T R O U B L E D C O M P A N Y R E P O R T E R
Friday, May 2, 2008, Vol. 12, No. 104
Headlines
ABSPOKE 2005-IVA: Moody's Reviews 'B1' Rating for Possible Cut
ACE HARDWARE: S&P Attaches 'BB-' Rating; Gives Stable Outlook
AIRTRAN HOLDINGS: Grosses $140 Million on Securities Offerings
ALERIS INTERNATIONAL: S&P Maintains 'B+' Corporate Credit Rating
ALTIUS II: Declining Credit Quality Prompts Moody's Rating Cuts
AMERIQUEST MORTGAGE: S&P Downgrades Ratings on 70 Cert. Classes
ASSURED RESOURCES: Case Summary & Six Largest Unsecured Creditors
BANCO SURINVEST: Moody's Withdraws Ratings for Business Reasons
BASIS YIELD: Judge Gerber Dismisses Chapter 15 Case
BOOTHCO SAVANNAHS: Case Summary & 11 Largest Unsecured Creditors
BROADRIDGE FINANCIAL: S&P Downgrades Credit Rating to 'BB/B'
BURLINGTON COAT: Fitch Keeps 'B-' Issuer Rating on Ample Liquidity
CARECORPS MANAGEMENT: Case Summary & 20 Largest Unsec. Creditors
CASCADIA BEHAVIORAL: Facing Liquidity Crisis, May Go Belly-Up
CDC MORTGAGE: Fitch Downgrades Ratings on Certs. Totaling $271.5MM
CF HOSPITALITY: Case Summary & 39 Largest Unsecured Creditors
CENTRO NP: Moody's Maintains Review of 'B3' Senior Debt Ratings
CHASE FUNDING: Fitch Takes Rating Actions on Various Cert. Classes
CHERRY CREEK: Moody's Downgrades Ratings on Six Classes of Notes
CHRYSLER LLC: April Sales Drop 23% Due to Slowing SUV Demand
CHRYSLER LLC: April Sales in Canada Rises 8% Due to Retail Growth
CNH GLOBAL: S&P Upgrades Corporate Credit Rating From 'BB+'
COMMODORE CDO: Moody's Downgrades Ratings on Four Notes Classes
CONEXANT SYSTEMS: Posts $142MM Net Loss in Quarter Ended March 28
CONSTITUTIONAL CASUALTY: A.M. Best Lowers Issuer Rating to 'bb-'
COVANTA ENERGY: S&P Alters Outlook to Positive; Holds 'BB-' Rating
CWABS INC: S&P Downgrades Ratings on 13 Classes of Certificates
DANA CORP: Intends to Transfer Kentucky Operations to Mexico
DANA CORP: CAW Employees in Ontario Ratify Salary Increase Pact
DANA CORP: To Lay Off 340 St. Marys Employees in June 2008
DELPHI CORP: Court Approves DIP Facility Extension & Refinancing
DELPHI CORP: Court Approves Up to $650MM in GM Credit Extensions
DELPHINUS CDO: Moody's Downgrades Ratings on Seven Note Classes
DENMARK HOMES: South Carolina Housing Slump Cues Chapter 11 Filing
DENNY'S CORP: March 26 Balance Sheet Upside-Down by $172.2 Million
DUANE READE: S&P Lifts Corporate Credit Rating to 'CCC+' From CCC
EDUCATIONAL SERVICES: Case Summary & 17 Largest Unsec. Creditors
ENRON CORP: Federal Court Approves Cliff Baxter Estate Settlement
EPHESUS CAPITAL: Case Summary & 20 Largest Unsecured Creditors
FIRST FRANKLIN: Moody's Downgrades Ratings on 63 Classes of Certs.
FIRST FRANKLIN: S&P Downgrades Ratings on 29 Classes of Certs.
FORD MOTOR: April 2008 Sales Drops 12%, Focus Sales Ups 88%
FRENCH LICK: Distressed Exchange Offer Cues Moody's 'D' Ratings
FRENCH LICK: Tender Offer Cues S&P To Downgrade Rating to 'SD'
FTD INC: S&P Assigns 'B+' Rating on Negative Watch Pending Review
GAINEY CORP: S&P Puts 'CCC+' Corporate Rating on Negative Watch
GLACIER FUNDING: Moody's Cuts Ratings on Poor Credit Quality
HARRINGTON SCHWEERS: Receiver Wants Involuntary Filing Dismissed
HEALTH NET: S&P Changes Outlook to Negative; Holds 'BB+' Rating
HILITE INT'L: Tight Liquidity Prompts S&P's Rating Cut to 'B-'
HOME DEPOT: Cuts 1,300 Jobs and Closes 15 Stores
HOOP HOLDINGS: Closes Asset Sale Deal with Walt Disney Affiliates
IAC/INTERACTIVECORP: Net Income Drops to $52MM in 2008 1st Quarter
INTRALINKS INC: S&P Changes Outlook to Negative; Holds 'B' Rating
ISCHUS SYNTHETIC: Moody's Cuts Ratings on Three Classes of Notes
ISCHUS SYNTHETIC: Six Classes of Notes Get Moody's Rating Cuts
KLEROS REAL: Moody's Downgrades Ratings on Eight Classes of Notes
KLEROS REAL: Three Classes of Notes Get Moody's Rating Downgrades
LEHMAN BROTHERS: Fitch Takes Rating Actions on Various Classes
MAGNOLIA FINANCE: Moody's Downgrades Ratings on Five Note Classes
MAGUIRE PROPERTIES: Board Might Reconsider CEO's Acquisition Bid
MERRILL LYNCH: Moody's Downgrades Ratings on 30 Classes of Certs.
