/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/141015.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, October 15, 2014, Vol. 18, No. 287 Headlines 1SOLTECH INC: Voluntary Chapter 11 Case Summary 231 FOURTH AVENUE: PB Wins Stay Relief in Owner's Bankr. Case 30DC INC: Fiscal 2014 Report Includes Going Concern Doubt AC I INV: Cash Order Requires Sale by Mid-February AC I INV: Oct. 30 Hearing on Bid for Exclusivity Extensions AC I INV: Wants to Hire Robinson Brog as Bankruptcy Counsel AIRTRONIC USA: CEO Fails to Dismiss Suit by Failed Merger Partner ALCO STORES: Discount Chain Files Ch. 11 to Liquidate or Sell ALCO STORES: Wants Until Nov. 21 to File Schedules ALCO STORES: Proposes DIP Financing From Wells Fargo ALVARION LTD: Creditors' Plan of Settlement Nullified AMERICAN AIRLINES: FTC Wins Claim Transfer Dispute With JPMorgan ARCHDIOCESE OF ST. PAUL-MINNEAPOLIS: Outline Protection Protocols ARIZONA COYOTES: Philadelphia Investor Buys Team ATLAS PIPELINE: S&P Puts 'B+' CCR on CreditWatch Positive BANK OF THE CAROLINAS: Files Second Amendment to FY 2013 Report BARISTAS COFFEE: Posts $128K Net Loss for Second Quarter BAY AREA: Plan of Reorganization Declared Effective BAY AREA: Wants to Sell Oxnard, CA Property for $1.7-Mil. BERNARD L. MADOFF: Solus & SPV Not Entitled to Refund BROWNSVILLE MD: Bankruptcy Case Dismissed After Foreclosure BRUSH CREEK AIRPORT: Community Banks of Colorado Seeks Stay Relief CHRIST CHURCH APOSTOLIC: Case Summary & 2 Top Unsecured Creditors CLOUDEEVA INC: BAPL Says Balmer Employment Unnecessary CLOUDEEVA INC: BAPL Says Cole Schotz Should Return Retainer CLOUDEEVA INC: BAPL Drops Bid for Trustee, Still Pushes Dismissal COMMUNITY HOME: Ch. 11 Trustee Taps Spotts Fain as Special Counsel COUPOUNAS LLC: Case Summary & 20 Largest Unsecured Creditors COUTURE HOTEL: Secured Creditors Object to Use of Cash Collateral COUTURE HOTEL: Sec. 341(a) Meeting Set for Nov. 6 CRAIGHEAD COUNTY FAIR: Files for Chapter 11 in Arkansas CRAIGHEAD COUNTY FAIR: Voluntary Chapter 11 Case Summary CYTODYN INC: Incurs $3.38-Mil. Net Loss for Aug. 31 Quarter D&L ENERGY: Can Sell Disposable Well Assets for $4.35-Mil. D&L ENERGY: Compromise Agreement with Resource Land Approved DARDEN RESTAURANTS: Moody's Lowers Senior Unsecured Rating to Ba1 DAYBREAK OIL: Swings to $114K Profit in Aug. 31 Quarter DYNAVOX INC: Can Employ Ernst & Young as Tax Advisor ENDEAVOUR INT'L: Moody's Lowers Default Rating to D-PD ENERGY FUTURE: Creditors Oppose Proposed Bid Protocol FERROUS MINER: Case Summary & 20 Largest Unsecured Creditors FREEFALL ADVENTURES: Files for Ch 11 Months After Owner's Bankr. GENCORP INC: Reports $9.5-Mil. Net Loss for Aug. 31 Quarter GENERAL MOTORS: Investors Fret Over Ex-Employee, Car Owners Suit GILES JORDAN: Galveston Shores Withdraws Motion for Valuation GLOBAL GEOPHYSICAL: Oct. 15 Hearing on Backstop Agreement GREEN POWER: Files Bare-Bones Ch. 11 Petition in Seattle GT ADVANCED: Wants to Disclose Details of Apple Deal to Public HDGM ADVISORY: Has Until Nov. 3 to File Disclosure Statement HEDWIN CORPORATION: Taps Keightley & Ashner as Pensions Counsel HOUSTON REGIONAL: Court Okays Employee Retention Program INTELLICELL BIOSCIENCES: Has $2.71-Mil. Net Income in Q2 INTELLICELL BIOSCIENCES: Amends 2013 Fiscal Year Report INTELLICELL BIOSCIENCES: Files Amendment to Q1 2014 Report INTERNATIONAL TRADE: Files for Chapter 7 Liquidation ISLAMIC CENTER OF MEMPHIS: Motion for Chapter 11 Discharge Denied JOSEPH GRASSO: Court Okays Some of Madison Capital's Fee Claim JPJ REAL ESTATE: Files for Ch 11; Sec. 341 Meeting on Nov. 3 KASPER LAND: Withdraws Motion to Tap Glenn Cumming as Broker KNR ENTERPRISE: Files for Ch 11; Sec. 341 Meeting on Nov. 6 LDR INDUSTRIES: Adduci Mastriani Approved as Customs Counsel LDR INDUSTRIES: General Claims Bar Date Set for Dec. 1, 2014 LDR INDUSTRIES: Adduci Mastriani Approved as Customs Counsel LDR INDUSTRIES: General Claims Bar Date Set for Dec. 1, 2014 LDR INDUSTRIES: Reed Smith Approved as Bankruptcy Counsel LDR INDUSTRIES: Silverman Consulting Okayed as Advisor LONGVIEW POWER: Asks Court to Okay Dunkard Creek Settlement MACKEYSER HOLDINGS: Needs Until 2015 to File Liquidating Plan MATAGORDA ISLAND: Files Schedules of Assets and Liabilities MOMENTIVE PERFORMANCE: Hires Deloitte Tax to Provide Tax Services MONTREAL MAINE: Plan Moratorium Period Extended Until Nov. 30 MSI CORPORATION: Says Primary Issue on Plan Is Feasibility MVB HOLDING: Has Until Oct. 17 to File Schedules and Statements MVB HOLDING: Taps Byrd & Wiser to Assist in Reorganization Case NEW ENGLAND COMPOUNDING: MDL Stayed as to Insiders et al NEW ENTERPRISE: Has $10.75-Mil. Net Income in Aug. 31 Quarter NNN PARKWAY: Cases Dismissed; U.S. Trustee Fees Must Be Paid NORANDA ALUMINUM: S&P Lowers CCR to 'B-'; Outlook Stable NRG YIELD: S&P Assigns 'BB+' CCR & Rates $500MM Notes 'BB+' PALM BEACH COMMUNITY: New River to Appraise Palm Beach Gardens PALM BEACH COMMUNITY: Aucamp Dellenback Approved as Appraiser PALMETTO INVESTMENTS: Mich. Court Okays Appointment of Receiver PICHI'S INC: Case Summary & 20 Largest Unsecured Creditors PRETTY GIRL: Balks at Committee Bid to Tap Moses & Singer, Wilk PRETTY GIRL: Panel Taps CBIZ Accounting as Financial Advisor RB ENERGY: Seeks Creditor Protection Under CCAA RESIDENTIAL CAPITAL: Dist. Judge Tosses Jackson Claim Appeal REVEL AC: Bonnie Glantz Fatell Named as New Privacy Ombudsman REVEL AC: Wants Oct. 28 Fixed as Administrative Expense Bar Date REVEL AC: Withdraws Bid to Employ Cooper Levenson as Counsel RURAL/METRO CORP: Judge Imposes Additional $76MM Fine on RBC SALPAT INC: Files for Ch 7 Liquidation; Nov. 12 Sec. 341 Meeting SEARS METHODIST: Auction for Sears Plains Retirement on Oct. 29 SIGA TECHNOLOGIES: Wants to Hire Weil Gotshal as General Counsel SIGA TECHNOLOGIES: Taps Prime Clerk as Claims & Noticing Agent SIGA TECHNOLOGIES: Taps Ostrolenk Faber as IP Counsel SPECIALTY PRODUCTS: Future Claimants Taps ARPC as Consultants T-L BRYWOOD: Taps Valbridge Property as Appraiser TARGA RESOURCES: S&P Puts 'BB+' CCR on CreditWatch Positive TEXAS RANGERS: Counterclaims Against Aircraft Lessor Rejected TRANSCOASTAL CORP: Files Third Amendment to 2013 FY Report TRANSCOASTAL CORP: Amends Q2 Ended June 30 Report TRUMP ENTERTAINMENT: Panel Says Houlihan's $1.5MM Fee Excessive YMCA OF METROPOLITAN: Has Until Jan. 31 to Propose Plan YMCA OF METROPOLITAN: Time to Decide on Leases Extended to Jan. 1 YMCA MILWAKEE: Approved to Sell Assets to Stalking Horse Bidders YMCA MILWAKEE: Has Until Jan. 31 to File Chapter 11 Plan ZYNEX INC: Incurs $5.56-Mil. Net Loss in Q2 Ended June 30 * Global Signs of Slowdown Ripple Across Markets * U.S. & UK Meet to Discuss Key Components for G-SIB Resolution ********* 1SOLTECH INC: Voluntary Chapter 11 Case Summary ----------------------------------------------- The Debtor filed an amended petition to change the name to 1SolTech, Inc. Debtor: 1SolTech, Inc. 4724 Towne Square, #1610 Plano, TX 75024 Case No.: 14-42187 Chapter 11 Petition Date: October 13, 2014 Court: United States Bankruptcy Court Eastern District of Texas (Sherman) Debtor's Counsel: Joyce W. Lindauer, Esq. ATTORNEY AT LAW & MEDIATOR 8140 Walnut Hill Lane, Suite 301 Dallas, TX 75231 Tel: (972) 503-4033 Fax: (972) 503-4034 Email: joyce@joycelindauer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Zak Fardi, executive vice president. The Debtor did not file a list of its largest unsecured creditors when it filed the petition. 231 FOURTH AVENUE: PB Wins Stay Relief in Owner's Bankr. Case ------------------------------------------------------------- P.B. #7 LLC may pursue foreclosure of real property located at 227-231 4th Avenue, Brooklyn, New York, Bankruptcy Judge Carla E. Craig denied the motion of Chapter 13 debtor, Eric H. Richmond, to stay the Court's order granting PB's motion to lift the automatic stay, pending the outcome of Mr. Richmond's appeal from the lift stay order. Mr. Richmond is the sole shareholder of 231 Fourth Avenue Lyceum, and a defendant in PB's foreclosure action. PB is the holder of a judgment of foreclosure and sale against both Lyceum and Mr. Richmond. Lyceum filed for Chapter 11 bankruptcy (Bankr. E.D.N.Y. Case No. 13-42125) to halt the foreclosure proceedings. The judge in Lyceum, however, gave PB relief from the automatic stay to allow foreclosure. Following that, no further action was taken to pursue reorganization, and Lyceum's chapter 11 bankruptcy was dismissed on September 5, 2014. The order dismissing Lyceum's case has been appealed. After the stay was lifted in Lyceum's case, PB sought permission from the state court to file a notice of sale. One day before the return date of PB's motion in state court, Mr. Richmond commenced the Chapter 13 bankruptcy case (Bankr. E.D.N.Y. Case No. 14- 41678). Counsel for P.B. #7 LLC is: Glenn P. Warmuth, Esq. STIM & WARMUTH, P.C. 2 Eighth Street Farmingville, NY 11738 A copy of the Court's October 10, 2014 decision is available at http://is.gd/9DyUoOfrom Leagle.com. 30DC INC: Fiscal 2014 Report Includes Going Concern Doubt --------------------------------------------------------- 30DC, Inc., filed with the U.S. Securities and Exchange Commission on Oct. 10, 2014, its annual report on Form 10-K for the fiscal year ended June 30, 2014. MaloneBailey, LLP, expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has accumulated losses from operations since inception and has a working capital deficit as of June 30, 2014. The Company reported net income of $58,918 on $2.8 million of total revenue for the fiscal year ended June 30, 2014, compared to a net loss of $407,642 on $1.47 million of total revenue in the prior year. The Company's balance sheet at June 30, 2014, showed $2.64 million in total assets, $1.93 million in total liabilities and total stockholders' equity of $716,127. A copy of the Form 10-K is available at: http://is.gd/E7QnkP About 30DC Inc. New York-based 30DC, Inc., provides Internet marketing services and related training to help Internet companies in operating their businesses. It operates in two divisions, 30 Day Challenge and Immediate Edge. The Company reported a net loss of $407,642 on $1.97 million of total revenue for the year ended June 30, 2013, as compared with net income of $32,207 on $2.91 million of total revenue during the prior fiscal year. Marcum LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2013. The independent auditors noted that the Company has a working capital deficit and stockholders' deficiency as of June 30, 2012. These conditions raise substantial doubt about the Company's ability to continue as a going concern. AC I INV: Cash Order Requires Sale by Mid-February -------------------------------------------------- Bankruptcy Judge Robert D. Drain signed off a stipulated final order authorizing AC I Inv Manahawkin LLC, et al., to use the lender's cash collateral. As of the Petition Date, the total principal amount outstanding under the loan documents, attorneys' fees and special servicer fees, was $30,825,406. As adequate protection from any diminution in value of the lender's collateral, the Debtor will grant Rialto Capital Advisors, LLC, solely in its capacity as special servicer for the lender, adequate protection liens and superpriority administrative claim status, subject to carve out on certain expenses. Any objections or reservations to the motion that have not been withdrawn, waived, or settled were denied and overruled. As a condition to the lender's consent to Debtor's continued use of cash collateral under the final order, the Debtor will comply with these deadlines and milestones in connection with a sale of substantially all its assets. a. by Oct. 30, 2014, the Debtor will have hired a broker, acceptable to lender, to market and sell all or substantially all of its business assets as a going concern under Section 363 of the Bankruptcy Code; b. by Dec. 15, 2014, the Debtor will have filed with the Court a motion or a plan of reorganization that provides for the sale of the property, in form and substance satisfactory to lender, seeking approval of a Section 363 sale process; c. by Jan. 15, 2015, the Debtor will have: (i) obtained a final, non-appealable order of the Court approving the proposed bid, auction, and assumption and assignment procedures; and (ii) received all qualified bids, and, if two or more competing bidders are identified, the Debtor will have conducted an auction or, if any stalking horse bid is the only qualified bid submitted by the bid deadline, the Debtor will not hold the auction; and d. by Feb. 15, 2015, the Debtor will have: (i) obtained a final, non-appealable order of the Court approving the sale motion and the sale to the successful bidder, on such terms as may be acceptable to lender or that pays the lender in full in cash at closing; and (ii) closed the sale to the successful bidder. About AC I Inv Manahawkin LLC AC I Inv Manahawkin LLC, AC I Manahawkin Mezz LLC and AC I Manahawkin LLC filed separate Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Case Nos. 14-22791, 14-22792 and 14-22793) on June 4, 2014. The petitions were signed by David Goldwasser, of GC Realty Advisors LLC, managing member. The Debtors estimated assets of $50 million to $100 million and debts of $0 to $50 million. Robinson Brog Leinwand Greene Genovese & Gluck, P.C., serves as the Debtors' counsel. Judge Robert D. Drain presides over the cases. Affiliates of AC I Inv., et al., have pending bankruptcy cases before Judge Drain. NY Affordable Housing Albany Assocs. LLC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 13-20007) on July 26, 2013. First Bronx LLC sought bankruptcy protection (Bankr. S.D.N.Y. Case NO. 14-22047) on Jan. 13, 2014. Ollie Allen Holding Company LLC sought bankruptcy (Case NO. 14-22204) on Feb. 18, 2014. U.S. Trustee was unable to form an official unsecured creditors' committee. AC I INV: Oct. 30 Hearing on Bid for Exclusivity Extensions ----------------------------------------------------------- AC I Inv Manahawkin LLC, et al., ask the Bankruptcy Court to extend their exclusive periods to file a plan of reorganization until Jan. 30, 2015, and solicit acceptances for that Plan until March 31. This is the Debtors' first request for an extension of their exclusive periods. The Court set an Oct. 30, 2014 hearing on the matter. Objections, if any, are due seven days prior to the hearing. About AC I Inv Manahawkin LLC AC I Inv Manahawkin LLC, AC I Manahawkin Mezz LLC and AC I Manahawkin LLC filed separate Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Case Nos. 14-22791, 14-22792 and 14-22793) on June 4, 2014. The petitions were signed by David Goldwasser, of GC Realty Advisors LLC, managing member. The Debtors estimated assets of $50 million to $100 million and debts of $0 to $50 million. Robinson Brog Leinwand Greene Genovese & Gluck, P.C., serves as the Debtors' counsel. Judge Robert D. Drain presides over the cases. Affiliates of AC I Inv., et al., have pending bankruptcy cases before Judge Drain. NY Affordable Housing Albany Assocs. LLC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 13-20007) on July 26, 2013. First Bronx LLC sought bankruptcy protection (Bankr. S.D.N.Y. Case NO. 14-22047) on Jan. 13, 2014. Ollie Allen Holding Company LLC sought bankruptcy (Case NO. 14-22204) on Feb. 18, 2014. U.S. Trustee was unable to form an official unsecured creditors' committee. AC I INV: Wants to Hire Robinson Brog as Bankruptcy Counsel ----------------------------------------------------------- AC I Inv Manahawkin LLC, et al., ask the Bankruptcy Court for permission to employ Robinson Brog Leinwand Greene Genovese & Gluck P.C., as counsel effective as of June 4, 2014. Robinson Brog will provide legal services and assist the Debtors in carrying out their duties as debtors in possession. To the best of the Debtors' knowledge, Robinson Brog is a "disinterested person" as that term is defined Section 101(14) of the Bankruptcy Code. The firm can be reached at: A. Mitchell Greene, Esq. ROBINSON BROG LEINWAND GREENE GENOVESE & GLUCK P.C. 875 Third Avenue New York, NY 10022 About AC I Inv Manahawkin LLC AC I Inv Manahawkin LLC, AC I Manahawkin Mezz LLC and AC I Manahawkin LLC filed separate Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Case Nos. 14-22791, 14-22792 and 14-22793) on June 4, 2014. The petitions were signed by David Goldwasser, of GC Realty Advisors LLC, managing member. The Debtors estimated assets of $50 million to $100 million and debts of $0 to $50 million. Robinson Brog Leinwand Greene Genovese & Gluck, P.C., serves as the Debtors' counsel. Judge Robert D. Drain presides over the cases. Affiliates of AC I Inv., et al., have pending bankruptcy cases before Judge Drain. NY Affordable Housing Albany Assocs. LLC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 13-20007) on July 26, 2013. First Bronx LLC sought bankruptcy protection (Bankr. S.D.N.Y. Case NO. 14-22047) on Jan. 13, 2014. Ollie Allen Holding Company LLC sought bankruptcy (Case NO. 14-22204) on Feb. 18, 2014. U.S. Trustee was unable to form an official unsecured creditors' committee. AIRTRONIC USA: CEO Fails to Dismiss Suit by Failed Merger Partner ----------------------------------------------------------------- Merriellyn Kett Murphy, the sole shareholder, CEO, President and Chairman of the Board of Directors of Airtronic USA Inc., will have to face claims asserted by Global Digital Solutions, Inc. over a failed merger deal, after a Florida judge denied Kett's request to dismiss GDSI's lawsuit. Kett filed an amended motion to dismiss GDSI's amended complaint for lack of personal jurisdiction, or alternatively, for transfer of the case to the U.S. District Court for the Northern District of Illinois pursuant to 28 U.S.C. Sec. 1404, and further motion to dismiss the tortious interference, fraudulent concealment and civil conspiracy claims for failure to state a claim on which relief may be granted. District Judge Daniel T.K. Hurley for the Southern District of Florida tossed Kett's requests. Airtronic USA Inc., a bankrupt Illinois corporation, manufactures small arms and supplies weapons to the United States military and occasionally to private federal agency customers. GDSI is a New Jersey corporation with principal place of business in West Palm Beach, Palm Beach County, Florida, engaged in the acquisition of small arms manufacturers and related companies. In March 2012, unsecured creditors forced Airtronic into an involuntary bankruptcy under Chapter 7 proceedings initiated in the U.S. Bankruptcy Court in the Northern District of Illinois. After the Bankruptcy Court converted the case into a Chapter 11 proceeding, Kett began negotiating with GDSI to acquire the financial assistance needed for Airtronic to emerge from bankruptcy. In August 2012, GDSI entered into a letter of intent with Kett as CEO and sole shareholder of Airtronic, agreeing to provide financial assistance in exchange for an equity stake in Airtronic. In October 2012, GDSI and Airtronic entered into a Merger Agreement entitling GDSI to acquire 70% of Airtronic in exchange for cash, common stock and other consideration. The pending merger was scheduled to close on November 18, 2013, and required to close before December 2, 2013 per order of the bankruptcy court confirming the reorganization plan. During the course of merger negotiations, Kett represented to GDSI that Airtronic needed additional funds as working capital in order to continue operations through the closing date outlined in the pending Merger Agreement. Relying on Kett's affirmations of commitment to the merger, in January 2013, GDSI began a series of wire transfers to Airtronic from its Florida bank account, ultimately loaning Airtronic a total of $1,406,173.58 in bridge loans over an extended period of time. A portion of this funding went directly to pay Kett's personal salary. On November 15, 2013, Airtronic announced, through counsel that it did not intent to proceed with the GDSI merger. On December, 2, 2013, Airtronic reverted back to the status of Debtor in Possession under Chapter 11 due to its failure to execute the Merger Agreement and complete the Amended Plan of Reorganization within 60 days of its confirmation by the bankruptcy court. GDSI said Kett never intended to close the GDSI/Airtronic merger, but instead simply worked to exploit GDSI and its principals as a means of securing $1.5 million in interim financial support to fund her own personal salary and other benefits during the pendency of Airtronic bankruptcy reorganization proceedings, while she simultaneously searched for another more lucrative partner. Ultimately, Kett entered into a separate merger agreement on behalf of Airtronic with Kearney Park Investments, LLC and Onset Capital Partners. GDSI filed the lawsuit against Kett individually for tortious interference with contract and advantageous business relationship (interference with the Airtronic/GDSI Merger Agreement) fraudulent inducement to contract (inducing GDSI to loan money based on false representations regarding Airtronic's intent to proceed with the merger), fraudulent concealment (failing to advise GDSI of her ongoing discussions with other prospective merger partners) and civil conspiracy. The case is, GLOBAL DIGITAL SOLUTIONS, INC., Plaintiff, v. MERRIELLYN KETT MURPHY, Defendant, Case No. 14-80190-CIV-HURLEY (S.D. Fla.). A copy of the Court's Oct. 9 Opinion and Order is available at http://is.gd/9JMjcwfrom Leagle.com. Merriellyn Kett Murphy is represented by Troy Sphar, Esq., at Swanson, Martin & Bell, LLP; and Steven M. De Falco, Esq., at Meuers Law Firm. ALCO STORES: Discount Chain Files Ch. 11 to Liquidate or Sell ------------------------------------------------------------- Alco Stores, Inc., which has 198 discount stores, has sought bankruptcy protection with plans to let Tiger Capital Group, LLC, SB Capital Group, LLC, and Great American Group WF, LLC, conduct store closing sales, absent higher and better offers from other liquidators, and going concern buyers. "The lingering economic slowdown has caused disruptions and significant volatility in financial markets, increased rates of mortgage loan default and personal bankruptcy, and declining consumer and business confidence, which has led to decreased customer traffic and reduced levels of consumer spending, particularly on discretionary items. These economic conditions have negatively impacted the Company's customers, many of whom are on a fixed or low income, which has in turn negatively affected sales in the discount retail industry," Stanley B. Latacha, interim CEO, said in a court filing. Prepetition lender Wells Fargo Bank, National Association, has agreed to provide financing for the Chapter 11 effort. Assets & Debt As of July 2014, the Company had assets totaling $222 million and liabilities totaling $162 million. The bulk of the liabilities was total debt outstanding under a credit facility with Wells Fargo Bank, National Association, of which the aggregate outstanding was $104.2 million as of the Petition Date. The rest of debt is on account of capital lease obligations, which was $15.6 million as of July 2014 and claims of vendors, service providers, and landlords, which totaled $24 million as of Sept. 15, 2014. As of the Petition Date, the Company employed 3,000 people. Of these employees, approximately 300 are employed in the store support centers (Abilene, Kansas and Coppell, Texas) and the Abilene, Kansas distribution center and approximately 2,700 are employed in the various store locations. Sale or Liquidation During the fiscal year ended Feb. 2, 2014, the Company generated net sales from continuing operations of $474.1 million. This represents a decrease of 1.6% from $481.8 million in fiscal 2013. Operating results from continuing operations decreased $26.4 million to a net operating loss of $24.5 million in fiscal year 2014 compared to net income of $1.9 million in fiscal year 2013. During fiscal year 2014, the Company closed eight underperforming stores and opened three new stores, and thus far in fiscal year 2015 the Company has closed an additional fourteen stores. As a result of the decline in the Company's operating results in the first two quarters of fiscal year 2015, coupled with continued economic weakness in the markets in which the Company operates, the Company recognized the critical need to delever its balance sheet in order to avoid violating various loan covenants. In September 2014, the Company engaged Houlihan Lokey Capital, Inc. as financial advisor and investment banker. The Debtors and their advisors began discussions with at least four different experienced entities to serve as potential liquidation agents for the Debtors in conducting store closing sales of the merchandise, inventory, and owned furniture, fixtures, and equipment at some or all of the Debtors' stores. The Debtors, in consultation with their advisors, determined that it was in the best interest of all parties to conduct a competitive bidding and auction process to select the liquidation agent with the highest or otherwise best offer for conducting the store closing sales. Accordingly, the Debtors seek approval of their stalking horse agency agreement with a joint venture among Tiger Capital Group, LLC, SB Capital Group, LLC, and Great American Group WF, LLC (collectively, the "Stalking Horse Liquidator") subject to higher and better offers. In addition to the store closing sales, the Debtors, after careful consideration and consultation with their advisors, also determined that it was necessary to pursue a going concern sale or other restructuring transaction with one or more potential purchasers or other strategic partners with respect to the portion of their assets and business. Accordingly, the Debtors, together with their advisors, contacted a number of potential purchasers or strategic partners in connection with a potential sale or other restructuring transaction. Owing to these efforts, the Debtors contemplate a fulsome marketing process on a dual track: (i) the Debtors will market the liquidation of all of the Debtors' stores and seek higher and otherwise better liquidation bids than the stalking horse bid, and, at the same time, (ii) the Debtors will seek to market a going concern transaction pursuant to Section 363 of the Bankruptcy Code with financial and strategic buyers, many of whom have already been contacted. In the event that a potential purchaser seeks to purchase certain of the Debtors' stores as part of a going concern transaction, the Debtors have preserved the optionality of pursuing such a going concern transaction (perhaps in conjunction with a liquidation transaction on stores that may have to be closed). First Day Motions The Debtors have filed or about to file these motions and applications to, among other things: -- jointly administer their Chapter 11 cases; -- extend the time to file their schedules of assets and liabilities and statements of financial affairs to the date that is 40 days after the Petition Date; -- maintain their existing insurance policies; -- prohibit utilities from discontinuing service and provide adequate assurance of payment through a cash deposit totaling $700,000; -- maintain their existing cash management system; -- pay approximately $2.1 million in employee wages, commissions, and salaries that have accrued, but remain unpaid; -- pay prepetition taxes totaling $5.3 million; -- honor their prepetition customer programs; -- pay prepetition claims of shippers and warehousemen, which have claims totaling approximately $1,100,000 as of the Petition Date; -- pay prepetition claims of critical vendor Associated Wholesale Grocer, which accounted for 26% of the Company's total purchases in fiscal year 2014; -- obtain postpetition financing and use cash collateral; and -- launch a comprehensive sale process. The Debtors say the First Day Pleadings have been designed to meet the goals of (a) continuing their operations in chapter 11 with as little disruption and loss of productivity as possible, while ensuring preservation of value for the estates, (b) maintaining the confidence and support of their employees, customers, vendors, suppliers and service providers during the Debtors' reorganization process, and (c) establishing procedures for the smooth and efficient administration of the chapter 11 cases. About Alco Stores Alco Stores, Inc., operates 198 stores in 23 states throughout the central United States. Alco offers 35,000 items at its stores, which are located at smaller markets usually not served by other regional or national broad line retail chains. The company was founded in 1901 as a general merchandising operation in Abilene, Kansas. Alco is a public company, and its common stock is quoted on the NASDAQ National Market tier of the NASDAQ Stock Market under the ticker symbol "ALCS." Alco Stores and its affiliates sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Lead Case No. 14-34941) in Dallas, Texas, on Oct. 12, 2014. Judge Stacey G. Jernigan presides over the Chapter 11 cases. The Debtors have hired DLA Piper LLP US as counsel and Prime Clerk LLC as claims and noticing agent. ALCO STORES: Wants Until Nov. 21 to File Schedules -------------------------------------------------- ALCO Stores Inc., et al., are asking the Bankruptcy Court to extend until Nov. 21, 2014, the deadline to file their schedules of assets and liabilities and statement of financial affairs. Vincent P. Slusher, Esq., at DLA Piper LLP (US), avers that "cause" exists for an extension of the deadline to the date that is 40 days after the Petition Date given the substantial burdens already imposed on the Debtors' management by the commencement of the chapter 11 cases, the limited number of employees available to collect the information, the competing demands upon such employees, and the time and attention the Debtors must devote to the restructuring process. About ALCO Stores ALCO Stores, Inc., operates 198 stores in 23 states throughout the central United States. Alco offers 35,000 items at its stores, which are located at smaller markets usually not served by other regional or national broad line retail chains. The company was founded in 1901 as a general merchandising operation in Abilene, Kansas. ALCO is a public company, and its common stock is quoted on the NASDAQ National Market tier of the NASDAQ Stock Market under the ticker symbol "ALCS." ALCO Stores and ALCO Holdings LLC sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Lead Case No. 14-34941) in Dallas, Texas, on Oct. 12, 2014, with plans to let liquidators conduct store closing sales or sell the business to a going-concern buyer. Judge Stacey G. Jernigan presides over the Chapter 11 cases. The Debtors have DLA Piper LLP (US) as counsel, Houlihan Lokey Capital, Inc., as financial advisor, and Prime Clerk LLC as claims and noticing agent. As of July 2014, ALCO Stores had assets totaling $222 million and liabilities totaling $162 million. The bulk of the liabilities was total debt outstanding under a credit facility with Wells Fargo Bank, National Association, of which the aggregate outstanding was $104.2 million as of the Petition Date. ALCO STORES: Proposes DIP Financing From Wells Fargo ---------------------------------------------------- To facilitate adequate funding of debtors ALCO Stores Inc., et al.'s operations during the Chapter 11 cases, prepetition lender Wells Fargo Bank, National Association, has agreed, subject to Bankruptcy Court approval, to provide the Debtors with: (i) a senior secured revolving credit facility in an aggregate principal amount not to exceed $110,000,000 and (ii) a senior secured term loan in the original principal amount of $12,675,000. Stanley B. Latacha, interim CEO, said in a court filing that the financing will be used to (a) repay certain prepetition obligations; (b) fund the Chapter 11 cases in accordance with an approved budget; (c) make certain other payments on the closing date; and (d) provide working capital for the Debtors during the pendency of the Chapter 11 Cases. Vincent P. Slusher, Esq., at DLA Piper LLP (US), avers that the DIP financing from Wells Fargo represents the best terms for debtor in possession financing the Debtors were able to arrange following arm's-length negotiations and a thorough market process to third party financiers undertaken by Houlihan Lokey. The liquidity provided by the DIP Financing will allow the Debtors to continue to operate their business as well as provide for a roll up of the existing borrowings under the prepetition credit facility. The Debtors have outstanding secured debt to various lenders pursuant to a credit agreement dated as of May 30, 2014, with Wells Fargo, as administrative agent and collateral agent. As of the Petition Date, the aggregate outstanding principal amount owed by the Debtors was not less than $93,517,482, consisting of revolving credit loans in the outstanding principal of $76,092,482, a term loan in the outstanding principal of $12,675,000, and a real estate term loan in the outstanding principal amount of $4,750,000. In the weeks leading to the filing of the Chapter 11 cases, Houlihan Lokey contacted and held talks with potential third-party lenders that are active in the debtor in possession financing market to determine whether they would be interested in providing the Debtors with alternative debtor in possession financing. Despite these efforts, no third party-lender indicated that they would be willing to provide postpetition financing to the Debtors on more favorable terms than those provided by Wells Fargo. Accordingly, the Debtors ask the Bankruptcy Court for interim and final approval to access DIP financing and use cash collateral on these terms: * Borrowers: ALCO Stores and ALCO Holdings, LLC * Guarantor: None * Admin. Agent, Collateral Agent and Swing Line Lender: Wells Fargo * Term Loan Agent: Wells Fargo * DIP Lenders: Wells Fargo, CIT Bank and the banks and other financial institutions or entities from time to time parties to the DIP Credit Agreement. * Maturity Date: Oct. 12, 2015 (or earlier upon confirmation of plan of reorganization or sale of substantially all assets) * Interest Rate: Base Rate Loans: Base Rate plus the Applicable Margin (1.5 percent per annum). LIBO Rate Loans: Adjusted LIBO Rate plus the Applicable Margin (2.5 percent per annum). Alternative Term Loan: A per annum rate equal to the sum of (a) the greater of (i) the Base Rate in effect at such time and (ii) 2 percent plus (b) 7 percent. Term Loan: A per annum rate equal to (a) the sum of (i) the greater of (A) LIBO Rate and (B) 1 percent plus 8 percent, or (b) if the LIBO Rate is not available at such time for any reason, the Alternative Term Loan Interest Rate. * Interest Rate: Base Rate Loans: Base Rate plus the * Default Interest Rate: For the Base Rate Loan, Base Rate rate plus the Applicable Margin (1.5 percent per annum), plus 2 percent per annum; For the LIBO Rate Loans, then-applicable rate, including the Applicable Margin (2.5 percent per annum), plus 2 percent per annum; for the Term Loan, then- applicable Term Loan Interest Rate plus 2 percent per annum. * Borrowing Limits: