim CEO and President, reports that the Companyis continuing to work on evaluating potential impairmentconsiderations of both exploration and evaluation costs on mineralproperties in Kyrgyzstan and on the Company's Kashka Rare EarthProcessing Facility ("KRP"). Furthermore, the review of corporaterecords to determine the date from which impairment of assetsought to have been reflected in the Company's financialstatements, continues.As reported on January 8, 2014, Anna Kuranova, Stans Energy's CFO,has submitted her resignation. A search for a new CFO has alreadycommenced.There are no significant new developments since the company'sDecember 27th press release with respect to arbitrationproceedings brought by the Company against the Government ofKyrgyzstan. A hearing is currently scheduled for February 6,2014. Stans Management continues to expect final resolution ofthe arbitration proceedings by the end of Q1 2014.The Company anticipates that it will be in a position to remedythe default by filing the Required Filings by January 28, 2014.The MCTO will be in effect until after the Required Filings arefiled. About Stans EnergyHeadquartered in Ontario, Canada, Stans Energy Corp. --http://www.stansenergy.com/-- is a resource development company focused on progressing Heavy Rare Earth (HRE) properties in areasof the Former Soviet Union. In December 2009, Stans acquired a20-year mining license for the past-producing Kutessay II rareearth mine from the Kyrgyz Republic. On May 26, 2011 Stanscompleted the purchase of the Kashka Rare Earth Processing Plant(KRP) the same plant that previously refined REEs historicallyfrom Kutessay II. The KRP was the only hard rock plant to produceall rare earth elements outside of China, producing 120 differentmetals, alloys, and oxides. For over 30 years, Kutessay IIproduced 80% of the rare earth metals for the former Soviet Union.TALON INTERNATIONAL: Obtains New $8.5MM Loan From Union Bank------------------------------------------------------------Talon International, Inc., announced that it finalized a new $8.5million credit facility agreement with Union Bank N.A. on Dec. 31,2013, consisting of a $5 million term loan and a $3.5 millionrevolving credit facility.Talon immediately used proceeds from the term loan and $1 millionof the revolving credit facility to repay in full the Company's$5.8 million of indebtedness to CVC California, LLC, that wasscheduled to mature on Jan. 12, 2014. Amounts outstanding underthe revolving credit facility mature in two years and the termloan is a fully amortized loan payable monthly over three years.Outstanding amounts bear interest at favorable market rates andthe credit facility is secured by substantially all of Talonassets."We are delighted to obtain this new credit facility from UnionBank, and particularly on attractive terms," said Lonnie Schnell,Talon's chief executive officer. "Refinancing the promissory notefrom our former preferred stockholder is the final step in ourJuly 2013 redemption of all of our preferred shares and is animportant milestone in our multi-year effort to strengthen Talon'scapital structure." In addition to refinancing the promissorynote, the credit agreement provides Talon access to additionalworking capital to fund strategic growth initiatives."Our presence in the U.S., Europe and Southeast Asia is asignificant competitive advantage that positions Talon to serveleading retailers and apparel manufacturers worldwide. Improvedaccess to working capital will enable us to leverage thisadvantage by continuing to invest in sales, marketing and newproduct development initiatives to expand and strengthen ourmarket position. With our improved financial strength andflexibility, we are positioned better than ever to deliversustained profitable growth and value to our stockholders,"concluded Schnell."Over the past several years, Talon has demonstrated a highlysuccessful turnaround," said Rudy Cedillos, vice president ofUnion Bank. "The company is now poised for new growth and thisfinancing will provide Talon the flexibility and resources itneeds to execute on its growth strategy. Union Bank is proud tosupport Talon and looks forward to a long and mutually beneficialrelationship."A copy of the Credit Agreement with Union Bank is available forfree at http://is.gd/1aPpyhAdditional information is available for free at: http://is.gd/cJufDp About Talon InternationalWoodland Hills, Cal.-based Talon International, Inc. (OTC BB:TALN) -- http://www.talonzippers.com/-- is a global supplier of apparel fasteners, trim and interlining products to manufacturersof fashion apparel, specialty retailers, mass merchandisers, brandlicensees and major retailers. Talon manufactures and distributeszippers and other fasteners under its Talon(R) brand, known as theoriginal American zipper invented in 1893. Talon also designs,manufactures, engineers, and distributes apparel trim products andspecialty waistbands under its trademark names, Talon, Tag-It andTekFit, to more than 60 apparel brands and manufacturers includingWal-Mart, Kohl's, J.C. Penney, Victoria's Secret, Tom Tailor,Abercrombie and Fitch, Polo Ralph Lauren, Phillips-Van Heusen,Reebok and Juicy Couture. Talon has offices and facilities in theUnited States, United Kingdom, Hong Kong, China, and Bangladesh.Talon International disclosed net income of $679,347 for the yearended Dec. 31, 2012, as compared with net income of $729,133during the prior year.The Company's balance sheet at Sept. 30, 2013, showed $14.23million in total assets, $17.22 million in total liabilities and a$2.98 million total stockholders' deficit.TAMARACK RESORT: Assets Being Sold Through Sheriff's Sale---------------------------------------------------------Pieces of the Tamarack Resort, a four-season mountain resort inthe Long Valley of west central Idaho, continue to be sold viasheriff's sale.These properties include certain parcels of land and units at theTamarack Resort Members Lodge Condominium, according to a Noticeof Sheriff's Sale available at http://is.gd/bgTMx4and at http://is.gd/0NkpE4The sales don't include the Tamarack Resort Village PlazaCondominium, according to the Notice at http://is.gd/iuA1MIThe sales also won't include certain parcels at Tamarack ResortPlanned Unit Development Phase 2.4, Tamarack Resort Planned UnitDevelopment Second Amended Phase 2.4, Tamarack Resort Planned UnitDevelopment Phase 3 Village, Tamarack Resort Third AmendedBelvedere Ridge Hotel Condominiums, Tamarack Resort Lake WingCondominiums, and certain equipment owned by Banc of AmericaLeasing & Capital, LLC, and the personal property subject to thesecurity interests asserted by Wells Fargo Equipment Finance,Inc., according to the Notice at http://is.gd/0NkpE4Credit Suisse has filed a Motion to Strike Wells Fargo EquipmentFinance Inc.'s Conditional Objection to Motion of Plaintiff forEntry of Judgment and Decree of Foreclosure and Order of Sale,filed on March 5, 2012. Credit Suisse and WFEF reserve all rightswith respect to any ruling by the Court on the Motion to Strike.A Judgment, Decree of Foreclosure and Order of Sale, was enteredin the in the foreclosure case, Case No. CV-2013-203C, on Jan. 2,2014.The Sheriff of Valley County, Idaho, is: Patti Bolen 219 N. Main St. Cascade, Idaho 83611Sergeant Rorie Snapp, Valley County, is the Deputy Sheriff.For more information, contact: Elizabeth W. Walker, Esq. SIDLEY AUSTIN LLP 555 West Fifth Street, Suite 4000 Los Angeles, CA 90013 Telephone: (213) 896-6000 Facsimile: (213) 896-6600 E-mail: email@example.com About Tamarack ResortTamarack Resort LLC, a golf and ski resort in Valley County,Idaho, was sent to Chapter 7 after creditors submitted aninvoluntary petition (Bankr. D. Idaho Case No. 09-03911). Thepetitioning creditors include an affiliate of Bank of AmericaCorp. owed $4.7 million.On April 9, 2010, Bankruptcy Judge Terry Myers signed an orderconverting Tamarack Resort LLC's involuntary chapter 7 case to achapter 11 reorganization.The project's 27.5% owner, VPG Investments Inc., filed for Chapter11 reorganization in 2008, only to have the petition dismissed inOctober 2008 at the request of the secured creditor, CreditSuisse, Caymans Islands Branch. VPG was controlled by Mexicanbusinessman Alfredo Miguel Afif. Credit Suisse, the agent for thesecured lenders, characterized VPG's Chapter 11 case as "a classicexample of a bad faith filing" made "solely as a litigationtactic" to stop foreclosure.In January 2011, Bankruptcy Judge Terry Myers dismissed TamarackResort's Chapter 11 protection, sending it back to state courtwhere foreclosure proceedings would eventually proceed to asheriff's sale.TRAVELPORT LIMITED: Jeff Clarke Resigns From Board--------------------------------------------------Jeff Clarke resigned from Travelport Limited's Board of Directors,as well as the Audit Committee and Compensation Committee of theBoard effective Jan. 2, 2014, to pursue other interests.Mr. Clarke has no disagreement with the Company's operations,policies or practices. About TravelportHeadquartered 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 of June 30,2013, the Company had $3.13 billion in total assets, $4.47 billionin total liabilities and a $1.34 billion total deficit. * * *In April 2013, Standard and Poor's Rating Services said that itlowered to 'CC' from 'CCC+' its long-term corporate credit ratingson U.S.-based travel services provider Travelport Holdings Ltd.and its indirect primary operating subsidiary Travelport LLC. Theoutlook is negative.According to S&P, the downgrades follow Travelport's announcementthat it has obtained agreements from all classes of debtholders,including about 96% of the 2014 noteholders, to implement itscomprehensive capital refinancing and restructuring plan. Theplan includes exchanging its holdco PIK notes into seniorsubordinated notes and equity; extending the tenor of its seniorunsecured notes due 2014 to 2016; issuing new secured loans ofabout $860 million; and exchanging its second-lien notes for newsecond-lien loans. According to S&P's criteria, it views theexchange of the PIK notes as distressed and tantamount to adefault.As part of the restructuring, Travelport will exchange $25 millionof the principal of the tranche A PIK notes for seniorsubordinated notes for a consent fee of 50 basis points. It willexchange the remaining tranche A and tranche B PIK notes of about$478 million for equity. In S&P's opinion, this will result inloanholders accepting less than they were originally promised.S&P believes that loanholders have accepted the offer because ofthe perceived risk that Travelport may not fulfill its originalobligations. In S&P's view, the offer is distressed rather thanopportunistic because there is a real possibility of aconventional default over the short term (S&P sees a risk thatthe group could fail to refinance the $752 million 2014 debtmaturities or file for bankruptcy).Meanwhile, Moody's Investors service assigned a Caa2 rating to theproposed US$630 million second-lien term loan (tranche 1) to beissued by Travelport LLC as part of its comprehensive debtrestructuring announced on March 12.TRONOX INC: Anadarko Files Brief on Kerr-McGee's Offset Claim-------------------------------------------------------------Anadarko Petroleum Corporation disclosed that Kerr-McGeeCorporation, a wholly owned subsidiary, in response to theinstructions of the Court in the Tronox Adversary Proceeding, onJan. 