T R O U B L E D C O M P A N Y R E P O R T E R
Monday, May 19, 2008, Vol. 12, No. 118
Headlines
ABFC TRUST: S&P Cuts Ratings on 44 Classes of Asset-Backed Certs.
ABS GLOBAL FINANCE: Fitch Affirms Class E-1 Notes' BB Rating
ADELPHIA COMMS: Recovery Trust Wants Declaration Amended
ADELPHIA COMMS: MI-Connection Wants Duke Pact Assignment Clarified
ADELPHIA COMMS: Wants Claims Objection Deadline Extended Sept. 12
ADVANCED MICRO: Board Appoints Clegg to Compensation Committee
ADVANCED MICRO: Randy Allen to Head Computing Solutions Group
ALLIED DEFENSE: Posts $3.3 Million Net Loss in 2008 First Quarter
AMERICAN AXLE: Reaches Tentative Labor Agreement with UAW
AMERICAN HOME: Court Sets June 20 as Cure Objection Deadline
AMERICAN HOME: Settles with N.Y. Mortgage Co. for $318,000
AMERICAN SURGICAL: Webb & Company Raises Going Concern Doubt
AMERIQUEST MORTGAGE: S&P Puts Default Rating on Class M-3 Certs.
AMN HEALTHCARE: Debt Reduction Cues Moody's to Lift Rating to Ba1
AMPEX CORP: Will Not Appeal Nasdaq Delisting of Class A Securities
AMR CORP: EBITDAR Covenant Waived under Citicorp Credit Facility
AXCESS INT'L: March 31 Balance Sheet Upside Down by $5.3 Million
BCC LIFE: Voluntary Chapter 11 Case Summary
BEAR STEARNS ASB: Fitch Junks Ratings on 7 Classes of Securities
BEAZER HOMES: Files 1st & 2nd Quarter Fiscal 2008 Financials
BOMBARDIER INC: Fitch Upgrades Preferred Stock Rating to BB-
BOMBAY CO: Court Approves A.S.K. Financial as Litigation Counsel
BRIDGETECH HOLDINGS: Jewett Schwartz Raises Going Concern Doubt
BUFFETS HOLDINGS: To Reject Pacts Related to Sacramento Lease
CAMBIUM LEARNING: Moody's Cuts Ratings on Latent Fraud Activities
CHEROKEE INTERNATIONAL: Earns $12,000 in 2008 First Quarter
CHRYSLER LLC: CAW Labor Pact Aids in Canadian Biz Competitiveness
CITICORP: Fitch Affirms Low-B Ratings on 3 Classes
CITIGROUP MORTGAGE: Fitch Cuts Ratings on 4 Classes to Low-B
CITY CAPITAL: Spector & Wong Raises Going Concern Doubt
CLEAR CHANNEL: Moody's Maintains Rating Review on Pending Deal
CLAIRE'S STORES: $350MM Notes PIK Plan Won't Affect S&P's Ratings
COLLINS & AIKMAN: S&P Concludes Review; Ratings Remain Unchanged
COMMERCIAL ASSETS: Fitch Affirms BB+ Rating on Class M-6 Bonds
CPG INT'L: Weak Market Demand Cues S&P to Revise Outlook to Stable
CPI PLASTICS: Obtains Waiver and Modifies Credit Deal with Lenders
CSFB MORTGAGE: S&P Cuts BBB- Rating on Class L Certificates to B+
CSMC 2006-TFL2: Fitch Affirms Low-B Ratings on 2 Classes
DANA CORP: District Judge Dismisses Jasco Tools' $20 Mil. Claim
DANA CORP: Earns $685 Million in First Quarter of Fiscal Year 2008
DEL FRISCO: S&P Removes 'B' Corp. Credit Rating from Pos. Watch
DEL MONTE FOODS: Fitch Says Ratings Unaffected by StarKist Plan
DELPHI CORP: Sues Appaloosa Management et al. for Reneging on EPCA
EL DORADO HILLS: Case Summary & 20 Largest Unsecured Creditors
EL PASO: $300MM Share-Repurchase Program Won't Affect S&P's Rating
EOS AIRLINES: Wants to File Schedules and Statements Until May 26
FEDDERS CORP: Court Okays Bidding Procedures for Sale of Assets
FINANCE AMERICA: Moody's Junks Ratings on Two Loan Classes
FIRST FRANKLIN: S&P Slashes AA Rating to BB on Class M-1 Certs.
FORD CREDIT AUTO: Moody's Assigns (P)Ba2 Rating on Class D Notes
FORD CREDIT AUTO: Fitch to Assign BB Rating on Class D
GENERAL MOTORS: To Resume Production as Axle & UAW Reach Pact
GRAFTECH INT'L: S&P Lifts Rating to BB- from B+ on Strong Fin'l
GREEKTOWN HOLDINGS: S&P Cuts Corp. Credit Rating to CCC+ from B-
GSAA HOME: S&P Downgrades Ratings on 10 Certificate Classes
HARRY PAPPAS: Creditors Gang Up, File Chapter 7 Petition
HARRY PAPPAS: Involuntary Chapter 11 Case Summary
HOMETOWN COMMERCIAL: Fitch Affirms Low-B Ratings on 6 Classes
HOVNANIAN ENTERPRISES: Amends Credit Deal, Prices Notes Offering
IDLEAIRE TECH: Secures $25 Million DIP Financing from Wells Fargo
IMAX CORP: Must Maintain $7.5MM Available Cash Under Wachovia Loan
JOURNAL REGISTER: Covenant Breach Likely if Finances Remain Slump
JP MORGAN CHASE COMMERCIAL: Fitch Holds Low-B Ratings on 3 Classes
JSM MEAT: Recalls Beef Products from 11 States on E. Coli Scare
LEINER HEALTH: FTI Consulting OK'd as Panel's Financial Advisor
LB-UBS COMMERCIAL: Fitch Affirms Low-B Ratings on 3 Classes
LEVITT AND SONS: Certain Debtors Want to Dispute Sunshine Pacts
LEXINGTON PRECISION: Andrews Kurth Approved as Panel's Counsel
LIFECARE HOLDINGS: March 31 Balance Sheet Upside Down by $2MM
LINENS N' THINGS: Wants to Hire Morgan Lewis as Special Counsel
LITTLE TRAVERSE: Moody's Holds B2 Rating; Changes Outlook to Neg.