MOUNT SKYLIGHT: Weak Credit Quality Cues Moody's Rating Downgrades
NATIONAL CENTURY: Prosecutors Seek $1.7BB From Convicted Execs
NATIONAL CENTURY: Amedisys Wants to Take Part in MDL Proceedings
NBE 2005: Case Summary & Eight Largest Unsecured Creditors
NEUMANN HOMES: Can Access $400,000 Loan From Guaranty Bank et al.
NEUMANN HOMES: Guaranty's & IndyMac's Collateral Up For Sale
NORTH STREET: Moody's Cuts Ratings on $60 Mil. Certs. to 'B2'
OPPENHEIMER HOLDINGS: Moody's Gives Stable Outlook on B1 Ratings
OPTION ONE: Completes $1.3 Billion Buyout Deal with WL Ross' Unit
PABO LLC: Voluntary Chapter 11 Case Summary
PACIFIC LUMBER: Plan Confirmation Hearing Continues
PACIFIC LUMBER: Indenture Trustee Modifies First Amended Plan
PACIFIC LUMBER: Heartland Commission Files Amended Plan
PACIFIC LUMBER: Humboldt County Withdraws Objection to PALCO Plan
PACKAGING DYNAMICS: Moody's Cuts Ratings to 'B2' on 2007 Shortfall
PEOPLE'S CHOICE: Fitch Cuts Ratings on Certs. Totaling $82.4 Mil.
PETRA CRE: Fitch Maintains Ratings on All Classes of CDO 2007-1
PHH MORTGAGE: Moody's Takes Rating Actions on Various Classes
POST ROAD HOLDING: Case Summary & Two Largest Unsecured Creditors
POWERMATE HOLDINGS: Can File Schedules & Statements Until May 30
PRISM GRAPHICS: Case Summary & Four Largest Unsecured Creditors
PYXIS ABS: Fitch Downgrades Ratings on Six Classes of Notes
QUEBECOR WORLD: Posts $2.2 Billion Net Loss for Full Year 2007
QUEBECOR WORLD: To Cut 700 Jobs at Connecticut and Ontario Sites
RANGE RESOURCES: Moody's Keeps 'Ba2' Ratings on Stable Metrics
RESIDENTIAL ACCREDIT: Fitch Acts on Various Certificates' Ratings
RESIDENTIAL CAPITAL: Seeks Alternatives to Arrest Liquidity Woes
RIDGEWAY COURT: Fitch Downgrades Ratings on 10 Classes of Notes
SAIL TRUSTS: Fitch Downgrades Ratings on Certs. Totaling $80.3MM
SAINT VINCENT: Trustee Files $1.2BB Malpractice Case vs. McDermott
SASCO CERTIFICATES: Fitch Takes Various Rating Actions on Certs.
SILVER MARLIN: Fitch Downgrades Ratings on Eight Classes of Notes
SIRVA INC: Files First Amended Prepackaged Joint Plan
SPRINT NEXTEL: S&P Cuts Rating to BB from BBB- and Removes Watch
STANDARD PACIFIC: To Hold Annual Stockholders' Meeting on May 14
STANDARD PACIFIC: CalPERS Wants Board of Directors Declassified
SVP HOLDINGS: Moody's Gives Negative Outlook; Cuts Rating to 'B2'
THERMADYNE HOLDINGS: S&P Upgrades Corp. Rating to 'B-' From 'CCC+'
THORNBURG MORTGAGE: MatlinPatterson Gets Two Board Seats
TRIBECA PARK: S&P Puts 'BB' Rating on $10 Million Class D Notes
UNION PLANTERS: Fitch Takes Rating Affirmations on Various Classes
USEC INC: Earns $4.4 Million in First Quarter Ended March 31
UTSTARCOM INC: Two Executives Pay $175,000 in Settlement with SEC
WAVE SYSTEMS: Gets Nasdaq Market Notice on Listing Non-Compliance
WESTERN REFINING: Weak Measures Prompts S&P's Rating Cut to 'B+'
WHITNEY LANE: Case Summary & 14 Largest Unsecured Creditors
ZIFF DAVIS: Judge Approves Disclosure Statement on Ch. 11 Plan
ZIFF DAVIS: Court Approves Voting Protocol & Timeline
* Fitch Reports Warning Signs Amid Stable Credit Card ABS Biz
* Moody's Says Airline Merger Is Challenging Despite Good Factors
* S&P Downgrades Ratings on 75 Tranches From 12 CDO Transactions
* Gersten Savage Will Hold Small-cap Seminar in Calgary on May 8
* BOOK REVIEW: Dangerous Pursuits - Mergers and Acquisitions in
the Age of Wall Street
*********
ABSPOKE 2005-IVA: Moody's Reviews 'B1' Rating for Possible Cut
--------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
possible downgrade the ratings on these notes issued by ABSpoke
2005-IVA, Ltd.:
Class Description: Variable Floating Rate Notes due 2039
-- Prior Rating: Baa1, on review for possible downgrade
-- Current Rating: B1, on review for possible downgrade
According to Moody's, the rating action reflects increased
deterioration in the credit quality of the underlying portfolio.
