/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/141219.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, December 19, 2014, Vol. 18, No. 352 Headlines 1138 DOUGLAS: Case Summary & 3 Unsecured Creditors AEREO INC: Battles Broadcasters Over Proposed Bankruptcy Sale ALDERON IRON: Still Has Not Recorded Revenue From Operations ALEXZA PHARMACEUTICALS: Amends Autoliv Deal for Heat Packages ALTOS HORNOS: Seeks to Lift Suspension of Payments ANDALAY SOLAR: Signs Registration Rights Pact With Southridge AR AND DB: Case Summary & 7 Unsecured Creditors ARCHDIOCESE OF MILWAUKEE: Reaches $10.3 Million Settlement ASHER INVESTMENT: Goldstein Okayed to Assist in Litigation ATOSSA GENETICS: Needs Capital to Cover Ongoing Losses AUXILIUM PHARMACEUTICALS: Provides Update on Actavis Litigation BRIGHT MOUNTAIN: Reports $345K Net Loss for Q3 of 2014 DANDRIT BIOTECH: Illiquidity, Losses Raise Going Concern Doubt DAUGHTERS OF CHARITY: Union Says Bankruptcy Option Unnecessary DBSI INC: Another Executive Sentenced for Role in Fraud dELiA*s INC: Seeks to Employ Clear Thinking as Financial Advisor dELiA*s INC: U.S. Trustee Names Bonnie Glantz Fatell as Ombudsman dELiA*s INC: Has Interim OK to Assume Agency Agreement dELiA*s INC: Court Extends Schedules Filing Date dELiA*s INC: Court Issues Joint Administration Order DERMIRA INC: Expects to Incur Additional Losses in the Future DOTS LLC: Court Approves Fifth Amendment to DIP Credit Facility DYNASIL CORP: Posts $2.1 Million Net Income in Fiscal 2014 DYNAVOX INC: Texas Comptroller Balks at Plan Confirmation EL POLLO LOCO: S&P Withdraws 'B' CCR at Company's Request EMMAUS LIFE: Needs Additional Funds to Meet Obligations ENERGY FUTURE: Authorized to Ink Deal on Comache Peak Venture ENERGY FUTURE: Panel Has Until Feb. 12 to Challenge Stipulations EVERYWARE GLOBAL: Daniel Taylor Quits as SVP Operations FOREST OIL: Sells Arkoma Assets to Camterra for $185 Million GREAT NORTHERN PAPER: Judge Approves Sale of Paper Mill GREEN MOUNTAIN: Dec. 23 Non-Government Claims Bar Date Set GREEN MOUNTAIN: Gets Final Approval to Use Cash Collateral GREEN INNOVATIONS: Revenue Needed to Continue as Going Concern GT ADVANCED: Goldman, Morgan Stanley Hit With Investor Suit GYPSUM MANAGEMENT: S&P Assigns 'B' Corp. Credit Rating HAMPTON BAY DINER: Case Summary & 18 Largest Unsecured Creditors HERCULES OFFSHORE: Files Fleet Status Report as of Dec. 16 HOSPITALITY STAFFING: Wants Case Dismissal, Payment of Fees OK'd INFINITY ENERGY: Incurs $1.9 Million Net Loss in March 31 Qtr. INVERSIONES ALSACIA: Reorganization Plan Declared Effective INERGETICS INC: Israelian Has 9.9% Stake as of Dec. 12 IPALCO ENTERPRISES: S&P Affirms 'BB+' ICR on Sale Agreement IPC INTERNATIONAL: Jan. 15 Trust Claims Bar Date Set KIOR INC: Files Debt-for-Equity Chapter 11 Plan LAVA COMPANY: Case Summary & 14 Unsecured Creditors LIGHTSQUARED INC: Files Restructuring Plan MGM RESORTS: Signs Settlement Agreement With Perini Building MINERAL PARK: Has Until March to Make Lease-Related Decisions MOORE FREIGHT: Court Closes Chapter 11 Bankruptcy Case MORGANS HOTEL: TO Sell Light Group to Hakkasan for $36 Million NAVISTAR INTERNATIONAL: Incurs $619 Million Net Loss in 2014 NEW ENGLAND COMPOUNDING: Owners, Employees Arrested Over Outbreak NORTEL NETWORKS: U.S. Unit Wins Court OK for Bondholder Deal NORTHERN BERKSHIRE: Trustee Recovers $10MM Toward Debt ONE SOURCE: Section 341(a) Meeting Set for February 6 OW BUNKER: Former Manager Arrested Over Suspected Fraud OZ GAS: John F. Kroto Authorized to Appear in the Case PHOENIX PAYMENT: Rival Fights Bid to Cut Software Claim by $9.5M PHOTOMEDEX INC: Obtains $1.4 Million From Private Placement Q4 PROPERTIES: Voluntary Chapter 11 Case Summary QUICKSILVER RESOURCES: Darden Has 20.2% Stake as of Dec. 5 QUALITY DISTRIBUTION: Issues Redemption Notice for $10MM Notes QUANTUM FUEL: Inks Debt Repayment Agreement With Advanced Green RADIOSHACK CORP: Taps Restructuring Advisors from FTI REICHHOLD HOLDINGS: Sale Put Noteholders Closer to Takeover RESPONSE BIOMEDICAL: Closes Private Placement of 1.8-Mil. Shares RETROPHIN INC: Expects More Losses in