LOUISIANA RIVERBOAT: Court Sets June 30 as Claims Bar Date
LSP BATESVILLE: S&P's Rtngs. Unmoved by Complete Energy-GSC Merger
MACY'S RETAIL: Moody's Cuts Subordinated Shelf Rating to (P)Ba1
MAGUIRE PROPERTIES: Founder Forgoes Acquisition Plans, Loses Seat
MAXXAM INC: March 31 Balance Sheet Upside-Down by $296.1 Million
MCP CORP: Receives Delisting Notice From AMEX
MEADWESTVACO CORP: Moody's Cuts Debt Rating to Ba1 on Low Margins
MEDICAL CONNECTIONS: Posts $1.8 Million Net Loss in 1Q 2008
MERRILL LYNCH: Moody's Chips Ratings to C on Four Cert. Classes
MERITAGE HOMES: Posts $45 Million Net Loss in 2008 First Quarter
MORGAN STANLEY CAPITAL I: Fitch Cuts Rating on Classes M & N
MSGI SECURITY: March 31 Balance Upside Down by $2 Million
NESTOR INC: Posts $2,505,000 Net Loss in 2008 First Quarter
NEVADA POWER: S&P Lifts Corp. Credit Rating to BB from BB-
NEW CENTURY: Court Approves Grant Thornton as Tax Accountant
NOBLE INTERNATIONAL: No Longer Subject to Nasdaq Delisting
PAPPAS TELECASTING: CEO Forced to File Chapter 7 Petition
PARADISE MUSIC: Files 2006 Annual Report; Has Going Concern Doubt
PERFORMANCE TRANS: Black Diamond Seeks Independent Plan Committee
PERFORMANCE TRANS: Committee, Lender Groups Support Plan Panel
PERFORMANCE TRANS: DE Shaw Wants to Operate Reorganized Company
PERFORMANCE TRANS: Balks at Proposal to Appoint Plan Committee
PILGRIM'S PRIDE: Completes $177MM Offering of 7.5 Million Stock
PILGRIM'S PRIDE: S&P Holds 'BB-' Credit Rating on Stock Sale
PLASTECH ENGINEERED: Parties Balk at Plan-Filing Period Extension
PNC MORTGAGE: S&P Holds 'CCC-' Rating on Class C Certificates
PQ CORP: S&P Assigns 'B' Corp. Credit Rating with Stable Outlook
PRODUCTION ENHANCEMENT: Obtains Waiver for Breach of Credit Deals
QUEBECOR WORLD: Seeks Approval to Sell Aircraft for $20.3 Million
QUEBECOR WORLD: Renews $60 Mil. Multi-Year Deal with Bauer
QUEBECOR WORLD: Quebec Court Extends CCAA Stay Until July 25
RAPTOR NETWORKS: Mendoza Berger Raises Going Concern Doubt
RCS-CHANDLERS: Court Approves Schian Walker as Counsel
REAL ESTATE VII: Ernst & Young Raises Going Concern Doubt
REMOTE DYNAMICS: March 31 Balance Sheet Upside-Down by $9 Million
RESIDENTIAL CAPITAL: Gets Consents for $14 Bil. Note Tender Offers
RESTRUCTURED ASSET: S&P Lowers Certificate Rating to BB from BBB-
RITE AID: Jim Donald Joins Board, Director Robert Mariano Resigns
RURAL CELLULAR: March 31 Balance Sheet Upside-Down by $785.4MM
SAGITTARIUS RESTAURANTS: S&P Chips Facility Issue Rating to B
S&S FOOD: Voluntary Chapter 11 Case Summary
SBARRO INC: Posts $2.8 Million Net Loss in 2008 First Quarter
SHARPER IMAGE: Allowed to Sell Business, Assets
SHARPER IMAGE: Can Pay Obligations Under $3.6MM Severance Plan
SHARPER IMAGE: Wants to Employ GVS as Valuation Analyst
SHARPER IMAGE: Court Allows Employment of RCS as Consultant
SIRVA INC: Files Financial Info Related to Share Purchase Deal
SIRVA INC: Triple Net Withdraws Appeal on DIP Financing, Payments
SPACEHAB INC: ARES Terminates Cost Plus Award Fee Subcontract
SPECTRUM BRANDS: Not In Talks for Sale of Home and Garden Biz
SPEEDEMISSIONS INC: Tauber & Balser Raises Going Concern Doubt
SPIRE CORP: Eludes Default, Gets Waiver from Silicon Valley Bank
STEAKHOUSE PARTNERS: Case Summary & 45 Largest Unsecured Creditors
SUNCREST LLC: Court Approves Snell & Wilmer as Panel's Counsel
SUNSTATE EQUIPMENT: Moody's Cuts Corp. Family Rating to B2 from B1
SUPERIOR OFFSHORE: To Sell Assets to Global Industries for $6MM
SUPERIOR OFFSHORE: Wants to Terminate Registration of Securities
TABERNA IX: Fitch Cuts Rating on Classes B-1L & B-2L Notes
TENTH STREET BSF: Voluntary Chapter 11 Case Summary
TEXAS STATE HOUSING: S&P Puts 'C' Rating Under Negative Watch
THOMPSON CREEK: $215MM Shares Issuance Cues S&P's Positive Watch
TOUSA INC: Inks Agreement to Settle JPMorgan Facility Default
TOUSA INC: Asks Court to Approve Jasmine Ranch Settlement
TOUSA INC: Asks Court to Approve Escrow Pact with Lennar, et al.
TOUSA INC: Enters Stipulation on Citicorp & Wells Fargo Claims
TOUSA INC: Court Amends Order on Sale of Note to PRN for $13.5MM
TOUSA INC: Allowed to Make Payments in GMAC Controversy
TRAILER BRIDGE: March 31 Balance Sheet Upside Down by $329,034
TUCSON ELECTRIC: Fitch Affirms 'BB' IDR; Rating Outlook Stable
UAL CORP: Moody's Holds All Debt Ratings; Changes Outlook to Neg.