Total aggregate revolving loan commitment of $110,000,000; and total aggregate term loan commitment of $12,675,000. * Letters of Credit: The L/C Issuer (Wells Fargo) agrees to (i) issue letters of credit for the account of any Borrower, and to amend or extend Letters of Credit previously issued by it, and (ii) honor drawings under the Letters of Credit. The Revolving Lenders severally agree to participate in Letters of Credit issued for the account of any Borrower and any drawings thereunder. The Outstanding Amount of the L/C Obligations will not exceed the Letter of Credit Sublimit (which is $11,000,000). * Commitment Fee: 0.375 percent times the average daily amount by which the Aggregate Revolving Commitments exceed the Total Revolving Outstandings (other than Swing Line Loans). * L/C Fees: 2.25 percent times the daily Stated Amount under each Letter of Credit. * Liens and Priorities: After the entry of the Interim Order, the DIP obligations will constitute allowed administrative expense claims having priority over all administrative expense claims (other than the carve-out for professional fees) and unsecured claims now existing or hereafter arising, of any kind whatsoever. * Adequate Protection Payments: The prepetition secured parties are entitled to adequate protection of their interests in their respective prepetition collateral, including the cash collateral in the form of adequate protection payments, replacement and additional security interests, and superpriority claims. * Milestones: The affirmative covenants require the Debtors to: (a) On the Petition Date, file a motion requesting approval of bidding procedures and the stalking horse bid of Tiger Capital Group, LLC, SB Capital Group, LLC, and Great American Group WF, LLC, (ii) a motion to consummate the sale and, if applicable, authorizing the conduct of "going out of business" sales; (b) On or before Oct. 24, 2014, obtain order approving the bidding procedures; (c) On or before Nov. 17, 2014, receive qualifying bids; (d) To the extent any qualifying bids are received, on or before Nov. 19, 2014, complete an auction of substantially all of the assets; (e) On or before Nov. 21, 2014, obtain an order approving the sale; (f) On or before Nov. 22, 2014, close on the sale of the assets; (g) In the event that the sale approved does not provide for the sale of the Debtors' owned Real Property and Intellectual Property, then (i) on or before Nov. 28, 2014, enter into one or more stalking horse agreements for the purchase of such assets on terms satisfactory to the Agents, (ii) on or before Dec. 1, 2014, file motions requesting (x) approval of approving bidding procedures relating to such sales, and (y) an order from the Bankruptcy Court pursuant to Section 363 of the Bankruptcy Code authorizing the to consummate such sales, (iii) to the extent that any qualifying bids for such assets are received in accordance with the bidding procedures approved by the Bankruptcy Court, then, on or before Dec. 18, 2014, complete one or more auctions with respect to such sales, and (iv) on or before Dec. 19, 2014, consummate such sales on terms satisfactory to the Agents. About ALCO Stores ALCO Stores, Inc., operates 198 stores in 23 states throughout the central United States. Alco offers 35,000 items at its stores, which are located at smaller markets usually not served by other regional or national broad line retail chains. The company was founded in 1901 as a general merchandising operation in Abilene, Kansas. ALCO is a public company, and its common stock is quoted on the NASDAQ National Market tier of the NASDAQ Stock Market under the ticker symbol "ALCS." ALCO Stores and ALCO Holdings LLC sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Lead Case No. 14-34941) in Dallas, Texas, on Oct. 12, 2014, with plans to let liquidators conduct store closing sales or sell the business to a going-concern buyer. Judge Stacey G. Jernigan presides over the Chapter 11 cases. The Debtors have DLA Piper LLP (US) as counsel, Houlihan Lokey Capital, Inc., as financial advisor, and Prime Clerk LLC as claims and noticing agent. As of July 2014, ALCO Stores had assets totaling $222 million and liabilities totaling $162 million. The bulk of the liabilities was total debt outstanding under a credit facility with Wells Fargo Bank, National Association, of which the aggregate outstanding was $104.2 million as of the Petition Date. ALVARION LTD: Creditors' Plan of Settlement Nullified ----------------------------------------------------- Alvarion(R) Ltd. (in receivership and liquidation) on Oct. 13 disclosed that Yoav Kfir, CPA, Alvarion's court-appointed receiver and special manager, informed the District Court of Tel Aviv ? Yaffo that the Creditors' Plan of Settlement which was approved by the Court in March 2014 is nullified. Certain conditions which were prerequisite to the execution of the plan were not met resulting the nullification of the plan. The Company's assets were sold for no less than NIS38 million. Under the terms of the creditors' plan, the Company's creditors were to receive NIS6.25 million of the proceeds from the sale of the Company's assets as stipulated in the asset sale agreement and be issued Company shares constituting 15% of the Company's share capital. The cash component was collected and the Receiver continues to collect payments from the sale proceeds. In addition, the Receiver is reviewing different alternatives to maximize the value of the Company and will update accordingly. Debt claims are currently being examined. Once the examination process ends, the Receiver will notify the creditors' of his debt decision after which creditors will have 45 days to appeal these decisions. The dividend amounts and date of payment will be announced after the Court approves the Receiver's debt decisions. About Alvarion With headquarters in Tel Aviv, Israel, Alvarion Ltd. provides optimized wireless broadband solutions addressing the connectivity, coverage and capacity challenges of telecom operators, smart cities, security, and enterprise customers. The Company reported a net loss of $55.9 million on $49.9 million of revenue in 2012, compared with a net loss of $33.8 million on $69.5 million of revenue in 2011. In July 2013, Alvarion said it has agreed to the appointment of a receiver and won't contest an attempt by Silicon Valley Bank to secure a winding up order from theDistrict Court of Tel-Aviv - Yaffo. Mr. Yoav Kfir, CPA, has been named as the company's receiver. The District Court of Tel Aviv -- Yaffo's on July 21, 2013, approved an operating plan to allow the normal business operation of the company. AMERICAN AIRLINES: FTC Wins Claim Transfer Dispute With JPMorgan ---------------------------------------------------------------- Magistrate Judge Robert E. Wier in Lexington, Kentucky, sided with First Technology Capital, Inc., in a contract dispute with JPMorgan Chase Bank, N.A. "Chase cites many wounds from its dealings with FTC, but, legally at least, those largely are self-inflicted; Chase has no remedy in this case, and FTC and Bates are entitled to judgment as a matter of law," the judge ruled. FTC negotiated a sale to JPMorgan of its $22,886,139 allowed claim in the American Airlines, Inc. bankruptcy case for 35.75% on the dollar. JPMorgan, in turn, negotiated a deal to sell the $17,886,139 portion of the claim downstream to GoldenTree and the remaining $5,000,000 downstream to MatlinPatterson. The deal between FTC and JPMorgan unraveled after Dougherty Air came into the picture to assert an economic interest in the claim. FTC and Dougherty Air ultimately sold the Claim to Citigroup Financial in March 2013 for a significantly higher figure. FTC's $22.8 million claim stemmed from American's aircraft lease. In September 2010, FTC executed a Term Promissory Note with Tennessee Commerce Bank for $10.47 million to purchase 100% of the beneficial interest in Dougherty Air XVIII Investment Trust. Dougherty Air administered the Trust as owner trustee. The Trust owned (or contemporaneously acquired) a 1999 McDonnell Douglas MD- 83 (DC-9-83), tail number N973TW. The Trust leased the MD-83 to American through a long-term lease. FTC acquired a beneficial interest in the Trust and a right to (at least most portions of) future lease payments. As part of the Promissory Note and financing terms, FTC assigned TCB a 100% security interest in FTC's assets, to include its beneficial interest in the Trust and any ensuing proceeds. American suspended lease payments on November 29, 2011, after filing for Chapter 11 bankruptcy. In January 2012, American Airlines renegotiated the terms of the lease. The The term sheet to which the parties agreed awarded the "Lessor" a "separate and distinct stipulated, allowed general unsecured non-priority pre- petition claim" against American in the amount of $22,886,139. The parties do not dispute that, around this same time, the Federal Deposit Insurance Corporation took over TCB and acquired its assets. Thus, as receiver of the bank, the FDIC acquired FTC's loans (including the loan related to the MD-83) and became the lienholder on FTC's assets. FTC sued JPMorgan in state court for declaratory judgment on the contract claim. JPMorgan removed the case to federal district court in Lexington and asserted contract, fraud, and unjust enrichment counterclaims against FTC and, on the latter counts, individually, against James L. Bates, the President of FTC. The case is, FIRST TECHNOLOGY CAPITAL, INC., Plaintiff/ Counterclaim Defendant, v. JPMORGAN CHASE BANK, N.A., Defendant/Counterclaimant, v. JAMES L. BATES, Counterclaim Defendant, NO. 5:12-CV-289-REW (E.D. Ky.). A copy of the Court's October 9, 2014 Memorandum and Order is available at http://is.gd/IMM9OUfrom Leagle.com. James L. Bates, Counter Defendant, is represented by Andrew M. Stephens, Esq., Michael Joseph Gartland, Esq., and J. Wesley Harned, Esq., at DelCotto Law Group PLLC. About American Airlines AMR Corp. and its subsidiaries including American Airlines filed for bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattan on Nov. 29, 2011, after failing to secure cost- cutting labor agreements. AMR, previously the world's largest airline prior to mergers by other airlines, is the last of the so- called U.S. legacy airlines to seek court protection from creditors. It was the third largest airline in the United States at the time of the bankruptcy filing. Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the Debtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom Law Group, Chartered, are on board as special counsel. Rothschild Inc., is the financial advisor. Garden City Group Inc. is the claims and notice agent. Jack Butler, Esq., John Lyons, Esq., Felecia Perlman, Esq., and Jay Goffman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP serve as counsel to the Official Committee of Unsecured Creditors in AMR's chapter 11 proceedings. Togut, Segal & Segal LLP is the co-counsel for conflicts and other matters; Moelis & Company LLC is the investment banker, and Mesirow Financial Consulting, LLC, is the financial advisor. The Retiree Committee is represented by Jenner & Block LLP's Catherine L. Steege, Esq., Charles B. Sklarsky, Esq., and Marc B. Hankin, Esq. AMR and US Airways Group, Inc., on Feb. 14, 2013, announced a definitive merger agreement under which the companies will combine to create a premier global carrier, which will have an implied combined equity value of approximately $11 billion. The bankruptcy judge on Sept. 12, 2013, confirmed AMR Corp.'s plan to exit bankruptcy through a merger with US Airways. By distributing stock in the merged airlines, the plan is designed to pay all creditors in full, with interest. Judge Sean Lane confirmed the Plan despite the lawsuit filed by the U.S. Department of Justice and several states' attorney general complaining that the merger violates antitrust laws. In November 2013, AMR and the U.S. Justice Department a settlement of the anti-trust suit. The settlements require the airlines to shed 104 slots at Reagan National Airport in Washington and 34 at LaGuardia Airport in New York. AMR stepped out of Chapter 11 protection after its $17 billion merger with US Airways was formally completed on Dec. 9, 2013. * * * The Troubled Company Reporter, on Sep. 2, 2014, reported that Standard & Poor's Ratings Services revised its rating outlooks on American Airlines Group Inc. (AAG) and its subsidiaries American Airlines Inc. and US Airways Inc. to positive from stable. At the same time, S&P affirmed its ratings on the companies, including the 'B' corporate credit ratings. The TCR, on Sept. 22, 2014, reported that Standard & Poor's Ratings Services assigned its 'A (sf)' issue rating to American Airlines Inc.'s series 2014-1 class A pass-through certificates, which have an expected maturity of Oct. 1, 2026. At the same time, S&P assigned its 'BBB- (sf)' issue rating to the company's series 2014-1 class B pass-through certificates, which have an expected maturity of Oct. 1, 2022. The final legal maturity dates will be 18 months after the expected maturity dates. American Airlines is issuing the certificates under a Rule 415 shelf registration. The TCR, on the same day, reported that Moody's Investors Service assigned a B3 (LGD5) rating to the $500 million of new five year unsecured notes that American Airlines Group Inc. ("AAG") offered for sale earlier. Its subsidiaries, American Airlines, Inc. ("AA"), US Airways Group, Inc. and US Airways, Inc. will guarantee AAG's payment obligations under the indenture on a joint and several basis. Moody's Corporate Family rating of AAG is B1 with a stable outlook. The TCR also reported that Fitch Ratings has assigned a rating of 'B+/RR4' to the $500 million unsecured notes to be issued by American Airlines Group Inc. The Issuer Default Ratings (IDR) for American Airlines Group Inc., American Airlines, Inc., US Airways Group, Inc., and US Airways, Inc. remain unchanged at 'B+' with a Stable Outlook. ARCHDIOCESE OF ST. PAUL-MINNEAPOLIS: Outline Protection Protocols ----------------------------------------------------------------- Tom Corrigan, writing for Daily Bankruptcy Review, reported that the the Archdiocese of St. Paul-Minneapolis and the Diocese of Winona, Minn., announced the settlement of a child sexual abuse lawsuit that also laid out wide-ranging protocols aimed at requiring greater disclosure and ensuring a safe environment for children. According to the report, Jeff Anderson, an attorney who represents the man who filed the lawsuit, joined other alleged abuse survivors and church officials in St. Paul, Minn., to announce 17 child protection protocols that the church has agreed to implement. ARIZONA COYOTES: Philadelphia Investor Buys Team ------------------------------------------------ The Daily Bankruptcy Review, citing Agence France-Presse, reported that the Arizona Coyotes will have a new owner after Andrew Barroway, a Philadelphia investment firm manager, struck a deal to buy a majority interest in the National Hockey League team. According to the report, IceArizona, which bought the once- bankrupt club from the NHL in August of last year, announced early Saturday it was selling 51% of the team to Mr. Barroway and retaining a minority stake. ATLAS PIPELINE: S&P Puts 'B+' CCR on CreditWatch Positive --------------------------------------------------------- Standard & Poor's Ratings Services placed the 'B+' corporate credit and senior unsecured ratings on Atlas Pipeline Partners L.P. on CreditWatch with positive implications. S&P also revised the CreditWatch listing on the 'B' corporate credit and senior secured ratings on Atlas Energy L.P. to developing from negative. At the same time, S&P placed its 'BB+' corporate credit and senior unsecured debt ratings on Targa Resources Partners L.P. (Targa) on CreditWatch with positive implications. "The positive CreditWatch on Atlas Pipeline and its unsecured debt reflects our expectation that we will raise the ratings in line with those of Targa," said Standard & Poor's credit analyst Nora Pickens. "Atlas Pipeline will be integrated with Targa's operations, with Targa assuming Atlas Pipeline's adjusted debt of about $1.8 billion," said Ms. Pickens. The existence of material asset value at both Atlas Pipeline and Targa to support their respective debt claims alleviates potential structural subordination related concerns should Atlas and Targa decide not to cross-guarantee each-others debt. In S&P's view, Atlas Pipeline's assets are located in favorable basins with compelling drilling economics, characterized by high utilization (about 93% to date in 2014) and strong gathering and processing volumes across the firm's operating footprint. The partnership continues to grow rapidly in tandem with robust production forecasts and S&P expects 2014 gathering volumes to be nearly three times greater than those of 2011. Despite favorable drilling fundamentals, a slower-than-anticipated build-out of assets, meaningful amounts of ethane rejection, and the need to offload gathering volumes to third parties have contributed to compressed margins and lower cash flow. However, S&P believes this will partially abate in 2015. The positive CreditWatch on Targa reflects S&P's expectations that it could raise ratings to 'BBB-' once we become sufficiently confident that the proposed merger will close. The merged entity benefits from increased scale and diversity and is expected to have moderate leverage, with pro forma debt to EBITDA of about 3.9x in 2015, before declining to 3.5x in 2016. In S&P's view, the transaction complements Targa's core competencies in the gathering and processing business, enhances its asset position in the Permian Basin, and expands its operating footprint to attractive regions such as the Anadarko Basin and Eagle Ford Shale. Pro forma for the transaction, S&P expects fee- based arrangements to represent about 60% of the partnership's operating margins and that Targa will continue to manage its commodity risk in a disciplined manner. S&P expects to resolve the CreditWatch listings on Targa, Atlas Pipeline, and Atlas Energy once S&P has better insight into the transaction's timing and final terms. S&P anticipates that if it raises the corporate credit rating on Targa, S&P would limit it to one notch. BANK OF THE CAROLINAS: Files Second Amendment to FY 2013 Report --------------------------------------------------------------- Bank of the Carolinas Corporation filed with the U.S. Securities and Exchange Commission on Oct. 10, 2014, a second amendment to its annual report on Form 10-K for the fiscal year ended Dec. 31, 2013. Turlington and Company, L.L.P., expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has suffered recurring credit losses that have eroded certain regulatory capital ratios. As of Dec. 31, 2013, the Company is considered undercapitalized based on their regulatory capital level. The Company reported a net loss of $1.35 million on $15.21 million of total interest income for the year ended Dec. 31, 2013, compared with a net loss of $4.58 million on $17.05 million of total interest income in 2012. The Company's balance sheet at Dec. 31, 2013, showed $423.65 million in total assets, $421.9 million in total liabilities and total stockholders' equity of $1.75 million. A copy of the Form 10-K/A is available at: http://is.gd/HsI2M3 About Bank of the Carolinas Mocksville, North Carolina-based Bank of the Carolinas Corporation was formed in 2006 to serve as a holding company for Bank of the Carolinas. The Bank's primary market area is in the Piedmont region of North Carolina. Turlington and Company, LLP, in Lexington, North Carolina, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has suffered recurring credit losses that have eroded certain regulatory capital ratios. As of Dec. 31, 2013, the Company is considered undercapitalized based on their regulatory capital level. This raises substantial doubt about the Company's ability to continue as a going concern. The Company reported a net loss available to common stockholders of $2.33 million in 2013, a net loss available to common stockholders of $5.53 million in 2012 and a net loss available to common stockholders of $29.18 million in 2011. As of June 30, 2014, the Company had $427.82 million in total assets, $423.04 million in total liabilities and $4.77 million in total stockholders' equity. BARISTAS COFFEE: Posts $128K Net Loss for Second Quarter -------------------------------------------------------- Baristas Coffee Company Inc. filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $128,915 on $297,054 of revenues for the three months ended June 30, 2014, compared to a net loss of $426,914 on $428,726 of revenues for the same period in 2013. The Company's balance sheet at June 30, 2014, showed $3.67 million in total assets, $1.29 million in total liabilities and total stockholders' equity of $2.38 million. As of June 30, 2014, the Company has a loss from operations of $172,500 and an accumulated deficit of $3.83 million. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending Dec. 31, 2014. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. A copy of the Form 10-Q is available at: http://is.gd/MFFrjm Barista Coffee Company, Inc., doing business as Baristas, operates as a drive-through beverage retailer in the United States. The company offers hot and cold beverages, including specialty coffees, blended teas, and other custom drinks, as well as smoothies, fresh-baked pastries, and other confections. It also provides beverages, such as hot apple cider, hot chocolate, and frozen coffees. In addition, the company promotes and sells Baristas merchandise, calendars, mugs, T-shirts, and hats. It owns and operates approximately 10 drive-through locations primarily in the greater Seattle area. Barista Coffee Company, Inc. also sells its merchandise and other novelties through its baristas.tv Website. The company was formerly known as Innovative Communications, Inc. and changed its name to Barista Coffee Company, Inc. in May 2010. Barista Coffee Company, Inc. was founded in 1996 and is headquartered in Kent, Washington. BAY AREA: Plan of Reorganization Declared Effective --------------------------------------------------- Bay Area Financial Corp., notified the Bankruptcy Court that the Effective Date of its First Amended Plan of Reorganization/ Liquidation occurred on Oct. 1, 2014. The Bankruptcy Court entered on Sept. 12, an order confirming the Debtor's Plan. The Debtor filed on April 8, 2014, its proposed plan to exit bankruptcy protection. Under the plan, Class 1 consists of secured tax claims, which are primarily claims for property taxes on the various real estate parcels owned by the company. A copy of the Debtor's latest disclosure statement explaining its proposed plan is available for free at http://is.gd/Cht1qs The Court has entered a separate order stating that the Debtor is not eligible for a discharge. About Bay Area Financial Bay Area Financial Corp., a consumer finance company, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 13-38974) on Dec. 9, 2013. The case is assigned to Judge Thomas B. Donovan. The Debtor is represented by Sandford L. Frey, Esq., and Stuart I. Koenig, Esq., at Creim Macias Koenig & Frey LLP. The Debtor disclosed $15,248,851 in assets and $21,239,663 in liabilities as of the Chapter 11 filing. There is no secured debt, although $141,000 is owing on a priority tax claim. Peter C. Anderson, the U.S. Trustee for Region 16, appointed five members to the Official Committee of Unsecured Creditors. The Committee is represented by James C. Bastian, Jr., Esq., and Melissa Davis Lowe, Esq., at Shulman Hodges & Bastian LLP. BAY AREA: Wants to Sell Oxnard, CA Property for $1.7-Mil. --------------------------------------------------------- Bay Area Financial Corporation asks the Bankruptcy Court to authorize the sale of the real property of the estate described as 4145 Ocean, Oxnard, California. The Debtor also wants to establish overbid procedures for the sale of the property, and pay a commission of 5% of the sale price to the agents for the Debtor and the purchaser. The Debtor has entered into a purchase agreement for the sale of the property with Fair Home Buyers, LLC for $1,700,000. The agreement provides that upon close of the escrow, real estate brokerage commissions in the amount of $85,000 or five percent of the purchase price will be paid in full to the agent for the Debtor, RE/Max Gold Coast Beach Office. About Bay Area Financial Bay Area Financial Corp., a consumer finance company, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 13-38974) on Dec. 9, 2013. The case is assigned to Judge Thomas B. Donovan. The Debtor is represented by Sandford L. Frey, Esq., and Stuart I. Koenig, Esq., at Creim Macias Koenig & Frey LLP. The Debtor disclosed $15,248,851 in assets and $21,239,663 in liabilities as of the Chapter 11 filing. There is no secured debt, although $141,000 is owing on a priority tax claim. Peter C. Anderson, the U.S. Trustee for Region 16, appointed five members to the Official Committee of Unsecured Creditors. The Committee is represented by James C. Bastian, Jr., Esq., and Melissa Davis Lowe, Esq., at Shulman Hodges & Bastian LLP. BERNARD L. MADOFF: Solus & SPV Not Entitled to Refund ----------------------------------------------------- Bankruptcy Judge Stuart M. Bernstein ruled that SPV Optimal SUS Ltd. -- SPV -- and Solus Recovery Fund LP -- Solus -- are not entitled to a refund under an Optimal Settlement with Irving H. Picard, the trustee appointed under the Securities Investor Protection Act for the the estate of Bernard L. Madoff Investment Securities LLC. Early in the BLMIS's SIPA case, Mr. Picard entered into a settlement agreement with Optimal Strategic U.S. Equity Ltd. -- SUS -- and Optimal Arbitrage Ltd. -- Arbitrage -- under which they paid the Trustee the aggregate sum of $233,750,000. The Optimal Settlement represented 85% of the amount of the preference claims asserted against them by the Trustee. The Optimal Settlement included an equal treatment provision, or most favored nations -- MFN -- clause, which required the Trustee to refund a portion of the settlement payment if he entered into similar future settlements with other defendants for a lower percentage of the claimed amount. SPV acquired SUS's rights and Solus acquired Arbitrage's rights under the Optimal Settlement. The Trustee subsequently settled avoidance claims he brought against JPMorgan Chase & Co., JPMorgan Chase Bank, N.A., JPMorgan Securities LLC, and JPMorgan Securities Ltd. JPMorgan paid the estate $325 million, or slightly more than 76% of the amounts sought. SPV and Solus, as applicants, now contend that the JPMorgan Settlement triggered the MFN clause, and the SIPA Trustee owes each a refund. Finding the Optimal Settlement ambiguous on this point, the Court conducted a trial on July 30, 2014, and concluded that the Applicants are not entitled to the refunds they seek. SUS and Arbitrage are Bahamian trading companies that maintained accounts with BLMIS starting in the mid-1990s. Although their November 2008 account statements, the last statements generated by BLMIS before Madoff's arrest, showed sizeable balances -- SUS and Arbitrage held $2,919,934,627.70 and $14,567,639.02, respectively -- the account statements were works of fiction, the balances bloated by fictitious profits. In truth, SUS was a net loser, having deposited $1,411,084,183 more than it had withdrawn from its BLMIS account. In addition, it had withdrawn $151,831,876 from its BLMIS account within 90 days of the BLMIS December 11, 2008 filing date. Arbitrage, on the other hand, was a net winner. It had withdrawn $96,516,185 more than it had deposited into its BLMIS account, including $125,087,004 within the same 90-day period. Based on these facts, the Trustee asserted that both entities were liable to the estate for the withdrawals made within the 90-day preference period under Bankruptcy Code Sections 547 and 550. In addition, the Trustee contended that Arbitrage had received fraudulent transfers totaling $35,000,000 within six years of the Filing Date. SUS and Arbitrage denied liability, and contended that as Bahamian entities, the Bankruptcy Court lacked jurisdiction over them and any judgment rendered by the Bankruptcy Court could not be enforced against them in the Bahamas. A copy of Judge Bernstein's October 10, 2014 Post-Trial Findings of Fact and Conclusions of Law is available at http://is.gd/zlAirC from Leagle.com. Solus Recovery Fund L.P. is represented in the case by: Gary Svirsky, Esq. Emily Chepiga, Esq. O'MELVENY & MYERS LLP Times Square Tower 7 Times Square New York, NY 10036 Tel: 212-326-4305 Fax: 212-326-2061 E-mail: gsvirsky@omm.com echepiga@omm.com About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff orchestrated the largest Ponzi scheme in history, with losses topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S. District Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. The District Court's Protective Order (i) appointed Irving H. Picard, Esq., as trustee for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and (iii) removed the SIPA Liquidation proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr. Picard has retained AlixPartners LLP as claims agent. On April 13, 2009, former BLMIS clients filed an involuntary Chapter 7 bankruptcy petition against Bernard Madoff (Bankr. S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal & Associates Florida General Partnership, Martin Rappaport Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert US$64 million in claims against Mr. Madoff based on the balances contained in the last statements they got from BLMIS. On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff Securities International Limited in London under bankruptcy protection pursuant to Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later transferred to Manhattan. In June 2009, Judge Lifland approved the consolidation of the Madoff SIPA proceedings and the bankruptcy case. Judge Denny Chin of the U.S. District Court for the Southern District of New York on June 29, 2009, sentenced Mr. Madoff to 150 years of life imprisonment for defrauding investors in United States v. Madoff, No. 09-CR-213 (S.D.N.Y.). From recoveries in lawsuits coupled with money advanced by SIPC, Mr. Picard has commenced distributions to victims, with the fourth and latest batch of distributions done in May 2014. Distributions to eligible claimants have totaled almost $6 billion, which includes $812.2 million in committed advances from the SIPC. More than 1,100 victims have already recovered the full principal they lost in the fraud. As of May 2014, Mr. Picard has recovered or reached agreements to recover $9.8 billion since his appointment in December 2008. BROWNSVILLE MD: Bankruptcy Case Dismissed After Foreclosure ----------------------------------------------------------- The Bankruptcy Court dismissed the Chapter 11 case of Brownsville MD Ventures, LLC. The Debtor asked the Bankruptcy Court to dismiss its case because Pineda Grantor Trust II (or its alleged successor) has foreclosed upon the Debtor's property. The Debtor has turned over the cash in the operating account to Pineda. The Debtor added that there exists a continuing loss to or diminution of the estate and the absence of a reasonable likelihood of rehabilitation. The Debtor noted that it is current on its payments to the U.S. Trustee and will continue to comply with its obligations until an order is entered dismissing the case. About Brownsville MD Ventures Brownsville MD Ventures, LLC, was formed in 2004 for the purpose of acquiring real property and improvements in Brownsville, Texas. The company leased the property to Brownsville Doctors Hospital, LLC, which operated a hospital on the premises. The tenant has ceased operations, and the property has been vacant since August 2012. Brownsville MD Ventures filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 13-10341) on Aug. 26, 2013, in Brownsville, Texas. Chester Gonzalez, the managing member and the chairman of the board of managers, signed the bankruptcy petition. The Debtor disclosed $24 million in assets and $14.7 million in liabilities in its schedules. The Debtor's property was appraised by Compass Bank in July 2011 with a fair market value in excess of $20,000,000. Pineda Grantor Trust II, as assignee of Compass Bank (which provided a loan to finance the acquisition of the property), is the secured lender. Kell Corrigan Mercer, Esq., at Husch Blackwell, LLP, in Austin, Texas, serves as the Debtor's counsel. The Debtor tapped The Rentfro Law Firm PLLC as special counsel to provide legal advice regarding business matters. Judge Richard S. Schmidt presides over the case. BRUSH CREEK AIRPORT: Community Banks of Colorado Seeks Stay Relief ------------------------------------------------------------------ Community Banks of Colorado asks the Bankruptcy Court for relief from automatic stay in the Chapter 11 case of Brush Creek Airport in order to resume state law foreclosure proceedings on 91 development lots located in the Buckhorn Ranch subdivision of Crested Butte. The relief request is anchored on the fact that the Debtor is a single assets real estate debtor and has not filed a plan of reorganization that has a reasonable possibility of being confirmed. Moreover, the Debtor does not generate sufficient revenues to make interest payments to the Bank and that the Debtor has not demonstrated to generate sufficient funds. Before the Debtor commenced a chapter 11 case, the Debtor and, a related entity, Brookside Custom Homes obtained series of loan from the Bank and from Ironwood. Subsequently, the Bank acquired the loan from Ironwood through an assignment of loan documents dated January 23, 2013. As of the filing date, the Debtor's loan obligations were $2,264,214.73 and the Debtor's real estate was encumbered by a third-position lien of $2,834,232.86. The interest of the contract rate totals approximately $15,000 per month. The Debtor appraised the real property from October 2012 to the tune of $5,060,000. But, the Bank in its independent appraisal marketed the value at only $2,400,000 as of April 2014. On July 3, 2014, the Debtor filed a plan and laid therein there proposed terms in meeting the obligations but it did not file a disclosure statement providing details on the anticipated lot sales. The Debtor also has not had any lot sales since April 10, 2014. Community Banks of Colorado, a division of NBH Bank, is represented by: Andrew W. Muller, Esq. STINSON LEONARD STREET LLP 1201 Walnut Street, Suite 2900 Kansas City, MO 64106 Tel: (816) 691-3198 Fax: (816) 412-8124 E-mail: andrew.muller@stinsonleonard.com About Brush Creek Airport Brush Creek Airport, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Col. Case No. 14-14630) in Denver on April 10, 2014. The Debtor has tapped Sender Wasserman Wadsworth, P.C., as counsel. It estimated assets of $10 million to $50 million and debt of $1 million to $10 million. CHRIST CHURCH APOSTOLIC: Case Summary & 2 Top Unsecured