/raid1/www/Hosts/bankrupt/TCR_Public/111022.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

           Saturday, October 22, 2011, Vol. 15, No. 293

                            Headlines

ASCENDIA BRANDS: Ascendia Brands Co. Ends August With $4,544 Cash
FIRSTFED FINANCIAL: Ends September 2011 With $3.07 Million Cash
GRACEWAY PHARMA: Files Initial Monthly Operating Report
ICOP DIGITAL: Posts $27,125 Net Loss in September 2011
IMPERIAL CAPITAL: Posts $324,124 Net Loss in August 2011

LINDEN PONDS: Ends August 2011 With $2.8 Million Cash
LINDEN PONDS: Hingham Campus Ends August 2011 With $1,524 Cash
NORTEL NETWORKS: Ends August 2011 With $1.035 Billion Cash
PEGASUS RURAL: Posts $1.6 Million Net Loss in August 2011




                            *********


ASCENDIA BRANDS: Ascendia Brands Co. Ends August With $4,544 Cash
-----------------------------------------------------------------
Ascendia Brands, Inc., filed on Oct. 6, 2011, for Ascendia Brands
Co., Inc., monthly operating reports for April, May, June, July
and August, 2011.

Ascendia Brands Co., Inc.'s schedule of receipts and disbursements
showed:

                      April    May      June     July     August

Cash, beginning      $4,558  $4,573    $4,552   $6,861    $3,558
Total receipts       $8,122  $6,862   $31,301     $105   $33,942
Total disbursements  $8,106  $6,883   $28,992   $3,408   $32,957
Net cash flow           $16    ($21)   $2,309  ($3,303)     $985
Cash, end of month   $4,573  $4,552    $6,861   $3,558    $4,544

A copy of the monthly operating reports are available for free at:

   http://bankrupt.com/misc/ascendiabrandsco.april2011mor.pdf
   http://bankrupt.com/misc/ascendiabrandsco.may2011mor.pdf
   http://bankrupt.com/misc/ascendiabrandsco.june2011mor.pdf
   http://bankrupt.com/misc/ascendiabrandsco.july2011mor.pdf
   http://bankrupt.com/misc/ascendiabrandsco.august2011mor.pdf

                      About Ascendia Brands

Headquartered in Hamilton, New Jersey, Ascendia Brands, Inc. --
http://www.ascendiabrands.com/-- was, prior to the sale of
substantially all of its assets during bankruptcy, a manufacturer
and seller of branded and private labeled health and beauty care
products in North America, including Baby Magic, Binaca, Mr.
Bubble, Calgon, Ogilvie, the healing garden, Lander and Lander
Essentials.  Remaining assets consist almost entirely of accounts
receivable.

The Company and six of its affiliates filed for Chapter 11
protection (Bankr. D. Del. Lead Case No. 08-11787) on Aug. 5,
2008.  Kenneth H. Eckstein, Esq., and Robert T. Schmidt, Esq.,
at Kramer Levin Naftalis & Frankel LLP, represent the Debtors in
their restructuring efforts.  M. Blake Cleary, Esq., Edward J.
Kosmoswki, Esq., and Patrick A. Jackson, Esq., at Young, Conaway,
Stargatt & Taylor, LLP, serve as the Debtors' Delaware counsel.
Epiq Bankruptcy Solutions LLC is the notice, claims and balloting
agent to the Debtors.

At July 5, 2008, Ascendia Brands, Inc., had $194,800,000 in total
assets and $279,000,000 in total debts.


FIRSTFED FINANCIAL: Ends September 2011 With $3.07 Million Cash
---------------------------------------------------------------
FirstFed Financial Corp. filed on Oct. 13, 2011, its monthly
operating report for September 2011 with the U.S. Bankruptcy Court
for the Central District of California, Los Angeles Division.

The Company reported a net loss of $58,742 on $0 revenue for
the period.

At Sept. 30, 2011, the Company had $3.2 million in total assets,
$159.6 million in total liabilities, and a stockholders' deficit
of $156.4 million.  The Company ended the period with
$3,076,162 in unrestricted cash.