UAL CORPORATION: ALPA Reserves $10 Million to Get Better Deals
UAL CORPORATION: Dispute with HSBC Bank Needs Settlement
UAL CORPORATION: Has Pending Case Against LA Port on Bond Debt
UAL CORPORATION: Operating Unit Undergoes Organizational Changes
UNITED RENTALS: S&P Puts 'BB+' Rating on Proposed $1BB Facility
UNIVISION COMMS: Fitch Says 1Q Results In-Line With Expectations
US CONCRETE: Moody's Cuts Rating to B2 from B1 on $285MM Notes
U.S. SHIPPING: Posts $5.8 Million Net loss in 2008 First Quarter
VERSO PAPER: S&P Retains 'B' Corp. Credit Rating Under Pos. Watch
VIRGIN MOBILE: Talk with SK Telecom Won't Affect S&P's 'B-' Rating
VITERRA INC: S&P Affirms 'BB' Rating on C$300MM Senior Notes
WCI STEEL: Inks Share Buyout and $230 Million Debt Assumption Deal
WORLDSPACE INC: March 31 Balance Sheet Upside Down by $1.7 Billion
* Fitch: Q1 Results Show Extent of Slowdown in Leveraged Markets
* S&P Lowers Ratings on 21 Tranches from Four US Hybrid CDOs
* S&P Took Ratings Actions on Various Synthetic CDO Transactions
* Moody's Says NA Life and Property Insurers Report Higher Losses
* BDO Seidman Identifies Risk Factors at 100 Largest Retailers
* BOND PRICING: For the Week of May 12 - May 16, 2008
*********
ABFC TRUST: S&P Cuts Ratings on 44 Classes of Asset-Backed Certs.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 44
classes of asset-backed certificates from 13 transactions issued
by ABFC Trust, Asset Backed Securities Corp., Centex Home
Equity Loan Trust, Fieldstone Mortgage Investment Trust, New
Century Home Equity Loan Trust, and NovaStar Mortage Funding
Trust. At the same time, S&P placed its ratings on 13 classes
from these transactions on CreditWatch with negative implications.
Two ratings remain on CreditWatch negative. Concurrently, S&P
affirmed its ratings on the remaining 112 classes from these and
five other transactions. These classes are secured primarily by
U.S. subprime mortgage loan collateral.
The downgrades reflect reduced credit enhancement due to monthly
realized losses, as well as a high amount of loans that are
considered severely delinquent (90-plus days, foreclosures, and
REOs). Cumulative losses, as well as total and severe
delinquencies, for each of the transactions are provided in the
table below. For the downgraded transactions, severe
delinquencies, as a percentage of the current pool balances,
ranged from 6.42% (NovaStar 2003-1) to 36.45% (ABFC 2005-WMC1).
The increasing amount of loans that are severely delinquent
suggests that losses will continue to exceed excess interest and
further compromise credit support. Each downgraded transaction
from the 2005 vintage showed a large increase in the dollar amount
of severe delinquencies since the May 2007 remittance. The
increases ranged from 145.18% (ABFC 2005-WMC1) to 262.86%
(Fieldstone 2005-3).
(As of the April 2008 remittance)
(Cumulative losses represent the percentage of the original pool
balance, and total and severe delinquencies represent the
percentage of the current pool balance.)
ABFC 2002-OPT1 Trust
Series Pool factor Cum. Losses Total del. Sev. del.
------ ----------- --------- -------- ---------
2002-OPT1 4.31% 1.77% 34.63% 23.10%
2004-AHL1 10.47% 1.04% 31.24% 12.66%
2004-OPT3 13.47% 0.45% 17.89% 10.53%
2005-WMC1 32.52% 2.97% 46.34% 36.45%
ABSC Home Equity Loan Trust
Series Pool factor Cum. Losses Total del. Sev. del.
------ ----------- ----------- ---------- ---------
2002-HE1 4.41% 3.08% 21.50% 12.68%
2003-HE3 7.57% 1.56% 32.91% 21.14%
2003-HE6 13.46% 1.18% 17.56% 10.81%
2004-HE4 23.66% 9.52% 23.28% 14.35%
2005-HE7 32.12% 0.85% 35.48% 26.77%
Centex Home Equity Loan Trust
Series Grp Pool factor Cum. Losses Total del. Sev. del.
----- --- ----------- ----------- ---------- ---------
2002-A 1 17.16% 5.34% 18.27% 8.66%
2002-A 2 6.44% 4.42% 38.42% 24.69%
Fieldstone Mortgage Investment Trust
Series Pool factor Cum. Losses Total del. Sev. del.
------ ----------- ----------- ---------- ---------
2005-2 42.00% 2.53% 46.58% 34.52%
2005-3 54.72% 2.51% 47.76% 36.07%
New Century Home Equity Loan Trust
Series Pool factor Cum. Losses Total del. Sev. del.
------ ----------- ----------- ---------- ---------
2003-3 7.70% 1.21% 23.01% 12.12%
2005-1 20.95% 1.35% 32.39% 22.89%
2005-2 27.27% 1.58% 32.28% 22.95%
NovaStar Mortgage Funding Trust
Series Pool factor Cum. Losses Total del. Sev. del.
------ ----------- ----------- ---------- ---------
2003-1 9.59% 1.45% 10.81% 6.42%
2004-3 13.13% 2.10% 23.61% 14.39%
2004-4 13.71% 1.81% 29.03% 19.38%
S&P placed its ratings on 13 classes on CreditWatch negative and
two classes remain on CreditWatch negative. While S&P believe the
amount of credit enhancement for these classes may be insufficient
to cover projected losses, S&P will not take additional rating
actions until its complete further analysis.
S&P will evaluate and compare the date of projected defaults with
the projected payoff dates, as well as the relationships between
projected credit support and projected losses throughout the
remaining life of each certificate.
The 112 affirmations reflect sufficient credit enhancement
available to support the ratings at their current levels.
Subordination, overcollateralization, and excess spread provide
credit support for these transactions. Some have additional
support in the form of primary mortgage insurance. The collateral
for these transactions primarily consists of subprime, adjustable-
and fixed-rate mortgage loans secured by first liens on one- to
four-family residential properties.