Creditors ----------------------------------------------------------------- Debtor: Christ Church Apostolic, Inc. 6601 Grandview Drive Indianapolis, IN 46260 Case No.: 14-09467 Chapter 11 Petition Date: October 13, 2014 Court: United States Bankruptcy Court Southern District of Indiana (Indianapolis) Judge: Hon. Jeffrey J. Graham Debtor's Counsel: John Forest Bymaster, Esq. BYMASTER BANKRUPTCY LAW OFFICES 4435 E. Whitestown Parkway Lebanon, IN 46052 Tel: 317-769-6533 Fax: 317-769-4545 Email: john@bymasterbankruptcy.com Total Assets: $1.79 million Total Liabilities: $3.70 million The petition was signed by Cliff Paicely, chief financial officer. A list of the Debtor's two largest unsecured creditors is available for free at http://bankrupt.com/misc/insb14-09467.pdf CLOUDEEVA INC: BAPL Says Balmer Employment Unnecessary ------------------------------------------------------ Bartronics Asia Pte. Ltd. objected to Cloudeeva, Inc., et al.'s application to employ Karen Balmer, CPA, CFF, CFE, as a financial advisor. According to BAPL, the Debtors' application did not demonstrate the necessity of hiring Karen Balmer, and even if the Court determines that the retention is appropriate, the application must only be approved if Balmer returns the postpetition retainer. BAPL stated that Balmer was retained by the Debtors as an expert in connection with the California arbitration proceedings. As disclosed in the accompanying certification of Karen Balmer, the Debtors paid Balmer a postpetition retainer of $50,000. About Cloudeeva, Inc. Cloudeeva, Inc., a public company previously known as Systems America, Inc., is a global cloud services and technology solutions company specializing in cloud, big data and mobility solutions and services. The company provides information technology staffing services to major clients and third party vendors in the United States and India. The company headquarters are in East Windsor, New Jersey, with regional offices in California, Illinois and international offices in India. Cloudeeva, Inc., and its affiliates sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No. 14-24874) in Trenton, New Jersey, on July 21, 2014. Cloudeeva estimated assets of at least $10 million and debt of less than $10 million. The company said only $209,000 is owing to its lender Prestige Capital Corp. and more than $5.2 million is owed for trade vendor payables. The cases are assigned to Judge Kathryn C. Ferguson. The Debtors are seeking joint administration of their Chapter 11 cases for procedural purposes. The Debtors have tapped Lowenstein Sandler LLP as counsel, and Kurtzman Carson Consultants LLC as claims and noticing agent. According to the docket, the Debtors' exclusive right to file a plan expires on Nov. 18, 2014. CLOUDEEVA INC: BAPL Says Cole Schotz Should Return Retainer ----------------------------------------------------------- Bartronics Asia Pte. Ltd., objected to Cloudeeva, Inc., et al.'s application to employ Cole, Schotz, Meisel, Forman & Leonard, P.A. as appellate counsel nunc pro tunc to Sept. 10, 2014. BAPL said that the application must be denied unless Cole, Schotz returns the postpetition retainer to the estates. According to BAPL, as disclosed in the affidavit of Michael D. Sirota, Esq., the Debtors paid Cole Schotz a retainer payment in the amount of $70,628. The postpetition retainer followed two prior retainer payments of $100,000 and $22,424, made to Cole Schotz on Aug. 26, 2014, and Sept. 8, 2014, respectively. BAPL also said that the postpetition retainer was an unauthorized transfer of property of the estate, paid on the same day that the District Court granted a stay of the dismissal order that had the effect of reinstating the Chapter 11 cases. About Cloudeeva, Inc. Cloudeeva, Inc., a public company previously known as Systems America, Inc., is a global cloud services and technology solutions company specializing in cloud, big data and mobility solutions and services. The company provides information technology staffing services to major clients and third party vendors in the United States and India. The company headquarters are in East Windsor, New Jersey, with regional offices in California, Illinois and international offices in India. Cloudeeva, Inc., and its affiliates sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No. 14-24874) in Trenton, New Jersey, on July 21, 2014. Cloudeeva estimated assets of at least $10 million and debt of less than $10 million. The company said only $209,000 is owing to its lender Prestige Capital Corp. and more than $5.2 million is owed for trade vendor payables. The cases are assigned to Judge Kathryn C. Ferguson. The Debtors are seeking joint administration of their Chapter 11 cases for procedural purposes. The Debtors have tapped Lowenstein Sandler LLP as counsel, and Kurtzman Carson Consultants LLC as claims and noticing agent. According to the docket, the Debtors' exclusive right to file a plan expires on Nov. 18, 2014. CLOUDEEVA INC: BAPL Drops Bid for Trustee, Still Pushes Dismissal ----------------------------------------------------------------- Bartronics Asia Pte. Ltd. notified the Bankruptcy Court that it is withdrawing the portion of the motion for entry of an order directing the appointment of a Chapter 11 trustee in the cases of Cloudeeva, Inc., et al. BAPL noted though the motion is not withdrawn, and will continue to be prosecuted, with respect to BAPL's request for entry of an order dismissing the Debtors' cases. As reported in the Troubled Company Reporter on Sept. 1, 2014, BAPL filed a motion seeking appointment of a trustee in the cases of the Debtors; or, in the alternative, dismissal of the cases. BAPL told the Bankruptcy Court that Adesh Tyagi, a convicted felon and the purported CEO and chairman of the Debtors, cannot be trusted to act as a fiduciary of the Debtors and their estates during the course of the cases. In fact, Mr. Tyagi, who pled guilty in 2012 to grand theft embezzlement, was facing the very real risk of being forcibly removed from his position of control when he caused the Chapter 11 petitions to be filed on the eve of a hearing in the Superior Court of California on BAPL's motion to appoint a receiver to take over the management of Cloudeeva Delaware. BAPL, majority shareholder of Cloudeeva Florida and a creditor of Cloudeeva Delaware, said that it has determined that to provide proper evidentiary support for the trustee motion, it is necessary to cite to documents produced to BAPL in the California Proceedings, a substantial portion of which were designated as confidential by the Debtors. The Debtors' counsel has agreed to permit BAPL to utilize the California Documents in support of the trustee motion, so long as the trustee motion and any attached California Documents are filed under seal. In this connection, BAPL requests that the Court authorize the filing under seal of those documents. BAPL is represented by: Richard M. Meth, Esq. FOX ROTHSCHILD LLP 75 Eisenhower Parkway, Suite 200 Roseland, NJ 07068 Tel: (973) 992-4800 E-mail: rmeth@foxrothschild.com Daniel J. Saval, Esq. Mason C. Simpson, Esq. Shoshana B. Kaiser, Esq. BROWN RUDNICK LLP 7 Times Square New York, NY 10036 Tel: (212) 209-4800 E-mails: dsaval@brownrudnick.com msimpson@brownrudnick.com skaiser@brownrudnick.com About Cloudeeva, Inc. Cloudeeva, Inc., a public company previously known as Systems America, Inc., is a global cloud services and technology solutions company specializing in cloud, big data and mobility solutions and services. The company provides information technology staffing services to major clients and third party vendors in the United States and India. The company headquarters are in East Windsor, New Jersey, with regional offices in California, Illinois and international offices in India. Cloudeeva, Inc., and its affiliates sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No. 14-24874) in Trenton, New Jersey, on July 21, 2014. Cloudeeva estimated assets of at least $10 million and debt of less than $10 million. The company said only $209,000 is owing to its lender Prestige Capital Corp. and more than $5.2 million is owed for trade vendor payables. The cases are assigned to Judge Kathryn C. Ferguson. The Debtors are seeking joint administration of their Chapter 11 cases for procedural purposes. The Debtors have tapped Lowenstein Sandler LLP as counsel, and Kurtzman Carson Consultants LLC as claims and noticing agent. According to the docket, the Debtors' exclusive right to file a plan expires on Nov. 18, 2014. COMMUNITY HOME: Ch. 11 Trustee Taps Spotts Fain as Special Counsel ------------------------------------------------------------------ Kristina M. Johnson, Chapter 11 trustee of the Estate of Community Home Financial Services, Inc., sought permission from the U.S. Bankruptcy Court for the Southern District of Mississippi to employ Spotts Fain, PC, as her special counsel. As special counsel, Spotts Fain expects to represent the Chapter 11 Trustee with regards to an adversary proceeding initiated by Professional Foreclosure Corporation of Virginia on Aug. 6, 2014 -- the Virginia Adversary Proceeding. Spotts Fain and its attorneys have agreed to represent the Trustee for a flat fee of $1,000. Virginia Adversary Proceeding On May 20, 2014, Travis Kuyper Evans filed a voluntary Chapter 7 petition (Bankr. E.D. Va., Case No. 14-1139). Mr. Evans owns real property located at 44 Ringgold Rd., in Falmouth, Virginia. The Chapter 11 Trustee asserts a first priority Deed of Trust encumbering the Property and recorded on November 26, 2007 in the land records of Stafford County, Virginia. By way of assignment, a company known as Professional Foreclosure Corporation of Virginia (PFC) also asserts a first priority Deed of Trust encumbering the Property and recorded on February 19, 2008 in the land records of Stafford County, Virginia. PFC went on to file a lawsuit against the Chapter 11 Trustee on Aug. 6, 2014, seeking a declaration that its Deed of Trust should be ranked before the Trustee's Deed of Trust. Jennifer West -- jwest@spottsfain.com -- a shareholder at Spotts Fain, assures the Court that her Firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The Chapter 11 Trustee's attorneys can be reached at: Jeffrey R. Barber, Esq. Kristina M. Johnson, Esq. JONES WALKER LLP 190 East Capitol Street, Suite 800 (39201) Post Office Box 427 Jackson, Mississippi 39205-0427 Tel No: (601) 949-4765 Fax No: (601) 949-4804 E-mail: jbarber@joneswalker.com kjohnson@joneswalker.com About Community Home Community Home Financial Services, Inc., filed a Chapter 11 petition (Bankr. S.D. Miss. Case No. 12-01703) on May 23, 2012. Community Home Financial is a specialty finance company located in Jackson, Mississippi, providing contractors with financing for their customers. CHFS operates from one central location providing financing through its dealer network throughout 25 states, Alabama, Delaware, and Tennessee. The Debtor scheduled $44,890,581 in total assets and $30,270,271 in total liabilities. Judge Edward Ellington presides over the case. The Debtor was first represented by Roy H. Liddell, Esq., and Jonathan Bissette, Esq., at Wells, Marble, & Hurst, PPLC as Chapter 11 counsel. Wells Marble was terminated Nov. 13, 2013. The Debtor is now being represented by Derek A. Henderson, Esq., in Jackson, Miss. In 2013, the Debtor sought to employ David Mullin, Esq., at Mullin Hoard & Brown LLP, as special counsel. On Jan. 9, 2014, Kristina M. Johnson was appointed as Chapter 11 Trustee for the Debtor. Jones Walker LLP serves as counsel to the Chapter 11 trustee, while Stephen Smith, C.P.A., acts as accountant. * * * On Aug. 8, 2013, the Court approved the Disclosure Statement explaining the Debtor's Plan of Reorganization dated Jan. 29, 2013. In the first quarter of 2014, the Court entered an order holding in abeyance the (i) confirmation of the Debtor's Chapter 11 Plan; and (ii) the objection and amended objection to the confirmation of Plan pending further Court order. COUPOUNAS LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Coupounas, LLC d/b/a GoLite, LLC 6325 Gunpark Drive, Suite 102 Boulder, CO 80301 Case No.: 14-23906 Chapter 11 Petition Date: October 13, 2014 Court: United States Bankruptcy Court District of Colorado (Denver) Debtor's Counsel: James T. Markus, Esq. MARKUS WILLIAMS YOUNG & ZIMMERMANN LLC 1700 Lincoln St., Ste. 4550 Denver, CO 80203 Tel: 303-830-0800 Fax: 303-830-0809 Email: jmarkus@markuswilliams.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Demetri Coupounas, president and managing member. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/cob14-23906.pdf COUTURE HOTEL: Secured Creditors Object to Use of Cash Collateral ----------------------------------------------------------------- Armed Forces Bank, N.A., and Mansa Capital, LLC, holders of secured claims against Couture Hotel Corporation, object to the Debtor's proposed use of the cash collateral securing its prepetition indebtedness. AFB complains that the revenues generated from the operations of the two hotels in Las Vegas, Nevada, are not property of the estate and thus, do not constitute "cash collateral." AFB says the deed of trust governing the Las Vegas property assigned the rents to AFB and specifically stipulated that the same were not property of the estate in a future bankruptcy. Mansa, a primary secured lender and holder of a perfected first priority security interest in the Dallas hotel and its proceeds, also complains that the revenues and proceeds related to the Dallas hotel are not property of the estate and further complains that the Debtor has not provided a reliable budget or provided the required adequate protection to Mansa to satisfy Sections 361 and 363 of the Bankruptcy Code. Attorneys for Armed Forces Bank, N.A., are: Megan M. Adeyemo, Esq. Sona J. Garcia, Esq. GORDON & REES LLP 2100 Ross Avenue, Suite 2800 Dallas, TX 75201 Tel: (214) 231-4660 Fax: (214) 461-4053 -- and -- Mark S. Carder, Esq. STINSON LEONARD STREET LLP 1201 Walnut Street, Suite 2900 Kansas City, MO 64106-2150 Tel: (816) 691-3415 Fax: (816) 412-1055 Attorneys for Mansa Capital, LLC, are: Charles S. Kelley, Esq. Joshua M. Grenard, Esq. MAYER BROWN LLP 700 Louisiana Street, Suite 3400 Houston, TX 77002-2730 Tel: (713) 238-3000 Fax: (713) 238-4888 About Couture Hotel Couture Hotel Corporation owns and operates four hotels: a Wyndham Garden Inn in Dallas, Texas, consisting of 356 rooms and remodeled in 2013; a Howard Johnson in Corpus Christi, Texas, consisting of 140 rooms and remodeled in 2012; a Howard Johnson in Las Vegas, Nevada, consisting of 110 rooms and remodeled in 2012; and an independent hotel in Las Vegas, Nevada (formerly branded as a Value Place), consisting of 121 rooms and also remodeled in 2012. The Las Vegas hotels are located at one of the entrances to Nellis Air Force base in North Las Vegas. The Debtor owns the real property and improvements, as well as the franchise rights to the hotels (except for Las Vegas Value Place). The Company sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 14-34874) in Dallas, Texas, on Oct. 7, 2014. The case is assigned to Judge Barbara J. Houser. The Debtor has tapped Mark Sean Toronjo, Esq., at Toronjo & Prosser Law, as counsel. The Debtor estimated assets and debt in the range of $10 million to $50 million as of the bankruptcy filing. COUTURE HOTEL: Sec. 341(a) Meeting Set for Nov. 6 ------------------------------------------------- A meeting of creditors in the bankruptcy case of Couture Hotel Corporation will be held on Nov. 6, 2014, at 9:15 a.m. at Dallas, Room 976. Creditors have until Feb. 4, 2015, to submit their proofs of claim. 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. About Couture Hotel Couture Hotel Corporation sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 14-34874) in Dallas, Texas, on Oct. 7, 2014. The case is assigned to Judge Barbara J. Houser. The Debtor has tapped Mark Sean Toronjo, Esq., at Toronjo & Prosser Law, as counsel. Couture Hotel Corporation owns and operates four hotels: a Wyndham Garden Inn in Dallas, Texas, consisting of 356 rooms and remodeled in 2013; a Howard Johnson in Corpus Christi, Texas, consisting of 140 rooms and remodeled in 2012; a Howard Johnson in Las Vegas, Nevada, consisting of 110 rooms and remodeled in 2012; and an independent hotel in Las Vegas, Nevada (formerly branded as a Value Place), consisting of 121 rooms and also remodeled in 2012. The Las Vegas hotels are located at one of the entrances to Nellis Air Force base in North Las Vegas. The Debtor owns the real property and improvements, as well as the franchise rights to the hotels (except for Las Vegas Value Place). The Debtor estimated assets and debt in the range of $10 million to $50 million as of the bankruptcy filing. CRAIGHEAD COUNTY FAIR: Files for Chapter 11 in Arkansas ------------------------------------------------------- Craighead County Fair Association filed a bare-bones Chapter 11 bankruptcy petition (Bankr. E.D. Ark. Case No. 14-15490) in Jonesboro, Arkansas, on Oct. 13, 2014. The Debtor, which is doing business as the Northeast Arkansas District Fair, estimated $10 million to $50 million in assets and debt. The case is assigned to Judge Audrey R. Evans. The Debtor is represented by James F. Dowden, Esq., at James F. Dowden, P.A., in Little Rock, Arkansas, as counsel. Johnathan Reaves, writing for KASU.org, reports that the bankruptcy filing will halt a trial that is scheduled for the end of the month. According to the report, the association is almost $10 million in debt resulting from its move to a larger site on East Johnson Avenue, in Jonesboro, Arkansas. Unexpected expenses and cost overruns were factors in the debt. More than two dozen contractors, with claims amounting to more than three million dollars, filed liens on the property, which includes the Northeast Arkansas Exposition and Conference Center. Focus Bank is also owed more than $6 million. The commercial development that is taking place at the old fairground location has involved selling pieces of property, with Focus Bank getting the proceeds of the sales. According to the report, Fair Board Association President Michael Cureton says everyone will get paid, but how it will all happen is still being figured out. CRAIGHEAD COUNTY FAIR: Voluntary Chapter 11 Case Summary -------------------------------------------------------- Debtor: Craighead County Fair Association dba Northeast Arkansas District Fair PO Box 2397 Jonesboro, AR 72401 Case No.: 14-15490 Chapter 11 Petition Date: October 13, 2014 Court: United States Bankruptcy Court Eastern District of Arkansas (Jonesboro) Judge: Hon. Audrey R. Evans Debtor's Counsel: James F. Dowden, Esq. JAMES F. DOWDEN, P.A. 212 Center Street, 10th Floor Little Rock, AR 72201 Tel: (501) 324-4700 Fax: (501) 374-5463 Email: jfdowden@swbell.net Estimated Assets: $10 million to $50 million Estimated Liabilities: 10 million to $50 million The petition was signed by Michael Cureton, acting president. The Debtor did not file a list of its largest unsecured creditors when it filed the petition. CYTODYN INC: Incurs $3.38-Mil. Net Loss for Aug. 31 Quarter ----------------------------------------------------------- CytoDyn Inc. filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $3.38 million for the three months ended Aug. 31, 2014, compared with a net loss of $2.57 million for the same period last year. The Company's balance sheet at Aug. 31, 2014, showed $5.59 million in total assets, $4.91 million in total liabilities and stockholders' equity of $680,168. The Company has an accumulated deficit of $49.81 million as of Aug. 31, 2014, which raises substantial doubt about the Company's ability to continue as a going concern. A copy of the Form 10-Q is available at: http://is.gd/VSTkpk CytoDyn Inc., a biotechnology company, focuses on the development and marketing of therapeutic monoclonal antibodies to treat human immunodeficiency virus (HIV) infections in the United States. Its lead product candidate includes PRO 140, an antibody that blocks HIV from entering a cell by binding to a molecule called CCR5, which is a normal cell surface receptor protein. The company also holds certain rights in two proprietary platform technologies comprising Cytolin, a monoclonal antibody for the treatment of HIV infection that targets a normal cell molecule called CD11a, which is a part of the heterodimer; and CytoFeline, a monoclonal antibody targeting feline immunodeficiency virus. CytoDyn Inc. is based in Vancouver, Washington. D&L ENERGY: Can Sell Disposable Well Assets for $4.35-Mil. ---------------------------------------------------------- U.S. Bankruptcy Judge Kay Woods has authorized D & L Energy, Inc., & Petroflow, Inc., to enter into a private sale of certain Disposal Well Assets, comprising: (1) all of their transferable membership interest in and to North Lima Disposal Well #4, LLC, or so much of the Debtors' right, title and interest in the North Lima #4 Units that remains after the company or its other members exercise their rights of first refusal under the company's operating agreement; (2) the Debtors' 100% ownership interest in Northstar Disposal Services II, LLC; (3) the Debtors' 100% ownership interest in Northstar Disposal Services VI, LLC and the lease associated with the Northstar #6; and (4) accounts receivable owed to Debtors by North Lima #4. The purchase price for the sale assets will be $4,350,000, subject to a proportionate reduction of the purchase price amount based on the North Lima #4 entity or the members of North Lima #4 exercising their rights of first refusal as permitted by the operating agreement governing the North Lima #4 as amended and restated. The closing will take place no later than 10 days after the later to occur of (i) the Court's entry of the sale order, or (ii) the waiver and/or exercise of the rights of first refusal by the North Lima #4 entity and its members. All objections to the motion not resolved are dismissed. About D & L Energy D & L Energy, Inc., based in Youngstown, Ohio, was formed by David DeChristofaro, Ben Lupo, and James Beshara in 1986 to be a conventional oil and gas well operator and producer, primarily targeting oil and gas reserves in the Clinton Sandstone formation throughout Northeast Ohio and Northwest Pennsylvania. D&L currently has three (3) shareholders, Ben Lupo (80.76% shareholder), Susan Faith (15% shareholder), and Holly Serensky Lupo (4.24% shareholder). Nicholas C. Paparodis is the acting CEO and President of D&L. Kathy Kaniclides is the acting Secretary and Treasurer of D&L. Currently, Serensky Lupo is the sole director of D&L. Petroflow, Inc., is an Ohio corporation which is a wholly owned subsidiary of D&L. Originally intended to operate as the "drilling arm" of D&L, Petroflow ceased all operations prior to the filing of these bankruptcy matters. Petroflow has no current income, no bank accounts, and no employees. Paparodis is the president, CEO and sole director of Petroflow. D&L and Petroflow filed for Chapter 11 bankruptcy (Bankr. N.D. Ohio Lead Case No. 13-40813) on April 16, 2013. Judge Kay Woods oversees the case. The Debtor disclosed in its amended schedules, $40,615,677 in assets and $6,187,217 in liabilities as of the Chapter 11 filing. Brian T. Angeloni, Esq., Kathryn A. Belfance, Esq., Steven Heimberger, Esq., and Todd A. Mazzola, Esq., at Roderick Linton Belfance, LLP, serve as the Debtors' counsel, and Walter Haverfield, LLP, is the environmental counsel. SS&G Parkland Consulting, LLC, serves as financial advisor and investment banker. Sherri Lynn Dahl, Esq., and Peter R. Morrison, Esq., at Squire Sanders (US) LLP, have been tapped as counsel to the official committee of unsecured creditors. BBP Partners LLC serves as the panel's financial advisors. Resource Land Holdings emerged as the winning bidder for the substantially all of the Debtor's assets. Resource Land offered to buy the assets for $20.4 million. D&L ENERGY: Compromise Agreement with Resource Land Approved ------------------------------------------------------------ U.S. Bankruptcy Judge Kay Woods has approved a joint motion to compromise filed by D&L Energy, Inc. and Petroflow, Inc., and Resource Land Holdings, LLC and Bobcat Energy Resources, LLC, ask the Bankruptcy Court to compromise the controversies that have arisen between Debtors and RLH, and all of the claims and defenses the parties have asserted in the adversary proceeding. The parties have proposed a mutually agreeable settlement which will fully resolve the controversies existing between them without further litigation. A general summary of the terms of the compromise/resolution are: a. The sale of substantially all of the Debtors' assets will be divided into two separate sales ? the private sale and the public sale. The private sale will consist of all of Debtors' interests in: 1) Debtors' membership units in Northstar Disposal Services, II, LLC; 2) the Debtors' membership units in the North Lima Entity; 3) the Debtors' membership units in Northstar Disposal Services, VI, LLC; 4) two accounts receivable Debtors own and hold which are owed by North Lima #4, in the total amount of $394,829; 5) an account receivable that the #2 entity owns against the North Lima Entity in the amount of $313,655; and 6) certain other related assets. b. The public sale, will consist of all of the Debtors' "Non- Disposal Well Assets," with RLH participating as stalking horse bidder for substantially all the Debtors' "Non-Disposal Well Assets" without bid protections. c. RLH has executed and provided Debtors with two new separate asset purchase agreements, which would result in either: 1) RLH acquiring all of Debtors' assets for the total purchase price of $12,000,000; or 2) Debtors receiving more than $12,000,000 as a result of a third party or parties outbidding RLH at the public sale. d. the Debtors are holding $2,470,000 on deposit from RLH. The earnest money will continue to be held by Roderick Linton Belfance, LLP as "Deposit Agent" and will be divided and applied as two separate good faith earnest money deposits between the New APAs as: (a) $895,375 earnest money deposit for the private sale; and (b) $1,574,625 earnest money deposit for the public sale. e. The total purchase price RLH will pay for the private sale is $4,350,000. The first $4,000,000 of the price is allocated to Debtors' economic interest in the membership units in the North Lima Entity. The remaining $350,000 is allocated to the Debtors' interest in the receivables and the Debtors' interests in the #2 Entity and the #6 Entity. f. If other members of the North Lima Entity elect to exercise their rights of first refusal and purchase proportional shares of Debtors' membership units in said entity, RLH will in any event be unconditionally obligated to purchase the balance of Debtors' transferrable interest in the membership units, if any. About D & L Energy D & L Energy, Inc., based in Youngstown, Ohio, was formed by David DeChristofaro, Ben Lupo, and James Beshara in 1986 to be a conventional oil and gas well operator and producer, primarily targeting oil and gas reserves in the Clinton Sandstone formation throughout Northeast Ohio and Northwest Pennsylvania. D&L currently has three (3) shareholders, Ben Lupo (80.76% shareholder), Susan Faith (15% shareholder), and Holly Serensky Lupo (4.24% shareholder). Nicholas C. Paparodis is the acting CEO and President of D&L. Kathy Kaniclides is the acting Secretary and Treasurer of D&L. Currently, Serensky Lupo is the sole director of D&L. Petroflow, Inc., is an Ohio corporation which is a wholly owned subsidiary of D&L. Originally intended to operate as the "drilling arm" of D&L, Petroflow ceased all operations prior to the filing of these bankruptcy matters. Petroflow has no current income, no bank accounts, and no employees. Paparodis is the president, CEO and sole director of Petroflow. D&L and Petroflow filed for Chapter 11 bankruptcy (Bankr. N.D. Ohio Lead Case No. 13-40813) on April 16, 2013. Judge Kay Woods oversees the case. The Debtor disclosed in its amended schedules, $40,615,677 in assets and $6,187,217 in liabilities as of the Chapter 11 filing. Brian T. Angeloni, Esq., Kathryn A. Belfance, Esq., Steven Heimberger, Esq., and Todd A. Mazzola, Esq., at Roderick Linton Belfance, LLP, serve as the Debtors' counsel, and Walter Haverfield, LLP, is the environmental counsel. SS&G Parkland Consulting, LLC, serves as financial advisor and investment banker. Sherri Lynn Dahl, Esq., and Peter R. Morrison, Esq., at Squire Sanders (US) LLP, have been tapped as counsel to the official committee of unsecured creditors. BBP Partners LLC serves as the panel's financial advisors. Resource Land Holdings emerged as the winning bidder for the substantially all of the Debtor's assets. Resource Land offered to buy the assets for $20.4 million. DARDEN RESTAURANTS: Moody's Lowers Senior Unsecured Rating to Ba1 ----------------------------------------------------------------- Moody's Investors Service downgraded Darden Restaurants, Inc.'s senior unsecured ratings to Ba1 from Baa3 and short term commercial paper rating to Not Prime from Prime-3. In addition, Moody's assigned Darden a Ba1 Corporate Family Rating (CFR), Ba1- PD Probability of Default Rating (PD), and SGL-2 Speculative Grade Liquidity rating. The ratings outlook is stable. This concludes Moody's review that was initiated on December 19, 2013. Ratings Rationale "The downgrade reflects Moody's view that executing a sustained and profitable turnaround at Olive Garden in the intermediate term and adoption of a more moderate financial policy is not likely due to persistently soft consumer spending and unprecedented changes in Darden's leadership," atated Bill Fahy, Moody's Senior Credit Officer. Moody's expects earnings will remain under pressure as consumer spending on discretionary items such as eating out remains soft, whereas the wholesale change in Darden's leadership at a time of significant operating challenges adds risk to an already difficult turnaround of Olive Garden. "Overall, Moody's believes Darden will not be able to generate the level of earnings and credit metrics that are representative of a Baa3 rated company on a sustained basis while the potential for additional asset sales or brand divestitures that could further impair the company's credit profile remain a concern." stated Mr. Fahy. The downgrade follows the recent announcement that Darden's shareholders replaced the company's entire board of directors, of which all newly elected board members were nominated by activist shareholder, Starboard Capital. The company is also actively searching for a new chief executive officer. Ratings downgraded are; $400 million ($122m outstanding) 4.5% senior unsecured notes due 10/15/2021 lowered to Ba1 (LGD4) from Baa3 $500 million 6.2% senior unsecured notes due 10/15/2017 lowered to Ba1 (LGD4) from Baa3 $450 million ($118m outstanding) 3.35% senior unsecured notes due 11/1/2022 lowered to Ba1 (LGD4) from Baa3 $300 million 6.8% senior unsecured notes due 10/15/2037 lowered to Ba1 (LGD4) from Baa3 $150 million 6.0% senior unsecured notes due 8/15/2035 lowered to Ba1 (LGD4) from Baa3 Senior unsecured shelf and medium term notes program rating lowered to (P)Ba1 from (P)Baa3 Senior unsecured shelf rating lowered to (P)Ba1 from (P)Baa3 Short term commercial paper program rating lowered to Not Prime from Prime-3 Ratings assigned are: Corporate Family Rating of Ba1 Probability of Default rating of Ba1-PD Speculative Grade Liquidity rating of SGL-2 The Ba1 Corporate Family Ratings (CFR) reflects the scale of Darden's restaurants that are well known and relatively well distributed throughout the U.S. which help limit its exposure to regional economic weakness. Also supporting the ratings is Darden's brand diversity with two key full service dining out categories and five specialty restaurant brands that help mitigate the risk associated with changing consumer tastes. Moody's also expects Darden's liquidity to remain good. The ratings also reflect Darden's persistently weak same store sales performance and earnings concentration of its core brand -- Olive Garden -- and the concern that executing a sustained turnaround of this trend over the intermediate term will be challenging. Moody's views persistently soft consumer spending, high level of promotions and discounting by competitors and leadership changes as key impediments to a turnaround at Olive Garden over the intermediate term. The ratings also incorporate Moody's view that managements financial policy towards shareholders will remain very aggressive. The stable outlook reflects Moody's expectation that Darden's operating metrics should begin to stabilize over the overtime as management continues to focus on strengthening Olive Garden and sustaining operating performance at LongHorn and the specialty restaurant group. The outlook also expects that liquidity will remain good. Given the recent downgrade a higher rating over the intermediate term is unlikely. Factors that could result in upward ratings pressure include a sustained improvement in operating performance and same store sales -- particularly traffic -- across all concepts as well as new management developing a track record of managing the balance sheet prudently. Quantitatively, a higher rating would require leverage on a debt to EBITDA basis migrating towards 3.0 times, EBITA coverage of interest of over 4.0 times and retained cash flow to debt of around 25%. Factors that could result in a downgrade include continued deterioration in same store sales -- particularly at Olive Garden , and if debt levels increase to support returns to shareholder without a commensurate improvement in earnings. A downgrade would likely occur if leverage approaches 4.0, EBITA to interest to drop towards 3.0 times or if there were no improvement in retained cash flow to debt on a sustained basis. Darden Restaurants Inc. owns and operates about 1,500 restaurants under brands that include Olive Garden, LongHorn Steakhouse, Yard House, The Capital Grille, Bahama Breeze, Eddie V's, and Seasons 52. Annual revenues are over $6.0 billion. The principal methodology used in this rating was the Global Restaurant Methodology published in June 2011. Other methodologies used include Loss Given Default for Speculative-Grade Non- Financial Companies in the U.S., Canada and EMEA published in June 2009. DAYBREAK OIL: Swings to $114K Profit in Aug. 31 Quarter ------------------------------------------------------- Daybreak Oil and Gas, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing net income of $114,514 on $1.04 million of oil and gas sales for the three months ended Aug. 31, 2014, compared with a net loss of $272,778 on $478,208 of oil and gas sales for the same period last year. The Company's balance sheet at Aug. 31, 2014, showed $14.01 million in total assets, $18.66 million in total liabilities and a stockholders' deficit of $4.65 million. The Company has incurred net losses since entering the oil and gas exploration industry and as of Aug. 31, 2014, has an accumulated deficit of $27.62 million and a working capital deficit of $3.24 million which raises substantial doubt about the Company's ability to continue as a going concern. A copy of the Form 10-Q is available at: http://is.gd/QU6Bwn About Daybreak Oil Daybreak Oil and Gas, Inc. is an independent oil and natural gas exploration, development and production company. The Company is headquartered in Spokane, Washington and has an operations office in Friendswood, Texas. The Company's common stock is quoted on the OTC Bulletin Board market under the symbol DBRM.OB. Daybreak has over 20,000 acres under lease in the San Joaquin Valley of California. Daybreak Oil incurred a net loss available to common shareholders of $1.54 million for the year ended Feb. 28, 2014, a net loss available to common shareholders of $2.39 million for the year ended Feb. 28, 2013, and a net loss available to common shareholders of $1.59 million for the year ended Feb. 29, 2012. The Company's balance sheet at May 31, 2014, showed $12.94 million in total assets, $16 million in total liabilities and a $3.05 million total stockholders' deficit. MaloneBailey, LLP, in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Feb. 28, 2014. The independent auditors noted that Daybreak Oil and Gas, Inc. suffered losses from operations and has negative operating cash flows, which raises substantial doubt about its ability to continue as a going concern. DYNAVOX INC: Can Employ Ernst & Young as Tax Advisor ---------------------------------------------------- DynaVox Intermediate LLC sought and obtained approval from the U.S. Bankruptcy Court for the District of Delaware to employ Ernst & Young LLP as its tax advisor. Angela M. Hudak, a partner at Ernst & Young, assures the Court that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. About Dynavox Inc. DynaVox Intermediate LLC filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case No. 14-10785) on April 6, 2014. Two of its affiliates, DynaVox Inc. and DynaVox Systems Holdings LLC, also filed for bankruptcy (Case Nos. 14-10791 and 14-10790) the following day. The Debtors estimated assets and debts of at least $10 million. Cousins, Chipman & Brown, LLP, serves as the Debtors' counsel. Judge Peter J. Walsh presides over the case. DynaVox Inc. (OTC: DVOX) is a holding Company with its headquarters in Pittsburgh, Pennsylvania, whose primary operating entities are DynaVox Systems LLC and Mayer-Johnson LLC. DynaVox provides speech generating devices and symbol-adapted special education software to assist individuals in overcoming their speech, language and learning challenges. ENDEAVOUR INT'L: Moody's Lowers Default Rating to D-PD ------------------------------------------------------ Moody's Investors Service downgraded Endeavour International Corporation's Probability of Default Rating (PDR) to D-PD from C-PD/LD. This rating action is in response to the company's announcement that Endeavour and certain of its subsidiaries have each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the District of Delaware. All of Endeavour's ratings will be withdrawn in the near future. Rating Actions: Downgrades: Issuer: Endeavour International Corporation Probability of Default Rating, Downgraded to D-PD from C-PD/LD Ratings and outlook to be withdrawn in the near future: Issuer: Endeavour International Corporation Corporate Family Rating, Ca Probability of Default Rating, D-PD Senior Unsecured Regular Bond/Debenture (Local Currency) Jun 1, 2018, C (LGD5) Senior Unsecured Regular Bond/Debenture (Local Currency) Mar 1, 2018, Ca (LGD4) Speculative Grade Liquidity Rating, SGL-4 Outlook, negative Rating Rationale As contemplated in Moody's rating actions announced in the press release dated October 2, 2014, a bankruptcy filing by Endeavour has resulted in its PDR being changed to D-PD. No action has been taken on any of the other ratings since those ratings already incorporated the company's limited default, likely bankruptcy filing and Moody's view on the potential recoveries. The principal methodology used in this rating was Global Independent Exploration and Production Industry published in December 2011. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Endeavour International Corporation is an independent exploration and production company headquartered in Houston, Texas. ENERGY FUTURE: Creditors Oppose Proposed Bid Protocol ----------------------------------------------------- Creditors of Energy Future Holdings Corp., including senior noteholders of its generation business and that unit's Official Committee of Unsecured Creditors, oppose the proposed procedures governing the bidding and sale of the company's stake in Oncor, various news sources reported. According to Peg Brickley, writing for Daily Bankruptcy Review, some of the opposing creditors demand greater access to the process and others questioning whether the sale is necessary at all. Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, reported that the creditors said the energy giant is trying to establish a bidding and sale process that locks in the structure of a reorganization plan and produces ?catastrophic? results for the unregulated power plants. The DBR report said the Energy Future declined to comment on the critique of the bid rules, which are scheduled for review this Friday, but, the Bloomberg report said the company believes a taxable transaction will prompt objection from the Internal Revenue Service and may block approval of a reorganization plan, resulting in the liquidation of the holding company in Chapter 7. About Energy Future Energy Future Holdings Corp., formerly known as TXU Corp., is a privately held diversified energy holding company with a portfolio of competitive and regulated energy businesses in Texas. Oncor, an 80 percent-owned entity within the EFH group, is the largest regulated transmission and distribution utility in Texas. The Company delivers electricity to roughly three million delivery points in and around Dallas-Fort Worth. EFH Corp. was created in October 2007 in a $45 billion leverage buyout of Texas power company TXU in a deal led by private-equity companies Kohlberg Kravis Roberts & Co. and TPG Inc. On April 29, 2014, Energy Future Holdings and 70 affiliated companies sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 14-10979) after reaching a deal with some key financial stakeholders to keep its businesses operating while reducing its roughly $40 billion in debt. The Debtors' cases have been assigned to Judge Christopher S. Sontchi (CSS). The Debtors are seeking to have their cases jointly administered for procedural purposes. As of Dec. 31, 2013, EFH Corp. reported total assets of $36.4 billion in book value and total liabilities of $49.7 billion. The Debtors have $42 billion of funded indebtedness. EFH's legal advisor for the Chapter 11 proceedings is Kirkland & Ellis LLP, its financial advisor is Evercore Partners and its restructuring advisor is Alvarez & Marsal. The TCEH first lien lenders supporting the restructuring agreement are represented by Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor, and Millstein & Co., LLC, as financial advisor. The EFIH unsecured creditors supporting the restructuring agreement are represented by Akin Gump Strauss Hauer & Feld LLP, as legal advisor, and Centerview Partners, as financial advisor. The EFH equity holders supporting the restructuring agreement are represented by Wachtell, Lipton, Rosen & Katz, as legal advisor, and Blackstone Advisory Partners LP, as financial advisor. Epiq Systems is the claims agent. Wilmington Savings Fund Society, FSB, the successor trustee for the second-lien noteholders owed about $1.6 billion, is represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A. Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq., Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey, Esq., and Howard L. Siegel, Esq. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee represents the interests of the unsecured creditors of ONLY of Energy Future Competitive Holdings Company LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings Company LLC; and EFH Corporate Services Company, and of no other debtors. The Committee has selected Morrison & Foerster LLP and Polsinelli PC for representation in this high-profile energy restructuring. The lawyers working on the case are James M. Peck, Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K. Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at Polsinelli PC. FERROUS MINER: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Ferrous Miner Holdings, Ltd. 14-12343 10 Merrymount Road Quincy, MA 02467 Global NAPs, Inc. 14-12344 10 Merrymount Road Quincy, MA 02467 Chapter 11 Petition Date: October 14, 2014 Court: United States Bankruptcy Court District of Delaware (Delaware) Debtor's Counsel: Michael Jason Barrie, Esq. BENESCH FRIEDLANDER COPLAN & ARONOFF LLP 222 Delaware Avenue, Suite 801 Wilmington, DE 19801-1611 Tel: (302) 442-7010 Fax: (302) 442-7012 Email: mbarrie@beneschlaw.com Estimated Estimated Assets Liabilities ----------- ------------ Ferrous Miner Holdings, Ltd. $10MM-$50MM $50MM-$100MM Global NAPs, Inc. $10MM-$50MM $50MM-$100MM The petition was signed by Frank T. Gangi, sole director, Ferrous Miner. List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Verizon New England Inc. Judgment $35,716,714 Massachusetts Department Taxes $7,615,568 of Revenue Windstream Trade Debt $6,476,119 Southern New England Judgment $5,200,000 Telephone Company National Railroad Trade Debt $4,957,759 Passenger Corporation (Amtrak) Level 3 Communications, LLC Trade Debt $3,199,184 RCN Telecom Services, LLC Trade Debt $2,656,316 Cyberdyne Innovations, LLC Trade Debt $2,300,000 Universal Service Administrative Trade Debt $1,608,597 Company Sprint Trade Debt $1,365,177 Ironton Telephone Company Trade Debt $1,239,922 Sidera Networks, LLC Trade Debt $1,054,317 NSTAR Communications, Inc. Trade Debt $993,769 Core Communications, Inc. Trade Debt $958,819 Service Electric Telephone Co. Trade Debt $907,636 Xchange Telecom Corp. Trade Debt $746,621 Westelcom Network, Inc. Trade Debt $644,408 FPL Fibernet, LLC Trade Debt $629,072 NeonOptica Inc. Trade Debt $499,532 Armstrong Telephone Company (MD) Trade Debt $473,704 FREEFALL ADVENTURES: Files for Ch 11 Months After Owner's Bankr. ---------------------------------------------------------------- Freefall Adventures filed for Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 14-30235) on Oct. 2, 2014, listing its liabilities at between $1 million and $10 million against up to $50,000 in assets. The petition was signed by John Eddowes, authorized individual. The Hon. Andrew B. Altenburg Jr. presides over the case. Angelo Fichera at Philly.com quoted Lewis Adler, Esq., at the Law Office of Lewis Adler, the Debtor's special counsel, as saying, "You have creditors that demand to be paid." Philly.com states that an attorney for the Debtor confirmed that two planes were taken off-line for a period for repairs, which reduced revenue. The Debtor mentioned in its petiton that it owed $50,000 to an aircraft repair firm. Mr. Adler denied that lawsuits were a determining factor in the bankruptcy filing, Philly.com relates. According to the report, the Debtor has gained attention over the years for accidents and fatalities, risks commonly associated with the sport. The Debtor mentioned in its court filing that customer Reginald Wood, who broke his legs during skydiving in May 2012, sued the Debtor in April. The accident occurred because the instructor "miscalculated the landing zone," Philly.com states, citing Salvatore Imbornone Jr., Esq., the attorney for Mr. Wood. Philly.com reports that owner John Eddowes, who filed for Chapter 13 bankruptcy in August 2014, refused to discuss the bankruptcy filings when reached Monday afternoon, but assured that the Debtor is "open for business." Williamstown, New Jersey-based Freefall Adventures operates out of Cross Keys Airport in Monroe Township and is a mainstay in the regional skydiving community. GENCORP INC: Reports $9.5-Mil. Net Loss for Aug. 31 Quarter ----------------------------------------------------------- GenCorp Inc. filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $9.5 million on $419.5 million of net sales for the three months ended Aug. 31, 2014, compared with a net income of $197.4 million on $367.5 million for the same period last year. The Company's balance sheet at Aug. 31, 2014, showed $1.75 billion in total assets, $1.8 billion in total liabilities, $200,000 in redeemable common stock and total stockholders' deficit of $48.7 million. A copy of the Form 10-Q is available at: http://is.gd/zawNSr GenCorp Inc. produces propulsion systems for defense and space applications and armament systems for precision tactical and long range weapon systems. Revenues for the twelve months ended May 31, 2014 were approximately $1.6 billion. GENERAL MOTORS: Investors Fret Over Ex-Employee, Car Owners Suit ---------------------------------------------------------------- Nick Brown and Jessica Dye at Reuters report that hedge funds Davidson Kempner Capital Management, Angelo Gordon & Co, Empyrean Capital Partners, and other investors that bought rights to the limited pool of Old GM payouts worry that former General Motors Corp. security guard Roger Dean Gillispie and owners of older cars recalled in the Company's ignition-switch debacle this year might be allowed to sue Old GM. Reuters relates that Mr. Gillispie, who spent 20 years in an Ohio prison for rape until a federal court ordered him released in 2011, has sought permission from the U.S. Bankruptcy Court for the Southern District of New York to file a lawsuit against the Company for allegedly helping to frame him, while the car owners have filed more than 100 lawsuits seeking class action status and want permission from the Court to pursue New GM, the profitable company that emerged from bankruptcy. The Court will decide if Mr. Gillispie can seek damages from the New GM or from Old GM, which is a trust composed of limited assets to settle past claims against the Company, Reuters states. According to Reuters, the investors worry that if Mr. Gillispie and the car owners are barred from suing New GM, they will be allowed to sue Old GM. Reuters says that Old GM's main assets -- stock in the new company and warrants to buy stock -- are worth about $9.25 billion, versus roughly $32 billion in claims. A U.S. Securities & Exchange Commission filing in July shows that the trust has already doled out many of the assets, leaving it only about $1.2 billion worth. About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on June 1, 2009. 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. Garden City Group is the claims and notice agent of the Debtors. The U.S. Trustee appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Unsecured Creditors Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis & Frankel LLP served as bankruptcy counsel to the Creditors Committee. Attorneys at Butzel Long served as counsel on supplier contract matters. FTI Consulting Inc. served as financial advisors to the Creditors Committee. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, represented the Asbestos Committee. Legal Analysis Systems, Inc., served as asbestos valuation analyst. The Bankruptcy Court entered an order confirming the Debtors' Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan was declared effect on March 31. On Dec. 15, 2011, Motors Liquidation Company was dissolved. On the Dissolution Date, pursuant to the Plan and the Motors Liquidation Company GUC Trust Agreement, dated March 30, 2011, between the parties thereto, the trust administrator and trustee -- GUC Trust Administrator -- of the Motors Liquidation Company GUC Trust, assumed responsibility for the affairs of and certain claims against MLC and its debtor subsidiaries that were not concluded prior to the Dissolution Date. * * * The Troubled Company Reporter, on Sep. 29, 2014, reported that Standard & Poor's Ratings Services raised its corporate credit rating on U.S. automaker General Motors Co. (GM) to 'BBB-' from 'BB+', and revised the outlook to stable from positive. At the same time, S&P raised its issue-level rating on GM's unsecured debt to 'BBB-' from 'BB+' and simultaneously withdrew its '4' recovery rating on that debt, because S&P do not assign recovery ratings to the issues of investment-grade companies. GILES JORDAN: Galveston Shores Withdraws Motion for Valuation ------------------------------------------------------------- Galveston Shores, LP has withdrawn its motion for valuation to ascertain the value of the property made the basis of its secured lien against Giles-Jordan, Inc. As reported in the TCR on Sept. 22, 2014, Galveston Shores related that the Debtor purchased the subject property from Galveston Shores for a sales price of $4,000,000. On Aug. 28, 2014, appraiser Michael R. Haithcoat prepared an appraisal of the subject property at the request of Galveston Shores and Mr. Haithcoat estimated the present value of the subject value as $4,800,000. In its Bankruptcy Petition and subsequent disclosure statement, the Debtor estimated the value of the subject property at $12,000,000, higher than its appraised value. Galveston Shores says that it will be impossible for a plan for reorganization to obtain acceptance until true value of the subject property is determined. On Sept. 2, 2014, Galveston Shores filed its proof of claim in the amount of $3,740,041. About Giles-Jordan About Giles-Jordan, Inc. Giles-Jordan, Inc., filed a Chapter 11 bankruptcy petition in its hometown in Galveston, Texas (Bankr. S.D. Tex. Case No. 14-80173) on May 5, 2014. The Debtor disclosed $12 million in total assets and $4.81 million in liabilities, including $3.72 million of secured debt. Its lone asset is a 39.16-acre property at 230 East Beach Drive, in Galveston, Texas. Galveston Shores, LP, of Carlsbad, California, is the holder of the secured debt. The case is assigned to Judge Letitia Z. Paul. The Debtor is represented by Jeffrey Wells Oppel, Esq., at Oppel & Goldberg, PLLC, in Houston, Texas. GLOBAL GEOPHYSICAL: Oct. 15 Hearing on Backstop Agreement --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas is set to hold a hearing on Oct. 15, at 10:00 a.m., to consider approval of Global Geophysical Services Inc.'s deal with a noteholders group to backstop a rights offering. The noteholders group has agreed, by backstopping a rights offering, to equitize at least $51.9 million of its $151.8 million senior secured post-petition financing to allow distributions to Global Geophysical's unsecured creditors. Together, the noteholders hold about 57% of the senior unsecured bonds issued by the company. The backstop agreement will be implemented through a plan of reorganization, which the company filed with the bankruptcy court on Sept 24. Under the plan, all existing common stock will be canceled and 100% of the new common stock in a reorganized company will be held by claimants that have unsecured claims tied to the promissory notes originated by Bancolombia S.A. and Helm Bank S.A., and 10.5% senior unsecured notes issued by Global Geophysical. The new common stock will be distributed through two mechanisms. First, the claimants will receive their pro rata share of a portion of the new common stock based upon a $190 million total enterprise valuation. Moreover, Global Geophysical will offer for purchase between $21 million to $27 million through a rights offering. The proceeds of the rights offering will be used to repay a portion of the $151.8 million loan. The remaining balance will be repaid through an exit loan. Without the backstop agreement, Global Geophysical would be required to repay in full and in cash the $151.8 million loan before any distribution could flow to creditors, according to its lawyer, C. Luckey McDowell, Esq., at Baker Botts LLP, in Dallas, Texas. A full-text copy of the backstop agreement is available without charge at http://is.gd/9midNi Rights Offering In the rights offering, holders of the company's senior notes and promissory notes that qualify as "accredited investors" will receive rights to participate in a private placement of up to 3,740,544 million shares of new common stock. Each right will entitle its holder to purchase one share of new common stock at a subscription price of $8.0887, representing a 15% discount to the equity value of the reorganized company on the effective date of the plan. Global Geophysical anticipates that it will commence the rights offering no later than Nov. 14. The deadline to exercise rights and submit payment for the shares is Dec. 3. A separate motion filed by Global Geophysical seeking approval of the rights offering will also be considered by the bankruptcy court at the Oct. 15 hearing. About Global Geophysical, Autoseis et al. Global Geophysical Services Inc., a provider of seismic data for the oil and gas drilling industry, sought bankruptcy protection, intending to reorganize on its own with additional capital or explore a sale or other transaction. Based in Missouri City, Texas, Global Geophysical disclosed assets of $468.7 million and liabilities totaling $407.3 million as of Sept. 30, 2013. Liabilities include $81.8 million on a secured term loan owing to TPG Specialty Lending Inc. and Tennenbaum Capital Partners LLC. TPG is the lenders' agent. Global also owes $250 million on two issues of 10.5 percent senior unsecured notes, with Bank of New York Mellon Trust Co. as indenture trustee. Global Geophysical and five affiliates, including Autoseis, Inc. (lead debtor), filed Chapter 11 petitions in Corpus Christi, Texas (Bankr. S.D. Tex. Lead Case No. 14-20130) on March 25, 2014. The Debtors are represented by C. Luckey McDowell, Esq., Omar Alaniz, Esq., and Ian E. Roberts, Esq., at Baker Botts, LLP, in Dallas, Texas; and Shelby A. Jordan, Esq., and Nathanial Peter Holzer, Esq., at Jordan, Hyden, Womble, Culbreth, & Holzer, PC in Corpus Christi, Texas. Alvarez & Marsal serves as the Debtors' restructuring advisors, Fox Rothschild Inc. as financial advisor, and Prime Clerk as claims and noticing agent. The U.S. Trustee for Region 7, has selected seven creditors to the Official Committee of Unsecured Creditors. The Committee tapped Greenberg Traurig, LLP as counsel; and Lazard Freres & Co. LLC and Lazard Middle Market LLC, as financial advisors and investment bankers. The Ad Hoc Group of Noteholders and the DIP Lenders are represented by Marty L. Brimmage, Jr., Esq., Charles R. Gibbs, Esq., Michael S. Haynes, Esq., and Lacy M. Lawrence, Esq., at Akin Gump Strauss Hauer & Feld LLP. Prepetition secured lender TPG is represented by David M. Bennett, Esq., Tye C. Hancock, Esq., and Joseph E. Bain, Esq., at Thompson & Knight LLP; and Adam C. Harris, Esq., Lawrence V. Gelber, Esq., David M. Hillman, Esq., and Brian C. Tong, Esq., at Schulte Roth & Zabel LLP. GREEN POWER: Files Bare-Bones Ch. 11 Petition in Seattle -------------------------------------------------------- Green Power Inc. filed a Chapter 11 bankruptcy protection (Bankr. W.D. Wash. Case No. 14-17528) in Seattle on Oct. 12, 2014, without stating a reason. The Debtor estimated assets and debt ranging from $10 million to $50 million. The case is assigned to Judge Marc Barreca. The Debtor has tapped Matthew W. Anderson, Esq., at the Law Offices of Matthew W. Anderson, PLLC, in Seattle, as counsel. According to the docket, the Debtor's schedules of assets and liabilities, the statement of financial affairs and other incomplete filings are due Oct. 27, 2014. GT ADVANCED: Wants to Disclose Details of Apple Deal to Public -------------------------------------------------------------- Gregg Keizer at Computerworld.com reports that GT Advanced Technologies Inc. has asked the U.S. Bankruptcy Court for the District of New Hampshire to make confidential information regarding its partnership with Apple Inc. public. Computerworld.com relates that the Court has scheduled for Wednesday, Oct. 15, a hearing to consider the Debtor's request to be allowed to submit unredacted versions of the documents into the public record. Kristena Hansen at KJZZ.org adds that the Court will also decide on Wednesday whether to close down the Mesa factory in Mesa by year-end. Computerworld.com says that the Debtor had filed the documents in redacted form, but on Friday, the Debtor filed a motion asking the Court to allow the Debtor to file unredacted versions of several documents. According to the report, the Debtor said that it had struck out parts of those documents it has filed because the Debtor signed confidentiality agreements with Apple in 2013, which would require the Debtor to pay Apple $50 million for each violation of the accords. The confidentiality Apple demanded would put other creditors at a disadvantage because only Apple would have the complete picture, Computerworld.com states, citing the Debtor. Computerworld.com quoted the attorneys for the Debtor as saying, "GTAT believes that, in the interest of their creditors, equity holders, and other stakeholders, as well as to ensure an open, transparent, and fair process in these Chapter 11 cases, unredacted versions of the Supplemental First Day Declaration, the Motion to Reject, the Wind Down Motion, and the Motion to Expedite, should be filed . . . . While parties may have a legitimate interest in protecting their trade secrets because disclosure of the 'secret sauce' reduces the value of a business, many times the information for which protection is sought does not require the level of protection requested." The Debtor, according to Computerworld.com, said that if the Court does not grant its motion, the alternative was to let the Debtor file unredacted versions under a court seal of secrecy. The Debtor implied in a court filing that it was considering taking other actions against Apple once it had emerged from Chapter 11. "GTAT believes that it has many claims against Apple arising out of its business relationship with Apple," Computerworld.com quoted the Debtor as saying. The Debtor claimed in court filing that its agreements with Apple "imposed oppressive and burdensome terms and obligations on GTAT." Computerworld.com says that the Debtor asked the Court to be freed of those accords because they were eating into what cash it had to the tune of $1 million per day. Forbes contributor Chuck Jones writes that the Debtor is down $0.35 to $0.46 on Oct. 13 morning, and that the NASDAQ has begun the process to delist the shares and stop trading at the end of Tuesday. About GT Advanced Technologies GT Advanced Technologies Inc. -- http://www.gtat.com/-- is a diversified technology company producing advanced materials and innovative crystal growth equipment for the global consumer electronics, power electronics, solar and LED industries. Headquartered in Merrimack, New Hampshire, GT is a publicly held corporation whose stock is traded on NASDAQ under the ticker symbol "GTAT." As of June 28, 2014, the GTAT Group's unaudited and consolidated financial statements reflected assets totaling $1.5 billion and liabilities totaling $1.3 billion. As of Sept. 29, 2014, GTAT had $85 million in cash, $84 million of which is unencumbered. On Oct. 6, 2014, GT Advanced Technologies and 8 affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. N.H. Lead Case No. 14-11916). GT says that it has sought bankruptcy protection due to a "severe liquidity crisis." The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP as attorneys and Kurtzman Carson Consultants LLC as claims and noticing agent. HDGM ADVISORY: Has Until Nov. 3 to File Disclosure Statement ------------------------------------------------------------ HDGM Advisory Services, LLC, et al., sought and obtained an order extending until Nov. 3, 2014, the deadline to file a disclosure statement explaining the terms of their proposed Chapter 11 Plan. The Debtors filed their Plan on Sept. 17. The Debtors relate that they need additional time to file a Disclosure Statement in relation to the court orders appointing an examiner and not extending the injunction against GPIF-I Equity Co., Ltd and GPIF-I Finance Co., Ltd that will permit a trial to proceed against Mr. Garrison in New York. The appointment of an examiner with powers to investigate and settle certain claims will require Plan revisions well as examiner input as to the disclosures related thereto. The Debtors note that no examiner has yet been appointed or confirmed. Thus, the Debtors do not desire to expend unnecessary funds or effort on a disclosure statement that will likely be outdated when filed. The Debtors' resources are limited, and may yet be further limited depending on the results of a Garrison trial, if any. The Debtors need more time to determine the continued efficacy of their initial Plan, in light of the examiner appointment, and must not be forced to spend the resources to finalize disclosure at this time. About HDGM Advisory Services HDGM Advisory Services, LLC, and HDG Mansur Investment Services, Inc. sought Chapter 11 bankruptcy protection (Bankr. S.D. Ind. Case No. 14-04797 and 14-04798) in Indianapolis, Indiana, on May 21, 2014. On May 28, 2014, the Hon. James M. Carr directed the joint administration the cases of HDGM Advisory Services, LLC, and HDG Mansur Investment Services, Inc., under the lead case -- HDGM Advisory, Case No. 14-04797. HDGH Advisory disclosed $20,257,001 in assets and $7,991, 590 in liabilities as of the Chapter 11 filing. HDG Mansur disclosed $20,454,819 in assets and $12,377,542 in liabilities. According to a court filing, the Debtors don't have any secured creditors. The cases are assigned to Judge James M. Carr. The Debtors have tapped Michael W. Hile, Esq., Christine K. Jacobson, Esq., and Henry Mestetsky, Esq., at Katz & Korin PC, as counsel. An affiliate of the Debtors, Hamilton Proper Partners Golf Partnership, L.P., sought bankruptcy protection (Bankr. S.D. Ind. Case No. 14-00461) on Jan. 24, 2014. HEDWIN CORPORATION: Taps Keightley & Ashner as Pensions Counsel --------------------------------------------------------------- Hedwin Corporation asked permission from the U.S. Bankruptcy Court for the District of Maryland to employ Keightley & Ashner LLP as its pensions special counsel. Keightley & Ashner will assist the Debtor on matters relating to the Pension Benefit Guaranty Corporation and a standard termination of its Pension Plan. K&A will analyze information relating to the Debtor's Pension Plan and to the PBGC Pension Claims, and assist the Debtor in connection with a possible Standard Termination of the Pension Plan and in addressing and resolving the PBGC Pension Claims. K&A's hourly rates for its services are: Professionals Hourly Rate ------------- ----------- Attorneys $400 to $885 Other professionals $660 to $710 paralegals and law clerks $250 K&A assures the Court that it is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. About Hedwin Corporation Founded in 1946, Hedwin Corporation is a manufacturer of customized industrial plastic packaging, which it sells to wholesalers and distributors throughout the United States, Canada and Europe. Its manufacturing facility is located at 1600 Roland Heights Avenue, Baltimore, Maryland. It has a warehouse facility at 1700 West 41st Street, Baltimore, Maryland and a warehouse and assembly facility at 9175 Moya Blvd. (Unit D), Reno, Nevada. All of the facilities are leased. As of the fiscal year end Dec. 31, 2013, the Debtor had total assets of approximately $15 million. Hedwin filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 14-151940) in Maryland on April 2, 2014, to sell its assets to Fujimori Kogyo Co., Ltd., absent higher and better offers. The Debtor is represented by Alan M. Grochal, Esq., Stephen M. Goldberg, Esq., and Catherine K. Hopkin, Esq., at Tydings & Rosenberg, LLP, in Baltimore, Maryland. Shared Management Resources, Ltd.'s Charles S. Deutchman serves as chief restructuring officer. The U.S. Trustee for Region 4 appointed seven creditors to serve on the official committee of unsecured creditors. * * * At an auction held in May 2014, Fujimori Kogyo Co. ended up the successful bidder for Hedwin Corp., although an auction forced it to pay 36% more for the Baltimore maker of industrial packaging. In a deal reached before the bankruptcy filing, Fujimori agreed to pay $16.5 million and retain all workers. During the auction, Interplast Group Inc. offered $22 million, but Fujimori won with a $22.2 million bid that included its $600,000 breakup fee and $250,000 in expense reimbursement. Judge Alquist on May 12 approved the sale to Fujimori. The sale was scheduled to close by the end of May. HOUSTON REGIONAL: Court Okays Employee Retention Program -------------------------------------------------------- US Bankruptcy Judge Judge Marvin Isgur on October 6, 2014, approved debtor Houston Regional Sports Network's employee retention program. The Court has found that the relief requested by the motion is in the best interest of the Debtor's estate, the Debtor's creditors and other parties in interests. Thus, the Debtor is authorized to take all necessary steps to implement the Employee Retention Program. On August 6, 2014, the Debtor filed its Chapter 11 plan of reorganization. The Plan contemplates the Reorganized Debtor will be owned by investors. On September 4, 2014, the Court entered a disclosure statement order and set a hearing to confirm the plan on October 2, 2014. However, in the event of the liquidation, the Debtor's employees may also be terminated. Thus, on September 16, 2014, the Debtor issued notices under the WARN notices to all its employees. Notwithstanding the WARN Notices, the Debtor has a critical need for its employees and it has the intention to retain its employees. Houston Regional Sports is represented by: Charles A. Beckham, Jr., Esq. Henry Flores, Esq. Christopher L. Castillo, Esq. HAYNES AND BOONE, LLP 1221 McKinney Street, Suite 2100 Houston, TX 77010 Tel: (713) 547-2000 Fax: (713) 547-2600 charles.beckham@haynesboone.com henry.flores@haynesboone.com christopher.castillo@haynesboone.com About Houston Regional Sports Network An involuntary Chapter 11 bankruptcy petition was filed against Houston Regional Sports Network, L.P. d/b/a Comcast SportsNet Houston (Bankr. S.D. Tex. Case No. 13-35998) on Sept. 27, 2013. The involuntary filing was launched by three units of Comcast/NBC Universal and a television-related company. The petitioners are: Houston SportsNet Finance LLC, Comcast Sports Management Services LLC, National Digital Television Center LLC, and Comcast SportsNet California, LLC. The petitioning creditors have filed papers asking the Bankruptcy Judge to appoint an independent Chapter 11 trustee "to conduct a fair and open auction process for the Network's business assets on a going concern basis." Houston Regional Sports Network is a joint enterprise among affiliates of the Houston Astros baseball team, the Houston Rockets basketball team, and Houston SportsNet Holdings, LLC -- "Comcast Owner" -- an affiliate of Comcast Corporation. The Network has three limited partners -- Comcast Owner, Rockets