ACE HARDWARE: S&P Attaches 'BB-' Rating; Gives Stable Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Oak Brook, Illinois-based Ace Hardware Corp., a
retailer-owned convenience hardware cooperative. The outlook is
stable.
At the same time, S&P assigned its recovery rating to the
company's proposed $300 million senior secured notes, which mature
in 2016. S&P rated the notes 'BB-' (the same as the corporate
credit rating on Ace) with a recovery rating of '4', indicating
that lenders can expect average (30%-50%) recovery of principal in
the event of payment default. The proceeds from the senior
secured notes, along with cash on hand, will be used to refinance
the company's existing senior unsecured revolver and private
placement notes.
"The ratings on Ace reflect the company's participation in the
competitive and fragmented convenience hardware industry, its
modest sensitivity to the residential housing market, and recent
accounting issues," said Standard & Poor's credit analyst David
Kuntz. Aggressive capital structure and fair credit protection
measures are other important factors. "However, the company's
good market position and recognized brand name temper these
factors somewhat," added Mr. Kuntz.
AIRTRAN HOLDINGS: Grosses $140 Million on Securities Offerings
--------------------------------------------------------------
In conjunction with the initial closing of the public offering of
its debt and equity securities, AirTran Holdings, Inc., parent
company of AirTran Airways, Inc., issued a statement from Bob
Fornaro, president and chief executive officer:
"The successful completion of these offerings, in combination with
our low cost structure, high quality product and young all-Boeing
fleet, provides improved financial flexibility and uniquely
positions AirTran Airways for the challenges the industry faces in
dealing with record high fuel costs. AirTran Airways is on solid
footing during these turbulent times in the industry as evidenced
by these:
-- The initial closings of our concurrent offerings of our 5.5%
Convertible Senior Notes due 2015 and our common stock have
been completed, including the full exercise of the
underwriters' over-allotment option on our Convertible
Senior Notes. Net proceeds to the company of the concurrent
offerings (including escrowed funds of approximately
$12.3 million), were approximately $140.3 million. A
closing with respect to the sale of an additional 2,346,875
shares of common stock pursuant to a partial exercise of the
underwriters' over-allotment option is scheduled to occur
today, May 2, 2008.
-- Enhanced invested cash balances.
-- Lowest non-fuel unit costs in the industry -- a position we
intend to maintain.
-- Proactively re-casting our business for success in a high
fuel environment.
-- Reducing our capacity growth against the current environment
from a prior planned 10% from Sept. through Dec. 2008 and
from a prior planned 10% in 2009 to no more than flat in
both periods to improve unit revenue.
-- Managing our fleet order to maintain balance of capacity and
revenue.
-- Number one airline in quality as ranked by the Airline
Quality Rating.
"AirTran Airways has a history of managing through industry
challenges and coming out stronger. High fuel prices will create
both challenges and opportunities, and we want to be in a position
to manage these challenges and to take advantage of the
opportunities as they arise."
Headquartered in Orlando Florida, AirTran Holdings Inc. (NYSE:
AAI) -- http://www.airtran.com/-- a Fortune 1000 company, is the
parent company of AirTran Airways Inc., which offers more than 700
daily flights to 56 U.S. destinations.
* * *
To date, AirTran Holdings Inc. carries Moody's Investors Service
'B3' long-term corporate family and 'Caa2' senior unsecured debt
ratings. Outlook is Stable.
ALERIS INTERNATIONAL: S&P Maintains 'B+' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Aleris
International Inc., including its 'B+' corporate credit rating.
At the same time, S&P removed the ratings from CreditWatch, where
they were placed with negative implications on April 17, 2008.
The outlook is negative.
Pro forma consolidated debt, including debt-like obligations and
reflecting the November 2007 sale of U.S. Zinc, was about
$2.7 billion at Dec. 31, 2007.