Ratings Lowered
ABFC 2002-OPT1 Trust
Series 2002-OPT1
Rating
------
Class CUSIP To From
----- ----- -- ----
M-1 04542BBL5 BBB+ AA+
M-2 04542BBM3 BBB- AA-
M-3 04542BBN1 B A
M-4 04542BBP6 CCC BBB
M-5 04542BBQ4 CCC BBB-
ABFC 2005-WMC1 Trust
Series 2005-WMC1
Rating
------
Class CUSIP To From
----- ----- -- ----
M-6 04542BPJ5 B- B
Asset Backed Securities Corp. Home Equity Loan Trust 2003-HE6
Series 2003-HE6
Rating
------
Class CUSIP To From
----- ----- -- ----
M2 04541GGC0 BBB A
M3 04541GGD8 BB+ A-
M4 04541GGE6 BB BBB+
M5 04541GGF3 B BBB
M6 04541GGG1 B- BB-
Asset Backed Securities Corp. Home Equity Loan Trust Series
2003-HE3
Series 2003-HE3
Rating
------
Class CUSIP To From
----- ----- -- ----
M2 04541GEM0 BB A
M3 04541GEN8 B A-
M4 04541GEP3 CCC BB-
M5 04541GEQ1 CC B
ABSC Home Equity Loan Trust Series 2004-HE4
Series 2004-HE4
Rating
------
Class CUSIP To From
----- ----- -- ----
M6 04541GKH4 CCC B-
Asset Backed Securities Corp. Home Equity Loan Trust Series
2005-HE7
Series 2005-HE7
Rating
------
Class CUSIP To From
----- ----- -- ----
M4 04541GUA8 BB BBB+
M5 04541GUB6 B BBB
M6 04541GUC4 CCC BBB-
M7 04541GUF7 CCC BB+
M8 04541GUG5 CCC BB
M9 04541GUH3 CCC BB
Centex Home Equity Loan Trust 2002-A
Series 2002-A
Rating
------
Class CUSIP To From
----- ----- -- ----
BF 152314EP1 CCC BBB
Fieldstone Mortgage Investment Trust Series 2005-2
Series 2005-2
Rating
------
Class CUSIP To From
----- ----- -- ----
M7 31659TEA9 CCC A+
M8 31659TEB7 CCC A-
M9 31659TEC5 CCC BB+
M10 31659TED3 CC CCC
Fieldstone Mortgage Investment Trust Series 2005-3
Series 2005-3
Rating
------
Class CUSIP To From
----- ----- -- ----
M7 31659TEQ4 CCC A+
M8 31659TER2 CCC A+
M9 31659TES0 CCC A
M10 31659TET8 CC A-
M11 31659TEU5 CC BBB+
M12 31659TEV3 CC BBB
M13 31659TEW1 CC BBB-
New Century Home Equity Loan Trust Series 2003-3
Series 2003-3
Rating
------
Class CUSIP To From
----- ----- -- ----
M-4 64352VDC2 B B+
M-5 64352VDD0 B- B
NovaStar Mortgage Funding Trust Series 2003-1
Series 2003-1
Rating
------
Class CUSIP To From
----- ----- -- ----
M-3 66987XCH6 B BBB
NovaStar Mortgage Funding Trust Series 2004-3
Series 2004-3
Rating
------
Class CUSIP To From
----- ----- -- ----
B-1 66987XFV2 BBB- A-
B-2 66987XFW0 B BBB
B-3 66987XFX8 CCC B
B-4 66987XFY6 CCC B-
NovaStar Mortgage Funding Trust Series 2004-4
Series 2004-4
Rating
------
Class CUSIP To From
----- ----- -- ----
B-2 66987WCA3 BB A-
B-3 66987WCB1 CCC B
B-4 66987WCC9 CC B-
Ratings Remaining on Creditwatch Negative
ABFC 2005-WMC1 Trust
Series 2005-WMC1
Class CUSIP Rating
----- ----- ------
M-4 04542BPG1 AA/Watch Neg
M-5 04542BPH9 AA-/Watch Neg
Ratings Placed on Creditwatch Negative
ABFC 2005-WMC1 Trust
Series 2005-WMC1
Rating
------
Class CUSIP To From
----- ------ -- -----
M-3 04542BPF3 AA/Watch Neg AA
Centex Home Equity Loan Trust 2002-A
Series 2002-A
Rating
------
Class CUSIP To From
----- ----- -- ----
MF-2 152314EN6 A/Watch Neg A
Fieldstone Mortgage Investment Trust Series 2005-2
Series 2005-2
Rating
------
Class CUSIP To From
----- ----- -- ----
M2 31659TDV4 AA+/Watch Neg AA+
M3 31659TDW2 AA+/Watch Neg AA+
M4 31659TDX0 AA/Watch Neg AA
M5 31659TDY8 AA/Watch Neg AA
M6 31659TDZ5 AA-/Watch Neg AA-
Fieldstone Mortgage Investment Trust Series 2005-3
Series 2005-3
Rating
------
Class CUSIP To From
----- ----- -- ----
M1 31659TEJ0 AA+/Watch Neg AA+
M2 31659TEK7 AA+/Watch Neg AA+
M3 31659TEL5 AA+/Watch Neg AA+
M4 31659TEM3 AA+/Watch Neg AA+
M5 31659TEN1 AA/Watch Neg AA
M6 31659TEP6 AA/Watch Neg AA
Ratings Affirmed
ABFC 2004-AHL1 Trust
Series 2004-AHL1
Class CUSIP Rating
----- ----- ------
M-1 04542BGG1 AAA
M-2 04542BGH9 AA
M-3 04542BGJ5 A+
M-4 04542BGK2 BBB+
M-5 04542BGL0 BBB
M-6 04542BGM8 BB-
M-7 04542BGN6 B
ABFC 2004-OPT3 Trust
Series 2004-OPT3
Class CUSIP Rating
----- ----- ------
A-1 04542BGR7 AAA
A-4 04542BGU0 AAA
M-1 04542BGV8 AA
M-2 04542BGW6 A
M-3 04542BGX4 A-
M-4 04542BGY2 BBB+
M-5 04542BGZ9 BBB
ABFC 2005-WMC1 Trust
Series 2005-WMC1
Class CUSIP Rating
----- ----- ------
A-1 04542BNX6 AAA
A-2C 04542BPA4 AAA
A-2D 04542BPB2 AAA
A-2MZ 04542BPC0 AAA
M-1 04542BPD8 AA+
M-2 04542BPE6 AA+
M-7 04542BPK2 CCC
M-8 04542BPL0 CCC
M-9 04542BPM8 CCC
M-10 04542BPN6 CC
M-11 04542BPP1 CC
M-12 04542BPQ9 CC
Asset Backed Securities Corp. Home Equity Loan Trust 2003-HE6
Series 2003-HE6
Class CUSIP Rating
----- ----- ------
A1 04541GFX5 AAA
A2 04541GFY3 AAA
A3-B 04541GGM8 AAA
M1 04541GGB2 AA
Asset Backed Securities Corp. Home Equity Loan Trust Series
2003-HE3
Series 2003-HE3
Class CUSIP Rating
----- ----- ------