A complete text of the operating report is available for free at:

                       http://is.gd/bCqJwh

                     About FirstFed Financial

Irvine, Calif.-based FirstFed Financial Corp. is the bank
holding company for First Federal Bank of California and its
subsidiaries.  The Bank was closed by federal regulators on
Dec. 18, 2009.

FirstFed Financial Corp. filed for Chapter 11 protection (Bankr.
C.D. Calif. Case No. 10-10150) on Jan. 6, 2010.  Jon L. Dalberg,
Esq., at Landau Gottfried & Berger LLP, represents the Debtor in
its restructuring effort.  Garden City Group is the claims and
notice agent.  The Debtor disclosed assets at $1 million and
$10 million, and debts at $100 million and $500 million.


GRACEWAY PHARMA: Files Initial Monthly Operating Report
-------------------------------------------------------
Graceway Pharmaceuticals, LLC, et al., filed on Oct. 14, 2011, an
initial monthly operating report.

The Debtors submitted cash flow projections reflecting the weekly
forecast through Jan. 27, 2012, and monthly forecast for the Wind
Down period through June 30, 2012.

A copy of the initial monthly operating report is available for
free at http://bankrupt.com/misc/gracewaypharma.initialmor.pdf

                  About Graceway Pharmaceuticals

Based in Bristol, Tennessee, Graceway Pharmaceuticals LLC offers
dermatology, respiratory, and women's health products. Its Zyclara
Cream is used for the treatment of external genital and perianal
warts (EGW) in patients 12 years of age and older. The company
offers products for the treatment of dermatology conditions, such
as actinic keratosis, superficial basal cell carcinoma, external
genital warts, atopic dermatitis, and acne; and respiratory
conditions, such as asthma.

Graceway Pharmaceuticals and its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Lead Case No. 11-13036) on
Sept. 29, 2011.

Graceway intends to sell essentially all of its assets pursuant to
Section 363 of the Bankruptcy Code.  Switzerland's Galderma SA has
been selected as a stalking horse bidder, but the final buyer will
be determined through an auction process and, ultimately, by the
Bankruptcy Court over the course of the next few months.

The company's debt includes $430.7 million owing on a first-lien
revolving credit and term loan.  Second-lien debt is $330 million,
with mezzanine debt totaling another $81.4 million.

The company said the sale has the consent of holders of 40% of the
first-lien debt, which means the sale could be opposed by holders
of 60% of the senior debt.

Attorneys at Young Conaway Stargatt & Taylor LLP serve as counsel
to the Debtors.  Latham & Watkins LLP is the co-counsel.  Alvarez
and Marsal North America, LLC, is the financial advisor.  Lazard
Freres & Co. LLC is the investment banker.  PricewaterhouseCoopers
LLP is the tax consultant.  BMC Group serves as claims and notice
agent.

Lowenstein Sandler PC serves as the committee counsel.


ICOP DIGITAL: Posts $27,125 Net Loss in September 2011
------------------------------------------------------
On Oct. 12, 2011, ICOP Digital Inc., now known as Digital Systems,
Inc., filed with the U.S. Bankruptcy Court for the District of
Kansas a monthly operating report for the month of September 2011.

The Debtor reported a net loss of $27,125 on $0 revenue for the
month.

Payment for professional fees (Accounting & Legal) totaled $22,971
in September.

At Sept. 30, 2011, the Debtor had $347,220 in total assets,
$1,277,771 in total liabilities, all current, and a stockholders'
deficit of $930,551.

A complete text of the operating report is available for free at:

                       http://is.gd/nZoUeP

                        About ICOP Digital

Founded in 2002, ICOP Digital Inc. sells surveillance equipment
for law enforcement agencies.  Lenexa, Kansas-based ICOP Digital
filed for Chapter 11 protection in Kansas City (Bankr. D. Kan.
Case No. 11-20140) on Jan. 21, 2011.  In its schedules, the Debtor
disclosed assets of $1.67 million and debt of $2.74 million.  The
balance sheet as of Sept. 30, 2010, had assets on the books for
$6.7 million and total debts of $4.3 million.  Joanne B. Stutz,
Esq., at Evans & Mullinix PA, in Shawnee, Kansas, serves as the
Debtor's bankruptcy counsel.

