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         T R O U B L E D   C O M P A N Y   R E P O R T E R

             Wednesday, March 24, 2010, Vol. 14, No. 82

                            Headlines

661 SHATTO PLACE: Case Summary & 23 Largest Unsecured Creditors
ADVANTA CORP: Expects No Recovery from Bank's Receivership
ADVANTA CORP: Bank Wants to Void Debtor's Waiver of NOL Carryback
AH PROPERTIES: Voluntary Chapter 11 Case Summary
AMERICAN INT'L: Pay Czar Imposes Restriction on Cash Salaries

AMKOR TECHNOLOGY: Moody's Raises Corporate Family Rating to 'Ba3'
ANDRE CHREKY: Files for Bankruptcy on Eve of Trial
APPLETON PAPERS: Selects Jeff Fletcher as Vice President
ASARCO LLC: Objects to Harbinger's $6 Million in Fees
ASARCO LLC: Opposes Firms' Request for Enhanced Fees

ASARCO LLC: District Court Appoints Asbestos Trustee
ASPEN MAIN: Section 341(a) Meeting Scheduled for April 19
ATRIUM CORP: Court OKs Investment Pact with Golden Gate & Kenner
AVISBUDGET GROUP: DBRS Keeps 'B' Rating Despite $77M Pre-Tax Loss
BIOJECT MEDICAL: Post $379,000 Net Loss for Fourth Quarter

CANWEST GLOBAL: Monitor Reports on Transition of Shared Services
CANWEST GLOBAL: Weekly Readership Tops 4 Million
CHEMTURA CORP: CERT Files $9-Bil. Claim Over Toxic Chemicals
CHRYSLER LLC: Pay Czar Imposes Restriction on Cash Salaries
CIENA CORP: S&P Affirms Senior Unsecured Ratings at 'B'

CIRRUS DESIGN: Sues Ex-Supplier for Lobbying Involuntary Filing
COMMERCIAL FINANCIAL: Fee Shifting in Bankruptcy Requires Test
COMMERCIAL VEHICLE: To Sell 3.8-Mil. Shares in Offering
COMMERCIAL VEHICLE: Stock Offering Won't Move Moody's Caa2 Rating
CONSOL ENERGY: Moody's Assigns 'B1' Rating on $2.75 Bil. Notes

CONSOL ENERGY: S&P Keeps BB+ Corp. Credit Rating on Watch Negative
COUNTRY COACH: Hilco Industrial Auction Generates $5.7MM in Sale
COUNTY WIDE REALTY: Organizational Meeting to Form Panel March 31
CRDENTIA CORP: Organizational Meeting to Form Panel on March 25
CROSS CANYON: Consummates Prepackaged Plan of Reorganization

DANNY'S FAMILY: Puts More Units in Bankruptcy Protection
DELCO OIL: 11th Cir. Says Debtor Mishandled Cash Collateral
DELTA AIR: Transfers Slots at LaGuardia, Reagan Airports
DELTA PETROLEUM: Has Tentative Deal to Sell Vega Interest to Opon
DENNY HECKER: Took Money From Kids' Trust Funds, Lawyer Alleges

DENTON LONE: Asks Court Okay to Use Cash Collateral Until April 1
DENTON LONE: Section 341(a) Meeting Scheduled for May 7
DENTON LONE: Taps Hiersche Hayward as Bankruptcy Counsel
DILLARD'S INC: Moody's Lifts Probability of Default Rating to 'B2'
E*TRADE FIN'L: Names Freiberg as CEO; Mulls Reverse Stock Split

E*TRADE FIN'L: Analysts Split on Takeover Possibilities
ELECTROGLAS INC: Court Extends Ch. 11 Plan Filing Until May 7
ELECTROGLAS INC: To Pay Unsecureds from MCAT Biz Sale Proceeds
EMPIRE CENTER: Gets Interim OK to Access JPMorgan Cash Collateral
ENERGYCONNECT GROUP: Reports $2.3-Mil Net Loss for Jan. 2 Quarter

ENTEGRA TC: S&P Downgrades Rating to 'B'; Gives Negative Outlook
ESCADA AG: U.S. Unit Wants Conflicts Counsel; U.S. Trustee Objects
ESCADA AG: U.S. Creditors Panel Gets OK for Clingman as Advisor
ESCADA AG: U.S. Court Approves Fees for Professionals
EUROSPARK INDUSTRIES: Chapter 11 Trustee Appointed

F & F LLC: Investors to Acquire 100% of Stock for $3 Million
FRONTIER FINANCIAL: Bank Gets FDIC Directive to Recapitalize
FUNDAMENTAL PROVISIONS: Promises Full Payment to Unsecureds
GENERAL MOTORS: Pay Czar Imposes Restriction on Cash Salaries
GENERAL MOTORS: New GM Won't Reunite with GMAC

GENERAL MOTORS: GM Now Discussing Deals with Reinstated Dealers
GENERAL MOTORS: UAW and NUMMI Reach Deal on Plant Closing
GENERAL MOTORS: Temporarily Resumes Saturn & Hummer Production
GMAC INC: Pay Czar Imposes Restriction on Cash Salaries
GREAT WOLF: S&P Assigns Corporate Credit Rating at 'B'

GTC BIOTHERAPEUTICS: Gets Delisting Notice from Nasdaq
HERALD PRINTING: Files for Bankruptcy to Reorganize Debt
HERTZ CORPORATION: DBRS Affirms 'BB' Amid $171MM 2009 Loss
HIGH INCOME PREFERRED: DBRS Downgrades Series 2 Shares to 'D'
HOKU SCIENTIFIC: Posts $1.3 Million Net Loss in Q3 Ended Dec. 31

HOWARD SCOTT ROSS: Has Until June 5 to Propose Chapter 11 Plan
INNOVATIVE TECHNOLOGY: Voluntary Chapter 11 Case Summary
INTERSTATE HOTELS: Cancels All Common Stock After Merger
JOHN YURI SCHILIN: Voluntary Chapter 11 Case Summary
KLCG PROPERTY: Dougherty in Line to Buy KeyLime Cove Park

KLENTNER-MARQUEZ: Case Summary & 20 Largest Unsecured Creditors
LAKE TAHOE DEVELOPMENT: Wants Plan Exclusivity Until July 2
LAKE TAHOE DEVELOPMENT: In Talks with Investor for Project
LEAR CORP: To Raise $700 Million Through Bond Offering
LEAR CORP: Moody's Assigns 'B1' Rating to Note Offering

LEHMAN BROTHERS: Dodd Urges Prosecutors to Look at Lehman
LENNY DYKSTRA: Judge Tags Home Repair Costs at $186,000
LIONS GATE: Says Icahn's Latest Bid Remains Financially Inadequate
MAGNA ENTERTAINMENT: Amended Plan Says Parent to Get MJC
MARTIN SHAT: Absolute Priority Rule Not Applicable in Case

MEGA BRANDS: Recapitalization Transaction Recognized in U.S.
MERRILL CORPORATION: Moody's Cuts Corp. Family Rating to 'Caa1'
METRO-GOLDWYN-MAYER: To Review Bids, Seek Extension of Forbearance
METROPCS WIRELESS: Moody's Raises Corporate Family Rating to 'B1'
MGM MIRAGE: Inks Sixth Amended to BofA Credit Facility

MICRON TECHNOLOGY: S&P Gives Pos. Outlook; Affirms Low-B Ratings
MILLENNIUM NEW: Moody's Withdraws 'Caa3' Corp. Family Rating
MORAN LAKE: Court Dismisses Chapter 11 Reorganization Case
MORGAN STANLEY CAPITAL: DBRS Downgrades Class J Securities to 'BB'
MSA 1 LLC: Case Summary & 7 Largest Unsecured Creditors

NATIONAL HOME: Auctions Substantially All Assets on March 30
NATIONAL HOME: Wants Add'l 90 days to File Reorganization Plan
NEW LUXURY MOTORS: Files for Chapter 11 Bankruptcy Protection
NOBLE INTERNATIONAL: Bank Gets to Decide How to Apply Funds
NORANDA ALUMINUM: Board Names Richard Evans as Director

NORTEL NETWORKS: Wants Deadline for Rule 2015 Report Delayed
NORTEL NETWORKS: Proposes Deal on Trust Formation
NORTEL NETWORKS: Wins Nod to Implement Incentive Plan
NORTEL NETWORKS: Wins Settlement of Jabil, et al.
NORTHSIDE TOWER: Files Schedules of Assets & Liabilities

NORTHSIDE TOWER: Section 341(a) Meeting Scheduled for April 19
NORTHSIDE TOWER: Wants to Employ Weinberg Gross as Bankr. Counsel
N.Y.C. OFF-TRACK BETTING: May Run Out of Cash in April
N.Y.C. OFF-TRACK BETTING: Petition for Chapter 9 Approved

NOVA HOLDING: Seeks Case Dismissal with Payments to Creditors
OSCIENT PHARMA: Ch. 11 Plan Filing Deadline Moved to April 14
OVERSEAS SHIPHOLDING: Moody's Puts 'Ba3' Rating on $300 Mil. Notes
PCAA PARENT: Receives Approval of Bonuses for Executives
PETTERS COMPANY: Creditor Ineligible to Vote for Ch. 11 Trustee

PHILADELPHIA NEWSPAPERS: Says Lenders' Group Acted As One Unit
PHOENIX WORLDWIDE: Can Access C3 Capital Cash Collateral
PNG VENTURES: Court Confirms First Amended Chapter 11 Plan
PPA HOLDINGS: Continued Hearing on Cash Access Set for March 31
PREMIUM PROTEIN: Hasting to Buy Lincoln Plant for $700,000

PRIMEDIA INC: S&P Downgrades Corporate Credit Rating to 'B'
PROVIDENT FUNDING: Moody's Assigns 'Ba3' Senior Secured Rating
PROVIDENT FUNDING: S&P Assigns 'B+' Counterparty Credit Rating
RAPID LINK: Reports $757,788 Net Loss for Qtr. Ended Jan. 31
REGENT COMMUNICATIONS: Disclosure Statement Gets OK

RIVER ROAD: Has April 21 Deadline for Plan Outline
RJ YORK: Heartland and Frontenac Want to Foreclose
ROBERT CLARK: Section 341(a) Meeting Scheduled for April 15
SIRIUS XM: Receives Nasdaq Letter About Minimum Bid Price Rule
SAHARA ENERGY: Files Notice to Seek Creditor Protection

SAHARA ENERGY: Gallic Energy Intends to Acquire Firm
SMART ONLINE: To Pay Interest of New Notes At 8% Per Annum
SEAN BUBOLTZ: Case Summary & 12 Largest Unsecured Creditors
SKILLED HEALTHCARE: Moody's Raises Corp. Family Rating to 'B1'
SOPHIA MARTIN: Case Summary & 13 Largest Unsecured Creditors

SOUTH BAY EXPRESSWAY: Files for Ch. 11 to Resolve $408MM Suit
SOUTH BAY EXPRESSWAY: Case Summary & 20 Largest Unsec. Creditors
SPECIALTY PACKAGING: Committee Wants Weckerle to Join Bidding
TE-KON TRAVEL: Court Enforces Plan Settlement Pact with Lender
TRIBUNE CO: Seeks to Hold Bondholder Trustee in Contempt

TUBE CITY: Moody's Affirms Corporate Family Rating at 'B2'
TWO SPRINGS: County Didn't Have to File In Rem Tax Claim
UAL CORP: Registers 10,000,000 Shares for Pilot Plan
UAL CORP: Deloitte Dismissal Effective February 25
UAL CORP: 2009 Bonds Trading At or Above Par

US AIRWAYS: Transfers Slots at LaGuardia, Reagan Airports
VISTEON CORP: Gets Nod to Use Cash Collateral Until April 14
VISTEON CORP: Wins OK for Puerto Rico Condemnation Suit Settlement
VISTEON CORP: Has Court Ok to Hire Hammonds as UK Counsel

WATERMARK MARINA: Assets to Be Sold on April 21
WHITE HOUSE BUILDERS: Files for Chapter 11 Bankruptcy
WILLIAM LYON: Reports $20.5 Million Net Loss for 2009
YELLOWSTONE CLUB: Mediator Schedules Settlement Talks in May
ZALE CORP: Prefers Sun Capital's Financing Plan Over Apollo's

ZALE CORP: SEC Conducts Probe on Securities Laws Violations
ZALE CORP: Warns of Cash Crunch; $6MM Due to Citibank on April 1
ZALE CORP: No Liquidation or Prepack, Consensus Advisory CEO Says

* Bankruptcy Law360 Calls Kramer Levin's Amy Caton as Rising Star

* Upcoming Meetings, Conferences and Seminars


                            *********


661 SHATTO PLACE: Case Summary & 23 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: 661 Shatto Place LLC
        1425 W 7th Street
        Los Angeles, CA 90017

Bankruptcy Case No.: 10-20670

Chapter 11 Petition Date: March 22, 2010

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Alan M. Ahart

Debtor's Counsel: Stephen L. Burton, Esq.
                  15260 Ventura Blvd, Ste. 640
                  Sherman Oaks, CA 91403
                  Tel: (818) 501-5055
                  Fax: (818) 501-5849
                  Email: steveburtonlaw@aol.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

A full-text copy of the Debtor's petition, including a list of its
23 largest unsecured creditors, is available for free at:

             http://bankrupt.com/misc/cacb10-20670.pdf

The petition was signed by Bret Mosher, officer of the Company.


ADVANTA CORP: Expects No Recovery from Bank's Receivership
----------------------------------------------------------
Advanta Corp. said in a regulatory filing it expects no recovery
from the Federal Deposit Insurance Company for its ownership
interest in Advanta Bank Corp.

On March 19, the FDIC and the Utah Division of Financial
Institutions closed ABC, a wholly owned subsidiary of Advanta
Corp.  The FDIC was appointed receiver.  As a result, the FDIC has
assumed all of ABC's deposits and purchased essentially all of
ABC's assets.

In addition, the FDIC has assessed cross guarantee liability
against Advanta Bank, an indirect subsidiary of the Company and an
inactive Delaware bank that is in the process of liquidation and
had total equity capital of approximately $5.2 million on its last
Consolidated Reports of Condition and Income.  The FDIC assertion
is based on the common ownership of the two banks.  It is too soon
to tell if there will be any recovery with respect to AB, Advanta
Corp. said.

The Company does not expect that any of the proceeds associated
with the purchase or liquidation of the assets of ABC will be
distributed to the Company or its stakeholders, including
stockholders and creditors.

As of December 31, 2009, ABC had around $1.6 billion in total
assets and $1.5 billion in total deposits.  At the time of
closing, the bank had an estimated $247,000 in uninsured funds.

                        About Advanta Corp.

Advanta Corp. -- http://www.advanta.com/-- has had a 59-year
history of being a leading innovator in the financial services
industry and of providing great value to its stakeholders,
including its senior retail note holders and shareholders, prior
to the recent reversals.  It has also been a major civic and
charitable force in the communities in which it is based,
particularly in the Greater Philadelphia area.

The Federal Deposit Insurance Corporation placed significant
restrictions on the activities of Advanta Corp.'s Advanta Bank
Corp. following financial woes by the banking unit.

As of Sept. 30, 2009, the Company had $2,497,897,000 in assets
against total liabilities of $2,465,936,000 but the figures
included those of the banking units.

On November 8, 2009, Advanta Corp. filed for Chapter 11 (Bankr. D.
Del. Case No. 09-13931).  Attorneys at Weil, Gotshal & Manges LLP,
and Richards, Layton & Finger, P.A., serve as bankruptcy counsel.
Alvarez & Marsal serves as financial advisor.  The Garden City
Group, Inc., serves as claims agent.  The filing did not include
Advanta Bank.  The petition says that Advanta Corp.'s assets
totaled $363,000,000 while debts totaled $331,000,000 as of
Sept. 30, 2009.


ADVANTA CORP: Bank Wants to Void Debtor's Waiver of NOL Carryback
-----------------------------------------------------------------
Advanta Corp. filed a new motion with the Bankruptcy Court seeking
a determination that the actions by parent Advanta Corp. in
waiving the five-year carry back for the 2009 net operating loss
and amending the 2008 federal income tax return to elect the five-
year carry back for the 2008 net operating loss were outside the
ordinary course of the business and therefore required the prior
approval of the Bankruptcy Court.

ABC also amended its previous complaint against Advanta Corp. to
add as relief sought a declaration that the Company's filing of
the 2009 Tax Return and amendment to the 2008 tax return are void.
In the lawsuit, ABC had sought to compel the Company, in its 2009
federal income tax return, to elect to carry back five years the
consolidated group's net operating loss for its 2009 taxable year.

"Based on consultation and advice from its legal advisors, the
Company believes that its actions were proper and will vigorously
defend itself against all actions that have been or may be brought
by ABC related to the tax returns," Advanta Corp. said in a
regulatory filing.

                        Five-Year Carryback

On March 14, 2010, Advanta Corp. filed the 2009 Tax Return waiving
the carry back of any portion of the 2009 net operating loss.  At
the same time, the Company also filed an amended 2008 federal
income tax return for the consolidated group electing a five year
carry back of the 2008 net operating loss.  The Company said that
if it had carried back the 2009 net operating loss five years, the
consolidated group would have been entitled to a federal income
tax refund of approximately $54 million; however, in accordance
with the intercompany tax sharing arrangement, this would have
also exposed the Company to an assertion by ABC of a general
unsecured claim of approximately $170 million.  The dilutive
effect of this potential $170 million claim on the general
unsecured creditors' recovery in the Company's Chapter 11 case was
a key consideration in the Company's decision to waive the 2009
net operating loss carry back.

                        About Advanta Corp.

Advanta Corp. -- http://www.advanta.com/-- has had a 59-year
history of being a leading innovator in the financial services
industry and of providing great value to its stakeholders,
including its senior retail note holders and shareholders, prior
to the recent reversals.  It has also been a major civic and
charitable force in the communities in which it is based,
particularly in the Greater Philadelphia area.

The Federal Deposit Insurance Corporation placed significant
restrictions on the activities of Advanta Corp.'s Advanta Bank
Corp. following financial woes by the banking unit.

As of Sept. 30, 2009, the Company had $2,497,897,000 in assets
against total liabilities of $2,465,936,000 but the figures
included those of the banking units.

On November 8, 2009, Advanta Corp. filed for Chapter 11 (Bankr. D.
Del. Case No. 09-13931).  Attorneys at Weil, Gotshal & Manges LLP,
and Richards, Layton & Finger, P.A., serve as bankruptcy counsel.
Alvarez & Marsal serves as financial advisor.  The Garden City
Group, Inc., serves as claims agent.  The filing did not include
Advanta Bank.  The petition says that Advanta Corp.'s assets
totaled $363,000,000 while debts totaled $331,000,000 as of
Sept. 30, 2009.


AH PROPERTIES: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: AH Properties, LLC
        Phoenix
        7047 E Greenway Pkwy, Ste 250
        Scottsdale, AZ 85254

Bankruptcy Case No.: 10-07842

Chapter 11 Petition Date: March 22, 2010

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Debtor's Counsel: Philip Clark Tower, Esq.
                  Law Office of Philip Tower
                  11811 N Tatum Blvd #3031
                  Phoenix, AZ 85028
                  Tel: (602) 692-9609
                  Fax: (602) 296-0450
                  Email: Pctower@Tower-Law.Com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

The Debtor did not file a list of its 20 largest unsecured
creditors when it filed its petition.

The petition was signed by Amy Hewel, administrative member of the
Company.


AMERICAN INT'L: Pay Czar Imposes Restriction on Cash Salaries
-------------------------------------------------------------
Darrell A. Hughes, Aparajita Saha-Bubna and Michael R. Crittenden
at Dow Jones Newswires report that U.S. pay czar Kenneth Feinberg
said Tuesday his $500,000 restriction on cash salaries will cover
82% of the 119 top executives at the five companies he oversees --
American International Group, General Motors Co., Chrysler
Financial, Chrysler Group LLC and GMAC Inc.  The report says five
executives at AIG, however, will receive more than that.

Dow Jones says Mr. Feinberg made the announcement as part of his
review of 2010 pay packages for the "top 25" executives at the
companies, including senior executives and the next 20 most highly
compensated employees.  Some of those employees have since left
the firms.

According to Dow Jones, Mr. Feinberg plans to release compensation
restrictions for the 26th to 100th highest-paid employees at the
five firms next month.

Dow Jones recalls AIG asked that 10 of its top 25 get more than
$500,000 cash salary, an exception permitted under Mr. Feinberg's
rules for "good cause."  Mr. Feinberg agreed to five.

Dow Jones also relates that for AIG's financial-products group,
Mr. Feinberg froze cash compensation at levels dating back to the
end of the fiscal year 2008 for five out of six employees he
reviewed.  One will receive a $450,000 salary "in light of his
critical role," Mr. Feinberg said, according to Dow Jones.

Dow Jones says Mr. Feinberg cut off the non-cash component of
compensation for AIGFP employees until AIG's compensation
committee affirms recouping $45 million of controversial retention
payments made last March to employees of this unit.

Dow Jones relates that GMAC Chief Executive Officer Michael
Carpenter will only be paid in stock that must be held for the
long-term, according to Mr. Feinberg.

According to Dow Jones, Mr. Feinberg plans to reduce total
executive compensation at AIG, GMAC, and Chrysler Financial by
15%.  GM and Chrysler Group aren't included in this total because
of bankruptcy restructurings that occurred in mid-2009.

On average, overall cash for the executives are slated to be
decreased by 33% from the levels he set in 2009.

Dow Jones also reports Sen. Charles Grassley (R., Iowa) on Tuesday
requested the special inspector general for the $700 billion Wall
Street rescue plan probe Treasury's implementation of executive
pay rules.  According to Dow Jones, Sen. Grassley suggested the
Treasury department improperly ignored parts of the law passed by
Congress that allowed for the payments to be made.

Dow Jones says Mr. Grassley asked Special Inspector General Neil
Barofsky to probe whether a top Treasury official working on
executive pay issues should have been prevented from helping draft
Treasury rules because of his previous work at a law firm that
included Bank of America Corp. and AIG as clients.

"At a minimum this presents the appearance of serious
impropriety," Mr. Grassley wrote in the letter to Mr. Barofsky on
Tuesday, according to Dow Jones.

                             About AIG

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as $182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


AMKOR TECHNOLOGY: Moody's Raises Corporate Family Rating to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings on Amkor
Technology, Inc.'s corporate family and probability of default (to
Ba3 from B2), senior unsecured notes (to Ba3 from B2), senior
subordinated notes (to B2 from Caa1) and speculative grade
liquidity rating (to SGL-1 from SGL-2).  The outlook is stable.
This concludes the review for possible upgrade initiated in
January 2010.

The two-notch ratings upgrade reflects Amkor's improved business
profile as a result of its broader portfolio of packaging
solutions and richer mix of products/services coupled with a lower
debt burden and Moody's expectations of more sustainable free cash
flow generation.  The upgrade recognizes the strength of Amkor's
business model, which better positions the company to capitalize
on improving near-term customer demand, as well as endure the
long-term cyclical nature of its business which is dependent on
the volatile semiconductor industry.  It also considers Moody's
view that over the intermediate term Amkor will benefit from a
favorable business environment for outsourced semiconductor
assembly and test services, relatively stable pricing in leading
edge packaging solutions and continued solid demand for its
advanced products.

Though constrained by high customer concentration, the Ba3 CFR
acknowledges Amkor's good internal execution of its business
strategy and disciplined focus on pricing, operating and financial
performance.  During the recession, Amkor aggressively reduced
costs and improved working capital efficiency, which enabled
margins to return quickly to pre-recession levels as the economy
recovered and produced good FCF generation to pay down debt.  The
rating also reflects the company's debt refinancing and financial
de-leveraging prior to upcoming maturity dates.  As a result of
these initiatives, Amkor was able to withstand the economic
downturn better than some of its OSAT peers.  Going forward,
Moody's expect leverage (including any debt-financed
acquisitions/IDM asset purchases) will be sustained under 3.0x
total debt to EBITDA (Moody's adjusted).

The stable outlook recognizes Moody's expectation that Amkor will
maintain its number two OSAT market position by focusing on
profitable growth areas where it has technological leadership,
maintaining steady relationships with its Tier-1 customer base,
aligning its R&D/product roadmap with client needs and closely
managing its cost structure and capital intensity in concert with
customer end market demand.

With no material debt maturities until 2013 when roughly
$458.3 million comes due, Amkor's liquidity remains very good,
evidenced by its SGL-1 rating.  Internal liquidity has
strengthened owing to an improved cash conversion cycle and more
consistent FCF generation.  Moody's expects Amkor to generate FCF
of $150 - $200 million in 2010.  The SGL-1 is supported by Amkor's
$395 million cash balance as of December 31, 2009, plus access to
a $100 million secured ABL revolving credit facility (maturing
April 2013), which is currently drawn to $3.5 million for letters
of credit.

Ratings upgraded and assessments revised:

  -- Corporate Family Rating to Ba3 from B2

  -- Probability of Default Rating to Ba3 from B2

  -- $801.8 Million Senior Unsecured Notes with various maturities
     to Ba3 (LGD-3, 44%) from B2 (LGD-3, 44%)

  -- $ 42.6 Million 2.5% Convertible Senior Subordinated Notes due
     2011 to B2 (LGD-5, 86%) from Caa1 (LGD-5, 88%)

  -- Speculative Grade Liquidity rating to SGL-1 from SGL-2

The last rating action was on January 21, 2010, when Moody's
placed Amkor's B2 CFR under review for possible upgrade.

Amkor Technology, Inc., based in Chandler, AZ, is one of the
largest providers of contract semiconductor assembly and test
services for integrated semiconductor device manufacturers as well
as fabless semiconductor operators.  Revenues and EBITDA (Moody's
adjusted) for the twelve months ended December 31, 2009, were
$2.2 billion and $551 million, respectively.


ANDRE CHREKY: Files for Bankruptcy on Eve of Trial
--------------------------------------------------
Jacqueline Palank at Dow Jones' Daily Bankruptcy Review reports
that Andre Chreky Inc. -- which occupies prime real estate on
Washington's K Street, the famed home to the District's lobbyists
and other power brokers -- filed for Chapter 11 protection Friday
in Washington (Bankr. D.C. Case No. 10-00267).

Ms. Palank also reports that stylist Jennifer Thong has sought
dismissal of the bankruptcy case, alleging that the filing was
made in bad faith as a litigation tactic to delay her lawsuit.
Ms. Palank relates the stylist filed a sexual harassment lawsuit
against Andre Chreky.  Trial was slated for 10 a.m. Monday.

According to Ms. Palank, if Ms. Thong's request to dismiss the
case isn't granted, she wants permission to move forward with the
lawsuit.

Ms. Palank notes the salon styled the likes of former First Lady
Laura Bush and her daughters.

Ms. Thong is represented in the case by Jonathan G. Rose, Esq., at
Sheppard Mullin Richter & Hampton LLP.  Ms. Palank relates that
Mr. Rose said in an interview Monday that the bankruptcy judge
held an emergency hearing that morning but didn't lift the
automatic stay protecting the salon from lawsuits.  Ms. Palank
reports that Mr. Rose said the judge would consider lifting the
stay or dismissing the bankruptcy at a hearing slated for
April 19, which the lawyer said he was "cautiously optimistic"
would be resolved in Ms. Thong's favor.

Ms. Palank notes the Thong lawsuit was to begin after the
conclusion of another sexual harassment suit against Mr. Chreky.
Ms. Palank points to a Washington Post report that said trial
ended in former Chreky salon colorist Ronnie Barrett winning
$2.3 million in damages from her former employer.  Mr. Chreky has
denied both lawsuits' allegations.

The petition disclosed estimated assets and debts between
$1 million and $10 million.  Richard E. Lear, Esq., at Holland &
Knight LLP, in Washington, DC, serves as the Debtor's counsel.


APPLETON PAPERS: Selects Jeff Fletcher as Vice President
--------------------------------------------------------
Appleton Papers Inc. named Jeff Fletcher as vice president of
financial operations.  Mr. Fletcher assumes executive oversight of
the finance functions of Appleton's paper manufacturing operations
and its Encapsys business.

Mr. Fletcher will also have oversight of the Company's information
and technology department, and the procurement, tax, risk and
insurance functions.

Pat Jermain has been named company controller.  Mr. Jermain will
serve as the principal accounting officer and have responsibility
for company reporting to the Securities and Exchange Commission,
corporate budgeting, forecasting and financial planning, cash
management, and accounts payable.

Mr. Jermain joined Appleton in 2006 has been serving as director
of enterprise risk management.

Messrs. Fletcher and Jermain report to Tom Ferree, senior vice
president of finance and chief financial officer.

                        About Appleton Papers

Appleton Papers Inc. -- http://www.appletonideas.com/--
headquartered in Appleton, Wisconsin, produces carbonless,
thermal, security and performance packaging products.  Appleton
has manufacturing operations in Wisconsin, Ohio, Pennsylvania, and
Massachusetts, employs approximately 2,200 people and is 100%
employee-owned.

As of October 4, 2009, Appleton had $830.1 million in total assets
against total current liabilities of $151.1 million, long-term
debt of $558.9 million, postretirement benefits other than pension
of $45.7 million, accrued pension of $102.7 million, environmental
liability of $38.1 million, other long-term liabilities of
$9.8 million, redeemable common stock of $133.6 million,
accumulated deficit of $114.1 million, and accumulated other
comprehensive loss of $95.9 million.

                            *    *    *

Standard & Poor's Ratings Services assigned Appleton, Wisconsin-
based Appleton Papers Inc.'s proposed $300 million first lien
notes due 2015 its issue-level rating of 'B+' (one notch above
S&P's 'B' corporate credit rating on the company).  S&P assigned a
'2' recovery rating to this debt, indicating its expectation of
substantial (70% to 90%) recovery in the event of a payment
default.  At the same time, S&P affirmed all its ratings on the
company, including the 'B' corporate credit rating.  The rating
outlook is stable.


ASARCO LLC: Objects to Harbinger's $6 Million in Fees
-----------------------------------------------------
The Debtors, Asarco Incorporated and Americas Mining Corporation
oppose to the claims filed by these party applicants:

    Creditor                     Claim Amount
    --------                     ------------
    Harbinger Parties              $6,000,000
    The Baupost Group                 890,435
    Elliott Management                489,483
    United States of America        3,994,218
    Texas Atty. General's Office      873,200
    State of Arizona                  167,612
    State of Washington               113,677
    State of Montana                1,617,734

The Debtors and the Parent contend that the Applicants'
speculation that their efforts substantially contributed to the
reorganization process falls far short of showing that the
requested relief is appropriate under Sections 503(b)(3)(D) and
(b)(4) of the Bankruptcy Code.

Charles A. Beckham, Jr., Esq., at Haynes and Boone, LLP, in
Houston, Texas, argues that the Disputed Claims have overarching
legal defects, including these premises:

   (1) To recover a substantial contribution claim, the moving
       party must be a creditor.  Baupost and Elliott are not
       creditors nor have they alleged that they are creditors.

   (2) No causal connection exists between (i) the Applicants'
       involvement in the purported "SCC Judgment Auction," and
       (ii) the Parent's submission of a confirmable full-
       payment plan.

The Applicants try to save their claims and create a causal
connection by temporally juxtaposing their actions with the
Parent's submission of a full-payment plan, Mr. Beckham alleges.
But the facts do not show that temporal proximity existed, and the
law does not allow an inference of causation from temporal
proximity alone, he points out.

Hence, the Debtors and the Parent ask Judge Schmidt to deny the
claim requests in their entirety.

                   U.S. Trustee Also Objects

Charles F. McVay, the U.S. Trustee for Region 7, opposes the
request for payment of administrative claims of certain parties
because each of them fails to satisfy their burden of establishing
"substantial contribution" to the Debtors'bankruptcy estates.

The U.S. Trustee disputes the claims of these creditors:

    Creditor                     Claim Amount
    --------                     ------------
    Harbinger Parties              $6,000,000
    State of Montana                1,617,734
    The Baupost Group                 890,435
    Texas Attorney General            873,200
    Elliott Management                489,483
    State of Arizona                  167,612
    State of Washington               113,677

Expected, routine, or duplicative activities do not justify a
factual finding of "substantial contribution," Mr. McVay contends,
citing Eldercare Home Health, 2007 WL 527943 at * 2.  He asserts
that many, if not all, of the Applicants' efforts may be viewed as
overlapping with each other, merely supportive to the primary
efforts of other parties, and enabled by extrinsic factors that
significantly contributed to the formulation and confirmation of
the full payment plan.

"The high level of skill and participation by other parties
dilutes the claims of 'substantial contribution' by the
Applicants," Mr. McVay points out, among other things.  He,
therefore, asks the Court to deny the Administrative Claim
Applications for failing to satisfy the requirements of Section
503(b)(3)(D) and (b)(4).

                        About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  Attorneys at Baker Botts
L.L.P., and Jordan, Hyden, Womble & Culbreth, P.C., represented
the Debtor in its restructuring efforts.

On December 9, 2009, Grupo Mexico, S.A.B. consummated the Chapter
11 plan that it sponsored for Asarco LLC.  The Plan, which was
confirmed both by the bankruptcy and district courts, reintegrated
Asarco LLC back to parent Grupo Mexico concluding the four-year
Chapter 11 proceeding.

Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by ASARCO LLC and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


ASARCO LLC: Opposes Firms' Request for Enhanced Fees
----------------------------------------------------
ASARCO LLC, Asarco Incorporated and Americas Mining Corporation
oppose these parties' applications for fee enhancement:

                                             Fee Enhancement
                                                  Sought
                                           -------------------
Professional                               (%)       Amount
------------                              -----   -----------
Baker Botts L.L.P.                        20.0%  $22,667,704
Barclays Capital Inc.                     --       9,202,500
Stutzman, Bromberg, Esserman & Plifka     25.0%    4,829,318
FCR Robert C. Pate                        25.0%      360,569
Oppenheimer, Blend, Harrison & Tate Inc.  25.0%    2,546,932
Reed Smith LLP                             6.3%    1,000,000
Jordan, Hyden, Womble, Culbreth & Holzer  20.0%    1,401,861

Without a doubt, the confirmation and consummation of the
Parent's full-payment plan represents a successful conclusion to
ASARCO's bankruptcy cases, relates Charles A. Beckham, Jr., Esq.,
at Haynes and Boone, LLP, in Houston, Texas.  He notes that
different professionals now seek to claim exclusive credit for
this outcome by requesting "fee enhancements" that, in the
aggregate, total approximately $42 million.

ASARCO and the Parent believe every professional in the case
should be fairly compensated, but Barclay Capital's compensation
should not include a fee enhancement, in any amount.  They also
believe that award of a fee enhancement to any individual
constituency in the case is wholly inappropriate because fee
enhancements are only proper in the most "rare and exceptional"
circumstances.

"Mere participation in a large and complex bankruptcy case that
reaches a successful result is not, standing alone, sufficient
under applicable law for a fee enhancement," Mr. Beckham
contends.  "[The Applicants'] attempt to claim credit for
submission of the Parent's full-payment plan and the success of
these Reorganization Cases is misguided and unsupported by the
facts," he continues.

                     U.S. Trustee Objects

The U.S. Trustee for Region 7, Charles F. McVay, objects to these
parties' requests for fee enhancement:

                                             Fee Enhancement
                                                  Sought
                                           -------------------
Professional                               (%)       Amount
------------                              -----   -----------
Baker Botts L.L.P.                        20.0%  $22,667,704
Barclays Capital Inc.                     --       9,202,500
Stutzman, Bromberg, Esserman & Plifka     25.0%    4,829,318
FCR Robert C. Pate                        25.0%      360,569
Oppenheimer, Blend, Harrison & Tate Inc.  25.0%    2,546,932
Jordan, Hyden, Womble, Culbreth & Holzer  20.0%    1,401,861

Mr. McVay contends that the Applicants' activities do not justify
awarding a fee enhancement under Section 330 of the Bankruptcy
Code.

There is no doubt that confirmation of the Parent's full payment
Plan can be considered an exceptional result in the Debtors'
bankruptcy proceedings, but it is a result that probably could
have occurred without the diligent efforts of the Applicants, Mr.
McVay argues.  When there are no unique or unforeseen obstacles,
and results did not exceed reasonable expectations, enhancement
requests should be denied, he tells Judge Schmidt.

Mr. McVay further argues that the Applicants were reasonably
compensated with their standard hourly rates as adjusted
periodically throughout the duration of the cases.  He insists
that, among other things, the Applicants did not exceed
anticipated tasks or reasonable expectations under their
engagement to warrant the sought enhancement.

Even if the Court determines that fee enhancement is justified,
Mr. McVay asserts that any award should be tempered by the
pivotal contributions made by the Applicants.  He adds that there
is no justification for the amount of the sought enhancement in
the Debtors' cases.

                         *     *     *

Judge Schmidt will commence a hearing on June 2, 2010, to
consider the requests of Baker Botts, Barclays Capital, Stutzman
Bromberg, the FCR, Oppenheimer Blend and Jordan Hyden.

                        About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  Attorneys at Baker Botts
L.L.P., and Jordan, Hyden, Womble & Culbreth, P.C., represented
the Debtor in its restructuring efforts.

On December 9, 2009, Grupo Mexico, S.A.B. consummated the Chapter
11 plan that it sponsored for Asarco LLC.  The Plan, which was
confirmed both by the bankruptcy and district courts, reintegrated
Asarco LLC back to parent Grupo Mexico concluding the four-year
Chapter 11 proceeding.

Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by ASARCO LLC and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


ASARCO LLC: District Court Appoints Asbestos Trustee
----------------------------------------------------
Jacob L. Newton, Esq., at Stutzman, Bromberg, Esserman & Plifka,
in Dallas, Texas, notifies the U.S. Bankruptcy Court for the
Southern District of Texas and parties-in-interest that the U.S.
District Court for the Southern District of Texas has appointed
Charles A. Koppelman as trustee of the ASARCO Asbestos Personal
Injury Settlement Trust effective March 10, 2010.

By letter dated January 19, 2010, incumbent Asbestos Trustee,
Ellen S. Pryor, tendered her resignation.  Ms. Pryor agreed that
her resignation would be effective upon appointment of a
successor trustee.  Hence, Ms. Pryor's resignation is effective
March 9, 2010.

In accordance with the ASARCO Asbestos Personal Injury Settlement
Trust Agreement, the Section 524(g) Trust Advisory Committee and
the Future Claims Representative consented to the appointment of
Mr. Koppelman to fill the vacancy created by Ms. Pryor's
resignation.

                        About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  Attorneys at Baker Botts
L.L.P., and Jordan, Hyden, Womble & Culbreth, P.C., represented
the Debtor in its restructuring efforts.

On December 9, 2009, Grupo Mexico, S.A.B. consummated the Chapter
11 plan that it sponsored for Asarco LLC.  The Plan, which was
confirmed both by the bankruptcy and district courts, reintegrated
Asarco LLC back to parent Grupo Mexico concluding the four-year
Chapter 11 proceeding.

Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by ASARCO LLC and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


ASPEN MAIN: Section 341(a) Meeting Scheduled for April 19
---------------------------------------------------------
The U.S. Trustee for Region 6 will convene a meeting of creditors
in Aspen Main Street Partners, L.P.'s Chapter 11 case on April 19,
2010, at 1:30 p.m.  The meeting will be held at the Office of the
U.S. Trustee, 1100 Commerce Street, Room 976, Dallas, Texas.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Dallas, Texas-based Aspen Main Street Partners, L.P., filed for
Chapter 11 bankruptcy protection on March 15, 2010 (Bankr. N.D.
Texas Case No. 10-31829).  Joyce W. Lindauer, Esq., who has an
office in Dallas, Texas, assists the Company in its restructuring
effort.  The Company estimated its assets and liabilities at
$10,000,001 to $50,000,000.


ATRIUM CORP: Court OKs Investment Pact with Golden Gate & Kenner
----------------------------------------------------------------
Atrium Companies Inc. disclosed that the United States Bankruptcy
Court for the District of Delaware has authorized the Company's
entry into an equity purchase agreement with Golden Gate Capital
and Kenner & Company in conjunction with Atrium's Plan of
Reorganization.  The Court's approval paves the way for the two
private equity companies to acquire 92.5 percent of the
reorganized Company upon its emergence from Chapter 11.  Under the
Plan, the Company's bondholders would receive the remaining 7.5
percent equity interest.

The Court also has granted approval of the Company's Disclosure
Statement and authorized the Company to begin soliciting votes
with respect to its Plan of Reorganization from the requisite
creditor groups.  A hearing at which the Court will be asked to
confirm Atrium's Plan of Reorganization has been scheduled for
April 28, 2010.

"We are extremely pleased with the result of the Court's ruling,"
said Gregory T. Faherty, President and Chief Executive Officer of
Atrium.  "Golden Gate Capital, as majority owner, in partnership
with Kenner & Company, our current equity sponsor, would bring
significant financial resources and industry knowledge that will
well position Atrium to take advantage of the eventual rebound in
the housing market."

                      About Atrium Companies

Atrium Companies, Inc. -- http://www.atrium.com/-- manufactures
residential vinyl and aluminum windows and patio doors in North
America.

Atrium and its U.S. subsidiaries filed voluntary Chapter 11
petitions with the U.S. Bankruptcy Court in Delaware on
January 20, 2010 (Bankr. D. Del. Case No. 10-10150).  The
Company's Canadian subsidiary also initiated reorganization
proceedings under the Companies' Creditors Arrangement Act (CCAA)
in the Ontario Superior Court of Justice in Toronto.  The Chapter
11 petition says that debts range from $100 million to
$500 million.  The Company's legal advisors are Kirkland & Ellis
in the U.S. and Goodmans LLP in Canada.  Moelis & Company is
serving as financial advisor.  Garden City Group Inc. serves as
claims and notice agent.


AVISBUDGET GROUP: DBRS Keeps 'B' Rating Despite $77M Pre-Tax Loss
-----------------------------------------------------------------
DBRS has commented that the ratings of AvisBudget Group, Inc.,
including its Issuer Rating of B (high) are unaffected following
the Company's announcement of 4Q09 earnings results.  The trend on
all ratings is Stable.