"The affirmation and CreditWatch removal reflects our expectation
that operating performance will improve as 2008 progresses because
of the combination of productivity improvements and increased
volumes in the second half," said Standard & Poor's credit analyst
Maurice Austin. "In addition, S&P expect the company's favorable
liquidity position to be adequate to support Aleris through the
ongoing end-market downturn. Still, credit measures remain very
weak for the current rating and provide little cushion against
further deterioration. A prolonged period of weakness in the
transportation and construction markets could significantly
constrain the company's ability to generate cash and to lower its
debt burden."
Beachwood, Ohio-based Aleris manufactures aluminum sheet for
distributors and the transportation, construction, and consumer
durables end-user markets.
Mr. Austin said, "We could lower the ratings if the company's
operating performance does not improve and if Aleris doesn't
reduce its debt to maintain the ratio of debt to EBITDA below 5.5x
for the current rating. S&P are less likely to revise the outlook
to stable this year. Such an action would depend on an
improvement in profitability in conjunction with positive market
trends."
ALTIUS II: Declining Credit Quality Prompts Moody's Rating Cuts
---------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
the ratings on these notes issued by Altius II Funding, Ltd.
Class Description: $84,000,000 Class A-2 Floating Rate Notes Due
2040
-- Prior Rating: Aaa
-- Current Rating: Aaa, on review for possible downgrade
Moody's also downgraded and left on review for possible further
downgrade the ratings on these notes:
Class Description: $58,000,000 Class B Floating Rate Notes Due
2040
-- Prior Rating: Aa2, on review for possible downgrade
-- Current Rating: A2, on review for possible downgrade
Class Description: $18,750,000 Class C Floating Rate Notes Due
2040
-- Prior Rating: A2, on review for possible downgrade
-- Current Rating: Ba1, on review for possible downgrade
Class Description: $11,250,000 Class D Floating Rate Notes Due
2040
-- Prior Rating: Baa2, on review for possible downgrade
-- Current Rating: Caa1, on review for possible downgrade
Class Description: Preferred Shares
-- Prior Rating: Ba1, on review for possible downgrade
-- Current Rating: Caa3, on review for possible downgrade
According to Moody's, the rating actions reflect increased
deterioration in the credit quality of the underlying portfolio.
AMERIQUEST MORTGAGE: S&P Downgrades Ratings on 70 Cert. Classes
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 70
classes of mortgage pass-through certificates from 19 Ameriquest
Mortgage Securities transactions. In addition, S&P affirmed its
ratings on 187 classes from 36 series.
The downgrades reflect the deteriorating performance of the
collateral pools, as monthly net losses continue to outpace
monthly excess interest cash flows. These losses have caused the
steady erosion of the classes' credit support, specifically
overcollateralization. As of the March 2008 distribution period,
the O/C amounts for 15 of the 19 transactions were below
their respective targets. Severe delinquencies (90-plus days,
foreclosures, and REOs) for these 19 transactions ranged from
6.16% of the current pool balance for series 2003-9 to 21.83% for
series 2004-R9. Cumulative realized losses ranged from 0.69% of
the original pool balance for series 2005-R9 to 2.96% for series
2004-R4. S&P lowered the rating on class M-7 from series 2004-R4
to 'D' because this class had realized $483,295.22 in losses as of
the March 2008 remittance.
The affirmed ratings reflect adequate actual and projected credit
support percentages at the current rating levels. As of the March
2008 remittance period, severe delinquencies ranged from 4.33% for
series 2003-IA1 to 20.03% for series 2003-AR1. Cumulative
realized losses ranged from 0.68% for series 2004-IA1 to 2.97% for
series 2002-3.
Credit support is provided by subordination, O/C, and excess
spread. In addition, series 2002-D has primary mortgage insurance.
The collateral consists of 30-year, adjustable-rate, fully
amortizing, subprime mortgage loans secured by first liens on one-
to four-family residential properties.
Ratings Lowered
Ameriquest Mortgage Securities Inc.
Series 2002-D
Rating
------
Class CUSIP To From
----- ----- -- ----
M-2 03072SEC5 BBB BBB+
Ameriquest Mortgage Securities Inc.
Series 2003-AR3
Rating
------
Class CUSIP To From
----- ----- -- ----
M-6 03072SHL2 B BBB-
Ameriquest Mortgage Securities Inc.
Series 2003-9
Rating
------
Class CUSIP To From
----- ----- -- ----
M-6 03072SKB0 BB BBB-
Ameriquest Mortgage Securities Inc.
Series 2003-11
Rating
------
Class CUSIP To From
----- ----- -- ----
M-5 03072SMC6 BB BBB
M-6 03072SMD4 CCC BBB-
M-4B 03072SMB8 BBB BBB+
Ameriquest Mortgage Securities Inc.
Series 2003-12
Rating
------
Class CUSIP To From
----- ----- -- ----
M-3 03072SMZ5 BBB- A-
M-4 03072SNA9 B+ BBB+
M-5 03072SNB7 B BBB
M-6 03072SNC5 CCC BBB-
Ameriquest Mortgage Securities Inc.