the Immediate Future SALIX PHARMACEUTICALS: S&P Affirms 'B' CCR; Off CreditWatch Neg. SONOMA CHICKEN: Case Summary & 8 Largest Unsecured Creditors SOUZA PROPANE: Voluntary Chapter 11 Case Summary SUNRISE REAL ESTATE: Incurs $1.9 Million Net Loss in Fiscal 2013 TRIGEANT HOLDINGS: Court Terminates Exclusive Periods TRUMP ENTERTAINMENT: Union Says Deal to Save Casino Fell Apart TRUMP ENTERTAINMENT: Firm Gets $1.25MM Fees But Sits Behind Icahn TRUMP ENTERTAINMENT: Wants Plan Filing Date Extended to April 7 ULTIMATE NUTRITION: Section 341(a) Meeting Set for Jan. 14 ULTIMATE NUTRITION: Case Summary & 20 Largest Unsecured Creditors UNITEK GLOBAL: Young Conaway Approved as Bankruptcy Counsel UNITEK GLOBAL: Morgan Lewis Approved as Bankruptcy Co-Counsel UNITEK GLOBAL: Protiviti, et al OK'd as Bankruptcy Professionals UNIVERSAL COOPERATIVES: Has Until March 2015 to File Plan W.E. YODER: Case Summary & 20 Largest Unsecured Creditors WESTMORELAND COAL: Closes $350 Million Notes Offering WORLD SURVEILLANCE: Signs Asset Purchase Agreement With Orbital WPCS INTERNATIONAL: To Amend Certificate of Incorporation XTREME POWER: Directed to File Corrected Disclosure Statement YSC INC: Hearing Today on Request for Final Decree Closing Case ZAZA ENERGY: Has Insufficient Liquidity for Next Six Months * Jury Convicts Ex-Detroit Treasurer of Pension Fund Fraud * Sec. 363 Reforms Could Have Big Implications in Ch. 11s * BOOK REVIEW: Landmarks in Medicine - Laity Lectures of the New York Academy of Medicine ********* 1138 DOUGLAS: Case Summary & 3 Unsecured Creditors -------------------------------------------------- Debtor: 1138 Douglas, LLC 1138 Douglas Avenue Burlingame, CA 94010 Case No.: 14-31803 Chapter 11 Petition Date: December 17, 2014 Court: United States Bankruptcy Court Northern District of California (San Francisco) Judge: Hon. Hannah L. Blumenstiel Debtor's Counsel: Carlos F. Negrete, Esq. LAW OFFICES OF CARLOS F. NEGRETE 27422 Calle Arroyo San Juan Capistrano, CA 92675 Tel: (949) 493-8115 Email: cnegrete@negretelaw.com attyservice@negretelaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Andrei Tallent, managing member. A list of the Debtor's three largest unsecured creditors is available for free at http://bankrupt.com/misc/canb14-31803.pdf AEREO INC: Battles Broadcasters Over Proposed Bankruptcy Sale ------------------------------------------------------------- Sara Randazzo, writing for Daily Bankruptcy Review, reported that in a series of filings with the U.S. Bankruptcy Court for the Southern District of New York, Aereo Inc. traded barbs with broadcasters, who insist any sale of Aereo's technology will harm their chances of collecting potentially tens of millions of dollars in damages from a copyright lawsuit victory. About Aereo, Inc. With headquarters in Boston, Massachusetts, Aereo, Inc., is a technology company that provided subscribers with the ability to watch live or "time-shifted" local over-the-air broadcast television on internet-connected devices, such as personal computers, tablet devices, and "smartphones." Aero provided to each subscriber access, via the internet, to individual remote or micro-antennas and a cloud-based DVR, which were maintained by the Debtor in facilities within the local market. Aereo, Inc., sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 14-13200) in Manhattan, New York, on Nov. 20, 2014. The Chapter 11 filing came five months after the U.S. Supreme Court ruled the Debtor, with respect to live or contemporaneous transmissions, was essentially performing as a traditional cable system under the Copyright Act, and thus was violating broadcasters' copyrights because it wasn't paying broadcasters any fees. The Debtor has tapped William R. Baldiga, Esq., at Brown Rudnick LLP, in New York, as counsel. The Debtors has also engaged Argus Management Corp. to provide the services of Lawton W. Bloom as CRO and Peter Sullivan and Scott Dicus as assistant restructuring officers. Prime Clerk LLC is the claims and notice agent. As of the Petition Date, the Debtor's reported total assets were $20.5 million, and its total undisputed