13 filed a claim under Section 502(h) of the U.S. BankruptcyCode and a supporting brief regarding certain issues related tothe amount of Kerr-McGee's claim and how the Court should treatthat claim, which will be offset against an award of damages bythe Court. Kerr-McGee asserted in the Jan. 13 filing that theCourt should not dilute Kerr-McGee's claim because diluting theclaim is not allowed under Tronox's Confirmed Plan ofReorganization and is also not allowed under applicable principlesof law. Additionally, Kerr-McGee asserted that the Court in itsprovisional findings has not properly considered the amount ofKerr-McGee's offset claim, nor the related percentage of recoveryapplied to such claim."We believe the Court's approach in its provisional findings, asapplied, leads to incorrect conclusions for the calculation ofdamages and is contrary to the Court's stated view that thepurpose of the applicable law is 'remedial rather than punitive,'"said Anadarko Chairman, President and CEO Al Walker. "[Mon]day'sfiling is in direct response and in deference to the Court'sinstructions and thus is limited in scope to the appropriateamount of Kerr-McGee's offset to any award of damages. Aspreviously stated, we respect the Court, though we stronglydisagree with its Memorandum of Opinion (Opinion) issued onDec. 12, 2013, and we continue to reserve all of our objections tothe Opinion and our right to appeal." Amount of Offset ClaimIn summary, the Court's Opinion suggested that the calculation ofKerr-McGee's offset claim should be (i) the value of thetransferred assets as of Nov. 28, 2005, which was the date ofTronox's Initial Public Offering (IPO), at $14.459 billion, less(ii) the environmental and tort liabilities. The Court usedplaintiffs' 2010 post-petition unproven $4 billion estimate toaccount for the amount of environmental and tort liabilities.Using this calculation, Kerr-McGee's offset claim would be limitedto $10.459 billion.In the Jan. 13 brief, Kerr-McGee utilized the Court's frameworkfor calculating its claim and argued that the Court should use itsown specific finding of $1.757 billion stated in the Opinion todefine the amount of the environmental and tort liabilities as ofthe date of the IPO in 2005 (as opposed to the $4 billion estimatereferenced above). In its Opinion, the Court also found thatafter netting all of Tronox's available assets with all of itsliabilities, including the $1.757 billion of environmental andtort liabilities at the time of the IPO, there was a creditorshortfall of $850 million. Percentage RecoveryThe Court also suggested in its Opinion that the percentage ofrecovery to be applied to the claim could be either 89 percent or2.8 percent. The Court's explanation for suggesting 89 percent isthat the Disclosure Statement estimated recovery for UnsecuredClass 3 Creditors to be between 78 percent and 100 percent, andthe Court selected the midpoint of that range, or 89 percent. Inits Opinion, the Court also noted that the issue of whether to addback Kerr-McGee's offset claim to Class 3 was left open.Inclusion of Kerr-McGee's claim in Class 3 would result indilution of Kerr-McGee's claim by more than 97 percent (i.e., amultiplier of 2.8 percent).In the Jan. 13 brief, Kerr-McGee argued that the percentagerecovery applicable to Kerr-McGee's offset claim should bedetermined by the plain language in the Plan. Based upon thatlanguage, Kerr-McGee is entitled to the same percentage recoverythat the Class 3 general unsecured creditors actually received inthe bankruptcy, which was well over 100 percent. The briefcontends that, at the very least, Kerr-McGee is entitled to 100percent of its claim. Kerr-McGee asserted that reducing the amountof its claim to anything less than 100 percent would be contraryto the Plan and would violate fundamental bankruptcy and equitableprinciples. SummaryIn its filing on Jan. 13, Kerr-McGee has applied the Court's ownfindings as to the amount of the environmental and tortliabilities and has applied the Court's formulation fordetermining the claim, as provided in page 143 of the Court'sDec. 12, 2013 Opinion: "In this case, if the parties are to berestored to the position they held before the transfers,Defendants would be entitled to the residual value of the E&Passets after their debts, including the legacy liabilities, werepaid in full."Using the Court's prescribed framework, Kerr-McGee argued that itsoffset is $13.609 billion, resulting in net damages of $850million. Alternatively, if the Court rejects the $13.609 billionamount, Kerr-McGee asserted that its offset should be $12.702billion, resulting in net damages of $1.757 billion. These netamounts do not include any amounts plaintiffs may assert forinterest, attorneys' fees or other costs. The plaintiffs alsopreviously received substantial other assets and approximately$270 million in cash in partial satisfaction of their claimsthrough the bankruptcy, the value of which is not included in thenet amounts above.According to the Court's instructions, the plaintiffs have 30 daysfrom Jan. 13 to file a response to the 502(h) claim and brief, tofile a request for attorneys' fees and to file a proposed form ofjudgment. Kerr-McGee will then have 30 days to reply to theplaintiffs' brief and propose a counter-form of judgment. Eitherparty can request a hearing on the issues. The Tronox AdversaryProceeding is pending in the U.S. Bankruptcy Court for theSouthern District of New York, Adv. Pro. No. 09-01198 (ALG). About Tronox Inc.Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliatesfiled for Chapter 11 protection (Bankr. S.D.N.Y. Case No.09-10156) on Jan. 13, 2009, before Hon. Allan L. Gropper. RichardM. Cieri, Esq., Jonathan S. Henes, Esq., and Colin M. Adams, Esq.,at Kirkland & Ellis LLP in New York, represented the Debtors. TheDebtors also tapped Togut, Segal & Segal LLP as conflicts counsel;Rothschild Inc. as investment bankers; Alvarez & Marsal NorthAmerica LLC, as restructuring consultants; and Kurtzman CarsonConsultants served as notice and claims agent.An official committee of unsecured creditors and an officialcommittee of equity security holders were appointed in the cases.The Creditors Committee retained Paul, Weiss, Rifkind, Wharton &Garrison LLP as counsel.Until Sept. 30, 2008, Tronox was publicly traded on the NewYork Stock Exchange under the symbols TRX and TRX.B. Since then,Tronox has traded on the Over the Counter Bulletin Board under thesymbols TROX.A.PK and TROX.B.PK. As of Dec. 31, 2008, Tronoxhad 19,107,367 outstanding shares of class A common stock and22,889,431 outstanding shares of class B common stock.On Nov. 17, 2010, the Bankruptcy Court confirmed the Debtors'First Amended Joint Plan of Reorganization under Chapter 11 of theBankruptcy Code, dated Nov. 5, 2010. Under the Plan, Tronoxreorganized around its existing operating businesses, includingits facilities at Oklahoma City, Oklahoma; Hamilton, Mississippi;Henderson, Nevada; Botlek, The Netherlands and Kwinana, Australia.UNI-PIXEL INC: Delays Production of InTouch Sensors Until Q2------------------------------------------------------------UniPixel, Inc., announced that the start of the manufacturing rampfor the InTouch SensorsTM product line has been delayed until thesecond quarter of 2014.In 2013, UniPixel provided hundreds of samples and demonstrationunits to key potential customers, including the delivery of a low-volume prototype order in December although no commercialproduction orders were shipped. The scaling from lab-basedvolumes to fully-automated, roll-to-roll production of InTouchfilms has proven to take longer than initially planned.Additional automated testing and in-line measurement equipment isplanned to arrive in January, and this is expected to accelerateUniPixel's remaining process development activities. This newequipment will also serve to provide the necessary quality controland quality assurance capabilities once the company beginsmanufacturing in commercial volumes.In December, the Company completed the installation of the firstsuite of manufacturing tools and cleanroom facilities at the Kodakfacility in Rochester, NY. The installation includes platemastering equipment, two roll-to-roll printing lines and fourroll-to-roll plating lines in a world-class 100,000 sq. ft.manufacturing space. The Kodak Rochester facility, along with theexisting printing line and three additional plating lines atUniPixel's Texas facility, will serve as the foundation forUniPixel's commercial volume manufacturing efforts. The Company'sfocus in the next two quarters will be on finalizing a highlyreliable, high-volume manufacturing process to enable shipments ofcommercial volumes of InTouch Sensors in the second half of 2014.Sales development activities are on-going and continue to growwith global Tier 1 and Tier 2 OEM, ODM and module integrators forSmartphone, tablet, notebook and all-in-one product applications.UniPixel's customers have indicated that InTouch Sensors remaintheir leading choice for alternative touch solutions."Despite the recent departure of two of our senior executives, theUniPixel and Kodak teams remain confident in the market potentialfor InTouch Sensors," said Bernard Marren and Carl Yankowski,UniPixel's interim co-CEOs and co-Presidents. "Together, we arehighly focused on finalizing a highly reliable, high-volumemanufacturing process to enable shipments of commercial volumes ofInTouch Sensors Powered by Kodak." About Uni-Pixel Inc.The Woodlands, Tex.