The comment follows AvisBudget's earnings release indicating a
pre-tax loss of $88 million for 4Q09 and a pre-tax loss of
$77 million for the full year.  The full year loss included
$20 million of restructuring charges and $33 million of non-cash
impairment charges.  For the year, total revenue was $5.1 billion,
while corporate EBITDA increased 44% to $243 million, excluding
one-time items.  The results benefited from improved pricing, a
reduction in fleet costs, and the Company's cost savings and
restructuring initiatives.  Given the traditional seasonal impact
on travel volumes in the fourth quarter and the tepid economic
recovery, DBRS considers the quarter and full year results as
acceptable.  Further, DBRS views the results as evidencing the
financial flexibility the Company enjoys derived from its
substantial variable costs in the overall cost structure and its
solid fleet management, both key considerations in the rating.

Total car rental revenue declined 9% year-on-year during the
quarter, to $1.1 billion.  The decrease was driven by a 19%
decrease in rental days as demand remained subdued, and, to a
lesser extent, the result of the Company's conscious effort to
reduce unprofitable business.  Importantly, pricing improved, as,
industry wide, fleet remained tight.  To that end, revenue per day
increased 13% partially offsetting the decline in revenue from
lower volume.  Further, Avis reported a decrease in fleet costs,
driven by the reduced fleet size and a decline in per-unit fleet
costs reflecting the continuing healthy used-vehicle market.

DBRS acknowledges AvisBudget's much improved access to the capital
markets as markets have begun to normalize.  During the quarter,
AvisBudget completed a $345 million five year convertible note
offering, providing additional liquidity.  The Company also
completed a $200 million two year vehicle-backed financing
facility and has renewed its $1.95 billion vehicle-backed conduit
facilities.


BIOJECT MEDICAL: Post $379,000 Net Loss for Fourth Quarter
----------------------------------------------------------
Bioject Medical Technologies Inc. reported financial results for
the year and quarter ended December 31, 2009.

The company reported a $379,000 net loss on $1,497,000 of total
revenue for the three months ended December 31, 2009, compared
with a $436,000 net loss on $1,358,000 of total revenue for the
same period in 2008.

The Company's balance sheet at December 31, 2009, showed
$5,256,000 in total assets, $2,238,000 in total current
liabilities, $1,222,000 deferred revenue, and $348,000 other long-
term liabilities for a $1,448,000 stockholders' equity.

For the year ended December 31, 2009, Bioject reported revenues of
$6.7 million compared with $6.5 million in 2008.  The Company
reported an operating loss of $884,000 and net loss allocable to
common shareholders of $1.1 million for 2009, compared to an
operating loss of $2.5 million and net loss allocable to common
shareholders of $3.3 million for 2008, representing a 65% decrease
in both operating loss and net loss allocable to common
shareholders.

"While 2009 was a very challenging year for the Company, we
continued to advance by reducing total operating expenses over the
prior year-ago time period by $1.4 million, or 16%.  Bioject was
also successful in reducing the operating loss by 65% for the full
year 2009, as compared to 2008.  In addition, we eliminated over
$1.36 million in debt during 2009, $660,000 in cash and $702,000
from the conversion of debt into preferred shares.  We were also
able to secure an additional $500,000 of new capital investment by
year-end 2009," said Bioject's president and chief executive
officer, Ralph Makar.

"While we have taken positive steps to manage expenses wisely and
expand partnership discussions with new organizations, we continue
to explore a number of strategic opportunities to increase our
revenues and to address our need for additional capital in 2010.
Recent positive events, such as the announcement of our strategic
alliance with MPI Research, the elimination of our existing debt
and the additional cash infusion, are encouraging as we strive for
a better future and to increase shareholder value.  However, we
must work diligently in order to close on new opportunities while
also trying to minimize the ongoing business risk in this new
year," said Mr. Makar.

A full-text copy of the Company's Earnings Release is available
for free at http://ResearchArchives.com/t/s?5b92

                       About Bioject Medical

Bioject Medical Technologies Inc. (OTCBB: BJCT) --
http://www.bioject.com/-- based in Portland, Oregon, is an
innovative developer and manufacturer of needle-free injection
therapy systems.  The Company is focused on developing mutually
beneficial agreements with leading pharmaceutical, biotechnology,
and veterinary companies.

At September 30, 2009, the Company had $4,906,129 in total assets
against total current liabilities of $2,727,421, deferred revenue
of $1,276,879 and other long-term liabilities of $375,314.  At
September 30, the Company accumulated deficit of $121,793,922 and
stockholders' equity of $526,515.  The September 30 balance sheet
also showed strained liquidity: The Company had $2,393,297 in
total current assets against $2,727,421 in total current
liabilities.

Due to the Company's limited amount of additional committed
capital, recurring losses, negative cash flows and accumulated
deficit, the report of the Company's independent registered public
accounting firm for the year ended December 31, 2008, expressed
substantial doubt about the Company's ability to continue as a
going concern.


CANWEST GLOBAL: Monitor Reports on Transition of Shared Services
----------------------------------------------------------------
Canwest Global Communications Corp.'s various corporate entities,
including those not part of the CCAA Proceeding, share certain
business-critical services.

FTI Consulting Canada Inc., the Court-appointed monitor under the
proceeding under the Companies' Creditors Arrangement Act, relate
that the Court approved a Transition and Reorganization Agreement
between the LP Entities and Canwest Global Communications Corp.
and the other applicants and partnerships -- the CMI Entities --
which included the Shared Services Transition Agreement dated
October 26, 2009.  The Agreement provides for the orderly
transition and termination of the shared services arrangements
between the LP Entities and the CMI Entities.  The terms of the
Shared Services Transition Agreement, include:

  (a) a transition of employees between the CMI Entities and LP
      Entities and adjustment of amounts currently payable for
      the Shared Services in accordance with Section 2.5 of the
      Shared Services Transition Agreement from the date of
      closing of the Shared Services Transition Agreement until
      the Shared Services Agreements are terminated; and

  (b) all Shared Services Agreements will be terminated by
      certain dates ranging from February 28, 2010, to
      February 28, 2011.

Among the shared services scheduled to be terminated last
February 28, 2010, were certain corporate services provided by
Canwest Media Inc. to the Limited Partnership and certain human
resources related services provided by the Limited Partnership to
CMI.

The Monitor relates that due to the resignation of various LP
Entities' and CMI Entities' employees, the delay in the
commencement of the CCAA Proceedings, and the resultant delay in
the anticipated date of the LP Entities' emergence from CCAA
protection, the Limited Partnership and CMI require that some of
the shared services scheduled to be terminated last February 28,
2010, continue to be provided after February 28, 2010.

The details of these services and the conditions upon which they
will continue to be provided are contained in a letter agreement,
a copy of which is available for free at

    http://bankrupt.com/misc/Canwest_SSALetterPack.pdf

Under the terms of the Letter Agreement, certain employees of the
LP Entities will continue to provide to the CMI Entities human
resource related services and certain employees of the CMI
Entities will continue to provide to the LP Entities legal, tax
and insurance related services until June 30, 2010, with an option
to further extend provision of these services thereafter.

According to the Monitor, the LP Entities and the CMI Entities
will equally share the costs and expenses associated with the
shared employees.  The costs are not intended to provide CMI or
the Limited Partnership with any material financial gain or loss.

The total net monthly cost to the LP Entities resulting from the
extended provision of these shared services is approximately
$68,000.

As a result, the LP Entities are of the view that the Letter
Agreement and the amendments to the Shared Services Transition
Agreement are financially favorable compared to the previous level
of services received and will allow the LP Entities to complete
the Sale Investor and Solicitation Process without disruptions to
the ongoing operating requirements.

The Monitor says the Initial Order prohibits the LP Entities and
the CMI Entities from modifying, ceasing to provide or terminating
the provision or payment of the inter-entity services except with
the consent of the Monitor, the LP CRA, the LP Administrative
Agent and the party receiving the services or further Court Order.

The Monitor, the LP CRA, the LP Entities and the CMI Entities have
consented to modify the provision and payment for the shared
services in accordance with the terms of the Letter Agreement.

                      About Canwest Global

Canwest Global Communications Corp. (TSX: CGS and CGS.A) --
http://www.canwest.com/-- an international media company, is
Canada's largest media company.  In addition to owning the Global
Television Network, Canwest is Canada's largest publisher of
English language daily newspapers and owns, operates and holds
substantial interests in conventional television, out-of-home
advertising, specialty cable channels, web sites and radio
stations and networks in Canada, New Zealand, Australia, Turkey,
Indonesia, Singapore, the United Kingdom and the United States.

On October 6, 2009, Canwest Global, Canwest Media Inc., Canwest
Television Limited Partnership (including Global Television,
MovieTime, DejaView and Fox Sports World), The National Post
Company and certain subsidiaries voluntarily entered into, and
successfully obtained an Order from the Ontario Superior Court of
Justice (Commercial Division) commencing proceedings under the
Companies' Creditors Arrangement Act.  The CMI Entities'
commencement of these proceedings was undertaken in furtherance of
a proposed recapitalization transaction that is supported by over
70% of holders of the 8% senior subordinated notes issued by CMI.

On the same day, FTI Consulting Canada Inc., the Court-appointed
Monitor in the CCAA proceedings, sought protection in the United
States Bankruptcy Court under Chapter 15 of the United States
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 09-15994) for
certain of the entities involved in Canwest's television business
that filed for protection under the CCAA, including Canwest,
Canwest Media Inc. and Canwest Global Broadcasting
Inc./Radiodiffusion Canwest Global Inc.

Judge Stuart M. Bernstein presides over the Chapter 15 cases.
Evan D. Flaschen, Esq., at Bracewell & Giuliani LLP, in Hartford,
Connecticut, serves as Chapter 15 Petitioner's counsel.  The
Chapter 15 Debtors disclosed estimated assets of $500 million to
$1 billion and estimated debts of $50 million to $100 million.

In a regulatory filing with the U.S. Securities and Exchange
Commission, Canwest Media disclosed C$4,847,020,000 in total
assets and C$5,826,522,000 in total liabilities at May 31, 2009.

Bankruptcy Creditors' Service, Inc., publishes Canwest Bankruptcy
News.  The newsletter tracks the CCAA proceedings and Chapter 15
proceedings undertaken by Canwest Global Communications Corp. and
its affiliates (http://bankrupt.com/newsstand/or 215/945-7000).


CANWEST GLOBAL: Weekly Readership Tops 4 Million
------------------------------------------------
As highlighted in the release of NADbank 2009 readership study,
daily newspapers continue to be a highly valued source of
information and are turned to by more than three-quarters of
adults weekly in markets where a daily newspaper is available.

The study also shows growth across Canwest's chain of daily
newspapers with weekly readership up 2.1% to more than 4 million
readers.  "This is great news for our advertisers," says Kirk
Allen, SVP of Publishing Sales at Canwest.  "Canadian marketers
can continue to rely upon the strong readership and reach across
the country they have come to expect from our dailies."

This year's results show that readership is stable or has
increased slightly for newspapers across the Canwest chain.

   * 8 out of 10 Canwest metro dailies saw increased weekly
     readership

   * Weekly Online readership is up 20% overall ? all Canwest
     metro dailies experienced growth

   * The combination of print and online weekly readership for
     the Canwest dailies is 4 million up 2.1% over last year.

                      About Canwest Global

Canwest Global Communications Corp. (TSX: CGS and CGS.A) --
http://www.canwest.com/-- an international media company, is
Canada's largest media company.  In addition to owning the Global
Television Network, Canwest is Canada's largest publisher of
English language daily newspapers and owns, operates and holds
substantial interests in conventional television, out-of-home
advertising, specialty cable channels, web sites and radio
stations and networks in Canada, New Zealand, Australia, Turkey,
Indonesia, Singapore, the United Kingdom and the United States.

On October 6, 2009, Canwest Global, Canwest Media Inc., Canwest
Television Limited Partnership (including Global Television,
MovieTime, DejaView and Fox Sports World), The National Post
Company and certain subsidiaries voluntarily entered into, and
successfully obtained an Order from the Ontario Superior Court of
Justice (Commercial Division) commencing proceedings under the
Companies' Creditors Arrangement Act.  The CMI Entities'
commencement of these proceedings was undertaken in furtherance of
a proposed recapitalization transaction that is supported by over
70% of holders of the 8% senior subordinated notes issued by CMI.

On the same day, FTI Consulting Canada Inc., the Court-appointed
Monitor in the CCAA proceedings, sought protection in the United
States Bankruptcy Court under Chapter 15 of the United States
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 09-15994) for
certain of the entities involved in Canwest's television business
that filed for protection under the CCAA, including Canwest,
Canwest Media Inc. and Canwest Global Broadcasting
Inc./Radiodiffusion Canwest Global Inc.

Judge Stuart M. Bernstein presides over the Chapter 15 cases.
Evan D. Flaschen, Esq., at Bracewell & Giuliani LLP, in Hartford,
Connecticut, serves as Chapter 15 Petitioner's counsel.  The
Chapter 15 Debtors disclosed estimated assets of $500 million to
$1 billion and estimated debts of $50 million to $100 million.

In a regulatory filing with the U.S. Securities and Exchange
Commission, Canwest Media disclosed C$4,847,020,000 in total
assets and C$5,826,522,000 in total liabilities at May 31, 2009.

Bankruptcy Creditors' Service, Inc., publishes Canwest Bankruptcy
News.  The newsletter tracks the CCAA proceedings and Chapter 15
proceedings undertaken by Canwest Global Communications Corp. and
its affiliates (http://bankrupt.com/newsstand/or 215/945-7000).


CHEMTURA CORP: CERT Files $9-Bil. Claim Over Toxic Chemicals
------------------------------------------------------------
David McLaughlin at Dow Jones' Daily Bankruptcy Review reports
that The Council for Education and Research on Toxics asserted a
$9 billion claim against Chemtura Corp. for alleged injuries to
animals and humans caused by the Debtors' chemicals that were used
to prevent fires -- known as PBDEs.  Dow Jones notes CERT doesn't
appear to be a Chemtura creditor, but filed the claim "on behalf
of the public interest."

Dow Jones says it's not clear how CERT came up with $9 billion, a
sum far bigger than what Chemtura is worth.  According to Dow
Jones, Chemtura and its own creditors call the claim "frivolous."

According to Dow Jones, Chemtura's creditors are seeking sanctions
against CERT, saying it doesn't have standing in Chemtura's
bankruptcy case and that is hasn't offered any evidence linking
PBDEs "with any form of toxic injury to anyone or anything."

                        About Chemtura Corp.

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.

Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.

As of December 31, 2008, the Debtors had total assets of
$3.06 billion and total debts of $1.02 billion.

Bankruptcy Creditors' Service, Inc., publishes Chemtura
Bankruptcy News.  The newsletter tracks the Chapter 11
proceedings undertaken by Chemtura Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


CHRYSLER LLC: Pay Czar Imposes Restriction on Cash Salaries
-----------------------------------------------------------
Darrell A. Hughes, Aparajita Saha-Bubna and Michael R. Crittenden
at Dow Jones Newswires report that U.S. pay czar Kenneth Feinberg
said Tuesday his $500,000 restriction on cash salaries will cover
82% of the 119 top executives at the five companies he oversees --
American International Group, General Motors Co., Chrysler
Financial, Chrysler Group LLC and GMAC Inc.  The report says five
executives at AIG, however, will receive more than that.

Dow Jones says Mr. Feinberg made the announcement as part of his
review of 2010 pay packages for the "top 25" executives at the
companies, including senior executives and the next 20 most highly
compensated employees.  Some of those employees have since left
the firms.

According to Dow Jones, Mr. Feinberg plans to release compensation
restrictions for the 26th to 100th highest-paid employees at the
five firms next month.

Dow Jones recalls AIG asked that 10 of its top 25 get more than
$500,000 cash salary, an exception permitted under Mr. Feinberg's
rules for "good cause."  Mr. Feinberg agreed to five.

Dow Jones also relates that for AIG's financial-products group,
Mr. Feinberg froze cash compensation at levels dating back to the
end of the fiscal year 2008 for five out of six employees he
reviewed.  One will receive a $450,000 salary "in light of his
critical role," Mr. Feinberg said, according to Dow Jones.

Dow Jones says Mr. Feinberg cut off the non-cash component of
compensation for AIGFP employees until AIG's compensation
committee affirms recouping $45 million of controversial retention
payments made last March to employees of this unit.

Dow Jones relates that GMAC Chief Executive Officer Michael
Carpenter will only be paid in stock that must be held for the
long-term, according to Mr. Feinberg.

According to Dow Jones, Mr. Feinberg plans to reduce total
executive compensation at AIG, GMAC, and Chrysler Financial by
15%.  GM and Chrysler Group aren't included in this total because
of bankruptcy restructurings that occurred in mid-2009.

On average, overall cash for the executives are slated to be
decreased by 33% from the levels he set in 2009.

Dow Jones also reports Sen. Charles Grassley (R., Iowa) on Tuesday
requested the special inspector general for the $700 billion Wall
Street rescue plan probe Treasury's implementation of executive
pay rules.  According to Dow Jones, Sen. Grassley suggested the
Treasury department improperly ignored parts of the law passed by
Congress that allowed for the payments to be made.

Dow Jones says Mr. Grassley asked Special Inspector General Neil
Barofsky to probe whether a top Treasury official working on
executive pay issues should have been prevented from helping draft
Treasury rules because of his previous work at a law firm that
included Bank of America Corp. and AIG as clients.

"At a minimum this presents the appearance of serious
impropriety," Mr. Grassley wrote in the letter to Mr. Barofsky on
Tuesday, according to Dow Jones.

                     About Chrysler Group LLC

Chrysler Group LLC, formed in 2009 from a global strategic
alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram
Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles
and products.  Headquartered in Auburn Hills, Michigan, Chrysler
Group LLC's product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Wrangler
and Ram Truck.  Fiat will contribute world-class technology,
platforms and powertrains for small- and medium-sized cars,
allowing Chrysler Group to offer an expanded product line
including environmentally friendly vehicles.

                        About Chrysler LLC

Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002).  Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent.  Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company.  As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts.  Chrysler
had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat.  Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC.  Fiat has a 20
percent equity interest in Chrysler Group.

Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


CIENA CORP: S&P Affirms Senior Unsecured Ratings at 'B'
-------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
corporate credit and senior unsecured ratings on Linthicum,
Maryland-based communications networking provider Ciena Corp.  At
the same time, S&P removed the ratings from CreditWatch with
negative implications, where they were placed on Oct. 7, 2009.
The outlook is negative.  The recovery rating on the senior
unsecured bonds remains '4', indicating average recovery (30%-50%)
in the event of payment default.

Ciena closed on its acquisition of Nortel's Metro Ethernet and
Optical Networking assets on March 19, 2010.  Payment for the
assets was $773.8 million in cash (subject to a downward net
working capital adjustment of up to $62 million), funded from the
company's existing liquidity that had recently been bolstered by a
$375 million convertible note offering.

"The rating reflects very high leverage pro forma for the
transaction and integration challenges as Ciena incorporates the
currently unprofitable Nortel assets that currently generate about
1.5x Ciena's revenue base," said Standard & Poor's credit analyst
Lucy Patricola.  Depleted liquidity is another factor.  A broad
portfolio addressing a high-growth area in telecommunications,
neutral cash flow despite weak earnings, and liquidity sufficient
to cover contemplated integration costs partially offset these
risks.


CIRRUS DESIGN: Sues Ex-Supplier for Lobbying Involuntary Filing
---------------------------------------------------------------
Bankruptcy Law360 reports that Cirrus Design Corp. has launched a
lawsuit against a former supplier that allegedly made false and
misleading statements with the goal of inducing current suppliers
to join an involuntary bankruptcy filing.

Cirrus Design Corporation manufactures the SRV, SR20-G2, SR22,
SR22-Turbo, and SR22-Turbo GTS single-engine, four-seater, piston-
powered aircraft.  Cirrus planes are made primarily of composite
materials rather than aluminum; the company believes composites
allow for an aerodynamically superior design.


COMMERCIAL FINANCIAL: Fee Shifting in Bankruptcy Requires Test
--------------------------------------------------------------
Bill Rochelle at Bloomberg News reports that a district judge in
Oklahoma vacated on March 16 the sanctions issued by the
bankruptcy court against a retained law firm that didn't make
required disclosure of all connections with debtor Commercial
Financial Services Inc.

According to the report, U.S. District Judge Terence Kern said in
his opinion that the proper sanctions could have been either the
return of fees paid to the offending firm, denial of the firm's
fee request, or requiring the firm to pay the opposing parties'
legal fees incurred in connection with discovering and taking
legal action based on the non-disclosure.

Mr. Rochelle relates that the bankruptcy judge selected the third
alternative and entered judgment requiring the firm to pay
$525,000 in reimbursement for the adversary's counsel fees.  Judge
Kern ruled that forcing the offending firm to pay the adversary's
counsel fees required compliance with Chambers which demands,
among other things, a showing of bad faith conduct or violation of
a court order.  Judge Kern vacated the sanctions and sent the case
back to the bankruptcy judge who hadn't made sufficient findings
about bad faith.

The case is Doerner Saunders Daniel & Anderson LLP v. Jay
(In re Commercial Financial Services Inc.), 05-739, U.S.
District Court, Northern District Oklahoma (Tulsa).

Commercial Financial Services, Inc., now known as Commercial
Financial Services of Oklahoma, LLC, filed for chapter 11
protection on Dec. 11, 1998 (Bankr. N.D. Okla. Case No. 98-05162).


COMMERCIAL VEHICLE: To Sell 3.8-Mil. Shares in Offering
-------------------------------------------------------
Commercial Vehicle Group Inc. commenced a public offering of
3,800,000 shares of common stock.  The Company will grant the
underwriter in the offering an option to purchase up to 570,000
additional shares of common stock at the same price per share to
cover any over-allotments.

The Company expects to use the net proceeds from the offering for
general corporate and working capital purposes, including the
funding of strategic initiatives that the Company may undertake
from time to time.

Robert W. Baird & Co. will act as the underwriter for the
offering.

                  About Commercial Vehicle Group

New Albany, Ohio-based Commercial Vehicle Group, Inc., (Nasdaq:
CVGI) supplies fully integrated system solutions for the global
commercial vehicle market, including the heavy-duty truck market,
the construction and agricultural markets, and the specialty and
military transportation markets.  The products include static and
suspension seat systems, electronic wire harness assemblies,
controls and switches, cab structures and components, interior
trim systems (including instrument panels, door panels,
headliners, cabinetry and floor systems), mirrors and wiper
systems specifically designed for applications in commercial
vehicles.  The Company has facilities located in the United States
in Arizona, Indiana, Illinois, Iowa, North Carolina, Ohio, Oregon,
Tennessee, Virginia and Washington and outside of the United
States in Australia, Belgium, China, Czech Republic, Mexico,
Ukraine and the United Kingdom.

Commercial Vehicle Group Inc.'s balance sheet for December 31,
2009, showed $250.5 million in total assets and $288.2 million in
total liabilities for a $37.7 million stockholders' deficit

                          *     *     *

In September 2009, Standard & Poor's Ratings Services raised its
corporate credit rating on Commercial Vehicle Group to 'CCC+' from
'SD' (selective default).  S&P also raised its rating on the
company's 8% senior unsecured notes to 'CCC' from 'D' (default).
The recovery rating on this debt is unchanged at '5', indicating
that lenders can expect modest (10% to 30%) recovery in the event
of a payment default.

In August 2009, Moody's changed Commercial Vehicle Group's
probability of default rating to Caa2/LD following the company's
exchange of roughly $52.2 million of 8.0% notes.  Moody's
considers this transaction a distressed exchange due to the nature
of the capital restructuring as well as CVGI's weak credit
profile.  The LD designation signifies a limited default.  The PDR
will be changed to a Caa2 rating and the LD rating will be removed
after three days.


COMMERCIAL VEHICLE: Stock Offering Won't Move Moody's Caa2 Rating
-----------------------------------------------------------------
Moody's Investors Service commented that the ratings and outlook
for Commercial Vehicle Group, Inc., will not be immediately
impacted by the company's public common stock offering.

The most recent rating action for Commercial Vehicle Group, Inc.,
occurred on August 11, 2009, when Moody's affirmed the Caa2
Corporate Family Rating and changed the Probability of Default
Rating to Caa2/LD from Caa3.

Commercial Vehicle Group, Inc., is a provider of customized
products for the commercial vehicle market.  CVGI generated
$459 million of revenue in 2009.


CONSOL ENERGY: Moody's Assigns 'B1' Rating on $2.75 Bil. Notes
--------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to CONSOL Energy
Inc.'s proposed $2.75 billion of unsecured notes.  In a related
action, Moody's downgraded the company's corporate family rating
to Ba3 from Ba2 and upgraded its senior secured notes to Baa3 from
Ba1.  The outlook remains negative.

The rating action was prompted by the company's announcement that
it will tender for the CNX Gas shares it currently does not own
and the corresponding increase in pro forma debt, approximately
$1.3 billion, compared to its previous guidance.  On March 15,
2010, Moody's affirmed CONSOL's Ba2 corporate family rating and
changed its rating outlook to negative upon the announcement that
the company was acquiring the Appalachian oil and gas exploration
and production business of Dominion Resources, Inc., for
$3.475 billion.  At that time, the company proposed raising
$1.5-2.0 billion in debt and $2.0-2.5 billion in equity to fund
the acquisition.  However, the company has now announced that, in
addition to the Dominion acquisition, it will commence a tender
offer to acquire all of the shares of CNX Gas that it does not
currently own, which potentially could require $990 million.  In
addition, CONSOL has downsized its equity offering to
$1.75-2.0 billion.

As a result of these changes, CONSOL will issue $2.75 billion of
new notes in connection to the two transactions, increasing pro
forma Debt to EBITDA to the 3.5x-4.0x range on a adjusted basis,
versus 2.0x-2.5x previously considered.

Moreover, the CFR and negative outlook consider the operating risk
associated with the acquired assets, potential integration risk,
and the significant investment required over the intermediate term
to develop the Marcellus shale acreage acquired in the Dominion
transaction.  As a result of the latter, Moody's believes the
company will likely generate negative free cash flow for multiple
years.  Shale gas drilling tends to be capital intensive and
technologically and geologically more complex than CONSOL's
current gas operations.  CONSOL has limited experience with
horizontal drilling in the Marcellus Shale and hydraulic
fracturing, which may challenge future development and growth.
Hence, the acquisition represents a strategic shift for the
company, alters its risk profile, and led to the negative outlook.

The ratings could come under pressure if the company experiences a
sustained period of lower coal or gas prices and/or higher
operating costs during periods of high capital spending or if
there is a significant production shortfall from targeted levels.
The ratings also could be lowered if the debt used to fund the
acquisitions falls outside the $2.75 billion range.

The Ba3 CFR benefits from CONSOL's leading position in the
Northern Appalachian coal basin, its vast, high quality coal
reserves, the value of its 100% ownership position in CNX Gas and
the strong earnings generated in 2009 on a consolidated basis.
The rating also recognizes the company's portfolio of long-term
coal supply agreements, which lessen revenue and earnings
volatility.

The proposed unsecured notes will be divided between 2017 and 2020
maturities in amounts to be determined.  The proposed unsecured
notes will be guaranteed by substantially all of the company's
existing and future domestic restricted subsidiaries.  The B1
rating on these notes reflects their effective subordination to a
potentially large amount of secured debt in the capital structure,
which results in an unsecured rating that is one notch lower than
the corporate family rating.  As a trade off, when applying
Moody's loss-given-default methodology, CONSOL's senior secured
notes are rated Baa3, three notches above the CFR.  The upgrade of
the senior secured notes, to Baa3, results from the sizable
increase in loss absorbing unsecured notes contemplated by the
proposed financing.

Assignments:

Issuer: CONSOL Energy, Inc.

  -- Senior unsecured notes; assigned B1 (LGD4, 66%)

Downgrades:

Issuer: CONSOL Energy, Inc.

  -- Corporate family rating; downgraded to Ba3 from Ba2

Upgrades:

Issuer: CONSOL Energy, Inc.

  -- Senior secured notes; upgraded to Baa3 (LGD2, 11%) from Ba1

Moody's last rating action on CONSOL was on March 15, 2010, when
the rating outlook was changed to negative from stable.

CONSOL Energy Inc. is the largest underground coal producer and
the second largest coal company (in terms of annual revenues) in
the United States.  The company produced approximately 59 million
tons of coal and 94 Bcf of gas and generated $4.6 billion in
revenues in 2009.


CONSOL ENERGY: S&P Keeps BB+ Corp. Credit Rating on Watch Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Canonsburg, Pennsylvania-based coal and natural gas producer
Consol Energy Inc., including its 'BB+' corporate credit rating,
remain on CreditWatch with negative implications.  S&P placed the
ratings on CreditWatch with negative implications on March 15,
2010, after the announcement of the acquisition of the Dominion
Resources Inc. natural gas assets.  The ratings remain on
CreditWatch on the announced tender for the CNX Gas Corp. gas
shares and the financing plans for both of these transactions.

The acquisition of the natural gas assets of Dominion Resources
significantly increases the company's natural gas operations and
makes it one of the largest natural gas producers in Appalachia
and one of the largest holders of Marcellus Shale acreage.

Consol is also the largest coal producer in northern Appalachia
and has operations in central Appalachia.

The company is also proposing to repurchase the 16.7% of shares in
CNX Gas that it does not already own.

"Although these transactions are consistent with the company's
strategy to provide operating diversity to its traditional coal
operations by expanding into natural gas production, most recently
into the Marcellus shale, S&P is concerned that integrating an
acquisition of this size and exploiting the reserve base could
prove challenging and expensive," said Standard & Poor's credit
analyst Marie Shmaruk.  "In addition, the sizable amount of debt
needed to finance these transactions and, possibly in the future,
to develop the assets will likely result in a weaker financial
profile."

Standard & Poor's will monitor the progress toward closing the
transactions and evaluate the company's financing and capital
spending plans.  S&P will also assess the business and financial
risks stemming from the transactions.

S&P could lower the rating if its assessment leads us to conclude
that the higher debt levels and high spending needs are likely to
result in a leveraged financial profile for an extended period.


COUNTRY COACH: Hilco Industrial Auction Generates $5.7MM in Sale
----------------------------------------------------------------
Hilco Industrial, LLC, disclosed that successful sale of the
bankrupt assets of Country Coach, a custom motor coach
manufacturer headquartered in Junction City, Oregon.  The
bankruptcy sale generated $5.7 million for creditors.

The two-day auction, conducted by Hilco Industrial, was an on-
site, theatre-style auction, which was also Webcast in real time
to buyers around the world.  Over 1,000 registered bidders were in
attendance at the auction site and an additional 440 bidders
registered for the Webcast.

Over 1,500 asset lots were sold.  Among the marquee items offered
were 10 new, completely finished motor coaches, 15 unfinished or
nearly finished motor coaches, a large quantity of inventory and
intellectual property including the "Country Coach" brand name.

Country Coach, LLC -- http://www.countrycoach.com/-- is a
Highline motorcoach builder.  Country Coach was founded in 1973
and has a 508,000 square feet manufacturing facility in Junction
City, Oregon.

Country Coach was sent to Chapter 11 less than two months after
its owner, National R.V. Holdings Inc., reorganized in court.
National R.V., had its reorganization plan approved by a judge in
December.  The Perris, California based company sought Chapter 11
protection in November 2007, listing assets of $54.4 million
against debt of $30.1 million.

Country Coach's case has been converted to Chapter 7 liquidation.


COUNTY WIDE REALTY: Organizational Meeting to Form Panel March 31
-----------------------------------------------------------------
Roberta A. DeAngelis, Acting United States Trustee for Region 3,
will hold an organizational meeting on March 31, 2009, at
2:00 p.m. in the bankruptcy case of County Wide Realty, Inc.  The
meeting will be held at the United States Trustee's Office, One
Newark Center, 14th Floor, Room 1401, Newark, NJ 07102.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting, and
provide background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States
Trustee appoint a committee of unsecured creditors as soon as
practicable.  The Committee ordinarily consists of the persons,
willing to serve, that hold the seven largest unsecured claims
against the debtor of the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee
may consult with the debtor, investigate the debtor and its
business operations and participate in the formulation of a plan
of reorganization.  The Committee may also perform other services
as are in the interests of the unsecured creditors whom it
represents.

County Wide Realty, Inc., dba Century 21 Atlantic Realtors, filed
for Chapter 11 bankruptcy protection on March 11, 2010 (Bankr. D.
N.J. Case No. 10-17018).  Diego P. Milara, Esq., at Marmolejo &
Milara, P.C., assists the Company in its restructuring effort.
The Company listed $100,001 to $500,000 in assets and $1,000,001
to $10,000,000 in liabilities.


CRDENTIA CORP: Organizational Meeting to Form Panel on March 25
---------------------------------------------------------------
Roberta A. DeAngelis, Acting United States Trustee for Region 3,
will hold an organizational meeting on March 25, 2009, at
2:00 p.m. in the bankruptcy case of Crdentia Corp., et al.  The
meeting will be held at J. Caleb Boggs Federal Building, 844 King
Street, Room 5209, Wilmington, DE 19801.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.

The organizational meeting is not the meeting of creditors
pursuant to Section 341 of the Bankruptcy Code.  A representative
of the Debtor, however, may attend the Organizational Meeting, and
provide background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States
Trustee appoint a committee of unsecured creditors as soon as
practicable.  The Committee ordinarily consists of the persons,
willing to serve, that hold the seven largest unsecured claims
against the debtor of the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee
may consult with the debtor, investigate the debtor and its
business operations and participate in the formulation of a plan
of reorganization.  The Committee may also perform other services
as are in the interests of the unsecured creditors whom it
represents.

Headquartered in Winter Park, Florida, Crdentia Corp., fka LIfen,
Inc., provides healthcare staffing services.  Crdentia built a
healthcare staffing company by acquiring 12 companies between 2003
and 2008.  Crdentia provides healthcare staffing services to more
1,000 hospital, government, clinic, nursing home, and home care
clients in five states.

The Company filed for Chapter 11 bankruptcy protection on
March 17, 2010 (Bankr. D. Delaware Case No. 10-10926).  Jamie
Lynne Edmonson, Esq., at Bayard PA, assists the Company in its
restructuring effort.  The Company listed $1,000,001 to
$10,000,000 in assets and $10,000,001 to $50,000,000 in
liabilities.

The Debtor's affiliate -- ATS Universal, LLC, fka ATS Health
Services, dba South Queens Kentuck Fried Chicken -- filed a
separate Chapter 11 petition on March 17, 2010, (Case No. 10-
10927).  The affiliate listed up to $50,000 in assets and
$10 million to $50 million in liabilities.


CROSS CANYON: Consummates Prepackaged Plan of Reorganization
------------------------------------------------------------
Cross Canyon Energy Corp. has successfully consummated its Amended
Prepackaged Plan of Reorganization Pursuant to Chapter 11 of the
United States Bankruptcy Code.  The Plan, filed by the Company in
the United States Bankruptcy Court for the Southern District of
Texas, Houston Division, on January 29, 2010, was confirmed by the
Bankruptcy Court on March 11, 2010.

Pursuant to the Plan, the reorganized entity converted from a
Nevada corporation to a Delaware corporation.  All shares of
common stock, stock options and warrants issued by the Company
prior to the Chapter 11 filing, and traded under the symbol CCYE,
have been cancelled.  As part of the Plan, the reorganized entity
will issue 2.4 million shares of common stock, of which holders of
the Company's common stock as of March 22, 2010 will receive, in
the aggregate, five percent (5%).  The reorganized entity will be
privately held and will no longer make periodic filings with the
Securities and Exchange Commission.

Spring, Texas-based Cross Canyon Energy Corp., fdba ABC Funding,
Inc., filed for Chapter 11 bankruptcy protection on January 29,
2010 (Bankr. S.D. Texas Case No. 10-30747).  Rhett G. Campbell,
Esq., at Thompson & Knight, assists the Company in its
restructuring effort.  The Company listed $10,000,001 to
$50,000,000 in assets and $10,000,001 to $50,000,000 in
liabilities.


DANNY'S FAMILY: Puts More Units in Bankruptcy Protection
--------------------------------------------------------
Danny's Family Cos. LLC filed for Chapter 11 bankruptcy for all 18
of its Valley car wash, gas station and convenience store
operations plus other business entities, Convenience Store News
citing report from Business Journal of Phoenix.

Danny's Family Cos. owns chains of retail stores.

Danny's Family Companies, LLC, along with 11 affiliates, filed for
Chapter 11 on March 4, 2010.  Another affiliate, Danny's
Scottsdale & Shea, L.L.C., fka Barcelona Restaurants Iv, L.L.C.,
filed for Chapter 11 bankruptcy protection on February 3, 2010
(Bankr. D. Ariz. Case No. 10- 02799).  Bert L. Roos, Esq., who has
an office in Phoenix, Arizona-based assists the Debtors in their
restructuring effort.  Scottsdale & Shea listed $1,000,001 to
$100,000,000 in assets and debts.


DELCO OIL: 11th Cir. Says Debtor Mishandled Cash Collateral
-----------------------------------------------------------
WestLaw reports that a creditor had a security interest in a
debtor's deposit account funds as the proceeds of the creditor's
properly secured collateral while they were in the debtor's hands.
Thus, the cash proceeds constituted cash collateral that the
debtor could not transfer post-petition without the authorization
of the creditor or the bankruptcy court, even if the transferee
did not act in collusion with the debtor.  The creditor had a
perfected security interest in all of the debtor's personal
property.  In re Delco Oil, Inc., --- F.3d ----, 2010 WL 918058
(11th Cir.).

The Troubled Company Reporter covered CapitalSource Finance LLC's
complaints about the Delco using its cash collateral to open
secret bank accounts on Mar. 30, 2009, and CapitalSource's
successful bid for relief from the automatic stay to foreclose and
gain possession of its collateral and continue prosecution of
litigation in Maryland state court.

Delco Oil Inc. was a motor fuel distributor headquartered in
DeLand, Florida.  The case is In re Delco Oil, Inc. (Bankr. M.D.
Fla. Case No:  3:06-bk-03241-GLP).  Richard R. Thames, Esq., at
Stutsman Thames & Markey, P.A., represented the Debtor in the
chapter 11 case.  In its chapter 11 petition, the Debtor estimated
both assets and debts to be between $1 million and $100 million.
On December 1, 2006, the case was converted to a Chapter 7
liquidation and Aaron Cohen was appointed as the Interim Chapter 7
Trustee.


DELTA AIR: Transfers Slots at LaGuardia, Reagan Airports
--------------------------------------------------------
Atlanta, Georgia-based Delta Air Lines and Tempe, Arizona-based US
Airways on Monday announced an agreement to transfer to four
airlines 12% of the takeoff and landing slots involved in a
previously announced transaction between the carriers at New
York's LaGuardia and Washington's Reagan National airports.  The
transfers are contingent upon Federal Aviation Administration
approval and the subsequent closing of the originally proposed
Delta-US Airways transaction.

In comments filed with the U.S. government, Delta said it has
concluded agreements with AirTran Airways (NYSE: AAI), Spirit
Airlines and WestJet (TSE: WJA) to transfer up to five pairs each
of takeoff and landing slots at LaGuardia.  In a separate
transaction, US Airways has agreed to transfer five pairs of
Reagan National slots to JetBlue Airways (Nasdaq: JBLU).

AirTran, Spirit, WestJet and JetBlue are each considered limited
incumbents or new entrant airlines by the FAA at these airports.
The four airlines urged the government to approve the proposed
Delta-US Airways slot transaction.

Under Delta and US Airways' originally announced proposal, US
Airways would transfer 125 operating slot pairs to Delta at
LaGuardia and Delta would transfer 42 operating slot pairs to US
Airways at Reagan National.  US Airways also would gain access to
the key international destinations of Sao Paulo and Tokyo-Narita.

With the new six-way agreement, Delta would operate an additional
110 slot pairs at LaGuardia; AirTran, Spirit and WestJet would
obtain five slot pairs each at LaGuardia from Delta; US Airways
would acquire 37 slot pairs at Reagan National; JetBlue would gain
five slot pairs from US Airways at Reagan National; and US Airways
would gain access to Sao Paulo and Tokyo.

As previously outlined by Delta and US Airways, the airlines'
proposed transaction would add flights to a number of cities from
both the New York and Washington, D.C. markets.

In New York, Delta will add or preserve service to dozens of
small- and medium-sized communities while adding service in a
number of markets not currently served by US Airways. The airline
would also begin a multimillion dollar construction program at
LaGuardia to connect the existing Delta and US Airways terminals.
Delta has estimated that the transaction will generate as many as
7,000 new jobs in the New York City area driven by the
construction of new facilities and the addition of service.

In Washington, D.C., US Airways will add 15 new, daily
destinations to its schedule, including eight routes that
currently have no daily nonstop service to Reagan National on any
airline. US Airways plans to fly to all of the destinations that
Delta decides to discontinue as a result of this transaction. The
airline also will significantly expand its use of larger dual-
class jets by nearly 50% at Reagan National.

Delta and US Airways on Aug. 12, 2009 announced their plans to
transfer slots at LaGuardia and Reagan National airports.  On
Feb. 9, 2010, the FAA granted conditional approval of the
transaction with a requirement that slots be divested at both
airports.  As part of their filings on Monday, Delta and US
Airways also submitted comments challenging the legal basis for
the divestiture requirement. Delta and US Airways confirmed Monday
that they do not intend to go forward with the transaction on the
conditions stated in the FAA's Feb. 9 notice if the original
transaction, as modified by Monday's agreement, is not approved.

                            About Delta

Atlanta, Georgia-based Delta Air Lines (NYSE: DAL) --
http://www.delta.com/or http://www.nwa.com/-- serves more than
160 million customers each year.  Delta and the Delta Connection
carriers offer service to 367 destinations in 66 countries on six
continents.  Delta employs more than 70,000 employees worldwide
and operates a mainline fleet of nearly 800 aircraft.  A founding
member of the SkyTeam global alliance, Delta participates in the
industry's trans-Atlantic joint venture with Air France KLM.
Including its worldwide alliance partners, Delta offers customers
more than 16,000 daily flights, with hubs in Amsterdam, Atlanta,
Cincinnati, Detroit, Memphis, Minneapolis-St. Paul, New York-JFK,
Paris-Charles de Gaulle, Salt Lake City and Tokyo-Narita.  The
airline's service includes the SkyMiles frequent flier program,
the world's largest airline loyalty program; the BusinessElite
service; and more than 50 Delta Sky Clubs in airports worldwide.

Delta became the world's largest airline following merger with
Northwest Airlines in 2008.