The Debtor has been renamed as of March 14, 2011, to Digital
Systems, Inc.


IMPERIAL CAPITAL: Posts $324,124 Net Loss in August 2011
--------------------------------------------------------
On Sept. 20, 2011, Imperial Capital Bancorp, Inc., filed its
unaudited monthly operating report for the month of August 2011
with the Office of the United States Trustee.

The Company reported a net loss of $324,124 on $0 revenue for
August 2011.

At Aug. 31, 2011, the Company had $40.1 million in total assets,
$99.6 million in total liabilities, and a stockholders' deficit of
$59.5 million.

A copy of the operating report is available for free at:

                       http://is.gd/D9VBpU

                  About Imperial Capital Bancorp

La Jolla, California-based Imperial Capital Bancorp, Inc., filed
for Chapter 11 bankruptcy protection (Bankr. S.D. Calif. Case No.
09-19431) on Dec. 18, 2009.  Gregory K. Jones, Esq., at Stutman,
Treister & Glatt, P.C., serves as the Company's bankruptcy
counsel.  FTI Consulting Inc. serves as its financial advisor.
The Company disclosed $40.4 million in assets and $98.7 million in
liabilities.

Tiffany L. Carroll, the U.S. Trustee for Region 15, appointed
three members to the official committee of unsecured creditors in
the Debtor's case.

The Debtor's proposed Liquidating Plan of Reorganization provides
that based upon assets available for distribution, creditors of
the Company will not be paid in full under the Plan.  The Company
predicts that, after payment to the Company's unsecured creditors,
there will be no assets available for distribution to the holders
of the Company's common stock.


LINDEN PONDS: Ends August 2011 With $2.8 Million Cash
-----------------------------------------------------
Linden Ponds reported a net loss of $3.6 million on
$12.7 million of revenue for the month ended Aug. 31, 2011.  The
Debtor incurred a total of $2.0 million in reorganization
expenses for the month.

At Aug. 31, 2011, the Company's balance sheet showed
$493.3 million in total assets, $541.9 million in total
liabilities, and a stockholders' deficit of $48.5 million.

The Company ended August 2011 with $2,842,520 in unrestricted
cash:

     Cash - Beginning of Month           $3,306,767
     Total Receipts                      $3,961,251
     Total Operating Disbursements       $4,202,615
     Total Reorganization Expenses         $222,883
     Total Disbursements                 $4,425,498
     Net Cash Flow                        ($464,247)
     Cash - End of Month                 $2,842,520

A copy of the operating report is available for free at:

      http://bankrupt.com/misc/lindenponds.august2011mor.pdf

                        About Linden Ponds

Linden Ponds Inc. operates a 108-acre continuing care retirement
community located at 300 Linden Ponds Way in Hingham,
Massachusetts.  The facility has 988 independent living units
(with an occupancy rate of 87.9%) and 132 skilled nursing beds
(68% occupancy rate).

Linden Ponds leases the facility and the property upon which it is
built from Hingham Campus LLC.  Hingham is the owner of the
facility and owns the fee simple interest in the property upon
which the facility is built.  Senior Living Retirement
Communities, LLC, formerly known as Erickson Retirement
Communities, LLC, owns 100% of the membership interests in
Hingham.

Hingham Campus and Linden Ponds filed a pre-negotiated Chapter 11
petition (Bankr. N.D. Tex. Lead Case No. 11-33912) in Dallas on
June 15, 2011.  Hingham Campus estimated assets and debts of $100
million to $500 million.  Debt includes $156.4 million owing on
bonds issued by the Massachusetts Development Finance Agency, with
Wells Fargo Bank, National Association, as the bond trustee.

Erickson Retirement Communities sought bankruptcy protection
(Bankr. N.D. Tex. Case No. 09-37010) on Oct. 19, 2009.  Erickson,
the owner of 20 senior living facilities, won approval of its
reorganization plan in April 2010.  The Erickson plan provided for
a sale to Redwood Capital, the highest bidder at the auction in
December 2009.  Redwood won the auction with an all-cash bid of
$365 million.