-based Uni-Pixel, Inc. (OTC BB: UNXL)-- http://www.unipixel.com/-- is a production stage company delivering its Clearly Superior(TM) Performance Engineered Filmsto the Lighting & Display, Solar and Flexible Electronics marketsegments."As of December 31, 2012, we had a cash balance of approximately$13.0 million and working capital of $12.8 million. We projectthat current cash reserves will sustain our operations through atleast December 31, 2013, and we are not aware of any trends orpotential events that are likely to adversely impact our shortterm liquidity through this term. We expect to fund ouroperations with our net product revenues from our commercialproducts, cash and cash equivalents supplemented by proceeds fromequity or debt financings, and loans or collaborative agreementswith corporate partners, each to the extent necessary," accordingto the Company's annual report for the year ended Dec. 31, 2012.Uni-Pixel incurred a net loss of $9.01 million in 2012, ascompared with a net loss of $8.56 million in 2011. As ofSept. 30, 2013, Uni-Pixel had $60.22 million in total assets,$6.50 million in total liabilities and $53.71 million intotal shareholders' equity.UNIVISION COMMUNICATIONS: Fitch Rates Proposed $1.5-Bil. Loan 'B+'------------------------------------------------------------------Fitch Ratings has assigned a 'B+/RR3' rating to UnivisionCommunications, Inc.'s (Univision) proposed senior secured termloans due March 2020. The Rating Outlook is Stable.Univision announced intention to refinance a portion of its C-1and C-2 term loans with $1.5 billion in new C-4 term loans. Allterm loans will have the same maturity. Univision is looking toprice its C-4 term loans at Libor plus 300 basis points (bps) witha 1% floor, similar to the company's C-3 tranche term loans. Thiswould translate to a 50 bps saving ($7.5 million per annum) overthe C-1/C-2 tranches price of Libor plus 325 bps with a 1.25%floor. The security package, guarantees, andcovenants/restrictions are expected to be the same as the existingterm loans. There will be no financial covenants. While themodest reduction in interest expense is favorable to the credit,the ratings remain unchanged.The ratings incorporate Fitch's positive view of the U.S. Hispanicbroadcasting industry, given anticipated continued growth innumber and spending power of the Hispanic demographic.Additionally, Univision benefits from a premier industry position,with duopoly television and radio stations in most of the topHispanic markets, with a national overlay of broadcast and cablenetworks. The company's networks garner significant market shareof Hispanic viewers and generate strong and stable ratings. Thislarge and concentrated audience provides advertisers with aneffective way to reach the growing U.S. Hispanic population.Fitch expects Hispanic population growth to mitigate the impact oflonger-term secular issues that are challenging the overall media& entertainment sector, namely, audience fragmentation and itsimpact on advertising revenue. While the Hispanic broadcasttelevision audience is not immune to these pressures, Fitchexpects that its growing total size will offset the impact of anyaudience fragmentation and drive ongoing ratings strength atUnivision's television properties. This should result in low tomid-single-digit top-line growth at the television segment.Fitch believes Univision's cost management efforts and growth inhigh-margin retransmission revenue will provide an offset to therising programing investments. Fitch expects EBITDA marginslevels in the 38% to 40% range in 2014. Long term, Fitch believespositive operating leverage from top-line growth and growth inhigh-margin retransmission revenue will drive margin improvement.Recent new entrants in the Hispanic broadcast and cable networkmarket will add to the competitive pressures facing Univision.However, Univision currently has incumbent advantage and dominantmarket presence. Fitch expects these factors, along with itspipeline of proven content from Televisa, to enable it to growamid these increasing pressures.Ratings concerns center on the highly leveraged capital structure,limited free cash flow (FCF) generation relative to total debt, aswell as the company's significant exposure to advertising revenue.As of September 2013, Fitch estimates total leverage (includingthe subordinated convertible preferred debentures due to Televisa)and secured leverage of 10.4x and 8.2x, respectively. Fitchexpects deleveraging to be driven by EBITDA growth and modestlevels of mandatory term loan amortization.Fitch regards current liquidity as adequate, particularly in lightof minimal near-term maturities. At Sept. 30, 2013, liquidityconsisted of approximately $103 million of cash, approximately$520 million available under the $550 million RCF due 2018 (net ofborrowings and letters of credit) and, $240 million availableunder the $400 million AR securitization facility (consisting of$300 million revolver and $100 million term facility).Fitch calculates 2012 FCF of approximately $70 million and latest12 month (LTM) September 2013 FCF of negative $140 million, drivenmostly be increased programming investment.Fitch estimates at Sept. 30, 2013, Univision had total debt of$10.7 billion, which consisted primarily of: -- $4.6 billion in senior secured term loans due March 2020; -- $1.2 billion 6.875% senior secured notes due 2019; -- $750 million 7.875% senior secured notes due 2020; -- $815 million 8.5% senior unsecured notes due 2021; -- $1.2 billion 6.75% senior secured notes due 2022; -- $700 million 5.125% senior secured notes due 2023; -- $1.125 billion 1.5% subordinated convertible debentures issued to Televisa, due 2025. This note is a direct obligation of the parent HoldCo, Broadcasting Media Partners, Inc., but is serviced by dividends paid by Univision.Univision's Recovery Ratings reflect Fitch's expectation that theenterprise value of the company, and thus, recovery rates for itscreditors, will be maximized in a restructuring scenario (goingconcern), rather than a liquidation. Fitch employs a 7xdistressed enterprise value multiple reflecting the company's FCClicenses in top U.S. markets. Fitch assumes a sustainable postrestructuring EBITDA of approximately $880 million. Fitchestimates the adjusted distressed enterprise valuation inrestructuring to be $6.1 billion. The 'B+' rating for the secureddebt reflects Fitch's expectations for recovery in the 51%-70%range. The 'CCC+' rating on the $815 million senior unsecurednotes reflects Fitch's expectations for 0% recovery.Negative ratings actions could occur if operating results and FCFare materially lower than Fitch's expectations (noted above).This would be contradictory to Fitch's constructive view on theSpanish language broadcasting industry and Univision's positioningwithin it, and could indicate that the company is more susceptibleto secular challenges than previously anticipated.Positive ratings actions could occur if Univision deleverssignificantly from current levels, with indications that thecompany is on target to reach 7x-9x and 5x-6x total and securedleverage targets, respectively. Fitch expects deleveraging couldoccur largely through EBITDA growth, as well as modest debtreduction.Fitch currently rates Univision as follows: -- Issuer Default Rating 'B'; -- Senior secured 'B+/RR3'; -- Senior unsecured 'CCC+/RR6'.UNIVISION COMMUNICATIONS: S&P Rates $1.5BB Loan Due 2020 'B+'-------------------------------------------------------------Standard & Poor's Ratings Services assigned New York City-basedSpanish-language TV and radio broadcaster Univision CommunicationsInc.'s proposed $1.5 billion term loan due 2020 an issue-levelrating of 'B+' (one notch above our 'B' corporate credit rating onthe company), with a recovery rating of '2', indicating S&P'sexpectation for substantial (70% to 90%) recovery for lenders inthe event of a payment default. Univision of Puerto Rico Inc. isthe co-borrower of the proposed debt.The corporate credit rating on Univision Communications Inc., theleader in U.S. Hispanic media, reflects the company's very highdebt leverage and weak interest coverage because of its 2007leveraged buyout (LBO), advertising pricing that is notcommensurate with its audience share, and weak trends in radioadvertising.S&P regards Univision's financial risk profile as "highlyleveraged," (based on its criteria), because of the company'sextremely high pro forma debt to EBITDA of about 11x as ofSept. 30, 2013. Univision's business risk profile is"satisfactory," based on its position as the market-leading U.S.-based Spanish-language TV and radio broadcaster. S&P expectsUnivision to maintain "adequate" liquidity, supplemented by itsexpectation for positive discretionary cash flow in 2014, despiteleverage remaining very high. S&P's business risk assessment alsoincorporates its view of the media and entertainment industry's"intermediate" risk and "very low" country risk. The comparablerating analysis has a negative impact on S&P's rating outcome.The company's leverage, at about 11x, significantly exceeds the5x-or-higher threshold that S&P associates with a highly leveragedfinancial risk profile. S&P believes the company's capitalstructure may be unsustainable, especially under a stressscenario. This results in the 'B' corporate credit rating.Univision's operations include TV and cable networks and TVstation groups, radio stations, and online content. It is thelargest Spanish-language broadcaster in the U.S. Univision'smarket-leading position relies on its popular primetimeprogramming under a favorable low-cost, long-term contract through2025 with Grupo Televisa S.A., and has held its leading positiondespite several new competitors. The Univision television networkreaches virtually all U.S. Hispanic households, and oftengenerates audience ratings higher than some of the four majorEnglish-language TV networks. Univision has not narrowed the gapbetween Spanish language and English language advertising ratesfor several years. The gap widened during the 2008/2009 recessionand the company has faced a prolonged challenge in convincingadvertisers of the value of reaching Univision's uniquedemographic. The company has sustained revenue and EBITDA growthby growing retransmission fees from multichannel video providersand to a lesser degree core television advertising revenue. S&Pexpects the company will continue to experience double-digitpercent growth in retransmission revenue for the next severalyears by increasing carriage rates when contracts are renewed andby garnering distribution and retransmission revenue for thecompany's newer networks.VERITY CORP: Amends Contract for Deed with Duane Spader-------------------------------------------------------In December 2012, Verity Farms, LLC, a wholly owned subsidiary ofVerity Corp., entered into an amended and restated contract fordeed with Duane Spader. In order to provide for additionalsecurity to the lender and to restate