Northwest and 12 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

At December 31, 2009, Delta had total assets of $43,539,000,000
against total current liabilities of $9,797,000,000 and total
noncurrent liabilities of $33,497,000,000, resulting in
stockholders' equity of $245,000,000.  At end-2008, Delta had
stockholders' equity of $874,000,000.  The December 31, 2009
balance sheet showed strained liquidity: Delta had total current
assets of $7,741,000,000 against total current liabilities of
$9,797,000,000.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).

                           *     *     *

Delta Air Lines and Northwest Airlines carry a 'B/Negative/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's and "B-" LT
Issuer Default rating from Fitch.


DELTA PETROLEUM: Has Tentative Deal to Sell Vega Interest to Opon
-----------------------------------------------------------------
Delta Petroleum Corporation has entered into a non-binding letter
of intent with Opon International LLC to sell a 37.5% non-operated
working interest in the Company's Vega Area assets located in the
Piceance Basin for total consideration of $400 million.  It is
expected that $225 million of the total consideration will be used
by Delta for the development of the Vega Area over the next three
years.

Delta intends to use the remainder of the total consideration for
its balance sheet obligations and general working capital
purposes.

Delta has also agreed to issue to Opon at closing, warrants to
purchase 13.3 million shares of Delta common stock at $1.50 per
share and 5.7 million shares at $3.50 per share.  Delta will
provide further details of the transaction upon the execution by
Delta and Opon of definitive agreements.  The letter of intent is
subject to customary due diligence, negotiation and execution of
definitive binding agreements.  This offer is contingent upon the
buyer's ability to arrange financing. Delta has granted Opon a 60-
day exclusive period to finalize the transaction, which is
expected to close on or before June 1, 2010.  Delta will retain
operations of the Vega Area subject to a joint venture agreement
with Opon.

Delta's financial advisors on this transaction are Morgan Stanley
and Evercore Partners. Delta's legal advisor is Davis Graham &
Stubbs LLP. Opon's financial advisor is Deutsche Bank Securities
Inc. and legal advisor is Hogan & Hartson LLP.

                      About Delta Petroleum

Delta Petroleum Corporation (NASDAQ Global Market: DPTR)
-- http://www.deltapetro.com/-- is an oil and gas exploration and
development company based in Denver, Colorado.  The Company's core
areas of operations are the Rocky Mountain and Gulf Coast Regions,
which comprise the majority of its proved reserves, production and
long-term growth prospects.

                          *     *     *

KPMG LLP of Denver, Colorado, expressed substantial doubt against
Delta Petroleum Corporation's ability as a going concern, noting
that due to continued losses, the Company is evaluating strategic
alternatives including, but not limited to the sale of some or all
of its assets.  The firm said there can be no assurances that
actions undertaken will be sufficient to repay obligations under
the credit facility when due.

The company's balance sheet for December 31, 2009, showed
$1.4 billion total assets, $272.2 million total currant
liabilities, and $488.1 million total long-term liabilities, for a
$697.1 million stockholders' equity.


DENNY HECKER: Took Money From Kids' Trust Funds, Lawyer Alleges
---------------------------------------------------------------
Jacqueline Palank at Dow Jones' Daily Bankruptcy Review, citing
Star Tribune, reports that Matthew Burton, Esq., who represents
the official tasked with liquidating Denny Hecker's assets in his
bankruptcy case, has accused Mr. Hecker of taking out $75,750 from
the trust funds set up for his kids and grandkids and using the
cash to buy back the mansion in Medina, Minnesota, which he shared
with his girlfriend, Christi Rowan.  Ms. Palank relates that Mr.
Hecker's lawyer said his client got the money from a friend.

According to Ms. Palank, Mr. Burton alleged that Mr. Hecker tried
to borrow the money from the trusts in November, but the attorney
administering them refused.  "That attorney soon resigned and was
replaced by Hecker's former father-in-law, the late William
Prohofsky.  Prohofsky transferred the funds to one of Hecker's
attorneys in December, and the attorney that same day wrote a
$75,000 check to the bankruptcy trustee in order to purchase the
home.  Burton said he and the court were led to believe that
Hecker's friend, whose name was written on the memo line of the
check, was going to purchase the home.  But the friend has since
said he thought the $150,000 he lent Hecker was for legal fees,
not to buy the home and didn't know his name was being used to
make the purchase," Ms. Palank reports.

                        About Denny Hecker

Denny Hecker filed for Chapter 7 bankruptcy on June 4, 2009,
before the U.S. Bankruptcy Court for the District of Minnesota.
Mr. Hecker listed $18 million in assets and $767 million in debts
owed to automakers, lenders, business partners and former
employees.

According to the Star Tribune in Minneapolis-St. Paul, the
bankruptcy filing had been widely anticipated.  Star Tribune noted
Mr. Hecker has been forced to sell or close 25 of his 26
dealerships in recent months, and Chrysler Financial won a
$477 million court judgment against him in April.  The bankruptcy
filing temporarily halted efforts by Chrysler and other creditors
from collecting money they say they are owed.

The Troubled Company Reporter on November 20 said Bankruptcy Judge
Robert Kressel held Mr. Hecker in contempt of court for failing to
turn over his financial records in a timely manner.

William R. Skolnick, Esq., at Skolnick & Shiff, P.A., in
Minneapolis, represents Mr. Hecker.


DENTON LONE: Asks Court Okay to Use Cash Collateral Until April 1
-----------------------------------------------------------------
Denton Lone Oak Holdings, L.P., sought and obtained interim
authorization from the Hon. Brenda T. Rhoades of the Eastern
District of Texas to use cash collateral until April 1, 2010.

The Debtor has pledged its principal asset, the Denton Holiday Inn
& Suites located at 1434 Centre Place Drive, Denton, Texas 76205,
and related proceeds, as collateral to a $11,536,938 promissory
note it issued prepetition to Morgan Stanley Mortgage Capital
Holdings, LLC.

Russell W. Mills, Esq., Hiersche, Hayward, Drakeley & Urbach,
P.C., explains that the Debtor needs to use cash collateral to
fund its Chapter 11 case, pay suppliers and other parties.  The
Debtor will use the collateral pursuant to a budget, a copy of
which is available for free at:

         http://bankrupt.com/misc/DENTON_LONE_budget.pdf

In exchange for using the cash collateral, the Debtor proposes to
grant the Lender a postpetition lien in all postpetition
collateral.  In addition to the replacement lien, the Lender will
have a superpriority claim.

The Debtor will deposit the cash collateral into a segregated,
interest-bearing, debtor-in-possession cash collateral account
established by the Debtor.

The Court has set a final hearing for April 5, 2010, at 10:30 a.m.
on the Debtor's request to use cash collateral.

                         About Denton Lone

Denton Lone Oak Holdings, L.P., owns and operates a hotel in
Denton, Texas.  The Company filed for Chapter 11 bankruptcy
protection on March 15, 2010 (Bankr. E.D. Texas Case No. 10-
40836).  Russell W. Mills, Esq., at Hiersche Hayward et al.,
assists the Company in its restructuring effort.  The Company
estimated its assets and debts at $10,000,001 to $50,000,000.


DENTON LONE: Section 341(a) Meeting Scheduled for May 7
-------------------------------------------------------
The U.S. Trustee for Region 6 will convene a meeting of creditors
in Denton Lone Oak Holdings, L.P.'s Chapter 11 case on May 7,
2010, at 11:30 a.m.  The meeting will be held at 2000 E. Spring
Creek Parkway, Plano, TX 75074.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Denton Lone Oak Holdings, L.P., owns and operates a hotel in
Denton, Texas.  The Company filed for Chapter 11 bankruptcy
protection on March 15, 2010 (Bankr. E.D. Texas Case No. 10-
40836).  Russell W. Mills, Esq., at Hiersche Hayward et al.,
assists the Company in its restructuring effort.  The Company
estimated its assets and debts at $10,000,001 to $50,000,000.


DENTON LONE: Taps Hiersche Hayward as Bankruptcy Counsel
--------------------------------------------------------
Denton Lone Oak Holdings, L.P., sought and obtained authorization
from the U.S. Bankruptcy Court for the Eastern District of Texas
to employ Hiersche, Hayward, Drakeley & Urbach, P.C., as
bankruptcy counsel.

HHDU will, among other things:

     (a) take necessary actions to protect and preserve the
         Debtor's estate, including taking legal actions and
         matters on the Debtor's behalf, the defense of any
         bankruptcy actions commenced against the Debtor, the
         negotiation of disputes, and the preparation of
         objections to, or motions to estimate, claims filed
         against the Debtor's estate where appropriate;

     (b) provide legal advice with respect to the Debtor's rights,
         powers, and duties as debtor-in-possession in the
         continued operation of their respective businesses and
         the management of their properties;

     (c) prepare motions, applications, complaints, answers,
         orders, reports, notices, schedules, and any other
         pleadings and legal documents in connection with matters
         effecting the administration of the Debtor and its
         bankruptcy estates, and the prosecution of the Debtor's
         bankruptcy case; and

     (d) assist the Debtor in connection with any disposition of
         the Debtor's assets, whether by sale or otherwise.

Russell W. Mills, a shareholder and director of HHDU, says that
the firm will be paid based on the hourly rates of its personnel:

         Russell W. Mills                          $350
         Directors                               $330-$425
         Senior Counsel & Associates             $165-$325
         Legal Assistants & Support Staff        $150-$160

Mr. Mills assures the Court that HHDU is "disinterested" as that
term is defined in Section 101(14) of the Bankruptcy Code.

Denton Lone Oak Holdings, L.P., owns and operates a hotel in
Denton, Texas.  The Company filed for Chapter 11 bankruptcy
protection on March 15, 2010 (Bankr. E.D. Tex. Case No. 10-40836).
The Company estimated its assets and debts at $10,000,001 to
$50,000,000 as of the filing.


DILLARD'S INC: Moody's Lifts Probability of Default Rating to 'B2'
------------------------------------------------------------------
Moody's Investors Service upgraded Dillard's, Inc. Probability of
Default Rating to B2 from B3 and changed the rating outlook to
stable from negative.  The company's Corporate Family Rating was
affirmed at B2 and senior unsecured notes at B3.

The upgrade of the Probability of Default Rating and change in
outlook to stable reflect the improvement in Dillard's operating
performance and credit profile.  "Dillard's successful efforts to
better manage its retail operations through the challenging
consumer environment resulted in improved credit metrics.  Moody's
expect that the company will sustain this level of operating
performance for the next twelve to eighteen months," stated Maggie
Taylor, Senior Credit Officer at Moody's.

The upgrade in the Probability of Default to B2 from B3
acknowledges that the company has moved further away from default,
making asset recovery rates less clear.  Thus, Moody's is applying
its standard 50% family recovery rate to Dillard's instead of the
previously used 65% rate.

The B2 rating is supported by Dillard's good credit metrics, very
good liquidity, and minimal debt maturities.  However, the rating
is constrained by Dillard's history of weak and inconsistent
operating performance.  Dillard's has experienced a prolonged
decline in comparable store sales which started in 2000.  Its
operating margins have been weak and remain well below its
department store peers despite the recent improvement.  The
company continues to generate the majority of its EBIT from its
private label credit card as opposed to its core retail
operations.  Positive rating consideration is given to Dillard's
sizable portfolio of unencumbered real estate.

This rating was upgraded:

  -- Probability of Default Rating at B2 from B3.

These ratings were affirmed and LGD point estimates adjusted:

  -- Corporate Family Rating at B2;

  -- Senior unsecured notes at B3 (LGD 4, 59% from LGD 3, 37%);

  -- Senior subordinated notes at Caa1 (LGD 5, 88% from LGD 5,
     72%).

Dillard's Capital Trust I

  -- $200 million preferred stock at Caa1 (LGD 5, 88% from LGD 5,
     72%).

The last rating action on Dillard's was March 27, 2009, when its
Corporate Family Rating was affirmed at B2 and its Probability of
Default Rating was downgraded to B3 from B2 and a negative outlook
was assigned.

Dillard's, Inc., is a regional department store chain operating
309 retail stores in 29 states.  The company is headquartered in
Little Rock, Arkansas, with revenues of $6.2 billion.


E*TRADE FIN'L: Names Freiberg as CEO; Mulls Reverse Stock Split
---------------------------------------------------------------
E*TRADE FINANCIAL Corporation said its Board of Directors has
appointed Steven Freiberg Chief Executive Officer, effective
April 1, 2010.

The Company also said it will seek the approval of its
stockholders for a 1-for-10 reverse stock split and a
corresponding decrease to the Company's authorized shares of
common stock to a total of 400,000,000 shares at the Company's
2010 Annual Meeting to be held on May 13, 2010.

                             Freiberg

Mr. Freiberg, an experienced financial services executive, held
multiple senior level positions over a distinguished 30-year
career at Citigroup.  Mr. Freiberg, who also will join the
Company's Board of Directors, succeeds interim CEO Robert Druskin.
Mr. Druskin will remain on the Board, continuing in his role as
Chairman.

Mr. Freiberg, 53, recently served as Co-Chairman and Co-CEO of
Citigroup's Global Consumer Group, which constituted all consumer
business lines in 53 countries, including investment products,
retail/commercial banking, credit cards, mortgages, and consumer
finance -- and, under his leadership, represented more than 50
percent of Citigroup's earnings. During his tenure at Citigroup,
Mr. Freiberg also served as Chairman and CEO of Citi Cards, where
he led the world's largest credit card franchise. Prior to that,
as Chairman and CEO of Citigroup's Investment Products Division
N.A., Mr. Freiberg had responsibility for retail investment
products, platforms, sales, and service.

Robert Druskin, Chairman and interim CEO, E*TRADE, commented, "The
Board is delighted to welcome Steve to lead E*TRADE into its next
phase of growth. Steve is an exceptional senior financial services
executive who brings extensive experience in driving the strategic
direction and management of a broad and diverse consumer financial
services franchise. We are fortunate to have Steve as our next CEO
and are confident that he is the best person to help E*TRADE reach
its full potential."

"E*TRADE is an extraordinary company with a powerful brand and a
compelling customer value proposition," said Mr. Freiberg. "Bob
Druskin and Don Layton, his predecessor, did a terrific job
leading the Company through very challenging times and positioning
the organization for success. I look forward to the opportunity to
work with the Company's talented management team to build on that
momentum and help drive E*TRADE's future growth and
profitability."

Mr. Freiberg has served as a Board member of MasterCard
International since 2006. He also serves on the Board of the March
of Dimes and is Co-Chair of the NYC Council of Habitat for
Humanity. Mr. Freiberg holds both a B.B.A. and an M.B.A. from the
Zarb School of Business at Hofstra University.

                        Reverse Stock Split

"With 2009's successful recapitalization behind us, our permanent
CEO in place on April 1, and a focus on returning to sustained
profitability, we believe a reverse stock split is a logical next
step for the Company as we complete our financial and managerial
restructuring," said Mr. Druskin. "Our Board has authorized these
actions and we look forward to sharing the proposal with
stockholders."

"A low price is just a reminder of the fact that it was in the
danger zone," Reuters quotes Forrester Research analyst Bill Doyle
as saying.  "A reverse split puts some distance on that recent
history."

Reuters, citing Thomson Reuters I/B/E/S, notes that E*TRADE is not
expected to get back into the black until the third quarter 2010,
when analysts on average expect a profit of 2 cents per share.
The split would also give the perception of more robust per-share
earnings, said Sandler O'Neill analyst Richard Repetto, according
to Reuters.

                           About E*TRADE

The E*TRADE FINANCIAL (NASDAQ: ETFC) family of companies provides
financial services including trading, investing and related
banking products and services to retail investors.  Securities
products and services are offered by E*TRADE Securities LLC
(Member FINRA/SIPC).  Bank products and services are offered by
E*TRADE Bank, a Federal savings bank, Member FDIC, or its
subsidiaries.

                           *     *     *

The Company's current senior debt ratings are Caa3 by Moody's
Investor Service, CC/CCC-(3) by Standard & Poor's and B (high) by
Dominion Bond Rating Service.  The Company's long-term deposit
ratings are Ba3 by Moody's Investor Service, CCC+ (developing) by
Standard & Poor's and BB by DBRS.


E*TRADE FIN'L: Analysts Split on Takeover Possibilities
-------------------------------------------------------
According to Reuters, analysts said Steven Freiberg's appointment
as Chief Executive Officer of E*TRADE FINANCIAL Corporation as
well as the planned 1-for-10 reverse stock split, could stoke
takeover speculation that has dogged E*TRADE since the prospect of
bankruptcy loomed a year ago.

"Some people could have thought it's less likely they would just
roll into a deal now that they've named a CEO," Reuters quotes
Sandler O'Neill analyst Richard Repetto, as saying.  Reuters says
other observers said the reverse split could clear the way for a
merger.

Reuters notes E*TRADE has been increasingly rumored in recent
months to be a takeover target, with larger rivals TD Ameritrade
Holding Corp. and Charles Schwab Corp. seen as possible suitors.

Meanwhile, Bloomberg's Craig Trudell reports that analysts believe
Mr. Freiberg's appointment signals that the Company isn't for
sale.

"I think some investors look at Freiberg's background and say,
`Here's a guy who has a lending background, and maybe now E*Trade
is more inclined to continue to operate as a standalone entity,'"
Bloomberg quotes William Tanona, a New York-based analyst for
Collins Stewart Inc., as saying.  "Some investors who were buying
this stock with the thinking that it could be bought out would
view this as a negative."  Collins Stewart has a "hold" rating on
E*TRADE's shares, according to Bloomberg.

"We believe that [the] news will put to rest the notion that
delays in finding a new CEO signaled that E*Trade was attempting
to sell itself," Patrick O'Shaughnessy, a Chicago- based analyst
for Raymond James & Associates Inc., wrote in a note to clients,
according to Bloomberg.

                           About E*TRADE

The E*TRADE FINANCIAL (NASDAQ: ETFC) family of companies provides
financial services including trading, investing and related
banking products and services to retail investors.  Securities
products and services are offered by E*TRADE Securities LLC
(Member FINRA/SIPC).  Bank products and services are offered by
E*TRADE Bank, a Federal savings bank, Member FDIC, or its
subsidiaries.

                           *     *     *

The Company's current senior debt ratings are Caa3 by Moody's
Investor Service, CC/CCC-(3) by Standard & Poor's and B (high) by
Dominion Bond Rating Service.  The Company's long-term deposit
ratings are Ba3 by Moody's Investor Service, CCC+ (developing) by
Standard & Poor's and BB by DBRS.


ELECTROGLAS INC: Court Extends Ch. 11 Plan Filing Until May 7
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended
Electroglas, Inc., and Electroglas International, Inc.'s exclusive
periods to file and solicit acceptances of a proposed plan of
liquidation until May 7, 2010, and August 6, 2010, respectively.

The Debtors have already filed a proposed Chapter 11 Plan of
Reorganization.  The Debtors will begin soliciting votes on the
Plan following approval of the adequacy of the information in the
explanatory Disclosure Statement.

Headquartered in San Jose, California, Electroglas, Inc., supplies
semiconductor manufacturing test equipment and software to the
global semiconductor industry, and have been in the semiconductor
equipment business for more than 40 years.  The Debtors' other
major source of revenue comes from their business of designing,
manufacturing, selling and supporting motion control systems for
advanced technologies.

The Company and Electroglas International, Inc., filed for Chapter
11 on July 9, 2009 (Bankr. D. Del. Lead Case No. 09-12416).
David B. Stratton, Esq., and James C. Carignan, Esq., at Pepper
Hamilton LLP represent the debtors in their restructuring efforts.
No official committee of unsecured creditors has been appointed in
the Chapter 11 cases.  The Debtors listed total assets of
$19,625,000 and total debts of $31,542,000.


ELECTROGLAS INC: To Pay Unsecureds from MCAT Biz Sale Proceeds
--------------------------------------------------------------
Electroglas, Inc., and Electroglas International, Inc., filed with
the U.S. Bankruptcy Court for the District of Delaware an
explanatory Disclosure Statement in connection with their proposed
plan of liquidation.

The Debtors will begin soliciting votes on the Plan following
approval of the adequacy of the information in the Disclosure
Statement.

According to the Disclosure Statement, the Plan provides for the
sale of the Debtors' MCAT business.  Distributions to holders of
general unsecured claims will be comprised of mostly, if not
exclusively, of $500,000 that was paid by FormFactor, Inc., to
WCSR at the closing of the sale of the MCAT business.
Distributions to allowed general unsecured claims will be from the
unsecured creditor carveout account.  All payments on account of
allowed EG general unsecured claims and allowed EII general
unsecured claims from the unsecured creditor carveout account will
be made by WCSR or the unsecured creditor carveout trustee.

The Plan will be funded by (i) available cash on the effective
date and (ii) funds available after the effective date from, among
other things, the liquidation of the Debtors' remaining assets,
the prosecution and resolution of causes of action, and any
release of cash from the disputed general unsecured claims reserve
and the plan administrator reserve after the effective date.

                       Treatment of Claims

Secured noteholder claims will receive a pro rata portion of
aggregate secured noteholder distribution, presently estimated to
be $3,724,000.  The estimated percentage recovery is 14%.

Deficiency claims will receive a pro rata portion of available
cash for deficiency claims.  The estimated percentage recovery is
de minimis.

EB general unsecured claims will receive a pro rata portion of the
unsecured creditor carveout account attibutable to EG general
unsecured claims (97% of the entire unsecured creditor carveout
account).  The estimated percentage recovery is 1 -2%

EII general unsecured claims will receive a pro rata portion of
the unsecured creditor carveout account attributable to EG general
unsecured claims (3% of the entire unsecured creditor carveout
account).  The estimated percentage recovery is 1- 2%

Convenience Claims will receive cash equal to 50% of the allowed
amount of the respective convenience claim, without payment of
interest.  The estimated percentage recovery is 50%

EG equity interest will receive no distribution.

EII equity interest will receive no distribution.

A full-text-copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/ElectroglassInc_DS.pdf

About Electroglas Inc.

Headquartered in San Jose, California, Electroglas, Inc., supplies
semiconductor manufacturing test equipment and software to the
global semiconductor industry, and have been in the semiconductor
equipment business for more than 40 years.  The Debtors' other
major source of revenue comes from their business of designing,
manufacturing, selling and supporting motion control systems for
advanced technologies.

The Company, along with affiliate Electroglas International, Inc.,
filed for Chapter 11 on July 9, 2009 (Bankr. D. Del. Lead Case No.
09-12416).  David B. Stratton, Esq., and James C. Carignan, Esq.,
at Pepper Hamilton LLP represent the Debtors in their
restructuring effort.   The Debtors listed total assets of
$19,625,000 and total debts of $31,542,000.


EMPIRE CENTER: Gets Interim OK to Access JPMorgan Cash Collateral
-----------------------------------------------------------------
The Hon. Sarah S. Curley of the U.S. Bankruptcy Court for the
District of Arizona authorized, on an interim basis, Empire Center
at Coldwater Springs, LLC, to use JP Morgan Chase Bank's cash
collateral for 90 days.

As reported in the Troubled Company Reporter on March 2, 2010,
the Debtor entered a stipulation with JPMorgan which provided for:

   -- The reduction of the management fee from $15,000 to $8,000
      for the 90 days in which this interim order is in effect.
      However, the reduction of the management fee to $8,000 is
      made without prejudice to the Debtor seeking the full
      $15,000 management fee as a part of any future cash
      collateral order;

   -- the Debtor to seek additional sums for the management of the
      project above the $8,000, but the additional sums must first
      be approved by the Bank;

   -- Any cash in which Bank claims an interest which is received
      by the Debtor, but not expended pursuant to the Budget, will
      be sequestered unless and until the Debtor obtains an order
      from the Court or the consent of Bank authorizing its use;

Scottsdale, Arizona-based Empire Center at Coldwater Springs, LLC,
filed for Chapter 11 bankruptcy protection on December 18, 2009
(Bankr. D. Ariz. Case No. 09-32728).  John J. Hebert, Esq., at
Polsinelli Shughart, P.C., assists the Company in its
restructuring effort.  The Company listed $10,000,001 to
$50,000,000 in assets and $10,000,001 to $50,000,000 in
liabilities in its bankruptcy petition.


ENERGYCONNECT GROUP: Reports $2.3-Mil Net Loss for Jan. 2 Quarter
-----------------------------------------------------------------
EnergyConnect Group Inc. reported results for its fourth quarter
and full year ended January 2, 2010.

The Company's balance sheet showed $9,774,924 in total assets and
$9,746,384 in total liabilities for a $28,540 stockholders'
equity.

Revenue for the fourth quarter of 2009 was $850,000, compared to
$1.8 million in the fourth quarter of 2008.  Operating loss for
the period totaled $2.1 million, compared to $32.2 million in the
fourth quarter of 2008.  Net loss for the fourth quarter 2009 was
$2.3 million, or $0.02 per share, compared to $31.9 million, or
$0.34 per share in the fourth quarter 2008.  The net loss for the
fourth quarter 2008 included $29.4 million of goodwill impairment
charges.

For the year ended December 31, 2009, total revenues were
$19.9 million, compared to $25.9 million for 2008.  Net loss for
the year was $3.2 million, compared to $34.1 million for 2008,
which included $29.4 million of goodwill impairment charges.  2009
loss per share was $0.03 per share, compared to $0.37 per share in
2008.

Kevin Evans, EnergyConnect's president and CEO, said, "During a
challenging environment with historically low electricity prices
and reduced loads, we doubled our Capacity revenues, compared to
2008 and delivered total 2009 revenue of $19.9 million.  Through
the course of the year, we rationalized the business and
positioned the company for growth as energy prices strengthen in
2010 and beyond. In addition, in December, we improved our
financing by extending our credit facility to 2012."

                           2010 Outlook

Kevin Evans, added, "In 2010, we will continue to serve a number
of different verticals in the commercial, institutional and
industrial sectors and will invest to enhance EnergyConnect's
industry leading technology.  We have begun expanding our
footprint through indirect channel relationships with utilities
and demand response aggregators.  Next, we intend to pursue
National Direct Access pilots, targeting large corporations with
numerous facilities that can benefit from price based demand
response.  Lastly, we are committed to establishing technology
partnerships with smart grid equipment suppliers to improve
building automation and end use energy efficiency."

Based on the current market outlook, the Company expects full year
2010 revenue growth of 35% to 40%, or $27 million to $28 million,
compared to 2009, and expects to be Adjusted EBITDA positive for
the year.

Andrew Warner, EnergyConnect's CFO, said, "After reviewing the
landscape and modest recovery of electricity prices for the coming
year, we are well positioned and optimistic about our revenue
growth for 2010.  As such, we are initiating annual guidance.
While our revenue recognition will continue to be cyclical and in
the stronger summer months, we may also experience some lumpiness
in the form of capacity transactions.  Finally, with our 2009 cost
reduction programs, we believe we can deliver positive Adjusted
EBITDA for the full year."

A full-text copy of the Company's Earnings Release is available
for free at http://ResearchArchives.com/t/s?5b5b

                    About EnergyConnect Group

Campbell, Calif.-based EnergyConnect Group, Inc., is a provider of
demand response services to the electricity grid.  Demand response
programs provide grid operators with additional electricity
generation capacity by encouraging consumers to curtail their
electricity usage.

                            *     *     *

RBSM LLP, in New York, expressed substantial doubt about the
Company's ability to continue as a going concern.  The independent
auditors noted that the Company is experiencing difficulty in
generating sufficient cash flow to meet its obligations and
sustain its operations.  The Company's balance sheet as of
January 2, 2010, showed $9.8 million in assets, $9.7 million of
debts, and $28,540 of stockholders' equity.


ENTEGRA TC: S&P Downgrades Rating to 'B'; Gives Negative Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on electric
power generator Entegra TC LLC to 'B' from 'B+'.  The outlook is
negative.  The '1' recovery rating on the second-lien debt
obligations indicates expectations of very high (90% to 100%)
recovery of principal in a default scenario.

The downgrade primarily reflects the project's low debt service
coverage.  The low coverage, caused by exposure to merchant
markets, reduces the project's annual cash sweeps to debt and
increases the refinancing risk for its debt that matures in 2012
and 2014.  The project will likely sweep about $4 million to repay
debt for 2009, less than the $11 million originally forecasted in
the base case, which assumed stronger future merchant markets than
S&P currently expects.  The negative outlook reflects S&P's
expectation that future cash sweeps will not pay down sufficient
debt to reduce refinancing risk at the current rating level.  The
project has announced that it is considering asset sales to reduce
its indebtedness but that is not a rating factor at this time
because sale prices are uncertain.


ESCADA AG: U.S. Unit Wants Conflicts Counsel; U.S. Trustee Objects
------------------------------------------------------------------
Debtor EUSA Liquidation Inc., formerly known as Escada (USA),
Inc., seeks the Court's permission to hire Togut, Segal &
Segal, LLP, as their special conflicts counsel.

The Debtor believes that Togut possesses extensive knowledge,
expertise and considerable experience in complex commercial
litigation.  Accordingly, the firm is well-qualified to represent
the Debtor as special conflicts counsel in its Chapter 11 case,
Gerald C. Bender, Esq., at O'Melveny and Myers LLP, in New York,
says.

As the Debtor's special conflicts counsel, Togut will:

  (a) assist the Debtor in the investigation and analysis of
      certain causes of action and, if appropriate, prosecute
      those causes of action;

  (b) investigate and prosecute any other claims objections that
      the Debtor determines could be best brought by Togut; and

  (c) perform other legal services as may be required or are
      otherwise deemed to be in the interests of the Debtor.

The Togut Firm will not serve as restructuring counsel to the
Debtor.  Hence, the services to be provided by Togut in the
Chapter 11 case "will be complementary rather than duplicative"
of the services to be performed by O'Melveny and Myers LLP, as
the Debtor's counsel, Mr. Bender assures the Court.

The Debtor will pay for Togut's services in accordance with these
hourly rates:

  Professional                              Hourly Rate
  ------------                              -----------
  Partners                                  $800 to $935
  Counsel and Associates                    $275 to $720
  Paraprofessionals and Law Clerks          $155 to $285

Togut will also be reimbursed of its reasonable out-of-pocket
expenses.

Albert Togut, Esq., the senior member of Togut, Segal & Segal
LLP, in New York, related in a declaration filed with the Court
that his firm has neither shared nor agreed to share with any
other person any compensation received or to be received in the
Debtor's case, other than as permitted by the Bankruptcy Code.

Mr. Togut further assures Judge Bernstein that his firm does not
represent or hold any interest adverse to the Debtor.  Moreover,
the firm does not have any connection with the Debtor or other
parties-in-interest.

                      U.S. Trustee Objects

Diana G. Adams, the U.S. Trustee for Region 2, contends that the
Debtor's application to hire Togut, Segal & Segal, LLP, as its
special conflicts counsel, is "surprising" as it was filed "at a
time . . . when the Debtor has sold substantially all of its
assets, the pot of funds from which creditors will recover has
been defined, and the filing of a liquidating plan is imminent."

Moreover, the U.S. Trustee notes that the Official Committee of
Unsecured Creditors has retained Clingman & Hanger Management
Associates, LLC, as its wind-down advisor prior to confirmation
of a plan of liquidation in the Debtor's Chapter 11 case.
Clingman has started evaluating the claims in the Debtor's and
eventually will step into the role of plan administrator if the
case is confirmed, Trial Attorney Elisabetta G. Gasparini, Esq.,
in New York, points out, on behalf of the U.S. Trustee.

Ms. Gasparini further notes that without consulting either the
Creditors' Committee or the U.S. Trustee, the Debtor sought to
retain Togut to perform many of the tasks that the Debtor's
counsel has already been retained to perform and that a plan
administrator and his or her professionals -- to the extent a
plan is confirmed -- will have the duty to perform.

The Debtor said that, among other things, Togut will investigate
possible causes of action that "could possibly reduce the claims
pool and . . . increase recoveries to the Debtor and its
creditors."  The U.S. Trustee contends that the Togut Application
appears premature because Clingman has already been retained to
perform an investigation of possible causes of action and to
analyze the claims filed in the Chapter 11 case.

The U.S. Trustee is also concerned that the Togut Application is
void of any explanation as to why the retention of the firm is
necessary at this time, and how the services the firm will
provide will not overlap with the work to be performed by the
plan administrator appointed if a liquidating plan is confirmed.

Instead of minimizing cost, the retention of Togut "would
undoubtedly add an additional layer of administrative expenses
and reduce the overall recovery to creditors," according to Ms.
Gasparini.

The retention of Togut "is fraught with the potential for
duplication of services," and must be denied, Ms. Gasparini
argues.

The U.S. Trustee has sought to convert the Debtor's case from
Chapter 11 to Chapter 7, which may render the Togut Application
moot.  In this regard, the U.S. Trustee asks the Court to adjourn
the hearing on the Application until the Chapter 7 Conversion
request is heard and adjudicated.


                        About Escada AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of EUR338.9 million
as of April 30, 2009.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  Judge Stuart
M. Bernstein handles the case.  O'Melveny & Myers LLP has been
tapped as bankruptcy counsel.  Kurtzman Carson Consultants serves
as claims and notice agent.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units.  (http://bankrupt.com/newsstand/or 215/945-7000)


ESCADA AG: U.S. Creditors Panel Gets OK for Clingman as Advisor
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
case of EUSA Liquidation Inc., formerly known as Escada (USA),
Inc., obtained the Court's authority to retain Clingman & Hanger
Management Associates, LLC, as its wind-down advisor prior to
confirmation of a plan of liquidation in the Debtor's Chapter 11
case.

Committee Co-chairperson Basil David Postan avers that Clingman's
extensive knowledge and experience with asset recovery, claims
reconciliation, and bankruptcy wind-downs will benefit all
constituencies in the Debtor's case, both prior to, and as of,
confirmation of a plan.

Subject to the oversight and supervision of the Creditors'
Committee, Clingman, as winddown advisor, is expected to:

  (a) familiarize itself with the books and records of the
      Debtor;

  (b) analyze the Debtor's remaining assets and liabilities;

  (c) identify the administrative, priority and general
      unsecured claims against the Debtor;

  (d) identify miscellaneous assets for realization by the
      Debtor;

  (e) assist the Creditors' Committee in the plan and disclosure
      statement process; and

  (f) provide its analysis and insight to the Creditors'
      Committee on the Debtor's wind-down, including the
      proposed resolution of any claims.

The Creditors' Committee anticipates that in connection with the
wind-down process, the Debtor will only retain a single employee,
Mr. Christian Marques, who will act as both president and
treasurer.  The Committee thus expects Clingman, as wind-down
advisor, to assist Mr. Marques in his efforts to negotiate,
reconcile and process claims, and prepare a plan of liquidation
and disclosure statement, among other things.

The Committee also expects that in connection with a plan of
liquidation to be filed and confirmed in the Debtor's Chapter 11
case, Clingman will be appointed as plan administrator, pursuant
to which it will be responsible for, among other things:

  (a) marshaling the Debtor's remaining assets;

  (b) disposing of the Debtor's remaining assets and collecting
      any proceeds from it, including investigation into other
      potential sources of recoveries for creditors;

  (c) supervising and managing the claims reconciliation
      process and prosecuting matters as necessary;

  (d) implementing the terms of the confirmed plan of
      liquidation;

  (e) providing for timely distributions to general unsecured
      creditors;

  (f) addressing any matters relating to the Debtor's employee
      benefit or insurance plans, as they may arise; and

  (g) taking other actions that may be necessary to ensure an
      efficient and value-maximizing liquidation of the Debtor's
      assets.

Clingman principals W. Edward Clingman, Jr. and Teresa S. Hanger
will be paid for their services to be rendered to the Committee
pursuant to a fixed monthly fee structure of:

  * US$40,000 per month for the first two months of services;

  * US$30,000 per month for the third and fourth month of
    services;

  * US$25,000 per month for the fifth and sixth month of services;
    and

  * US$20,000 per month thereafter.

Clingman will also be reimbursed for actual and necessary
expenses on account of these bankruptcy support services to be
provided through Professional Staffing, LLC, an affiliate of C&H:

  Support Service                     Hourly Rate
  ---------------                     -----------
  Claims analysis                         $75
  Claims management                      $110
  Accounting/financial analysis          $125
  Database and network support           $125

Mr. Clingman assures Judge Bernstein that his firm represents no
adverse interest to the Creditors' Committee that would preclude
it from acting as a wind-down advisor, or as a plan
administrator, upon confirmation of the plan.

                        About Escada AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of EUR338.9 million
as of April 30, 2009.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  Judge Stuart
M. Bernstein handles the case.  O'Melveny & Myers LLP has been
tapped as bankruptcy counsel.  Kurtzman Carson Consultants serves
as claims and notice agent.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units.  (http://bankrupt.com/newsstand/or 215/945-7000)


ESCADA AG: U.S. Court Approves Fees for Professionals
-----------------------------------------------------
Judge Stuart Bernstein authorized and directed EUSA Liquidation
Inc., formerly known as Escada (USA), Inc., to pay the fees and
reimburse the expenses of these professionals retained in its
Chapter 11 case for the subject fee periods:

Applicant                      Net Fees    Expenses  Fee Period
---------                      --------    --------  -----------
O'Melveny & Myers LLP,         $592,427     $27,471  08/14/09 to
as the Debtor's counsel                              11/30/09

Follick & Bessick, PC,          $14,934        $338  08/14/09 to
as the Debtor's special                              11/30/09
customs counsel

Otterbourg, Steindler,         $241,779      $8,634  09/8/09 to
Houston & Rosen, P.C.,                               11/30/09
as counsel to the
Official Committee
of Unsecured Creditors

                        About Escada AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of EUR338.9 million
as of April 30, 2009.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  Judge Stuart
M. Bernstein handles the case.  O'Melveny & Myers LLP has been
tapped as bankruptcy counsel.  Kurtzman Carson Consultants serves
as claims and notice agent.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units.  (http://bankrupt.com/newsstand/or 215/945-7000)


EUROSPARK INDUSTRIES: Chapter 11 Trustee Appointed
--------------------------------------------------
WestLaw reports that the appointment of a Chapter 11 trustee was
warranted in the interests of the creditors and the bankruptcy
estate in the case of a corporate debtor.  The debtor's sole
shareholder had a direct conflict of interest preventing him from
fulfilling his fiduciary obligation to place the creditors'
interests ahead of his own, as demonstrated by his admission that
his interests were divergent from the estate's interests and his
insistence that the debtor's adversary proceedings against its
insurers, which were the debtor's sole remaining assets, be
litigated to conclusion rather than settled.  In addition, a
secured creditor and the administrative creditors lacked
confidence in the shareholder's ability to administer the estate
in the estate's best interests, there was no genuine possibility
of a reorganization, and the need for a trustee to independently
evaluate a pending settlement offer outweighed the cost of the
trustee's appointment.  In re Eurospark Industries, Inc., --- B.R.
----, 2010 WL 779551 (Bankr. E.D.N.Y.) (Craig, J.).

Eurospark Industries, Inc., was in the business of fabricating
fine gold into jewelry, and sought Chapter 11 protection (Bankr.
E.D.N.Y. Case No. 98-21459) on Aug. 14, 1998.  Prior to filing, on
March 14, 1998, the Debtor's gold, valued by the Debtor in excess
of $4 million, was allegedly stolen during an armed robbery.
During the first year of the bankruptcy case, the Debtor, with
court approval, sold all of its machinery, equipment, inventory
and real property.  In 1998, the Debtor commenced litigation
against Massachusetts Bay Insurance Company, the Underwriters at
Lloyd's, and Lloyd Thompson Limited Art Incorporated N.V., to
collect insurance proceeds.  THe Insurance Companies say that Mr.
Spiegel staged the alleged robbery, that the policies are void,
and that the policies do not cover the alleged losses.  On July 7,
1999, the Debtor filed a proposed plan of liquidation and
disclosure statement, to which Fleet objected.  The U.S. Trustee
moved for appointment of the chapter 11 trustee, with the support
of Fleet Precious Metals, Inc., the estate's largest secured
creditor, in an attempt to move resolution of the debtor's Chapter
11 case forward.


F & F LLC: Investors to Acquire 100% of Stock for $3 Million
------------------------------------------------------------
F & F, LLC, filed with the U.S. Bankruptcy Court for the Central
District of California a Disclosure Statement explaining its
proposed Plan of Reorganization.

The Debtor will begin soliciting votes on the Plan following
approval of the adequacy of the information in the Disclosure
Statement.

According to the Disclosure Statement, on the effective date of
the Plan, new members will acquire ownership of 100% of the
membership interest in the Reorganized Debtor.  In return the new
members will make a capital contribution of not less than
$3,000,000 to the Reorganized Debtor.  In addition, the Debtor
will obtain a new loan secured by the property with a deed of
trust having priority over the Class 3 secured claim of U.S. Hung
Wui Investments, Inc.

The new loan will be lesser than $6,000,000 or 80% of the value
interest of all Class 2 priority mechanics' lien claims on the
property.  The mechanics' fund and the interest reserve fund,
together with the proceeds of the new loan, the ongoing rental
income generated by the property and the net litigation proceeds
and avoidance actions recoveries, will be used to make payments to
the Debtors' creditors.

The new members and their minimum capital contribution are:

     Name               % Interest     Capital Contribution
     ----               ----------     --------------------
Kevin Kaing & Lor Yik      33.34%      $1,000,000
Thai Ly & Kathy Yam        25.00%        $750,000
Jimmy Ly & Jennifer Ly     25.00%        $750,000
Peou Ngoy & Phou Chy Yik   16.66%        $500,000
                        ----------     --------------------
Total:                    100.00%       $3,000,000

                        Treatment of Claims

Class 1 secured claim of San Bernardino County Assessor will be
paid in full in 5 annual installments.

Class 2 secured priority claims of mechanics' lien claimants will
be paid in full.

Class 3 secured claim of U.S. Hung Wui Investments, Inc. will
receive deferred cash payments in monthly instalments.  The Class
3 claimants will also retain its lien with the existing level of
priority.  The Plan did not provide for the estimated percentage
recovery by holders of unsecured claims.

Class 4 secured junior priority claims of mechanics' lien
claimants will be paid in full at any time in an amount which the
holder of all claim agrees to accept and the Reorganized Debtor
agrees to pay.  The source of payment will be the mechanics' lien
fund.  The Plan did not provide for the estimated percentage
recovery by holders of unsecured claims.