Partner, L.P., and Astros HRSN LP Holdings LLC. The primary purpose of Houston Regional Sports Network is to create and operate a regional sports programming service that produces, exhibits, and distributes sports programming on a full-time basis, including live Astros and Rockets games within the league- permitted local territories. Counsel for the petitioning creditors are Howard M. Shapiro, Esq., at Wilmer Cutler Pickering Hale and Dorr LLP; George W. Shuster, Jr., Esq., at Wilmer Cutler Pickering Hale and Dorr LLP; Vincent P. Slusher, Esq., at DLA Piper; and Arthur J. Burke, Esq., at Davis Polk & Wardwell LLP. Judge Marvin Isgur presides over the case. The Network was officially placed into Chapter 11 bankruptcy pursuant to a Feb. 7 Order for Relief. It has won approval to hire Haynes and Boone, Charles A. Beckham, Jr., Esq., Henry Flores, Esq., Abigail Ottmers, Esq., and Christopher L. Castillo, Esq., as counsel. It also hired Conway MacKenzie, Inc., as financial advisor. Harry Perrin, Esq., represents Astros owner Jim Crane. Alan Gover, Esq., represents the Rockets. The Astros are represented by Richard B. Drubel, Esq., Colleen A. Harrison, Esq., and Jonathan R. Voegele, Esq., at Boies, Schiller & Flexner LLP, in Hanover, NH; and Scott E. Gant, Esq., at Boies, Schiller & Flexner in Washington, DC. Comcast Corporation and NBCUniversal Media, LLC, are represented by Vincent P. Slusher, Esq., Eli Burriss, Esq., Andrew Mayo, Esq., and Andrew Zollinger, Esq., at DLA Piper; Arthur J. Burke, Esq., Timothy Graulich, Esq., and Dana M. Seshens, Esq., at Davis Polk & Wardwell LLP; and Howard M. Shapiro, Esq., and Craig Goldblatt, Esq., at Wilmer Cutler Pickering Hale and Dorr LLP. Attorney for McLane Champions, LLC and R. Drayton McLane, Jr., are Wayne Fisher, Esq., at Fisher Boyd & Huguenard, LLP. INTELLICELL BIOSCIENCES: Has $2.71-Mil. Net Income in Q2 -------------------------------------------------------- Intellicell BioSciences, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing net income of $2.71 million on $32,500 of total revenues for the three months ended June 30, 2014, compared with a net loss of $3.92 million on $nil of total net revenues for the same period in 2013. The Company's balance sheet at June 30, 2014, showed $3.34 million in total assets, $15.64 million in total liabilities and a stockholders' deficit of $12.3 million. The Company has incurred losses since inception resulting in an accumulated deficit of $61.16 million and a working capital deficit of $15.32 million as of June 30, 2014, respectively. Further losses are anticipated in the continued development of its business, raising substantial doubt about the Company's ability to continue as a going concern, according to the regulatory filing. A copy of the Form 10-Q is available at: http://is.gd/JyU1EN About Intellicell Biosciences Intellicell BioSciences, Inc., headquartered in New York, N.Y., was formed on Aug. 13, 2010, under the name "Regen Biosciences, Inc." as a pioneering regenerative medicine company to develop and commercialize regenerative medical technologies in large markets with unmet clinical needs. On Feb. 17, 2011, the company changed its name from "Regen Biosciences, Inc." to "IntelliCell BioSciences Inc". To date, IntelliCell has developed proprietary technologies that allow for the efficient and reproducible separation of stromal vascular fraction (branded "IntelliCell(TM)") containing adipose stem cells that can be performed in tissue processing centers and in doctors' offices. Intellicell Biosciences reported a net loss of $11.14 million on $0 of total net revenues for the year ended Dec. 31, 2013, as compared with a net loss of $4.15 million on $534,942 of total net revenues during the prior year. The Company's balance sheet at March 31, 2014, showed $4.09 million in total assets, $25.26 million in total liabilities and a $21.16 million total stockholders' deficit. Going Concern "The condensed consolidated financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $61,421,672 and a working capital deficit of $23,780,066 as of March 31, 2014, respectively. Further losses are anticipated in the continued development of its business, raising substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and a private placement of common stock or other debt or equity securities. There can be no assurance that we will be able to obtain further financing, do so on reasonable terms, or do so on terms that would not substantially dilute our current stockholders' equity interests in us. If we are unable to raise additional funds on a timely basis, or at all, we probably will not be able to continue as a going concern," the Company said in the quarterly report for the period ended March 31, 2014. INTELLICELL BIOSCIENCES: Amends 2013 Fiscal Year Report ------------------------------------------------------- Intellicell BioSciences, Inc., filed with the U.S. Securities and Exchange Commission on Oct. 9, 2014, an amendment to its annual report on Form 10-K for the year ended Dec. 31, 2013. A copy of the Form 10-K/A is available at: http://is.gd/FmjbVZ The Company reported a net loss of $15.87 million on $nil of total net revenues for the year ended Dec. 31, 2013, compared to a net loss of $4.15 million on $534,942 of total net revenues in 2012. The Company's balance sheet at Dec. 31, 2013, showed $3.21 million in total assets, $15.49 million in total liabilities and total stockholders' deficit of $12.28 million. The Company has incurred losses since inception resulting in an accumulated deficit of $53.63 million and a working capital deficit of $8.53 million as of Dec. 31, 2013, respectively. Further losses are anticipated in the continued development of its business, raising substantial doubt about the Company's ability to continue as a going concern. About Intellicell Biosciences Intellicell BioSciences, Inc., headquartered in New York, N.Y., was formed on Aug. 13, 2010, under the name "Regen Biosciences, Inc." as a pioneering regenerative medicine company to develop and commercialize regenerative medical technologies in large markets with unmet clinical needs. On Feb. 17, 2011, the company changed its name from "Regen Biosciences, Inc." to "IntelliCell BioSciences Inc". To date, IntelliCell has developed proprietary technologies that allow for the efficient and reproducible separation of stromal vascular fraction (branded "IntelliCell(TM)") containing adipose stem cells that can be performed in tissue processing centers and in doctors' offices. Intellicell Biosciences reported a net loss of $11.14 million on $0 of total net revenues for the year ended Dec. 31, 2013, as compared with a net loss of $4.15 million on $534,942 of total net revenues during the prior year. The Company's balance sheet at March 31, 2014, showed $4.09 million in total assets, $25.26 million in total liabilities and a $21.16 million total stockholders' deficit. Going Concern "The condensed consolidated financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $61,421,672 and a working capital deficit of $23,780,066 as of March 31, 2014, respectively. Further losses are anticipated in the continued development of its business, raising substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and a private placement of common stock or other debt or equity securities. There can be no assurance that we will be able to obtain further financing, do so on reasonable terms, or do so on terms that would not substantially dilute our current stockholders' equity interests in us. If we are unable to raise additional funds on a timely basis, or at all, we probably will not be able to continue as a going concern," the Company said in the quarterly report for the period ended March 31, 2014. INTELLICELL BIOSCIENCES: Files Amendment to Q1 2014 Report ---------------------------------------------------------- Intellicell BioSciences, Inc., filed with the U.S. Securities and Exchange Commission an amendment to its quarterly report on Form 10-Q. A copy of the Form 10-Q/A is available at: http://is.gd/OOLq6u The Company disclosed a net loss of $10.24 million on $32,500 of total net revenues for the three months ended March 31, 2014, compared with a net loss of $1.06 million on $nil of total net revenues for the same period in the prior year. The Company's balance sheet at March 31, 2014, showed $4.1 million in total assets, $20.96 million in total liabilities and total stockholders' deficit of $16.86 million. The Company has incurred losses since inception resulting in an accumulated deficit of $63.87 million and a working capital deficit of $4.83 million as of March 31, 2014, respectively. Further losses are anticipated in the continued development of its business, raising substantial doubt about the Company's ability to continue as a going concern. About Intellicell Biosciences Intellicell BioSciences, Inc., headquartered in New York, N.Y., was formed on Aug. 13, 2010, under the name "Regen Biosciences, Inc." as a pioneering regenerative medicine company to develop and commercialize regenerative medical technologies in large markets with unmet clinical needs. On Feb. 17, 2011, the company changed its name from "Regen Biosciences, Inc." to "IntelliCell BioSciences Inc". To date, IntelliCell has developed proprietary technologies that allow for the efficient and reproducible separation of stromal vascular fraction (branded "IntelliCell(TM)") containing adipose stem cells that can be performed in tissue processing centers and in doctors' offices. Intellicell Biosciences reported a net loss of $11.14 million on $0 of total net revenues for the year ended Dec. 31, 2013, as compared with a net loss of $4.15 million on $534,942 of total net revenues during the prior year. The Company's balance sheet at March 31, 2014, showed $4.09 million in total assets, $25.26 million in total liabilities and a $21.16 million total stockholders' deficit. Going Concern "The condensed consolidated financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $61,421,672 and a working capital deficit of $23,780,066 as of March 31, 2014, respectively. Further losses are anticipated in the continued development of its business, raising substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and a private placement of common stock or other debt or equity securities. There can be no assurance that we will be able to obtain further financing, do so on reasonable terms, or do so on terms that would not substantially dilute our current stockholders' equity interests in us. If we are unable to raise additional funds on a timely basis, or at all, we probably will not be able to continue as a going concern," the Company said in the quarterly report for the period ended March 31, 2014. INTERNATIONAL TRADE: Files for Chapter 7 Liquidation ---------------------------------------------------- Reston, Virginia-based International Trade and Commerce Group filed for Chapter 7 liquidation (Bankr. E.D. Va. Case No. 14- 13738) on Oct. 7, 2014, estimating $100,001 to $500,000 in liabilities against up to $50,000 in assets. According to The Washington Post, Jane R. Lee, Esq., serves as the Debtor's bankruptcy counsel, and that ADT Security Services, the Debtor's largest unsecured creditor, is owed $1,871. ISLAMIC CENTER OF MEMPHIS: Motion for Chapter 11 Discharge Denied ----------------------------------------------------------------- The Appellate Division of the Supreme Court of New York, Third Department, denied: -- an Application for supplemental evidence and for further relief. -- a Motion for bankruptcy title 11 (chapter 11) discharge. -- a Motion to dismiss and for further relief. The case before the Appellate Division is THE PEOPLE OF THE STATE OF NEW YORK, Respondent, v. JAMIL MUHAMMAD, Appellant. A copy of the Appellate Division's October 9, 2014 Decision and Order is available at http://is.gd/NXX4cEfrom Leagle.com. Mr. Muhammad is the president of The Islamic Center of Memphis, Inc., a debtor in the Chapter 11 case (Bankr. W.D. Tenn. Case No. 11-22615) filed on March 11, 2011. A copy of Islamic Center's petition is available at http://bankrupt.com/misc/tnwb11-22615.pdf JOSEPH GRASSO: Court Okays Some of Madison Capital's Fee Claim -------------------------------------------------------------- Bankruptcy Judge Magdeline D. Coleman granted, in part, and denied, in part, the Application for Administrative Expenses dated April 2, 2013, filed by Madison Capital Company, LLC in the Chapter 7 bankruptcy case of Joseph Grasso (Bankr. E.D. Pa. Case No. 12-11063). Christine C. Shubert, the then Chapter 11 Trustee and now present Chapter 7 Trustee of the estate of Joseph Grasso, objected to the Application. The Law Offices of Paul J. Winterhalter, P.C., on its own behalf and not in its capacity as the former representative of the Debtor, also filed an Objection. Madison seeks reimbursement of attorneys' fees in the amount of $131,379.50 and costs in the amount of $5,276.62. Madison allocates its fees as follows: $21,809.20 for 60.25 hours of attorneys' fees incurred in connection with Madison's prosecution of its Motion for 2004 Examination dated March 29, 2012 $26,414.13 for 70.25 hours of attorneys' fees incurred in connection with Madison's prosecution of the Motion to Convert dated July 23, 2012 $26,601.60 for 75.4 hours of attorneys' fees incurred in connection with Madison's prosecution of the Motion to Appoint Trustee dated September 14, 2012 $25,487.13 for 76 hours of attorneys' fees incurred in connection with Madison's prosecution of the Objection to Claim Number 26 dated July 16, 2012 -- Katz Objection $2,495.18 for 8.1 hours of attorneys' fees incurred in connection with Madison's prosecution of the Objection to Application for Compensation dated February 5, 2013 -- PJW Objection $28,572.26 for 76.30 hours of attorneys' fees incurred in connection with Madison's prosecution of the Motion to Convert Case to Chapter 7 dated March 25, 2013 "T[he] Court will grant the Application as to Madison's fees and costs incurred in connection with its prosecution of the 2004 Motion, the First Conversion Motion, and the Trustee Motion. After reviewing the record and based upon this Court's experience garnered during the course of the administration of the Debtor's estate, this Court is convinced that Madison's work in connection with these proceedings provided an exceptional benefit to the Debtor's estate," Judge Coleman said. The judge ruled that because of the size of Madison's claim and the fact that the other factors weigh strongly against an award of fees, Madison is not entitled to compensation for its fees and costs incurred in connection with the Katz Objection and the PJW Objection. In addition, the Court said Madison's efforts in connection with the Second Conversion Motion were not sufficiently transcendent so as to justify reimbursement. A copy of the Court's October 10, 2014 Memorandum is available at http://is.gd/5mEvfCfrom Leagle.com. JPJ REAL ESTATE: Files for Ch 11; Sec. 341 Meeting on Nov. 3 ------------------------------------------------------------ Rockville, Maryland-based JPJ Real Estate Holdings, LLC, filed for Chapter 11 bankruptcy protection (Bankr. D. Md. Case No. 14-25473) on Oct. 6, 2014, estimating its assets and liabilities at between $1 million and $10 million each. The Debtor did not file a list of its largest unsecured creditors when it filed the petition, which was signed by Jerome Johnson, managing member. Craig A Butler, Esq., at The Butler Law Group, PLLC, serves as the Debtor's bankruptcy counsel. The Hon. Thomas J. Catliota presides over the case. A meeting of creditors in the Debtor's bankruptcy case will be held on Nov. 3, 2014, at 9:00 a.m., at 341 meeting Room 6th Floor at 6305 Ivy Ln., Greenbelt. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. Proofs of claim must be filed by Feb. 2, 2015. KASPER LAND: Withdraws Motion to Tap Glenn Cumming as Broker ------------------------------------------------------------ Kasper Land and Cattle Texas, LLC, filed a notice with the U.S. Bankruptcy Court for the Northern District of Texas withdrawing its motion to employ Glenn Cummings Real Estate to sell developed farmland. Kasper Land and Cattle Texas, LLC, sought Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 14-20074) in Amarillo, Texas, on March 3, 2014. Bill Kinkead, Esq., at Kinkead Law Offices, serves as counsel to the Debtor. The Debtor disclosed $23,170,640 in assets and $13,420,213 in liabilities as of the Chapter 11 filing. KNR ENTERPRISE: Files for Ch 11; Sec. 341 Meeting on Nov. 6 ----------------------------------------------------------- Annandale, Virginia-based KNR Enterprise, Inc., filed for Chapter 11 bankruptcy protection (Bankr. E.D. Va. Case No. 14-13660) on Oct. 1, 2014, $1 million to $10 million in assets and $1 million to $10 million in liabilities. The Debtor listed Trust Properties as its largest unsecured creditor holding a claim of $30,000. The petition was signed by Chung Il Ku, president. The Hon. Robert G. Mayer presides over the case. John T. Donelan, Esq., at the Law Office Of John T. Donelan, serves as the Debtor's bankruptcy counsel. A meeting of creditors in the Debtor's bankruptcy case will be held on Nov. 6, 2014, at 10:00 a.m., at the Office of the U.S. Trustee (Chapter 11), 115 South Union Street, Suite 208, Alexandria, Virginia. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. Proofs of claim are due by Feb. 4, 2015. Complaints for determination of dischargeability of debt must be filed by Jan. 5, 2015. LDR INDUSTRIES: Adduci Mastriani Approved as Customs Counsel ------------------------------------------------------------ The Bankruptcy Court authorized LDR Industries, LLC, to employ Adduci, Mastriani & Schaumberg, LLP as special customs counsel nunc pro tunc to the Petition Date. According to the Debtor, Adduci has extensive experience with and knowledge of the Debtor's business and legal affairs well as its customs and trade issues. Adduci has represented the Debtor since 2012 in connection with customs and trade issues. Adduci is expected to: a) advise the Debtor with respect to customs issues; b) assist and guide the Debtor in resolving any disputes with customs in or out of Bankruptcy Court; and c) communicate with potential buyers about customs issues in an effort to effectuate a successful Section 363 sale. The head of the Adduci team for the Debtor is Munford Page Hall, II. Adduci's personnel with primary responsibilities in the engagement and their hourly rates are: Munford Page Hall, II $725 Beau Jackson $385 Dana Watts' hourly rate $325 Paraprofessionals: Kelsey Curtis $325 Colleen Kemp $200 The hourly rates of other personnel to serve in the case are: Partners $450 - $750 Associates $275 - $475 Legal Assistant, Law Clerk and Clerical Support $75 - $235 To the best of the Debtor's knowledge, Adduci does not hold or represent any interest adverse to Debtor's estate. About LDR Industries For over 75 years, Chicago-based LDR Industries and its predecessor companies have engaged in the distribution of plumbing products to the home improvement industry, including faucets, showers, sinks, toilet seats and variety of other specialty lines such as lead-free valves. LDR Industries, LLC, sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 14-32138) in Chicago, Illinois on Sept. 2, 2014, with plans to sell the business following a dispute with the U.S. Customs. The bankruptcy case is assigned to Honorable Judge Pamela S. Hollis. The Debtor is represented by attorneys at Reed Smith LLP. The Chicago-based company estimated $10 million to $50 million in assets and debt. LDR INDUSTRIES: General Claims Bar Date Set for Dec. 1, 2014 ------------------------------------------------------------ Bankruptcy Judge Pamela S. Hollis has established Dec. 1, 2014, at 11:59 p.m., as the deadline for any individual or entity to file proofs of claim against LDR Industries, LLC. According to the court order, the governmental unit bar date is fixed at 11:59 p.m. on March 2, 2015. The deadline for filing proofs of claim for any claim arising from the rejection of an executory contract or unexpired lease is fixed at (a) 11:59 p.m., on the 13th day after the entry of the order rejecting executory contract or unexpired lease; or (b) the bar date, whichever is later. About LDR Industries For over 75 years, Chicago-based LDR Industries and its predecessor companies have engaged in the distribution of plumbing products to the home improvement industry, including faucets, showers, sinks, toilet seats and variety of other specialty lines such as lead-free valves. LDR Industries, LLC, sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 14-32138) in Chicago, Illinois on Sept. 2, 2014, with plans to sell the business following a dispute with the U.S. Customs. The bankruptcy case is assigned to Honorable Judge Pamela S. Hollis. The Debtor is represented by attorneys at Reed Smith LLP. The Chicago-based company estimated $10 million to $50 million in assets and debt. LDR INDUSTRIES: Adduci Mastriani Approved as Customs Counsel ------------------------------------------------------------ The Bankruptcy Court authorized LDR Industries, LLC, to employ Adduci, Mastriani & Schaumberg, LLP as special customs counsel nunc pro tunc to the Petition Date. According to the Debtor, Adduci has extensive experience with and knowledge of the Debtor's business and legal affairs well as its customs and trade issues. Adduci has represented the Debtor since 2012 in connection with customs and trade issues. Adduci is expected to: a) advise the Debtor with respect to customs issues; b) assist and guide the Debtor in resolving any disputes with customs in or out of Bankruptcy Court; and c) communicate with potential buyers about customs issues in an effort to effectuate a successful Section 363 sale. The head of the Adduci team for the Debtor is Munford Page Hall, II. Adduci's personnel with primary responsibilities in the engagement and their hourly rates are: Munford Page Hall, II $725 Beau Jackson $385 Dana Watts' hourly rate $325 Paraprofessionals: Kelsey Curtis $325 Colleen Kemp $200 The hourly rates of other personnel to serve in the case are: Partners $450 - $750 Associates $275 - $475 Legal Assistant, Law Clerk and Clerical Support $75 - $235 To the best of the Debtor's knowledge, Adduci does not hold or represent any interest adverse to Debtor's estate. About LDR Industries For over 75 years, Chicago-based LDR Industries and its predecessor companies have engaged in the distribution of plumbing products to the home improvement industry, including faucets, showers, sinks, toilet seats and variety of other specialty lines such as lead-free valves. LDR Industries, LLC, sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 14-32138) in Chicago, Illinois on Sept. 2, 2014, with plans to sell the business following a dispute with the U.S. Customs. The bankruptcy case is assigned to Honorable Judge Pamela S. Hollis. The Debtor is represented by attorneys at Reed Smith LLP. The Chicago-based company estimated $10 million to $50 million in assets and debt. LDR INDUSTRIES: General Claims Bar Date Set for Dec. 1, 2014 ------------------------------------------------------------ Bankruptcy Judge Pamela S. Hollis has established Dec. 1, 2014, at 11:59 p.m., as the deadline for any individual or entity to file proofs of claim against LDR Industries, LLC. According to the court order, the governmental unit bar date is fixed at 11:59 p.m. on March 2, 2015. The deadline for filing proofs of claim for any claim arising from the rejection of an executory contract or unexpired lease is fixed at (a) 11:59 p.m., on the 13th day after the entry of the order rejecting executory contract or unexpired lease; or (b) the bar date, whichever is later. About LDR Industries For over 75 years, Chicago-based LDR Industries and its predecessor companies have engaged in the distribution of plumbing products to the home improvement industry, including faucets, showers, sinks, toilet seats and variety of other specialty lines such as lead-free valves. LDR Industries, LLC, sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 14-32138) in Chicago, Illinois on Sept. 2, 2014, with plans to sell the business following a dispute with the U.S. Customs. The bankruptcy case is assigned to Honorable Judge Pamela S. Hollis. The Debtor is represented by attorneys at Reed Smith LLP. The Chicago-based company estimated $10 million to $50 million in assets and debt. LDR INDUSTRIES: Reed Smith Approved as Bankruptcy Counsel --------------------------------------------------------- The Bankruptcy Court authorized LDR Industries, LLC, to employ Reed Smith LLP as bankruptcy counsel nunc pro tunc to the Petition Date. The Debtor is represented by: Stephen T. Bobo, Esq. Aaron B. Chapin, Esq. Melissa A. Mickey, Esq. REED SMITH LLP 10 S. Wacker Drive, 40th Floor Chicago, IL 60606 Tel: (312) 207-1000 Fax: (312) 207-6400 E-mail: sbobo@reedsmith.com achapin@reedsmith.com mmickey@reedsmith.com About LDR Industries For over 75 years, Chicago-based LDR Industries and its predecessor companies have engaged in the distribution of plumbing products to the home improvement industry, including faucets, showers, sinks, toilet seats and variety of other specialty lines such as lead-free valves. LDR Industries, LLC, sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 14-32138) in Chicago, Illinois on Sept. 2, 2014, with plans to sell the business following a dispute with the U.S. Customs. The bankruptcy case is assigned to Honorable Judge Pamela S. Hollis. The Debtor is represented by attorneys at Reed Smith LLP. The Chicago-based company estimated $10 million to $50 million in assets and debt. LDR INDUSTRIES: Silverman Consulting Okayed as Advisor ------------------------------------------------------ The Bankruptcy Court authorized LDR Industries, LLC, to employ Silverman Consulting as financial advisor nunc pro tunc to the Petition Date. According to the Debtor, it is negotiating a sale of its business to a strategic buyer, and it anticipates filing a motion with the Bankruptcy Court to approve a sale pursuant to section 363 of the Code. The Debtor expects that the sale of substantially all of its assets will not only fully satisfy its secured creditor, JP Morgan Chase Bank, N.A., but will leave its estate with a substantial amount of funds to distribute to its unsecured creditors. Michael Silverman will head a team to provide financial advisory services, including: a) assisting in the preparation of the Debtor's bankruptcy schedules and statement of financial affairs; b) conducting of the marketing of the Debtor's business as a going concern to interested parties, along with supervising the due diligence and sale process, in an effort to secure a qualified buyer and effectuate a successful Section 363 sale; and c) advise the Debtor with respect to strategic options, creditor recoveries and financial planning. The hourly rates of Silverman's personnel range from $230 to $650. Mr. Silverman's hourly rate is $650 and Hassaan Mansoor's hourly rate is $230. To the nest of the Debtor's knowledge, Silverman is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About LDR Industries For over 75 years, Chicago-based LDR Industries and its predecessor companies have engaged in the distribution of plumbing products to the home improvement industry, including faucets, showers, sinks, toilet seats and variety of other specialty lines such as lead-free valves. LDR Industries, LLC, sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 14-32138) in Chicago, Illinois on Sept. 2, 2014, with plans to sell the business following a dispute with the U.S. Customs. The bankruptcy case is assigned to Honorable Judge Pamela S. Hollis. The Debtor is represented by attorneys at Reed Smith LLP. The Chicago-based company estimated $10 million to $50 million in assets and debt. LONGVIEW POWER: Asks Court to Okay Dunkard Creek Settlement ----------------------------------------------------------- The Associated Press reports that Longview Power, LLC, is asking the U.S. Bankruptcy Court for the District of Delaware to approve its settlement with the Pennsylvania Department of Environmental Protection that would allow a subsidiary Dana Mining to continue to discharge treated mine water into Dunkard Creek. AP relates that under the settlement, the capacity of the Steele Shaft Treatment Facility in Pennsylvania operated by Dana Mining and AMD Reclamation Inc. would be increased which, according to the Debtor, would lessen or eliminate discharges into Dunkard Creek. AP states that the Steele Shaft Treatment Facility pumps water from closed mines not owned by the companies so Dana Mining can safely mine coal reserves. The water, says AP, is treated and discharged into Dunkard Creek along the Mason Dixon line in Pennsylvania and West Virginia, where the Debtor operates a coal- fired plant. The Debtor said in a court filing that the settlement was reached after it entered into talks with the Pennsylvania agency to determine an alternative means of compliance with the state's new requirements. The Debtor had said in a filing last week that it would have to invest in additional treatment facilities to meet requirements implemented by the agency since the facility got a discharge permit in 2003. The AP adds that in 2008, the permit was up for renewal and was extended pending the issuance of a new permit. About Longview Power LLC Longview Power LLC is a special purpose entity created to construct, own, and operate a 695 MW supercritical pulverized coal-fired power plant located in Maidsville, West Virginia, just south of the Pennsylvania border and approximately 70 miles south of Pittsburgh. The project is owned 92% by First Reserve Corporation (First Reserve or sponsor), a private equity firm specializing in energy industry investments, through its affiliate GenPower Holdings (Delaware), L.P., and 8% by minority interests. Longview Power, LLC, filed a Chapter 11 (Bank. D. Del. Lead Case 13-12211) on Aug. 30, 2013. The petitions were signed by Jeffery L. Keffer, the Company's chief executive officer, president, treasurer and secretary. The Debtor estimated assets and debts of more than $1 billion. Judge Brendan Linehan Shannon presides over the case. Kirkland & Ellis LLP and Richards, Layton & Finger, P.A., serve as the Debtors' counsel. Lazard Freres & Company LLC acts as the Debtors' investment bankers. Alvarez & Marsal North America, LLC, is the Debtors' restructuring advisors. Ernst & Young serves as the Debtors' accountants. The Debtors' claims agent is Donlin, Recano & Co. Inc. The Debtor disclosed assets of $1,717,906,595 plus undisclosed amounts and liabilities of $1,075,748,155 plus undisclosed amounts. Roberta A. DeAngelis, U.S. Trustee for Region 3, disclosed that as of Sept. 11, 2013, a committee of unsecured creditors has not been appointed in the case due to insufficient response to the U.S. Trustee's communication/contact for service on the committee. MACKEYSER HOLDINGS: Needs Until 2015 to File Liquidating Plan ------------------------------------------------------------- Mackeyser Holdings, LLC, et al., ask the U.S. Bankruptcy Court for the District of Delaware to extend until Jan. 16, 2015, the period by which the Debtors have exclusive right to file a plan and until March 17, 2015, the period by which the Debtors have exclusive right to solicit acceptances of that plan. The Debtors' current exclusive plan filing period will expire on Oct. 18, and said in court papers that the remaining time is not enough to allow them to file a plan although the Debtors have already entered into a global settlement with the Official Committee of Unsecured Creditors and their DIP Lenders, which settlement provides that a Chapter 11 liquidating plan will be filed and be effective on or before March 31, 2015. A hearing on the extension request is scheduled for Nov. 3, 2014, at 10:00 a.m. (ET). Objections are due Oct. 27. About MacKeyser Holdings, LLC MacKeyser Holdings, LLC and its operating affiliates -- American Optical Services, LLC, and Exela Hearing Services, LLC -- manage integrated eye care and hearing systems providers with over 80 optical retail, optometry and ophthalmology locations in 14 states. Within certain of the Company's locations, dedicated audiology and dispensing staff conduct diagnostics, fitting and dispensing of hearing systems. MacKeyser Holdings, LLC, American Optical Services, Inc. and their affiliates filed for Chapter 11 bankruptcy (Bankr. D. Del. Case Nos. 14-11528 to 14-11550) on June 20, 2014. David R. Hurst, Esq., and Marion M. Quirk, Esq., at Cole, Schotz, Meisel, Forman & Leonard, PA. The Debtors' financial advisor is GlassRatner Advisory & Capital Group. The investment banker is Hammond Hanlon Camp LLC. The noticing and claims management agent is American Legal Claim Services, LLC. In its petition, MacKeyser Holdings estimated $50 million to $100 million in both assets and liabilities. The petitions were signed by Thomas J. Allison, authorized officer. The U.S. Trustee for Region 3 has appointed three creditors to serve on the official committee of unsecured creditors. MATAGORDA ISLAND: Files Schedules of Assets and Liabilities ----------------------------------------------------------- Matagorda Island Gas Operations, LLC, filed with the U.S. Bankruptcy Court for the Western District of Louisiana its schedules of assets and liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- ----------- ----------- A. Real Property $40,000,000 B. Personal Property $850,551,080 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $7,703,599 E. Creditors Holding Unsecured Priority Claims $0 F. Creditors Holding Unsecured Non-priority Claims $18,444,176 ----------- ----------- TOTAL $890,551,080 $26,147,777 About Matagorda Island Matagorda Island Gas Operations, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. La. Case No. 14-51099) in Lafayette, Louisiana, on Sept. 3, 2014. The case is assigned to Judge Robert Summerhays. The Debtor has tapped Lugenbuhl, Wheaton, Peck, Rankin & Hubbard as counsel. In its amended petition, the Debtor said its estimated assets range from $100,000,001 to $500,000,000, while its estimated liabilities range from $10,000,001 to $50,000,000. MOMENTIVE PERFORMANCE: Hires Deloitte Tax to Provide Tax Services ----------------------------------------------------------------- Momentive Performance, et al., sought and obtained permission from the U.S. Bankruptcy Court for Southern District of New York to employ Deloitte Tax LLP to provide tax services, nunc pro tunc to May 15, 2014. Blaise Kah, a partner at Deloitte Tax, assures the Court that his Firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Deloitte Tax is expected to render various global employer tax services (GES Services), which include: (a) Prepare U.S. federal, state, and local income tax returns for all eligible assignees identified by the Debtors; (b) Tax equalization calculations; (c) Foreign tax payment and refund advice; and (d) Assistance with tax audits and notices consistent with the Engagement