Thomas R. Califano, Esq., and George B. South, Esq., at DLA Piper
LLP (US), in New York, and Martin T. Fletcher, Esq., at Whiteford,
Taylor & Preston, LLP, in Baltimore, Md., represent Hingham Campus
and Linden Ponds as counsel.

Hingham Campus, LLC and Linden Ponds, Inc., won approval of their
disclosure statement and confirmation of their plan of
reorganization on Aug. 18, 2011.


LINDEN PONDS: Hingham Campus Ends August 2011 With $1,524 Cash
--------------------------------------------------------------
Hingham Campus, LLC, reported net income of $272,096 on
$1.2 million of revenue for the month ended Aug. 31, 2011.

At Aug. 31, 2011, the Company's balance sheet showed
$290.6 million in total assets, $330.7 million in total
liabilities, and a stockholders' deficit of $40.1 million.

The Company ended August 2011 with  in unrestricted cash:

     Cash - Beginning of Month             $161
     Total Receipts                      $2,000
     Total Operating Disbursements         $637
     Total Reorganization Expenses           $0
     Total Disbursements                   $637
     Net Cash Flow                       $1,363
     Cash End of Month                   $1,524

A copy of the operating report is available for free at:

     http://bankrupt.com/misc/hinghamcampus.august2011mor.pdf

                        About Linden Ponds

Linden Ponds Inc. operates a 108-acre continuing care retirement
community located at 300 Linden Ponds Way in Hingham,
Massachusetts.  The facility has 988 independent living units
(with an occupancy rate of 87.9%) and 132 skilled nursing beds
(68% occupancy rate).

Linden Ponds leases the facility and the property upon which it is
built from Hingham Campus LLC.  Hingham is the owner of the
facility and owns the fee simple interest in the property upon
which the facility is built.  Senior Living Retirement
Communities, LLC, formerly known as Erickson Retirement
Communities, LLC, owns 100% of the membership interests in
Hingham.

Hingham Campus and Linden Ponds filed a pre-negotiated Chapter 11
petition (Bankr. N.D. Tex. Lead Case No. 11-33912) in Dallas on
June 15, 2011.  Hingham Campus estimated assets and debts of $100
million to $500 million.  Debt includes $156.4 million owing on
bonds issued by the Massachusetts Development Finance Agency, with
Wells Fargo Bank, National Association, as the bond trustee.

Erickson Retirement Communities sought bankruptcy protection
(Bankr. N.D. Tex. Case No. 09-37010) on Oct. 19, 2009.  Erickson,
the owner of 20 senior living facilities, won approval of its
reorganization plan in April 2010.  The Erickson plan provided for
a sale to Redwood Capital, the highest bidder at the auction in
December 2009.  Redwood won the auction with an all-cash bid of
$365 million.

Thomas R. Califano, Esq., and George B. South, Esq., at DLA Piper
LLP (US), in New York, and Martin T. Fletcher, Esq., at Whiteford,
Taylor & Preston, LLP, in Baltimore, Md., represent Hingham Campus
and Linden Ponds as counsel.

Hingham Campus, LLC and Linden Ponds, Inc., won approval of their
disclosure statement and confirmation of their plan of
reorganization on Aug. 18, 2011.


NORTEL NETWORKS: Ends August 2011 With $1.035 Billion Cash
----------------------------------------------------------
Nortel Networks Inc. filed on Sept. 30, 2011, its monthly
operating report for the filing period ended Aug. 31, 2011.

Nortel Networks Inc. ended July 2011 with $1.035 billion in cash
and cash equivalents, as compared to $1.045 billion at the
beginning of the month.

As of Aug. 31, 2011, Nortel Networks Inc. had $1.392 billion
in total assets, $5.749 billion in total liabilities, and a
stockholders' deficit of $4.357 billion.

A copy of the operating report is available for free at:

          http://bankrupt.com/misc/nni.august2011mor.pdf

                       About Nortel Networks

Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/-- was
once North America's largest communications equipment provider.
It has sold most of the businesses while in bankruptcy.