Series 2003-13
Rating
------
Class CUSIP To From
----- ----- -- ----
M-3 03072SNG6 BBB A-
M-4 03072SNH4 BB BBB+
M-5 03072SNJ0 B BBB
M-6 03072SNK7 CCC BBB-
Ameriquest Mortgage Securities Inc.
Series 2004-R4
Rating
------
Class CUSIP To From
----- ----- -- ----
M-7 03072SRR8 D CCC
Ameriquest Mortgage Securities Inc.
Series 2004-R5
Rating
------
Class CUSIP To From
----- ----- -- ----
M-5 03072SSB2 BB- BBB
M-6 03072SSC0 BB- BBB-
M-7 03072SSG1 CCC BB+
Ameriquest Mortgage Securities Inc.
Series 2004-R7
Rating
------
Class CUSIP To From
----- ----- -- ----
M-8 03072STP0 BBB A-
M-9 03072STQ8 BB BBB+
M-10 03072STR6 B BBB
M-11 03072STS4 CCC BBB-
Ameriquest Mortgage Securities Inc.
Series 2004-R8
Rating
------
Class CUSIP To From
----- ----- -- ----
M-6 03072SUE3 BBB A-
M-7 03072SUF0 BB- BBB+
M-8 03072SUG8 B BBB
M-9 03072SUH6 CCC BBB-
M-10 03072SUJ2 CCC BB+
Ameriquest Mortgage Securities Inc.
Series 2004-R9
Rating
------
Class CUSIP To From
----- ----- -- ----
M-5 03072SUS2 BBB A-
M-6 03072SUT0 B BBB+
M-7 03072SUU7 B- BBB
M-8 03072SUV5 CCC BBB-
M-9 03072SUX1 CCC BB+
Ameriquest Mortgage Securities Inc.
Series 2004-R10
Rating
------
Class CUSIP To From
----- ----- -- ----
M-7 03072SVX0 BBB BBB+
M-8 03072SVY8 BB BBB
M-9 03072SVZ5 B BBB-
M-10 03072SWA9 CCC BB+
Ameriquest Mortgage Securities Inc.
Series 2004-R11
Rating
------
Class CUSIP To From
----- ----- -- ----
M-5 03072SWU5 BB+ A
M-6 03072SWV3 BB- A-
M-7 03072SWW1 B BBB+
M-8 03072SWX9 B- BBB
M-9 03072SWY7 CCC BBB-
M-10 03072SWZ4 CCC BB+
Ameriquest Mortgage Securities Inc.
Series 2004-R12
Rating
------
Class CUSIP To From
----- ----- -- ----
M-6 03072SXJ9 BB+ A-
M-7 03072SXK6 BB BBB+
M-8 03072SXL4 BB- BBB
M-9 03072SXM2 B- BBB-
M-10 03072SXP5 CCC BB+
Ameriquest Mortgage Securities Inc.
Series 2005-R1
Rating
------
Class CUSIP To From
----- ----- -- ----
M-8 03072SYF6 BB BBB-
M-9 03072SYG4 B BB
M-10 03072SYH2 CCC BB
Ameriquest Mortgage Securities Inc.
Series 2005-R2
Rating
------
Class CUSIP To From
----- ----- -- ----
M-9 03072SYZ2 BB BBB-
M-10 03072SZD0 B BB+
M-11 03072SZE8 CCC BB
Ameriquest Mortgage Securities Inc.
Series 2005-R5
Rating
------
Class CUSIP To From
----- ----- -- ----
M-6 03072SE76 BBB A
M-7 03072SE84 BBB- BBB+
M-8 03072SE92 B+ BBB
M-9 03072SF26 B- BBB-
M-10 03072SF34 CCC BB+
M-11 03072SF42 CCC BB
Ameriquest Mortgage Securities Inc.
Series 2005-R6
Rating
------
Class CUSIP To From
----- ----- -- ----
M-6 03072SG74 BBB A-
M-7 03072SG82 BB+ BBB+
M-8 03072SG90 BB- BBB
M-9 03072SH24 B BBB-
M-10 03072SH65 CCC BB+
M-11 03072SH73 CCC B
Ameriquest Mortgage Securities Inc.
Series 2005-R9
Rating
------
Class CUSIP To From
----- ----- -- ----
M-7 03072SQ99 BBB BBB+
M-8 03072SR23 BB BBB
M-9 03072SR31 B BBB-
M-10 03072SR49 B- BB
M-11 03072SR56 CCC B
Ratings Affirmed
Ameriquest Mortgage Securities Inc.
Series 2001-2
Class CUSIP Rating
----- ----- ------
M-2 03072SBD6 A+
M-3 03072SBE4 BBB
Ameriquest Mortgage Securities Inc.
Series 2002-2
Class CUSIP Rating
----- ----- ------
M-2 03072SCH6 AA
M-3 03072SCJ2 BBB
M-4 03072SCK9 CCC
Ameriquest Mortgage Securities Inc.