Letter. Deloitte Tax may also provide general tax advisory consulting services as requested by the Debtors. Fixed fees for the Firm's GES Services are: Service Classification Fixed Fees ---------------------- ---------- Exit/Entrance Interviews $600 Tax Return-Transfer Year $1,650 Tax Return- Full Year $1,500 State/Provincial Tax Return $400 Local Tax Return $200 Extensions $200 Amended Tax Return $750 Tax Equalization Calculation $500 Hypothetical Tax Withholding Calculation $500 Tax Gross-Up Calculation $425 Cost Projection $900 Certificate of Coverage/Soc Ins Exmpt Request $500 Arrival/Registration Tax Filings $400 Moreover, the Debtors have agreed to pay the Firm these rates for for the Tax Advisory Services: Personnel Classification Hourly Billing Rate ------------------------ ------------------- Partner/Principal $450 Director $425 Senior Manager $375 Manager $325 Senior Consultant $275 Consultant $200 About Momentive Performance Momentive Performance is one of the world's largest producers of silicones and silicone derivatives, and is a global leader in the development and manufacture of products derived from quartz and specialty ceramics. Momentive has a 70-year history, with its origins as the Advanced Materials business of General Electric Company. In 2006, investment funds affiliated with Apollo Global Management, LLC, acquired the company from GE. As of Dec. 31, 2013, the Company had 4,500 employees worldwide, of which 46% of the Company's employees are members of a labor union or are represented by workers' councils that have collective bargaining agreements. Momentive Performance Materials Inc., Momentive Performance Materials Holdings Inc., and their affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 14-22503) on April 14, 2014, with a deal with noteholders on a balance-sheet restructuring. As of Dec. 31, 2013, the Debtors had $4.114 billion of consolidated outstanding indebtedness, including payments due within the next 12 months and short-term borrowings. The Debtors said that the restructuring will eliminate $3 billion in debt. The Debtors have tapped Willkie Farr & Gallagher LLP as bankruptcy counsel with regard to the filing and prosecution of these chapter 11 cases; Sidley Austin LLP as special litigation counsel; Moelis & Company LLC as financial advisor and investment banker; AlixPartners, LLP as restructuring advisor; PricewaterhouseCoopers as auditor; and Crowe Horwath LLP as benefit plan auditor. Kurtzman Carson Consultants LLC is the notice and claims agent. The Court entered an order confirming the Plan on Sept. 11, 2014. The U.S. Trustee for Region 2 appointed seven members to serve on the Official Committee of Unsecured Creditors of the Debtors' cases. Klee, Tuchin, Bogdanoff & Stern LLP serves as its counsel. FTI Consulting, Inc., serves as its financial advisor. Rust Consulting Omni Bankruptcy serves as its information agent. Wilmington Trust, National Association, the Trustee for the Momentive Performance Materials Inc. 10% Senior Secured Notes due 2020 -- 1.5 Lien Notes -- under the Indenture, dated as of May 25, 2012, by and between Momentive Performance Materials Inc. and The Bank of New York Mellon Trust Company, National Association, is represented by Mark R. Somerstein, Esq., Mark I. Bane, Esq., and Stephen Moeller-Sally, Esq., at Ropes & Gray LLP. U.S. Bank National Association -- as successor Indenture Trustee under the indenture dated as of December 4, 2006, among Momentive Performance Materials Inc., the Guarantors named in the Indenture, and Wells Fargo Bank, N.A. as initial trustee, governing the 11.5% Senior Subordinated Notes due 2016 -- is represented in the case by Susheel Kirpalani, Esq., Benjamin I. Finestone, Esq., David L. Elsberg, Esq., Robert Loigman, Esq., K. John Shaffer, Esq., and Matthew R. Scheck, Esq., at Quinn Emanuel Urquhart & Sullivan, LLP; and Clark Whitmore, Esq., and Ana Chilingarishvili, Esq., at Maslon Edelman Borman & Brand, LLP. BOKF, NA -- as successor First Lien Trustee to The Bank of New York Mellon Trust Company, N.A., as trustee under an indenture dated as of October 25, 2012, for the 8.875% First-Priority Senior Secured Notes due 2020 issued by Momentive Performance Materials Inc. and guaranteed by certain of the debtors -- is represented by Michael J. Sage, Esq., Brian E. Greer, Esq., and Mauricio A. Espana, Esq., at Dechert LLP. Counsel to Apollo Global Management, LLC and certain of its affiliated funds are Ira S. Dizengoff, Esq., Philip C. Dublin, Esq., Abid Qureshi, Esq., Deborah J. Newman, Esq., and Ashleigh L. Blaylock, Esq., at Akin Gump Strauss Hauer & Feld LLP. Attorneys for Ad Hoc Committee of Second Lien Noteholders are Dennis F. Dunne, Esq., Michael Hirschfeld, Esq., and Samuel A. Khalil, Esq., at Milbank, Tweed, Hadley & McCloy LLP. MONTREAL MAINE: Plan Moratorium Period Extended Until Nov. 30 ------------------------------------------------------------- The Hon. Louis H. Kornreich extended the "plan moratorium period" in Montreal, Maine & Atlantic Railway Ltd.'s Chapter 11 case until (a) Nov. 30, 2014; (b) 10 days after the trustee's filing of a notice of termination of the plan moratorium period; or (c) 30 days after the service of a notice of termination of the moratorium period in the case. Robert J. Keach, the trustee for the Debtor, said that on Sept. 23, 2014, he filed with the Court his Chapter 11 trustee's Report on CCAA Proceedings to alert the Court to recent filings in the Canadian Case. Among those filings is the motion for ninth order extending the stay period in which MMA Canada seeks an extension of stay period to Nov. 30, 2014. The Canadian Court granted the motion to extend stay period on Sept. 24, 2014, providing an extension until Nov. 24, 2014, to permit the filing of a plan in the Canadian Case. Given the importance of ensuring that the case and the Canadian Case proceed on similar tracks, it is advisable that the U.S. Court extend the moratorium period to correspond with the extension of the Canadian Stay. About Montreal Maine Montreal, Maine & Atlantic Railway Ltd., the railway company that operated the train that derailed and exploded in July 2013, killing 47 people and destroying part of Lac-Megantic, Quebec, sought bankruptcy protection in U.S. Bankruptcy Court in Bangor, Maine (Case No. 13-10670) on Aug. 7, 2013, with the aim of selling its business. Its Canadian counterpart, Montreal, Maine & Atlantic Canada Co., meanwhile, filed for protection from creditors in Superior Court of Quebec in Montreal. Robert J. Keach, Esq., at Bernstein, Shur, Sawyer, and Nelson, P.A., has been named as chapter 11 trustee. His firm serves as his chapter 11 bankruptcy counsel, led by Michael A. Fagone, Esq., and D. Sam Anderson, Esq. Development Specialists, Inc., serves as the Chapter 11 trustee's financial advisor. Gordian Group, LLC, serves as the Chapter 11 Trustee's investment banker. U.S. Bankruptcy Judge Louis H. Kornreich has been assigned to the U.S. case. The Maine law firm of Verrill Dana served as counsel to MM&A. It now serves as counsel to the Chapter 11 Trustee. Justice Martin Castonguay oversees the case in Canada. The Canadian Transportation Agency suspended the carrier's operating certificate after the accident, due to insufficient liability coverage. The town of Lac-Megantic, Quebec, has sought financial aid to restore the gutted community and a civil complaint alleges a failure to take steps to prevent a derailment. In the Canadian case, Andrew Adessky at Richter Consulting has been appointed CCAA monitor. The CCAA Monitor is represented by Sylvain Vauclair at Woods LLP. MM&A Canada is represented by Patrice Benoit, Esq., at Gowling LaFleur Henderson LLP. The U.S. Trustee appointed a four-member official committee of derailment victims. The Official Committee is represented by: Richard P. Olson, Esq., at Perkins Olson; and Luc A. Despins, Esq., at Paul Hastings LLP. There's also an unofficial committee of wrongful death claimants consisting of representatives of the estates of the 46 victims. This group is represented by George W. Kurr, Jr., Esq., at Gross, Minsky & Mogul, P.A.; Daniel C. Cohn, Esq., at Murtha Cullina LLP; Peter J. Flowers, Esq., at Meyers & Flowers, LLC; Jason C. Webster, Esq., at The Webster Law Firm; and Mitchell A. Toups, Esq., at Weller, Green Toups & Terrell LLP. After the U.S. Trustee formed the Official Committee, the ad hoc committee filed papers asking the U.S. Court to have the official committee disbanded. The ad hoc group said it represents 46 victims of the disaster. On Jan. 23, 2014, the Debtors won authorization to sell substantially all of their assets to Railroad Acquisition Holdings LLC, an affiliate of New York-based Fortress Investment Group, for $15.7 million. The Bankruptcy Courts in the U.S. and Canada approved the sale. The Fortress unit is represented by Terence M. Hynes, Esq., and Jeffrey C. Steen, Esq., at Sidley Austin LLP. On Jan. 29, 2014, an ad hoc group of wrongful-death claimants submitted a plan, which would give 75% of the $25 million in available insurance to the families of those who died after an unattended train derailed in Lac-Megantic, Quebec, in July. The other 25% would be earmarked for claimants seeking compensation for property that was damaged when much of the town burned. Former U.S. Senator George Mitchell, a Democrat who represented Maine in the U.S. Senate from 1980 to 1995 and who is now chairman emeritus of law firm DLA Piper LLP, would administer the plan and lead the effort to wrap up MM&A's Chapter 11 bankruptcy. As reported by the Troubled Company Reporter on April 3, 2014, Judge Kornreich ruled that the unofficial committee of wrongful death claimants and its counsel have failed to comply with Rule 2019 of the Federal Rules of Bankruptcy Procedure, and as a result of that failure, the Unofficial Committee and its counsel will not be heard on any pending matter in the case. As reported by the TCR on April 11, 2014, Judge Kornreich rejected the disclosure statement for the Plan filed by the ad hoc group of wrongful-death claimants, holding that the Plan is flawed and unconfirmable. MSI CORPORATION: Says Primary Issue on Plan Is Feasibility ---------------------------------------------------------- MSI Corporation, Inc., asked the Bankruptcy Court to adjourn the Plan confirmation hearing for 45 days and treat the scheduled Oct. 7 confirmation hearing as a status conference. According to the Debtor, its counsel needs to address any concerns of the Court or other parties-in-interest. As of Sept. 29, 2014, the Debtor has received multiple votes in favor of the Plan and no votes rejecting the Plan. Accordingly, the Debtor believes the primary issue for Plan confirmation will likely be feasibility. The Debtor relates that one of Plan risks is the possibility of significant changes in business and, in particular, the loss of one or more significant customers. Additionally, the delays in negotiation and communication with one of its largest customers has been delayed due to unexpected life events involving key members of MSI's management, including, but not limited to, an unexpected surgery. The Debtor submits that a 45-day adjournment of the confirmation hearing should be sufficient to enable the Debtor to address the contract issues and better posture it for emergence from Chapter 11. The Plan As reported in the Troubled Company Reporter on Sept. 22, 2014, the Debtor has filed a Plan that proposes pay 100% of all allowed claims of creditors and claimants. Bankruptcy Judge Jeffery A. Deller has approved the Disclosure Statement accompanying the Plan of Reorganization dated July 18, 2014, and has allowed the Debtor to begin soliciting votes on the Plan. The Disclosure Statement, as amended, notes that the estimated pool of General Unsecured Claims does not account for the contingent and unliquidated Claims of the Commonwealth of Pennsylvania - Department of Community and Economic Development or the Westmoreland County Industrial Development Corporation. The claims may arise in relation to a 2009 grant provided by the Commonwealth to applicant Westmoreland for assistance in an amount not to exceed $1,250,000 for the construction of road improvements that benefitted the Debtor, Contract # C000044971. In connection with the grant, the Debtor was required to make certain capital expenditures and hire 50 employees within five years. Due to circumstances beyond the Debtor's control, the Debtor was unable to hire the required amount of employees by the end of the five-year term. As a result, the Commonwealth and Westmoreland may have recourse against the Debtor and could potentially assert Claims against the Debtor in relation to the grant. If asserted, the Claims could be as high as the amount of the grant, although the Debtor disputes the propriety and validity of that Claim/recourse. The Department of Community and Economic Development has other options available to it as well, including asserting a small Claim, waiving all Claims or extending the time by which the Debtor must hire 50 new employees. The Plan does not contemplate the allowance of a Claim relating to the grant. The assertion and allowance of a significant claim by the Commonwealth or Westmoreland would create greater cash demands on the Debtor and could impair its ability to implement or consummate its Plan, asserts Michael J. Roeschenthaler, Esq., at McGuireWoods LLP, in Pittsburgh, Pennsylvania. A black-lined copy of the Disclosure Statement, as amended, is available at no extra charge at: http://bankrupt.com/misc/MSICorp_AmendedDS_Blacklined.pdf The Debtor is represented by: Michael J. Roeschenthaler, Esq. McGUIREWOODS LLP 625 Liberty Avenue, 23rd Floor Pittsburgh, PA 15222 Tel: (412) 667-6000 Fax: (412) 667-6050 E-mail: mroeschenthaler@mcguirewoods.com About MSI Corp. MSI Corporation filed a bare-bones Chapter 11 petition (Bankr. W.D. Pa. Case No. 13-22457) in Pittsburgh on June 7, 2013. Judge Jeffery A. Deller presides over the case. The Vandergrift, Pennsylvania-based company estimated at least $10 million in assets and less than $10 million in liabilities. Albert's Capital Services LLC is the Debtor's chief restructuring officer. Michael J. Roeschenthaler, Esq., and Scott E. Schuster, Esq., at McGuireWoods LLP, in Pittsburgh, serve as the Debtor's counsel. Geary & Loperfito LLC serves as special counsel. No unsecured creditors was formed because no one responded to the U.S. Trustee's communication for service on the committee. MVB HOLDING: Has Until Oct. 17 to File Schedules and Statements --------------------------------------------------------------- The Bankruptcy Court extended until Oct. 17, 2014, MVB Holding, LLC's time to file its schedules of assets and liabilities and statement of financial affairs. MVB Holding, LLC, in Biloxi, Mississippi, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Miss. Case No. 14-51430) on Sept. 16, 2014. MVB owns the Margaritaville casino in Biloxi. Judge Katharine M. Samson presides over the case. Robert Alan Byrd, Esq., at Byrd & Wiser, serves as the Debtor's counsel. In its petition, MVB estimated $10 million to $50 million in assets and liabilities. The petition was signed by Doug Shipley as president/CEO. MVB HOLDING: Taps Byrd & Wiser to Assist in Reorganization Case --------------------------------------------------------------- MVB Holding, LLC, asks the Bankruptcy Court for permission to employ Byrd & Wiser as legal counsel to assist it in all phases and aspects concerning the Chapter 11 proceeding. The Debtor proposes to pay Byrd & Wiser's at an hourly rate of $350. MVB Holding, LLC, in Biloxi, Mississippi, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Miss. Case No. 14-51430) on Sept. 16, 2014. MVB owns the Margaritaville casino in Biloxi. Judge Katharine M. Samson presides over the case. Robert Alan Byrd, Esq., at Byrd & Wiser, serves as the Debtor's counsel. In its petition, MVB estimated $10 million to $50 million in assets and liabilities. The petition was signed by Doug Shipley as president/CEO. NEW ENGLAND COMPOUNDING: MDL Stayed as to Insiders et al -------------------------------------------------------- Paul D. Moore, the Chapter 11 trustee of New England Compounding Pharmacy, Inc. d/b/a New England Compounding Center, has entered into three settlement agreements resolving potential claims against various parties in exchange for, among other things, substantial contributions of assets and cash to the NECC bankruptcy estate. The Settlements have been approved in NECC's pending Chapter 11 case by the U.S. Bankruptcy Court for the District of Massachusetts. In accordance with the Settlements, the Trustee filed a Motion for Entry of an Order Limiting Discovery and Staying These Proceedings with Respect to NECC Insiders and Related Settling Parties, seeking to stay multidistrict litigation proceedings, and limit discovery therein, with respect to: (i) the parties defined in the Plan Support and Funding Agreement dated May 2, 2014, executed by the Trustee and certain insiders of NECC -- Insiders Settlement Agreement -- as "Contributors" and as "Contributor and Affiliate Released Parties". The "Contributors" are Barry Cadden, Lisa Cadden, Carla Conigliaro, and Gregory Conigliaro; (ii) NECC's affiliated landlord, GDC Properties Management, LLC; and (iii) their respective insurers, Preferred Mutual Insurance Company, Pharmacists Mutual Insurance Company, and Maxum Indemnity Company, who have settled with the Trustee in the pending chapter 11 case. Both the Official Committee of Unsecured Creditors appointed in NECC's Chapter 11 case and the Plaintiffs' Steering Committee appointed in the MDL proceedings are in favor of the terms of the Insiders Settlement Agreement, including the relief requested by the Trustee in the Motion. The Unsecured Committee and the Steering Committee have executed an Addendum to Plan Support and Funding Agreement dated May 2, 2014. In an Oct. 9 Order, District Judge Rya W. Zobel granted the Trustee's motion. The Court held that the MDL proceedings are stayed, effective immediately, with respect to the Settling Parties. A copy of Judge Zobel's Order is available at http://is.gd/ly6I9y from Leagle.com. A copy of the Court's Memorandum of Decision is available at http://is.gd/0CEwrxfrom Leagle.com. The case is, IN RE NEW ENGLAND COMPOUNDING PHARMACY, INC., PRODUCTS LIABILITY LITIGATION, MDL NO. 13-02419-RWZ (D. Mass.). About New England Compounding Pharmacy New England Compounding Pharmacy Inc., filed a Chapter 11 petition (Bankr. D. Mass. Case No. 12-19882) in Boston on Dec. 21, 2012, after a meningitis outbreak linked to an injectable steroid, methylprednisolone acetate ("MPA"), manufactured by NECC, killed 39 people and sickened 656 in 19 states, though no illnesses have been reported in Massachusetts. The Debtor owns and operates the New England Compounding Center is located in Framingham, Mass. In October 2012, the company recalled all its products, not just those associated with the outbreak. Paul D. Moore, Esq., at Duane Morris LLP, in Boston, has been appointed as Chapter 11 Trustee of NECC. He is represented by Jeffrey D. Sternklar, Esq., at DUANE MORRIS LLP. An Official Committee of Unsecured Creditors appointed in the case has been represented by BROWN RUDNICK LLP's William R. Baldiga, Esq., Rebecca L. Fordon, Esq., Jessica L. Conte, Esq., and David J. Molton, Esq. NEW ENTERPRISE: Has $10.75-Mil. Net Income in Aug. 31 Quarter ------------------------------------------------------------- New Enterprise Stone & Lime Co., Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net income of $10.75 million on $247.57 million of total revenue for the three months ended Aug. 31, 2014, compared with a net income of $8.53 million on $242.36 million of total revenue for the same period in the prior year. The Company's balance sheet at Aug. 31, 2014, showed $786.38 million in total assets, $904.32 million in total liabilities and total stockholders' deficit of $117.94 million. A copy of the Form 10-Q is available at: http://is.gd/Dard1o New Enterprise Stone & Lime, Co., Inc. ("New Enterprise") is a privately held, vertically-integrated construction materials supplier, heavy/highway construction contractor, and traffic safety services and equipment provider. The company operates 57 quarries and sand deposits, 30 hot mix asphalt plants, 17 fixed and portable ready mixed concrete plants, three concrete production plants, three lime distribution centers, six construction supply centers, and in its traffic safety equipment segment - five manufacturing facilities and a national network of sales offices. New Enterprise's operations are primarily concentrated in Pennsylvania and Western New York, with reach into the adjacent states including Maryland, West Virginia, and Virginia. New Enterprise's traffic safety services and equipment business sell products nationally and sells services primarily in the eastern United States. In fiscal year 2014 ending February 28, 2014, the company generated $682 million in revenues and $50 million in adjusted EBITDA. NNN PARKWAY: Cases Dismissed; U.S. Trustee Fees Must Be Paid ------------------------------------------------------------ At the behest of the U.S. Trustee, the Bankruptcy court dismissed the NNN PARKWAY 400 26, LLC, et al.'s administratively consolidated cases. Dismissal was granted despite opposition by the Debtors. The Court directed that each of the Debtors' cases is dismissed with judgments for unpaid U.S. Trustee quarterly fees as: NNN Parkway 400 26, LLC -- $324 NNN Parkway 400 2, LLC -- $976 NNN Parkway 400 3, LLC -- $1,952 NNN Parkway 400 4, LLC -- $976 NNN Parkway 400 5, LLC -- $976 NNN Parkway 400 6, LLC -- $976 NNN Parkway 400 7, LLC -- $976 NNN Parkway 400 8, LLC -- $976 NNN Parkway 400 9, LLC -- $976 NNN Parkway 400 11, LLC -- $976 NNN Parkway 400 12, LLC -- $976 NNN Parkway 400 13, LLC -- $976 NNN Parkway 400 14, LLC -- $976 NNN Parkway 400 15, LLC -- $976 NNN Parkway 400 16, LLC -- $976 NNN Parkway 400 17, LLC -- $976 NNN Parkway 400 18, LLC -- $976 NNN Parkway 400 19, LLC -- $976 NNN Parkway 400 20, LLC -- $976 NNN Parkway 400 22, LLC -- $976 NNN Parkway 400 23, LLC -- $976 NNN Parkway 400 25, LLC -- $976 NNN Parkway 400 28, LLC -- $976 NNN Parkway 400 29, LLC -- $976 NNN Parkway 400 30, LLC -- $976 NNN Parkway 400 31, LLC -- $976 NNN Parkway 400 35, LLC -- $976 NNN Parkway 400 32, LLC -- $976 NNN Parkway 400 33, LLC -- $976 NNN Parkway 400 10, LLC -- $976 The Court will retain jurisdiction to consider these: a) allowance of final applications for compensation brought pursuant to Section 330 and 331 of the Bankruptcy Code. b) determination of whether any cash collateral proceeds of WBCMT 2007-C31 Amberpark Office Limited Partnership must be surcharged pursuant to Section 506(c) of the Bankruptcy Code. About NNN Parkway 400 26 LLC NNN Parkway 400 26, LLC, filed a bare-bones Chapter 11 petition (Bankr. C.D. Calif. Case No. 12-24593) in Santa Ana, California, on Dec. 31, 2012. Dana Point, California-based NNN Parkway estimated assets and debts of $10 million to $50 million. The Hon. Judge Theodor Albert presides over the case. The Law Office of Christine E. Baur, and David A. Lee, Esq., at Weiland, Golden, Smiley, Wang Ekvall & Strok, LLP, represent the Debtor. Pre-petition, the Debtors retained HighPoint Management Solutions, LLC, a bankruptcy consulting company, as a manager of the Debtors, and HighPoint's President, Mr. Mubeen Aliniazee, as the Debtors' Restructuring Officer, to assist the Debtors in their compliance with the Chapter 11 bankruptcy process. The Debtors' primary asset is a commercial real property commonly known as Parkway 400, which is a two-building office campus totaling approximately 193,281 square feet located at 11720 Amber Park Drive and 11800 Amber Park Drive, Alpharetta, Georgia. The Debtors hold a concurrent ownership interest in the Property with other tenant-in-common investors and the sponsor, NNN Parkway 400, LLC. In January 2014, Judge Albert issued an Amended Memorandum of Decision denying confirmation of the Chapter 11 plan of NNN Parkway 400 26 LLC and its 30 debtor affiliates, and granting the lender relief from the automatic stay. A copy of Judge Albert's Jan. 28, 2014 Amended Memorandum of Decision is available at http://is.gd/36UOTofrom Leagle.com. NORANDA ALUMINUM: S&P Lowers CCR to 'B-'; Outlook Stable -------------------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit rating on Franklin, Tenn.-based Noranda Aluminum Holding Corp. to 'B-' from 'B'. The outlook is stable. S&P also lowered its issue ratings on subsidiary Noranda Aluminum Acquisition Corp.'s term loan to 'B-' from 'B' and unsecured notes to 'CCC' from 'CCC+'. S&P's recovery rating of '3' on the term loan and '6' on the notes are unchanged. The '3' recovery rating indicates S&P's expectation of meaningful (50% to 70%) recovery of principal and the '6' recovery rating indicates S&P's expectation of negligible (0% to 10%) recovery of principal in the event of payment default. "The lower rating reflects our expectation that cash flow from operations in 2014 and 2015 will continue to be insufficient to finance capital spending, necessitating a drawdown of cash balances or revolving credit facility borrowing," said Standard & Poor's credit analyst Gail Hessol. "We also believe the company's adjusted leverage will generally be sustained above 5x, consistent with our 'highly leveraged' assessment of its financial risk profile," said Ms. Hessol. S&P's base-case expectation is that leverage will be about 8x at the end of 2014 with improvement projected in 2015 based mainly on higher aluminum prices. S&P's "vulnerable" assessment of Noranda's business risk profile is unchanged. It reflects the company's participation in the highly cyclical aluminum industry, the limited scope and concentration of its operations, and its exposure to relatively high and variable energy costs. Noranda is an integrated aluminum company, producing bauxite, alumina, primary aluminum, and flat- rolled aluminum products. With only one mine site, one refinery, and one smelter, its financial results could be severely affected by a disruption at one of its key facilities. The company's output is tilted toward commodities and commodity-like products with limited differentiation. S&P believes overall profitability is very sensitive to volatile LME aluminum prices and the Midwest price premium; the flat-rolled segment is more stable but still subject to cyclical fluctuations in demand from consumer durables, transportation, and other end markets. S&P assess Noranda's liquidity as "adequate." The stable outlook on Noranda is based on S&P's expectation that EBITDA will remain volatile, with significant improvement likely in 2015 and 2016, enabling a meaningful reduction in debt leverage. S&P also expects the company to maintain "adequate" liquidity, including a combination of cash and revolving credit facility availability in excess of $100 million. S&P could raise its rating if aluminum prices are sustained at a higher level than S&P expects, allowing Noranda to deleverage more substantially than S&P's base-case indicates, and it is confident the company can consistently generate FOCF. S&P could lower its rating if it concludes the company's capital structure is not sustainable, possibly as a result of depressed aluminum prices for an extended period of time or a sharp increase in energy costs. This scenario would likely be associated with impaired liquidity. NRG YIELD: S&P Assigns 'BB+' CCR & Rates $500MM Notes 'BB+' ----------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB+' corporate credit rating to NRG Yield Inc. The outlook is stable. At the same time, S&P assigned its 'BB+' issue-level rating to subsidiary NRG Yield Operating LLC's $500 million 5.375% senior unsecured notes due 2024. The recovery rating on this debt is '3', indicating that lenders can expect meaningful (50% to 70%) recovery if a default occurs. The ratings on NRG Yield reflect its 'bb+' stand-alone credit profile (SACP). Because of the number of operating projects and structural subordination of debt at the NRG Yield level, S&P bases the rating on the application of its project developer methodology. The developer methodology assesses the quality of distributions from each project to the YieldCo, which provides the means to support its parent-level debt. The weighted average quality of cash flow (QCF) score of the distributions reflects S&P's opinion of the dividend stream's volatility (Standard & Poor's QCF scale ranges from '1' to '10', with '1' the most stable and '10' the most volatile). S&P has assigned a QCF score of '6' to the weighted average distributions flowing up to NRG Yield. While a pipeline of right-of-first-offer (ROFO) assets from parent NRG Energy Inc. and the long-term contracted nature of Yield's existing portfolio with investment-grade counterparties will result in steadily growing distributions, S&P believes that the portfolio's smaller size relative to peers, aggressive growth trajectory, an unestablished financial policy, and the fact that renewables growth relies heavily on federal subsidies detract from credit. The YieldCo structure, which gives management incentives to pay out most of its cash flow after interest and mandatory capital spending to unitholders each quarter, is another credit consideration. Also, NRG Yield's material dependence on dividends from assets with significant structurally senior project-level debt weighs negatively on credit. The stable outlook on NRG Yield reflects S&P's expectation for minimal merchant price risk and debt to EBITDA that ranges between 3.5x and 4x. "Because NRG Yield's debt is structurally subordinate to operating level debt, we expect the company to maintain long-term amortizing project debt matching the length of power purchase agreements and nonrecourse to NRG Yield," said Standard & Poor's credit analyst Aneesh Prabhu. Specifically, S&P would expect project-level debt to be sized based on a 1.35x to 1.4x debt service coverage ratio for bank debt and investment grade-type measures for projects similar in nature to Thermal, GenConn, and CVSR. Although S&P's ratings on NRG Yield are insulated from the effects of parent NRG Energy, they are not isolated. S&P would lower its ratings on NRG Yield if ratings of parent NRG were to decline. Apart from a reassessment of NRG Energy's group credit profile, S&P could lower the ratings on NRG Yield if the company begins to assume more significant merchant price risk, makes forays into riskier ventures that cause deterioration in its QCF profile, or if credit measures weaken such that debt to EBITDA rises above 4.5x. In the absence of a track record of disciplined growth, S&P do not foresee a ratings upgrade in the medium term. Ratings are also not isolated from parent NRG Energy. Absent an upgrade of NRG Energy's group credit profile, S&P would also not envision upgrading NRG Yield because of the link between the two companies. PALM BEACH COMMUNITY: New River to Appraise Palm Beach Gardens -------------------------------------------------------------- Bankruptcy Judge Erik P. Kimball authorized Palm Beach Community Church, Inc., to employ S. James Akers and New River Appraisal, P.A., as appraiser. The appraiser will prepare an appraisal of the Debtor's real property located at 4901 PGA Boulevard, Palm Beach Gardens, in Palm Beach County, Florida. The real property includes improved property, Tract 1 of Borland Center, and adjacent unimproved property located in the Midtown Palm Beach Gardens development addressed as 4885 PGA Boulevard, Palm Beach Gardens, Florida. The Debtor is authorized to pay the appraisal fee of $6,000. if it become necessary for the appraiser to appear for expert witness testimony, deposition or the like, the Debtor is authorized to pay the appraiser an hourly fee of $135, payable after application and hearing. The appraiser can be reached at: James Akers NEW RIVER APPRAISAL, P.A. 1932 N.E. 31st Avenue Fort Lauderdale, FL 33305 Tel: (954)566-2641 E-mail: sja@newriverfl.com About Palm Beach Community Palm Beach Community Church, Inc., filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 13-35141) on Oct. 20, 2013. The petition was signed by Raymond Underwood as president. The Debtor scheduled total assets of $14.6 million and total liabilities of $11.43 million. Palm Beach Community Church won permission to employ Robert C. Furr and the law firm of Furr and Cohen, P.A., as attorney; and Roy Wiley and Covenant Financial, Inc. dba SmartPlan Financial Services as accountants. In December 2013, the U.S. Trustee informed the Bankruptcy Court that it was unable to appoint a committee of creditors in the case. PALM BEACH COMMUNITY: Aucamp Dellenback Approved as Appraiser ------------------------------------------------------------- Bankruptcy Judge Erik P. Kimball authorized Palm Beach Community Church, Inc. to employ Douglas S. Whitney, MAI and Aucamp, Dellenback & Whitney as appraiser. As reported in the Troubled Company Reporter on Sept. 23, 2014, the appraiser will assist the Debtor's to estimate the market value, disposition value and liquidation value of the fee simple interest in the Debtor's property located at 4901 PGA Boulevard, Palm Beach Gardens in Palm Beach County, Florida. The real property includes improved property, Tract 1 of Borland Center, and adjacent unimproved property located in the Midtown Palm Beach Gardens development addressed, as 4885 PGA Boulevard, Palm Beach Gardens, Florida. The order also provides that the Debtor is authorized to pay the appraisal fee of $4,400. If it becomes necessary for the appraiser to appear for expert witness testimony, deposition or the like, the Debtor is authorized to pay the appraiser an hourly fee of $200, payable after application and hearing. To the best of the Debtor's knowledge, the firm does not represent interest adverse to the estate. About Palm Beach Community Palm Beach Community Church, Inc., filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 13-35141) on Oct. 20, 2013. The petition was signed by Raymond Underwood as president. The Debtor scheduled total assets of $14.6 million and total liabilities of $11.43 million. Palm Beach Community Church won permission to employ Robert C. Furr and the law firm of Furr and Cohen, P.A., as attorney; and Roy Wiley and Covenant Financial, Inc. dba SmartPlan Financial Services as accountants. In December 2013, the U.S. Trustee informed the Bankruptcy Court that it was unable to appoint a committee of creditors in the case. PALMETTO INVESTMENTS: Mich. Court Okays Appointment of Receiver --------------------------------------------------------------- E.D. Michigan District Judge Marianne O. Battani granted the request of the United States Securities and Exchange Commission for a Temporary Restraining Order and for Appointment of a Receiver against the Estate of Vincent James Saviano and Palmetto Investments, LLC. A copy of the Court's Oct. 9 Order is available at http://is.gd/RTtb76from Leagle.com. The case is, UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. The Estate of VINCENT JAMES SAVIANO and PALMETTO INVESTMENTS, LLC, Defendants, CASE NO. 2:14-CV-13902-MOB-MKM (E.D. Mich.). PICHI'S INC: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Pichi's Inc. aka Best Western Pichi's Hotel PO Box 560115 Guayanilla, PR 00656 Case No.: 14-08441 Chapter 11 Petition Date: October 13, 2014 Court: United States Bankruptcy Court District of Puerto Rico (Ponce) Debtor's Counsel: Modesto Bigas Mendez, Esq. BIGAS & BIGAS LAW OFFICE P.O. Box 7462 Ponce, PR 00732 Tel: 787 844-1444 Fax: 787-842-4090 Email: modestobigas@yahoo.