Class 5 unsecured claims will receive a pro rata payment from the
mechanics' lien fund.  The Reorganized Debtor will make
supplemental pro rata distributions to Class 5 claimants of all
amounts reserved to pay disputed claims.  Class 5 claimants will
also receive, to the extent of available funds, pro rata
supplemental distributions of 50% of the net operating profits for
each full 12 calendar month period after the effective date.

Class 6 interest holders will not receive nor retain any property
on account of the interest.

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/F&FLLC_DS.pdf

                          About F & F LLC

Rancho Cucamonga-based F & F LLC filed for Chapter 11 bankruptcy
protection on November 20, 2009 (Bankr. C.D. Calif. Case No. 09-
38204).  Todd C. Ringstad, Esq., who has an office in Irvine,
California, assists the Company in its restructuring effort.  The
Company listed $10,000,001 to $50,000,000 in assets and
$10,000,001 to $50,000,000 in liabilities in its petition.


FRONTIER FINANCIAL: Bank Gets FDIC Directive to Recapitalize
------------------------------------------------------------
Frontier Financial Corporation, the financial holding company for
Frontier Bank, said Frontier Bank has received from the Federal
Deposit Insurance Corporation, a Supervisory Prompt Corrective
Action Directive (Directive) dated March 16, 2010, due to the
Bank's critically undercapitalized status.  The Directive requires
that within 30 days of the effective date of the Directive, or by
April 15, 2010, the Bank must either recapitalize by the sale of
shares or obligations so that the Bank will be adequately
recapitalized, or accept an offer to be acquired by another
institution.

The Directive also reiterates a number of restrictions already
imposed on the Bank by the regulators, prohibiting the Bank from
accepting or renewing brokered deposits, increasing assets, paying
dividends, increasing compensation or paying bonuses to directors
or officers, opening, relocating or selling new offices, and
requiring the Bank to comply with certain restrictions on interest
rates and transactions with affiliates.  The Bank was already
subject to these restrictions prior to the issuance of the
Directive, and key elements of the Bank's strategic plan have
included the reduction in its asset base and brokered deposits.

Frontier has been aggressively reducing its concentration in real
estate acquisition, development and construction loans and
nonperforming loans.  Frontier continues its efforts to raise
additional capital which began in the fourth quarter of 2008, when
an investment banking firm was retained to assist in raising
capital and deleveraging its balance sheet.

As announced on October 5, 2009, Frontier Financial Corporation
and SP Acquisition Holding mutually agreed to terminate their
agreement and plan of merger, dated as of July 30, 2009, because
necessary regulatory approvals could not be obtained in time to
complete the transaction. Since the termination of the
transaction, Frontier has continued to seek out equity investors
and has made and continues to make numerous contacts with
potential investors.

Patrick M. Fahey, Chairman and CEO of Frontier Financial
Corporation and Frontier Bank, said, "As previously indicated,
Frontier plans to appeal the results of the regulatory examination
that brought this about, while continuing all its efforts to
improve the Bank's condition.  Customers' accounts remain insured
up to $250,000, with checking accounts fully insured without limit
under the Transaction Account Guarantee Program."  Mr. Fahey also
expressed appreciation on behalf of the Bank's 700 staff members
for the tremendous support shown by customers and the community at
large during these difficult economic times.

                     About Frontier Financial

Frontier Financial Corporation (NASDAQ: FTBK) --
http://www.frontierbank.com/-- is a Washington-based financial
holding company, providing financial services through its
commercial bank subsidiary, Frontier Bank, since 1978. Frontier
Bank offers a wide range of banking and financial services to
businesses and individuals in its market area, including trust,
cash management, and investment and insurance products. Frontier
operates 47 offices in Clallam, Jefferson, King, Kitsap, Pierce,
Skagit, Snohomish, Thurston, and Whatcom counties in Washington
and 3 offices in Oregon.


FUNDAMENTAL PROVISIONS: Promises Full Payment to Unsecureds
-----------------------------------------------------------
The Hon. Douglas D. Dodd of the U.S. Bankruptcy Court for the
Middle District of Louisiana, will consider at a hearing on
April 7, 2010, at 11:00 a.m., the adequacy of the information
contained in the disclosure statement explaining Fundamental
Provisions, L.L.C., et al.'s proposed Plan of Reorganization.
The hearing will be held at the Bankruptcy Court, 707 Florida
Street, Room 222, Baton Rouge, Louisiana.  Objections, if any,
are due 8 days before the hearing.

The Debtors will begin soliciting votes on the Plan following
approval of the adequacy of the information in the Disclosure
Statement.

According to the Disclosure Statement, the Plan provides for the
Debtors to retain ownership of and continue to operate 29
restaurants located in Louisiana, Alabama and Florida, and attempt
to sell the store land and equipment in Destin, Florida.

Under the Plan, the Debtor will apply sale proceeds to the secured
debt first.  Unless their collateral is sold, secured claims will
be capitalized and paid in full, with interest, in periodic
installments.  The unsecured creditors will be paid 100% of their
prepetition claims in 8 quarterly installments.  Holders of the
convenience claims will be paid 100% of the prepetition claims.
The existing holders of interests will retain their interest, nut
will not receive any dividends until all creditors are paid in
full under the Plan.

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/Fundamentalprovisions_DS.pdf

Gonzales, Louisiana-based Fundamental Provisions, LLC -- fdba
Pollo, Inc., et al. -- filed for Chapter 11 bankruptcy protection
on December 8, 2009 (Bankr. M.D. La. Case No. 09-11897).
Fundamental Provision's affiliates -- Pollo, Inc., and Thaxco,
Inc. -- also filed Chapter 11 bankruptcy petitions.  Barry W.
Miller, Esq., at Heller, Draper, Hayden, Patrick & Horn, assists
the Debtors in their restructuring efforts.  Fundamental
Provisions listed $10,000,001 to $50,000,000 in assets and
$10,000,001 to $50,000,000 in liabilities.


GENERAL MOTORS: Pay Czar Imposes Restriction on Cash Salaries
-------------------------------------------------------------
Darrell A. Hughes, Aparajita Saha-Bubna and Michael R. Crittenden
at Dow Jones Newswires report that U.S. pay czar Kenneth Feinberg
said Tuesday his $500,000 restriction on cash salaries will cover
82% of the 119 top executives at the five companies he oversees --
American International Group, General Motors Co., Chrysler
Financial, Chrysler Group LLC and GMAC Inc.  The report says five
executives at AIG, however, will receive more than that.

Dow Jones says Mr. Feinberg made the announcement as part of his
review of 2010 pay packages for the "top 25" executives at the
companies, including senior executives and the next 20 most highly
compensated employees.  Some of those employees have since left
the firms.

According to Dow Jones, Mr. Feinberg plans to release compensation
restrictions for the 26th to 100th highest-paid employees at the
five firms next month.

Dow Jones recalls AIG asked that 10 of its top 25 get more than
$500,000 cash salary, an exception permitted under Mr. Feinberg's
rules for "good cause."  Mr. Feinberg agreed to five.

Dow Jones also relates that for AIG's financial-products group,
Mr. Feinberg froze cash compensation at levels dating back to the
end of the fiscal year 2008 for five out of six employees he
reviewed.  One will receive a $450,000 salary "in light of his
critical role," Mr. Feinberg said, according to Dow Jones.

Dow Jones says Mr. Feinberg cut off the non-cash component of
compensation for AIGFP employees until AIG's compensation
committee affirms recouping $45 million of controversial retention
payments made last March to employees of this unit.

Dow Jones relates that GMAC Chief Executive Officer Michael
Carpenter will only be paid in stock that must be held for the
long-term, according to Mr. Feinberg.

According to Dow Jones, Mr. Feinberg plans to reduce total
executive compensation at AIG, GMAC, and Chrysler Financial by
15%.  GM and Chrysler Group aren't included in this total because
of bankruptcy restructurings that occurred in mid-2009.

On average, overall cash for the executives are slated to be
decreased by 33% from the levels he set in 2009.

Dow Jones also reports Sen. Charles Grassley (R., Iowa) on Tuesday
requested the special inspector general for the $700 billion Wall
Street rescue plan probe Treasury's implementation of executive
pay rules.  According to Dow Jones, Sen. Grassley suggested the
Treasury department improperly ignored parts of the law passed by
Congress that allowed for the payments to be made.

Dow Jones says Mr. Grassley asked Special Inspector General Neil
Barofsky to probe whether a top Treasury official working on
executive pay issues should have been prevented from helping draft
Treasury rules because of his previous work at a law firm that
included Bank of America Corp. and AIG as clients.

"At a minimum this presents the appearance of serious
impropriety," Mr. Grassley wrote in the letter to Mr. Barofsky on
Tuesday, according to Dow Jones.

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


GENERAL MOTORS: New GM Won't Reunite with GMAC
----------------------------------------------
General Motors Co. has no plans to regain control of its former
finance arm, GMAC Financial Services, to boost car sales and
attract potential investors, two people familiar with the matter
told The Wall Street Journal.

GMAC has received $17 billion in funding from the U.S. Department
of the Treasury, and returning control of its auto lending
business to GM.  In March 2010, the Congressional Oversight Panel
suggested breaking apart GMAC, which has failed to establish a
viable business plan to repay taxpayer dollars, the Journal noted.

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


GENERAL MOTORS: GM Now Discussing Deals with Reinstated Dealers
---------------------------------------------------------------
General Motors Company has contacted the dealers it planned to
reinstate "to discuss potential settlements," The Wall Street
Journal reported on March 9, 2010.

We want to repair our relationship with dealers and have
stability," GM spokesman Dave Roman told the Journal.

GM has said that it carefully reviewed each of the approximately
1,100 dealer reinstatement claims that were filed with the
American Arbitration Association, in an effort "to create
positive, lasting relationships with its dealers."

General Motors, however, said it will not be giving its
dealerships slated for closure in Canada the same option to remain
open that was offered to their U.S. counterparts.

Tony LaRocca, a GM Canada spokesman, told CBC News that the
automaker's decision to reinstate 661 U.S. dealerships has no
bearing on the 240 Canadian dealerships in the process of closing
since GM's Canadian operation never had to file for bankruptcy.

About 200 of the more than 700 dealerships in Canada have already
closed and some have filed legal action against the company, CBC
News related.

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


GENERAL MOTORS: UAW and NUMMI Reach Deal on Plant Closing
---------------------------------------------------------
The United Auto Workers union confirmed on March 15, 2010, that it
has reached a tentative agreement on the closing of the Fremont,
California plant with New United Motor Manufacturing Inc.  The
agreement covers approximately 4,500 UAW members represented by
UAW Local 2244.  Details are being withheld pending a ratification
vote by the membership.

"Toyota Motor Corp. welcomes the tentative agreement between NUMMI
and the United Auto Workers," a spokesman told Agence France
Presse.

As previously reported, Toyota announced that NUMMI -- which has
been run by GM and Toyota since 1984 to manufacture Pontiac Vibe
station wagon, Corolla compact car and Tacoma pickup truck -- will
be closed in March 2010 due to disagreements on the future product
to be manufactured at the facility.

Toyota subsequently announced that it intended to close the NUMMI
facility on April 1, 2010.  The closure is expected to result to
the shedding of 4,700 employees.

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


GENERAL MOTORS: Temporarily Resumes Saturn & Hummer Production
--------------------------------------------------------------
In an effort to clear out its parts supply and to cater to
outstanding orders, General Motors temporarily restarted building
a few Hummers and Saturns, automobilemag.com reported on
March 16, 2010.

As earlier reported, General Motors officially stopped producing
the Saturn and Hummer after talks of selling these brands to
prospective buyers fell through.

The GM facility in Lansing, Michigan, has resumed production of
the Saturn Outlook Crossover last week to deplete the excess parts
inventory of the brand, automobilemag.com related.

GM is also preparing to resume production of the Hummer, estimated
to be 849 H3 and H3T vehicles -- to fulfill a large demand from a
commercial consumer.  GM had earlier decided to wind down the
Hummer brand after a deal for its sale to an outside party had
collapsed, the report said.

Sources close to GM told automobilemag.com that GM will start
production of H3s on April 12 in order to meet a May 13 delivery
schedule.

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


GMAC INC: Pay Czar Imposes Restriction on Cash Salaries
-------------------------------------------------------
Darrell A. Hughes, Aparajita Saha-Bubna and Michael R. Crittenden
at Dow Jones Newswires report that U.S. pay czar Kenneth Feinberg
said Tuesday his $500,000 restriction on cash salaries will cover
82% of the 119 top executives at the five companies he oversees --
American International Group, General Motors Co., Chrysler
Financial, Chrysler Group LLC and GMAC Inc.  The report says five
executives at AIG, however, will receive more than that.

Dow Jones says Mr. Feinberg made the announcement as part of his
review of 2010 pay packages for the "top 25" executives at the
companies, including senior executives and the next 20 most highly
compensated employees.  Some of those employees have since left
the firms.

According to Dow Jones, Mr. Feinberg plans to release compensation
restrictions for the 26th to 100th highest-paid employees at the
five firms next month.

Dow Jones recalls AIG asked that 10 of its top 25 get more than
$500,000 cash salary, an exception permitted under Mr. Feinberg's
rules for "good cause."  Mr. Feinberg agreed to five.

Dow Jones also relates that for AIG's financial-products group,
Mr. Feinberg froze cash compensation at levels dating back to the
end of the fiscal year 2008 for five out of six employees he
reviewed.  One will receive a $450,000 salary "in light of his
critical role," Mr. Feinberg said, according to Dow Jones.

Dow Jones says Mr. Feinberg cut off the non-cash component of
compensation for AIGFP employees until AIG's compensation
committee affirms recouping $45 million of controversial retention
payments made last March to employees of this unit.

Dow Jones relates that GMAC Chief Executive Officer Michael
Carpenter will only be paid in stock that must be held for the
long-term, according to Mr. Feinberg.

According to Dow Jones, Mr. Feinberg plans to reduce total
executive compensation at AIG, GMAC, and Chrysler Financial by
15%.  GM and Chrysler Group aren't included in this total because
of bankruptcy restructurings that occurred in mid-2009.

On average, overall cash for the executives are slated to be
decreased by 33% from the levels he set in 2009.

Dow Jones also reports Sen. Charles Grassley (R., Iowa) on Tuesday
requested the special inspector general for the $700 billion Wall
Street rescue plan probe Treasury's implementation of executive
pay rules.  According to Dow Jones, Sen. Grassley suggested the
Treasury department improperly ignored parts of the law passed by
Congress that allowed for the payments to be made.

Dow Jones says Mr. Grassley asked Special Inspector General Neil
Barofsky to probe whether a top Treasury official working on
executive pay issues should have been prevented from helping draft
Treasury rules because of his previous work at a law firm that
included Bank of America Corp. and AIG as clients.

"At a minimum this presents the appearance of serious
impropriety," Mr. Grassley wrote in the letter to Mr. Barofsky on
Tuesday, according to Dow Jones.

                         About GMAC Inc

GMAC Inc. -- http://www.gmacfs.com/-- is a bank holding company
with 15 million customers worldwide.  As a global, independent
financial services institution, GMAC's diversified business
operations include automotive finance, mortgage operations,
insurance, commercial finance and online banking.

GMAC Inc. was founded in 1919 as a wholly owned subsidiary of
General Motors Corporation.  On November 30, 2006, General Motors
Corporation sold a 51% interest in the Company to FIM Holdings
LLC, an investment consortium led by Cerberus FIM Investors, LLC,
the sole managing member.  On December 24, 2008, the Board of
Governors of the Federal Reserve System approved the Company's
application to become a bank holding company under the Bank
Holding Company Act of 1956, as amended.  In connection with this
approval, GM and FIM Holdings  were required to significantly
reduce their voting equity ownership interests in GMAC.  These
reductions in ownership occurred in 2009.

Ally Bank, a unit of GMAC Financial Services, is an online U.S.
bank that provides an array of products, including online savings
accounts, money-market savings accounts and a variety of no
penalty certificates of deposit.  The bank was founded on three
core values: talking straight, doing what's right and being
obviously better than the competition.  Ally Bank's total assets
were $42.5 billion at the end of the
second quarter of 2009.

Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of GMAC Financial Services, which is in turn wholly owned by GMAC
LLC.  ResCap's balance sheet at June 30, 2009, showed total assets
of $22.00 billion, total liabilities of $20.95 billion, and total
stockholders equity of $1.05 billion.

                         *     *     *

For the 2009 full year, GMAC reported a net loss of $10.3 billion,
compared to net income of $1.9 billion in 2008.  GMAC reported
that as of Dec. 31, 2009, it had $172.306 billion in
total assets and total debt of $98.313 billion.

GMAC says there is substantial doubt about ResCap's ability to
continue as a going concern.  GMAC says that should ResCap file
for bankruptcy, its investment related to ResCap's
equity position would likely be reduced to zero.

In February 2010, Moody's Investors Service upgraded the senior
unsecured rating of GMAC and GMAC-supported subsidiaries to B3
from Ca, with a stable rating outlook.  At the end of January,
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on both GMAC and Residential Capital to
'B' from 'CCC'.


GREAT WOLF: S&P Assigns Corporate Credit Rating at 'B'
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Madison, Wisconsin-based Great Wolf Inc.  The
rating outlook is negative.

At the same time, S&P assigned its issue-level and recovery
ratings to the company's planned $225 million first mortgage notes
due 2017.  S&P rated the proposed notes 'BB-' (two notches higher
than the 'B' corporate credit rating) with a recovery rating of
'1', indicating its expectation of very high (90% to 100%)
recovery for noteholders in the event of a payment default.

GWR Operating Partnership LLLP and Great Wolf Finance Corp. are
issuing the notes, which will be secured by a first mortgage on
the company's resorts in Grapevine, Texas; Mason, Ohio; and
Williamsburg, Va., and by a perfected first-priority security
interest in the existing and future assets of such subsidiaries.
Great Wolf will use the proceeds from the notes, net of fees, to
repay existing mortgages at these properties.

"The 'B' corporate credit rating reflects Great Wolf's highly
leveraged capital structure, limited financial flexibility for
growth initiatives, meaningful debt maturities over the
intermediate term and limited asset diversity, with seven
properties (Generation II resorts) contributing about 90% of the
company's EBITDA," said Standard & Poor's credit analyst Liz
Fairbanks.  "The company's relatively good operating performance
in 2009 -- the worst year for the lodging industry in recent
history -- somewhat offsets these negative rating factors.  S&P
believes Great Wolf's good performance last year reflects the
value proposition of the Generation II resorts and customers'
propensity to pursue a value-oriented vacation."

Great Wolf is the largest licensor, operator, and developer of
resorts featuring indoor waterparks in North America.  The
company's portfolio includes eleven Great Wolf Lodge resorts and
one Blue Harbor resort.  Great Wolf wholly owns eight of the 12
resorts; three are owned by third parties; and one is 49% owned by
Great Wolf through a joint venture with The Confederated Tribes of
the Chehalis Reservation.

The rating also reflects S&P's belief that Great Wolf is somewhat
limited in pursuing growth opportunities over the intermediate
term, given its high debt leverage and limited liquidity.  As a
result, S&P believes the company has begun to pursue an "asset-
light" strategy.  To this end, in January, the company announced
that it had partnered with a third-party real estate developer to
build a Great Wolf Lodge in Pittsburgh, Pa.  Like many other
developers of vacation alternatives, Great Wolf hopes to continue
to attract third-party capital to develop its resorts.  The
company would license its brand and manage the properties.


GTC BIOTHERAPEUTICS: Gets Delisting Notice from Nasdaq
------------------------------------------------------
The NASDAQ Hearings Panel notified GTC Biotherapeutics Inc. of its
determination to delist the company's common stock from The NASDAQ
Capital Market because the company is not in compliance with the
$35 million market value of listed securities requirement for
continued listing.

Trading in the company's shares on The NASDAQ Capital Market has
been suspended effective March 19, 2010.

According to the company, ut expect that after delisting from
NASDAQ its common stock will be eligible for quotation on the
Over-the-Counter Bulletin Board maintained by the Financial
Industry Regulatory Authority (FINRA).  It anticipates that this
will be done promptly once FINRA accepts the application for
quotation that has already been made by a market maker in its
common stock.  On the OTCBB the company's common stock would
continue to trade under the symbol "GTCB"; however, in some
systems the company expects that investors will be required to
enter "GTCB.OB" to obtain a quote.

                        About the Company

Based in Framingham, Massachusetts, GTC Biotherapeutics, Inc. --
http://www.gtc-bio.com/-- develops, supplies and commercializes
therapeutic proteins produced through transgenic animal
technology.  ATryn(R), GTC's recombinant human antithrombin, has
been approved for use in the United States and Europe.  ATryn(R)
is the first and only therapeutic product produced in transgenic
animals to be approved anywhere in the world.

In addition to ATryn(R), GTC is developing a portfolio of
recombinant human plasma proteins with known therapeutic
properties.  These proteins include recombinant forms of human
coagulation Factors VIIa and IX, which are being developed for the
treatment of patients with hemophilia, and recombinant alpha-
fetoprotein, which is being developed for the treatment of
myasthenia gravis and multiple sclerosis.

                           *     *     *

According to the Troubled Company Reporter on March 17, 2010,
PricewaterhouseCoopers LLP of Boston, Massachusetts, has expressed
substantial doubt about GTC Biotherapeutics Inc.'s ability as a
going concern.  The firm reported that the Company has suffered
recurring losses from operations and has limited available funds
as of January 3, 2010.


HERALD PRINTING: Files for Bankruptcy to Reorganize Debt
--------------------------------------------------------
Herald Printing, operator of a printing facility, filed for
Chapter 11 protection in the U.S. Bankruptcy Court in Canton,
Ohio, to reorganize its business and restructure long-term debt,
according to Bucyrus TelegraphForum.  Anthony DeGirolam, Esq.,
serves as counsel to the Debtor.


HERTZ CORPORATION: DBRS Affirms 'BB' Amid $171MM 2009 Loss
----------------------------------------------------------
DBRS has commented that the ratings of Hertz Corporation,
including its Issuer Rating of BB are unaffected following the
Company's announcement of 4Q09 and full year 2009 financial
results.  The trend on all ratings remains Stable.

Today's comment follows Hertz's earnings release indicating a
pre-tax loss of $67.4 million for 4Q09 and a pre-tax loss of
$171 million for the full year.  For the year, total revenue
declined 16.7% to $7.1 billion, while corporate EBITDA decreased
10.9% to $979.9 million, excluding unusual items.  However,
illustrating the improving operating environment, worldwide
revenue declined only slightly in 4Q09 to $1.7 billion, while
corporate EBITDA increased 89.1% to $221.0 million.  Results
benefited from improved pricing, especially in on-airport leisure,
a reduction in fleet costs, and Hertz's ongoing focus on removing
costs.  Given the traditional seasonal impact on travel volumes in
the fourth quarter, the muted demand for rental equipment, and the
nascent economic recovery, DBRS considers the results as
respectable.  Further, the results further demonstrate the
financial flexibility within Hertz's cost structure and its sound
fleet management, both key considerations in the rating.

Worldwide car rental revenue increased 3.4% to $1.5 billion for
4Q09.  Importantly, pricing improved, as, industry wide, fleet
remained tight and airport leisure pricing increased.  To that
end, rental rate revenue per transaction day increased 1.4%.  The
increase in pricing was partially offset by a decline in
transaction days as airport rental demand remained subdued.
Further, Hertz reported a 10% decrease in monthly rental car net
depreciation, reflecting the reduced fleet size, longer hold
periods, and the strong used-vehicle market.  Also, DBRS notes
that the year-over-year comparison for the quarter benefits from
the increase in fleet costs in 4Q08, as the rental car industry,
including Hertz, rapidly removed fleet due the precipitous decline
in travel volumes.  The improved performance in worldwide rental
car was offset by a 26.1% decrease in worldwide equipment rental
revenues as pricing remained under pressure while rental volumes
remained restrained.

DBRS acknowledges Hertz's much improved access to the capital
markets as markets have begun to normalize.  During the second
half of 2009, Hertz completed its U.S. fleet refinancing a year
ahead of schedule by closing on a $2.1 billion revolving variable
funding note facility and issuing $1.2 billion of three and five-
year asset-backed notes.


HIGH INCOME PREFERRED: DBRS Downgrades Series 2 Shares to 'D'
-------------------------------------------------------------
DBRS has downgraded the Series 2 Shares issued by High Income
Preferred Shares Corp. to D from Pfd-5 (low) and has discontinued
the rating immediately following this rating action.  The rating
assigned to the Series 1 Shares issued by the Company has also
been discontinued.

At inception, the Company issued 1.26 million Series 1 Shares at
$25 per share, 1.26 million Series 2 Shares at $14.70 per share
and privately placed 1.26 million Equity Shares at $3.54 per
share.  The scheduled termination date for each series of shares
was June 29, 2012.  However, on February 25, 2010, shareholders of
the Company approved a special resolution authorizing the
amendment of the articles of the Company to change the termination
date of the Company to March 12, 2010.

As part of the early wind-up of the Company, holders of the Series
1 Shares received their full principal amount of $25.00 per share
and the amount of all declared but unpaid dividends up to
March 12, 2010 ($2.80 per share).  Holders of the Series 2 Shares
received their full principal amount of $14.70 per share less a
cost of $0.28 per share, representing half of the expected costs
of amending the articles and winding up the Company.  Holders of
the Series 2 Shares also received all declared but unpaid
dividends up to March 12, 2010 ($2.04 per share).  The total
payment of $16.46 per Series 2 Share equals 98.3% of the sum of
full principal and accrued dividends.

Since holders of the Series 2 Shares did not receive an amount
equalling 100% of principal and accrued dividends on the
termination date, DBRS has downgraded the rating on the Series 2
Shares to D.  On March 12, 2010, all Series 1 Shares and Series 2
Shares of the Company were redeemed and the shares were de-listed
from the TSX.  Consequently, DBRS has discontinued the ratings
assigned to the Series 1 Shares and the Series 2 Shares.


HOKU SCIENTIFIC: Posts $1.3 Million Net Loss in Q3 Ended Dec. 31
----------------------------------------------------------------
Hoku Scientific, Inc., filed its quarterly report on Form 10-Q,
showing a net loss attributable to Hoku of $1.3 million on
$259,000 of revenue for the three months ended December 31, 2009,
compared with a net loss attributable to Hoku of $863,000 on
$767,000 of revenue for the same period of the previous year.

The Company's balance sheet as of December 31, 2009, showed
$298.3 million in assets, $185.2 million of debts, and
$113.1 million of stockholders' equity.

The Company has incurred significant net losses since inception
and has relied on its ability to fund its operations principally
through both registered and unregistered offerings of its
securities and prepayments on its long-term polysilicon contracts.
As of December 31, 2009, the Company had cash and cash equivalents
on hand of $3.2 million and current liabilities of $76.8 million.
If the Company is unable to secure additional long-term supply
contracts and prepayments or if for any reason one or more of the
Company's polysilicon supply customers do not pay the full amount
of the prepayments to which they are presently committed or if the
actual cost to complete its polysilicon production facility is
more than $390 million, the amount the Company will need to raise
could exceed $71 million.

"If the Company is unable to raise capital and manage its
liquidity, there is substantial doubt that the Company will be
able to continue as a going concern," the SEC filing by the
Company said.

A full-text copy of the Company's quarterly report is available at
no charge at http://researcharchives.com/t/s?5bb8

Based in Honolulu, Hawaii, Hoku Scientific, Inc. is a materials
science company focused on clean energy technologies.  The Company
was incorporated in Hawaii in March 2001, as Pacific Energy Group,
Inc.  In July 2001, the Company changed its name to Hoku
Scientific, Inc.  In December 2004, the Company was reincorporated
in Delaware.

The Company has historically focused its efforts on the design and
development of fuel cell technologies, including its Hoku membrane
electrode assemblies, or MEAs, and Hoku Membranes.  In May 2006,
the Company announced its plans to form an integrated
photovoltaic, or PV, module business, and its plans to manufacture
polysilicon, a primary material used in the manufacture of PV
modules.  In fiscal 2007, the Company reorganized its business
into three business units: Hoku Materials, Hoku Solar and Hoku
Fuel Cells.  In February and March 2007, the Company incorporated
Hoku Materials, Inc., and Hoku Solar, Inc., respectively, as
wholly-owned subsidiaries to operate its polysilicon and solar
businesses, respectively.


HOWARD SCOTT ROSS: Has Until June 5 to Propose Chapter 11 Plan
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Alabama
directed Howard Scott Ross to file within the 120-day exclusivity
period, or by June 5, 2010, an explanatory disclosure statement
and Chapter 11 plan, or in the alternative, a motion to dismiss or
convert the case.

The Court stated that if the Debtor fails to file a plan, the case
will be dismissed without further order of this Court.

Huntsville, Alabama-based Howard Scott Ross filed for Chapter 11
bankruptcy protection on February 5, 2010 (Bankr. N.D. Ala. Case
No. 10-80416).  Patrick A. Jones, Esq., who has an office in
Huntsville, Alabama, assists the Company in its restructuring
effort.  The Company has assets of $2,115,298, and total debts of
$586,000.


INNOVATIVE TECHNOLOGY: Voluntary Chapter 11 Case Summary
--------------------------------------------------------
Debtor: Innovative Technology Business Park, LLC
        5222 Pirrone Ct #301
        Salida, CA 95368

Bankruptcy Case No.: 10-91022

Chapter 11 Petition Date: March 22, 2010

Court: United States Bankruptcy Court
       Eastern District of California (Modesto)

Judge: Ronald H. Sargis

Debtor's Counsel: David C. Johnston, Esq.
                  1014 16th St.
                  PO Box 3212
                  Modesto, CA 95353
                  Tel: (209) 521-6260

Estimated Assets: $10,000,001 to $50,000,000

Estimated Debts: $10,000,001 to $50,000,000

The Debtor did not file a list of its 20 largest unsecured
creditors when it filed its petition.

Debtor-affiliate that filed separate Chapter 11 petition:
                                                    Petition
  Debtor                               Case No.      Date
  ------                               --------      ----
James R. Daniels and Salli F. Daniels  09-94177     12/22/09


INTERSTATE HOTELS: Cancels All Common Stock After Merger
--------------------------------------------------------
Interstate Hotels & Resorts Inc., Interstate Operating Company LP,
Hotel Acquisition Company LLC, HAC Merger Sub Inc., and HAC Merger
Partnership L.P., have merged pursuant to an agreement and plan of
merger dated December 18, 2009.

As a result, shares of company common stock have ceased being
traded on, and have been delisted from, the New York Stock
Exchange.

Under the merger deal, each outstanding share of common stock of
the company will be cancelled and be converted automatically into
the right to receive $2.25 in cash, without interest.

                      About Interstate Hotels

Arlington, Virginia-based Interstate Hotels & Resorts, Inc. (NYSE:
IHR) and its affiliates -- http://www.ihrco.com/-- manages or has
ownership interests in a total of 232 hospitality properties with
more than 46,000 rooms in 37 states, the District of Columbia,
Russia, India, Mexico, Belgium, Canada, Ireland and England.  The
company has ownership interests in 56 of those properties,
including six wholly owned assets.  Interstate Hotels & Resorts
also has contracts to manage 13 to be built hospitality properties
with approximately 3,000 rooms which includes the company's entry
into new markets such as Costa Rica.

At September 30, 2009, the Company's consolidated balance sheets
showed $456.2 million in total assets, $311.8 million in total
liabilities, and $144.4 million in shareholders' equity.  The
Company reported current assets of $64 million and current
liabilities of $85.4 million at September 30, 2009, resulting in a
$21.4 million working capital deficit.

                       Going Concern Doubt

The Company states that the report from its independent registered
public accounting firm, KPMG LLP, included in the Company's Form
10-K for the year ended December 31, 2008, included an explanatory
paragraph expressing substantial doubt about the Company's
ability to continue as a going concern due to potential credit
facility covenant violations.

In July 2009, the Company successfully amended the terms of the
its Credit Facility which, among other things, eliminated the NYSE
listing requirement, eliminated the total leverage ratio debt
covenant and extended the maturity of its debt from March 2010 to
March 2012.

                           *     *     *

Interstate Hotels carries Moody's "Caa1" corporate family rating.


JOHN YURI SCHILIN: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: John Yuri Schilin
        331Trade Wind Lane
        Saint Augustine, FL 32080

Bankruptcy Case No.: 10-02286

Chapter 11 Petition Date: March 22, 2010

Court: United States Bankruptcy Court
       Middle District of Florida (Jacksonville)

Debtor's Counsel: Brett A. Mearkle, Esq.
                  Parker & Dufresne, P.A.
                  8777 San Jose Blvd .,Suite 301
                  Jacksonville, FL 32217
                  Tel: (904) 733-7766
                  Fax: (904) 7333-2919
                  Email: bmearkle@jaxlawcenter.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

According to the schedules, the Company has assets of $3,135,556,
and total debts of $2,070,813.

The Debtor did not file a list of its 20 largest unsecured
creditors when it filed its petition.

The petition was signed by Mr. Schilin.


KLCG PROPERTY: Dougherty in Line to Buy KeyLime Cove Park
---------------------------------------------------------
KLCG Property LLC and Gurnee Property LLC cancelled the auction
for the KeyLime Cove indoor water park in Gurnee, Illinois, when
no competing bids were received.

The Debtors will seek approval of the sale of the property to the
stalking horse bidder, Dougherty Funding LLC.  The deadline for
competing bids expired March 12.

Dougherty is offering to pay $65 million by exchanging some of the
pre-bankruptcy secured debt and the $2.8 million loan to finance
the Chapter 11 effort.  Dougherty is owed $89.5 million on a
construction loan.

                        About KLCG Property

Headquartered in Gurnee, Illinois, KLCG Property, LLC, was
organized in Delaware on October 13, 2005, for the purpose of
constructing, owning, and operating a 414-room destination resort
hotel, indoor water park and conference center located within the
greater northern Chicagoland region.

KLCG Property filed for Chapter 11 bankruptcy protection on
December 16, 2009 (Bankr. D. Del. Case No. 09-14418).  The
Company's affiliate, Gurnee Property, LLC, also filed for Chapter
11 bankruptcy protection.  Donald J. Bowman, Jr., Esq., and
Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor assist
the Debtors in their restructuring efforts.  KLCG Property listed
$50,000,001 to $100,000,000 in assets and $100,000,001 to
$500,000,000 in liabilities.


KLENTNER-MARQUEZ: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Klentner-Marquez Construction, Inc.
          aka Klentner Development
        8033 West Sunset Blvd Ste 5500
        Los Angeles, CA 90046

Bankruptcy Case No.: 10-20627

Chapter 11 Petition Date: March 22, 2010

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Vincent P. Zurzolo

Debtor's Counsel: Philip D. Dapeer, Esq.
                  2625 Townsgate Rd., Ste. 330
                  Westlake Village, CA 91361
                  Tel: (323) 954-9144

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

According to the schedules, the Company has assets of $2,113,622,
and total debts of $3,281,582.

A full-text copy of the Debtor's petition, including a list of its
20 largest unsecured creditors, is available for free at:

             http://bankrupt.com/misc/cacb10-20627.pdf

The petition was signed by Justin Klentner, president of the
Company.


LAKE TAHOE DEVELOPMENT: Wants Plan Exclusivity Until July 2
-----------------------------------------------------------
Lake Tahoe Development Co., LLC, asks the U.S. Bankruptcy Court
for the Eastern District of California to enter an order extending
the exclusive period within which it may file a plan of
reorganization and the exclusive period to solicit acceptances of
the plan, for approximately 150 days to and including July 2,
2010, and September 2, 2010, respectively.   This is the Debtor's
first request to extend the exclusivity periods.

Eugene K. Yamamoto, Esq., in Oakland, California, counsel to the
Debtor, explains that the Debtor's largest asset is a $250,000,000
large mixed use condominium, hotel, convention center, and retail
space construction and development project, located at the
California/Nevada state line on Highway 50, South Lake Tahoe,
California.

The Debtor's members have invested $90,000,000 of their own equity
funds in the Project. The Debtor intends to reorganize and
preserve its investment in the Project.

Mr. Yamamoto asserts that cause exists for the extension in light
of the complexity of the development and the ongoing efforts of
the Debtor to propose a feasible reorganization plan, which
include: (i) obtaining an extension of certain development permits
that expire in July of 2010; (ii) continuing on-going negotiations
with a potential investor/joint venture partner concerning the
Project; (iii) continuing to work with the City of South Lake
Tahoe to obtain the benefits of certain municipal bond financing;
and (iv) negotiating with the creditors to attempt to forge a
consensual plan of reorganization.

                   About Lake Tahoe Development

Based in Zepher Cove, Nevada, Lake Tahoe Development Co., LLC, is
a real estate development company with substantial expertise in
the real estate land entitlement and permitting areas in the
unique geographic location of South Lake.  Its principal, Randy
Lane, who is the sole owner of Mountain Ventures, LLC, which is
the managing member of the Debtor, has resided and developed real
estate in South Lake Tahoe since 1976.

The Company owns an interest in two separate real estate
development projects.  The first project owned exclusively by the
Debtor is a large, mixed use, condominium, 19 hotel and retail
space development comprised of 29 separate real estate parcels
with multiple lien holders holding liens against various parcels
located at the California/Nevada state line on Highway 50, South
Lake Tahoe, California.  The second is property owned by the
Debtor located at 1259 Emerald Bay Road, South Lake Tahoe, CA (the
"Gateway Project"), which is separate and apart from the Project,
24 and is being developed by Danny Freeman pursuant to a
development agreement.

The Company filed for Chapter 11 protection on Oct. 5, 2009
(Bankr. E.D. Calif. Case no. 09-41579).  In its petition, the
Debtor listed assets between $100 million and $500 million, and
debts between $50 million and $100 million.


LAKE TAHOE DEVELOPMENT: In Talks with Investor for Project
----------------------------------------------------------
Lake Tahoe Development Co., LLC, said in a court filing that a
Chapter 11 plan alternative includes a potential sale of its
principal asset -- the $250,000,000 large mixed use condominium,
hotel, convention center, and retail space construction and
development project, located at the California/Nevada state line
on Highway 50, South Lake Tahoe, California.

Eugene K. Yamamoto, Esq., in Oakland, California, counsel to the
Debtor, said in the Debtor's request for an extension of its plan
filing periods that the Debtor has met with certain of the secured
creditors in connection with pursuing the possible marketing of
the Project by outside real estate brokers or intermediaries.

According to Mr. Yamamoto, the Debtor has expended substantial
amounts of time, energy and money in pursuing a sale or joint
venture of the Project in the past several months.

The Debtor says it is currently involved in serious discussions
with a potential investor.  Mr. Yamamoto relates that the investor
has requested that the Debtor's principals keep the identity of
the potential investor confidential, at least until the parties
are able to formulate a binding agreement.

                   About Lake Tahoe Development

Based in Zepher Cove, Nevada, Lake Tahoe Development Co., LLC, is
a real estate development company with substantial expertise in
the real estate land entitlement and permitting areas in the
unique geographic location of South Lake.  Its principal, Randy
Lane, who is the sole owner of Mountain Ventures, LLC, which is
the managing member of the Debtor, has resided and developed real
estate in South Lake Tahoe since 1976.

The Company owns an interest in two separate real estate
development projects.  The first project owned exclusively by the
Debtor is a large, mixed use, condominium, 19 hotel and retail
space development comprised of 29 separate real estate parcels
with multiple lien holders holding liens against various parcels
located at the California/Nevada state line on Highway 50, South
Lake Tahoe, California.  The second is property owned by the
Debtor located at 1259 Emerald Bay Road, South Lake Tahoe, CA (the
"Gateway Project"), which is separate and apart from the Project,
24 and is being developed by Danny Freeman pursuant to a
development agreement.

The Company filed for Chapter 11 protection on Oct. 5, 2009
(Bankr. E.D. Calif. Case no. 09-41579).  In its petition, the
Debtor listed assets between $100 million and $500 million, and
debts between $50 million and $100 million.


LEAR CORP: To Raise $700 Million Through Bond Offering
------------------------------------------------------
Lear Corp. (LEA) plans to offer $700 million in senior unsecured
notes due in 2018 and 2020, as the auto-parts maker plans to use
the proceeds to repay other debt.

Ryan Beene at Crain's Detroit Business reports Lear plans to raise
$700 million to pay off $925 million in existing debt comprised of
the Company's first and second lien credit facilities that the
Company obtained during its Chapter 11 case.  According to the
report, the Company intends to use the proceeds and $225 million
of its $1.6 million in cash and equivalent to pay off the liens,
clearing the way for it to pay future dividend on its common
stock.

Having exited bankruptcy in November, the maker of automotive-
seating and electrical-distribution systems said the capital will
make up the lion's share of the money needed to repay $925 million
of credit lines.  Lear last week amended its $375 million first-
lien credit facility, adding a $110 million credit revolver, in
connection with the debt offering.

The company reported in February that it swung to a fourth-quarter
profit amid a $1.51 billion gain related to its exit from
bankruptcy and projected 2010 net sales below Wall Street
estimates.  Lear cut its debt by $3 billion and shed thousands of
workers while in bankruptcy, improving its liquidity.

                      About Lear Corp

Headquarters in Southfield, Michigan, Lear Corporation --
http://www.lear.com/-- is one of the world's leading suppliers
of automotive seating systems and electrical distribution and
power management systems. The Company's world-class products are
designed, engineered and manufactured by a diverse team of
approximately 75,000 employees at 205 facilities in 36 countries.
Lear's common shares are traded on the New York Stock Exchange
under the symbol [LEA].

Lear Corp. and its affiliates filed for Chapter 11 on July 7, 2009
(Bankr. S.D.N.Y. Case No. 09-14326).  Attorneys at Kirkland &
Ellis LLP, served as the Debtors' bankruptcy counsel.  In November
2009, Lear emerged from bankruptcy protection.

                        *     *     *

Reorganized Lear carries a 'B1' corporate family rating from
Moody's and 'B' corporate credit rating, with positive outlook,
from Standard & Poor's.


LEAR CORP: Moody's Assigns 'B1' Rating to Note Offering
-------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Lear
Corporation's announced offering of guaranteed unsecured notes.
The net proceeds from the two tranches of notes will be used,
along with cash on hand, to refinance Lear's first and second lien
senior secured term loans.  In a related action, Moody's affirmed
Lear's Corporate Family and Probability of Default Ratings at B1.
The Speculative Grade Liquidity rating was affirmed at SGL-2 The
rating outlook remains positive.