M1 04541GEL2 AA
Asset Backed Securities Corp. Home Equity Loan Trust Series
2002-HE1
Series 2002-HE1
Class CUSIP Rating
----- ----- ------
M1 04541GCG5 AA
M2 04541GCH3 B
Asset Backed Securities Corp. Home Equity Loan Trust Series
2004-HE4
Series 2004-HE4
Class CUSIP Rating
----- ----- ------
A1 04541GKA9 AAA
M1 04541GKC5 AA
M2 04541GKD3 AA
M3 04541GKE1 AA-
M4 04541GKF8 BBB
M5 04541GKG6 B
M7 04541GKJ0 CCC
Asset Backed Securities Corp. Home Equity Loan Trust Series
2005-HE7
Series 2005-HE7
Class CUSIP Rating
----- ----- ------
A2 04541GTV4 AAA
A3 04541GTW2 AAA
M1 04541GTX0 AA+
M2 04541GTY8 AA
M3 04541GTZ5 A
Centex Home Equity Loan Trust 2002-A
Series 2002-A
Class CUSIP Rating
----- ----- ------
AF-4 152314EJ5 AAA
AF-5 152314EK2 AAA
AF-6 152314EL0 AAA
MF-1 152314EM8 AA
AV 152314EQ9 AAA
MV-1 152314ER7 A
MV-2 152314ES5 BB
BV 152314ET3 CCC
Fieldstone Mortgage Investment Trust Series 2005-2
Series 2005-2
Class CUSIP Rating
----- ----- ------
1-A1 31659TDN2 AAA
1-A2 31659TDP7 AAA
2-A2 31659TDR3 AAA
2-A3 31659TDS1 AAA
M1 31659TDU6 AA+
Fieldstone Mortgage Investment Trust, Series 2005-3
Series 2005-3
Class CUSIP Rating
----- ----- ------
1-A 31659TEE1 AAA
2-A1 31659TEF8 AAA
2-A2 31659TEG6 AAA
2-A3 31659TEH4 AAA
New Century Home Equity Loan Trust 2005-1
Series 2005-1
Class CUSIP Rating
----- ----- ------
A-1ss 64352VJU6 AAA
A-2c 64352VJY8 AAA
M-1 64352VKA8 AA
M-2 64352VKB6 AA
M-3 64352VKC4 AA-
M-4 64352VKD2 A+
M-5 64352VKE0 A
M-6 64352VKF7 A-
M-7 64352VKG5 BBB+
M-8 64352VKH3 BBB
M-9 64352VKJ9 BB
New Century Home Equity Loan Trust 2005-2
Series 2005-2
Class CUSIP Rating
----- ----- ------
A-1ss 64352VKK6 AAA
A-2c 64352VKR1 AAA
M-1 64352VKT7 AA
M-2 64352VKU4 AA
M-3 64352VKV2 AA-
M-4 64352VKW0 A+
M-5 64352VKX8 A
M-6 64352VKY6 A-
M-7 64352VKZ3 BBB+
M-8 64352VLA7 BBB
M-9 64352VLB5 BB
New Century Home Equity Loan Trust Series 2003-3
Series 2003-3
Class CUSIP Rating
----- ----- ------
A-2 64352VCW9 AAA
A-3 64352VCX7 AAA
M-1 64352VCZ2 AA
M-2 64352VDA6 A
M-3 64352VDB4 BB
M-6 64352VDE8 CCC
NovaStar Mortgage Funding Trust Series 2003-1
Series 2003-1
Class CUSIP Rating
----- ----- ------
A-1 66987XCD5 AAA
A-2 66987XCE3 AAA
M-1 66987XCF0 AA
M-2 66987XCG8 A
AIO 66987XCJ2 AAA
P 66987XCK9 AAA
NovaStar Mortgage Funding Trust Series 2004-3
Series 2004-3
Class CUSIP Rating
----- ----- ------
M-1 66987XFP5 AA+
M-2 66987XFQ3 AA+
M-3 66987XFR1 AA
M-4 66987XFS9 AA-
M-5 66987XFT7 A+
M-6 66987XFU4 A
NovaStar Mortgage Funding Trust, Series 2004-4
Series 2004-4
Class CUSIP Rating
----- ----- ------
A-1A 66987WBN6 AAA
A-1B 66987WBP1 AAA
A-2C 66987WBS5 AAA
M-1 66987WBT3 AA+
M-2 66987WBU0 AA+
M-3 66987WBV8 AA
M-4 66987WBW6 AA
M-5 66987WBX4 AA-
M-6 66987WBY2 A+
B-1 66987WBZ9 A
ABS GLOBAL FINANCE: Fitch Affirms Class E-1 Notes' BB Rating
------------------------------------------------------------
Fitch Ratings has affirmed and removed from Rating Watch Negative
(RWN) the class E-1 notes issued by ABS Global Finance Plc (ABS
Global), Series 2006-1:
-- Class E-1 (USD2 million) notes affirmed at 'BB'; off RWN
The notes were placed on RWN on November 15, 2007, due to the
level
of defaults experienced by the transaction.
According to the April 2008 servicer report, the credit
enhancement
of the notes has been reduced to 0.66% from the original 1% at
closing. The notes' credit enhancement comprises the class F-1
notes
and the equity tranche, of which the equity tranche has been
depleted by 0.34% due to defaults.
The affirmation of the notes follows further analysis of the
current
portfolio, in particular the obligors with the weakest credit
profile in the securitised asset pool. Fitch believes that the
current levels of credit enhancement are sufficient to protect the
class E-1 noteholders against losses that might arise from further
defaults, based on the different stressed scenarios that defaults
continue to occur until the expected maturity date.
The transaction is currently within its revolving period, during
which principal collections are used to purchase new eligible
receivables. From June 2008, the transaction administrator will
perform principal collection tests for each class of the notes,
which will measure whether underlying assets can generate
sufficient
collections to redeem each class of notes at the expected maturity
date in December 2008. The tests will be repeated every month from
June to December 2008. If the principal collection tests are not
met, the revolving period will end and the principal accumulation
period will commence.