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Luis A Emmanuelli Maldonado, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb14-08441.pdf PRETTY GIRL: Balks at Committee Bid to Tap Moses & Singer, Wilk --------------------------------------------------------------- Pretty Girl, Inc., filed an objection to the Official Committee of Unsecured Creditors' proposal to retain (i) Moses & Singer LLP as its counsel; and (ii) Wilk Auslander LLP as its conflicts counsel. According to the Debtor, on July 15, 2014, the U.S. Trustee for Region 2 appointed the Committee and on that date, the Committee chose Cooley LLP as its proposed counsel. Thereafter, Cooley learned that it also represented the Debtor's prepetition secured lender, JPMorgan Chase Bank NA, in matters unrelated to the Debtor and, consequently, had a conflict of interest. Cooley was informed by the Bank that it would not waive such conflict. As a result, Cooley withdrew as proposed counsel to the Committee. In this relation, the Committee chose Moses & Singer to represent it. On Sept. 3, M&S informed the Debtor and its counsel that it also had a conflict with the Bank. However, unlike Cooley LLP, which withdrew, M&S did not, instead advised the Committee to retain Wilk Auslander LLP as proposed conflicts counsel. The Debtor asserts that in light of the magnitude of the Bank's secured claim, most, if not all, matters will involve the Bank. Because Moses & Singer is disqualified from advising the Committee on matters relating to the largest creditor in the case and has requested that conflicts counsel fill that void, a co-counsel arrangement in which both general bankruptcy counsel and conflicts counsel will each bear substantial responsibilities in the case. In the Committee's application, it stated that the hourly rates of M&S' personnel are: Partners $465 - $990 Of Counsel $375 - $725 Associates $260 - $525 Paralegals $240 - $260 Personnel who will be primarily responsible for the engagement are: (i) James Sullivan, a partner who will limit his hourly rate to $695 until 2014; and (ii) associates Christopher Gresh who will limit his hourly rate to $480 until 2014, and Robert McFarlane, who will limit his hourly rate to $260 until 2014. To the best of the Committee's knowledge, M&S is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. M&S disclosed that it represents the Debtor's secured creditor JPMorgan Chase, with respect to matters unrelated to the Debtor's case. M&S can be reached at: James M. Sullivan, Esq. Christopher R. Gresh, Esq. MOSES & SINGER LLP The Chrysler Building 405 Lexington Avenue New York, NY 10174 Tel: (212) 554-7800 Fax: (212) 554-7700 The Debtor's counsel can be reached at: Nancy L. Kourland, Esq. ROSEN & ASSOCIATES, P.C. 747 Third Avenue New York, NY 10017-2803 Tel: (212) 223-1100 About Pretty Girl, Inc. Pretty Girl, Inc., filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 14-11979) on July 2, 2014. The petition was signed by Albert Nigri as president. The Debtor disclosed total assets of $10.76 million and total liabilities of $12.27 million. Rosen & Associates, P.C., acts as the Debtor's counsel. PRETTY GIRL: Panel Taps CBIZ Accounting as Financial Advisor ------------------------------------------------------------ The Official Committee of Unsecured Creditors in the case of Pretty Girl, Inc. asks permission from the U.S. Bankruptcy for the Southern District of New York to retain CBIZ Accounting, Tax & Advisory of New York, LLC and CBIZ, Inc. as its financial advisors. As financial advisors to the Creditors Committee, CBIZ Accounting is expected to provide these services: a. Assist the Committee in its evaluation of the Debtor's postpetition cash flow and/or other projections and budgets prepared by the Debtor or its financial advisor; b. Monitor the Debtor's activities regarding cash expenditures and general business operations subsequent to the filing of the petition under chapter 11; and c. Assist the Committee in its review of the monthly operating reports submitted by the Debtor or its financial advisor. The Firm's standard rates are: Professional Hourly Rates ------------ ------------ Director & Managing Director $420 to $725/hour Managers & Senior Managers $305 to $420/hour Senior Associates & Staff $150 to $335/hour Charles Berk -- cberk@cbiz.com -- as lead managing director at CBIZ Accounting assures the Court that his Firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Pretty Girl, Inc., filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 14-11979) on July 2, 2014. The petition was signed by Albert Nigri as president. The Debtor disclosed total assets of $10.76 million and total liabilities of $12.27 million. Rosen & Associates, P.C., acts as the Debtor's counsel. RB ENERGY: Seeks Creditor Protection Under CCAA ----------------------------------------------- RB Energy Inc. on Oct. 13 disclosed that, in light of the Company's current financial situation, to facilitate an orderly restructuring of its business and operations, the Board of Directors of the Company has approved a filing on Oct. 14 for an Initial Order to commence proceedings under the Companies' Creditors Arrangement Act from the Quebec Superior Court. The terms and conditions of the restructuring have not yet been determined. The Company expects that the Initial Order will provide that while the Company and its subsidiaries are under CCAA protection, all proceedings on the part of their creditors will be stayed. The Company will provide further updates as developments occur. About RB Energy Inc. RBI is a Canadian company formed pursuant to the arrangement involving Sirocco Mining Inc. and Canada Lithium Corp. It currently owns Aguas Blancas, an iodine producing mine in northern Chile, and the Qu'bec Lithium Project near Val d'Or, the geographical heart of the Qu'bec mining industry. RESIDENTIAL CAPITAL: Dist. Judge Tosses Jackson Claim Appeal ------------------------------------------------------------ Carla Jackson appeals, pro se, from an order of the U.S. Bankruptcy Court for the Southern District of New York (Glenn, J.) disallowing and expunging her proof of claim. Jackson appears to allege that GMAC Mortgage, LLC acquired her mortgage note through false documentation, forged signatures, and "identity theft." The bankruptcy court held that Jackson's claims were barred by judicial estoppel and lacked merit. In an Oct. 9, 2014 Memorandum Opinion and Order available at http://is.gd/EakKlEfrom Leagle.com, District Judge John G. Koeltl dismissed the appeal for lack of jurisdiction. About Residential Capital Residential Capital LLC, the unprofitable mortgage subsidiary of Ally Financial Inc., filed for bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012. Neither Ally Financial nor Ally Bank is included in the bankruptcy filings. ResCap, one of the country's largest mortgage originators and servicers, was sent to Chapter 11 with 50 subsidiaries amid "continuing industry challenges, rising litigation costs and claims, and regulatory uncertainty," according to a company statement. ResCap disclosed $15.68 billion in assets and $15.28 billion in liabilities at March 31, 2012. Centerview Partners LLC and FTI Consulting are acting as financial advisers to ResCap. Morrison & Foerster LLP is acting as legal adviser to ResCap. Curtis, Mallet-Prevost, Colt & Mosle LLP is the conflicts counsel. Rubenstein Associates, Inc., is the public relations consultants to the Company in the Chapter 11 case. Morrison Cohen LLP is advising ResCap's independent directors. Kurtzman Carson Consultants LLP is the claims and notice agent. Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves as counsel to Ally Financial. ResCap sold most of the businesses for a combined $4.5 billion. The Bankruptcy Court in November 2012 approved ResCap's sale of its mortgage servicing and origination platform assets to Ocwen Loan Servicing, LLC and Walter Investment Management Corporation for $3 billion; and its portfolio of roughly 50,000 whole loans to Berkshire Hathaway for $1.5 billion. Judge Martin Glenn in December 2013 confirmed the Joint Chapter 11 Plan co-proposed by Residential Capital and the Official Committee of Unsecured Creditors. REVEL AC: Bonnie Glantz Fatell Named as New Privacy Ombudsman ------------------------------------------------------------- Roberta A. DeAngelis, U.S. Trustee for the District of New Jersey, appointed Bonnie Glantz Fatell, Esq. BLANK ROME, LLP 1201 Market Street, Suite 800 Wilmington, DE 19801 Tel: (302) 425-6423 Fax: (302) 428-5110 as the successor consumer privacy ombudsman in the Chapter 11 cases cases of Revel AC, Inc., et al., as a result of the Sept. 15, 2014, resignation of Luis Salazar, Esq. The consumer privacy ombudsman may appear and be heard at the hearing and will provide to the court information to assist the court in its consideration of the facts, circumstances, and conditions of the proposed sale or lease of personally identifiable information under Section 363 (b)(1)(B). A consumer privacy ombudsman will not disclose any personally identifiable information obtained by the ombudsman under the title. To the best of the Trustee's knowledge, the successor appointee is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. In a separate filing, the U.S. Trustee vacated the appointment of Mr. Salazar as consumer privacy ombudsman based on his disclosure of a conflict and resulting resignation. About Revel AC Revel AC, Inc. -- http://www.revelresorts.com/-- owns and operates Revel, a Las Vegas-style, beachfront entertainment resort and casino located on the Boardwalk in the south inlet of Atlantic City, New Jersey. Revel AC Inc. and five of its affiliates sought bankruptcy protection (Bankr. D.N.J. Lead Case No. 14-22654) on June 19, 2014, to pursue a quick sale of the assets. The Chapter 11 cases are assigned to Judge Gloria M. Burns. The Debtors' Chapter 11 cases are jointly consolidated for procedural purposes. Revel AC estimated assets ranging from $500 million to $1 billion, and the same amount of liabilities. White & Case, LLP, and Fox Rothschild, LLP, serve as the Debtors' Counsel, and Moelis & Company, LLC, is the investment banker. The Debtors' solicitation and claims agent is Alixpartners, LLP. The prepetition first lenders are represented by Cadwalader, Wickersham & Taft LLP. The prepetition second lien lenders are represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP. The DIP agent is represented by Milbank, Tweed, Hadley & McCloy LLP. This is Revel AC's second trip to bankruptcy. The company first sought bankruptcy protection (Bankr. D.N.J. Lead Case No. 13- 16253) on March 25, 2013, with a prepackaged plan that reduced debt by $1.25 billion. Less than two months later on May 15, 2013, the 2013 Plan was confirmed and became effective on May 21, 2013. REVEL AC: Wants Oct. 28 Fixed as Administrative Expense Bar Date ---------------------------------------------------------------- Revel AC, Inc., asks the Bankruptcy Court to establish Oct. 28, 2014, at 5:00 p.m., as the deadline for the filing of requests for Pre-October Administrative Expense Claims arising between the Petition Date and Sept. 30, 2014. According to the Debtor, after the shutdown date (Sept. 2, 2014), the Debtors provided patrons with nearly a month to redeem their outstanding slot vouchers and unredeemed chips. As of the expiration of the redemption period on Sept. 30, there were approximately $212,000 in outstanding slot vouchers and $559,000 in unredeemed chips. Pursuant to the Shutdown Plan, holders of the outstanding slot vouchers and unredeemed chips must now pursue their claims relating to such vouchers and chips in the Chapter 11 cases. About Revel AC Revel AC, Inc. -- http://www.revelresorts.com/-- owns and operates Revel, a Las Vegas-style, beachfront entertainment resort and casino located on the Boardwalk in the south inlet of Atlantic City, New Jersey. Revel AC Inc. and five of its affiliates sought bankruptcy protection (Bankr. D.N.J. Lead Case No. 14-22654) on June 19, 2014, to pursue a quick sale of the assets. The Chapter 11 cases are assigned to Judge Gloria M. Burns. The Debtors' Chapter 11 cases are jointly consolidated for procedural purposes. Revel AC estimated assets ranging from $500 million to $1 billion, and the same amount of liabilities. White & Case, LLP, and Fox Rothschild, LLP, serve as the Debtors' Counsel, and Moelis & Company, LLC, is the investment banker. The Debtors' solicitation and claims agent is Alixpartners, LLP. The prepetition first lenders are represented by Cadwalader, Wickersham & Taft LLP. The prepetition second lien lenders are represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP. The DIP agent is represented by Milbank, Tweed, Hadley & McCloy LLP. This is Revel AC's second trip to bankruptcy. The company first sought bankruptcy protection (Bankr. D.N.J. Lead Case No. 13- 16253) on March 25, 2013, with a prepackaged plan that reduced debt by $1.25 billion. Less than two months later on May 15, 2013, the 2013 Plan was confirmed and became effective on May 21, 2013. REVEL AC: Withdraws Bid to Employ Cooper Levenson as Counsel ------------------------------------------------------------ Revel AC, Inc., et al., notified the Bankruptcy Court of their withdrawal of application to employ Cooper Levenson, P.A., as non- bankruptcy counsel. On Sept. 22, Roberta A. DeAngelis, U.S. Trustee for Region 3, objected to the Debtor's motion to employ non-bankruptcy legal professional, stating that during the pendency of the cases, Cooper was representing both the Debtor and an unsuccessful purchaser of the Debtors' assets. The retention application was filed only after the conclusion of Cooper's representation of the unsuccessful purchaser. According to the U.S. Trustee, Cooper's dual representation of the Debtor and the unsuccessful purchaser is an adverse interest. The Debtors are represented by: Michael J. Viscount, Jr., Esq. Raymond M. Patella, Esq. FOX ROTHSCHILD LLP 1301 Atlantic Avenue, Suite 400 Atlantic City, NJ 08401 Tel: (609) 348-4515 Fax: (609) 348-6834 E-mail: mviscount@foxrothschild.com rpatella@foxrothschild.com - and ? WHITE & CASE LLP John K. Cunningham, Esq., Esq. Richard S. Kebrdle, Esq., Esq. Kevin M. McGill, Esq., Esq. Southeast Financial Center 200 South Biscayne Blvd., Suite 4900 Miami, FL 33131 Tel: (305) 371-2700 Fax: (305) 358-5744 E-mail: jcunningham@whitecase.com rkebrdle@whitecase.com kmcgill@whitecase.com About Revel AC Revel AC, Inc. -- http://www.revelresorts.com/-- owns and operates Revel, a Las Vegas-style, beachfront entertainment resort and casino located on the Boardwalk in the south inlet of Atlantic City, New Jersey. Revel AC Inc. and five of its affiliates sought bankruptcy protection (Bankr. D.N.J. Lead Case No. 14-22654) on June 19, 2014, to pursue a quick sale of the assets. The Chapter 11 cases are assigned to Judge Gloria M. Burns. The Debtors' Chapter 11 cases are jointly consolidated for procedural purposes. Revel AC estimated assets ranging from $500 million to $1 billion, and the same amount of liabilities. White & Case, LLP, and Fox Rothschild, LLP, serve as the Debtors' Counsel, and Moelis & Company, LLC, is the investment banker. The Debtors' solicitation and claims agent is Alixpartners, LLP. The prepetition first lenders are represented by Cadwalader, Wickersham & Taft LLP. The prepetition second lien lenders are represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP. The DIP agent is represented by Milbank, Tweed, Hadley & McCloy LLP. This is Revel AC's second trip to bankruptcy. The company first sought bankruptcy protection (Bankr. D.N.J. Lead Case No. 13- 16253) on March 25, 2013, with a prepackaged plan that reduced debt by $1.25 billion. Less than two months later on May 15, 2013, the 2013 Plan was confirmed and became effective on May 21, 2013. RURAL/METRO CORP: Judge Imposes Additional $76MM Fine on RBC ------------------------------------------------------------ Reynolds Holding, writing for The New York Times' DealBook, reported that a judge has said shareholders of ambulance operator Rural/Metro Corp. deserved an extra $76 million in penalty. The DealBook relates that when advising the company on its $440 million sale in 2011, RBC Capital Markets was also pitching to finance the buyer, the private equity firm Warburg Pincus LLC. As previously reported by The Troubled Company Reporter, J. Travis Laster, a vice chancellor in Delaware's business court, ruled in March that RBC was so eager for fees from the sale of Rural/Metro that it steered the company into a quick sale to Warburg Pincus at a price that wasn't fair to Rural/Metro shareholders. The judge said Rural/Metro was worth more than Warburg was willing to pay, but to get the deal done RBC revised its valuation downward to make a lower offer appear worth taking. Lizz Hoffman, writing for Daily Bankruptcy Review, said the recent ruling in Rural/Metro's case is one of the largest damages ruling against a bank for its deal advice. About Rural/Metro Corp Headquartered in Scottsdale, Arizona, Rural/Metro Corporation -- http://www.ruralmetro.com-- is a national provider of 911- emergency and non-emergency interfacility ambulance services and private fire protection services, operating in 21 states and nearly 700 communities. Rural/Metro was acquired in 2011 in a leveraged buyout by Warburg Pincus LLC as part of a transaction valued at $676.5 million. Rural/Metro Corp. and 59 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-11952) on Aug. 4, 2013, before the U.S. Bankruptcy Court for the District of Delaware. Debt includes $318.5 million on a secured term loan and $109 million on a revolving credit with Credit Suisse AG serving as agent. There is $312.2 million owing on two issues of 10.125 percent senior unsecured notes. The Debtors' lead bankruptcy counsel are Matthew A. Feldman, Esq., Rachel C. Strickland, Esq., and Daniel Forman, Esq., at Willkie Farr & Gallagher LLP, in New York. Maris J. Kandestin, Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & Taylor, LLP, in Wilmington, Delaware, serve as the Debtors' local Delaware counsel. Alvarez & Marsal Healthcare Industry Group, LLC, and FTI Consulting, Inc., are the Debtors' financial advisors, while Lazard Freres & Co. L.L.C. is their investment banker. Donlin, Recano & Company, Inc., is the Debtors' claims and noticing agent. The U.S. Trustee has appointed a three-member official committee of unsecured creditors in the Chapter 11 case. The Debtors have arranged $75 million of DIP financing from a group of prepetition lenders led by Credit Suisse AG. An interim order has allowed the Debtors to access $40 million of the DIP facility. The Debtors have filed a reorganization plan largely worked out before the Chapter 11 filing in early August. Existing shareholders receive nothing in the plan. The Company's debt includes $318.5 million on a secured term loan and $109 million on a revolving credit with Credit Suisse AG serving as agent. There is $312.2 million owing on two issues of 10.125 percent senior unsecured notes. Interested parties can also contact Rural/Metro's claims agent, Donlin, Recano & Company, Inc. directly by calling Rural/Metro's restructuring hotline at 212-771-1128. Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, Lazard Freres & Co. L.L.C. is serving as investment banker, and Alvarez & Marsal and FTI Consulting, Inc. are serving as financial advisors to Rural/Metro. Rural/Metro won confirmation of its First Amended Joint Chapter 11 Plan of Reorganization on Dec. 17, 2013. The Plan was declared effective, and Rural/Metro and its affiliates emerged from bankruptcy protection on Dec. 31. The Plan enabled unsecured noteholders to become controlling stockholders. Unsecured noteholders owed $312.2 million took all the new preferred stock and 70 percent of the common stock in return for a $135 million equity contribution through a rights offering. SALPAT INC: Files for Ch 7 Liquidation; Nov. 12 Sec. 341 Meeting ---------------------------------------------------------------- Woodbridge, Virginia-based Salpat Inc filed for Chapter 7 liquidation (Bankr. E.D. Va. Case No. 14-13703) on Oct. 3, 2014, listing $100,001 to $500,000 in liabilities against up to $50,000 in assets. The Hon. Robert G. Mayer presides over the case. The Washington Post reports that the Arlington County Treasurer, owed $3,825, is the Debtor's largest unsecured creditor. A meeting of creditors in the Debtor's bankruptcy case will be held on Nov. 12, 2014, at 9:00 a.m. at the Office of the U.S. Trustee, 115 South Union Street, Suite 206, Alexandria, Virginia. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. Richard G. Hall, Esq., who has an office in Annandale, Virginia, serves as the Debtor's bankruptcy counsel. He can be reached at: 7369 McWhorter Place, Suite 412 Annandale, VA 22003 Tel: (703) 256-7159 Fax: (703)941-0262 E-mail: richard.hall33@verizon.net SEARS METHODIST: Auction for Sears Plains Retirement on Oct. 29 --------------------------------------------------------------- The Bankruptcy Court has approved proposed bid procedures in connection with the sale of all of Sears Plains Retirement Corporation's assets and certain bid protections to Knight Health Holdings LLC, a Nevada limited liability company, the stalking horse bidder. The $6,240,000 offer of the stalking horse bidder will become the opening bid at the auction. The Court also approved (a) the payment in cash of a break-up fee in the amount of $180,000; (b) the payment in cash of expense reimbursements in an amount up to $25,000. The Bid Deadline is Oct. 27, 2014 at 4:00 p.m. (prevailing Central Time). The Auction, if necessary under the Bid Procedures, will be held on Oct. 29, 2014. The Sale Hearing, at which Plains will seek approval of the Successful Bid, will be held on Oct. 30, 2014, at 2:30 p.m. (prevailing Central Time). The APA provides: -- purchase of significantly all of assets of The Mildred and Shirley L. Garrison Geriatric Education and Care Center, a geriatric learning center and nursing facility located in Lubbock, Texas on the campus of Texas Tech University (except for cash); -- payment by the stalking horse of the purchase price of $6,240,000 in cash at closing; -- payment by the stalking horse of a $1,000,000 earnest money deposit within five business days after the APA is fully executed; -- assumption of the TTU Lease; -- purchase of the Garrison free and clear of all encumbrances (with the option to assume the Plains Loan); and -- in the event a higher and better bid is ultimately chosen by Plains, payment to the stalking horse of a break up fee in the amount of $180,000, and the payment in cash of expense reimbursements in an amount up to $25,000. Texas Tech Objects Sears Plains Retirement Corporation is the owner of The Mildred and Shirley L. Garrison Geriatric Education and Care Center, a building located on the campus of Texas Tech University at which Plains operates a geriatric learning center and nursing facility. Sears Plains Retirement Corporation is lessee pursuant to a Ground Lease, effective as of August 1, 1999, between Texas Tech, as lessor, and Plains, as lessee, for the real property on which the Garrison facility is located. While Texas Tech does not conceptually object to the sale proposed by the Sale Motion, and anticipates requesting authorization from its Board of Regents to participate in the October 29, 2014 Auction, Texas Tech does object to any language in the bid procedures that would require Texas Tech to acquire the sale assets for a price in excess of what Texas Tech would be required to pay outside of bankruptcy by merely exercising its right of first refusal as required under the Ground Lease and/or other operative documents. Accordingly, Texas Tech requests that the Court sustain its objection herein, and include in any order approving the bid procedures a provision or provisions that fully preserve Texas Tech's right of first refusal contained in the Ground Lease in connection with the proposed auction and sale of the Garrison facility. About Sears Methodist As a leading Texas senior living icon established on Christian principles, Sears Methodist Retirement System Inc. provides secure, rewarding, and luxurious residency to seniors. The system includes: (i) eight senior living communities located in Abilene, Amarillo, Lubbock, Odessa and Tyler, Texas; (ii) three veterans homes located in El Paso, McAllen and Big Spring, Texas, managed by Senior Dimensions, Inc., pursuant to contracts between SDI and the Veterans Land Board of Texas; and (iii) Texas Senior Management, Inc. ("TSM"), Senior Living Assurance, Inc. ("SLA") and Southwest Assurance Company, Ltd. ("SWAC"), which provide, as applicable, management and insurance services to the System. Sears Methodist Senior Housing, LLC, is the general partner of, and controls .01% of the interests in, Canyons Senior Living, L.P. ("CSL"). Sears Methodist and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 14- 32821) on June 10, 2014. The cases are assigned to Judge Stacey G. Jernigan. The Debtors' counsel is Vincent P. Slusher, Esq., and Andrew Zollinger, Esq., at DLA Piper LLP (US), in Dallas, Texas; and Thomas R. Califano, Esq., Gabriella L. Zborovsky, Esq., and Jacob S. Frumkin, Esq., at DLA Piper LLP (US), in New York. The Debtors' financial advisor is Alvarez & Marsal Healthcare Industry Group, LLC, while the Debtors' investment banker is Cain Brothers & Company, LLC. The Debtors' notice, claims and solicitation agent is GCG Inc. The Debtors have sought and obtained an order authorizing joint administration of their Chapter 11 cases. The U.S. Trustee has appointed five members to the Official Committee of Unsecured Creditors. The Committee is represented by Clifton R. Jessup, Jr., Esq., and Bryan L. Elwood, Esq., at Greenberg Traurig, LLP, in Dallas, Texas. SIGA TECHNOLOGIES: Wants to Hire Weil Gotshal as General Counsel ---------------------------------------------------------------- SIGA Technologies, Inc., seeks to employ Weil, Gotshal and Manges LLP as its attorneys nunc pro tunc to the Petition Date. As counsel to the Debtor, Weil Gotshal is expected to provide these services: a. Prepare on behalf of the Debtor, as debtor in possession, all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtor's estate; b. Take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to Claims filed against the Debtor's estate; c. Take all necessary actions in connection with any chapter 11 plan and related disclosure statement, and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate. The Debtor proposes to pay Weil for services rendered at the firm's customary hourly rates (subject to a 10% discount) that are in effect from time to time, and to reimburse Weil according to the firm's customary reimbursement policies. Weil's current customary U.S. hourly rates are $835 to $1,175 for members and counsel, $450 to $820 for associates, and $185 to $335 for paraprofessionals. The Debtor discloses that Weil Gotshal received a $400,000 retainer for legal services, and a $15,000 advance against expenses, for services to be performed and expenses incurred, including in preparation for the commencement of its Chapter 11 case. The entire amount of the retainer for legal services has been applied to legal services rendered relating to the period prior to the Petition Date, and a balance still remains in the approximate amount of $14,000 with respect to the advance against expenses. Weil intends to apply the balance to any outstanding expenses relating to the period before the Petition Date that were not processed through Weil's billing system as of the Petition Date and to retain any remaining balance on account of expenses incurred subsequent to the Petition Date. Stephen Karotkin, Esq., a member of Weil, assures the Court that his Firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Harvey R. Miller, Esq. Stephen Karotkin, Esq. Garrett A. Fail, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 William J. Haynes II, executive vice president of SIGA Technologies, Inc., also submitted to the Court a declaration in compliance with Paragraph D.2 of the U.S. Trustee Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses under 11 U.S.C. Sec. 330 in Large Chapter 11 Cases, effective Nov. 1, 2013. Mr. Siga affirmed that the Debtor considered other counsel but selected Weil based on the firm's reputation and experience in the restructuring field. Furthermore, Mr. Haynes says he has been informed by Weil that its attorneys' billing rates are aligned each year to ensure that its rates are comparable to the billing rates of its peer firms. He adds that procedures are in place to supervise fees and expenses and manage costs incurred by the Debtor's outside counsel, which in this case is Weil. About SIGA Technologies Publicly held SIGA Technologies, Inc., with headquarters in Madison Avenue, New York, is a biotech/pharmaceutical company that specializes in the development and commercialization of solutions for serious unmet medical needs and biothreats. SIGA's lead product is Tecovirimat, also known as ST-246, an orally administered antiviral drug that targets orthopoxviruses. SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 14-12623) on Sept. 16, 2014, in Manhattan. The case is assigned to Judge Sean H. Lane. The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and Prime Clerk LLC as claims agent. According to the docket, the schedules of assets and liabilities and the statement of financial affairs are due Sept. 30, 2014. The Debtor's Chapter 11 plan and disclosure statement are due Jan. 14, 2015. The initial case conference is due by Oct. 16, 2014. As of June 30, 2014, SIGA reported consolidated assets and liabilities of $209 million and $198 million, respectively. The amount of reported liabilities does not include any amount attributable to the lawsuit filed by PharmAthene, Inc. A total of $2.50 million is outstanding on a secured term loan with General Electric Capital Corp. Trade payables total $3.3 million. SIGA TECHNOLOGIES: Taps Prime Clerk as Claims & Noticing Agent -------------------------------------------------------------- SIGA Technologies, Inc., filed a motion with the U.S. Bankruptcy Court for the Southern District of New York seeking to employ Prime Clerk LLC as its claims and noticing agent. As claims and noticing agent, Prime Clerk will assume full responsibility for the distribution of notices and the maintenance, processing and docketing of proofs of claim filed in the Debtor's Chapter 11 case nunc pro tunc to the Petition Date. The Firm will provide these services, among other things: (a) Prepare and serve required notices and documents in the Debtor's Chapter 11 case in accordance with the Bankruptcy Code and the Bankruptcy Rules in the form and manner directed by the Debtor and/or the Court, including (i) notice of the commencement of the chapter 11 case and the initial meeting of creditors under section 341(a) of the Bankruptcy Code, (ii) notice of any claims bar date, (iii) notices of transfers of claims, (iv) notices of objections to claims and objections to transfers of claims, (v) notices of any hearings on any disclosure statement and confirmation of any plan of reorganization of the Debtor, including under Bankruptcy Rule 3017(d), (vi) notice of the effective date of any plan, and (vii) all other notices, orders, pleadings, publications, and other documents as the Debtor or Court may deem necessary or appropriate for an Orderly administration of this chapter 11 case; (b) Maintain an official copy of the Debtor's schedules of assets and liabilities and statement of financial affairs, listing the Debtor's known creditors and the amounts owed; and (c) Maintain (i) a list of all potential creditors, equity holders, and other parties-in-interest and (ii) a "core" mailing list consisting of all parties described in Bankruptcy Rule 2002(i), (j), and (k) and those parties that have filed a notice of appearance pursuant to Bankruptcy Rule 9010; update and make said lists available upon request by a party-in-interest or the Clerk. The Firm's rates for its professionals are: Professional Hourly Rate ------------ ----------- Analyst $45 Technology Consultant $125 Consultant $135 Senior Consultant $165 Director $190 Prior to filing for bankruptcy, the Debtor provided Prime Clerk a $20,000 retainer. Michael J. Frishberg, Co-President and Chief Operating Officer of Prime Clerk, assures the Court that the Firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Shai Waisman Prime Clerk LLC 830 3rd Avenue, 9th Floor New York, NY 10022 Tel No: (212) 257-5450 E-mail: swaisman@primeclerk.com The Debtor asserts that its selection of Prime Clerk to act as claims and noticing agent has satisfied the Court's Protocol for the Employment of Claims and Noticing Agents pursuant to 28 U.S.C. Sec. 156(c) in that the Debtor obtained and reviewed engagement proposals from at least two other Court-approved claims and noticing agents to ensure selection through a competitive process. The Debtor avers that based on the proposals reviewed, Prime Clerk's rates are competitive and reasonable. About SIGA Technologies Publicly held SIGA Technologies, Inc., with headquarters in Madison Avenue, New York, is a biotech/pharmaceutical company that specializes in the development and commercialization of solutions for serious unmet medical needs and biothreats. SIGA's lead product is Tecovirimat, also known as ST-246, an orally administered antiviral drug that targets orthopoxviruses. SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 14-12623) on Sept. 16, 2014, in Manhattan. The case is assigned to Judge Sean H. Lane. The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and Prime Clerk LLC as claims agent. According to the docket, the schedules of assets and liabilities and the statement of financial affairs are due Sept. 30, 2014. The Debtor's Chapter 11 plan and disclosure statement are due Jan. 14, 2015. The initial case conference is due by Oct. 16, 2014. As of June 30, 2014, SIGA reported consolidated assets and liabilities of $209 million and $198 million, respectively. The amount of reported liabilities does not include any amount attributable to the lawsuit filed by PharmAthene, Inc. A total of $2.50 million is outstanding on a secured term loan with General Electric Capital Corp. Trade payables total $3.3 million. SIGA TECHNOLOGIES: Taps Ostrolenk Faber as IP Counsel ----------------------------------------------------- SIGA Technologies, Inc., seeks to employ Ostrolenk Faber LLP as its