Upon completion of the transaction, Lear will reduce total funded
debt levels by approximately $225 million and extend the
maturities from 2012 and 2014 to 2018 and 2020.  With lower funded
debt levels Lear's debt service cost is also anticipated to
improve.  The new unsecured notes are expected to permit
additional secured debt which improves the company's liquidity
profile within the current SGL-2 Speculative Grade Liquidity
rating.  The completion of the transaction should better position
the company within its recently assigned B1 Corporate Family
Rating and positive outlook.  Moody's will continue to look for
improvement in Lear's operating margins and the ability to manage
the operational risks around the need to further implement
restructuring actions to adjust its manufacturing footprint to
anticipated demand.  See Moody's Press Release dated March 19,
2010.

These ratings were assigned:

  -- Senior unsecured notes due 2018, B1 (LGD4 55%);
  -- Senior unsecured notes due 2020, B1 (LGD4 55%);
  -- Senior unsecured shelf, (P)B1;

These ratings were affirmed:

  -- Corporate Family Rating, at B1;

  -- Probability of Default, at B1;

  -- Speculative Grade Liquidity Rating, at SGL-2

  -- First lien term loan facility, at Ba1 (LGD1, 7%), to be
     withdrawn upon its repayment;

  -- Second lien term loan facility of Ba2 (LGD2, 27%), to be
     withdrawn upon its repayment

The last rating action for reorganized Lear Corporation was on
March 19, 2010, when Corporate Family Rating was raised to B1.

Lear Corporation, headquartered in Southfield, MI, is focused on
providing complete seat systems, electrical distribution systems
and various electronic products to major automotive manufacturers
across the world.  The company had net sales of $9.7 billion in
2009 and had approximately 75,000 employees in 35 countries.


LEHMAN BROTHERS: Dodd Urges Prosecutors to Look at Lehman
---------------------------------------------------------
American Bankruptcy Institute reports that Senate Banking
Committee Chairman Christopher Dodd (D-Conn.) on Friday ratcheted
up the pressure for prosecutions of Lehman Brothers executives and
others who may have used accounting tricks to hide their
companies' true financial condition.

As reported by the Troubled Company Reporter, Judge James Peck of
the U.S. Bankruptcy Court for the Southern District of New York on
March 11, 2010, unsealed a 2,200-page report prepared by Chapter
11 examiner Anton Valukas, Esq., at Jenner & Block, on the
collapse of Lehman Brothers.  According to The Wall Street
Journal, Judge Peck said the report reads like a "best seller."

The Journal says Mr. Valukas spent more than a year and $38
million to investigate the events surrounding Lehman's downfall.
The Journal's Mike Spector, Peter Lattman and Jeffrey McCracken
relate that the examiner's report singles out senior executives,
auditor Ernst & Young and other investment banks for serious
lapses that led to Lehman's bankruptcy.  The report contains fresh
allegations of balance sheet manipulation, with Lehman used using
accounting methods to move assets off its books.  The report also
noted that investment banks, including J.P. Morgan Chase & Co.,
made demands for collateral and modified agreements with Lehman
that hurt Lehman's liquidity and pushed it into bankruptcy.

According to the Journal, the examiner said that Lehman -- anxious
to maintain favorable credit ratings -- engaged in an accounting
device known within the firm as "Repo 105" to essentially park $50
billion of assets away from Lehman's balance sheet and reduce
leverage ratios.

The Journal explains that in an ordinary repo transaction, Lehman
would raise cash by selling assets with a simultaneous obligation
to buy them back within days, according to the report.  The
transactions would be accounted for as financings, and the assets
would remain on Lehman's balance sheet.  In a Repo 105
transaction, according to the Journal, Lehman did the same thing.
But because the moved assets represented 105% or more of the cash
it received in return, accounting rules allowed the transactions
to be treated as "sales" rather than financings.  The result:
Assets shifted away from Lehman's balance sheet, reducing the
leverage ratios it reported to investors.

The examiner's report said that in a November 2009 interview with
the examiner, former Lehman Brothers CEO Richard Fuld said he had
no recollection of Lehman's use of Repo 105 transactions but that
if he had known about them he would have been concerned.
According to the Journal, the examiner's report says Mr. Fuld's
denial of recollection must be weighed by a trier of fact against
other evidence.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LENNY DYKSTRA: Judge Tags Home Repair Costs at $186,000
-------------------------------------------------------
Patrick Fitzgerald at Dow Jones' Daily Bankruptcy Review reports
that Judge Geraldine Mund of the U.S. Bankruptcy Court for the
Central District of California rejected Lenny Dykstra's request
for millions of dollars in insurance money to pay his living
expenses and for repairs at his two California homes.

Dow Jones says Mr. Dykstra has been wrangling with Fireman's Fund
Insurance Co. for more than a year to repair damages at his two
homes.  Dow Jones relates that in a filing approving a settlement
between the insurer, Mr. Dykstra's estranged wife and the trustee
in charge of the case, Judge Mund criticized Mr. Dykstra's
"outrageously high estimates" of more than $4 million to repair
the damage at the two homes.  Judge Mund ruled the cost for the
repairs to both homes totaled just $186,000.

Dow Jones also reports that Judge Mund rejected Mr. Dykstra's bid
for living expenses. Fireman's Fund paid $319, 896 to the Dykstras
for living expenses between March and December of last year.
According to Dow Jones, most of that cash went to Terri Dykstra,
who filed for divorce from her husband in April, for living
expenses for her and her son.  Mr. Dykstra agreed to take $25,500
in return for releasing the insurance company from any further
claims, the report says.

Dow Jones says Mr. Dykstra later asserted the insurer paid "Mrs.
Dykstra" some $36,000 a month "while leaving Mr. Dykstra homeless"
and "begging friends and acquaintances for meals and handouts."

                        About Lenny Dykstra

Lenny Dykstra is a former Major League Baseball all-star player.
He was center fielder for the New York Mets and Philadelphia
Phillies.  He filed for Chapter 11 bankruptcy protection July 7,
2009 (Bankr. C.D. Calif. Case No. 09-18409).  M Jonathan Hayes,
Esq., at the Law Office of M Jonathan Hayes, in Northridge,
California, assisted the Debtor in his restructuring effort.  The
Debtor listed up to $50,000 in assets and $10,000,001 to
$50,000,000 in debts.

A Chapter 11 trustee was appointed in September 2009, and the case
was converted to a liquidation in Chapter 7 on November 20, 2009.
The Chapter 11 trustee was investigating the disposition of
personal property both before and after the Chapter 11 filing.


LIONS GATE: Says Icahn's Latest Bid Remains Financially Inadequate
------------------------------------------------------------------
Lionsgate on Tuesday said its Board of Directors, in consultation
with its financial and legal advisors, has determined, by
unanimous vote of the directors present and upon the unanimous
recommendation of the Special Committee of the Board, that the
unsolicited amended tender offer from Carl Icahn and certain of
his affiliated entities to purchase up to all of the common shares
of Lionsgate for US$6.00 per share is financially inadequate and
coercive and is not in the best interests of Lionsgate, its
shareholders and other stakeholders.  Accordingly, the Board
recommends that Lionsgate's shareholders reject the Icahn Group's
offer and not tender their shares into the Icahn Group's offer.

The basis for the Board's recommendation with respect to the Icahn
Group's unsolicited amended tender offer, which followed a
thorough review of the terms and conditions of the offer by the
Special Committee and the Board, is set forth in Lionsgate's
amended Schedule 14D-9 filed with the Securities and Exchange
Commission and notice of change to directors' circular filed with
Canadian securities regulators.

"We believe that nothing has changed -- the offer remains
financially inadequate and still does not reflect the full value
of Lionsgate shares," said Lionsgate Co-Chairman and Chief
Executive Officer Jon Feltheimer.  "The only substantive change is
that the Icahn Group is now bidding for full control of the
Company without offering a meaningful vision, without
demonstrating a relevant track record of industry experience and
without paying a control premium. We believe that this financially
inadequate proposal stands in stark contrast to our patient,
disciplined strategy of building a strong and diversified Company
step by step over the past 10 years under a seasoned Board of
Directors and an experienced management team. Our plan for
continuing to grow our portfolio of businesses is reflected in our
ongoing achievements and initiatives each week."

Many of the reasons for the Lionsgate Board's recommendation to
reject the Icahn Group's previous offer are unchanged by the
current offer.  The reasons for the Board's recommendation to
reject the Icahn Group's offer are described in greater detail in
the amended Schedule 14D-9 filing and notice of change to
directors' circular (which will be mailed to Lionsgate
shareholders), but key points include:

    * The Icahn Group's offer, which continues to offer only
      US$6.00 per share, is still inadequate from a financial
      point of view and does not reflect the value of the
      Lionsgate shares that senior management, under the direction
      of the Board, has built over the past 11 years. The
      unchanged price per share of the offer is an attempt to
      control Lionsgate without paying an appropriate premium. The
      average price target of Wall Street analysts for Lionsgate
      shares as of March 22, 2010 is at a 46.3% premium to the
      US$6.00 per share offer price.

    * The Icahn Group is now seeking total control over the
      Company, despite lacking industry experience.  The Icahn
      Group has said that if it is successful, the Icahn Group
      intends to impose its choices on Lionsgate's shareholders
      by, among other things, fundamentally changing Lionsgate's
      strategy, replacing Lionsgate's Board of Directors, and
      potentially replacing top management "with several
      individuals who more closely share our vision for the future
      of the company." The Icahn Group admits that this will
      likely thrust Lionsgate into a "potentially volatile period
      of transition." In addition, the Icahn Group has not
      articulated a clear strategy or vision for Lionsgate, other
      than the general statement that it would prefer to "pursue a
      strategy aimed more at the consolidation of film and
      television distributors, as opposed to the acquisition of
      library assets."

    * The acquisition by the Icahn Group of a majority or all of
      Lionsgate's outstanding shares would still constitute an
      event of default under Lionsgate's credit facilities. As of
      March 19, 2010, $472.1 million in total principal amount of
      such notes were outstanding and Lionsgate had borrowings of
      approximately $35.6 million outstanding under the credit
      facilities.

    * The offer has become more highly conditional and creates
      substantial uncertainty for Lionsgate's shareholders. There
      are numerous conditions to the offer, including the
      elimination of the shareholder rights plan that now provides
      shareholders with protections against coercive and unfair
      attempts to take over the Company, many of which provide the
      Icahn Group with broad discretion to determine whether the
      conditions have or have not been satisfied.

    * Despite changes to the offer structure, the offer remains
      structurally coercive. While the offer is no longer a
      partial bid for less than all of Lionsgate's shares, the
      single deadline for tenders, ability for the Icahn Group to
      waive the minimum tender condition, and intent not to
      provide subsequent offering period forces shareholders to
      make decisions as to their shares without full information
      and encourages them to tender simply in order to avoid being
      left with shares in a company effectively controlled by the
      Icahn Group. The timing of the tender offer deadline also
      seeks to preempt shareholders' right to choose to confirm
      the shareholder rights plan.

The Board authorized shareholders right plan continues to protect
the interests of Lionsgate and its shareholders from coercive or
unfair attempts to take over the Company without the consent of a
majority of the non-bidding shareholders, and without affording
all shareholders fair value for all of their shares. Despite the
Icahn Group's revised offer for up to all of Lionsgate's shares,
the shareholder rights plan still covers Lionsgate and its
shareholders because, among other things, the offer is not subject
to a non-waivable condition that more than 50% of the common
shares not owned by the Icahn Group have been tendered and not
withdrawn and does not guarantee Lionsgate's shareholders a
subsequent tender offer period if that condition is satisfied.

The Board has authorized the convening of a special meeting of
shareholders on May 4, 2010 to confirm the implementation of the
shareholder rights plan.

Shareholders that have tendered their shares can withdraw them.
For assistance in withdrawing shares, shareholders can contact
their broker or Lionsgate's information agent, MacKenzie Partners,
Inc., at the address, phone number and email address:

     MacKenzie Partners, Inc.
     105 Madison Avenue
     New York, New York 10016
     Telephone: (800) 322-2885 (Toll-Free)
                (212) 929-5500 (Collect)
     Email: Lionsgate@mackenziepartners.com

Morgan Stanley is serving as financial advisor to Lionsgate and
Heenan Blaikie LLP is serving as legal advisor.  Perella Weinberg
Partners LP is serving as financial advisor to the Special
Committee of the Lionsgate Board of Directors and Wachtell,
Lipton, Rosen & Katz is serving as U.S. legal advisor and Goodmans
LLP is serving as Canadian legal advisor.

                         About Lions Gate

British Columbia-domiciled and Santa Monica, California-
headquartered Lions Gate is a leading, diversified independent
producer and distributor of motion pictures, home entertainment,
television programming and animation worldwide and holds a
majority interest in the pioneering CinemaNow VOD business. The
Lions Gate brand name is synonymous with original, cutting edge,
quality entertainment in markets around the world.

As reported by the Troubled Company Reporter on March 10, 2010,
Standard & Poor's Ratings Services revised its rating outlook on
Lions Gate to negative from stable.  At the same time, S&P
affirmed ratings on Lions Gate, including the 'B-' corporate
credit rating.

Lions Gate carries Moody's "B2" corporate family rating and
probability of default rating.


MAGNA ENTERTAINMENT: Amended Plan Says Parent to Get MJC
--------------------------------------------------------
MI Developments Inc. disclosed that the Plan of Reorganization in
respect of Magna Entertainment Corp. and certain of its
subsidiaries, jointly proposed by MEC, MID and the Official
Committee of Unsecured Creditors of MEC, was amended to provide
for the transfer of Maryland Jockey Club ("MJC") to MID.  The
original Plan, including the litigation settlement to be
implemented by the Plan, was announced by MID on January 11, 2010.

Rather than being sold by MEC pursuant to an auction as originally
contemplated, MJC will form part of the assets of MEC that are to
be transferred to MID under the amended Plan.  In return for the
transfer of MJC, MID will pay the secured and unsecured claims of
MJC creditors to the extent allowed or agreed in an estimated
amount of US$23 million to US$25 million.  The amended Plan also
provides that the amount to be paid by MID to the non-MJC
unsecured creditors of MEC pursuant to the Plan will be increased
from US$75 million to US$89 million.

Dennis Mills, MID's Vice-Chairman and Chief Executive Officer,
stated "We are excited about the development opportunities
represented by the land owned by MJC.  The land is comprised of
565 acres in three major properties well located in the greater
Baltimore-Washington area."

The acquisition of MJC by MID will be subject to forbearance terms
that will require that the MJC racing operations be brought to a
break-even status within three years and that accumulated budgeted
losses during that period will not exceed US$15 million without
approval from the Special Committee of the Board.  In addition,
any future gaming operations at MJC will not be developed other
than in combination with an experienced and financially secure
gaming co-venturer on terms acceptable to the Special Committee.
With respect to the other non-real estate related MEC assets that
will be transferred to MID as contemplated by the Plan, MID
intends to later announce certain forbearance terms or funding
limitations or other restrictions to be approved by the Special
Committee with respect to any future investments by MID in, or
loans to be made by MID in respect of, such assets.

The amended Plan is subject to the confirmation of the Bankruptcy
Court. MID, MEC and the Committee, among others, have entered into
a Support Agreement pursuant to which, among other things, MID and
the Creditors Committee agreed to support the Plan and MEC agreed
to seek confirmation of the Plan by the U.S. Bankruptcy Court on
or prior to April 30, 2010.  The Support Agreement may be
terminated if, among other things, the U.S. Bankruptcy Court
denies confirmation of the Plan.

The amended Plan was approved by the Board of Directors of MID
based upon a favourable recommendation from the Special Committee
of the Board.

                        About Magna Entertainment

Based in Aurora, Ontario, Magna Entertainment Corp. is North
America's largest owner and operator of horse racetracks based on
revenue.  The Company develops, owns and operates horse racetracks
and related pari-mutuel wagering operations, including off-track
betting facilities.  MEC also develops, owns and operates casinos
in conjunction with its racetracks where permitted by law.

MEC owns and operates AmTote International, Inc., a provider of
totalisator services to the pari-mutuel industry, XpressBet(R), a
national Internet and telephone account wagering system, as well
as MagnaBet(TM) internationally.  Pursuant to joint ventures, MEC
has a 50% interest in HorseRacing TV(R), a 24-hour horse racing
television network, and TrackNet Media Group LLC, a content
management company formed for distribution of the full breadth of
MEC's horse racing content.

Following its failure to meet obligations to lenders led by PNC
Bank, National Association, and Wells Fargo Bank, National
Association, and controlling shareholder MI Developments Inc.'s
decision not to provide further financial backing, Magna
Entertainment Corp. and 24 affiliates filed for Chapter 11 on
March 5, 2009 (Bankr. D. Del. Lead Case No. 09-10720).

Marcia L. Goldstein, Esq., and Brian S. Rosen, Esq., at Weil,
Gotshal & Manges LLP, have been engaged as bankruptcy counsel.
Mark D. Collins, Esq., L. Katherine Good, Esq., and Maris J.
Finnegan, Esq., at Richards, Layton & Finger, P.A., are the
Debtors' local counsel.  Miller Buckfire & Co. LLC is the Debtors'
investment banker and financial advisor.  Kurtzman Carson
Consultants LLC is the claims and noticing agent for the Debtors.

Magna Entertainment Corp. had total assets of $1.054 billion and
total liabilities of $947.3 million based on unaudited
consolidated financial statements as of December 31, 2008.


MARTIN SHAT: Absolute Priority Rule Not Applicable in Case
----------------------------------------------------------
WestLaw reports that the "absolute priority rule" does not apply
to individual Chapter 11 debtors after passage of the Bankruptcy
Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), a
Nevada bankruptcy court has ruled.  Under a straightforward
reading of the Bankruptcy Code, and in light of the general
rehabilitative aim of Chapter 11, BAPCPA's modification of the
absolute priority rule to provide that individual Chapter 11
debtors "may retain property included in the estate" under 11
U.S.C. Sec. 1115, the section of the Code governing property of
the Chapter 11 estate, was properly interpreted broadly to
encompass not only property added by Sec. 1115, that is,
postpetition income from services, but all property of the estate,
including property originally specified in Sec. 541(a) and things
such as prepetition ownership interest of nonexempt property,
thereby essentially exempting individuals from the absolute
priority rule as to unsecured creditors. The court noted that its
conclusion was supported by the revisions in 2005 to bring
individual Chapter 11's more in line with cases under Chapter 13,
and by the few cases that have examined the topic.  In re Shat, --
- B.R. ----, 2010 WL 702443 (Bankr. D. Nev.) (Markell, J.).

Martin and Anjanette Shat, who run a profitable dry cleaning
business but made some bad real estate bets, sought Chapter 11
protection (Bankr. D. Nev. Case No. 08-23136) on Nov. 5, 2008.
The Debtors filed their Third Amended Plan of Reorganization on
Aug. 20, 2009, and the Honorable Bruce A. Markell blessed that
plan from the bench on Oct. 13, 2009, over the dissent of the
unsecured creditor class that voted to reject the plan's proposal
to pay 10% over five years with no interest.  On Feb. 22, 2010,
Judge Markell released his written opinion concerning the
inapplicability of the absolute priority rule buried in Sec.
1120(b)(2)(B)(ii) of the Bankruptcy Code in an individual chapter
11 proceeding.


MEGA BRANDS: Recapitalization Transaction Recognized in U.S.
------------------------------------------------------------
MEGA Brands Inc. has received United States court recognition and
enforcement of its plan of arrangement, completing all necessary
court approvals to its recapitalization transaction.

Subject to the satisfaction or waiver of certain technicalities
and customary closing conditions, the Corporation expects to
complete the transaction on or about March 31, 2010.

Under the transaction, which has been approved by overwhelming
majorities of common shareholders and debtholders, the Corporation
will reduce its debt by approximately US$286.6 million and its
annual interest expenses by approximately US$30.0 million.

                      About MEGA Brands Inc

MEGA Brands Inc. claims to be a trusted family of leading global
brands in construction toys, games & puzzles, arts & crafts and
stationery.  The Company employs from 1,300 to 1,500 people, more
than half of them in Canada.

Mega Brands has commenced a proposed recapitalization, which will
repay the secured lenders at 70 cents on the dollar (including the
cash and equity portions) and extinguish all of the current debt.


MERRILL CORPORATION: Moody's Cuts Corp. Family Rating to 'Caa1'
---------------------------------------------------------------
Moody's Investors Service downgraded Merrill Corporation's
corporate family and probability of default ratings (CFR and PDR
respectively) to Caa1 and Caa2, respectively, from B3 and Caa1.
The rating actions anticipate continued negotiations with lenders
as a combination of financial covenant step-ups / step-downs and
contracting business activity levels and cash flow -- when
measured, as required for covenant compliance matters, on a
trailing four quarter basis -- create near-term compliance
pressure.  Given heightened default risk, Moody's continue to
position the PDR a rating level below the CFR.  Despite
significantly reducing its expenses and suppressing capital
expenditure levels, Moody's expect the company to be approximately
cash flow neutral over the near-term.  Without an ability to
amortize its indebtedness and with maturities in 2012, Merrill has
significant refinancing risk and may require a capital infusion to
address its situation.  In the interim, financial covenant
compliance issues create significant uncertainty and warrant
maintenance of a negative outlook.

Downgrades:

Issuer: Merrill Corporation

  -- Corporate Family Rating, Downgraded to Caa1 from B3
  -- Probability of Default Rating, Downgraded to Caa2 from Caa1

Issuer: Merrill Communications LLC

  -- Senior Secured Bank Credit Facility, Downgraded to B2 (LGD2,
     18%) from B1 (LGD2, 21%)

  -- Senior Secured Second Lien Term Loan, Downgraded to Caa3
     (LGD4, 64%) from Caa2 (LGD4, 69%)

Moody's most recent rating action concerning Merrill was taken on
October 19, 2009, at which time the company's PDR was adjusted to
PDR to Caa1/LD.

Merrill's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Merrill's core industry and Merrill's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Headquartered in St Paul, Minnesota, Merrill Corporation provides
a range of document and data management services, litigation
support, branded communication programs, fulfillment, imaging and
printing services organized along two main business segments,
Legal and Financial Transaction Services and Marketing and
Communication Solutions.


METRO-GOLDWYN-MAYER: To Review Bids, Seek Extension of Forbearance
------------------------------------------------------------------
The New York Times' DealBook reports that Metro-Goldwyn-Mayer said
in a statement late on Monday that it had received a number of
bids as it tries to reorganize its nearly $4 billion debt load.
NY Times relates MGM said that it would evaluate the bids, while
it also seeks to negotiate with its 140-member creditor group on
an extension of the forbearances on two looming debt deadlines.

People briefed on the matter previously told DealBook that none of
the bids MGM has received is likely to satisfy the studio's
creditors: potential buyers have shown a reluctance to bid
significantly above $1.5 billion, well below the $2 billion that
MGM had sought.

According to NY Times, companies that made bids for MGM reportedly
included Time Warner, Lions Gate Entertainment and Access
Industries, a conglomerate run by the investor Len Blavatnik.

According to The Financial Times, Time Warner was to table a
$1.5 billion all-cash offer for MGM's assets.

According to the Troubled Company Reporter on March 10, 2010,
people familiar with the matter told The Wall Street Journal that
MGM is readying a backup plan should bids for its assets come in
too low.  Sources told the Journal, MGM creditors are increasingly
willing to assume control over the studio.  The sources said that
under that scenario, MGM would likely pursue a "standalone" plan
in which lenders would convert their debt to equity.

MGM has hired investment bank Moelis & Company and the law firm
Skadden, Arps, Slate, Meagher & Flom.  In August, it hired the
restructuring expert Stephen F. Cooper to help lead the company.

Among the potential bidders for a restructuring-oriented deal are
Qualia Capital, an investment firm with film industry veterans.

MGM is facing a March 31 deadline for its bank debt and an April 8
deadline for a $250 million credit facility.

                     About Metro-Goldwyn-Mayer

Metro-Goldwyn-Mayer, Inc., is an independent, privately held
motion picture, television, home video, and theatrical production
and Distribution Company.  The Company owns the world's largest
library of modern films, comprising approximately 4,000 titles,
and over 10,400 episodes of television programming.  An investor
consortium, comprised of Providence Equity Partners, TPG Capital,
Sony Corporation of America, Comcast Corporation, DLJ Merchant
Banking Partners and Quadrangle Group, owns MGM.


METROPCS WIRELESS: Moody's Raises Corporate Family Rating to 'B1'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the Corporate Family Rating
of MetroPCS Wireless, Inc., to B1 from B2, reflecting Moody's
expectations of improvements in the Company's credit profile over
the next 12-to-18 months, driven by a combination of modest EBITDA
growth and a decline in capital spending due to a slower pace of
expansion going forward.  Moody's believes that MetroPCS's capital
expenditures have peaked in 2009 and the Company's free cash flow
trajectory hit an inflection point to yield positive free cash
flow.  The rating outlook is stable.

Moody's VP and Senior Credit Officer, Gerald Granovsky, said,
"While increasing competition in the U.S. wireless industry will
undoubtedly pressure MetroPCS's profitability and result in slower
revenue growth in 2010, Moody's believes that MetroPCS's lower
cost of operations relative to its competitors in the prepaid
segment provide some cushion against growing competition."
"Although MetroPCS' subscriber additions and EBITDA for 2009 were
at the lower end of its guidance provided in 2009, Moody's
believes that the Company executed well amid challenging economic
conditions and escalating competition, growing by 1.3 million
subscribers," he added.  Moody's expects MetroPCS will continue to
grow subscribers in 2010, albeit at a declining rate compared to
prior years, while EBITDA margins will likely be squeezed
reflecting competitive pressures.  Still, the rating agency
believes that MetroPCS's increased operating scale, coupled with
good market penetration where it has been operating for longer
periods, will allow the Company to generate meaningful free cash
flows over the next 12-to-18 months, while managing through
pricing pressure through a lower cost base and low subscriber
acquisition costs.

Moody's has taken these rating actions:

Issuer: MetroPCS Wireless, Inc.

  -- Corporate Family Rating, Upgraded to B1 from B2

  -- Probability of Default Rating, Upgraded to B1 from B2

  -- Senior Secured Bank Credit Facility, Upgraded to Ba1, LGD2,
     18% from Ba2, LGD2, 21%

  -- Senior Unsecured Notes, Upgraded to B2, LGD5, 73% from B3,
     LGD5, 77%

Outlook Actions:

  -- Outlook, Changed To Stable From Positive
  -- Speculative Grade Liquidity Rating -- Affirmed SGL-1

The B1 CFR reflects MetroPCS's growing operating scale, with
6.6 million customers in the U.S. and good market penetration, as
well as its track record of quickly gaining market share after
launching new markets, which combined have resulted in rapid
EBITDA growth and steady deleveraging.  The rating and the stable
rating oulook incorporate Moody's expectations that MetroPCS's
total debt-to-EBITDA (Moody's adjusted) will trend towards 4.0x at
year-end 2011, from 4.4x at the end of 2009, and free cash flow-
to-adjusted Debt will grow to a low single-digit percentage of
debt range in 2011.  MetroPCS' capital spending is projected to
trend lower despite plans to deploy the next generation LTE
technology, as the Company expects the incremental spending on LTE
upgrades will be significantly below its historical capital
expenditures on market expansion, which is expected to slow
further in 2010.

The rating is tempered by MetroPCS's relatively high leverage and
the intense competition in the U.S. wireless industry resulting
from very high wireless penetration, which now exceeds 90%.

Moody's most recent rating action for MetroPCS was on January 14,
2009, when Moody's affirmed the Company's B2 CFR and changed the
rating outlook to positive, from stable.

MetroPCS is a wholly owned subsidiary of MetroPCS Communications,
Inc., which provides unlimited use wireless service for a flat
monthly fee with no signed contract in major metropolitan markets
of the U.S. MetroPCS Communications, Inc. is based in Dallas,
Texas.


MGM MIRAGE: Inks Sixth Amended to BofA Credit Facility
------------------------------------------------------
MGM MIRAGE entered into a Sixth Amended and Restated Loan
Agreement on March 16, 2010, by and among the Company, MGM Grand
Detroit, LLC, a Delaware limited liability company, as initial co-
borrower, the lenders, and Bank of America, N.A., as
administrative agent, and restated its Fifth Amended and Restated
Loan Agreement dated as of October 3, 2006, among the same
parties.

Pursuant to the Restated Loan Agreement, the Company's credit
facilities under the Fifth Amended and Restated Loan Agreement
were re-tranched, and the Company prepaid $820 million of the
loans previously outstanding under the Fifth Amended and Restated
Loan Agreement.  Giving effect to the Required Prepayments, the
Company's senior credit facility under the Restated Loan Agreement
consists of approximately $2.0 billion of revolving credit
facilities -- of which approximately $300 million must be repaid
by October 2011 -- and approximately $2.7 billion of term loans
(of which approximately $900 million must be repaid by October
2011).

The Restated Loan Agreement:

     -- extends (subject to certain conditions) the maturity date
        for the remaining approximately $3.6 billion of the loans
        and lending commitments under the credit facility through
        February 21, 2014;

     -- provides an immediate 100 basis point increase in interest
        rate for those of the lenders extending their loans and
        commitments to February 2014;

     -- retains the original maturity date in October 2011 for the
        approximately $1.2 billion owed to lenders which have not
        agreed to extend their commitments; and

     -- continues the minimum EBITDA and maximum annual capital
        expenditure covenants previously stated by the Fifth
        Amended and Restated Loan Agreement, but with periodic
        step-ups during the extension period.

In addition, the Restated Loan Agreement allows the Company to
incur or issue debt, equity-linked and equity securities, in each
case, subject to certain limitations, and to refinance certain
indebtedness which matures prior to the maturity date of the
extended facilities, including the approximately $1.2 billion owed
to non-extending lenders; provided that (i) indebtedness in
amounts issued in excess of $250 million over such interim
maturities requires ratable prepayment of the credit facilities in
an amount equal to 50% of the net cash proceeds of such excess,
and (ii) equity amounts issued in excess of $500 million over such
interim maturities require ratable prepayment of the credit
facilities in an amount equal to 50% of the net cash proceeds of
such excess.

Certain of the lenders party to the Restated Loan Agreement and
their affiliates engage in financial advisory, investment banking,
commercial banking or other transactions of a financial nature
with the Company and its subsidiaries, including the provision of
advisory services for which they receive certain fees, expense
reimbursement or other payments.

Sources familiar with the matter told Reuters on Monday that Time
Warner, Lions Gate Entertainment Corp. and billionaire Len
Blavatnik's Access Industries put up rival bids of $1.2 billion to
$1.5 billion for Metro-Goldwyn-Mayer.  The sources told Reuters
that Time Warner tabled the highest bid.  Reuters says Time Warner
has been seen as most likely to walk away with MGM.

According to Reuters, the offers were far less than MGM first
expected.  MGM had initially hoped for bids of at least
$2 billion.

                        About MGM MIRAGE

Headquartered in Las Vegas, Nevada, MGM MIRAGE (NYSE: MGM) --
http://www.mgmmirage.com/-- owns and operates 16 properties
located in Nevada, Mississippi and Michigan, and has 50%
investments in four other properties in Nevada, New Jersey,
Illinois and Macau.  CityCenter, an urban metropolis on the Las
Vegas Strip scheduled to open in late 2009, is a joint venture
between MGM MIRAGE and Infinity World Development Corp, a
subsidiary of Dubai World.  MGM MIRAGE Hospitality has entered
into management agreements for future casino and non-casino
resorts throughout the world.

At September 30, 2009, MGM MIRAGE had $21.7 billion in total
assets against total current liabilities of $1.15 billion,
deferred income taxes of $3.14 billion, long-term debt of
$12.9 billion, other long-term obligations of $221.70 million;
resulting in stockholders' equity of $4.29 billion.

                         *     *     *

As reported by the Troubled Company Reporter on March 22, 2010,
Moody's Investors Service affirmed MGM MIRAGE's ratings, including
its Caa1 Corporate Family Rating and raised the company's
Speculative Grade Liquidity rating to SGL-3 from SGL-4.  The
rating outlook remains stable.

As reported by the TCR on March 11, 2010, Standard & Poor's
Ratings Services affirmed all of its existing ratings on MGM
MIRAGE, including the 'CCC+' corporate credit rating.  The rating
outlook is developing.  "The 'CCC+ corporate credit rating
reflects MGM MIRAGE's significant debt burden, S&P's expectation
for continued declines in cash flow generation in 2010, and the
company's tight liquidity position," said Standard & Poor's credit
analyst Ben Bubeck.


MICRON TECHNOLOGY: S&P Gives Pos. Outlook; Affirms Low-B Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Boise, Idaho-based U.S. semiconductor manufacturer Micron
Technology Inc. to positive from negative.  S&P affirmed the 'B'
corporate credit rating and the 'B-' senior unsecured debt rating.
The '5' recovery rating on the debt remains unchanged.

"The rating on Micron reflects highly volatile and cyclical
industry conditions, elevated refinancing risks over the next
three quarters, and aggressive growth strategies," said Standard &
Poor's credit analyst Lucy Patricola.  The company's good
technology position and moderating capital-expenditure burden
partially offset company risks.  Micron develops and manufactures
semiconductors for the memory industry.

The memory industry is well into a cyclical upswing in both DRAM
(dynamic random access memory) and NAND (not and), with tight
capacity supporting favorable pricing in both segments.

"As a result, operating trends have been positive for four
consecutive quarters, featuring growing revenues and sharply
improving operating margins," added Ms. Patricola.  For the
November quarter, revenues were 24% higher than the year-earlier
period and operating margins reached 40%, the highest in the prior
nine quarters.  These operating measures are in sharp contrast to
one year ago, when the company's EBITDA was negative, even when
adjusting for a sizable inventory write-off in the quarter.
Leverage is highly cyclical, peaking at 8.3x in the February 2009
quarter, falling to 2.2x as of November 2009.


MILLENNIUM NEW: Moody's Withdraws 'Caa3' Corp. Family Rating
------------------------------------------------------------
Moody's withdrew all ratings on Millennium New Jersey Holdco, LLC.
The ratings have been withdrawn because Moody's believes it lacks
adequate information to maintain a rating.

These ratings will be withdrawn.

Millennium New Jersey Holdco, LLC

  -- Probability of Default Rating, Withdrawn, previously rated
     Caa3

  -- Corporate Family Rating, Withdrawn, previously rated Caa3

  -- Senior Secured First Lien Credit Facility, Withdrawn,
     previously rated Caa2, LGD3, 37%

  -- Senior Secured Second Lien Credit Facility, Withdrawn,
     previously rated Ca, LGD5, 89%

  -- Outlook, Changed To Rating Withdrawn From Negative

The last rating action for Millennium New Jersey was on May 12,
2009, when Moody's downgraded the corporate family and probability
of default ratings to Caa3 from Caa2.

Millennium Radio Group, LLC, the parent company of Millennium New
Jersey Holdco LLC, operates eleven radio stations throughout New
Jersey.  It maintains its headquarters in Ocean, New Jersey.


MORAN LAKE: Court Dismisses Chapter 11 Reorganization Case
----------------------------------------------------------
The Hon. Mary Grace Diehl of the Northern District of Georgia
dismissed the Chapter 11 case of Moran Lake Convalescent Center,
LLC.

On February 9, the U.S. Trustee for Region 21 sought for the
conversion or dismissal of the Debtor's Chapter 11 case.  The
Debtor did not file opposition to the U.S. Trustee's motion.

Sandy Springs, Georgia-based Moran Lake Convalescent Center, LLC,
filed for Chapter 11 bankruptcy protection on December 23, 2009
(Bankr. N.D. Ga. Case No. 09-93642).  George D. Houser, Esq., who
has an office in Sandy Springs, Georgia, assists the Company in
its restructuring effort.  The Company listed $10,000,001 to
$50,000,000 in assets and $1,000,001 to $10,000,000 in
liabilities.


MORGAN STANLEY CAPITAL: DBRS Downgrades Class J Securities to 'BB'
------------------------------------------------------------------
DBRS has confirmed Classes A-1 through A-AB, including notional
classes X-1 and X-2, at AAA with Stable trends.  One shadow
rating, FRIS Chkn Portfolio Roll-up, has also been confirmed.

In addition, DBRS has downgraded 16 classes, based on the
following: ten loans, representing 3.7% of the current pool
balance, are delinquent; an additional four loans, representing
7.3% of the pool, are current but specially serviced; and the DBRS
HotList, representing an additional 9.6% of the pool.  The pool is
heavily concentrated in retail properties, which have been hit
particularly hard by the current economic environment.  As such,
the DBRS Hotlist is concentrated in this property type. Of the top
ten loans, five are either in special servicing or on the DBRS
HotList.  DBRS projected losses on 12 of the 14 delinquent and
specially serviced loans to eliminate two classes, Classes S and
Q, and erode a portion of Class P.  DBRS did not project losses on
Coronado Center because it will be transferred back to the master
servicer shortly.  DBRS also did not project losses on Oviedo
Marketplace because the resolution strategy for the loan is
unknown at this time.  However, this loan is being modeled at its
current low level of performance and the ratings reflect the
significant default risk associated with the loan.  The trend has
been changed to Negative for Classes P and Q because DBRS is
projecting losses to be experienced by these classes in the near
term.

This pool is heavily concentrated in loans secured by retail
properties, which represent 48.2% of the pool.  All 75 of these
loans have reported YE2008 financials, and the WADSCR is
relatively strong at 1.37x.  In addition, only 5% of these loans,
by balance, have a YE2008 DSCR below 1.0x.  However, despite this
seemingly strong performance, given the current stress being
endured by retailers, it is highly likely that cash flow
performance will suffer materially over the coming years.  This
transaction benefits from having a very small concentration in
hotel properties (2.2%).  However, three of the eight loans in the
trust secured by hotels have been transferred to the special
servicer.

As part of its review, DBRS analyzed the servicer's watchlist, the
delinquent loans, the specially serviced loans, the top ten loans
and the one shadow rated loan.  Combined, these loans represent
more than 65% of the pool balance.


MSA 1 LLC: Case Summary & 7 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: MSA 1, LLC
          dba Days Inn & Suites
        2040 English Turn Dr.
        Presto, PA 15142

Bankruptcy Case No.: 10-07716

Chapter 11 Petition Date: March 22, 2010

Court: United States Bankruptcy Court
       District of Arizona (Tucson)

Judge: Eileen W. Hollowell

Debtor's Counsel: Eric Slocum Sparks, Esq.
                  110 S Church Ave #2270
                  Tucson, AZ 85701
                  Tel: (520) 623-8330
                  Fax: (520) 623-9157
                  Email: eric@ericslocumsparkspc.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

According to the schedules, the Company has assets of $5,387,030,
and total debts of $5,101,417.

A full-text copy of the Debtor's petition, including a list of its
7 largest unsecured creditors, is available for free at:

             http://bankrupt.com/misc/azb10-07716.pdf

The petition was signed by Minaxi G. Patel, owner of the Company.


NATIONAL HOME: Auctions Substantially All Assets on March 30
------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Arkansas
authorized National Home Centers, Inc., to sell substantially all
of its assets, free and clear of liens, encumbrances and other
interests in an auction scheduled for March 30, at 9:00 a.m.,
(Central Standard Time.)  The auction will be held at the offices
of Wright, Lindsey & Jennings LLP, 903 North 47th Street, Suite
101, Rogers, Arkansas. Competing bids were due March 26, at
5:00 p.m. (CST)

The Debtor will use the sale proceeds to pay JPMorgan Chase Bank,
N.A.

The Court will consider the sale of the assets on April 2, 2010,
at 9:00 a.m. (CT), at 35 East Mountain Street, Fourth Floor,
Room 416, Fayetteville, Arkansas.

In the event of any competing bids for the assets, resulting in
the stalking horse bidder not being the successful Buyer, it will
receive a breakup fee of $250,000 to be paid at the time of the
closing of the sale with such third party buyer.

National Home Centers, Inc. -- One Source Home & Building Center
and Cleburne County Building Center -- operates storage units in
Springdale, Arizona.  The Company filed for Chapter 11 bankruptcy
protection on December 8, 2009 (Bankr. W.D. Ark. Case No. 09-
76195).  Charles T. Coleman, Esq.; Judy Simmons Henry, Esq.; and
Kimberly Wood Tucker, Esq., at Wright, Lindsey & Jennings assist
the Company in its restructuring effort.  The Company listed
$10,000,001 to $50,000,000 in assets and $1,000,001 to $10,000,000
in liabilities.


NATIONAL HOME: Wants Add'l 90 days to File Reorganization Plan
--------------------------------------------------------------
National Home Centers, Inc., asks the U.S. Bankruptcy Court for
the Western District of Arkansas to extend its exclusive period to
file a plan of reorganization for an additional 90 days.

Absent the extension, the Debtor's plan filing period will expire
on April 8.

The Debtor says it is negotiating the terms and conditions of a
potential sale of substantially all of the Debtor's assets.  The
results of the proposed sale will determine the concerns to be
addressed in a plan or disclosure statement.

National Home Centers, Inc. -- One Source Home & Building Center
and Cleburne County Building Center -- operates storage units in
Springdale, Arizona.  The Company filed for Chapter 11 bankruptcy
protection on December 8, 2009 (Bankr. W.D. Ark. Case No. 09-
76195).  Charles T. Coleman, Esq.; Judy Simmons Henry, Esq.; and
Kimberly Wood Tucker, Esq., at Wright, Lindsey & Jennings assist
the Company in its restructuring effort.  The Company listed
$10,000,001 to $50,000,000 in assets and $1,000,001 to $10,000,000
in liabilities.


NEW LUXURY MOTORS: Files for Chapter 11 Bankruptcy Protection
-------------------------------------------------------------
New Luxury Motors has filed for Chapter 11 bankruptcy to hold off
from paying its creditors while it tries to reorganize and become
profitable again, according to reporting by PIONEERLOCAL.COM.

Based in Houston, New Luxury Motors sells upscale new and used
vehicles ranging from Mercedes and BMWs up to Bentleys and
Maseratis.


NOBLE INTERNATIONAL: Bank Gets to Decide How to Apply Funds
-----------------------------------------------------------
Under Michigan law, WestLaw reports, the postpetition payment to a
secured lender of the funds in one debtor's bank account on a
prepetition obligation by Chapter 11 debtors in liquidation
proceedings was involuntary.  Therefore, the debtors had no right
to direct how the account balance was applied.  In re Noble
Intern., Ltd., --- B.R. ----, 2010 WL 750186 (E.D. Mich.).