Series 2002-AR1
Class CUSIP Rating
----- ----- ------
M-1 03072SDB8 AAA
M-2 03072SDC6 BBB
M-3 03072SDD4 CCC
M-4 03072SDE2 CCC
Ameriquest Mortgage Securities Inc.
Series 2002-3
Class CUSIP Rating
----- ----- ------
M-2 03072SCV5 A+
M-3 03072SCW3 BBB
Ameriquest Mortgage Securities Inc.
Series 2002-C
Class CUSIP Rating
----- ----- ------
M-1 03072SDF9 BBB
Ameriquest Mortgage Securities Inc.
Series 2002-4
Class CUSIP Rating
----- ----- ------
M-2 03072SDJ1 AA-
M-3 03072SDK8 BBB
M-4 03072SDL6 CCC
Ameriquest Mortgage Securities Inc.
Series 2002-D
Class CUSIP Rating
----- ----- ------
M-1 03072SEB7 A
Ameriquest Mortgage Securities Inc.
Series 2003-AR1
Class CUSIP Rating
----- ----- ------
M-2 03072SEK7 A
M-3 03072SEL5 BBB
M-4 03072SEM3 BBB-
Ameriquest Mortgage Securities Inc.
Series 2003-2
Class CUSIP Rating
----- ----- ------
M-1 03072SES0 AA+
M-2 03072SET8 BB
M-3 03072SEU5 CCC
Ameriquest Mortgage Securities Inc.
Series 2003-1
Class CUSIP Rating
----- ----- ------
M-1 03072SEY7 AA+
M-2 03072SEZ4 BBB
MF-3 03072SFB6 CCC
MV-3 03072SFA8 CCC
Ameriquest Mortgage Securities Inc.
Series 2003-5
Class CUSIP Rating
----- ----- ------
A-5 03072SFX8 AAA
A-6 03072SFY6 AAA
M-1 03072SFZ3 AA+
M-2 03072SGA7 AA
M-3 03072SGB5 A-
Ameriquest Mortgage Securities Inc.
Series 2003-6
Class CUSIP Rating
----- ----- ------
M-1 03072SGP4 AA
M-2 03072SGQ2 A
M-3 03072SGR0 A-
M-4 03072SGS8 BBB+
M-5 03072SGT6 B
Ameriquest Mortgage Securities Inc.
Series 2003-AR3
Class CUSIP Rating
----- ----- ------
M-2 03072SHG3 A+
M-3 03072SHH1 A
M-4 03072SHJ7 BBB+
M-5 03072SHK4 BBB
Ameriquest Mortgage Securities Inc.
Series 2003-7
Class CUSIP Rating
----- ----- ------
A 03072SHQ1 AAA
M-1 03072SHR9 AAA
M-2 03072SHS7 AA+
M-3 03072SHT5 A+
M-4 03072SHU2 BB
M-5 03072SHV0 CCC
Ameriquest Mortgage Securities Inc.
Series 2003-8
Class CUSIP Rating
----- ----- ------
AV-1 03072SHW8 AAA
AV-2 03072SHX6 AAA
AF-5 03072SJD8 AAA
M-1 03072SJG1 AA
M-2 03072SJH9 A
M-3 03072SJJ5 BBB-
M-4 03072SJK2 B
M-5 03072SJL0 CCC
MV-6 03072SJM8 CCC
MF-6 03072SJN6 CCC
Ameriquest Mortgage Securities Inc.
Series 2003-9
Class CUSIP Rating
----- ----- ------
AV-1 03072SJQ9 AAA
AV-2 03072SJR7 AAA
AF-2 03072SJT3 AAA
AF-3 03072SJU0 AAA
M-1 03072SJW6 AA
M-2 03072SJX4 A
M-3 03072SJY2 A-
M-4 03072SJZ9 BBB+
M-5 03072SKA2 BBB
Ameriquest Mortgage Securities Inc.
Series 2003-10
Class CUSIP Rating
----- ----- ------
AV-1 03072SKH7 AAA
AV-2 03072SKJ3 AAA
AF-5 03072SKP9 AAA
AF-6 03072SKQ7 AAA
M-2 03072SKS3 A
M-3 03072SKT1 A-
M-4 03072SKU8 BBB+
M-5 03072SKV6 BBB
MV-6 03072SKW4 BBB-
MF-6 03072SKX2 BBB-
Ameriquest Mortgage Securities Inc.
Series 2003-11
Class CUSIP Rating
----- ----- ------
AV-1 03072SLM5 AAA
AV-2 03072SLN3 AAA
AV-4 03072SMF9 AAA
AF-5 03072SLT0 AAA
AF-6 03072SLU7 AAA
M-1 03072SLV5 AA
M-2 03072SLW3 A
M-3B 03072SLZ6 A-
M-3 03072SLX1 A-
Ameriquest Mortgage Securities Inc.