liabilities (primarily trade debt) were $4.2 million. ALDERON IRON: Still Has Not Recorded Revenue From Operations ------------------------------------------------------------ Alderon Iron Ore Corp. filed with the U.S. Securities and Exchange Commission its quarterly report on Form 6-K, disclosing a net loss of C$2.11 million for the three months ended Sept. 30, 2014, compared with a net loss of C$2.8 million for the same period last year. The Company's balance sheet at Sept. 30, 2014, showed C$278 million in total assets, C$32.04 million in total liabilities, and total stockholders' equity of C$246 million. To date, the Company has not recorded any revenues from operations, has no source of operating cash flow and no assurance that additional funding will be available to it for further development of the Kami Project. The Company does not have financial resources sufficient to cover all of its commitments for the coming year, which includes net amounts payable, as at Sept. 30, 2014, necessary general and administrative costs through 2015, contractual obligations as at September 30, 2014 (in relation to anticipated equipment payments) and the remaining security deposits which could be required to be advanced to Newfoundland and Labrador Hydro ("NLH"), a subsidiary of Nalcor Energy (note 3), as of a date to be determined. Alderon has completed the engineering work required to commence construction at the Kami Project. The commencement of construction of the Kami Project is subject to the completion of the Company's financing plan and project sanction by the Company's Board of Directors. As the Kami Project's required pre-construction engineering is substantially complete, Alderon has temporarily suspended any further work by its Engineering, Procurement and Construction Management ("EPCM") contractor. The Company's internal project team is continuing to advance the Kami Project in preparation for the start of construction once the Company's financing plan is completed. The Company has plans in place and is seeking to arrange the necessary funds in order to cover these obligations. Specifically, the Company continues to advance all of the elements of its financing plan, including debt and equity. There can be no assurance that management's financing plan will be successful. These conditions and events indicate material uncertainties that cast substantial doubt upon the Company's ability to continue as a going concern. A copy of the Form 6-K is available at: http://is.gd/QQaiJz Alderon Iron Ore Corp., formerly Alderon Resource Corp., is an exploration-stage company engaged in the exploration and evaluation of mineral resource properties. As of December 31, 2011, the Company conducted iron ore exploration and evaluation activities related entirely to its properties located in Western Labrador. Those properties are collectively referred to as the Kamistiatusset (Kami) Property. The Kami Property is located next to the mining towns of Wabush, Labrador City and Fermont. The property includes 305 claims in Labrador and five Quebec Mining Titles for a total of 7,625 hectares. During the year ended December 31, 2011, the Company conducted a drill program, totaling 4,496 meters, in the North Rose area. As of December 31, 2011, the mineral resource estimate for all three zones North Rose, Rose Central and Mills Lake) within the Kami Project was 490 million tons at 30% iron indicated and 598 million tons at 30.3% iron inferred. ALEXZA PHARMACEUTICALS: Amends Autoliv Deal for Heat Packages ------------------------------------------------------------- Alexza Pharmaceuticals, Inc., announced that it amended its commercial Manufacturing and Supply Agreement with Autoliv ASP Inc., the North American subsidiary of Sweden-based Autoliv Inc. Autoliv manufactures chemical heat packages, a key component of Alexza's single-dose Staccato(R) system, including Alexza's commercial product ADASUVE (Staccato loxapine). The amendment to the Supply Agreement between Alexza and Autoliv, signed on Dec. 11, 2014, updates certain terms of prior agreements between the companies. The