the current balances dueunder the prior loan agreement, Verity Farms and Spader enteredinto a new amended and restated contract for deed. Under the NewAgreement, Verity Farms agreed to continue to fulfill itsobligations under the original agreement and granted a securityinterest to Spader in the land purchased under the originalagreement. As of Dec. 30, 2013, the total amount due to Spaderwas $4,001,267. About VeritySioux Falls, South Dakota-based Verity Corp., formerly AquaLivTechnologies, Inc., is the parent of Verity Farms II, Inc.,Aistiva Corporation (formerly AquaLiv, Inc.). Verity Farms II isdedicated to providing consumers with safe, high-quality andnutritious food sources through sustainable crop and livestockproduction. Aistiva's technology alters the behavior oforganisms, including plants and humans, without chemicalinteraction. Aistiva's platform technology influences biologicalprocesses naturally and without chemical interaction. To date,Aistiva has released products in the industries of watertreatment, skincare, and agriculture.Bongiovanni & Associates, C.P.A.'s, in Cornelius, North Carolina,expressed substantial doubt about AquaLiv's ability to continue asa going concern following their audit of the Company's financialstatements for the year ended Sept. 30, 2012. The independentauditors noted that the Company has incurred recurring losses fromoperations, has a liquidity problem, and requires funds for itsoperational activities.The Company's balance sheet at June 30, 2013, showed $4.69 millionin total assets, $7.06 million in total liabilities and a$2.36 million total stockholders' deficit.WILLOW CREEK: Seeks Authority to Employ Cotton Driggs as Counsel----------------------------------------------------------------Willow Creek San Martin Building LLC seeks authority from the U.S.Bankruptcy Court for the District of Nevada to employ Cotton,Driggs, Walch, Holley, Woloson & Thompson as generalreorganization counsel.The firm's retainer agreement with the Debtor provides currenthourly rates and current charges for certain expenses, theprepetition payment of a $25,000 retainer from Willow Creek MemoryCare West LLC, and a postpetition retainer in the amount of$25,000 to be received by a non-debtor entity.The Debtor proposes the compensation of the attorneys andparaprofessionals will be at varying rates currently ranging from$185 per hour for paraprofessionals, from $225 per hour to $310per hour for services of associates, and from $330 per hour to$520 per hour for the services of shareholders.The firm assures the Court that it is a "disinterested person" asthe term is defined in Section 101(14) of the Bankruptcy Code anddoes not represent any interest adverse to the Debtors and theirestates.Willow Creek San Martin Building LLC sought Chapter 11 bankruptcyprotection (Bankr. D. Nev. Case No. 14-10041) in Las Vegas, onJan. 5, 2014. The Debtor, a Single Asset Real Estate as definedin 11 U.S.C. Sec. 101(51B), estimated $10 million to $50 millionin assets and debt.The case is assigned to Judge Laurel E. Davis. The Debtor isrepresented by Ogonna M. Atamoh, Esq., and James D. Boyle, Esq.,at COTTON, DRIGGS, WALCH, HOLLEY, WOLOSON & THOMPSON, in LasVegas, Nevada.WOODEN RULER: Foreclosure Auction Reset to Feb. 21--------------------------------------------------The public auction of Wooden Ruler Realty LLC's real and personalproperty, which serve as collateral to the debt owed to Cedar CoveRealty Partners LLC, assignee of East Boston Savings Bank, hasbeen moved to Feb. 21, 2014 at 2:00 p.m.The foreclosure auction was originally set for Jan. 9, 2014 at2:00 p.m. upon the Mortgaged Premises located at 21 Norway PlainsRoad, in the City of Rochester, Strafford County, New Hampshire,as reported by the Troubled Company Reporter on Dec. 11, 2013.Cedar Cove Realty Partners, LLC, is represented by: Roy W. Tilsley, Jr., Esq. BERNSTEIN, SHUR, SAWYER AND NELSON, P.A. 670 North Commercial Street P.O. Box 1120 Manchester, NH 03105-1120 Tel: (603) 623-8700WORLD SURVEILLANCE: Revokes 12-Mil. Shares Issued to Executives---------------------------------------------------------------World Surveillance Group Inc. entered into an Agreement with GlennD. Estrella, the Company's president and chief executive officer,W. Jeffrey Sawyers, the Company's chief financial officer andtreasurer, and Barbara M. Johnson, the Company's vice president,general counsel and secretary, whereby the parties mutually agreedto rescind the issuances of an aggregate of 12,000,000 shares ofcommon stock, par value $0.00001 per share, of the Company thathad been issued to Mr. Estrella, Mr. Sawyers and Ms. Johnson,respectively, during 2013.On Dec. 31, 2013, Mr. Estrella, Mr. Sawyers and Ms. Johnsonreceived options to purchase an aggregate of 12,000,000 shares ofCommon Stock at an exercise price of $0.0096 per share, which wasthe closing price of the Company's Common Stock on the date theCompany's Board of Directors approved the issuance of the options,pursuant to certain option agreements. The options are fullyvested and are exercisable until the earlier of seven years fromthe effective date of the options or 90 days after the terminationof their respective employment with the Company.No underwriting discounts or commissions were paid in connectionwith any of the above agreements or securities issuances.A copy of the Agreement is available for free at: http://is.gd/6P6qJ8 45-Mil. Shares Issued to F. HessOn March 28, 2013, World Surveillance entered into a StockPurchase Agreement by and among the Company, Lighter Than AirSystems Corp., Felicia Hess (the Shareholder) and Kevin Hess(KHess) pursuant to which the Company acquired 100 percent of theoutstanding shares of capital stock of LTAS, such that LTAS is nowa wholly-owned subsidiary of the Company.On Dec. 31, 2013, the Company entered into a First Amendment toAgreement pursuant to which Felicia Hess returned the 25,000,000shares of common stock, par value $0.00001 per share, of theCompany issued pursuant to the Agreement, all cash purchase priceand earn out provisions were deleted, and the Shareholder wasissued 45,000,000 shares of Common Stock as full payment for 100percent of the outstanding shares of capital stock of LTAS in atax free reorganization deal.The Common Stock of the Company issued pursuant to the Amendmentwas issued as restricted securities under an exemption provided bySection 4(2) of the Securities Act of 1933, as amended. TheShareholder continues to have certain piggyback registrationrights.Separately, the Company entered into an Agreement with LTAS, theShareholder and KHess providing for a $210,000 performance basedbonus to Felicia Hess, the President of LTAS, if certainmilestones are achieved.A copy of the First Amendment to LTAS Agreement is available at: http://is.gd/Hh400E About World SurveillanceWorld Surveillance Group Inc. designs, develops, markets and sellsautonomous lighter-than-air (LTA) unmanned aerial vehicles (UAVs)capable of carrying payloads that provide persistent securityand/or wireless communication from air to ground solutions at low,mid and high altitudes. The Company's airships, when integratedwith electronics systems and other high technology payloads, aredesigned for use by government-related and commercial entitiesthat require real-time intelligence, surveillance andreconnaissance or communications support for military, homelanddefense, border control, drug interdiction, natural disasterrelief and maritime missions. The Company is headquartered at theKennedy Space Center, in Florida.World Surveillance disclosed a net loss of $3.36 million on$272,201 of net revenues for the year ended Dec. 31, 2012, ascompared with a net loss of $1.12 million on $19,896 of netrevenues in 2011. The Company's balance sheet at Sept. 30, 2013,showed $3.75 million in total assets, $16.97 million in totalliabilities, and stockholders' deficit of $13.22 million.Rosen Seymour Shapss Martin & Company LLP, in New York, issued a"going concern" qualification on the consolidated financialstatements for the year ended Dec. 31, 2012. The independentauditors noted that the Company has experienced significant lossesand negative cash flows, resulting in decreased capital andincreased accumulated deficits. These conditions raisesubstantial doubt about its ability to continue as a goingconcern. Bankruptcy Warning"Our indebtedness at September 30, 2013 was $16,973,748. Aportion of such indebtedness reflects judicial judgments againstus that could result in liens being placed on our bank accounts orassets. We are continuing to review our ability to reduce thisdebt level due to the age and/or settlement of certain payablesbut we may not be able to do so. This level of indebtednesscould, among other things: * make it difficult for us to make payments on this debt and other obligations; * make it difficult for us to obtain future financing; * require us to redirect significant amounts of cash from operations to servicing the debt; * require us to take measures such as the reduction in scale of our operations that might hurt our future performance in order to satisfy our debt obligations; and * make us more vulnerable to bankruptcy or an unwanted acquisition on terms unsatisfactory to us," the Company said in its quarterly report for the period ended Sept. 30, 2013.XL-ID SOLUTIONS: Submits Proposal to Creditors Under BIA--------------------------------------------------------XL-ID Solutions Inc. (formerly known as Excellium Inc.), a Tier IIissuer listed on the TSX Venture Exchange, on Jan. 10 disclosedthat it has submitted a proposal to its creditors under theBankruptcy and Insolvency Act (Canada). The proposal is madefurther to the filing by XL-ID with the Office of theSuperintendent of Bankruptcy of a notice of intention to submit aproposal to its creditors pursuant to the BIA, which was announcedon December 4, 2013.Under the terms of the proposal, an amount of $275,000 will bemade available to Raymond Chabot Inc., as Trustee, fordistribution to creditors in the manner set forth in the proposal,less an amount not to exceed $75,000 to cover fees and expenses ofthe proposal. The proposal also provides for the reorganizationof XL-ID's share capital pursuant to which its outstanding commonshares will be cancelled for no consideration and XL-ID's majorityshareholder and only secured creditor, General FinancialCorporation, will be the sole shareholder. Following these steps,XL-ID will be delisted from the Exchange and will apply to ceaseto be a reporting issuer.The proposal is subject to approval by the statutory majority ofXL-ID's creditors under the BIA at