Headquartered in Warren, Michigan, Noble International, Ltd. --
http://www.nobleintl.com/home.html/-- provides flat, tubular,
shaped and enclosed formed structures to automotive original
equipment manufacturers and their suppliers, for use in automobile
applications, including doors, fenders, body side panels, pillars,
bumpers, door beams, load floors, windshield headers, door tracks,
door frames, and glass channels.

Noble International and its affiliates filed for Chapter 11
protection on April 15, 2009 (Bankr. E.D. Mich. Case No. 09-
51720).  The Debtors proposed Foley & Lardner LLP as their general
bankruptcy counsel.  Conway Mackenzie, Inc., has been tapped as
the Debtors' financial advisors.  The official committee of
unsecured creditors is represented by Jaffe Raitt Heuer & Weiss,
P.C.  The Debtors disclosed total assets of $190,763,000 and total
debts of $38,691,000, as of January 10, 2009.

On Nov. 30, 2009, the Bankruptcy Court confirmed Noble
International's Chapter 11 plan of liquidation.  On Dec. 2, 2009,
the Noble Liquidating Trust advised the Bankruptcy Court that the
post-confirmation sale of substantially all of the debtor's assets
was completed and the plan took effect.


NORANDA ALUMINUM: Board Names Richard Evans as Director
-------------------------------------------------------
The Board of Directors of Noranda Aluminum Holding Corporation
appointed Richard Evans as Director of Noranda effective
immediately.  Mr. Evans has an extensive background in general and
executive management after being in the aluminum industry for 40
years, with experience in engineering, operations, sales and
strategy.

Mr. Evans retired in April 2009 as an Executive Director of
London-based Rio Tinto plc and Melbourne-based Rio Tinto Ltd., and
as Chief Executive of Rio Tinto Alcan, a wholly-owned subsidiary
of Rio Tinto and the world's leading producer of aluminum.
Previously, Mr. Evans was President and CEO of Montreal-based
Alcan Inc. and led the negotiation of the friendly acquisition of
Alcan by Rio Tinto in October 2007.

The election of Mr. Evans increases the size of Noranda's Board of
Directors to 12 members.  Mr. Evans has been assigned to the Audit
Committee of the Board.

                      About Noranda Aluminum

Franklin, Tennessee-based Noranda Aluminum Holding Corporation --
http://www.norandaaluminum.com/-- is a North American integrated
producer of value-added primary aluminum products, as well as high
quality rolled aluminum coils.  The Company has two businesses, an
upstream and downstream business.  The primary metals, or upstream
business, produced approximately 261,000 metric tons of primary
aluminum in 2008.  The rolling mills, or downstream business, are
one of the largest foil producers in North America and a major
producer of light gauge sheet products.  Noranda Aluminum Holding
Corporation is a private company owned by affiliates of Apollo
Management, L.P.

                           *     *     *

As reported by the Troubled Company Reporter on January 19, 2010,
Standard & Poor's Ratings Services placed its 'CCC+' corporate
credit rating on Noranda Aluminum Holding Corp. on CreditWatch
with positive implications.  The issue-level ratings on Noranda
and its operating subsidiary, Noranda Aluminum Acquisition Corp.,
are not part of this rating action and remain 'D'.

The TCR said August 10, 2009, that Moody's Investors Service
confirmed Noranda Aluminum Holding Corporation's Caa1 Probability
of Default rating, Caa1 Corporate Family Rating, and Caa3 senior
unsecured notes rating.  At the same time, Moody's confirmed
Noranda Aluminum Acquisition Corporation's B2 senior secured
revolver and senior secured term loan ratings and its Caa2 senior
unsecured notes rating.  The speculative grade liquidity rating
remains SGL-3 and the rating outlook is stable.

Moody's Investors Service upgraded Noranda Aluminum Holding
Corporation's Corporate Family Rating and Probability of Default
Rating to B3 from Caa1.  Moody's also upgraded Noranda's senior
unsecured notes rating to Caa2 from Caa3.  At the same time,
Moody's upgraded Noranda Aluminum Acquisition Corporation's senior
secured revolver and senior secured term loan ratings to B1 from
B2 and raised the senior unsecured notes rating to Caa1 from Caa2.
The speculative grade liquidity rating was also raised to SGL-2
from SGL-3.  The rating outlook is positive.


NORTEL NETWORKS: Wants Deadline for Rule 2015 Report Delayed
------------------------------------------------------------
Nortel Networks Inc. and its affiliated debtors ask the Court to
give them until June 15, 2010, to file their next report of
entities on which they hold majority stake in.

Under Rule 2015.3 of the Federal Rules of Bankruptcy Procedures,
a debtor under Chapter 11 is required to file periodic financial
reports of the value, operations and profitability of entities
where that debtor holds a substantial or controlling interest.

The Debtors are required under bankruptcy law to file their Rule
2015.3 Report on April 1, 2010.

"The Debtors have been and continue to focus their efforts on the
sale of assets, and compliance with the burdens of the 2015.3
report will take both time and resources away from this focus,"
says Alissa Gazze, Esq., at Morris Nichols Arsht & Tunnell LLP,
in Wilmington, Delaware.

She also cites the lack of manpower as another reason why the
Debtors propose a two-month extension for the Rule 2015.3 Report
filing.

The Court will hold a hearing on March 31, 2010, to consider
approval of the request.  Parties-in-interest have until
March 24 to file any response or objection to the request.

                       About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers.  The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.

The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986.  The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England.  Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


NORTEL NETWORKS: Proposes Deal on Trust Formation
-------------------------------------------------
Nortel Networks Inc. and its affiliated debtors ask the U.S.
Bankruptcy Court for the District of Delaware to approve their
agreements with Canada-based Nortel Networks Ltd. in relation to
the formation of a trust.

The agreements, which include an indenture and a side agreement,
authorize the creation of a trust to indemnify individuals who
will serve as directors, officers or agents of NNI's and NNL's
non-debtor subsidiaries that will participate in the global sale
of Nortel's businesses to third party buyers.

Pursuant to the terms of the proposed Indenture, each person who
will serve as director, officer or agent of the Nortel
subsidiaries will be indemnified by the Trust for any claim and
will be released from any liability in connection with his
services.  He will also be entitled to coverage under the
insurance policy offered by the Nortel subsidiaries for those
positions.  The Indenture also requires NNI and NNL to each
contribute $17.5 million to the Trust.

The Trust is to be administered by John Evans, a former partner
at the Canada-based law firm, Osler Hoskin & Harcourt LLP.

The Side Agreement, on the other hand, will allow NNI and NNL to
recover a portion of the net amounts they will contribute for the
creation of the Trust from other Nortel units that will benefit
from the sales.

Full-text copies of the Agreements are available for free at:

      http://bankrupt.com/misc/Nortel_IndentureNNL.pdf
  http://bankrupt.com/misc/Nortel_SideAgreementNNL.pdf

In connection with the Agreements, the Debtors seek Court
approval to file under seal some portions of the Indenture that
contain confidential information.

The Court will hold a hearing on March 31, 2010, to consider
approval of the requests.  Deadline for filing objections to the
request is March 24.

                       About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers.  The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.

The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986.  The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England.  Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


NORTEL NETWORKS: Wins Nod to Implement Incentive Plan
-----------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Nortel Networks Inc. and its affiliated debtors to implement an
incentive plan for their remaining employees for the term
January 1, 2010 to December 31, 2011, and enter into employment
agreements with executives Christopher Ricaurte, Donald McKenna
and John Veschi.

Pay-outs under the Nortel Special Incentive Plan are estimated to
total $93 million.

The Court overruled all objections lodged against the Incentive
Plan, including the objection filed by Roberta DeAngelis, Acting
United States Trustee for Region 3.

The U.S. Trustee objected to the implementation of the Incentive
Plan on grounds that some of the criteria for awarding the
Debtors' insiders are retention-based and do not comply with the
bankruptcy laws.  She also questioned the total annual payment
proposed under the Incentive Plan, which if divided equally among
the employees would entitle each to receive $32,000 per year.

In a related development, the Ontario Superior Court of Justice,
which handles the cases of Canada-based Nortel Networks Corp. and
its affiliates, issued an order also approving the implementation
of the Incentive Plan.

                       About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers.  The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.

The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986.  The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England.  Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


NORTEL NETWORKS: Wins Settlement of Jabil, et al.
-------------------------------------------------
Nortel Networks Inc. and its affiliated debtors won approval from
the U.S. Bankruptcy Court for the District of Delaware of a series
of agreements that would settle their dispute with a primary
supplier, Jabil Circuit Inc.

The Agreements include:

  (1) An inventory security deposit agreement or ISDA that NNI
      reached with two of its foreign affiliates and Jabil.
      Pursuant to the ISDA, Jabil agreed to not to pursue its
      claims against the Debtors under the parties' 2008 Supply
      Agreements.  Jabil also agreed on commercial arrangements
      in connection with their continued performance under the
      Supply Agreements;

  (2) An escrow agreement; and

  (3) A side agreement among the Debtors, which provides for the
      allocation of costs related to the ISDA.

Jabil's claims stemmed from an alleged breach by the Debtors of
the 2008 Supply Agreements.  Jabil asserted that the Debtors'
alleged breach of the Supply Agreements entitles it to stop
shipping goods to the Debtors.

"The Debtors accrue clear benefits from the ISDA and the
accompanying escrow agreement as the agreements resolve the
pending disputes and further the Debtors' supply relationship
with Jabil," says Ann Cordo, Esq., at Morris Nichols Arsht &
Tunnell LLP, in Wilmington, Delaware.

"The Debtors estimate that it could take several months to
replace Jabil as a supplier of these components absent a
resolution of the disputes in a manner satisfactory to the
Debtors," Ms. Cordo says in court papers.

The Debtors also obtained the Court's permission to file the ISDA,
the Escrow and Side agreements, and the declaration of a certain
Robert Bariahtaris under seal on grounds that those documents
contain confidential information about their relations with
Jabil.

                       About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers.  The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.

The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986.  The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England.  Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


NORTHSIDE TOWER: Files Schedules of Assets & Liabilities
--------------------------------------------------------
Northside Tower Realty, LLC, has filed with the U.S. Bankruptcy
Court for the Eastern District of New York its schedules of assets
and liabilities, disclosing:

  Name of Schedule                  Assets         Liabilities
  ----------------                  ------         -----------
A. Real Property                 $17,000,000

B. Personal Property                $100,160

C. Property Claimed as
   Exempt

D. Creditors Holding
   Secured Claims                                  $23,401,808

E. Creditors Holding
   Unsecured Priority
   Claims                                              $31,038

F. Creditors Holding
   Unsecured Non-priority
   Claims                                           $4,664,106
                                 -----------       -----------
TOTAL                            $17,100,160       $28,096,953

Ridgewood, New York-based Northside Tower Realty, LLC, filed for
Chapter 11 bankruptcy protection on March 15, 2010 (Bankr.
E.D.N.Y. Case No. 10-42080).  Marc A. Pergament, Esq., at Weinberg
Gross & Pergament LLP, assists the Company in its restructuring
effort.  According to the schedules, the Company has assets of
$17,100,160, and total debts of $28,096,953.


NORTHSIDE TOWER: Section 341(a) Meeting Scheduled for April 19
--------------------------------------------------------------
The U.S. Trustee for Region 2 will convene a meeting of creditors
in Northside Tower Realty, LLC's Chapter 11 case on April 19,
2010, at 10:00 a.m.  The meeting will be held at 271 Cadman Plaza
East, Room 4529, Brooklyn, NY.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Ridgewood, New York-based Northside Tower Realty, LLC, filed for
Chapter 11 bankruptcy protection on March 15, 2010 (Bankr.
E.D.N.Y. Case No. 10-42080).  Marc A. Pergament, Esq., at Weinberg
Gross & Pergament LLP, assists the Company in its restructuring
effort.  According to the schedules, the Company has assets of
$17,100,160, and total debts of $28,096,953.


NORTHSIDE TOWER: Wants to Employ Weinberg Gross as Bankr. Counsel
-----------------------------------------------------------------
Northside Tower Realty, LLC, has sought authorization from the
U.S. Bankruptcy Court for the Eastern District of New York to
employ Weinberg, Gross & Pergament LLP as its bankruptcy counsel.

Weinberg Gross will, among other things:

     a. provide legal advice with respect to the powers and duties
        of the Debtor-in-Possession in the continued management of
        its business and property;

     b. represent the Debtor before the Court and at all hearings
        on matters pertaining to its affairs, as Debtor-in-
        Possession, including prosecuting and defending litigated
        matters that may arise during the Debtor's Chapter 11
        case;

     c. advise and assist the Debtor in the preparation and
        negotiation of a plan of reorganization with its
        creditors; and

     d. prepare applications, answers, orders, reports, documents,
        and other legal papers.

Marc A. Pergament, a member of Weinberg Gross, says that the firm
will be paid based on the hourly rates of its personnel:

        Partners       $385-$450
        Associates     $150-$275
        Paralegals         $90

Mr. Pergament assures the Court that Weinberg Gross is
"disinterested" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Ridgewood, New York-based Northside Tower Realty, LLC, filed for
Chapter 11 bankruptcy protection on March 15, 2010 (Bankr.
E.D.N.Y. Case No. 10-42080).  According to the schedules, the
Company has assets of $17,100,160, and total debts of $28,096,953.


N.Y.C. OFF-TRACK BETTING: May Run Out of Cash in April
------------------------------------------------------
Tiffany Kary at Bloomberg News reports that New York City Off-
Track Betting Corp.'s board announced at a meeting March 22 that
the organization may run out of cash and be forced to shut on
April 11.  OTB has passed a resolution allowing it to issue a 14-
day notice to employee of possible layoffs before the close of
business on March 26.

The New York State Legislature, in session until March 26, has yet
to take any action that would change the organization's funding
requirements, Chairman Meyer Frucher said, according to the
Bloomberg report.

                           About NYC OTB

New York City Off-Track Betting Corporation is a public benefit
corporation, which operates an off-track pari-mutuel betting
system on thoroughbred and harness horse races held at all 11 race
tracks located in New York State and certain race tracks located
outside of the State.  Since NYC OTB's inception in 1971, it has
made payments of nearly $2 billion to the State horse racing
industry, over $1.4 billion to New York City and nearly
$600 million to the State.  In 2008 alone, NYC OTB made statutory
contributions in an aggregate amount of $128.6 million to the
State horse racing industry, the State, the City, and other local
municipalities.  NYC OTB's operations are regulated by the State.

NYC OTB filed for bankruptcy under Chapter 9 of the Bankruptcy
Code on December 3, 2009 (Bankr. S.D.N.Y. Case No. 09-17121).
Richard Levin, Esq., at Cravath, Swaine & Moore LLP, in New York,
serves as the Debtor's counsel.

At September 30, 2009, NYC OTB had $18,468,147 in total assets
against $74,912,742 in total current liabilities, $6,982,887 in
long-term liabilities, and $201,020,000 in long-term post
employment benefits.


N.Y.C. OFF-TRACK BETTING: Petition for Chapter 9 Approved
---------------------------------------------------------
Bloomberg News reports that U.S. Bankruptcy Judge Martin Glenn
issued an order granting Chapter 9 protection for New York City
Off-Track Betting Corp.

Although NYC OTB is a public benefit corporation, the New York
Racing Association Inc. argued that it's ineligible for Chapter 9
because the filing lacked specific authorization from the state
legislature required by bankruptcy law.

NYC OTB filed for bankruptcy under Chapter 9 of the Bankruptcy
Code on December 3, 2009 (Bankr. S.D.N.Y. Case No. 09-17121).
Richard Levin, Esq., at Cravath, Swaine & Moore LLP, in New York,
serves as the Debtor's counsel.

At September 30, 2009, NYC OTB had $18,468,147 in total assets
against $74,912,742 in total current liabilities, $6,982,887 in
long-term liabilities, and $201,020,000 in long-term post
employment benefits.

Raymond Casey, President and Chief Executive Officer of NYC OTB,
said in court papers that over time, higher mandatory
distributions required by the State Legislature, combined with
increases in the cost of operating in New York City, left NYC OTB
with no residual income to turn over to the City.  NYC OTB laid
off 17% of its management, closed underperforming branches,
reduced employees' overtime hours, surrendered a quarter of its
headquarters space, reduced supply purchases, decreased security
expenses and reduced energy costs -- resulting in nearly
$45 million of savings during the five-year period through the end
of the 2008 fiscal year.  While making the difficult decisions
needed to reduce operational costs, NYC OTB also launched a
campaign seeking to have the State Legislature rationalize the
flawed and burdensome legislative distribution scheme.

                           About NYC OTB

New York City Off-Track Betting Corporation is a public benefit
corporation, which operates an off-track pari-mutuel betting
system on thoroughbred and harness horse races held at all 11 race
tracks located in New York State and certain race tracks located
outside of the State.  Since NYC OTB's inception in 1971, it has
made payments of nearly $2 billion to the State horse racing
industry, over $1.4 billion to New York City and nearly
$600 million to the State.  In 2008 alone, NYC OTB made statutory
contributions in an aggregate amount of $128.6 million to the
State horse racing industry, the State, the City, and other local
municipalities.  NYC OTB's operations are regulated by the State.


NOVA HOLDING: Seeks Case Dismissal with Payments to Creditors
-------------------------------------------------------------
Bill Rochelle at Bloomberg News reports Nova Biosource Fuels Inc.
is asking for dismissal of the reorganization on terms that have
some features of a Chapter 11 plan.  The bankruptcy court has
given approval for the sale of the assets.  The buyer of the
principal remaining asset will assume $36 million in secured debt
and the loan provided by the secured creditor to finance the
Chapter 11 case.  When the sale closes, the lender agreed to
deposit $200,000 into a trust for eventual distribution only to
unsecured creditors.  Costs incurred in the Chapter 11 case will
have been paid separately.

According to the report, Nova wants the bankruptcy court in
Delaware to dismiss the case at a March 31 hearing because the
lender is cutting off financing when the second sale is completed.

Based in Seneca, Illinois, Nova Holding Clinton County, LLC, makes
industrial organic chemicals and biological products.  Nova
Holding and certain affiliates filed for Chapter 11 protection on
March 30, 2009 (Bankr. D. Del. Lead Case No. 09-11081).  Michael
B. Schaedle, Esq., Melissa S. Vongtama, Esq., and Josef W. Mintz,
Esq., at Blank Rome LLP, in Philadelphia, represent the Debtors as
counsel.  David W. Carickhoff, Esq., at Blank Rome LLP, is
Delaware counsel to the Debtors.  The Debtors listed between
$10 million and $50 million each in assets and debts.


OSCIENT PHARMA: Ch. 11 Plan Filing Deadline Moved to April 14
-------------------------------------------------------------
The Hon. Henry J. Boroff of the U.S. Bankruptcy Court for the
District of Massachusetts has continued until April 14, 2010, the
hearing on the Official Committee of Unsecured Creditors' motion
to terminate Oscient Pharmaceuticals Corporation and Guardian II
Acquisition Corporation's exclusivity periods.

The Court extended the Debtors' exclusive periods to file and
solicit acceptances of the proposed plan until April 14.

The Debtor is also ordered to show cause on the April 14 hearing
in Worcester why this case must not be converted to Chapter 7.

Based in Waltham, Massachusetts, Oscient Pharmaceuticals
Corporation -- http://www.antararx.com/and
http://www.factive.com/-- and its wholly owned subsidiary,
Guardian II Acquisition Corporation, sell two products, ANTARA
(fenofibrate) capsules, which is a cardiovascular product
indicated for the adjunct treatment of hypercholesterolemia (high
blood cholesterol) and hypertriglyceridemia (high triglycerides)
in combination with diet, and FACTIVE (gemifloxacin mesylate)
tablets, which is a fluoroquinolone antibiotic indicated for the
treatment of acute bacterial exacerbations of chronic bronchitis
and community-acquired pneumonia of mild to moderate severity.

As of December 31, 2008, the Debtors' audited consolidated
financial statements reflected total assets of $174.0 million and
total liabilities of $255.2 million.

Oscient Pharmaceuticals Corporation together with an affiliate
filed for Chapter 11 on July 13, 2009 (Bankr. D. Mass. Case No.
09-16576).  Judge Henry J. Boroff presides over the case.  Charles
A. Dale III, Esq., at K&L Gates LLP, represents the Debtors.  The
Debtors also hired Ropes & Gray LLP as special litigation counsel,
and Broadpoint Capital Inc. as financial advisor.


OVERSEAS SHIPHOLDING: Moody's Puts 'Ba3' Rating on $300 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service assigned a Ba3 senior unsecured rating
to the planned $300 million senior unsecured notes due 2018 issued
by Overseas Shipholding Group.  Moody's also affirmed all of its
existing debt ratings of OSG and assigned a P(Ba3) rating to the
senior unsecured shelf under which the Notes are being offered.
The outlook is negative.

According to OSG, it will apply 100% of the net proceeds of the
Notes to the reduction of the outstanding balance on its
$1.8 billion senior unsecured revolving credit due February 2013.

The last rating action was on March 19, 2010, when Moody's
downgraded the senior unsecured rating to Ba3 from Ba2 and changed
the outlook to negative.

Upgrades:

Issuer: Overseas Shipholding Group, Inc.

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to LGD5,
     73% from LGD5, 76%

Assignments:

Issuer: Overseas Shipholding Group, Inc.

  -- Multiple Seniority Shelf, Assigned (P)Ba3

  -- Senior Unsecured Regular Bond/Debenture, Assigned a range of
     73 - LGD5 to Ba3

Overseas Shipholding Group, Inc., headquartered in New York City,
NY, is one of the largest publicly traded tanker companies in the
world, engaged primarily in the ocean transportation of crude oil
and petroleum products.


PCAA PARENT: Receives Approval of Bonuses for Executives
--------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Parking Co. of
America Airports LLC received from the Bankruptcy Court approval
of a bonus program for three top executives and seven other
workers.  If the assets are sold at auction for more than $75
million but less than $115 million, the bonus pool will be
$532,500.  If the price is $125 million, the bonuses will be
$937,500.  The bonus pool will ratchet up if the price exceeds
$125 million.  The three top executives are to have 90% of the
fund. The other seven will share 10%.

PCAA is scheduled to present on May 14 its Chapter 11 plan.  The
plan is based upon a sale of the business, as Bainbridge ZKS -
Corinthian Holdings LLC has offered $111.5 million.  An auction,
where Bainbridge would be the stalking horse bidder is scheduled
for April 27.

Under the Plan, secured lenders, owed about $199.5 million, would
get the proceeds related to the sale of its underlying collateral.
No projected recovery was given.  Two other groups of secured
creditors -- Chicago and RCL creditors -- would get full payment
of their $6 million in cash from the sale of the assets pledged as
their collateral.

Unsecured creditors would share "distributable value" ascribed to
the specific company units they hold a claim against.  They would
also split 25,000 of the sale proceeds, any remaining assets and
any potential lawsuits.

                            About PCAA

Essington, Pennsylvania-based PCAA Parent, LLC, runs the largest
domestic off-site airport parking business, operating 31 off-site
airport parking facilities comprising over 40,000 parking spaces
near 20 major airports across the U.S.  The Company owns or leases
its off-airport parking facilities in, among other states,
California, Arizona, Colorado, Texas, Georgia, Tennessee,
Pennsylvania, Connecticut, New York, New Jersey, and Illinois.

The Company filed for Chapter 11 bankruptcy protection on
January 28, 2010 (Bankr. D. Delaware Case No. 10-10250).  John
Henry Knight, Esq.; Lee E. Kaufman, Esq.; and Mark D. Collins,
Esq.; and Zachary I. Shapiro, Esq., at Richards, Layton & Finger,
P.A., assist the Company in its restructuring effort.  The Company
listed $50,000,001 to $100,000,000 in assets and $100,000,001 to
$500,000,000 in liabilities.

The Company's affiliates -- PCAA Chicago, LLC; Parking Company of
America Airports, LLC; PCA Airports, Ltd.; PCAA GP, LLC; Parking
Company of America Airports Phoenix, LLC; RCL Properties, LLC;
PCAA LP, LLC; PCAA Properties, LLC; Airport Parking Management,
Inc.; PCAA SP-OK, LLC; PCAA SP, LLC; PCAA Oakland, LLC; and PCAA
Missouri, LLC -- filed separate Chapter 11 bankruptcy petitions.


PETTERS COMPANY: Creditor Ineligible to Vote for Ch. 11 Trustee
---------------------------------------------------------------
WestLaw reports that a creditor whose asserted security interests
in the assets of a Chapter 11 debtor's subsidiary were being
challenged in the subsidiary's separate bankruptcy case, a case in
which the debtor had filed an unsecured claim based on an
intercompany loan, held an interest "materially adverse" to
creditors entitled to a distribution in the debtor's case, and was
not eligible to participate in the election of Chapter 11 trustee.
Ultimately, the concern for the court, in deciding whether a
creditor is disqualified from voting for a Chapter 11 trustee
based on the fact that it holds a "materially adverse" interest,
is whether the creditor has ulterior motives for its participation
in the election process that may manifest themselves in unfairly
self-serving ways if the creditor's vote is pivotal in the choice
of a trustee.  In re Petters Co., Inc., --- B.R. ----, 2010 WL
841247 (Bankr. D. Minn.).

Based in Minnetonka, Minnesota, Petters Group Worldwide LLC is
named for founder and chairman Tom Petters.  The group is a
collection of some 20 companies, most of which make and market
consumer products.  It also works with existing brands through
licensing agreements to further extend those brands into new
product lines and markets.  Holdings include Fingerhut (consumer
products via its catalog and Web site), SoniqCast (maker of
portable, WiFi MP3 devices), leading instant film and camera
company Polaroid (purchased for $426 million in 2005), Sun Country
Airlines (acquired in 2006), and Enable Holdings (online
marketplace and auction for consumers and manufacturers' overstock
inventory).  Petters formed the company in 1988.

Petters Company, Inc., is the financing and capital-raising unit
of Petters Group Worldwide, LLC.  Petters Company, Inc., Petters
Group Worldwide, LLC, and eight other affiliates filed separate
petitions for Chapter 11 protection (Bankr. D. Minn. Case No.
08-45257) on October 11, 2008.  James A. Lodoen, Esq., at
Lindquist & Vennum P.L.L.P., serves as the Debtors' counsel.
In its petition, Petters Company, Inc., listed debts of between
$500 million and $1 billion, while its parent, Petters Group
Worldwide, LLC, listed debts of not more than $50,000.

As reported in the Troubled Company Reporter on October 7, 2008,
Petters Aviation, LLC, and affiliates MN Airlines, LLC, doing
business as Sun Country Airlines, Inc., and MN Airline Holdings,
Inc., filed separate petitions for Chapter 11 bankruptcy
protection (Bankr. D. Minn. Case Nos. 08-45136, 08-35197 and
08-35198) on October 6, 2008 .  Petters Aviation, LLC is a
wholly owned unit of Thomas Petters Inc. and owner of
MN Airline Holdings, Inc., Sun Country's parent company.


PHILADELPHIA NEWSPAPERS: Says Lenders' Group Acted As One Unit
--------------------------------------------------------------
Philadelphia Newspapers LLC has urged a district court to reverse
a bankruptcy judge's denial of its motion to compel disclosure
from the steering group of prepetition lenders, saying the group
has consistently functioned as a committee subject to Bankruptcy
Rule 2019 disclosure mandates, Bankruptcy Law360 reports.

Philadelphia Newspapers -- http://www.philly.com/-- owns and
operates numerous print and online publications in the
Philadelphia market, including the Philadelphia Inquirer, the
Philadelphia Daily News, several community newspapers, the
region's number one local Web site, philly.com, and a number of
related online products. The Company's flagship publications are
the Inquirer, the third oldest newspaper in the country and the
winner of numerous Pulitzer Prizes and other journalistic
recognitions, and the Daily News.

Philadelphia Newspapers and its debtor-affiliates filed for
Chapter 11 bankruptcy protection on February 22, 2008 (Bankr. E.D.
Pa. Case No. 09-11204).  Mark K. Thomas, Esq., and Paul V.
Possinger, Esq., at Proskauer Rose LLP in Chicago, Illinois; and
Lawrence G. McMichael, Esq., Christie Callahan Comerford, Esq.,
and Anne M. Aaronson, Esq., at Dilworth Paxson LLP, in
Philadelphia, Pennsylvania, serve as bankruptcy counsel.  The
Debtors' financial advisor is Jefferies & Company Inc.  The Garden
City Group, Inc., serves as claims and notice agent.

Ben Logan, Esq., at O'Melveny & Myers LLP in Los Angeles,
California; and Gary Schildhorn, Esq., at Eckert Seamans Cherin &
Mellott, LLC in Philadelphia, represent the Official Committee of
Unsecured Creditors.  Fred S. Hodara, Esq., Abid Qureshi, Esq.,
and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP in
New York, represent the Steering Group of Prepetition Secured
Lenders.

Philadelphia Newspapers listed assets and debts of $100 million to
$500 million in its bankruptcy petition.


PHOENIX WORLDWIDE: Can Access C3 Capital Cash Collateral
--------------------------------------------------------
The Hon. Robert A. Mark of the U.S. Bankruptcy Court Southern
District of Florida authorized Phoenix Worldwide Industries, Inc.,
to:

   -- use cash securing repayment of loan with C3 Capital
      Partners, L.P., provided that the Debtor may exceed the line
      item amounts by no more than 10%; and

   -- grant adequate protection to C3 Capital.

A hearing on the Debtors' continued use of C3 Capital's cash
collateral will be held on April 6, 2010, at 1:30 p.m. at
Courtroom 1406, U.S. Courthouse, 51 SW 1st Avenue in Miami,
Florida.

The Debtor would also use the cash collateral to pay its ordinary
and necessary business expenses.

As reported in the Troubled Company Reporter on December 17, 2009,
the Debtor related that C3 Capital provided a $500,000 loan
and may assert an interest in cash collateral pursuant to a
security agreement between C3 Capital and the Debtor.

As adequate protection, C3 Capital is granted replacement liens on
all postpetition property that is of the same nature and type of
its prepetition collateral.

             About Phoenix Worldwide Industries, Inc.

Miami, Florida-based Phoenix Worldwide Industries, Inc. --
http://www.phoenixworldwide.com/-- dba Phoenix Worldwide
Industries, Inc.- Forensic Vehicle Division and Phoenix IVS
Division develops surveillance technologies for government and law
enforcement agencies.

The Company filed for Chapter 11 on June 29, 2009 (Bankr. S. D.
Fla. Case No. 09-23201).  Jeffrey P. Bast, Esq., at Bast Amron LLP
represents the Debtor in its restructuring efforts.  The Debtor
has assets and debts both ranging from $10 million to $50 million.


PNG VENTURES: Court Confirms First Amended Chapter 11 Plan
----------------------------------------------------------
BankruptcyData.com reports that the U.S. Bankruptcy Court
confirmed PNG Ventures' First Amended Chapter 11 Plan of
Reorganization.

According to the report, under the Plan, Fourth Third (Medley),
the holder of $37.5 million of senior secured indebtedness, will
receive $5.5 million in cash, a new $9.8 million senior secured
four-year term note, accruing interest at 10% per annum and shares
of common stock representing approximately 66% of the common stock
of the newly reorganized Company.

The $2.0 million credit facility held by Greenfield Commercial
Credit will continue to remain in effect.

Castlerigg PNG Investments, the holder of roughly $3.2 million of
convertible debt, has agreed to provide approximately $8.075
million to fund the implementation of the Plan, in return for
which it will receive a $5.5 million senior secured four year term
note, accruing interest at 10% per annum, a $250,000 senior
secured short-term note and shares of common stock representing
approximately 26.5% of the common stock of the newly-reorganized
Company.

The holder of a senior secured note of the Company will receive
approximately $72,000 in cash.

Former litigants who asserted certain contract claims against the
Company will receive allowable claims as unsecured creditors and
the return of certain equipment which was the subject matter of
the litigation.

Holders of $7 million of unsecured indebtedness will receive a
portion of a $750,000 creditor fund and stock representing
approximately 7.5% of the common stock of the newly reorganized
Company, on a pro rata basis based on the amount of each allowed
general unsecured claim.

All of the Company's existing equity will be eliminated on the
effective date of the Plan, including all options, warrants and
other derivative instruments that are linked to our existing
equity.

On the effective date of the Plan, the Company will change its
name to Applied Natural Gas Fuels.

                        About PNG Ventures

PNG Ventures, Inc., produces, distributes, and sells liquefied
natural gas to customers within the transportation, industrial,
and municipal markets in the western United States and parts of
Mexico.  The Company sells substantially all of its LNG to fleet
customers, who typically own and operate their fueling stations.
The Company also sells a small volume of LNG to customers for non-
vehicle use.  The Company owns one public LNG fueling station from
which it sells LNG to numerous parties.  The Company produces LNG
at its liquefaction plant in Arizona, but also purchases, from
time to time, LNG supplies from third parties, typically on spot
contracts.  The Company sells LNG principally through supply
contracts that are normally on an index-plus basis, although it
also occasionally enters into fixed-price contracts.

The Company is headquartered in Dallas, Texas.  The LNG business
conducts its operations principally in Arizona and California.
Through the Company's LNG business, the Company offers turnkey
fuel solutions to its customers, including clean LNG fuel (99%
methane gas) and delivery, equipment storage, fuel dispensing
equipment and fuel loading facilities.

PNG Ventures and its affiliates filed for Chapter 11 on
September 10, 2009 (Bankr. D. Del. Case No. 09-13162).  Attorneys
at Fox Rothschild LLP represent the Debtors in their restructuring
effort.  Logan & Co. serves as claims and notice agent.


PPA HOLDINGS: Continued Hearing on Cash Access Set for March 31
---------------------------------------------------------------
The Hon. Erithe A. Smith of the U.S. Bankruptcy Court for the
Central District of California, in a fifth interim order,
authorized PPA Holdings LLC, et. al., to access all rents and
other cash receipts generated from its property until:

   (i) March 31, 2010; or

  (ii) the date on which the Debtors turn over property management
       functions of its property or properties to a third-party
       property management firm pursuant to an order approving the
       employment of the third party property management firm, to
       pay the ordinary and necessary expenses of maintaining and
       operating its property.

A continued hearing on the Debtors' cash collateral use will be
held on March 30, 2010, at 2:00 p.m.   The Debtors may file with
the Court.

The Debtors would use the cash collateral only to pay postpetition
operating expenses, and make necessary payments for insurance,
utilities and any items raising health or safety concerns.

As adequate protection for any diminution in value of the lenders'
collateral, the Debtors will grant the secured creditor a
replacement lien on the Debtors' assets and a superpriority claim
status.

                        About PPA Holdings

Irvine, California-based PPA Holdings LLC is in the real property
investment business.

The Company and its affiliates filed for Chapter 11 on June 26,
2009 (Bankr. C.D. Calif. Lead Case No. 09-16353).  Nanette D.
Sanders, Esq., and Todd C. Ringstad, Esq., at Ringstand & Sanders
LLP, represent the Debtors in their restructuring efforts.
Richard W. Esterkin, Esq., at Morgan Lewis & Bockius LLP,
represents the official committee of unsecured creditors as
counsel.  The Debtors listed $10 million to $50 million in assets
and $50 million to $100 million in debts.


PREMIUM PROTEIN: Hasting to Buy Lincoln Plant for $700,000
----------------------------------------------------------
Richard Piersol at Lincoln Journal Star reports that Hasting
Acquisitions has agreed to buy Premium Protein Products' Lincoln
facility for $700,000.  Hasting previously acquired the Company's
Hastings slaughter plant for $3.2 Million.  No documents
confirming the sale have been filed with the court, according to
the report.

Premium Protein Products, LLC, is an operator of slaughtering and
fabrication operations in Nebraska.  Premium Protein filed for
Chapter 11 bankruptcy protection on November 10, 2009 (Bankr. D.
Neb. Case No. 09-43291).  Robert V. Ginn, Esq., at Blackwell
Sanders Peper Martin LLP, assists the Company in its restructuring
efforts.  The Company listed $10,000,001 to $50,000,000 in assets
and $50,000,001 to $100,000,000 in liabilities.


PRIMEDIA INC: S&P Downgrades Corporate Credit Rating to 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Norcross, Georgia-based PRIMEDIA Inc. to 'B' from 'B+'.

At the same time, S&P revised its recovery rating on PRIMEDIA's
secured debt to '4', reflecting its expectation of average (30%-
50%) recovery in the event of a payment default, from '3'.  This
revision reflects S&P's lowering of its distressed EBITDA
valuation multiple estimate to 5.0x from 5.5x, due to the
company's deteriorating business fundamentals and longer-term
structural risks.  S&P lowered the issue-level rating on this debt
to 'B' (at the same level as the 'B' corporate credit rating) from
'B+', in accordance with its notching criteria for a '4' recovery
rating.

"The ratings downgrade is based on S&P's expectation that,
although restructuring costs will substantially decrease in 2010
year over year, S&P now estimate they will be higher than its
previous expectation, and lease-adjusted debt to EBITDA will
remain well above its previous threshold for the company at the
'B+' rating," said Standard & Poor's credit analyst Michael
Altberg.  "In addition, leverage may stay elevated in 2011 if
operating trends do not improve."

S&P expects performance at the apartment business to remain under
pressure until unemployment rates materially improve and rent
levels show signs of stabilization.  Average occupancy rates are
still in a relatively beneficial range for the company, at about
92%; however, declines in effective rent levels, which were down
4.5% in 2009, are causing property managers to devote less
advertising to unoccupied units.  In addition, S&P believes that
the new homes business will remain weak in 2010 as housing starts
in the U.S. remain depressed and new home builders face
competition from much cheaper foreclosures.  The company has
implemented significant cost-cutting initiatives at Distributech,
which will help to reduce losses in 2010.  S&P expects revenue at
Distributech will also decline modestly due to the termination of
certain retail display allowance contracts.

Lease-adjusted debt to EBITDA (including restructuring charges)
was high, at roughly 8x for the 12 months ended Dec. 31, 2009, up
from 5.1x in 2008.  S&P expects that this ratio will come down in
2010 due to a significant reduction in restructuring costs, but
expect that leverage will still stay elevated due to still-weak
advertising demand.  The company converted 24.4% of EBITDA to
discretionary cash flow for the year, as restructuring costs and
dividend payments impeded cash generation.  The company currently
pays a quarterly dividend of $0.07 per share, which amounted to a
sizable 60% of free cash flow in 2009.  The payout ratio should
decline as cash restructuring charges shrink, but S&P does not
anticipate much improvement in conversion in 2010.


PROVIDENT FUNDING: Moody's Assigns 'Ba3' Senior Secured Rating
--------------------------------------------------------------
Moody's Investors Service assigned a first-time Corporate Family
Rating to Provident Funding Associates, L.P.  Concurrently,
Moody's assigned a Ba3 senior secured rating to Provident's
proposed $400 million senior secured notes.  The outlook for the
ratings is stable.

The Ba3 corporate family rating reflects the company's strong
asset quality, stable cash flow generation, low cost origination
and servicing platforms, as well as its adequate risk-adjusted
returns.  In addition, the company's modest leverage and stable
capital levels are credit positives.

Offsetting these positive attributes is Provident's limited
franchise in the fragmented and highly competitive residential
mortgage market.  In addition, the company is reliant on secured
and short-term funding, which results in a high level of
encumbered assets and limits financial flexibility.

The Ba3 senior secured rating reflects the substantial amount of
secured debt in the company's capital structure.  The stable
outlook reflects Moody's expectations that Provident will be able
to profitably grow its servicing platform, while employing modest
leverage, at least over the near term.

Provident is headquartered in Burlingame, California.


PROVIDENT FUNDING: S&P Assigns 'B+' Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned a
'B+' counterparty credit rating to California-based Provident
Funding Associates L.P.  The outlook is stable.

"Strong and consistent earnings, low credit risk, and a long track
record of originating residential mortgages drive S&P's ratings on
Provident," said Standard & Poor's credit analyst Jeffrey Zaun.
"On the other hand, the firm's dependence on wholesale funding,
its reliance on brokers to originate mortgage loans, and
governance concerns related to the company's concentrated, family
ownership partly offset these positive rating factors."

Provident originates and services agency-conforming residential
mortgages.

The stable outlook assumes that earnings will remain consistent
and that leverage will increase moderately subsequent to the
firm's proposed $400 million debt offering.


RAPID LINK: Reports $757,788 Net Loss for Qtr. Ended Jan. 31
------------------------------------------------------------
Rapid Link Incorporated filed its Form 10-Q, showing $757,788 net
loss on $2,439,977 revenues for the three months ended January 31,
2010, compared with $660,507 net loss on $4,856,630 total revenues
for the same period a year earlier.

The Company's balance sheet revealed $3,678,671 in total assets
and $19,340,263 in total liabilities for a $15,662,592
stockholders' deficit.

               Modification of Existing Senior Secured
                      Financing Arrangements

At October 31, 2009 and January 31, 2010, the company is not in
compliance with certain covenants associated with its security
agreement with L.V. Administrative Services and certain lenders
including Valens U.S. SPV I, and Valens Offshore SPV II Corp.

The company said, "As of January 31, 2010, the Lenders have not
notified us of an event of default.  However, the non-compliance
represents an event that gives the Lenders the right to notify us
of default.  Therefore, at October 31, 2009, and January 31, 2010,
the entire amount owed to the Lenders, of approximately $5,653,413
and $5,722,485, respectively, was callable and has been classified
as a current liability.  The covenant violations with these
Lenders triggered cross defaults in certain convertible notes.  As
of January 31, 2010, the convertible note holders have not
notified us of an event of default.  However, the non-compliance
represents an event that gives the convertible note holders the
right to notify us of default.  Therefore, at January 31, 2010,
and October 31, 2009, the entire amount owed to these convertible
note holders, of approximately $1,981,277 and $1,381,277,
respectively, was callable and has been classified as a current
liability.  At January 31, 2010, we were negotiating these matters
with all of the lenders."

"In connection with the initial closing under the Share Exchange
Agreement, as described in the 'Recent Developments' section
above, we entered into certain loan modification documents with
the Lenders which have historically provided financing to us.
Pursuant to the loan modification documents, our outstanding
indebtedness to the Lenders was restructured and reduced to an
aggregate amount of $1,250,000.  Pursuant to a Secured Term Note,
such indebtedness will accrue interest at the rate of 8.00% per
year with monthly payments of interest commencing on March 1,
2010.  The principal amount of the Secured Term Note is due on
February 28, 2013.  In addition, Mr. Prepaid, our newly acquired
subsidiary, executed a guaranty of our obligations under the
Secured Term Note.  Finally, the Company and Mr. Prepaid executed
a Master Security Agreement in favor of the Lenders pursuant to
which our obligations under the Secured Term Note and Mr.
Prepaid's obligations under the Guaranty are secured by a security
interest in all of our assets and all of the assets of Mr.
Prepaid.  In addition, as part of the initial closing under the
Share Exchange Agreement, the convertible notes described above
were fully converted into shares of our common stock.