Amendment states that the letter of termination received by Alexza in October 2013 is null, and that the parties are extending the agreement through 2018. In addition, Alexza has the right to engage a second source supplier and implement a manufacturing line transfer from Autoliv to manufacture and supply the chemical heat packages to Alexza or its licensees. "The amended agreement extends our ongoing partnership with Autoliv, providing us with continued supply of this key component, while enabling Alexza the flexibility to engage another supplier as an alternate source of supply for heat packages," said Robert A. Lippe, executive vice president, operations and chief operations officer of Alexza. "We appreciate and value Autoliv's operational excellence, cost efficiency, and technological capabilities in manufacturing and scaled production. We look forward to continuing to work with Autoliv as it supplies heat packages in support of the expanding global launch of ADASUVE." Autoliv Agreement and Amendments In November 2007, Alexza entered into a Manufacturing and Supply Agreement with Autoliv, relating to the commercial supply of chemical heat packages that can be incorporated into Alexza's Staccato single-dose device. In June 2010 and February 2011, Alexza amended certain of the terms of its Manufacturing and Supply Agreement with Autoliv. Subject to certain exceptions, Autoliv agreed to manufacture, assemble, and test the chemical heat packages solely for Alexza in conformance with Alexza's specifications. In October 2013, Autoliv notified Alexza of its intent to terminate the Manufacturing and Supply Agreement, effective October 2016. Under the terms of the new amendment to the Manufacturing and Supply Agreement, Alexza and Autoliv agreed that, subject to certain provisions, Autoliv will continue to provide heat packages, a key component of ADASUVE, to Alexza to support the product uptake in new and already launched markets. Mountain View, California-based Alexza Pharmaceuticals, Inc., was incorporated in the state of Delaware on Dec. 19, 2000, as FaxMed, Inc. In June 2001, the Company changed its name to Alexza Corporation and in December 2001 became Alexza Molecular Delivery Corporation. In July 2005, the Company changed its name to Alexza Pharmaceuticals, Inc. The Company is a pharmaceutical development company focused on the research, development, and commercialization of novel proprietary products for the acute treatment of central nervous system conditions. Alexza Pharmaceuticals reported a net loss of $39.61 million in 2013, a net loss of $27.97 million in 2012 and a net loss of $40.53 million in 2011. The Company's balance sheet at Sept. 30, 2014, showed $65.8 million in total assets, $114.64 million in total liabilities and total stockholders' deficit of $48.84 million. ALTOS HORNOS: Seeks to Lift Suspension of Payments -------------------------------------------------- Altos Hornos de Mexico S.A.B. de C.V. (AHMSA) on Dec. 17 made a filing in the Civil Court of First Instance for the Judicial District of Monclova, Coahuila, United Mexican States to initiate the lifting of its suspension of payments. The filing is supported by a general payment agreement signed by the required majority of its creditors, including diverse suppliers and financial institutions. The agreement provides for the payment in pesos -- in accordance with the Bankruptcy and Suspension of Payments Law -- of 100% of creditors' recognized claims of US$1.7 billion within 3 years of the lifting of the suspension of payments. The agreement also provides for eligible creditors to capitalize a portion of their debt for common shares of AHMSA. The law establishes that the court in charge of the proceedings will officially call a general meeting of creditors at which the creditors will accept the general payment agreement to then initiate the legal lifting process. The suspension has enabled AHMSA to return to financial health, sustain its industrial operations, preserve a source of 23,000 essential jobs for the economy of Mexico, and maintain its position as a highly competitive