a meeting scheduled to be heldon or about January 24, 2014. Provided it receives the requisiteapproval from its creditors, XL-ID will seek a final order fromthe Superior Court of Quebec approving the proposal shortlythereafter.XL-ID (TSX:XLM) -- http://www.XL-ID.ca-- is a security company specialized in biometrics identity systems, proactive securitymanagement and in the integration of security products for theinstitutional and industrial markets. XL-ID is active inelectronic identification, comprising background checks, biometricidentification and management of large events and summits.YRC WORLDWIDE: S&P Puts 'CCC' Rating on CreditWatch Negative------------------------------------------------------------Standard & Poor's Ratings Services placed its ratings on YRCWorldwide Inc. (YRCW), including the 'CCC' corporate creditrating, on CreditWatch with negative implications.On Jan. 9, 2014, the International Brotherhood of Teamstersrejected YRCW's proposed labor contract extension. The agreementhad proposed an extension of current contract terms (through March2019) with some modifications. On Dec. 23, 2013, the companyannounced that it reached an agreement with certain holders of itsseries A and B convertible notes and other institutional investorsthat would allow it to reduce debt by approximately $300 million.This agreement was contingent on the ratification of the proposedlabor contract. YRCW has $395 million in debt maturities in 2014,consisting the company's asset-based loan and 6% convertiblesenior notes. The nearest debt maturity is due on Feb. 14, 2014,totaling $69 million.The rating on YRCW reflects its "less-than-adequate" liquidity aswell as its substantial off-balance-sheet contingent obligationsrelated to its multiemployer pension plans (the currentunderfunding is estimated at $10 billion). "We consider YRCW'ssubstantial market position in the less-than-truckload sector,which has fairly high barriers to entry, as a positive ratingfactor," said Standard & Poor's credit analyst Anita Ogbara. Weassess YRCW's business risk profile as "vulnerable," its financialrisk profile as "highly leveraged," and its liquidity as "lessthan adequate," according to our criteria.S&P will monitor developments regarding YRCW's liquidity position,capital structure, and operating prospects to resolve theCreditWatch placement. S&P could take further interim ratingactions as more information becomes available, in advance of aresolution of the CreditWatch review.* Default Rate to Continue Decline in 2014, Moody's Says--------------------------------------------------------Moody's trailing 12-month global speculative-grade default ratecame in at 2.6% in the final quarter of 2013, down from 3.0% inthe prior quarter and close to the rating agency's year-agoforecast of 3.0%, Moody's Investors Service says in its monthlydefault report, the ratings agency said on Jan. 9. A total of 62Moody's-rated corporate debt issuers defaulted last year, withnine defaulting in the fourth quarter."The corporate default rate remains below its historical average,given strong balance sheet fundamentals and ample liquidity," saysAlbert Metz, Managing Director of Credit Policy Research. "Andmoving into the new year, we expect a somewhat lower corporatedefault rate given our expectations for more robust economicgrowth."In the US, the speculative-grade default rate dropped to 2.2% inthe fourth quarter of 2013, down from 2.7% in the prior quarter.At end-December 2012, the US rate stood at 3.4%. In Europe, therate declined to 3.4% in the fourth quarter from 3.6% in thethird. At end-December, the European default rate stood at 2.5%.Based on its forecasting model, Moody's expects the globalspeculative-grade default rate to remain low in 2014, and to endit at 2.3%.By region, the model predicts that the rate will be 2.3% in the USand 2.1% in Europe by the end of this year. And across industries,Moody's expects default rates to be highest in the Metals & Miningsector in the US, and the Hotel, Gaming & Leisure sector in Europein 2014.By dollar volume, the global speculative-grade bond default ratedropped to 1.0% in the fourth quarter of 2013 from 1.7% in thethird. The global dollar-weighted default rate ended 2012 at 1.9%.In the US, the dollar-weighted speculative-grade bond default ratefell to 0.4% in the fourth quarter from 1.3% in the third. Thecomparable rate was 1.7% at year-end 2012.In Europe, the dollar-weighted speculative-grade bond default rateremained unchanged at 3.1% from the third to the fourth quarter,and ended 2012 at 2.5%.Moody's global distressed index arrived at 7.4% at the end of thefourth quarter 2013, down from 8.6% in the prior quarter. At year-end 2012, the index was a noticeably higher 14.1%.In the leveraged-loan market, there were no Moody's-rated defaultsduring the final quarter of 2013. The US leveraged-loan defaultrate finished at 2.2% in the fourth quarter, down from 2.7% in thethird. The loan default rate finished December 2012 at 3.1%.* Ferry Route Cancellation May Bankrupt BC Biz, Study Shows-----------------------------------------------------------Jeremy Nuttall, writing for 24 hours Vancouver, reports theTourism Industry Association of British Columbia has said thecancelling of a ferry route in British Columbia's North Coast willcreate havoc for tour organizers and could bankrupt businesses.According to the report, the association on Jan. 13 released astudy indicating how the discontinuation of route 40 is a lifelineto communities between Port Hardy on Vancouver Island and BellaCoola on the North Coast."The Ministry of Transportation says that route 40 operates at adeficit of about $725,000," the association's Ian Robertson said."Our analysis showed that when you look at the total provincialtaxes generated by the route it's about $780,000, so there is avery modest surplus."* Moody's: US Subprime Auto Credit to Continue to Weaken Gradually------------------------------------------------------------------The deterioration in US subprime auto lending credit metricsslowed somewhat during the third quarter of 2013, but subprimecredit will continue to weaken gradually as lenders boost theirvolumes by moving further down the credit spectrum, according to"US Subprime Auto Loan Credit Deterioration Moderated in Q3, WillContinue Gradually," a new report from Moody's Investors Service.Low interest rates, relatively low losses to date and a slowdownin the growth of auto sales will spur lenders to continue to offercredit to weaker borrowers."Based on third-quarter lending metrics, subprime credit continuesto deteriorate," says Peter McNally, a Moody's Vice President -Senior Analyst and author of the report, "even though flatteningaverage borrower credit scores suggest that the credit weakeninghas moderated.""Average loan to value ratios for used vehicle loans rose by threepercentage points year over year, while average subprime loanterms for both used and new vehicle loans lengthened by one month.The weakening credit suggests that, absent mitigating factors suchas an improving job market, losses on loans in new subprime autoABS will continue to rise."Higher LTVs generally indicate weaker credit because borrowerswith higher LTVs typically are in greater need of cash than thosewith lower LTVs. Longer loan terms generally mean weaker creditbecause they extend the period over which a borrower couldpotentially default. They can also mean higher losses onliquidated vehicles because the smaller monthly payments mean thatborrowers pay less principal back before default.Market conditions remain conducive to increased lending to weakerborrowers. Low interest rates give even smaller lenders low-costfunding and allow for high margins, especially on high-yieldingsubprime loans. However, even though losses are increasing, theyare still relatively low, which means that lenders have room forperformance to weaken before high losses make profit marginsunattractive.Gradually weakening credit has already led to a rise in defaultrates. Since the beginning of 2010, a growing number of loans havebecome delinquent within 12 months of origination, and theseearly-stage delinquencies are rising despite the steadyimprovement in the unemployment rate.* NADA Predicts 16.4 Million U.S. Light Vehicles Sales in 2014--------------------------------------------------------------The National Automobile Dealers Association predicts 16.4 millionnew cars and light trucks will be purchased or leased in the U.S.this year, a 5.1 percent increase from 2013."Consumers will be far better off in 2014 than last year," saidNADA Chief Economist Steven Szakaly. "Employment is improving.Debt has been reduced, and home prices across all regions of thecountry will remain stable or will rise, yielding a positivewealth effect."Last year, 15.6 million new light vehicles were sold in the U.S.It marked fifth straight year of a long recovery from the globalfinancial crisis and the automotive bankruptcies."Growth would have been stronger in 2013 without a series ofcontentious fiscal crises in Washington and a federal governmentshutdown last fall," he said."There is considerable upside potential in 2014 as economicactivity is expected to increase as the year progresses," headded. "Gross domestic product will grow about 2.8 percent thisyear, stability in housing with concurrent growth in employmentand manufacturing all lead to a positive outlook for 2014."Mr. Szakaly added that employment, particularly in theconstruction and services industries, will improve this year, anda continued moderation in gasoline prices and improvements in thehousing market will help to offset stagnation in wages and incomein 2014. About NADANADA -- http://www.nada.org-- represents nearly 16,000 new-car and -truck dealerships with 32,000 domestic and internationalfranchises.* New Chapter for Detroit Auto Makers-------------------------------------Joseph B. White, writing for The Wall Street Journal, reportedthat leaders of the world's major auto makers gathering in Detroitfor the North American International Auto Show will find a farmore hospitable climate than they've experienced during the pastseveral years.According to the report, Detroit's weather promises to be chillyand dank as ever. But the U.S. auto industry is enjoying blueskies. Sales in 2013 recovered nearly all the ground lost duringthe Great Recession in 2009, as demand for luxury cars and highlyprofitable trucks and sport-utility vehicles boomed and gasolineprices drifted down. The pace of growth in 2014 will slow, butmost industry executives expect smooth sailing for the near termcompared with the turmoil of recent years.For Detroit's restructured auto makers, one challenge will be toavoid repeating a pattern of boom and bust that's plagued the U.S.car business since the early 1980s, the report related.Prosperity has tended to beget ill-advised diversification andbloated costs in Detroit. This time, however, the pain of near-death, bankruptcy and humiliating federal bailouts may not be soquickly forgotten.The U.S. oil and gas boom has removed, for now, another source ofanxiety for auto barons -- wildly fluctuating energy prices, thereport added. But the Detroit auto makers still rely heavily onsales of big pickup trucks and SUVs to boost their bottom lines.That will be highlighted by the expected prominence at the show ofFord's new F-150 pickup.