Class CUSIP Rating
----- ----- ------
AV-1 03072SMT9 AAA
AF 03072SMV4 AAA
M-1 03072SMX0 AA
M-2 03072SMY8 A
Ameriquest Mortgage Securities Inc.
Series 2003-13
Class CUSIP Rating
----- ----- ------
AV-1 03072SND3 AAA
AV-2 03072SML6 AAA
AF-4 03072SMQ5 AAA
AF-5 03072SMR3 AAA
AF-6 03072SMS1 AAA
M-1 03072SNE1 AA
M-2 03072SNF8 A
Ameriquest Mortgage Securities Inc.
Series 2004-R2
Class CUSIP Rating
----- ----- ------
A-1A 03072SPX7 AAA
A-1B 03072SPD1 AAA
A-4 03072SPG4 AAA
M-1 03072SPH2 AA+
M-2 03072SPJ8 AA
M-3 03072SPK5 AA-
M-4 03072SPL3 A+
M-5 03072SPM1 A
M-6 03072SPN9 A-
M-7 03072SPP4 BB+
M-8 03072SPQ2 B
M-9 03072SPR0 CCC
Ameriquest Mortgage Securities Inc.
Series 2004-FR1
Class CUSIP Rating
----- ----- ------
A-5 03072SQN8 AAA
A-6 03072SQP3 AAA
A-7 03072SQQ1 AAA
M-1 03072SQR9 AA+
M-2 03072SQS7 AA
M-3 03072SQT5 AA-
M-4 03072SQU2 A+
M-5 03072SQV0 A
M-6 03072SQW8 A-
M-7 03072SQX6 BBB+
M-8 03072SQY4 BBB
M-9 03072SQZ1 BBB-
Ameriquest Mortgage Securities Inc.
Series 2004-R3
Class CUSIP Rating
----- ----- ------
A-1A 03072SRA5 AAA
A-1B 03072SPY5 AAA
A-4 03072SQB4 AAA
M-1 03072SQC2 AA
M-2 03072SQD0 A
M-3 03072SQE8 A-
M-4 03072SQF5 BBB+
M-5 03072SQG3 BB
M-6 03072SQH1 B
M-7 03072SRB3 CCC
Ameriquest Mortgage Securities Inc.
Series 2004-R4
Class CUSIP Rating
----- ----- ------
M-1 03072SRF4 AA
M-2 03072SRG2 A
M-3 03072SRH0 BBB-
M-4 03072SRQ0 B
M-5 03072SRJ6 B-
M-6 03072SRK3 CCC
Ameriquest Mortgage Securities Inc.
Series 2004-R5
Class CUSIP Rating
----- ----- ------
A-1A 03072SRS6 AAA
A-1B 03072SRT4 AAA
M-1 03072SRX5 AA
M-2 03072SRY3 A
M-3 03072SRZ0 A-
M-4 03072SSA4 BBB+
Ameriquest Mortgage Securities Inc.
Series 2004-R7
Class CUSIP Rating
----- ----- ------
A-1 03072STB1 AAA
A-4 03072STE5 AAA
A-6 03072STT2 AAA
M-1 03072STG0 AAA
M-2 03072STH8 AA+
M-3 03072STJ4 AA+
M-4 03072STK1 AA
M-5 03072STL9 AA-
M-6 03072STM7 A+
M-7 03072STN5 A
Ameriquest Mortgage Securities Inc.
Series 2004-R8
Class CUSIP Rating
----- ----- ------
A-1 03072STU9 AAA
A-4 03072STX3 AAA
A-5 03072STY1 AAA
M-1 03072STZ8 AA+
M-2 03072SUA1 AA
M-3 03072SUB9 AA-
M-4 03072SUC7 A+
M-5 03072SUD5 A
Ameriquest Mortgage Securities Inc.
Series 2004-R9
Class CUSIP Rating
----- ----- ------
A-1 03072SUW3 AAA
A-4 03072SUM5 AAA
M-1 03072SUN3 AA+
M-2 03072SUP8 AA
M-3 03072SUQ6 AA-
M-4 03072SUR4 A
Ameriquest Mortgage Securities Inc.
Series 2004-R10
Class CUSIP Rating
----- ----- ------
A-1 03072SVL6 AAA
A-4 03072SVP7 AAA
A-5 03072SVQ5 AAA
M-1 03072SVR3 AA+
M-2 03072SVS1 AA
M-3 03072SVT9 AA-
M-4 03072SVU6 A+
M-5 03072SVV4 A
M-6 03072SVW2 A-
Ameriquest Mortgage Securities Inc.
Series 2004-R11
Class CUSIP Rating
----- ----- ------
A-1 03072SWN1 AAA
A-2 03072SWP6 AAA
M-1 03072SWQ4 AA+
M-2 03072SWR2 AA
M-3 03072SWS0 AA-
M-4 03072SWT8 A+
Ameriquest Mortgage Securities Inc.