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 (Bankr. D. Del. Case No. 09-10138) on Jan. 14, 2009.
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.  Fred S. Hodara, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, in New York, and
Christopher M. Samis, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, represent the Official Committee of
Unsecured Creditors.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  On May 28, 2009, at the request
of the Administrators, the Commercial Court of Versailles, France
ordered the commencement of secondary proceedings in respect of
Nortel Networks S.A.  On June 8, 2009, Nortel Networks UK Limited
filed petitions in this Court for recognition of the English
Proceedings as foreign main proceedings under chapter 15 of the
Bankruptcy Code.

Nortel Networks divested off key assets while in Chapter 11.
Nortel has raised $3.2 billion by selling its operations as it
prepares to wind up a two-year liquidation due to insolvency.

In June 2011, Nortel added US$4.5 billion to its cash pile after
agreeing to sell its remaining patent portfolio to Rockstar Bidco
LP, a consortium consisting of Apple Inc., EMC Corporation,
Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In
Motion Limited, and Sony Corporation.  The consortium defeated a
$900 million stalking horse bid by Google Inc. at an auction.  The
deal closed in July.

Nortel Networks has filed a proposed plan of liquidation in the
U.S. Bankruptcy Court.  The Plan generally provides for full
payment on secured claims with other distributions going in
accordance with the priorities in bankruptcy law.


PEGASUS RURAL: Posts $1.6 Million Net Loss in August 2011
---------------------------------------------------------
Pegasus Rural Broadband, LLC, et al., reported a net loss of
$1.6 million on $338,329 of customer revenue for the month ended
Aug. 31, 2011.

At Aug. 31, 2011, the Company had $44.4 million in total assets,
$71.0 million in total liabilities, and a stockholders' deficit of
$26.6 million.

A copy of the operating report is available for free at:

     http://bankrupt.com/misc/pegasusrural.august2011mor.pdf

                  About Pegasus Rural Broadband

Pegasus Rural Broadband, LLC, and its affiliates, including
Xanadoo Holdings Inc., sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 11-11772) on June 10, 2011.

The Debtors are subsidiaries of Xanadoo Company, a 4G wireless
Internet provider.  Xanadoo Co. was not among the Chapter 11
filers.

The subsidiaries sought Chapter 11 protection after they were
unable to restructure $52 million in 12.5% senior secured
promissory notes that matured in May.  The notes are owing to
Beach Point Capital Management LP.

Xanadoo Holdings, through Xanadoo LLC -- XLC -- offers wireless
high-speed broadband service, including digital phone services,
under the Xanadoo brand utilizing licensed frequencies in the 2.5
GHz frequency band.  As of May 31, 2011, XLC served 12,000
subscribers in Texas, Oklahoma and Illinois.  In the summer of
2010, the Debtors closed all of their retail stores and kiosks in
its six operating markets and severed all fulltime sales
personnel.  Since the closings, the Debtors relied one key
retailer in each market to serve as local point of presence to
market customer transactions.

Judge Peter J. Walsh presides over the case.  Rafael Xavier
Zahralddin-Aravena, Esq., Shelley A. Kinsella, Esq., and Jonathan
M. Stemerman, Esq., at Elliott Greenleaf, in Wilmington, Delaware,
serve as counsel to the Debtor.  NHB Advisors Inc. is their
financial advisors.  Epiq Systems, Inc., is the claims and notice
agent.

Xanadoo Holdings, Pegasus Guard Band and Xanadoo Spectrum each
estimated assets of $100 million to $500 million and debts of
$50 million to $100 million.

The Chapter 11 filing followed the maturity in May of almost $60
million in secured notes owing to Beach Point Capital Management
LP.

After filing for bankruptcy, the Debtors faced an effort by the
agent for secured noteholders to appoint a trustee or dismiss the
case.   The agent contended that on the eve of bankruptcy, Xanadoo
created a new intermediate holding company to hinder and delay
creditors by taking over ownership of the operating companies.

The Debtors called the trustee motion a distraction that hindered
them from moving the case more quickly.


                           *********

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
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related conferences are encouraged.  Send announcements to
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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
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Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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Marie Varquez, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
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Copyright 2011.  All rights reserved.  ISSN: 1520-9474.

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