* Privately-Owned Companies Likely to Face More Distress This Year------------------------------------------------------------------The new year could well see more distress in privately-ownedcompanies (such as those controlled by private equity),"significant" moves to pare back the government bond-buyingprogram known as quantitative easing and more municipalbankruptcies following on the heels of Detroit's Ch. 9 filing.That's according to a survey of 104 senior attorneys, investmentbankers, fund managers and other restructuring professionalsacross North America released on Jan. 10 by AlixPartners, theglobal business-advisory firm. The restructuring pros alsopointed to retail, energy & resources, healthcare and maritime asthe industries most likely to face distress in the year ahead.According to the survey, 58% of the experts say they expect to seemore distress in privately-owned companies than in publiccompanies in 2014. That's up from 55% who said that in a similarAlixPartners survey a year ago."Privately-owned companies, including those owned by privateequity, could well be in danger of greater distress this comingyear, given their higher leverage levels and the continued lowgrowth in the economy," said Lisa Donahue, global leader of theTurnaround & Restructuring Services group at AlixPartners. "Hedgefunds as well, we believe, need to focus on operationalimprovement in 2014, as the companies they invest in continue toface a challenging economy."At the same time that the economy continues to be less thanstellar, however, more than half of the restructuring experts,56%, said they think the Federal Reserve will make "significant"moves to taper the Fed's quantitative easing program this comingyear. Given that an easing of any kind is seen by many as thefirst step toward eventual rising interest rates, such a sentimentis noteworthy.Which gives rise to the question: How much would interest rateshave to lead to an also-significant increase in the rate ofcorporate restructurings? Half of those surveyed (50%) said theythink a two-point or less increase in interest rates would do thetrick. Meanwhile, only 13% said an increase in rates of threepoints was needed.Overall, 36% of those surveyed said they expect to see morebusiness bankruptcies (middle-market and large companies) in 2014than in 2013, with 54% saying the opposite. Of those expectingmore bankruptcies in the year ahead, 68% said they expect to see11% to 30% more, while 32% said 1% to 10% more.One thing that could lead to more bankruptcies would be an easing-off on so-called "amend-and-extend" refinancings of companies'loans by their lenders. While 63% of those surveyed don't see asignificant change in such policies in the year ahead, a good-sized minority, 30%, said they believe there will be a significantpull-back in amend-and-extend this coming year."If there is either a significant increase in interest rates or asignificant a pull-back on the lending policies of the last fewyears, restructurings could rise dramatically," said Ms. Donahue."While neither may happen in the near term, those betting on thestatus quo remaining that way indefinitely are taking a big risk -which is why we're advising many clients these days to makefinancial and operational improvements in their companies beforethe external environment changes dramatically."When asked to pick the top three industries most likely to facethe most distress in 2014, 57% chose the retail industry, up from36% in the AlixPartners survey of a year ago; 49% said energy &resources, up from 35%; 43% said healthcare, up from 41%; 26% saidmaritime, up from 24%; and 18% said restaurants & foodservice, upfrom 17%. The aerospace & defense industry also garnered 18%, downfrom 31% a year ago.One area where the experts expect there will quite likely be morerestructuring activity in the year ahead is in the public sector -a topic very much in the news in 2013 given the City of Detroit'sCh. 9 filing. Almost three-quarters of those surveyed, 73%, saidthey think municipal bankruptcies and restructurings will increasein 2014, with 29% saying they will increase "moderately" or"dramatically." Of those who think municipal restructurings willincrease, 70% said they think that, on the heels of Detroit'sfiling, at least two to four major cities or municipalities willfile for bankruptcy in the year ahead.When asked, outside the U.S., which regions of the world they aremost looking for restructuring opportunities today, 39% saidWestern Europe, followed by Latin America at 28%."Though the economies in Western Europe are generally in bettershape than they were at this time a year ago, many industries andcompanies in Europe are still struggling," said Ms. Donahue."There could well be a lot more activity there in the year ahead."The AlixPartners survey also asked respondents, as turnaroundexperts, to point to the single-most important thing that could bedone right now to turn around the American economy. Of six choicesoffered -- reform the tax code, cut federal spending, increasestimulus spending, reform immigration law, repeal the AffordableCare Act and "other" -- 38% said reform the tax code, 28%, saidcut federal spending and 17% said increase stimulus spending.Reforming immigration law and repealing the Affordable Care Actreceived just 3% each. About the SurveyThis marks the eighth year of the annual AlixPartners NorthAmerican Restructuring Experts Outlook Survey, which polls seniorattorneys, investment bankers, fund managers and otherrestructuring professionals across North America about theiroutlook for the year ahead, their views on industry and economictopics, and their views on other vital issues of the day. Thisyear's online survey was of 104 senior professional restructuringexperts, and was conducted in December 2013. About AlixPartnersAlixPartners -- http://www.alixpartners.com-- is a global business advisory firm of results-oriented professionals whospecialize in creating value and restoring performance at everystage of the business lifecycle. The firm's expertise covers awide range of businesses and industries whether they are healthy,challenged or distressed.* Moelis Is Said to Ready a Potential Public Offering-----------------------------------------------------Michael J. De la Merced and David Gelles, writing for The New YorkTimes' DealBook, reported that Moelis & Company, the boutiqueinvestment bank founded by Kenneth D. Moelis, has begun workingwith advisers on a potential initial public offering, peoplebriefed on the matter said on Jan. 10.According to the report, the firm is working with Goldman Sachsand is expected to add other counselors as well. Executives at thefirm have entertained pitches from potential underwriters inrecent months.It is not clear whether the investment bank will go forward withan I.P.O. or pursue another transaction, the report said.If Moelis goes public, it will be joining a handful of independentinvestment banks that already reside on the stock markets andfulfill an ambition of its founder, the report further related.And it would come at a time when these firms -- smaller than thelikes of Goldman Sachs or JPMorgan Chase -- have nonetheless beencollecting more deal fees.Shares of Moelis's publicly traded competitors rose last year, inparticular those of Evercore Partners (which more than doubled)and Lazard (up about 52 percent), the report said.* Marla B. Matthews Joins Cleveland, Waters & Bass--------------------------------------------------Cleveland, Waters and Bass, P.A., on Jan. 13 disclosed thatMarla B. Matthews will join the firm on February 1, 2014, as amember of its Trust and Estates Practice Area.Ms. Matthews represents clients in matters of preservation andtransfer of wealth, gift and estate tax planning, special needstrust planning, estate and trust administration, and publicbenefits planning. In addition to estate planning, Ms. Matthewsrepresents clients in the regulated industries and works withschool districts on education-related matters.Ms. Matthews is an officer of the New Hampshire Chapter of theNational Academy of Elder Law Attorneys. She is also a mentor forthe Circle Program, headquartered in Plymouth, New Hampshire.Ms. Matthews is a member of the New Hampshire Bar. She earned aB.S. (magna cum laude) from Keene State College, and a J.D. fromNortheastern University School of Law. She formerly served as alaw clerk to the Honorable James E. Duggan, associate justice ofthe New Hampshire Supreme Court."We are excited to have Marla join our firm," said Philip M.Hastings, president of Cleveland, Waters and Bass. "She is awelcome addition to our expanding trusts and estates practice areaand enhances the range of services we can provide to our businessand nonprofit clients."Founded in 1959, Cleveland, Waters and Bass, P.A., representsindividuals and businesses throughout New Hampshire and northernNew England. A substantial portion of the firm's practice isdevoted to the representation of businesses of all sizes andincludes business formation and governance, employment law,commercial transactions, real estate development and finance,commercial and administrative litigation and bankruptcy. Thefirm's expanding trusts and estates practice area focuses onwealth preservation, estate planning for high net worthindividuals, estate and trust administration, special needs trustsand elder law. Cleveland, Waters and Bass is a member of theLegal Netlink Alliance, an international alliance of independentlaw firms.