ABS Global is a public limited liability company issuing USD
floating-rate notes backed by trade finance loan receivables
originated by branches of Citibank, N.A. (Citibank, rated 'AA-'
(AA minus)/ 'F1+' with a Negative rating Outlook) in Hong Kong,
Singapore and Taiwan.
ADELPHIA COMMS: Recovery Trust Wants Declaration Amended
--------------------------------------------------------
The Adelphia Recovery Trust established in reorganized Adelphia
Communications Corp. and its debtor-affiliates' Chapter 11 cases
ask the U.S. Bankruptcy Court for the Southern District of New
York to approve:
a) an amendment to a trust declaration, the document that
together with the confirmed Plan of Reorganization for the
Debtors governs the ART, for the purpose of ensuring that
the ART is accorded pass-through treatment for income tax
purposes; and
b) the allocation of distributions from the ART to
"deficiency" amounts with respect to a given class of
Trust Interests before paying accrued dividends.
The Adelphia Recovery Trust
Pursuant to the Plan and Confirmation Order, the ART was created
for the purpose of liquidating the transferred causes of action
for the benefit of holders of interests in the ART. Certain
classes of creditors and the United States government, on behalf
of the Restitution Fund, in exchange for their interests in the
causes of action, received various series of trusts interests as
part of the recoveries under the Plan.
The ART was previously named the Contingent Value Vehicle up
until March 15, 2007.
The ART has received, as of April 28, 2008, proceeds aggregating
roughly $180 million from the settlement of certain Causes of
Action, according to David M. Friedman, Esq., at Kasowitz,
Benson, Torres & Friedman LLP, in New York.
The Trust Declaration specifies that the ART was established as a
liquidating trust as described in Section 301.7701-4(d) of the
Treasury Regulations and that unless the Internal Revenue Service
or a court of competent jurisdiction required a different
treatment, the ART was to be treated as a grantor trust for
United States federal income tax purposes pursuant to Section
1.671-4(a) of the U.S. Treasury Regulations.
The Trust Declaration requires that the ART be characterized for
tax purposes as a pass-through entity to eliminate the potential
for any trust-level taxes allowing Holders to receive maximum
recoveries from the ART. If the ART were not recognized as a
pass-through entity, it would be subject to a combined federal
and state tax rate of up to 43.7%, Mr. Friedman notes. Holders
also would be responsible for their own taxes and distributions
received from the ART in addition to the 43.7% tax, he adds.
The provisions of the Tax Declaration provide for pass-through
tax treatment. However, there was no guarantee that the IRS
would agree with that characterization, Mr. Friedman says.
Trust Declaration Amendment
In June 2007, in response to the ART's behest, the IRS agreed
that it would recognize ART as a pass-through entity if the Trust
Declaration were amended to eliminate the possibility that the
ART Trustees would seek to list the Trust Interests on national
exchange or actively engage in other "market-making" activities.
Upon further review, the ART Trustees concluded that they should
certainty regarding the pass-through tax treatment of the ART.
They also noted that holder of Trust Interests will benefit from
the cost savings resulting from those interests not being listed
on an exchange. Thus, the Trustees unanimously voted in favor of
amending the Trust Declaration to conform to the IRS' comments.
Accordingly, after reviewing the second amended trust declaration
and further discussions with tax counsel to the ART Trustees, the
IRS issued its ruling in December 2007 that the ART would be
recognized as a pass-through liquidating or grantor trust.
A full-text copy of the ART's Second Amended and Restated
Declaration is available for free at:
http://researcharchives.com/t/s?2c10
The Confirmation Order provides that after the Plan Effective
Date, the Plan Documents including the Trust Declaration may be
amended and modified. Although the proposed trust amendment
satisfies the Confirmation Order as to preserving the ART as a
grantor trust, it arguably is inconsistent with the ability to
satisfy the listing requirements, Mr. Friedman points out.
In light of that inconsistency, the ART Trustees seek the Court's
authority to amend the Trust Declaration to eliminate those
requirements.
ART Distributions
The Plan provides for the accrual of non-cumulative post-
Effective Date Dividends for certain Series of Trust Interests.
Dividends accrue based on the outstanding Deficiency for the
Series, and therefore, the basis for the accrual changes each
time the Deficiency on each Series changes -- whether through a
Plan Distribution, through the disallowance or settlement of a
Disputed Claim, or through an ART Distribution. If Dividends are
deemed paid first in an ART Distribution, a larger comparative
Deficiency balance will remain outstanding and thus greater
Dividends will accrue than if the Deficiency is deemed paid
first, Mr. Friedman notes. "That is because the Dividends are not
cumulative, and are not added to the balance on which Dividends
are calculated."
The ART is required to furnish certain information annually to
Holders to enable to calculated their potential tax liability.
Whether the Deficiency or Dividends is deemed paid first may
impact the Holders' tax reporting because the Dividends could be
considered by the IRS as taxable because the Plan refers to them
as dividends and they economically represent an interest-like
return on the amount of a Holder's Allowed Claim, Mr. Friedman
says.
The Plan and other governing trust documents are silent on the
specific question of whether ART Distributions should be treated
as paying the Deficiency or accrued Dividends first, according to
Mr. Friedman.
Mr. Friedman informs the Court that the ART Trustees carefully
considered the issue, including the potential impact, although
relatively small, on the classes relative to one another, and
concluded unanimously that ART Distributions will be deemed paid
before Dividends.
The ART Trustees assert that their request is warranted for these
reasons:
* The Plan provides for a "principal first" approach for
distributions made by the Plan Administrator pursuant to the
Plan. There is no compelling reason to treat ART
Distributions differently than Plan distributions.
* A Dividends first approach could result in Holders paying
tax earlier than a Deficiency first approach. Paying the
Deficiency first before the accrued Dividends reduces to the
extent possible the risk that Holders will be taxed
currently on amounts they have not received and may never
receive.
* The Plan provides that Dividends will be "non-cumulative."
To adopt a "Dividend first" methodology could be viewed as
indirectly allowing Dividends to cumulate by deferring
payment of the Deficiency to the maximum possible extent.