Series 2004-R12
Class CUSIP Rating
----- ----- ------
A-1 03072SXA8 AAA
A-4 03072SXN0 AAA
M-1 03072SXD2 AA+
M-2 03072SXE0 AA
M-3 03072SXF7 AA-
M-4 03072SXG5 A+
M-5 03072SXH3 A
ASSURED RESOURCES: Case Summary & Six Largest Unsecured Creditors
-----------------------------------------------------------------
Lead Debtor: Assured Resources, LLC
50 W. Big Beaver, Ste. 245
Troy, MI 48084
Bankruptcy Case No.: 08-50046
Debtor-affiliates filing separate Chapter 11 petitions:
Entity Case No.
------ --------
Assured Source PEO, LLC 08-50053
Assured Source PEO 2, LLC 08-50056
Chapter 11 Petition Date: April 25, 2008
Court: Eastern District of Michigan (Detroit)
Judge: Marci B. McIvor
Debtors' Counsel: Matthew W. Frank, Esq.
Email: frankandfrank@comcast.net
30833 Northwestern Hwy., Ste. 205
Farmington Hills, MI 48334
Tel: (248) 932-1440
Estimated Assets: $1 million to $10 million
Estimated Debts: $100,000 to $500,000
A. Assured Resources, LLC's Two Largest Unsecured Creditors:
Entity Claim Amount
------ ------------
IRS $203,276
Cincinnati, OH 45999
Michigan Dept. of Treasury $110,000
Lansing, MI 48922
B. Assured Source PEO, LLC's Two Largest Unsecured Creditors:
Entity Claim Amount
------ ------------
IRS $195,177
Cincinnati, OH 45999
Michigan Dept. of Treasury $54,000
Lansing, MI 48922
C. Assured Source PEO 2, LLC's Two Largest Unsecured Creditors:
Entity Claim Amount
------ ------------
Michigan Dept. of Treasury $137,000
Lansing, MI 48922
IRS $82,830
Cincinnati, OH 45999
BANCO SURINVEST: Moody's Withdraws Ratings for Business Reasons
---------------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Banco Surinvest S.A. for business reasons.
Banco Surinvest S.A. held $2.3 billion in assets and $553 million
in equity as of Dec. 31, 2007.
The bank has no rated foreign currency debt outstanding.
These ratings were withdrawn:
-- Bank financial strength rating of E+ with a stable outlook
-- Long term local currency deposit rating of B3, with a
positive outlook
-- Short term local currency deposit rating of Not Prime
-- Long term foreign currency deposit rating of B3, with a
positive outlook
-- Short term foreign currency deposit rating of Not Prime
-- Local currency national scale deposit rating of Baa3.uy
-- Foreign currency national scale deposit rating of Baa3.uy
BASIS YIELD: Judge Gerber Dismisses Chapter 15 Case
---------------------------------------------------
Judge Robert E. Gerber of the U.S. Bankruptcy Court for the
Southern District of New York has dismissed, without prejudice,
the Chapter 15 case of Basis Yield Alpha Fund (Master) on
April 30, 2008.
As reported in the Troubled Company Reporter on April 21, 2008,
Hugh Dickson, Stephen John Akers, and Paul Andrew Billingham,
Basis Yield's foreign representatives, sought dismissal of the
company's case on April 3, 2008.
No party objected to the dismissal request as of the April 23
objection deadline.
Basis Yield, a Cayman Islands-based mutual fund managed by Basis
Capital Fund Management Ltd., in Australia, sought Chapter 15
protection of its U.S.-based assets a day after it filed a
petition for authority to wind up its operations before the Grand
Court of the Cayman Islands on Aug. 28, 2007. Basis Yield, which
invested heavily in the U.S. subprime lending market, suffered a
significant devaluation of its asset portfolio following the
volatility in the U.S. subprime market.
Basis Yield is estimated to have more than $100,000,000 in total
assets and total liabilities, and less than 49 creditors,
according to its Chapter 15 petition. According to Basis Yield's
foreign representatives, more than $50,000,000 of the hedge
fund's assets, held by various financial institutions, are
located within the United States.
On Jan. 16, 2008, Judge Gerber denied Basis Yield's summary
judgment motion for the recognition of the Cayman Islands
liquidation case as a "foreign main proceeding" under Section
1517(b)(1) of the U.S. Bankruptcy Code or as a "foreign nonmain
proceeding" under Section 1517(b)(2) after finding that none of
the papers filed by the Foreign Representatives have addressed
any of the factors that would support recognition of Basis
Yield's Cayman Islands case as a foreign main proceeding.
Basis Yield's Foreign Representatives are represented by Karen B.
Dine, Esq., at Pillsbury Winthrop Shaw Pittman LLP, in New York.
About Basis Yield
Basis Yield Alpha Fund (Master) is a Cayman Islands mutual fund.
It operates as a master-feeder structure that allows investors'
funds to be channeled through two companies operating in a
single jurisdiction to a "master" company operating in the same
jurisdiction. &nb