* Jan P. Myskowski Joins Cleveland, Waters & Bass-------------------------------------------------Cleveland, Waters and Bass, P.A., on Jan. 13 disclosed thatJan P. Myskowski will join the firm on February 1, 2014, and willchair its Trust and Estates Practice Area.Mr. Myskowski has over 20 years of experience in the field oftrusts and estates. He represents high net worth individuals andelderly and disabled clients in matters of preservation andtransfer of wealth, gift and estate tax planning, special needstrust planning, estate and trust administration, businesssuccession planning, and public benefits planning.Mr. Myskowski is a fellow of the American College of Trust andEstate Counsel. He is a member and former board member of the NewHampshire Estate Planning Council. He is also a founding boardmember and past president of the New Hampshire Chapter of theNational Academy of Elder Law Attorneys.Mr. Myskowski is included in The Best Lawyers in America? in thefields of Elder Law and Trusts and Estates, and was named by BestLawyers as Concord, New Hampshire's 2014 "Lawyer of the Year" inElder Law. He is also named to the 2013 New England Super Lawyerslist for Estate and Probate Law.Mr. Myskowski is a member of the New Hampshire and Massachusettsbars. He earned a B.A. from the Massachusetts College of LiberalArts and a J.D. from the College of William and Mary's Marshall-Wythe School of Law."We are delighted Jan is joining our firm," said Philip M.Hastings, president of Cleveland, Waters and Bass. "Jan is one ofthe top estate planning attorneys in the state and he brings awealth of experience and leadership to our trusts and estatesdepartment."Founded in 1959, Cleveland, Waters and Bass, P.A., representsindividuals and businesses throughout New Hampshire and northernNew England. A substantial portion of the firm's practice isdevoted to the representation of businesses of all sizes andincludes business formation and governance, employment law,commercial transactions, real estate development and finance,commercial and administrative litigation and bankruptcy. Thefirm's expanding trusts and estates practice area focuses onwealth preservation, estate planning for high net worthindividuals, estate and trust administration, special needs trustsand elder law. Cleveland, Waters and Bass is a member of the LegalNetlink Alliance, an international alliance of independent lawfirms.* Orrin Harrison Joins Gruber Hurst Johansen as Partner-------------------------------------------------------Orrin L. Harrison III, a prominent and longtime leader in theTexas legal community, has joined the Dallas litigation firmGruber Hurst Johansen Hail Shank as a partner.During nearly 40 years of practice, Mr. Harrison has focused oncomplex business litigation in matters involving energy andutilities, securities, antitrust and corporate governance. He hasserved as the principal outside litigation counsel in trial andappellate courts for major national and international companies,including Central and South West Corporation, Fina Oil Company,and Waddell & Reed Financial Services. For the past eight years,Chambers USA has listed him in its prestigious Tier 1 ranking as asecurities litigator.Mr. Harrison most recently was co-head of the national litigationpractice group of Akin Gump Strauss Hauer & Feld, where he was apartner since 2003. Prior to joining Akin Gump, he was a partnerwith Vinson & Elkins, where he was a member of the firm's practicemanagement committee and led the Dallas office's litigationsection."Orrin's experience and counsel will be tremendous assets for ourfirm and clients as we increasingly engage in corporate disputeswith high financial stakes and substantial business implications,"says firm founder Mike Gruber. "Orrin's reputation forcommunication and aggressive advocacy at the negotiating table andin the courtroom make him a great fit, and we're very pleased heagreed to make this move."Mr. Harrison has served as president of the Dallas Bar Associationand the Dallas Chapter of American Board of Trial Advocates, atrustee of the Dallas Bar Foundation, and a director of the StateBar of Texas. He also served as vice-chairman of the State BarCommission on Lawyer Discipline, which oversees the lawyergrievance process in Texas.In civic affairs, Mr. Harrison is a recipient of the Torch ofConscience Award from the American Jewish Congress. He has servedon the board of directors for the United Way of Greater Dallas;North Texas Business Council for the Arts; and Dallas CountyHeritage Society. He is a frequent lecturer for legal educationprograms on arbitration, securities regulation, accountinglitigation, and corporate investigations under the Sarbanes-OxleyAct.Mr. Harrison earned his law degree with honors in 1974 from theSouthern Methodist University School of Law, where he was a memberof Order of the Coif and Order of the Barristers. He received hisundergraduate degree with honors in 1971 from the University ofthe South, where he currently serves as trustee.Gruber Hurst Johansen Hail Shank LLP focuses on the business needsof its clients in trying complex commercial litigation incourtrooms across Texas. The firm's experience includes mattersinvolving securities, financial services, bankruptcy, employment,intellectual property, technology, products liability and othercommercial cases. Clients include leading companies -- large andsmall -- and individuals in the fields of private equity, realestate, manufacturing, professional services, energy and retail.* Holwell Shuster & Goldberg Promotes Avi Israeli to Partner------------------------------------------------------------Holwell Shuster & Goldberg LLP on Jan. 13 disclosed that it haspromoted Avi Israeli to partner, making Mr. Israeli, 34, the firstnew partner to be named at the litigation firm since its foundingin 2012."This is a true milestone for our firm," said Judge Holwell,co-founder of the firm and a former federal judge in the UnitedStates District Court for the Southern District of New York. "Aviis a tremendous young talent, and he has been a perfect fit forHolwell Shuster & Goldberg from day one."Mr. Israeli joined Holwell Shuster & Goldberg shortly after itsformation, becoming the firm's first associate, after havingpreviously worked with co-founding partners Michael Shuster,Daniel Goldberg, and Dorit Ungar Black at Kasowitz, Benson, Torres& Friedman in New York. He has played a prominent role in severalof the firm's notable engagements, including the defense ofLimeWire and its founder in a copyright infringement case, thetrial arising out of the demise of a prominent distressed debthedge fund, and the prosecution of a multitude of "putback"actions seeking to recoup billions of dollars in losses sustainedby major financial institutions in connection with the residentialmortgage crisis."I'm thrilled to become a partner with this group of lawyers, whoI have such great respect for," said Mr. Israeli. "I've watchedthe incredible growth of this firm first-hand, from day one, andto support it further as a partner will be a great honor andprivilege."In 2013, just the first full year of operation at the firm,Holwell Shuster & Goldberg's rapid growth necessitated a move tonew offices at 125 Broad Street in Manhattan. In addition topromoting Mr. Israeli to the partnership, the firm started 2014with the hiring of six additional lawyers, bringing the firm'stotal to 23.Before working at Kasowitz, Mr. Israeli worked as an associate atJones Day following his graduation from Benjamin N. Cardozo Schoolof Law. He then clerked for the Honorable Marcia G. Cooke of theUnited States District Court for the Southern District of Florida,where he participated in the celebrated Jose Padilla trial. About Holwell Shuster & GoldbergFounded by Southern District of New York Judge Richard Holwell andtrial lawyers Michael Shuster, Daniel Goldberg, and Dorit UngarBlack, Holwell Shuster & Goldberg is a litigation boutique focusedon the representation of clients in complex commercial,securities, antitrust, and bankruptcy litigation, as well asrelated civil, criminal, and regulatory matters.* U.S. Bankruptcy Court Judge Burton R. Lifland Dies----------------------------------------------------U.S. Bankruptcy Judge Burton R. Lifland died on Sunday, Jan. 12,on bacterial pneumonia, according to the news sources. JudgeLifland was 84 years old.Stephanie Gleason and Joseph Checkler, writing for The Wall StreetJournal, reported that Judge Lifland was overseeing the continuingwind-down of assets related to the Ponzi scheme orchestrated byBernard Madoff. Michael J. De la Merced, writing for The New YorkTimes' DealBook, noted that Judge Lifland also handled otherprominent Chapter 11 cases, including the bankruptcies ofBlockbuster, Calpine, and Dana. The Bankruptcy Court in Manhattanhasn't yet made any announcement about who will be taking over theMadoff proceeding or any of Judge Lifland's other cases.The Journal related that Judge Lifland's rulings have touchednearly every modern bankruptcy issue, including collectivebargaining and retiree benefits and international bankruptcy law.He helped write Chapter 15 of the U.S. Bankruptcy Code, whichoffers U.S. court protection to foreign companies.As chief of the U.S. Bankruptcy Court for the Southern District ofNew York, he put guidelines in place for professional fees, casemediation and electronic filings, the Journal further related.Previously, he also held the role of chief judge of the BankruptcyAppellate Panel for the Second Circuit.