* The Second Supplemental Disclosure Statement demonstrates
that distributions with respect to CVV Series Arahova are
intended to be principal first. Certain scenarios show that
the Plan contemplated that CVV Series Arahova would receive
a distribution of its Deficiency. Basic fairness would
treat Holders of all classes of Trust Interests as following
the same rule.
* The Deficiency amount represents allowed claims of Holders
that have not recovered the full amount of their allowed
claim in bankruptcy. Unless and until the Holders have
recovered their full allowed claims, it would be
inappropriate to treat anything distributed to a class as
yield or profit.
About Adelphia Comms
Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) -- http://www.adelphia.com/--
is a cable television company. Adelphia serves customers in 30
states and Puerto Rico, and offers analog and digital video
services, Internet access and other advanced services over its
broadband networks. The company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002. Those cases are jointly
administered under case number 02-41729. Willkie Farr &
Gallagher represents the Debtors in their restructuring efforts.
PricewaterhouseCoopers serves as the Debtors' financial advisor.
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.
Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family. In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC. The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642). Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates' chapter 11
cases.
The Bankruptcy Court confirmed the Debtors' Modified Fifth Amended
Joint Chapter 11 Plan of Reorganization on Jan. 5, 2007. That
plan became effective on Feb. 13, 2007. (Adelphia Bankruptcy
News, Issue No. 187; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
ADELPHIA COMMS: MI-Connection Wants Duke Pact Assignment Clarified
------------------------------------------------------------------
MI-Connection Communications System is a joint agency formed in
accordance with North Carolina law by the County of Mecklenburg,
North Carolina, and each of several municipalities within the
Counties of Mecklenburg and Iredell, namely Cornelius, Davidson,
and Mooresville.
MI-Connection asks the U.S. Bankruptcy Court for the Southern
District of New York to clarify that the Pole Attachment Agreement
between Duke Power Co. and Adelphia Communications Corp. debtor-
affilites Prestige Cable of NC Inc., dated Feb. 19, 1993, was
validly assigned to it as part of its purchase of cable system
assets.
The Duke Agreement
Each of the four jurisdictions represented by MI-Connection was
the counterparty to a franchise agreement with Adelphia that
entitled it to exercise a right of first refusal in any sale of
Adelphia's cable system serving their franchise areas. The Duke
Agreement, which was a Pole Attachment Agreement, permitted
Adelphia to attach its cable system attachments to Duke's poles
in two North Carolina counties where the four jurisdictions'
franchise areas are located.
Adelphia, however, attempted to assume and assign all of those
executory contracts in connection with a sale of substantially
all of its assets to Time Warner and Comcast Corporation. The
four jurisdictions thus exercised their rights of first refusal,
stepped into the shoes of Time Warner, and acquired from the
Debtors certain of their cable system assets in the subject
bankruptcy sale, Kenneth A. Brunetti, Esq., at Miller & Van
Eaton, LLP, in San Francisco California, relates. The rights
were formally exercised and the sale to MI-Connection closed
after the sale of other Adelphia assets to Time Warner.
However, some cable system assets that should have been held back
by the Debtors were purportedly provided in error to Time Warner
at the sale closing. According to Mr. Brunetti, the Duke
Agreement was one of the assets purportedly inadvertently
provided to Time Warner. Ultimately, the parties decided and
obtained Court approval to rectify the errors by executing two
asset purchase agreements, (1) one between the four jurisdictions
represented by MI-Connection and Time Warner to ensure that any
assets that belonged to MI-Connection were in fact provided to
MI-Connection, and (2) the other between the four jurisdictions
represented by MI-Connection and the Debtors to transfer the
remaining assets.
The two agreements, Mr. Brunetti notes, ensured that all property
subject to the right of first refusal, including real estate
located in Mooresville, North Carolina, vehicles, inventory, and
various executory contracts, including the Duke Agreement, became
the property of MI-Connection and had the effect of bringing the
transfer into conformity with the Court's Orders.
Duke Does Not Recognize Assignment
Duke has now refused to recognize the assignment of the Duke
Agreement to MI-Connection, Mr. Brunetti points out. Duke's
position is that Time Warner was the sole and exclusive
transferee of the assets of the Adelphia system including the
Duke Agreement, and therefore MI-Connection has no right to them.
By refusing to recognize the assignment of the Duke Agreement to
MI-Connection, Duke is frustrating the implementation of the
Court's Orders, and depriving MI-Connection of the full benefits
of its bargain as the purchaser of certain of Adelphia's cable
system assets, Mr. Brunetti argues.
"Whether the Duke Agreement and other assets transferred to MI-
Connection directly from the Debtors, or inadvertently through
Time Warner does not change the fact that the assets came to MI-
Connection at the direction of the Court, pursuant to the
proceedings that vindicated the right of first refusal, and
allowed the jurisdictions to step into the shoes of Time Warner,"
Mr. Brunetti contends.
Duke asserted that the Duke Agreement had not been transferred to
MI-Connection, and that MI-Connection should negotiate a new pole
agreement or that the Duke Assignment was not valid without
approval of the company. Duke seemed to believe that Time Warner
had properly obtained and was continuing to operate under the
Duke Agreement, Mr. Brunetti notes.
Mr. Brunetti tells the Court that the new agreement proposed by
Duke is significantly different from the existing Duke Agreement,
to the detriment of MI-Connection. He cited that:
-- The proposed agreement does not recognize MI-Connection's
rights as Adelphia's successor in interest to the Duke
Agreement. Thus, it offers MI-Connection no assurance that
Duke will not seek redress from it for claims that Duke had
already waived, or were deemed cured in the settlement of
the Duke Objection.
-- The proposed agreement is phrased in a way that could be
read to impose greater burdens on MI-Connection than the
original Duke Agreement. The proposed agreement arguably
makes MI-Connection responsible for correcting defects that
should have been corrected by others, including Duke.
-- Duke's position deprives MI-Connection of an asset it paid
for at the closing of the sale and will require it to enter
into potentially costly and lengthy negotiations with Duke
to reach a new agreement.
Duke Responds
On behalf of Duke Energy Carolinas LLC, f/k/a Duke Energy
Corporation, d/b/a Duke Power Company, Thomas R. Slome, Esq., at
Rosen Slome Marder LLP, in New York, contends that the Court
should deny MI-Connection's request because the assignment of the
Pole Attachment Agreement is governed by the Stipulation and
Order between the Debtors and Duke Energy Carolinas LLC resolving
objection to assumption and assignment of certain executory
contracts and certain proofs of claim.