"In addition, on February 24, 2010, we executed a Convertible
Promissory Note in the principal amount of $500,000 in favor of a
third party lender.  The principal amount under the Convertible
Note will begin to accrue interest on February 28, 2011, at the
rate of 3.00% per year with quarterly payments of interest
commencing on June 1, 2011.  The principal amount of the
Convertible Note is due on December 31, 2011.  Prior to maturity,
the Convertible Note may be converted, at any time at the option
of the holder, into shares of our common stock based on an initial
conversion rate of $0.027 per share.  The proceeds of the
Convertible Note will be used to finance our needs for working
capital," the company added.

A full-text copy of the company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?5b94

                         About Rapid Link

Rapid Link Incorporated -- http://www.rapidlink.com/-- is a
telecommunications services company which, through its wholly
owned subsidiary, provides prepaid telecommunication and
transaction based point of sale activation solutions through 1,000
independent retailers in the Eastern United States.  The Company
also provides long distance services and plans to expand its
product offering to include mobile and wireless services.

At October 31, 2009, total assets were $3.47 million and debts
were at $18.66 million, resulting to a deficit of $15.19 million.

KBA GROUP LLP in Dallas, Texas, expressed substantial doubt about
Rapid Link's ability to continue as a going concern after auditing
the Company's financial statements as of October 31, 2008.  The
auditor noted the Company has suffered recurring losses from
continuing operations during the last two fiscal years.  At
October 31, 2008, the Company's current liabilities exceeded its
current assets by $2.1 million and the Company has a shareholders'
deficit totaling $2.9 million.


REGENT COMMUNICATIONS: Disclosure Statement Gets OK
---------------------------------------------------
Bankruptcy Law360 reports that Regent Communications Inc. got a
green light to start soliciting support for its Chapter 11 plan
Monday when the judge overseeing the radio broadcasting company's
Chapter 11 proceedings approved its disclosure statement.

According to Reuters, Regent's plan will cut its debt by
$87 million.  Present shareholders are entitled get a pro rata
portion of $5.5 million in cash under the Plan.  The Plan proposes
to transfer ownership of the company to its lender and pay
unsecured creditors in full.

Headquartered in Cincinnati, Ohio, Regent Communications, Inc., is
a radio broadcasting company that acquires, develops, and operates
radio stations.  There are 47 subsidiary entities with 62 radio
stations in markets in Colorado, Illinois, Indiana, Kentucky,
Louisiana, Michigan, Minnesota, New York, and Texas.  Regent
Communications focuses on radio stations in mid-sized market that
are diversified in terms of geographic location, target
demographics and format in order to minimize the effects of
downturns in specific markets and changes in format preferences.

The Company filed for Chapter 11 bankruptcy protection on March 1,
2010 (Bankr. D. Delaware Case No. 10-10632).  Michael R. Nestor,
Esq., at Young Conaway Stargatt & Taylor, assists the Company in
its restructuring effort.  As of January 31, 2010, the Company had
$166,506,000 in assets and $211,282,000 in liabilities.


RIVER ROAD: Has April 21 Deadline for Plan Outline
--------------------------------------------------
Bill Rochelle at Bloomberg News reports that River Road Hotel
Partners LLC has received an extension of the exclusive right to
propose a reorganization plan until April 21.  The judge ruled
that River Road can't make another extension request unless it
gives the secured lenders a "written, specific and detailed
restructuring proposal" by April 9.

River Road Hotel Partners LLC is the owner of the InterContinental
Chicago O'Hare airport hotel.  Affiliate RadLAX Gateway Hotel LLC
owns the Radisson hotel at Los Angeles International Airport. Both
are ultimately controlled owned by Harp Group.

River Road and RadLAX filed Chapter 11 in Chicago in August 2009
(Bankr. N.D. Ill. Case No. 09-30029).  Based in Oak Brook,
Illinois, River Road listed assets of as much as $100 million and
debt of as much as $500 million.


RJ YORK: Heartland and Frontenac Want to Foreclose
--------------------------------------------------
Tim Bryant at St. Louis Post-Dispatch reports that Robert Kramer's
Clayton properties -- Clayton Park Place and RJ York Management
LLC's office in Maryland -- are facing foreclosure actions by
Heartland Bank and Frontenac Bank.  RJ York SSG LLC filed the
Chapter 11 bankruptcy reorganization on Feb. 2, 2010.


ROBERT CLARK: Section 341(a) Meeting Scheduled for April 15
-----------------------------------------------------------
The U.S. Trustee for Region 21 will convene a meeting of creditors
in Robert Clark Gilbert's Chapter 11 case on April 15, 2010, at
4:00 p.m.  The meeting will be held at Third Floor - Room 365,
Russell Federal Building, 75 Spring Street SW, Atlanta, GA 30303.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Acworth, Georgia-based Robert Clark Gilbert filed for Chapter 11
bankruptcy protection on March 15, 2010 (Bankr. N.D. Ga. Case No.
10-41047).  Joseph J. Burton, Jr., Esq., who has an office in
Atlanta, Georgia, assists the Debtor in his restructuring effort.
The Debtor listed $10,000,001 to $50,000,000 in assets and
$1,000,001 to $10,000,000 in liabilities.


SIRIUS XM: Receives Nasdaq Letter About Minimum Bid Price Rule
--------------------------------------------------------------
SIRIUS XM Radio Inc. has received a letter from the staff of The
NASDAQ Stock Market LLC stating that the Company has not regained
compliance with the $1.00 minimum closing bid price requirement
for continued listing on The NASDAQ Global Select Market.

The Company will request a hearing before a NASDAQ Listing
Qualifications Panel at which it will ask for continued listing on
NASDAQ pending its return to compliance.  As a result, the NASDAQ
staff's letter has no effect on the listing of SIRIUS XM's common
stock at this time.

"SIRIUS XM is one of the most liquid securities on The NASDAQ
Global Select Market; we have a large investor base consisting of
both individual and prominent institutional stockholders; and our
equity capitalization is greater than approximately 92% of the
companies listed on The NASDAQ Global Select Market. We are
committed to remaining listed on The NASDAQ Global Select Market,"
said Mel Karmazin, Chief Executive Officer of SIRIUS XM.

SIRIUS XM has an equity capitalization of over $5.8 billion and an
enterprise value of nearly $8.8 billion.  In 2009, the Company had
revenue of over $2.5 billion.  Over 3.7 billion shares of the
Company's common stock are available in the public float.

In addition, the NASDAQ OMX Group, Inc., has announced that the
Company's common stock will be added to the NASDAQ Q-50 Index
effective with the market open on Monday, March 22, 2010.  The Q-
50 Index is designed to track the performance of the fifty
securities that are next in line to replace the securities
currently included in the NASDAQ-100 Index.

The Company intends to take all necessary steps to maintain the
listing of its common stock on The NASDAQ Global Select Market.
The Company's stockholders have granted the Company's board of
directors the discretion to effect a reverse stock split, which
would bring the Company into compliance with the NASDAQ bid price
requirement.  However, the board of directors intends to effect
the reverse stock split only if it determines the action to be in
the best interests of stockholders.

Under NASDAQ's current Listing Rules, the Panel may grant the
Company up to an additional 180 days from the date of the staff's
letter, or through September 13, 2010, to comply with the NASDAQ
bid price requirement.

                       About Sirius XM Radio

Based in New York, Sirius XM Radio Inc. has two principal wholly
owned subsidiaries, XM Satellite Radio Holdings Inc. and Satellite
CD Radio Inc.  XM Satellite Radio Holdings Inc. owns XM Satellite
Radio Inc., the operating company for the XM satellite radio
service.  Satellite CD Radio Inc. owns the Federal Communications
Commission license associated with the SIRIUS satellite radio
service.  XM Satellite Radio Inc. owns XM Radio Inc., the holder
of the FCC license associated with the XM satellite radio service.

In July 2008, the Company's wholly owned subsidiary, Vernon Merger
Corporation, merged with and into XM Satellite Radio Holdings Inc.
and, as a result, XM Satellite Radio Holdings Inc. became Sirius'
wholly owned subsidiary.

As of December 31, 2009, the Company had total assets of
$7.263 billion against total liabilities of $7.226 billion.

                           *     *     *

Sirius carries (i) a 'B' corporate credit rating from Standard &
Poor's and (ii) 'Caa1' corporate family rating and 'B3'
probability of default rating from Moody's.


SAHARA ENERGY: Files Notice to Seek Creditor Protection
-------------------------------------------------------
Sahara Energy Ltd. has filed a Notice of Intention to Make a
Proposal pursuant to section 50.4 of the Bankruptcy and Insolvency
Act (Canada) (the "Filing").  The Filing results in an automatic
30 day stay of proceedings which protects the Company from its
creditors.  It is the Company's intention to file a Proposal for
consideration by its creditors.

The trustee named in the Filing is Deloitte & Touche Inc. of
Calgary, Alberta.

38,036,302 shares outstanding

"Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."


SAHARA ENERGY: Gallic Energy Intends to Acquire Firm
----------------------------------------------------
Gallic Energy Ltd. has entered into an arm's length letter of
intent agreement with Sahara Energy Ltd. to negotiate the
acquisition by Gallic of Sahara's Alberta and Saskatchewan
properties for consideration of approximately 13,500,000 class A
common shares of Gallic and the assumption of $500,000 of Sahara's
secured debt. Gallic has made a refundable deposited of $50,000
under the terms of the letter of intent, to be applied against the
purchase price at closing.  The letter of intent also contemplates
the appointment of one additional director to the board of
directors of Gallic in conjunction with the Acquisition, who will
be a nominee of Sahara.

The Acquisition is subject to the completion of due diligence and
negotiation of a formal agreement, as well as customary closing
conditions and the receipt of all applicable regulatory and TSX
Venture Exchange approval, as well as applicable Gallic
disinterested shareholder approval in accordance with TSX Venture
Exchange requirements.

The properties currently produce approximately 60 boe/d of low
risk heavy oil in the greater Lloydminster area. These assets
align with Gallic's strategy to acquire and consolidate low risk
oil and gas properties to bring immediate production, cashflow and
reserves to the Company.

    Key attributes of the properties are:

    -- Current production of approximately 60 boe/d of heavy oil
       and gas production from 5 one hundred percent working
       interest wells and
       6 gross (1.6 net) non-operated wells;

    -- Approximately 4900 gross (2180 net) developed acreage;

    -- Approximately 8345 gross (3925 net) undeveloped acreage;

    -- An inventory of 4 low risk development drilling locations;

    -- Approximately 10 suspended wells with reactivation
       opportunities;

Mr. Mark Woods, Gallic's President and COO commented, "This
property acquisition is expected to bring immediate production and
low risk development opportunities and additional team strength
which compliments the Gallic team.  These assets combined with our
previously announced acquisition of Oklahoma assets positions the
Company well for future production, reserves and cashflow growth."

Gallic is also currently finalizing negotiations on its formal
agreements to acquire the Oklahoma properties, as previously
announced, and expects that a definitive agreement will be signed
shortly with closing expected within the next month.

Gallic Energy Ltd. has 38,939,154 class A shares outstanding, and
trades on the TSX Venture Exchange under the symbol GLC.


SMART ONLINE: To Pay Interest of New Notes At 8% Per Annum
----------------------------------------------------------
Smart Online Inc. said it is obligated to pay interest on the new
note at an annualized rate of 8% payable in quarterly installments
commencing May 11, 2010.  The Company said it is not permitted to
prepay the new note without approval of the holders of at least a
majority.

On February 11, 2010, the company sold an additional convertible
secured subordinated note due November 14, 2010 in the principal
amount of $500,000 to a current noteholder upon substantially the
same terms and conditions.

The Company said it plans to use the proceeds to meet ongoing
working capital and capital spending requirements.

                        About Smart Online

Durham, North Carolina-based Smart Online, Inc. --
http://www.smartonline.com/-- develops and markets software
products and services (One Biz(TM)) targeted to small businesses
that are delivered via a Software-as-a-Service model.  The Company
sells its SaaS products and services primarily through private-
label marketing partners.  In addition, the Company provides
sophisticated and complex Web site consulting and development
services, primarily in the e-commerce retail and direct-selling
organization industries.

At September 30, 2009, the Company had $1,788,096 in total assets
against $13,610,936 in total liabilities, resulting in
stockholders' deficit of $11,822,840.


SEAN BUBOLTZ: Case Summary & 12 Largest Unsecured Creditors
-----------------------------------------------------------
Joint Debtors: Sean S. Buboltz
               Heather M. Buboltz
               3913 Sorrel Vine Drive
               Wesley Chapel, FL 33544

Bankruptcy Case No.: 10-06382

Chapter 11 Petition Date: March 22, 2010

Court: United States Bankruptcy Court
       Middle District of Florida (Tampa)

Debtors' Counsel: Buddy D. Ford, Esq.
                  115 N. MacDill Avenue
                  Tampa, FL 33609-1521
                  Tel: (813) 877-4669
                  Fax: (813) 877-5543
                  Email: Buddy@tampaesq.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

According to the schedules, the Company has assets of $1,306,189
and total debts of $1,524,001.

A full-text copy of the Debtors' petition, including a list of
their 12 largest unsecured creditors, is available for free at:

             http://bankrupt.com/misc/flmb10-06382.pdf

The petition was signed by the Joint Debtors.


SKILLED HEALTHCARE: Moody's Raises Corp. Family Rating to 'B1'
--------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Skilled
Healthcare Group, Inc., including the corporate family and
probability of default ratings to B1 as well as the senior
subordinated notes to B3.  Concurrently, Moody's assigned Ba3
ratings to the company's proposed $330 million first lien term
loan and $100 million senior secured revolver.  The ratings
outlook is stable.  The speculative grade liquidity rating is at
SGL-3 but is expected to be upgraded to SGL-2 once the proposed
transaction closes.

The new $330 million first lien term loan is being used to
refinance the company's existing first lien term loan and repay
the outstandings under its revolver.  Moody's expects the
company's new $100 million revolving credit facility to be undrawn
at the close of the transaction.

The upgrade of the corporate family rating reflects Moody's
expectation that Skilled Healthcare will generate a meaningful
amount of free cash flow throughout the next twelve to eighteen
months and use a sizeable portion of the cash flow toward debt
repayment.  In addition, the B1 rating is supported by the stable
demand characteristics in the long-term care services segment,
Skilled Healthcare's performance track record and ability to
attract profitable Medicare patients, as well as the company's
real-estate ownership strategy.

The ratings are constrained by the company's modest size and
concentration of revenues in two states, as well as the risk of
reimbursement cuts from Medicare and Medicaid.  Additional risks
include the company's growth strategy, which includes debt
financed acquisitions and de novo developments, as it limits debt
reduction and could constrain further upgrade.

The stable outlook reflects Moody's expectation for ongoing
improvement in credit metrics and cash flow generation.  The
stable outlook also assumes that the company will be able to
offset potential future reimbursement pressure through cost
savings and patient mix changes.  The stable outlook is also
predicated on Skilled Healthcare's ability to maintain a good
liquidity profile, a measured approach to acquisitions, and no
escalation in legal issues.

If the refinancing transactions close as proposed, Moody's would
withdraw the ratings on the existing senior secured credit
facility.  LGD point estimates are subject to change and all
ratings are subject to review of final documentation.

These rating actions were taken:

  -- Assigned $330 million senior secured first lien term loan,
     due 2016, Ba3 (LGD3, 37%);

  -- Assigned $100 million senior secured revolving credit
     facility, due 2015, Ba3 (LGD3, 37%);

  -- Upgraded corporate family rating to B1 from B2;

  -- Upgraded probability of default rating to B1 from B2;

  -- Upgraded $135 million senior secured revolving credit
     facility, due 2012, to Ba3 (LGD3, 36% ) from B1 (LGD3, 38%);

  -- Upgraded $260 million ($248 million outstanding) senior
     secured first lien term loan, due 2012, to Ba3 (LGD3, 36%)
     from B1 (LGD3, 38%);

  -- Upgraded $130 million Senior Subordinated Notes, due 2014, to
     B3 (LGD6, 90%) from Caa1 (LGD6, 90%);

  -- Affirmed SGL-3;

  -- Outlook changed to stable from positive.

The last rating action was on May 7, 2009, when Moody's changed
the outlook to positive from stable.

Skilled Healthcare's ratings were assigned by evaluating factors
Moody's believe are relevant to the credit profile of the issuer,
such as i) the business risk and competitive position of the
company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term, and
iv) management's track record of tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Skilled Healthcare's core industry and Skilled
Healthcare's ratings are believed to be comparable to those other
issuers of similar credit risk.

Headquartered in Foothill Ranch, CA, Skilled Healthcare operates
long-term care facilities and provides a variety of post-acute
care services.  The company operates skilled nursing facilities,
assisted living facilities, and hospice locations.  Further, the
company provides ancillary services such as physical, occupational
and speech therapy in its facilities and unaffiliated facilities
and is a member of a joint venture providing institutional
pharmacy services in Texas.  Skilled Healthcare recognized revenue
of approximately $760 million in 2009.


SOPHIA MARTIN: Case Summary & 13 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Sophia A. Martin
        55 Cedar Lane
        Torrington, CT 06790

Bankruptcy Case No.: 10-50638

Chapter 11 Petition Date: March 22, 2010

Court: United States Bankruptcy Court
       District of Connecticut (Bridgeport)

Debtor's Counsel: Ira B. Charmoy, Esq.
                  Zeldes Needle & Cooper
                  1000 Lafayette Blvd
                  P.O. Box 1740
                  Bridgeport, CT 06601
                  Tel: (203) 333-9441
                  Fax: (203) 333-1489
                  Email: icharmoy@znclaw.com

Estimated Assets: $1,000,001 to $10,000,000

Estimated Debts: $1,000,001 to $10,000,000

According to the schedules, the Company has assets of $1,543,135,
and total debts of $1,878,765.

A list of the Company's 13 largest unsecured creditors is
available for free at:

              http://bankrupt.com/misc/ctb10-50638.pdf

The petition was signed by Ms. Martin.


SOUTH BAY EXPRESSWAY: Files for Ch. 11 to Resolve $408MM Suit
-------------------------------------------------------------
South Bay Expressway, L.P., built and operates the South Bay
Expressway in California, filed for Chapter 11.

Also known as San Diego Expressway, the Debtor and its affiliate
said the filing was necessitated by "market conditions that
eviscerated growth and traffic projections and the costs
associated with extensive, ongoing litigation with the Debtors'
contractors."

The Debtors operate the Expressway pursuant to a 35-year build
transfer operate franchise agreement with the State of California
Department of Transportation that allows the Debtors to set market
rate tolls to recover their investment over the life of the
franchise agreement.  The Debtors financed the construction of the
Expressway using an innovative and unique financial structure that
includes the first ever loan facility provided to a private toll
road operator by the US Department of Transportation under the
Transportation Infrastructure Finance and Innovation Act of 1998,
a private term loan, private equity capital investment, and
private right of way donations facilitated by the City of Chula
Vista.

Anthony G. Evans, CFO of South Bay, explained, "Unfortunately for
the Debtors, the Expressway opened amid the collapse of the
subprime housing market, in which the South Bay Area was hit
particularly hard.  Further, as is now well-documented, the
capital markets collapsed in 2008.  These factors halted
development projects previously planned for the area surrounding
the Expressway and led to a significant increase in area
unemployment.  As a result, the Expressway, which was designed to
attract commuters and support new development in the area, has
suffered from declining traffic levels.

In addition, the Debtors have expended well over $40 million over
the past three and a half years defending a number of actions
commenced by contractors against, among others, the Debtors, which
actions.  One of the contractors, Otay River Constructors recently
commenced an action allegedly seeking to foreclosure on an alleged
first-priority mechanic's liens.

The Debtors plan to use the Chapter 11 process to address pending
litigation and delever their balance sheet.  The Debtors have been
and will continue to work with their key stakeholders to develop,
negotiate, and implement, to the extent possible, a fully
consensual restructuring to the benefit of the public for the
remaining term of the Franchise Agreement, which currently extends
to 2042.

The Debtors will utilize their breathing spell to continue
negotiations with the Secured Lenders and ORC to work toward a
resolution of the priority dispute.  The Debtors intend to file an
adversary proceeding addressing the priority dispute while
simultaneously working with the secured lenders to propose a plan
of reorganization that will restructure and reduce the Debtors'
existing indebtedness and enable them to expeditiously emerge from
bankruptcy.

The Debtors say that as of the bankruptcy filing, they have
roughly $640 million in book value of total assets and roughly
$570 million in book value of total liabilities.

The Debtors have outstanding funded debt of $510 million,
comprised of a $340 million first-priority secured construction
and term loan and a $170 million pari passu first-priority secured
Transportation Infrastructure Finance and Innovation loan from the
US DOT.  The list of 20 largest unsecured creditors stated that
Calif.-based Otay River Constructors has a disputed claim of
$408,000,000.

                    About South Bay Expressway

South Bay Expressway, L.P., dba San Diego Expressway, L.P., filed
for Chapter 11 on March 22, 2010 (Bankr. S.D. Calif. Case No. 10-
04516).  Its affiliate, California Transportation Ventures Inc.,
also filed for bankruptcy.

The Debtors developed and operate a four lane, nine mile express
toll road in Southern California commonly referred to as the South
Bay Expressway or State Road 125.  Both estimated assets and debts
of $500 million to $1 billion in their bankruptcy petitions.

Robert Pilmer, Esq., at Kirkland & Ellis LLP, represents the
Debtors in their restructuring effort.  PricewaterhouseCoopers LLP
is auditor and tax advisor.  Imperial Capital LLC is financial
advisor. Epiq Bankruptcy Solutions LLC serves as claims and notice
agent.


SOUTH BAY EXPRESSWAY: Case Summary & 20 Largest Unsec. Creditors
----------------------------------------------------------------
Debtor: South Bay Expressway, L.P.
          dba San Diego Expressway, L.P.
        1129 La Media Road
        San Diego, CA 91914

Bankruptcy Case No.: 10-04516

Chapter 11 Petition Date: March 22, 2010

Type of Business: The Debtor developed and operates a four lane,
                  nine mile express toll road in Southern
                  California commonly referred to as the South Bay
                  Expressway or State Road 125.

Court: United States Bankruptcy Court
       Southern District of California (San Diego)

Judge: Louise DeCarl Adler

Debtors' Counsel: Robert Pilmer, Esq.
                  Kirkland & Ellis LLP
                  333 South Hope Street, Suite 2900
                  Los Angeles, CA 90071
                  Tel: (213) 680-8400
                  Email: alex.pilmer@kirkland.com

Debtors' Tax Advisor and Auditor: PricewaterhouseCoopers LLP

Debtors' Financial Advisor: Imperial Capital LLC

Debtors' Claims agent: Epiq Bankruptcy Solutions LLC

Estimated Assets: $500,000,001 to $1,000,000,000

Estimated Debts: $500,000,001 to $1,000,000,000

A full-text copy of the Debtor's petition, including a list of its
20 largest unsecured creditors, is available for free at:

            http://bankrupt.com/misc/casb10-04516.pdf

Debtor's List of 20 Largest Unsecured Creditors:

  Entity                   Nature of Claim        Claim Amount
  ------                   ---------------        ------------
Otay River Constructors    Trade                  $408,000,000
PO Box 210610
Chula Vista, CA 91921
Attn: Kevin Haney

InTranS Group, Inc.        Trade                  $9,000,000
55 Cherry Lane
Carle Place, NY 11514
Attn: Eric Boulard

Zurich North America       Insurance              $1,000,000
8734 Paysphere Circle
Chicago, IL 60674

Caltrans Inc.              Contract               $394,734
PO Box 168019
Sacramento, CA 95816
Attn: Jean XU

Hazard Construction        Trade                  $265,000
Company
6465 Marindustry Place
San Diego, CA 92121-2536
Attn: Tom Shaddox

AT&T                       Trade                  $147,074

Lexington Insurance        Insurance              $100,000
Company
Attn: Keith Butler

Department of California   Contract               $90,000
Highway Patrol

Resolution Management      Trade                  $80,483
Consultants, Inc.
Attn: Scott Jones

EDAW                       Professional           $80,000
Attn: Diana Romero         Services

Cox Communications         Trade                  $3,427

Portillo Concrete Inc.     Trade                  $50,000
Attn: Mario Portillo

San Diego Gas & Electric   Trade                  $25,846

Milbank Tweed Hadley &     Professional Services  $10,000
McCloy
Attn: Allan Marks

EMC Corporation            Trade                  $10,000

Berggren Land Surveying    Trade                  $10,000
& Mapping
Attn: John Berggren

Otay Water District        Trade                  $6,433

Rick Engineering Company   Trade                  $5,000

Project Design             Trade                  $5,000
Consultants
Attn: Virginia Partridge

Leighton Consulting Inc.   Trade                  $5,000
Attn: Sean Colorado


The petition was signed by Anthony G. Evans, the company's chief
financial officer.

Debtor-affiliate that filed separate Chapter 11 petition:
                                                    Petition
  Debtor                               Case No.      Date
  ------                               --------      ----
California Transportation              10-04518     3/22/10
Ventures, Inc.
   Assets: $500 million to $1 Billion
   Debts:  $500 million to $1 Billion


SPECIALTY PACKAGING: Committee Wants Weckerle to Join Bidding
-------------------------------------------------------------
netDockets reports that the Official Committee of Unsecured
Creditors in the bankruptcy cases of Specialty Packaging Holdings,
Inc., asked Judge Kevin Gross of the U.S. Bankruptcy Court for the
District of Delaware to permit a bidder to participate at an
auction even though the proposed bidder did not meet all of the
requirements to be a qualified bidder.  The Debtors are seeking to
sell substantially all of their assets.

netDockets recalls the Bankruptcy Court's bidding procedures order
required a bidder to submit a bid that contained no financing or
diligence contingencies by 5:00 p.m. on March 19.  While the
proposed bidder did undertake over three weeks of diligence and
submit a bid by the deadline, the bid that was submitted contained
a financing contingency.

netDockets relates that, according to the Committee's motion, the
need to include a financing contingency was beyond the control of
the proposed bidder, Weckerle Maschinenbau GmbH.  The bidder has
secured financing from two German lenders, but both lenders'
agreements to provide financing were contingent on board approval
and neither lender had received board approval by the bid
deadline.  netDockets relates the Committee asserts that Weckerle
has informed the Committee that "it believes approval from the
Boards is [a] formality" and will be received before the start of
the auction.  Weckerle's participation at the auction is necessary
"in order to ensure a robust auction" because there will otherwise
be only two participants -- Specialty Packaging's stalking horse
bidder and one other party that did submit a qualifying competing
bid by Friday's deadline.  The Committee's motion does seek to
condition Weckerle's participation on the financing contingency
being waived prior to the commencement of the auction.

netDockets says the auction is scheduled to begin March 23, 2010,
at 10:00 a.m. (Eastern).

Specialty Packaging Holdings Inc. is a color cosmetic developer
and manufacturer.  Specialty Packaging Holdings Inc., Cosmetic
Specialties Inc. and affiliates filed for Chapter 11 bankruptcy on
January 20 (Bankr. D. Del. Case No. 10-10142).

As reported by the Troubled Company Reporter on January 22, 2010,
Bill Rochelle at Bloomberg News said Specialty Packaging intends
to seek approval from the Bankruptcy Court to sell the business
for roughly $14 million to an affiliate of Schwan-Stabilo
Cosmetics GmbH & Co. unless a higher offer turns up at auction.
The petition said debt is less than $50 million.  The Company owes
$16.2 million in secured bank obligations.  Bank of America NA is
agent for the lenders.


TE-KON TRAVEL: Court Enforces Plan Settlement Pact with Lender
--------------------------------------------------------------
WestLaw reports that a Chapter 11 debtor-mortgagor failed to
establish, by a preponderance of the evidence, that a premature
recording of deeds in lieu of foreclosure by mortgage lenders, a
few days prior to the expiration of the debtor's right to cure its
default in making a final balloon payment called for under a prior
settlement of the lenders' motion for relief from the stay, had
prevented the debtor either from refinancing the mortgaged truck
stops in order to extend the time for it to complete a sale
thereof, or from actually completing a sale in time to prevent a
loss of the truck stops to the lenders, given the prospective
purchaser's idiosyncratic aversion to any involvement with
distress sales, and given evidence of the prospective lender's
unwillingness to proceed with the refinancing based, not only on
its concerns about possible environmental problems at the truck
stops, but on its perception that the math simply did not add up,
and that the debtor would be unable to satisfy the shortfall
between its obligations at closing and the proceeds of the
refinancing.  Thus, the lenders' breach did not foreclose them
from pursuing enforcement of the settlement.  In re Te-Kon Travel
Court, Inc., --- B.R. ----, 2010 WL 723684 (Bankr. W.D. Mich.).

Te-Khi Travel Court, Inc., aka Te-Khi Truck Auto Plaza, Inc., Te-
Kon Travel Court, Inc., Te-Khi Service Center, Inc., and Petroleum
Holdings, Inc., sought Chapter 11 protection (Bankr. W.D. Mich.
Case Nos. 04-01847 through 04-01850) on Feb. 23, 2004, represented
by John T. Piggins, Esq., at Miller Johnson Snell & Cummiskey in
Grand Rapids, Mich., and estimating less than $10 million in
assets and liabilities.


TRIBUNE CO: Seeks to Hold Bondholder Trustee in Contempt
--------------------------------------------------------
Tribune Co. has alleged that a bondholder trustee violated the
automatic stay and should be held in contempt of court for lodging
an adversary case against Citigroup Inc. and other banking giants
over their role in a 2007 leveraged buyout that left the company
saddled with about $9 billion in new debt, according to Bankruptcy
Law360.

Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.

The Company and 110 of its affiliates filed for Chapter 11
protection on Dec. 8, 2008 (Bankr. D. Del. Lead Case No. 08-
13141).  The Debtors proposed Sidley Austion LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. and Alvarez & Marsal North Americal LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent.  As
of Dec. 8, 2008, the Debtors have $7,604,195,000 in total assets
and $12,972,541,148 in total debts.

Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy
News.  The newsletter tracks the chapter 11 proceeding undertaken
by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


TUBE CITY: Moody's Affirms Corporate Family Rating at 'B2'
----------------------------------------------------------
Moody's Investors Service affirmed Tube City IMS Corporation's
fundamental ratings, including the B2 corporate family rating, and
revised the outlook to stable from negative.  Separately, Moody's
upgraded the speculative grade liquidity rating to SGL-2 from SGL-
3.

The change in outlook reflects (i) operational adjustments made by
TCIMS that limited the impact on profitability of lower steel
capacity utilization rates, (ii) free cash flow generation during
the downturn, and (iii) improved conditions in the domestic steel
industry with steel capacity utilization rates likely to remain in
the low to mid 60% over the near-term.  The stable outlook
anticipates that TCIMS should generate sufficient operating cash
flow to cover most capital expenditures while maintaining a
liquidity position sufficient to support its operations over the
next twelve months.  Moody's expects that slowly improving
conditions in the domestic steel industry should enable debt-to-
EBITDA leverage to trend to below 5.0x.

The B2 corporate family rating continues to reflect the company's
dependence on sales to the volatile and highly cyclical domestic
steel industry, its customer concentration, modest tangible
assets, significant capital expenditure requirements, and a highly
leveraged capital structure.  The ratings are supported by
operations at 74 worldwide locations, good reputation, favorable
track record of retaining customers and cross-selling services,
flexible cost structure, good liquidity, and demonstrated support
from the private equity sponsor.

Moody's also upgraded the speculative grade liquidity rating to
SGL-2 from SGL-3 to reflect an improved liquidity position
stemming from an expanded borrowing base and less operational
uncertainty.  Moody's expect revolver capacity sufficient to fund
expansionary capital spending over the next twelve months.

These ratings were impacted by the actions:

  -- Corporate Family Rating Affirmed at B2

  -- Probability of Default Rating Affirmed at B2

  -- Senior Secured Letter of Credit Facility affirmed at B1
     (point estimate changed to LGD 3; 36% from LGD 3; 34%)

  -- Senior Secured Term Loan affirmed at B1 (point estimate
     changed to LGD 3; 36% from LGD 3; 34%)

  -- Senior Subordinate Notes affirmed at Caa1 (point estimate
     changed to LGD 5; 81% from LGD 5; 80%)

  -- Outlook revised to stable from negative

  -- SGL upgraded to SGL-2 from SGL-3

The prior rating action for Tube City IMS was on May 1, 2009, when
the ratings were lowered, including the corporate family rating
which was downgraded to B2 from B1.

Tube City IMS Corporation's ratings were assigned by evaluating
factors Moody's believe are relevant to the credit profile of the
issuer, such as i) the business risk and competitive position of
the company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term, and
iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Tube City IMS's core industry and Tube City IMS's
ratings are believed to be comparable to those of other issuers of
similar credit risk.

Tube City IMS Corporation, headquartered in Glassport,
Pennsylvania, is a leading provider of on-site steel mill services
such as material handling, scrap management, metal recovery and
slag processing.  In 2009, its sales were approximately
$1.3 billion, and sales net of the cost of scrap shipments were
approximately $360 million.


TWO SPRINGS: County Didn't Have to File In Rem Tax Claim
--------------------------------------------------------
WestLaw reports that a county which held only an in rem lien
against a Chapter 7 debtor's property for real estate taxes
assessed, and to which debtor had no in personam indebtedness, did
not have to file a proof of claim against the estate in order to
share in the proceeds from a sale of the liened property, pursuant
to 11 U.S.C. Sec. 724, which deals with the treatment of liens in
bankruptcy.  Furthermore, a provision of Chapter 7 dealing with
the distribution of property of the estate and the order in which
claims are to be paid, specifically, 11 U.S.C. Sec. 726, was
applicable only to the distribution of general estate property,
and did not apply to satisfaction of liens out of proceeds from
the sale of encumbered property, pursuant to Sec. 724.  In re Two
Springs Membership Club, --- B.R. ----, 2010 WL 742476 (Bankr.
N.D. Ohio).

Two Springs Membership Club filed a Chapter 11 voluntary petition
(Bankr. N.D. Ohio Case No. 04-44837) on October 4, 2004, and
converted to a Chapter 7 liquidation proceeding on June 30, 2005.


UAL CORP: Registers 10,000,000 Shares for Pilot Plan
----------------------------------------------------
Pursuant to Rule 416 of the Securities Act of 1933, UAL Corp., the
holding company of United Air Lines, Inc., filed a registration
statement dated February 25, 2010, which will cover any additional
shares of UAL Common Stock that will become issuable under the
United Airlines Pilot Directed Account Plan by reason of any stock
dividend, stock split, recapitalization or other similar
transaction affected without receipt of consideration resulting to
an increase in the number of outstanding shares of UAL Common
Stock.

UAL said that 10,000,000 shares of UAL Common Stock will be
registered at the maximum offering price of $15.51 per share
totaling to $155,100,000.  UAL will pay $11,058 as registration
fee.

A full-text copy of the Registration Statement is available for
free at http://ResearchArchives.com/t/s?590c

                       About UAL Corporation

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors.  Judge Eugene R. Wedoff
confirmed a reorganization plan for United on Jan. 20, 2006.  The
Company emerged from bankruptcy on Feb. 1, 2006.  (United Airlines
Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

UAL Corp. carries a 'Caa1' probability of default rating from
Moody's, 'B-' long term foreign issuer credit rating from Standard
& Poor's, and 'CCC' long term issuer default rating from Fitch.


UAL CORP: Deloitte Dismissal Effective February 25
--------------------------------------------------
The Audit Committee of the Board of Directors of UAL Corporation
approved on behalf of the company and its subsidiary, United Air
Lines, Inc., the dismissal of their independent public accounting
firm, Deloitte & Touche LLP, and the engagement of Ernst & Young
LLP to serve as their new independent public accounting firm for
the fiscal year 2010.

UAL disclosed in a regulatory filing with the Securities and
Exchange Commission on February 26, 2010, that the Board ratified
the dismissal of Deloitte, which became effective on February 25,
2010, after the conclusion of Deloitte's 2009 fiscal year audit
for UAL.

UAL General Counsel and Secretary Ricks P. Frazier relates that
Deloitte's reports on UAL's and United's consolidated financial
statements for the years ended December 31, 2009 and December 31,
2008, did not contain an adverse opinion or disclaimer of opinion,
nor were they qualified or modified as to uncertainty, audit scope
or accounting principles.  During the years ended December 31,
2009 and December 31, 2008, and through the period between
December 31, 2009, and February 26, 2010, there were no
disagreements between UAL or United and Deloitte on any matter of
accounting principles or practices, financial statement disclosure
or auditing scope or procedure which, if not resolved to
Deloitte's satisfaction, would have caused Deloitte to make
reference to the subject matter of the disagreement in connection
with its report for those years; and there were no reportable
events as defined in Item 304(a)(1)(v) of Regulation S-K, he
points out.

Similarly, during the years ended December 31, 2008, and December
31, 2007, and any subsequent interim period through July 22, 2009,
neither UAL nor United nor anyone acting on their behalf consulted
E&Y with respect to the application of accounting principles to a
specified transaction, or the type of audit opinion that might be
rendered on UAL's or United's consolidated financial statements,
or any other matters or reportable events listed in Items
304(a)(1)(iv) and (v) of Regulation S-K, Mr. Frazier relates.

Mr. Frazier says that UAL has provided Deloitte with a copy of
these disclosures to which Deloitte has agreed.  A copy of
Deloitte's letter dated February 26, 2010, stating its agreement
with the disclosures is available for free at:

              http://ResearchArchives.com/t/s?590d

                       About UAL Corporation

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors.  Judge Eugene R. Wedoff
confirmed a reorganization plan for United on Jan. 20, 2006.  The
Company emerged from bankruptcy on Feb. 1, 2006.  (United Airlines
Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

UAL Corp. carries a 'Caa1' probability of default rating from
Moody's, 'B-' long term foreign issuer credit rating from Standard
& Poor's, and 'CCC' long term issuer default rating from Fitch.


UAL CORP: 2009 Bonds Trading At or Above Par
--------------------------------------------
Bonds issued by United Air Lines, Inc. and Delta Air Lines Inc. in
2009 are trading at or above par for the first time as business
travel improves, John Detrixhe and Mary Jane Credeur of Bloomberg
News report, citing RBS Securities Inc. data.

The report notes that United's 12.75% secured notes due 2012 have
jumped 19.93 cents on the dollar to 110 cents to yield 8%,
according to Trace, a bond-price reporting system of the Financial
Industry Regulatory Authority.

Jeff Straebler, an analyst at RBS said in a telephone interview
with Bloomberg that strong demand from institutional investors for
2009 secured bonds has driven market pricing above the previous
highs set in January.  Mr. Straebler added that even bonds that
had been underperfoming are now trading above par, Bloomberg
relates.

                       About UAL Corporation

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) --
http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest air
carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for Chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven
R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in
their restructuring efforts.  Fruman Jacobson, Esq., at
Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors.  Judge Eugene R. Wedoff
confirmed a reorganization plan for United on Jan. 20, 2006.  The
Company emerged from bankruptcy on Feb. 1, 2006.  (United Airlines
Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

UAL Corp. carries a 'Caa1' probability of default rating from
Moody's, 'B-' long term foreign issuer credit rating from Standard
& Poor's, and 'CCC' long term issuer default rating from Fitch.


US AIRWAYS: Transfers Slots at LaGuardia, Reagan Airports
---------------------------------------------------------
Atlanta, Georgia-based Delta Air Lines and Tempe, Arizona-based US
Airways on Monday announced an agreement to transfer to four
airlines 12% of the takeoff and landing slots involved in a
previously announced transaction between the carriers at New
York's LaGuardia and Washington's Reagan National airports.  The
transfers are contingent upon Federal Aviation Administration
approval and the subsequent closing of the originally proposed
Delta-US Airways transaction.

In comments filed with the U.S. government, Delta said it has
concluded agreements with AirTran Airways (NYSE: AAI), Spirit
Airlines and WestJet (TSE: WJA) to transfer up to five pairs each
of takeoff and landing slots at LaGuardia.  In a separate
transaction, US Airways has agreed to transfer five pairs of
Reagan National slots to JetBlue Airways (Nasdaq: JBLU).

AirTran, Spirit, WestJet and JetBlue are each considered limited
incumbents or new entrant airlines by the FAA at these airports.
The four airlines urged the government to approve the proposed
Delta-US Airways slot transaction.

Under Delta and US Airways' originally announced proposal, US
Airways would transfer 125 operating slot pairs to Delta at
LaGuardia and Delta would transfer 42 operating slot pairs to US
Airways at Reagan National.  US Airways also would gain access to
the key international destinations of Sao Paulo and Tokyo-Narita.

With the new six-way agreement, Delta would operate an additional
110 slot pairs at LaGuardia; AirTran, Spirit and WestJet would
obtain five slot pairs each at LaGuardia from Delta; US Airways
would acquire 37 slot pairs at Reagan National; JetBlue would gain
five slot pairs from US Airways at Reagan National; and US Airways
would gain access to Sao Paulo and Tokyo.

As previously outlined by Delta and US Airways, the airlines'
proposed transaction would add flights to a number of cities from
both the New York and Washington, D.C. markets.

In New York, Delta will add or preserve service to dozens of
small- and medium-sized communities while adding service in a
number of markets not currently served by US Airways. The airline
would also begin a multimillion dollar construction program at
LaGuardia to connect the existing Delta and US Airways terminals.
Delta has estimated that the transaction will generate as many as
7,000 new jobs in the New York City area driven by the
construction of new facilities and the addition of service.

In Washington, D.C., US Airways will add 15 new, daily
destinations to its schedule, including eight routes that
currently have no daily nonstop service to Reagan National on any
airline.  US Airways plans to fly to all of the destinations that
Delta decides to discontinue as a result of this transaction. The
airline also will significantly expand its use of larger dual-
class jets by nearly 50% at Reagan National.