* Large Companies With Insolvent Balance Sheet---------------------------------------------- Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- -------ABSOLUTE SOFTWRE OU1 GR 129.8 (11.3) (10.7)ABSOLUTE SOFTWRE ALSWF US 129.8 (11.3) (10.7)ABSOLUTE SOFTWRE ABT CN 129.8 (11.3) (10.7)ACCELERON PHARMA 0A3 GR 48.4 (19.9) 6.2ACCELERON PHARMA XLRN US 48.4 (19.9) 6.2ADVANCED EMISSIO ADES US 106.4 (46.1) (15.3)ADVANCED EMISSIO OXQ1 GR 106.4 (46.1) (15.3)ADVENT SOFTWARE AXQ GR 454.9 (133.8) (83.4)ADVENT SOFTWARE ADVS US 454.9 (133.8) (83.4)AERIE PHARMACEUT AERI US 7.2 (22.4) (11.0)AIR CANADA-CL A ADH GR 9,481.0 (3,056.0) 105.0AIR CANADA-CL A ADH TH 9,481.0 (3,056.0) 105.0AIR CANADA-CL A AC/A CN 9,481.0 (3,056.0) 105.0AIR CANADA-CL A AIDIF US 9,481.0 (3,056.0) 105.0AIR CANADA-CL B ADH1 TH 9,481.0 (3,056.0) 105.0AIR CANADA-CL B ADH1 GR 9,481.0 (3,056.0) 105.0AIR CANADA-CL B AIDEF US 9,481.0 (3,056.0) 105.0AIR CANADA-CL B AC/B CN 9,481.0 (3,056.0) 105.0AK STEEL HLDG AKS* MM 3,766.4 (211.8) 394.9AK STEEL HLDG AK2 GR 3,766.4 (211.8) 394.9AK STEEL HLDG AK2 TH 3,766.4 (211.8) 394.9AK STEEL HLDG AKS US 3,766.4 (211.8) 394.9ALLIANCE HEALTHC AIQ US 515.6 (131.4) 61.3AMC NETWORKS-A AMCX US 2,524.8 (611.9) 790.3AMC NETWORKS-A 9AC GR 2,524.8 (611.9) 790.3AMER AXLE & MFG AYA GR 3,118.5 (46.8) 387.6AMER AXLE & MFG AXL US 3,118.5 (46.8) 387.6AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)AMERICAN AIRLINE A1G GR 26,780.0 (7,922.0) 143.0AMERICAN AIRLINE A1G TH 26,780.0 (7,922.0) 143.0AMERICAN AIRLINE AAL* MM 26,780.0 (7,922.0) 143.0AMERICAN AIRLINE AAL US 26,780.0 (7,922.0) 143.0AMR CORP AAMRQ US 26,780.0 (7,922.0) 143.0AMR CORP AAMRQ* MM 26,780.0 (7,922.0) 143.0AMR CORP ACP GR 26,780.0 (7,922.0) 143.0AMYLIN PHARMACEU AMLN US 1,998.7 (42.4) 263.0ANACOR PHARMACEU ANAC US 44.9 (7.3) 17.0ANACOR PHARMACEU 44A TH 44.9 (7.3) 17.0ANACOR PHARMACEU 44A GR 44.9 (7.3) 17.0ANGIE'S LIST INC ANGI US 109.7 (23.0) (24.2)ANGIE'S LIST INC 8AL TH 109.7 (23.0) (24.2)ANGIE'S LIST INC 8AL GR 109.7 (23.0) (24.2)ARRAY BIOPHARMA ARRY US 152.6 (13.2) 82.3ARRAY BIOPHARMA AR2 TH 152.6 (13.2) 82.3ARRAY BIOPHARMA AR2 GR 152.6 (13.2) 82.3AUTOZONE INC AZO US 7,023.4 (1,721.2) (962.6)AUTOZONE INC AZ5 GR 7,023.4 (1,721.2) (962.6)AUTOZONE INC AZ5 TH 7,023.4 (1,721.2) (962.6)BARRACUDA NETWOR CUDA US 236.2 (90.1) (66.5)BARRACUDA NETWOR 7BM GR 236.2 (90.1) (66.5)BENEFITFOCUS INC BTF GR 54.8 (43.9) (3.6)BENEFITFOCUS INC BNFT US 54.8 (43.9) (3.6)BERRY PLASTICS G BP0 GR 5,135.0 (196.0) 653.0BERRY PLASTICS G BERY US 5,135.0 (196.0) 653.0BOSTON PIZZA R-U BPZZF US 156.7 (108.0) (4.2)BOSTON PIZZA R-U BPF-U CN 156.7 (108.0) (4.2)BRP INC/CA-SUB V BRPIF US 1,875.1 (63.7) 116.5BRP INC/CA-SUB V B15A GR 1,875.1 (63.7) 116.5BRP INC/CA-SUB V DOO CN 1,875.1 (63.7) 116.5BURLINGTON STORE BUI GR 2,594.2 (421.3) 139.7BURLINGTON STORE BURL US 2,594.2 (421.3) 139.7CABLEVISION SY-A CVC US 6,482.1 (5,284.1) 342.2CABLEVISION SY-A CVY GR 6,482.1 (5,284.1) 342.2CAESARS ENTERTAI C08 GR 26,096.4 (1,496.8) 626.7CAESARS ENTERTAI CZR US 26,096.4 (1,496.8) 626.7CANNAVEST CORP CANV US 10.7 (0.2) (1.3)CAPMARK FINANCIA CPMK US 20,085.1 (933.1) -CC MEDIA-A CCMO US 15,231.2 (8,370.8) 786.9CENTENNIAL COMM CYCL US 1,480.9 (925.9) (52.1)CENVEO INC CVO US 1,238.5 (473.0) 143.1CHOICE HOTELS CHH US 555.7 (484.7) 79.2CHOICE HOTELS CZH GR 555.7 (484.7) 79.2CIENA CORP CIE1 GR 1,802.8 (82.7) 780.7CIENA CORP CIE1 TH 1,802.8 (82.7) 780.7CIENA CORP CIEN US 1,802.8 (82.7) 780.7CIENA CORP CIEN TE 1,802.8 (82.7) 780.7CINCINNATI BELL CBB US 2,551.7 (687.2) (147.2)COROWARE INC HT9B GR 0.3 (32.1) (31.9)DIRECTV DIG1 GR 20,588.0 (6,208.0) (300.0)DIRECTV DTV US 20,588.0 (6,208.0) (300.0)DIRECTV DTV CI 20,588.0 (6,208.0) (300.0)DOMINO'S PIZZA EZV TH 468.5 (1,322.2) 76.9DOMINO'S PIZZA EZV GR 468.5 (1,322.2) 76.9DOMINO'S PIZZA DPZ US 468.5 (1,322.2) 76.9DUN & BRADSTREET DB5 GR 1,849.9 (1,206.3) (128.9)DUN & BRADSTREET DB5 TH 1,849.9 (1,206.3) (128.9)DUN & BRADSTREET DNB US 1,849.9 (1,206.3) (128.9)DYAX CORP DYAX US 70.6 (38.8) 41.0DYAX CORP DY8 GR 70.6 (38.8) 41.0EASTMAN KODAK CO KODK US 3,815.0 (3,153.0) (785.0)EASTMAN KODAK CO KODN GR 3,815.0 (3,153.0) (785.0)EDGEN GROUP INC EDG US 883.8 (0.8) 409.2ENTRAVISION CO-A EV9 GR 455.7 (5.6) 78.1ENTRAVISION CO-A EVC US 455.7 (5.6) 78.1EVERYWARE GLOBAL EVRY US 356.6 (53.9) 142.5FAIRPOINT COMMUN FRP US 1,592.6 (406.7) 30.0FERRELLGAS-LP FGP US 1,441.3 (134.9) (55.6)FERRELLGAS-LP FEG GR 1,441.3 (134.9) (55.6)FIFTH & PACIFIC FNP US 957.0 (220.7) (66.9)FIFTH & PACIFIC LIZ GR 957.0 (220.7) (66.9)FOREST OIL CORP FST US 1,909.3 (63.1) (148.3)FREESCALE SEMICO FSL US 3,819.0 (4,526.0) 1,239.0FREESCALE SEMICO 1FS TH 3,819.0 (4,526.0) 1,239.0FREESCALE SEMICO 1FS GR 3,819.0 (4,526.0) 1,239.0GENCORP INC GY US 1,750.4 (142.6) 111.1GENCORP INC GCY TH 1,750.4 (142.6) 111.1GENCORP INC GCY GR 1,750.4 (142.6) 111.1GLG PARTNERS INC GLG US 400.0 (285.6) 156.9GLG PARTNERS-UTS GLG/U US 400.0 (285.6) 156.9GLOBAL BRASS & C 6GB GR 576.5 (37.0) 286.9GLOBAL BRASS & C BRSS US 576.5 (37.0) 286.9GRAHAM PACKAGING GRM US 2,947.5 (520.8) 298.5HALOZYME THERAPE HALO US 110.1 (3.5) 63.2HALOZYME THERAPE HALOZ GR 110.1 (3.5) 63.2HCA HOLDINGS INC 2BH GR 28,393.0 (7,044.0) 2,352.0HCA HOLDINGS INC 2BH TH 28,393.0 (7,044.0) 2,352.0HCA HOLDINGS INC HCA US 28,393.0 (7,044.0) 2,352.0HD SUPPLY HOLDIN 5HD GR 6,518.0 (698.0) 1,346.0HD SUPPLY HOLDIN HDS US 6,518.0 (698.0) 1,346.0HOVNANIAN ENT-A HOV US 1,759.1 (432.8) 956.3HOVNANIAN ENT-A HO3 GR 1,759.1 (432.8) 956.3HOVNANIAN ENT-B HOVVB US 1,759.1 (432.8) 956.3HOVNANIAN-A-WI HOV-W US 1,759.1 (432.8) 956.3HUGHES TELEMATIC HUTCU US 110.2 (101.6) (113.8)HUGHES TELEMATIC HUTC US 110.2 (101.6) (113.8)INFOR US INC LWSN US 6,515.2 (555.7) (303.6)IPCS INC IPCS US 559.2 (33.0) 72.1ISTA PHARMACEUTI ISTA US 124.7 (64.8) 2.2JUST ENERGY GROU JE CN 1,533.5 (359.8) (281.4)JUST ENERGY GROU 1JE GR 1,533.5 (359.8) (281.4)JUST ENERGY GROU JE US 1,533.5 (359.8) (281.4)L BRANDS INC LTD GR 6,636.0 (820.0) 846.0L BRANDS INC LB US 6,636.0 (820.0) 846.0L BRANDS INC LTD TH 6,636.0 (820.0) 846.0LDR HOLDING CORP LDRH US 78.7 (0.6) 9.6LEE ENTERPRISES LEE US 989.0 (102.6) (11.9)LEE ENTERPRISES LE7 GR 989.0 (102.6) (11.9)LORILLARD INC LLV GR 3,555.0 (2,042.0) 1,297.0LORILLARD INC LLV TH 3,555.0 (2,042.0) 1,297.0LORILLARD INC LO US 3,555.0 (2,042.0) 1,297.0MACROGENICS INC M55 GR 42.0 (4.0) 11.7MACROGENICS INC MGNX US 42.0 (4.0) 11.7MANNKIND CORP NNF1 GR 287.6 (167.7) (117.8)MANNKIND CORP NNF1 TH 287.6 (167.7) (117.8)MANNKIND CORP MNKD US 287.6 (167.7) (117.8)MARRIOTT INTL-A MAR US 6,480.0 (1,409.0) (776.0)MARRIOTT INTL-A MAQ GR 6,480.0 (1,409.0) (776.0)MDC PARTNERS-A MDCA US 1,365.7 (40.1) (211.1)MDC PARTNERS-A MD7A GR 1,365.7 (40.1) (211.1)MDC PARTNERS-A MDZ/A CN 1,365.7 (40.1) (211.1)MEDIA GENERAL MEG US 749.9 (217.2) 36.8MERITOR INC AID1 GR 2,570.0 (822.0) 338.0MERITOR INC MTOR US 2,570.0 (822.0) 338.0MERRIMACK PHARMA MACK US 224.2 (16.6) 139.4MERRIMACK PHARMA MP6 GR 224.2 (16.6) 139.4MIRATI THERAPEUT MRTX US 18.0 (23.6) (24.5)MONEYGRAM INTERN MGI US 4,923.2 (116.3) 49.2MORGANS HOTEL GR MHGC US 572.8 (172.9) 6.5MORGANS HOTEL GR M1U GR 572.8 (172.9) 6.5MPG OFFICE TRUST MPG US 1,280.0 (437.3) -NATIONAL CINEMED XWM GR 982.5 (217.5) 139.1NATIONAL CINEMED NCMI US 982.5 (217.5) 139.1NAVISTAR INTL NAV US 8,315.0 (3,601.0) 1,198.0NAVISTAR INTL IHR GR 8,315.0 (3,601.0) 1,198.0NAVISTAR INTL IHR TH 8,315.0 (3,601.0) 1,198.0NEKTAR THERAPEUT NKTR US 383.0 (50.3) 127.0NEKTAR THERAPEUT ITH GR 383.0 (50.3) 127.0NORCRAFT COS INC NCFT US 265.0 (6.1) 47.7NORCRAFT COS INC 6NC GR 265.0 (6.1) 47.7NORTHWEST BIO NWBO US 7.6 (14.3) (9.7)NYMOX PHARMACEUT NYMX US 1.4 (6.9) (2.7)OCI PARTNERS LP OP0 GR 460.3 (98.7) 79.8OCI PARTNERS LP OCIP US 460.3 (98.7) 79.8OMEROS CORP 3O8 GR 12.0 (23.9) (1.6)OMEROS CORP OMER US 12.0 (23.9) (1.6)OMTHERA PHARMACE OMTH US 18.3 (8.5) (12.0)OPHTHTECH CORP O2T GR 40.2 (7.3) 34.3OPHTHTECH CORP OPHT US 40.2 (7.3) 34.3PALM INC PALM US 1,007.2 (6.2) 141.7PHILIP MORRIS IN PM1CHF EU 36,795.0 (5,908.0) (2.0)PHILIP MORRIS IN PM1 TE 36,795.0 (5,908.0) (2.0)PHILIP MORRIS IN PM US 36,795.0 (5,908.0) (2.0)PHILIP MORRIS IN PM FP 36,795.0 (5,908.0) (2.0)PHILIP MORRIS IN 4I1 TH 36,795.0 (5,908.0) (2.0)PHILIP MORRIS IN PMI SW 36,795.0 (5,908.0) (2.0)PHILIP MORRIS IN PM1EUR EU 36,795.0 (5,908.0) (2.0)PHILIP MORRIS IN 4I1 GR 36,795.0 (5,908.0) (2.0)PLAYBOY ENTERP-A PLA/A US 165.8 (54.4) (16.9)PLAYBOY ENTERP-B PLA US 165.8 (54.4) (16.9)PLY GEM HOLDINGS PGEM US 1,088.3 (37.7) 212.1PLY GEM HOLDINGS PG6 GR 1,088.3 (37.7) 212.1PROTALEX INC PRTX US 1.2 (8.6) 0.6PROTECTION ONE PONE US 562.9 (61.8) (7.6)QUALITY DISTRIBU QLTY US 465.1 (38.1) 92.3QUINTILES TRANSN QTS GR 2,842.0 (712.0) 382.8QUINTILES TRANSN Q US 2,842.0 (712.0) 382.8RE/MAX HOLDINGS 2RM GR 252.0 (22.5) 39.1RE/MAX HOLDINGS RMAX US 252.0 (22.5) 39.1REGAL ENTERTAI-A RETA GR 2,508.3 (658.5) 54.0REGAL ENTERTAI-A RGC US 2,508.3 (658.5) 54.0RENAISSANCE LEA RLRN US 57.0 (28.2) (31.4)RENTPATH INC PRM US 208.0 (91.7) 3.6RETROPHIN INC RTRX US 21.4 (5.8) (10.3)REVLON INC-A REV US 1,259.4 (619.8) 192.4REVLON INC-A RVL1 GR 1,259.4 (619.8) 192.4RINGCENTRAL IN-A 3RCA GR 60.8 (25.3) (10.9)RINGCENTRAL IN-A RNG US 60.8 (25.3) (10.9)RITE AID CORP RAD US 7,138.2 (2,228.8) 1,881.2RITE AID CORP RTA GR 7,138.2 (2,228.8) 1,881.2RURAL/METRO CORP RURL US 303.7 (92.1) 72.4SALLY BEAUTY HOL S7V GR 1,950.1 (303.5) 473.2SALLY BEAUTY HOL SBH US 1,950.1 (303.5) 473.2SILVER SPRING NE 9SI GR 513.9 (88.9) 76.3SILVER SPRING NE SSNI US 513.9 (88.9) 76.3SILVER SPRING NE 9SI TH 513.9 (88.9) 76.3SUNESIS PHARMAC SNSS US 46.6 (5.8) 11.2SUNESIS PHARMAC RYIN GR 46.6 (5.8) 11.2SUNGAME CORP SGMZ US 0.1 (2.2) (2.3)SUPERVALU INC SJ1 GR 4,738.0 (1,031.0) 154.0SUPERVALU INC SVU US 4,738.0 (1,031.0) 154.0SUPERVALU INC SJ1 TH 4,738.0 (1,031.0) 154.0TANDEM DIABETES TNDM US 48.6 (2.8) 13.8TANDEM DIABETES TD5 GR 48.6 (2.8) 13.8TAUBMAN CENTERS TCO US 3,438.8 (211.5) -TAUBMAN CENTERS TU8 GR 3,438.8 (211.5) -THRESHOLD PHARMA THLD US 101.0 (17.5) 74.4THRESHOLD PHARMA NZW1 GR 101.0 (17.5) 74.4TOWN SPORTS INTE CLUB US 408.9 (40.4) (3.9)TOWN SPORTS INTE T3D GR 408.9 (40.4) (3.9)TRANSDIGM GROUP TDG US 6,148.9 (336.4) 998.0TRANSDIGM GROUP T7D GR 6,148.9 (336.4) 998.0ULTRA PETROLEUM UPL US 2,069.0 (376.8) (243.9)ULTRA PETROLEUM UPM GR 2,069.0 (376.8) (243.9)UNISYS CORP UISEUR EU 2,237.7 (1,509.9) 411.6UNISYS CORP UIS1 SW 2,237.7 (1,509.9) 411.6UNISYS CORP UISCHF EU 2,237.7 (1,509.9) 411.6UNISYS CORP USY1 TH 2,237.7 (1,509.9) 411.6UNISYS CORP USY1 GR 2,237.7 (1,509.9) 411.6UNISYS CORP UIS US 2,237.7 (1,509.9) 411.6VECTOR GROUP LTD VGR GR 1,121.0 (192.6) 316.7VECTOR GROUP LTD VGR US 1,121.0 (192.6) 316.7VENOCO INC VQ US 695.2 (258.7) (39.2)VERISIGN INC VRS GR 2,330.0 (493.8) 97.7VERISIGN INC VRS TH 2,330.0 (493.8) 97.7VERISIGN INC VRSN US 2,330.0 (493.8) 97.7VERSO PAPER CORP VRS US 1,094.4 (409.5) 84.9VINCE HOLDING CO VNCE US 467.8 (179.1) 7.7VINCE HOLDING CO VNC GR 467.8 (179.1) 7.7VIRGIN MOBILE-A VM US 307.4 (244.2) (138.3)VISKASE COS I VKSC US 346.7 (16.3) 106.1WEIGHT WATCHERS WW6 GR 1,408.2 (1,509.4) (79.8)WEIGHT WATCHERS WTW US 1,408.2 (1,509.4) (79.8)WEST CORP WT2 GR 3,480.7 (782.6) 349.0WEST CORP WSTC US 3,480.7 (782.6) 349.0WESTMORELAND COA WME GR 939.8 (280.3) 4.1WESTMORELAND COA WLB US 939.8 (280.3) 4.1XERIUM TECHNOLOG XRM US 626.9 (25.4) 128.4XERIUM TECHNOLOG TXRN GR 626.9 (25.4) 128.4XOMA CORP XOMA US 91.0 (13.5) 58.8XOMA CORP XOMA GR 91.0 (13.5) 58.8XOMA CORP XOMA TH 91.0 (13.5) 58.8ZOGENIX INC ZGNX US 54.6 (13.9) 3.1ZOGENIX INC Z08 TH 54.6 (13.9) 3.1 *********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 by e-mail.On Thursdays, the TCR delivers a list of recently filedChapter 11 cases involving less than $1,000,000 in assets andliabilities delivered to the nation's bankruptcy courts. Thelist includes links to freely downloadable of these small-dollarpetitions in Acrobat PDF documents.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. *********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, Joel Anthony G. Lopez, Cecil R. Villacampa,Sheryl Joy P. Olano, Ivy B. Magdadaro, Carlo Fernandez,Christopher G. Patalinghug, and Peter A. Chapman, Editors.Copyright 2014. 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 ***