Duke cites that in the Stipulation and Order, it agreed to:
-- the settlement of its Cure Objection, which included a
requirement that the Debtors or the applicable assignee
provide Duke with adequate assurance of future performance
under the assigned contracts; and
-- the assumption and assignment of the Agreement to Time
Warner and to no other entity.
Mr. Slome tells the Court that at no time did the Debtors
approach Duke about the possible assumption and assignment of the
Agreement to MI-Connection.
Mr. Slome further contends that even if MI-Connection purchased
certain assets from the Debtors and Time Warner, they did not
purchase the Agreement. "In fact, MI-Connection has failed to
produce any documents that state that the Agreement was sold by
Time Warner to MI-Connection," he says. "The only document that
MI-Connection has produced that even names the Agreement, is the
unexecuted November 19, 2007 letter from Time Warner to Duke in
which Time Warner requested Duke to consent to the assignment of
the Agreement to MI-Connection."
Mr. Slome adds that Duke's non-consent to Time Warner's
assignment of the Duke Agreement to MI-Connection and any issues
regarding Time Warner's proposed assignment of the Agreement is
no longer within the Court's jurisdiction. He notes that if MI-
Connection wants the Court to award declaratory relief, MI-
Connection must proceed via an adversary proceeding.
About Adelphia Comms
Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) -- http://www.adelphia.com/--
is a cable television company. Adelphia serves customers in 30
states and Puerto Rico, and offers analog and digital video
services, Internet access and other advanced services over its
broadband networks. The company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002. Those cases are jointly
administered under case number 02-41729. Willkie Farr &
Gallagher represents the Debtors in their restructuring efforts.
PricewaterhouseCoopers serves as the Debtors' financial advisor.
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.
Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family. In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC. The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642). Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates' chapter 11
cases.
The Bankruptcy Court confirmed the Debtors' Modified Fifth Amended
Joint Chapter 11 Plan of Reorganization on Jan. 5, 2007. That
plan became effective on Feb. 13, 2007. (Adelphia Bankruptcy
News, Issue No. 187; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
ADELPHIA COMMS: Wants Claims Objection Deadline Extended Sept. 12
-----------------------------------------------------------------
Adelphia Communications Corp. and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Southern District
of New York to further extend the time within which the Plan
Administrator may object to prepetition and administrative claims
filed against them, through and including Sept. 12, 2008.
Shelley C. Chapman, Esq., at Wilkie Farr & Gallagher LLP, in New
York, New York, states that despite the staggering amount of
claims filed against the Reorganized Debtors, they have
successfully identified and objected to the vast majority of the
non-meritorious claims.
As of May 12, 2008, approximately 19,900 proofs of claim
asserting approximately $3.98 trillion in claims had been filed
against the Reorganized Debtors. As of May 14, the Reorganized
Debtors have filed 19 omnibus objections that address $3.96
trillion of filed claims. Moreover, counsel to the Debtors have
periodically appeared before the Court to:
(a) provide updates on the Reorganized Debtors' progress in
resolving claims; and
(b) submit forms of orders resolving claims and adjourning the
hearings on those claims not yet resolved.
Also, the Court has entered 26 supplemental orders and numerous
stipulations allowing claims which were included in the Claims
Objections and later consensually resolved between the
Reorganized Debtors and certain claims, Ms. Chapman notes.
Notwithstanding the brisk pace of the claims process to date,
final work on claims resolution remains to be done, Mr. Chapman
tells the Court. The Plan Administrator and the Reorganized
Debtors must conclude the fact-intensive process of reviewing,
analyzing and reconciling the scheduled and filed claims. The
Reorganized Debtors believe that fewer than 25 claims totaling
approximately $135 million have not yet been expunged, withdrawn,
adjourned or allowed by stipulations or Court orders. The vast
majority of these claims are claims for administrative expenses
related to cure costs arising out of the Reorganized Debtors'
assumption and assignment of executory contracts. The Plan
Administrator anticipates that those claims will be resolved in
the short term.
The Plan Administrator and the Reorganized Debtors seek to extend
the Claims Objection Deadline and the deadline to object to
Administrative Claims one final time to:
(a) review, reconcile, and file additional claims objections
as necessary to all remaining proofs of claim asserted
against the Reorganized Debtors, including Administrative
Claims, and
(b) ensure that there has been no oversight or omission in the
claims review process and that all non-meritorious claims
filed against the Reorganized Debtors have been or will be
included on a claims objection prior to the Claims
Objection Deadline.
As of May 14, 2008, the Reorganized Debtors believe that their
latest Claim Objection Extension Motion will be their final
extension request.
Ms. Chapman maintains that the extension is not sought for
purposes of delay and will not prejudice any claimant or other
party-in-interest.
* * *
The Court entered a bridge order, approving the Debtors' request.
The Court will convene a hearing on June 6, 2008, to consider the
extension request, on a final basis.
About Adelphia Comms
Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) -- http://www.adelphia.com/--
is a cable television company. Adelphia serves customers in 30
states and Puerto Rico, and offers analog and digital video
services, Internet access and other advanced services over its
broadband networks. The company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002. Those cases are jointly
administered under case number 02-41729. Willkie Farr &
Gallagher represents the Debtors in their restructuring efforts.
PricewaterhouseCoopers serves as the Debtors' financial advisor.
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.
Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family. In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC. The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642). Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates' chapter 11
cases.
The Bankruptcy Court confirmed the Debtors' Modified Fifth Amended
Joint Chapter 11 Plan of Reorganization on Jan. 5, 2007. That
plan became effective on Feb. 13, 2007. (Adelphia Bankruptcy
News, Issue No. 187; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
ADVANCED MICRO: Board Appoints Clegg to Compensation Committee
--------------------------------------------------------------
The Board of Directors of Advanced Micro Devices, Inc., appointed
Frank Clegg to the Board's Compensation Committee and Nominating
and Corporate Governance Committee, effective May 8, 2008.
Mr. Clegg will receive similar benefits the company provides to
non-employee independent directors for his Board and Committee
service.
Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. (NYSE: AMD) -- http://www.amd.com/-- provides innovative
processing solutions in the computing, graphics and consumer
electronics markets.
At Dec. 29, 2007, the company's consolidated balance sheet showed
$11.550