Delta and US Airways on Aug. 12, 2009, announced their plans to
transfer slots at LaGuardia and Reagan National airports.  On
Feb. 9, 2010, the FAA granted conditional approval of the
transaction with a requirement that slots be divested at both
airports.  As part of their filings Monday, Delta and US Airways
also submitted comments challenging the legal basis for the
divestiture requirement. Delta and US Airways confirmed in
Monday's filings that they do not intend to go forward with the
transaction on the conditions stated in the FAA's Feb. 9 notice if
the original transaction, as modified by Monday's agreement, is
not approved.

                         About US Airways

US Airways -- http://www.usairways.com/-- along with US Airways
Shuttle and US Airways Express, operates more than 3,000 flights
per day and serves more than 190 communities in the U.S., Canada,
Mexico, Europe, the Middle East, the Caribbean, Central and South
America.  The airline employs more than 31,000 aviation
professionals worldwide and is a member of the Star Alliance
network, which offers its customers more than 19,700 daily flights
to 1,077 airports in 175 countries.  Together with its US Airways
Express partners, the airline serves approximately 80 million
passengers each year and operates hubs in Charlotte, N.C.,
Philadelphia and Phoenix, and a focus city at Ronald Reagan
Washington National Airport. And for the eleventh consecutive
year, the airline received a Diamond Award for maintenance
training excellence from the Federal Aviation Administration for
its Charlotte hub line maintenance facility.

Under a Chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for $240 million infusion of new capital.

US Airways and its subsidiaries filed another Chapter 11 petition
on September 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).  Brian
P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning,
Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and
Douglas M. Foley, Esq., at McGuireWoods LLP, represented the
Debtors in their restructuring efforts.  In the Company's second
bankruptcy filing, it listed $8,805,972,000 in total assets and
$8,702,437,000 in total debts.

The USAir II bankruptcy plan became effective on September 27,
2005.  The Debtors completed their merger with America West on the
same date. (US Airways Bankruptcy News; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As of December 31, 2009, US Airways had total assets of
$7,454,000,000, including $2,331,000,000 in total current assets,
against total current liabilities of $2,789,000,000 and total
noncurrent liabilities and deferred credits of $5,020,000,000,
resulting in $355,000,000 stockholders' deficit.

US Airways Group carries Moody's "Caa1" Long-Term rating, LT Corp.
family rating and probability of default rating.  Outlook is
negative.

US Airways Group carries Standard & Poor's "B-" LT Foreign Issuer
Credit rating and LT Local Issuer credit rating.  Outlook is also
negative.

US Airways Group carries Fitch's "CCC" LT Issuer default rating
and "C" Senior unsecured debt rating.  Outlook is also negative.


VISTEON CORP: Gets Nod to Use Cash Collateral Until April 14
------------------------------------------------------------
Judge Christopher Sontchi entered his Twelfth Supplemental Interim
Order authorizing Visteon Corp. and its units to further use the
cash collateral through April 14, 2010.

The Debtors' use of the Cash Collateral will be subject to
compliance of a prepared budget, a copy of which is available for
free at http://bankrupt.com/misc/Visteon_BudgetAp23.pdf

A final hearing will be held on April 13, 2010.  Parties who
oppose the Cash Collateral Use have until April 9 to send in
their formal objections.

A full-text copy of the 12th Supplemental Interim Cash Collateral
Order is available for free at:

      http://bankrupt.com/misc/Visteon_12thCashOrd.pdf

                    About Visteon Corporation

Visteon Corporation is a leading global automotive supplier that
designs, engineers and manufactures innovative climate, interior,
electronic and lighting products for vehicle manufacturers. With
corporate offices in Van Buren Township, Mich. (U.S.); Shanghai,
China; and Chelmsford, UK; the company has facilities in 25
countries and employs approximately 29,500 people.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of $4,561,000,000 and debts
of $5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


VISTEON CORP: Wins OK for Puerto Rico Condemnation Suit Settlement
------------------------------------------------------------------
Visteon Corp. and its units obtained approval from the U.S.
Bankruptcy Court to enter into a settlement agreement with the
Commonwealth of Puerto Rico with respect to a condemnation of a
certain property located in Puerto Rico.

Mark M. Billion, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware, relates that Debtor Visteon Caribbean, Inc.
and Plaza Noreste, S.E., executed an Offer and Purchase Agreement
dated June 1, 1998, pursuant to which Visteon Caribbean granted
to Plaza Noreste an option to purchase 26.78 acres of land
located at the Canovanas Industrial Zone, in Canovanas, Puerto
Rico.  The Commonwealth of Puerto Rico, however, (i) filed a
lawsuit in October 2000 in the Court of First Instance of Puerto
Rico, San Juan Part, for condemnation of the Canovanas Property,
and (ii) named Visteon Caribbean, Plaza Noreste, and Eduardo
Ferrer Bolivar, managing partner of Plaza Noreste, as parties-in-
interest in the action.  Puerto Rico deposited $1,113,000 with
the Puerto Rico Court as the estimated just value of the
Canovanas Property.  At the time of the lawsuit filing, Plaza
Noreste had not exercised its option to purchase the Property.

By May 2004, the Puerto Rico Circuit Court of Appeals issued a
judgment finding that the named condemnation parties could remain
as parties-in-interest in the Condemnation Litigation, but that
Visteon Caribbean would be the only party permitted to litigate
the just value of the Property.

Thereafter, Visteon Caribbean and Plaza Noreste presented their
own appraisal of the Property based on different zoning
classifications.  They subsequently entered into a release and
settlement agreement in October 2004, whereby (i) Visteon
Caribbean agreed to consent to any settlement offer that would
cause it to receive at least $4,200,000 net, (ii) Visteon
Caribbean would be entitled to a minimum of $4,200,000 for any
settlement offer less the $1,113,000 amount already received by
Visteon Caribbean's counsel; (iii) any award in excess of
$4,200,000 would be paid first to reimburse Plaza Noreste's
counsel fees and expenses, and then to Visteon Caribbean's fees
and expenses associated with the Condemnation Litigation -- with
any remaining amount to be divided between Visteon Caribbean and
Plaza Noreste in the proportions of 20% and 80% respectively; and
(iv) in exchange for the consideration, Plaza Noreste and Mr.
Ferrer would release Visteon Caribbean from any and all claims,
debts and liabilities arising from the Condemnation Litigation.

By September 4, 2007, Visteon Caribbean appraised the just value
of the Property at $17,300,000 based on a "commercial" zoning
classification.

By February 1, 2008, Puerto Rico appraised the just value of the
Property at $14,600,000 based on a "commercial" zoning
classification at the time of the Condemnation Litigation's
filing and prior to netting amounts in connection with certain
environmental issues on the Property.  The appraisal then
deducted an aggregate amount of $8,600,000 in connection with
those environmental issues, resulting in a valuation of
$6,000,000, about $1,113,000 of which Puerto Rico had paid at the
commencement of the Condemnation Litigation.

Pursuant to its 2008 appraisal, Puerto Rico made two payments,
aggregating $4,887,000, in 2008 to Visteon Caribbean plus
$1,154,470 in interest, as consideration for the Property's
condemnation.  Visteon Caribbean subsequently distributed the
payments pursuant to the terms of the 2004 Release and
Settlement, but continued to pursue the interest of the
Condemnation Parties in the Condemnation Litigation.

After engaging in extensive, arm's-length negotiations, the
Parties seek to enter into a settlement agreement to resolve the
disputed valuation of the Property, which provides that:

  (a) Puerto Rico Industrial Development Corporation will pay
      Visteon Caribbean a settlement amount of $7,250,000 in
      eight quarterly installments:

       * An initial payment of $2,000,000 will be made on or
         before June 30, 2010.

       * Four quarterly payments of $812,500 each will be made
         on or about the 30th day of September 2010, December
         2010, March 2011, and June 2011.

       * Two payments of $666,666 each will be made on or about
         the 30th day of September and December 2011.

       * A final payment of $666,666 will be made on or about
         March 30, 2012.

  (b) The settlement amount will be deposited at the Puerto Rico
      Court and is in addition to the amounts Puerto Rico paid
      in 2000 and 2008, for a total payment to Visteon Caribbean
      on behalf of the Condemnation Parties of $13,250,000,
      excluding interest; and

  (c) In exchange, the Condemnation Parties will release Puerto
      Rico from any further claims regarding the just value of
      the Property.

A full-text copy of the Settlement Agreement is available for
free at http://bankrupt.com/misc/Visteon_PuertoAgreement.pdf

                    About Visteon Corporation

Visteon Corporation is a leading global automotive supplier that
designs, engineers and manufactures innovative climate, interior,
electronic and lighting products for vehicle manufacturers. With
corporate offices in Van Buren Township, Mich. (U.S.); Shanghai,
China; and Chelmsford, UK; the company has facilities in 25
countries and employs approximately 29,500 people.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of $4,561,000,000 and debts
of $5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


VISTEON CORP: Has Court Ok to Hire Hammonds as UK Counsel
---------------------------------------------------------
Visteon Corp. and its units obtained permission from the U.S.
Bankruptcy Court to employ Hammonds LLP as their counsel with
respect to legal issues arising under the laws of the United
Kingdom, with a particular focus on pension-related matters nunc
pro tunc to February 15, 2010.

Mark M. Billion, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware, relates that Visteon UK Limited was a
sponsor of a pension plan.  He notes that on October 15, 2009,
the Visteon UK Pension Trustees Limited, in its capacity as
trustee of the VUK Plan and on behalf of the beneficiaries of the
VUK Plan, and the Board of the Pension Protection Fund, filed
proofs of claim against each of the Debtors, asserting contingent
and unliquidated claims pursuant to the UK Pension Act 2004 and
the UK Pensions Act 1995 for liabilities related to a funding
deficiency of the VUK Plan.  The Claims assert that the VUK Plan
had a funding deficiency of approximately $555 million as of
March 31, 2009.

On June 26, 2009, the UK Pension Regulator advised KPMG LLP as
administrators of VUK that it was investigating on whether to
commence regulatory action to seek a "financial support
direction" under Section 43 of the Pensions Act 2004.  The UK
Pensions Regulator also requested certain information from
several Visteon entities, including the Debtors, as part of the
investigation.  The Debtors assert that there is no basis
whatsoever for the exercise of the UK Pensions Regulator's "moral
hazard" powers with respect to the VUK Plan.

Mr. Billion notes that another subsidiary of Visteon
International Holdings, Inc., located in the United Kingdom,
Visteon Engineering Services, also has a pension plan on account
of which the plan's trustee -- Visteon Engineering Services
Pension Trustees Limited -- submitted proofs of claim against
each of the Debtors, asserting contingent and unliquidated claims
pursuant to the UK Pensions Act 2004 and the UK Pensions Act 1995
for liabilities related to an alleged funding deficiency of the
VES Plan.  Under the VES Claim, the UK Pensions Regulator advised
the VES Plan trustee that it has begun investigating funding
issues related to the VES Plan.  The VES Claims assert that as of
March 31, 2009, the VES Plan was underfunded by approximately
$118.1 million.

The Debtors thus seek the employment of Hammonds to address
issues related to the ongoing pension plan investigations and the
Pension Plan Claims.

The Debtors have selected Hammonds, asserting that the firm is a
well-respected, full service law firm with more than 500
attorneys in numerous specialty areas.  The Debtors note that
Hammonds employs 50 attorneys specializing in pension law and has
extensive experience and knowledge in pension law practice.
Moreover, the Debtors add, Hammonds has advised them on certain
pension matters since 2002 and is therefore intimately familiar
with the relevant issues.

The Debtors propose to pay Hammonds between $235 to $707 per
hour, subject to a 35% discount.  The Debtors also seek to
reimburse the firm for its actual and necessary expenses.

The Debtors reveal that Hammonds previously provided them
services as an ordinary course professional.  However, starting
in early February, they increased their use of Hammonds' services
so that the firm expects going forward to generate fees in excess
of the OCP Cap.

The Debtors tell the Court that they owe Hammonds $5,874 for
professional services incurred by the firm prior to the Petition
Date.  However, the Debtors note, Hammonds has agreed to waive
all rights and interests in that claim.

Jane Bullen, Esq., at Hammonds LLP, in London, United Kingdom,
assures the Court that her firm is a "disinterested person" as
that term is defined under Section 101(14) of the Bankruptcy
Code, and does not hold or represent an interest adverse to the
Debtors or their estates.

                    About Visteon Corporation

Visteon Corporation is a leading global automotive supplier that
designs, engineers and manufactures innovative climate, interior,
electronic and lighting products for vehicle manufacturers. With
corporate offices in Van Buren Township, Mich. (U.S.); Shanghai,
China; and Chelmsford, UK; the company has facilities in 25
countries and employs approximately 29,500 people.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of $4,561,000,000 and debts
of $5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


WATERMARK MARINA: Assets to Be Sold on April 21
-----------------------------------------------
The real estate of Watermark Marina of Wilmington will be up for
sale on April 21, 2010, in the New Hanover Country Court House,
according to Tim Buckley at WWY News Channel 3.

Walnut Creek, California-based Watermark Marina of Wilmington
offers 450 dry-stack boat storage spaces and a 480-foot pier.
When it opened on July 21, 2007, it was owned and managed by
Southfork Cos. of El Dorado Hills, California.

The Company filed for Chapter 11 protection on Nov. 14, 2008
(Bankr. E. D. N.C. Case No. 08-08103).  Trawick H Stubbs, Jr.,
Esq., at Stubbs & Perdue, P.A., represents the company in its
restructuring effort.  The company listed assets of $1 million to
$10 million and debts of $10 million to $50 million.


WHITE HOUSE BUILDERS: Files for Chapter 11 Bankruptcy
-----------------------------------------------------
Brian Reisinger at Business Journal of Nashville reports that
White House Builders Lumber & Supply of White House filed for
bankruptcy under Chapter 11, listing assets of $7 million and
$4.2 million in liabilities.

According to the report, a person with knowledge of the filing
said the Company has shouldered about $1.2 million in bad debt as
builders in late 2007 began defaulting on payment.  The Company
owes $3.6 million in unsecured loans to Renasant Bank of Tupelo,
Mississippi.

A meeting of creditors is scheduled for April 16.

White House Builders Lumber & Supply of White House dba White
House Home Center operates a building supply company.


WILLIAM LYON: Reports $20.5 Million Net Loss for 2009
-----------------------------------------------------
William Lyon Homes reported net loss of $20,525,000 for the year
ended December 31, 2009, compared with a net loss of $111,638,000
for the comparable period a year ago.  Consolidated operating
revenue decreased 41% to $309,243,000 for the year ended December
31, 2009, as compared to $526,078,000 for the comparable period a
year ago.  Home sales revenue decreased 46% to $253,874,000 for
the year ended December 31, 2009, as compared to $468,452,000 for
the comparable period a year ago.

During 2009, the Company entered into certain land sales
transactions to generate cash flow, to reduce overall debt and to
re-invest the cash by purchasing land in certain of its improving
markets.  The best economic value to the Company of these lots was
to sell them in their current condition as opposed to holding the
lots and eventually building and selling homes.  The Company
continues to evaluate land values to determine whether to hold for
development or to sell at current prices.  Operating revenue for
the three months ended December 31, 2009 included $13,625,000 from
the sales of land resulting in gross losses of approximately
$70,565,000.  Operating revenue for the years ended December 31,
2009 and 2008 included $21,220,000 and $39,512,000, respectively,
from the sales of land resulting in gross losses of approximately
$71,708,000 and $1,245,000, respectively.

In addition to the costs associated with the land sales above, the
Company incurred costs of approximately $885,000 and $38,712,000
during the three and twelve months ended December 31, 2009,
respectively, compared to $6,701,000 and $6,842,000, respectively,
for the three and twelve months ended December 31, 2008, related
to the write-off of land deposits, project pre-acquisition costs
and other costs, which are included in cost of sales - lots, land
and other in the Consolidated Statements of Operations.

The Company incurred impairment losses on real estate assets of
$21,098,000 for the three months ended December 31, 2009, compared
to $67,283,000 for the comparable period a year ago.  During the
year ended December 31, 2009 and 2008, the Company incurred
impairment losses on real estate assets of $45,269,000 and
$135,311,000, respectively.  The impairments were primarily
attributable to lower than anticipated net revenue due to
depressed market conditions in the housing industry.  The future
undiscounted cash flows estimated to be generated were determined
to be less than the carrying amount of the assets. Accordingly,
the real estate assets were written-down to their estimated fair
value.

Net new home orders for the three months ended December 31, 2009
were 172, up 2% from 168, for the three months ended December 31,
2008.  Net new home orders for the year ended December 31, 2009
were 869, a decrease of 29% as compared to 1,221 for the year
ended December 31, 2008.  The average number of sales locations
was 25 for the year ended December 31, 2009, a decrease of 43% as
compared to 44 for the year ended December 31, 2008.

The number of homes closed for the three months ended December 31,
2009, was 298, down 27% as compared to 408 for the three months
ended December 31, 2008.  The number of homes closed for the year
ended December 31, 2009, was 915, a decrease of 27% as compared to
1,260 for the year ended December 31, 2008.  The Company's backlog
of homes sold but not closed was 194 at December 31, 2009, down
19% from 240 at December 31, 2008.  The Company's dollar amount of
backlog of homes sold but not closed at December 31, 2009, was
$56,477,000, down 30% from $80,750,000 at December 31, 2008.  The
cancellation rate of buyers who contracted to buy a home but did
not close escrow was approximately 20% during the three months
ended December 31, 2009, and 40% for the comparable period a year
ago.  The cancellation rate of buyers who contracted to buy a home
but did not close escrow was approximately 21% during 2009 and 28%
during 2008.

During the fourth quarter of 2009, the average sales price of
homes was $248,800, down 26% as compared to $337,500 for the
comparable period a year ago.  For the year ended December 31,
2009, the average sales price of homes (including joint ventures)
was $277,500, down 25% as compared to $371,800 for the year ended
December 31, 2008.  The lower average sales price was primarily
due to a change in product mix, since all of the Company's active
projects have an average sales price below $500,000 per unit.

For the quarter ended December 31, 2009, the Company's
homebuilding gross margin percentage increased to 17.2% from 9.9%
for the quarter ended December 31, 2008.  For the year ended
December 31, 2009, the Company's homebuilding gross margin
percentage increased to 13.5% from 6.2% for the year ended
December 31, 2008.  These higher gross margin percentages were
primarily due to home closings in projects where previous
impairment losses had been incurred.

On June 10, 2009, the Company's wholly-owned subsidiary, William
Lyon Homes, Inc., a California corporation, consummated a cash
tender offer to purchase a portion of its outstanding Senior
Notes, on the terms and subject to the conditions set forth in its
offer to purchase, as amended.  The principal amount of Senior
Notes purchased by California Lyon on settlement of the Tender
Offer totaled $53.2 million, including $29.1 million of the 7 5/8%
Senior Notes due 2012, $2.4 million of the 10 3/4% Senior Notes
due 2013, and $21.7 million of the 7 1/2% Senior Notes due 2014.
The aggregate Tender Offer consideration paid totaled
$14.9 million, plus accrued interest.  The net gain resulting from
the Tender Offer, after closing costs, was $37.0 million.

A full-text copy of the Company's Earnings Release is available
for free at http://ResearchArchives.com/t/s?5b97

                     About William Lyon Homes

Based in Newport Beach, California, William Lyon Homes and
subsidiaries -- http://www.lyonhomes.com/-- are primarily engaged
in designing, constructing and selling single family detached and
attached homes in California, Arizona and Nevada.

As of September 30, 2009, the Company had $738,740,000 in total
assets against $597,784,000 in total liabilities.

                          *     *     *

As reported by the Troubled Company Reporter on November 25, 2009,
Standard & Poor's Ratings Services raised its corporate credit
rating on William Lyon Homes to 'CCC' from 'CCC-' and removed it
from CreditWatch, where it was placed with positive implications
on Oct. 30, 2009.  At the same time, S&P raised its rating on the
company's senior unsecured notes to 'CC' from 'D'.  The outlook is
developing.

"S&P raised its rating on William Lyon Homes because S&P believes
that near-term liquidity pressure has eased somewhat following the
partial funding of a secured term loan and reduced maturing credit
facility debt," said credit analyst James Fielding.  "However,
this privately held homebuilder remains very highly leveraged and
may face challenges repaying or refinancing intermediate-term debt
maturities if its business prospects don't improve in the
interim."


YELLOWSTONE CLUB: Mediator Schedules Settlement Talks in May
------------------------------------------------------------
The Associated Press reports that Senior U.S. Bankruptcy Judge
John Peterson has ordered three days of settlement talks starting
on May 5, 2010, for the tangle of legal claims arising from the
bankruptcy of Yellowstone Club.

AP notes creditors want $286 million out of the resort's founder,
Tim Blixseth, who they say bankrolled a luxury real estate
shopping binge with money he "stole" from the club.  Mr. Blixseth
claims the club was the victim of a conspiracy engineered by his
former wife Edra, new club owner Sam Byrne and executives at the
financial giant Credit Suisse.  AP relates Credit Suisse arranged
a $375 million loan to Mr. Blixseth in 2005 but is now trying to
distance itself from the case.

AP, however, notes Judge Peterson is a mediator in the case and
can't force Credit Suisse to come to the talks.  AP relates Credit
Suisse spokesman Duncan King would not say if the firm plans to
attend.

AP also reports that U.S. Bankruptcy Judge Ralph Kirscher, who is
presiding over the case, on Friday barred Mr. Blixseth from
removing assets from a trust.

AP says parties in the $286 million complaint against Mr. Blixseth
submitted their final legal briefs to Judge Kirscher on Friday.
The creditors asked the judge to reject Mr. Blixseth's claims that
he worked hard to make the club profitable.

AP relates that within days of Mr. Blixseth giving up the club to
his ex-wife during their 2008 divorce, he started transferring
hundreds of millions of dollars in assets to a Las Vegas trust,
Desert Ranch LLLP.  Most of that luxury real estate and cash came
into Mr. Blixseth's hands through the Credit Suisse loan.

According to AP, Charles Hingle, Esq., the creditors' attorney,
said Mr. Blixseth's actions "were the result of calculated steps
to attempt to protect from creditor attack the hundreds of
millions of dollars of assets he stole from the debtors (the
Yellowstone Club)."

AP also notes Mr. Blixseth's attorneys have continued to hammer at
Credit Suisse, referring to the firm as "the party who chiefly
created this mess in the first place."

                      About Yellowstone Club

Located near Big Sky, Montana, Yellowstone Club --
http://www.theyellowstoneclub.com/-- is a private golf and ski
community with more than 350 members, including Bill Gates and Dan
Quayle.  The Company was founded in 1999.

Yellowstone Mountain Club LLC and its affiliates filed for Chapter
11 on Nov. 10, 2008 (Bankr. D. Montana, Case No. 08-61570).  The
Company's owner affiliate Edra D. Blixseth, filed for Chapter 11
on March 27, 2009 (Case No. 09-60452).

In June 2009, the Bankruptcy Court entered an order confirming
Yellowstone's Chapter 11 Plan.  Pursuant to the Plan, CrossHarbor
Capital Partners, LLC, acquired equity ownership in the
reorganized Club for $115 million.

Attorneys at Bullivant Houser Bailey PC and Bekkedahl & Green
PLLC, represented the Debtors.  The Debtors hired FTI Consulting
Inc. and Ronald Greenspan as CRO.  The official committee of
unsecured creditors were represented by Parsons, Behle and
Latimer, as counsel, and James H. Cossitt, Esq., at local counsel.
Credit Suisse, the prepetition first lien lender, was represented
by Skadden, Arps, Slate, Meagher & Flom.


ZALE CORP: Prefers Sun Capital's Financing Plan Over Apollo's
-------------------------------------------------------------
The Wall Street Journal's Ann Zimmerman and Peter Lattman report
that Zale Corp.'s board rejected Apollo Management LP's plan to
buy a stake in the Company that involved a sale of assets, but is
seriously considering another "less-ambitious" financing proposal
from Sun Capital Partners Inc.

People familiar with the matter told the Journal that Apollo's
plan involves:

     -- buying a stake in Zale;

     -- selling Zale's Canadian operations to raise much needed
        cash to run the business;

     -- buying the company's Piercing Pagoda mall-based jewelry
        kiosks; and

     -- inserting a management team at Zale, headed by Robert
        DiNicola, who served as chief executive of Zale from 1994
        to 2002.

According to the Journal, people close to the firm said the board
late last week voted to reject Apollo's plan.  The Journal says
the people familiar with the matter did not know the reasons the
board gave for rejecting Apollo's offer.

The Journal also relates that people with knowledge of the deal
said Sun Capital in Boca Raton, Florida, this month submitted a
proposal that Zale is considering.  Sources told the Journal that
Sun's proposal involves:

     -- investing between $50 million and $100 million for
        preferred stock that could ultimately give it a majority
        stake in Zale; and

     -- providing a bridge loan to Zale while it attempts to
        refinance debt, which includes $600 million in a
        revolving credit facility.

The Sun deal, if approved, could close in two to three weeks, the
sources told the Journal.

The Journal notes Donald Zale, a former Zale chief executive whose
father founded the company 86 years ago, was expected to join the
board.  "I know Apollo submitted something in writing, but an
independent board member told me they were not presented anything
from Apollo in writing," said Mr. Zale, according to the Journal.

The Journal notes Peter J. Solomon did not return calls for
comment.  Zale Chief Financial Officer Matt Appel said he could
not comment.

                         About Zale Corp.

Dallas, Texas-based Zale Corporation (NYSE: ZLC) --
http://www.zalecorp.com/-- is a specialty retailer of diamonds
and other jewelry products in North America, operating roughly
1,900 retail locations throughout the United States, Canada and
Puerto Rico, as well as online.  Zale Corporation's brands include
Zales Jewelers, Zales Outlet, Gordon's Jewelers, Peoples
Jewellers, Mappins Jewellers and Piercing Pagoda.  Zale also
operates online at www.zales.com, www.zalesoutlet.com and
www.gordonsjewelers.com

As reported by the Troubled Company Reporter on February 10, 2010,
The Deal.com's Sara Behunek reported that analysts said bankruptcy
looms for Zale if it fails to restructure its debt and put in
place a solid merchandising strategy.  The Deal.com points to
these signs that Zale is on the brink:

     -- Zale reported same-store sales for November-December
        fell 12%;

     -- Zale lost $57.6 million for its first quarter, ended
        October 31, and for its 2009 fiscal year, which ended
        July 31;

     -- Zale posted a net loss of $190 million on total revenue of
        $1.8 billion, down from $2.1 billion the year earlier;

     -- The Wall Street Journal has reported that Zale has asked
        vendors to buy back unsold merchandise at full price;

     -- The company's top three officers resigned last month.

As reported by the TCR on January 26, 2010, Cathy Hershcopf, Esq.,
at Cooley Godward Kronish LLP, told The Deal's Maria Woehr in an
interview that there will be retailers that cannot possibly
survive due a lack of consumer confidence.  With regard to Zales,
Ms. Hershcopf said, "I don't know how it continues to survive when
so many of its prior customers are not working."

As reported by the TCR on August 7, 2009, Zale closed 118
underperforming retail locations during the fiscal fourth quarter
ended July 31, 2009.  The Company closed a total of 191
underperforming locations during fiscal year 2009, of which 160
were retail stores and 31 were kiosks.  In addition to the
closures, the Company entered into agreements in principle on
certain of its remaining retail locations, which would result in a
reduction in aggregate rental obligations commencing in fiscal
year 2010.  Following the closures, the Company operates 1,931
retail locations, according to the TCR report.


ZALE CORP: SEC Conducts Probe on Securities Laws Violations
-----------------------------------------------------------
Zale Corp. said the Securities and Exchange Commission has
commenced a formal investigation of the Company with respect to
matters underlying class-action lawsuits filed late last year and
the demands in those actions.  The Company cannot predict the
outcome or duration of the investigation.

In November 2009, the Company, and four former officers, Neal L.
Goldberg, Rodney Carter, Mary E. Burton and Cynthia T. Gordon,
were named as defendants in two purported class-action lawsuits
filed in the United States District Court for the Northern
District of Texas.  The suits allege various violations of
securities laws arising from the financial statement errors that
led to the restatement completed by the Company as part of its
Annual Report on Form 10-K for the fiscal year ended July 31,
2009.  The lawsuits request unspecified damages and costs.  The
lawsuits are in the preliminary stage and Zale said it intends to
vigorously contest them.  However, the Company cannot predict the
outcome or duration of the lawsuits.

In December 2009, the directors of the Company and four former
officers, Neal L. Goldberg, Rodney Carter, Mary E. Burton and
Cynthia T. Gordon, were named defendants in a derivative action
lawsuit brought on behalf of the Company by a shareholder in the
County Court of Dallas County, Texas.  The suit alleges various
breaches of fiduciary and other duties by the defendants that
generally are related to financial statement errors described
above.  In addition, the Board of Directors has received demands
from two shareholders requesting that the Board of Directors take
action against each of the individuals named in the derivative
lawsuit to recover damages for the alleged breaches.  The lawsuit
requests unspecified damages and costs.  The lawsuit is in a
preliminary stage, and the defendants are vigorously contesting
it.  In the event that the defendants prevail, they are likely to
be entitled to indemnification from the Company with respect to
their defense costs.  The Company cannot predict the outcome or
duration of the lawsuit.

                         About Zale Corp.

Dallas, Texas-based Zale Corporation (NYSE: ZLC) --
http://www.zalecorp.com/-- is a specialty retailer of diamonds
and other jewelry products in North America, operating roughly
1,900 retail locations throughout the United States, Canada and
Puerto Rico, as well as online.  Zale Corporation's brands include
Zales Jewelers, Zales Outlet, Gordon's Jewelers, Peoples
Jewellers, Mappins Jewellers and Piercing Pagoda.  Zale also
operates online at www.zales.com, www.zalesoutlet.com and
www.gordonsjewelers.com

As reported by the Troubled Company Reporter on February 10, 2010,
The Deal.com's Sara Behunek reported that analysts said bankruptcy
looms for Zale if it fails to restructure its debt and put in
place a solid merchandising strategy.  The Deal.com points to
these signs that Zale is on the brink:

     -- Zale reported same-store sales for November-December
        fell 12%;

     -- Zale lost $57.6 million for its first quarter, ended
        October 31, and for its 2009 fiscal year, which ended
        July 31;

     -- Zale posted a net loss of $190 million on total revenue of
        $1.8 billion, down from $2.1 billion the year earlier;

     -- The Wall Street Journal has reported that Zale has asked
        vendors to buy back unsold merchandise at full price;

     -- The company's top three officers resigned last month.

As reported by the TCR on January 26, 2010, Cathy Hershcopf, Esq.,
at Cooley Godward Kronish LLP, told The Deal's Maria Woehr in an
interview that there will be retailers that cannot possibly
survive due a lack of consumer confidence.  With regard to Zales,
Ms. Hershcopf said, "I don't know how it continues to survive when
so many of its prior customers are not working."

As reported by the TCR on August 7, 2009, Zale closed 118
underperforming retail locations during the fiscal fourth quarter
ended July 31, 2009.  The Company closed a total of 191
underperforming locations during fiscal year 2009, of which 160
were retail stores and 31 were kiosks.  In addition to the
closures, the Company entered into agreements in principle on
certain of its remaining retail locations, which would result in a
reduction in aggregate rental obligations commencing in fiscal
year 2010.  Following the closures, the Company operates 1,931
retail locations, according to the TCR report.


ZALE CORP: Warns of Cash Crunch; $6MM Due to Citibank on April 1
----------------------------------------------------------------
Zale Corp. warned in its quarterly report on Form 10-Q for the
period ended January 31, 2010, that based on its cash flow
projections for the remainder of calendar year 2010, it may not
have sufficient liquidity to meet its operating needs.

"As a result, we may not maintain our borrowing availability above
$50 million, which would require us to satisfy a minimum fixed
charge coverage ratio that we currently do not meet," Zale said.
"This covenant violation would allow our lenders to exercise their
rights with respect to the collateral securing our revolving
credit facility, which includes our merchandise inventory and
credit card receivables."

Zale's revolving credit facility expires in August 2011.  In
February 2010, Zale retained Peter J. Solomon Company, an
investment banking advisory firm, to assist the Company in
identifying and analyzing alternatives to secure additional
liquidity.

"Conditions in the credit markets are volatile, and it is unclear
if, or under what terms, we will be able to modify or extend our
revolving credit facility or secure additional liquidity.  The
incurrence of indebtedness with less favorable terms would result
in increased debt service costs," Zale said.

Zale also said that under agreements with Citibank, N.A. and one
of its subsidiaries, Citibank provides financing for Zale's
customers to purchase merchandise through private label credit
cards.  The agreements also enable Zale to write credit insurance.
Customers use Zale's financing agreements with Citibank to pay for
approximately 40% of purchases in the U.S. and approximately 25%
of purchases in Canada.  In December 2009, Citibank advised Zale
of its intent not to renew the U.S. and Canadian Merchant Service
Agreements.  As a result, the Agreements will expire in March
2011.

Zale said the U.S. and Canadian agreements require it to maintain
a minimum volume of credit sales and a fixed charge coverage
ratio, respectively, that it currently does not meet.  In June
2009, Citibank provided waivers associated with these covenants,
which expired in March 2010.

On March 8, 2010, Zale received written notice to terminate the
U.S. agreement in 180 days for failure to meet the required volume
of credit sales, unless Zale pays Citibank $6 million based on the
shortfall to the minimum volume of credit sales by April 1, 2010.

"We are currently evaluating the available alternatives to
determine whether we will make the $6 million payment," Zale said.

Zale also said the Canadian agreement is subject to termination
within 90 days of receipt of written notice from Citibank, which
Zale expects to receive in the near future.  In February 2010,
Citibank advised Zale of its intention to tighten certain customer
approval criteria and to close certain high risk accounts.

"Both of these changes will reduce the availability of credit to
our customers, which will negatively impact our sales and
earnings.  We have initiated discussions with several financial
institutions, including Citibank, to replace the customer
financing agreements on or before they expire or are terminated.
These discussions are in the preliminary stages; therefore, we are
unable to assess whether they will be successful," Zale said.
"Conditions in the U.S. and Canadian credit markets are volatile
and it is unclear if, or under what terms, we will be able to
secure financing arrangements for use by our customers.  If we are
unable to replace the agreements, our customers will have less
credit available to them and our sales and earnings will be
negatively impacted.  Since some of the customers that would
otherwise use the credit provided by Citibank may have alternative
sources of credit or may pay in cash, it is impossible for us to
quantify the likely impact.  However, if we were unable to realize
all of the sales currently financed under the Citibank agreements,
the adverse consequences would be material and would likely impact
our ability to continue to operate.  In addition, were we to no
longer have a private label credit card agreement with Citibank or
some other provider, we would no longer provide credit insurance,
which generated revenues of $4.8 million for the six months ended
January 31, 2010."

                         About Zale Corp.

Dallas, Texas-based Zale Corporation (NYSE: ZLC) --
http://www.zalecorp.com/-- is a specialty retailer of diamonds
and other jewelry products in North America, operating roughly
1,900 retail locations throughout the United States, Canada and
Puerto Rico, as well as online.  Zale Corporation's brands include
Zales Jewelers, Zales Outlet, Gordon's Jewelers, Peoples
Jewellers, Mappins Jewellers and Piercing Pagoda.  Zale also
operates online at www.zales.com, www.zalesoutlet.com and
www.gordonsjewelers.com

As reported by the Troubled Company Reporter on February 10, 2010,
The Deal.com's Sara Behunek reported that analysts said bankruptcy
looms for Zale if it fails to restructure its debt and put in
place a solid merchandising strategy.  The Deal.com points to
these signs that Zale is on the brink:

     -- Zale reported same-store sales for November-December
        fell 12%;

     -- Zale lost $57.6 million for its first quarter, ended
        October 31, and for its 2009 fiscal year, which ended
        July 31;

     -- Zale posted a net loss of $190 million on total revenue of
        $1.8 billion, down from $2.1 billion the year earlier;

     -- The Wall Street Journal has reported that Zale has asked
        vendors to buy back unsold merchandise at full price;

     -- The company's top three officers resigned last month.

As reported by the TCR on January 26, 2010, Cathy Hershcopf, Esq.,
at Cooley Godward Kronish LLP, told The Deal's Maria Woehr in an
interview that there will be retailers that cannot possibly
survive due a lack of consumer confidence.  With regard to Zales,
Ms. Hershcopf said, "I don't know how it continues to survive when
so many of its prior customers are not working."

As reported by the TCR on August 7, 2009, Zale closed 118
underperforming retail locations during the fiscal fourth quarter
ended July 31, 2009.  The Company closed a total of 191
underperforming locations during fiscal year 2009, of which 160
were retail stores and 31 were kiosks.  In addition to the
closures, the Company entered into agreements in principle on
certain of its remaining retail locations, which would result in a
reduction in aggregate rental obligations commencing in fiscal
year 2010.  Following the closures, the Company operates 1,931
retail locations, according to the TCR report.


ZALE CORP: No Liquidation or Prepack, Consensus Advisory CEO Says
-----------------------------------------------------------------
Michael O'Hara, CEO at Consensus Advisory Services, told
TheDeal.com's Maria Woehr that a private equity fund will likely
rescue Zale Corp. from having to file for bankruptcy.

As reported in today's Troubled Company Reporter, Zale is
reviewing a financing proposal from private equity firm Sun
Capital Partners Inc.

Mr. O'Hara told Ms. Woehr in an interview that if Zale's does have
to file for bankruptcy, it's likely that the company will not
liquidate like Whitehall Jewelers or file with a prepack.  Mr.
O'Hara said there's very little chance Zales will liquidate in
bankruptcy.  He also told Ms. Woehr if Zales files it would have
many other suitors.

In a separate interview also with Ms. Woehr, Mr. O'Hara said he
believes that private equity funds and lenders could work out a
deal to keep Zale out of bankruptcy.

Consensus Advisory Services is a boutique investment banking and
financial advisory firm in Boston, Massuchusetts.

                         About Zale Corp.

Dallas, Texas-based Zale Corporation (NYSE: ZLC) --
http://www.zalecorp.com/-- is a specialty retailer of diamonds
and other jewelry products in North America, operating roughly
1,900 retail locations throughout the United States, Canada and
Puerto Rico, as well as online.  Zale Corporation's brands include
Zales Jewelers, Zales Outlet, Gordon's Jewelers, Peoples
Jewellers, Mappins Jewellers and Piercing Pagoda.  Zale also
operates online at www.zales.com, www.zalesoutlet.com and
www.gordonsjewelers.com

As reported by the Troubled Company Reporter on February 10, 2010,
The Deal.com's Sara Behunek reported that analysts said bankruptcy
looms for Zale if it fails to restructure its debt and put in
place a solid merchandising strategy.  The Deal.com points to
these signs that Zale is on the brink:

     -- Zale reported same-store sales for November-December
        fell 12%;

     -- Zale lost $57.6 million for its first quarter, ended
        October 31, and for its 2009 fiscal year, which ended
        July 31;

     -- Zale posted a net loss of $190 million on total revenue of
        $1.8 billion, down from $2.1 billion the year earlier;

     -- The Wall Street Journal has reported that Zale has asked
        vendors to buy back unsold merchandise at full price;

     -- The company's top three officers resigned last month.

As reported by the TCR on January 26, 2010, Cathy Hershcopf, Esq.,
at Cooley Godward Kronish LLP, told The Deal's Maria Woehr in an
interview that there will be retailers that cannot possibly
survive due a lack of consumer confidence.  With regard to Zales,
Ms. Hershcopf said, "I don't know how it continues to survive when
so many of its prior customers are not working."

As reported by the TCR on August 7, 2009, Zale closed 118
underperforming retail locations during the fiscal fourth quarter
ended July 31, 2009.  The Company closed a total of 191
underperforming locations during fiscal year 2009, of which 160
were retail stores and 31 were kiosks.  In addition to the
closures, the Company entered into agreements in principle on
certain of its remaining retail locations, which would result in a
reduction in aggregate rental obligations commencing in fiscal
year 2010.  Following the closures, the Company operates 1,931
retail locations, according to the TCR report.


* Bankruptcy Law360 Calls Kramer Levin's Amy Caton as Rising Star
-----------------------------------------------------------------
Unsecured creditors in the bankruptcy of General Motors Corp. owe
thanks to Kramer Levin Naftalis & Frankel LLP partner Amy Caton,
38, for helping secure favorable concessions from the U.S.
government in the high-pressure, lightning-fast proceedings - just
one of the reasons Law360 has named her one of 10 bankruptcy
attorneys under 40 to watch.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Mar. 18-20, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 20-22, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     Sheraton New York Hotel and Towers, New York City
        Contact: http://www.turnaround.org/

Apr. 29, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - East
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
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     Midwestern Meeting & National Convention
        Westin Michigan Avenue, Chicago, Ill.
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May 21, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - NYC
        Alexander Hamilton Custom House, SDNY, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 24, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        New York Marriott Marquis, New York, NY
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 11-14, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Litigation Skills Symposium
        Tulane University, New Orleans, La.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
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           Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Ocean Edge Resort, Brewster, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Conference
        The Ritz-Carlton Amelia Island, Amelia, Fla.
           Contact: http://www.abiworld.org/

Aug. 3, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Atlanta Consumer Bankruptcy Skills Training
        Georgia State Bar Building, Atlanta, Ga.
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Aug. 5-7, 2010
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     Mid-Atlantic Bankruptcy Workshop
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Aug. 11-14, 2010
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     Hawai.i Bankruptcy Workshop
        The Fairmont Orchid, Big Island, Hawaii
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Sept. 14, 2010
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     ABI/NYIC Golf and Tennis Fundraiser
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Sept. 20, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     Complex Financial Restructuring Program
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Sept. 23-25, 2010
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     Southwest Bankruptcy Conference
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Oct. 1, 2010 (tentative)
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     ABI/UMKC Midwestern Bankruptcy Institute
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Oct. 6-8, 2010
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     TMA Annual Convention
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Oct. 11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Chicago Consumer Bankruptcy Conference
        Standard Club, Chicago, Ill.
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Oct. 15, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
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           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
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Nov. __, 2010
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Nov. 11, 2010
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     Detroit Consumer Bankruptcy Conference
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Dec. 9-11, 2010
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     Winter Leadership Conference
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        Scottsdale, Ariz.
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Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     22nd Annual Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 20-21, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colo.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.

Last Updated: March 15, 2010



                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated 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 with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.

                  *** End of Transmission ***