intellectual property counsel. Charles C. Achkar, Esq., a member of Ostrolenk, assures the Court that the Firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Achkar first served as intellectual property counsel to the Debtor in 2007 when he was an attorney at Kramer Levin Naftalis & Frankel LLP. He moved from Kramer Levin to Ostrolenk in 2013. Shortly thereafter, Ostrolenk began serving as the Debtor's intellectual property counsel. Ostrolenk has served as counsel for the Debtor on a variety of intellectual property law matters, including general patent counseling; patent application drafting and prosecution in and outside of the United States; review of internal draft publications for patentable subject matters and trade secret information; and due diligence on patent related transactions. Accordingly, Ostrolenk is intimately familiar with the Debtor's business and intellectual property. The Debtor contends that both the interruption and the duplicative cost involved in obtaining substitute counsel to replace Ostrolenk would be harmful to its estate. The Debtor says that if it were required to retain intellectual property counsel other than Ostrolenk, its estate and all parties-in-interest would be unduly prejudiced by the time and expense necessary to pursue the undertaking. The Firm's hourly rates are: Professional Hourly Rate ------------ ----------- Members and counsel $350 to $600 Associates $350 to $550 Paraprofessionals $185 to $200 During the nine-month period prior to the filing for bankruptcy, the Debtor gave Ostrolenk aggregate of approximately $427,458 in payments for legal services rendered or to be rendered and disbursements incurred or to be incurred. As of the Petition Date, Ostrolenk did not hold a retainer. Ostrolenk is owed approximately $10,000 for services rendered or disbursements incurred prior to the Petition Date. About SIGA Technologies Publicly held SIGA Technologies, Inc., with headquarters in Madison Avenue, New York, is a biotech/pharmaceutical company that specializes in the development and commercialization of solutions for serious unmet medical needs and biothreats. SIGA's lead product is Tecovirimat, also known as ST-246, an orally administered antiviral drug that targets orthopoxviruses. SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 14-12623) on Sept. 16, 2014, in Manhattan. The case is assigned to Judge Sean H. Lane. The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and Prime Clerk LLC as claims agent. According to the docket, the schedules of assets and liabilities and the statement of financial affairs are due Sept. 30, 2014. The Debtor's Chapter 11 plan and disclosure statement are due Jan. 14, 2015. The initial case conference is due by Oct. 16, 2014. As of June 30, 2014, SIGA reported consolidated assets and liabilities of $209 million and $198 million, respectively. The amount of reported liabilities does not include any amount attributable to the lawsuit filed by PharmAthene, Inc. A total of $2.50 million is outstanding on a secured term loan with General Electric Capital Corp. Trade payables total $3.3 million. SPECIALTY PRODUCTS: Future Claimants Taps ARPC as Consultants ------------------------------------------------------------- Eric D. Green, the proposed legal representative for future claimants -- Future Claimants' Representative -- in the cases of NMBFiL, Inc. and Republic Powdered Metals, Inc., seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to employ Analysis, Research, and Planning Corporation -- ARPC -- as claims evaluation consultants to the Future Claimants Representative, nunc pro tunc to Aug. 15, 2014, with respect to NMBFiL, and to Aug. 31, 2014, with respect to Republic. The Future Claimants' Representative anticipates that ARPC will render consulting services to the Future Claimants' Representative as needed throughout the course of these cases, including but not limited to: (a) estimation of the number and value of present and future asbestos personal injury claims and demands; (b) development of claims procedures to be used in the development of financial models of payments and assets of a claims resolution trust; and (c) analyzing and responding to issues relating to providing notice to personal injury claimants and reviewing such notice procedures. ARPC will be paid at these hourly rates: Principals $450-$650 Directors $275-$450 Consultants $150-$275 Analysts $95-$150 ARPC will also be reimbursed for reasonable out-of-pocket expenses incurred. Dr. Thomas Vasquez, partner of ARPC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The Court for the District of Delaware was slated to hold a hearing on the application on Oct. 14, 2014, at 10:30 a.m. Objections, if any, were due Oct. 7, 2014, at 4:00 p.m. ARPC can be reached at: Dr. Thomas Vasquez ANALYSIS, RESEARCH, AND PLANNING CORPORATION 1220 19th Street, NW Suite 700 Washington, DC 20036 Tel: (202) 797-1111 Fax: (202) 797-3619 E-mail: t.vasquez@arpc.com About Specialty Products Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM, Inc., is a wholly owned subsidiary of RPM International Inc. The Company is the holding company parent of Bondex International, Inc., and the direct or indirect parent of certain additional domestic and foreign subsidiaries. The Company claims to be a leading manufacturer, distributor and seller of various specialty chemical product lines, including exterior insulating finishing systems, powder coatings, fluorescent colorants and pigments, cleaning and protection products, fuel additives, wood treatments and coatings and sealants, in both the industrial and consumer markets. The Company filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 10-11780) on May 31, 2010. Gregory M. Gordon, Esq., Dan B. Prieto, Esq., and Robert J. Jud, Esq., at Jones Day, serve as bankruptcy counsel. Daniel J. DeFranceschi, Esq., Zachary I. Shapiro, Esq., Paul N. Heath, Esq., and Tyler D. Semmelman, Esq., at Richards Layton & Finger, serve as co-counsel. Logan and Company is the Company's claims and notice agent. The Company estimated its assets and debts at $100 million to $500 million. The Company's affiliate, Bondex International, Inc., filed a separate Chapter 11 petition on May 31, 2010 (Case No. 10-11779), estimating its assets and debts at $100 million to $500 million. Specialty Products Holding Corp, together with Bondex International, Inc., are referred to as the Initial Debtors. Counsel to the Official Committee of Asbestos PI Claimants are Natalie D. Ramsey, Esq., and Mark A. Fink, Esq. of Montgomery, Mccracken, Walker & Rhoads, LLP, in Wilmington Delaware, and Mark B. Sheppard, Esq. of the firm's Philadelphia, Pennsylvania division. Counsel to the Future Claimants' Representative are James L. Patton, Jr., Esq., Edwin J. Harron, Esq., Edmon Morton, Esq., Sharon Zieg, Esq., and Erin Edwards, Esq. of Young Conaway Stargatt & Taylor LLP, in Wilmington, Delaware. Competing bankruptcy exit plans have been filed by the Initial Debtors, on one hand, and the Official Committee of Unsecured Creditors and the Future Claimants' Representative on the other. The Debtors' First Amended Joint Plan of Reorganization and the explanatory Disclosure Statement, dated Nov. 18, 2013, provides for an asbestos trust to be established and funded with cash to pay present and future asbestos-related claims. The trust will be funded by secured notes, issued by the Debtors and their ultimate parent, RPM International Inc. ("International"), and the amounts and terms of the notes will, with one exception, be determined by the final outcome or settlement of the litigation that will determine the asbestos claimants' rights in the chapter 11 cases. The one exception is that the notes will provide for an aggregate initial nonrefundable payment of $125 million to the asbestos trust irrespective of the outcome of any litigation. In short, the Debtors and International have committed to pay to asbestos claimants the maximum amount to which they are entitled based on the applicable judgments or rulings in the litigation that will determine the extent of the claimants' rights in the chapter 11 cases, and to make comparable payments to other similarly situated creditors. The PI Committee and the FCR's Third Amended Plan, filed Oct. 15, 2013, provides that: (i) SPHC will be separated from non-Debtor direct or indirect parent Bondex International; (ii) Reorganized SPHC will be managed and/or sold for the benefit of holders of all Claims that are not paid in Cash, subordinated, cancelled or otherwise treated pursuant to the Plan; (iii) all of SPHC's causes of action will survive; (iv) Asbestos PI Trust Claims against SPHC will be channeled to an Asbestos PI Trust; and (v) current SPHC equity interests will be canceled, annulled, and extinguished. On May 20, 2013, the Bankruptcy Court entered an order estimating the amount of the Debtors' asbestos liabilities, and a related memorandum opinion in support of the estimation order. The Bankruptcy Court estimated the current and future asbestos claims associated with Bondex International, Inc. and Specialty Products Holding at approximately $1.17 billion. The estimation hearing represents one step in the legal process in helping to determine the amount of potential funding for a 524(g) asbestos trust. On Aug. 31, 2014, Republic Powdered Metals, Inc., and affiliate NMBFiL, Inc. -- the New Debtors -- sought Chapter 11 protection (Bankr. D. Del. Case No. 14-12028). The New Debtors are indirect subsidiaries of Bondex International and affiliates of the Initial Debtors. Republic Powdered Metal is a leader in the roof coating and restoration industry which provides exclusive products for roof and wall restoration, including an extensive line of roof coatings. NMBFiL is formerly known as Bondo Corporation. It is a manufacturer of auto body repair products for the automotive aftermarket and various other professional and consumer applications. In November 2007, NMBFiL sold substantially all of its assets and no longer has business operation. Republic estimated assets of $10 million to $50 million and debt of less than $10 million as of the bankruptcy filing. The New Debtors have been granted, on Sept. 3, 2014, joint administration of their Chapter 11 cases for procedural purposes only, with the chapter 11 cases of Specialty Products Holding Corp. and Bondex International, Inc. T-L BRYWOOD: Taps Valbridge Property as Appraiser ------------------------------------------------- T-L Brywood LLC seeks to employ Valbridge Property Advisors/Shaner Appraisal, Inc. as appraiser to conduct an updated valuation of the commercial shopping center known as Brywood Shopping Center. The Debtor proposes to pay Valbridge $4,500 for the updated appraisal report, plus an additional hourly rate of $300. Laird Goldsborough, president of Valbridge, assures the Court that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. About T-L Brywood T-L Brywood LLC filed for Chapter 11 bankruptcy (Bankr. N.D. Ill. Case No. 12-09582) on March 12, 2012. The case was transferred to the U.S. Bankruptcy Court for the Northern District of Indiana (Case. 13-21804) on May 14, 2013. T-L Brywood owns and operates a commercial shopping center known as the "Brywood Centre" -- http://www.brywoodcentre.com/-- in Kansas City, Missouri. The Property encompasses roughly 25.6 acres and comprises 183,159 square feet of retail space that is occupied by 12 operating tenants. The occupancy rate for the Property is approximately 80%. The Debtor and lender The PrivateBank and Trust Company reached an impasse over the terms and conditions of another extension of a mortgage loan on the Property. As a result, the Debtor filed the Chapter 11 case to protect the Property from foreclosure while the Debtor formulates an exit strategy from the reorganization case. As of the Petition Date, no foreclosure relating to the Property had been filed by the Lender. Judge Donald R. Cassling oversees the case. The Debtor is represented by David K. Welch, Esq., Arthur G. Simon, Esq., and Jeffrey C. Dan. Esq., at Crane, Heyman, Simon, Welch & Clar, in Chicago. The Debtor disclosed total assets of $16,666,257 and total liabilities of $13,970,622 in its schedules. The petition was signed by Richard Dube, president of Tri-Land Properties, Inc., manager. PrivateBank is represented by William J. Connelly, Esq., at Hinshaw & Culbertson LLP. No committee of creditors was appointed by the U.S. Trustee. TARGA RESOURCES: S&P Puts 'BB+' CCR on CreditWatch Positive ----------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB+' corporate credit and senior unsecured debt ratings on Targa Resources Partners L.P. on CreditWatch with positive implications. At the same time, S&P placed the 'B+' corporate credit and senior unsecured ratings on Atlas Pipeline Partners L.P. on CreditWatch with positive implications. S&P also revised the CreditWatch listing on the 'B' corporate credit and senior secured ratings on Atlas Energy L.P. to developing from negative. The positive CreditWatch on Targa reflects S&P's expectations that it could raise ratings to 'BBB-' once it become sufficiently confident that the proposed merger will close. The merged entity benefits from increased scale and diversity and is expected to have moderate leverage, with pro forma debt to EBITDA of about 3.9x in 2015, before declining to 3.5x in 2016. "In our view, the transaction complements Targa's core competencies in the gathering and processing business, enhances its asset position in the Permian Basin, and expands its operating footprint to attractive regions such as the Anadarko Basin and Eagle Ford Shale," said Standard & Poor's credit analyst Nora Pickens. "Pro forma for the transaction, we expect fee-based arrangements to represent about 60% of the partnership's operating margins and that Targa will continue to manage its commodity risk in a disciplined manner," said Ms. Pickens. Atlas Pipeline's assets bring an extensive backlog of organic growth projects, including the expansion of the 120 million cubic feet per day Stonewall processing plant in Southern Oklahoma and construction of a new 200 million cubic feet per day processing facility in the Permian Basin. However, execution risk is present. A key credit consideration, in our view, is Targa's ability to maintain sound relationships with customers while effectively managing its robust capital spending program. Liquidity is "adequate", and we expect it to remain so pro forma for the merger. S&P expects to resolve the CreditWatch listings on Targa, Atlas Pipeline, and Atlas Energy once it has better insight into the transaction's timing and final terms. S&P anticipates that if it raises the corporate credit rating on Targa, it would limit it to one notch. TEXAS RANGERS: Counterclaims Against Aircraft Lessor Rejected ------------------------------------------------------------- Dallas Bankruptcy Judge Stacey G. Jernigan barred Texas Rangers Baseball Partners from pursuing its claims against the lessor of a Boeing 757 aircraft the baseball club previously used for out-of- town games. The judge said the Debtor failed to give proper notice to Paradigm Air Carriers and SportsJet Operators of TRBP's intentions with regard to the parties' agreement, which deprived Paradigm of its ability to take reasonable measures to protect itself in the bankruptcy case. Paradigm filed a $29.385 million proof of claim in the TRBP bankruptcy case, for alleged damages. It also filed an adversary proceeding, asserting multiple breach of contract claims against TRBP. TRBP fired back, asserting fraudulent transfer claims against Paradigm. The case is, PARADIGM AIR CARRIERS, INC., et al., Plaintiffs/Counter-Defendants, v. TEXAS RANGERS BASEBALL PARTNERS, Defendant/Counter-Plaintiff, Adv. Proc. No. 11-04017-SGJ (Bankr. N.D. Tex.). A copy of the Court's October 10, 2014 Memorandum Opinion and Order is available at http://is.gd/Lg2QCNfrom Leagle.com. About Texas Rangers Texas Rangers Baseball Partners owned and operated the Texas Rangers Major League Baseball Club, a professional baseball club in the Dallas/Fort Worth Metroplex. TRBP is a Texas general partnership, in which subsidiaries of HSG Sports Group LLC own a 100% stake. Controlled by Thomas O. Hicks, HSG also indirectly wholly-owns Dallas Stars, L.P., which owns and operates the Dallas Stars National Hockey League franchise. The Texas Rangers have had five owners since the club moved to Arlington in 1972. Mr. Hicks became the fifth owner in the history of the Texas Rangers on June 16, 1998. Texas Rangers Baseball Partners filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 10-43400) on May 24, 2010. The partnership filed simultaneously with the bankruptcy petition a Chapter 11 plan that contemplated the sale of the club to an entity formed by a group that includes the President of the Texas Rangers, Nolan Ryan, and Chuck Greenberg, a sports lawyer and minor league club owner. In its petition, Texas Rangers Baseball Partners said it had both assets and debt of less than $500 million. Martin A. Sosland, Esq., at Weil, Gotshal & Manges LLP, served as bankruptcy counsel to the Debtor. Forshey & Prostok LLP acted as conflicts counsel. Parella Weinberg Partners LP served as financial advisor. Major League Baseball was represented by Sandy Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka PC. Lenders to the Texas Rangers sought to force the baseball team's equity owners -- Rangers Equity Holdings, L.P. and Rangers Equity Holdings GP, LLC -- into bankruptcy court protection (Bankr. N.D. Tex. Case No. 10-43624 and 10-43625). The lenders, a group that includes investment funds Monarch Alternative Capital and Kingsland Capital Management, filed an involuntary bankruptcy petition on May 28, 2010 against the two companies. The two companies were not included in the May 24 Chapter 11 filing of TRBP. U.S. Bankruptcy Judge Stacey G. C. Jernigan on Aug. 5, 2010 confirmed the Debtor's fourth amended version of the Prepackaged Plan of Reorganization. The judge's confirmation order cleared the way for a group of Hall of Fame pitcher Nolan Ryan, and Pittsburgh sports attorney and minor-league team owner Charles Greenberg to purchase the Texas Rangers. The Ryan group paid $385 million in cash and assumed $208 million in liabilities. The Ryan group outbid Dallas Mavericks owner Mark Cuban at an auction. TRANSCOASTAL CORP: Files Third Amendment to 2013 FY Report ---------------------------------------------------------- TransCoastal Corporation filed with the U.S. Securities and Exchange Commission on Oct. 9, 2014, a third amendment to its annual report on Form 10-K for the year ended Dec. 31, 2013. Rothstein Kass expressed substantial doubt about the Company's ability to continue as a going concern, citing that the Company has an accumulated deficit, a working capital deficit and a net loss from operations. The Company reported a net loss of $4.05 million on $3.62 million of total revenues for the year ended Dec. 31, 2013, compared with a net income of $1.04 million on $6.51 million of total revenues in 2012. The Company's balance sheet at Dec. 31, 2013, showed $25.83 million in total assets, $22.79 million in total liabilities and total stockholders' equity of $3.04 million. A copy of the Form 10-K/A is available at: http://is.gd/PWhQcc TransCoastal Corporation (TCEC: OTC US) is engaged in the exploration, development and production of natural gas and oil properties in the United States and Canada. Dallas-based TCEC has been focused on its drilling operations in Texas and the southwestern region of the U.S. since 2000. TRANSCOASTAL CORP: Amends Q2 Ended June 30 Report ------------------------------------------------- TransCoastal Corporation filed with the U.S. Securities and Exchange Commission an amendment to its quarterly report on Form 10-Q. A copy of the Form 10-Q/A is available at: http://is.gd/OIQsgk The Company disclosed a net loss of $156,000 on $1.11 million of total revenues for the three months ended June 30, 2014, compared to a net income of $209,000 on $1.74 million of total revenues for the same period in 2013. The Company's balance sheet at June 30, 2014, showed $25.88 million in total assets, $21.16 million in total liabilities and total stockholders' equity of $4.72 million. As of June 30, 2014 and Dec. 31, 2013, the Company had a working capital deficit of approximately $15.77 million and $18.48 million, respectively, and an accumulated deficit of approximately $42.9 million and $42.57 million, respectively. For the six months ended June 30, 2014, the Company had a net loss of approximately $262,000. The working capital deficit at June 30, 2014 and Dec. 31, 2013 is primarily the result of increased aged accounts payable and accrued liabilities due to a reduction in available cash to pay third party vendors and the Company's long term debt being current. These conditions raise substantial doubt about the Company's ability to continue as a going concern. TransCoastal Corporation (TCEC: OTC US) is engaged in the exploration, development and production of natural gas and oil properties in the United States and Canada. Dallas-based TCEC has been focused on its drilling operations in Texas and the southwestern region of the U.S. Since 2000. TRUMP ENTERTAINMENT: Panel Says Houlihan's $1.5MM Fee Excessive --------------------------------------------------------------- The Official Committee of Unsecured Creditors in the Chapter 11 cases of Trump Entertainment Resorts, Inc., et al., submitted a limited objection to the Debtors' application to tap Houlihan Lokey Capital, Inc., as financial advisor and investment banker. According to the Committee, the application provides that Houlihan will be (i) paid a monthly fee in the amount of $150,000; and (ii) a transaction fee in the amount of $1,500,000. The monthly fee and the transaction fee are capped at $2,400,000 in total. The Committee asserts that the proposed transaction fee does not satisfy the "reasonableness" standard for approval under Section 328(a) of the Bankruptcy Code. The Committee is represented by: Natasha M. Songonuga, Esq. GIBBONS P.C. Wilmington, Delaware 1000 N. West Street, Suite 1200 Wilmington, DE 19801-1058 Tel: (302) 295-4875 Fax: (302) 295-4876 E-mail: nsongonuga@gibbonslaw.com Karen A. Giannelli, Esq. Mark B. Conlan, Esq. One Gateway Center Newark, NJ 07102-5310 Tel: (973) 596-4523 Fax: (973) 639-6244 E-mails: kgiannelli@gibbonslaw.com mconlan@gibbonslaw.com Nathan A. Schultz, Esq. LAW OFFICE OF NATHAN A. SCHULTZ, P.C. 10621 Craig Road Traverse City, MI 49686 Tel: (310) 429-7128 Fax: (231) 421-5731 E-mails: nschultzesq@gmail.com About Trump Entertainment Resorts Trump Entertainment Resorts Inc., owner of the Atlantic City Boardwalk casinos that bear the name of Donald Trump, returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No. 14-12103) on Sept. 9, 2014, with plans to shutter its casinos. TER and its affiliated debtors own and operate two casino hotels located in Atlantic City, New Jersey. TER said it will close the Trump Taj Mahal Casino Resort by Sept. 16, 2014, and, absent union concessions, the Trump Plaza Hotel and Casino by Nov. 13, 2104. The Debtors have sought an order authorizing the joint administration of their Chapter 11 cases and the consolidation thereof for procedural purposes only. Judge Kevin Gross presides over the Chapter 11 cases. The Debtors have tapped Young, Conaway, Stargatt & Taylor, LLP, as counsel; Stroock & Stroock & Lavan LLP, as co-counsel; Houlihan Lokey Capital, Inc., as financial advisor; and Prime Clerk LLC, as noticing and claims agent. TER estimated $100 million to $500 million in assets as of the bankruptcy filing. The Debtors as of Sept. 9, 2014, owe $285.6 million in principal plus accrued but unpaid interest of $6.6 million under a first lien debt issued under their 2010 bankruptcy-exit plan. The Debtors also have trade debt in the amount of $13.5 million. YMCA OF METROPOLITAN: Has Until Jan. 31 to Propose Plan ------------------------------------------------------- Bankruptcy Judge Susan V. Kelley extended the exclusive plan proposal periods of The Young Men's Christian Association of Metropolitan Milwaukee, Inc., and YMCA Youth Leadership Academy, Inc. The exclusive period for each of the Debtors to file a Chapter 11 plan is extended until Jan. 31, 2015, and their time to solicit acceptances for that plan is extended until April 1. About YMCA of Milwaukee The Young Men's Christian Association of Metropolitan Milwaukee, Inc., and affiliate, YMCA Youth Leadership Academy, Inc., filed voluntary Chapter 11 bankruptcy petitions (Bankr. E.D. Wis. Case Nos. 14-27174 and 14-27175) in Milwaukee, on June 4, 2014. YMCA Milwaukee, which has more than 100,000 members using its centers and camps, plans to sell a majority of its owned real estate to help pay down $29 million in debt. YMCA Milwaukee estimated $10 million to $50 million in both assets and liabilities. YMCA Academy estimated $100,000 to $500,000 in both assets and liabilities. The formal schedules of assets and liabilities are due June 18, 2014. The Debtors are seeking joint administration of their Chapter 11 cases for procedural purposes. The cases are assigned to Judge Susan V. Kelley. The Debtors have tapped Olivier H. Reiher, Esq., and Mark L. Metz, Esq., at Leverson & Metz, S.C., in Milwaukee, as counsel. YMCA OF METROPOLITAN: Time to Decide on Leases Extended to Jan. 1 ----------------------------------------------------------------- Bankruptcy Judge Susan V. Kelley extended until Jan. 1, 2015, The Young Men's Christian Association of Metropolitan Milwaukee, Inc., et al.'s time to assume or reject any non-residential real property lease. The Young Men's Christian Association of Metropolitan Milwaukee, Inc., and affiliate, YMCA Youth Leadership Academy, Inc., filed voluntary Chapter 11 bankruptcy petitions (Bankr. E.D. Wis. Case Nos. 14-27174 and 14-27175) in Milwaukee, on June 4, 2014. YMCA Milwaukee, which has more than 100,000 members using its centers and camps, plans to sell a majority of its owned real estate to help pay down $29 million in debt. YMCA Milwaukee estimated $10 million to $50 million in both assets and liabilities. YMCA Academy estimated $100,000 to $500,000 in both assets and liabilities. The formal schedules of assets and liabilities are due June 18, 2014. The Debtors are seeking joint administration of their Chapter 11 cases for procedural purposes. The cases are assigned to Judge Susan V. Kelley. The Debtors have tapped Olivier H. Reiher, Esq., and Mark L. Metz, Esq., at Leverson & Metz, S.C., in Milwaukee, as counsel. YMCA MILWAKEE: Approved to Sell Assets to Stalking Horse Bidders ---------------------------------------------------------------- The Young Men's Christian Association of Metropolitan Milwaukee, Inc., told the bankruptcy court that other than the stalking-horse bidders for its assets, no party submitted a qualified bid by the deadline. The bankruptcy judge accordingly approved the Debtor's sale of these assets: (a) three Waukesha-area properties (the Southwest YMCA at 11311 W. Howard Avenue in Greenfield, the West Suburban YMCA at 2420 N. 124th Street in Wauwatosa, and the Tri-County YMCA at N84 W17501 Menomonee Ave. in Menomonee Falls) for a total price of $7,000,000 (with the possibility of an additional $1,000,000 based on earnings from those YMCAs for 2014 ? 2016) to the YMCA of Central Waukesha County, Inc.; and (b) the Feith Family Ozaukee YMCA at 465 Northwoods Road in Port Washington, for $2,000,000 to Kettle Moraine YMCA, Inc. As and for adequate protection of any liens on and security interests in the proceeds, the Debtor will deposit into and hold in a segregated account the sum of $1,400,000, of which amount $32,000 will constitute adequate protection for J.M. Brennan, Inc. and $106,023 will constitute adequate protection for TCF Equipment Finance and the Debtor will not use any portion of the Escrowed Amount until further order of the Court. About YMCA The Young Men's Christian Association of Metropolitan Milwaukee, Inc., and affiliate, YMCA Youth Leadership Academy, Inc., filed voluntary Chapter 11 bankruptcy petitions (Bankr. E.D. Wis. Case Nos. 14-27174 and 14-27175) in Milwaukee, on June 4, 2014. YMCA Milwaukee, which has more than 100,000 members using its centers and camps, plans to sell a majority of its owned real estate to help pay down $29 million in debt. YMCA Milwaukee estimated $10 million to $50 million in both assets and liabilities. YMCA Academy estimated $100,000 to $500,000 in both assets and liabilities. The formal schedules of assets and liabilities are due June 18, 2014. The Debtors are seeking joint administration of their Chapter 11 cases for procedural purposes. The cases are assigned to Judge Susan V. Kelley. The Debtors have tapped Olivier H. Reiher, Esq., and Mark L. Metz, Esq., at Leverson & Metz, S.C., in Milwaukee, as counsel. YMCA MILWAKEE: Has Until Jan. 31 to File Chapter 11 Plan -------------------------------------------------------- Bankruptcy Judge Susan V. Kelley extended The Young Men's Christian Association of Metropolitan Milwaukee, Inc., et al.'s exclusive periods to file a Chapter 11 Plan until Jan 31, 2015, and solicit acceptances for that Plan until April 1. The Young Men's Christian Association of Metropolitan Milwaukee, Inc., and affiliate, YMCA Youth Leadership Academy, Inc., filed voluntary Chapter 11 bankruptcy petitions (Bankr. E.D. Wis. Case Nos. 14-27174 and 14-27175) in Milwaukee, on June 4, 2014. YMCA Milwaukee, which has more than 100,000 members using its centers and camps, plans to sell a majority of its owned real estate to help pay down $29 million in debt. YMCA Milwaukee estimated $10 million to $50 million in both assets and liabilities. YMCA Academy estimated $100,000 to $500,000 in both assets and liabilities. The formal schedules of assets and liabilities are due June 18, 2014. The Debtors are seeking joint administration of their Chapter 11 cases for procedural purposes. The cases are assigned to Judge Susan V. Kelley. The Debtors have tapped Olivier H. Reiher, Esq., and Mark L. Metz, Esq., at Leverson & Metz, S.C., in Milwaukee, as counsel. ZYNEX INC: Incurs $5.56-Mil. Net Loss in Q2 Ended June 30 --------------------------------------------------------- Zynex, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $5.56 million on $1.35 million of net revenue for the three months ended June 30, 2014, compared to a net loss of $1.73 million on $5.47 million for the same period in the prior year. The Company's balance sheet at June 30, 2014, showed $10.74 million in total assets, $12.84 million in total liabilities and total stockholders' deficit of $2.1 million. A copy of the Form 10-Q is available at: http://is.gd/14rODE About Zynex Zynex, founded in 1996, operates under five primary business segments: Zynex Medical, NeuroDiagnostics, Monitoring Solutions, International, and Billing and Consulting. * Global Signs of Slowdown Ripple Across Markets ------------------------------------------------ Ian Talley, Brian Blackstone and Raymond Zhong, writing for The Wall Street Journal, reported that gathering signs of slowdown across many parts of the world, including Germany, China, Japan, Brazil and South Africa, are roiling financial markets and confounding policy makers, who after years of battling anemic economic growth have limited tools left to jump-start a recovery. According to the report, the pullback is sending tremors through global markets, hammering equities after years of steady gains and knocking down commodity prices, although the U.S. remains a relative bright spot, particularly its job market, which is gaining traction after years of fitful growth. * U.S. & UK Meet to Discuss Key Components for G-SIB Resolution --------------------------------------------------------------- The Bank of England and Federal Deposit Insurance Corporation disclosed that the heads of the Treasuries and leading financial regulatory bodies in the United States and United Kingdom on Oct. 13 participated in an exercise designed to further the understanding, communication, and cooperation between U.S. and U.K. authorities in the event of the failure and resolution of a global systemically important bank, or G-SIB. The event was hosted by Federal Deposit Insurance Corporation Chairman Martin Gruenberg. Additional participants from the United States were Treasury Secretary Jacob J. Lew, Board of Governors of the Federal Reserve System Chair Janet Yellen, Comptroller of the Currency Thomas Curry, U.S. Securities and Exchange Commission Chair Mary Jo White, U.S. Commodity Futures Trading Commission Chairman Timothy Massad, Federal Deposit Insurance Corporation Vice Chairman Thomas Hoenig, Federal Deposit Insurance Corporation Board Member Jeremiah Norton, Federal Reserve Board Governor Daniel Tarullo, Federal Reserve Bank of New York President William Dudley, and Deputy Treasury Secretary Sarah Bloom Raskin. Participants from the United Kingdom were Chancellor of the Exchequer George Osborne, Bank of England Governor Mark Carney, Deputy Governor for Financial Stability Sir Jon Cunliffe, Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority Andrew Bailey, Deputy Governor for Markets & Banking Minouche Shafik; and Financial Conduct Authority Chief Executive Martin Wheatley. The exercise's high level discussion furthered understanding among these principals regarding G-SIB resolution strategies under U.S. and U.K. resolution regimes, aspects of those strategies requiring coordination between U.S. and U.K. authorities, and key challenges to the successful resolution of U.S. and U.K. G-SIBs. This exercise builds on prior bilateral work between U.S. and U.K. authorities, which, since late 2012, has included the publication of a joint paper on G-SIB resolution, participation in detailed simulation exercises for G-SIB resolution, and participation in other joint G-SIB resolution planning efforts. The exercise demonstrates the continued commitment of the United States and the United Kingdom since the financial crisis to promote a safer and sounder financial system by cooperating to address issues involved in the orderly resolution of large and complex financial institutions without cost to taxpayers. Both countries reiterated their commitment to the Financial Stability Board's ongoing work concerning G-SIB resolution. The exercise was timed to coincide with the IMF annual meeting. ********* 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 by e-mail. 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 the nation's bankruptcy courts. The list includes links to freely downloadable of these small-dollar petitions in Acrobat PDF documents. 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. ********* 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., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2014. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale 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 $975 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 Peter A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. *** End of Transmission ***