steel producer in the domestic and international markets. Under the Bankruptcy and Suspension of Payments Law, the annual production of AHMSA was 3.4 million tons of liquid steel. With investments -- mainly in the Fenix Project -- AHMSA added equipment and technology to achieve production of over 4.3 million tons, with specialized steel of higher aggregate value. With a solid financial structure and a strengthened industrial plant, AHMSA today is the leading steel producer in Mexico, able to respond to new demand resulting from Mexico's development and to actively participate in global commerce. About Altos Hornos de Mexico S.A.B. de C.V. Altos Hornos de Mexico S.A.B. de C.V. is an integrated steel producer that operates its own iron and metallurgical coal mines ? its principal business segments?and has two steel plants located in Monclova, Coahuila. Its current nominal production capacity is 5.5 million tons of liquid steel per year, which is then transformed into diverse finished products. Additionally, AHMSA operates thermal coal mines in Mexico dedicated to the production of electric energy. It employs 23,000 workers in steel plants, mines and services. ANDALAY SOLAR: Signs Registration Rights Pact With Southridge ------------------------------------------------------------- Andalay Solar, Inc., on Dec. 10, 2014, entered into a registration rights agreement with Southridge Partners II, LP, pursuant to which the Company agreed to register shares of the common stock to be issued to Southridge in connection with the Dec. 10, 2014, Equity Purchase Agreement. The Company has agreed to issue and sell to Southridge shares of its common stock, $0.001 par value per share from time to time for an aggregate investment price of up to $5,000,000. About Andalay Solar Founded in 2001, Andalay Solar, Inc., formerly Westinghouse Solar, Inc., is a provider of innovative solar power systems. In 2007, the Company pioneered the concept of integrating the racking, wiring and grounding directly into the solar panel. This revolutionary solar panel, branded "Andalay", quickly won industry acclaim. In 2009, the Company again broke new ground with the first integrated AC solar panel, reducing the number of components for a rooftop solar installation by approximately 80 percent and lowering labor costs by approximately 50 percent. This AC panel, which won the 2009 Popular Mechanics Breakthrough Award, has become the industry's most widely installed AC solar panel. A new generation of products named "Instant Connect" was introduced in 2012 and is expected to achieve even greater market acceptance. Andalay Solar reported a net loss attributable to common stockholders of $3.85 million on $1.12 million of net revenue for the year ended Dec. 31, 2013, as compared with a net loss attributable to common stockholders of $9.15 million on $5.22 million of net revenue in 2012. Burr Pilger Mayer, Inc., in San Francisco, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company's significant operating losses and negative cash flow from operations raise substantial doubt about its ability to continue as a going concern. AR AND DB: Case Summary & 7 Unsecured Creditors ----------------------------------------------- Debtor: AR and DB LLC fka Allan and Donna Butler 8438 Mississippi Boulevard NW Minneapolis, MN 55433 Case No.: 14-44972 Chapter 11 Petition Date: December 17, 2014 Court: United States Bankruptcy Court District of Minnesota (Minneapolis) Judge: Hon. Michael E Ridgway Debtor's Counsel: Thomas Flynn, Esq. LARKIN HOFFMAN DALY & LINDGREN LTD. 8300 Norman Center Dr, Ste 1000 Bloomington, MN 55437 Tel: 952-896-3362 Email: tflynn@larkinhoffman.com Total Assets: $1.96 million Total Liabilities: $1.25 million The petition was signed by Allan K. Butler, president. A list of the Debtor's seven largest unsecured creditors is available for free at http://bankrupt.com/misc/mnb14-44972.pdf ARCHDIOCESE OF MILWAUKEE: Reaches $10.3 Million Settlement ---------------------------------------------------------- Tom Corrigan, writing for Daily Bankruptcy Review, reported that after years of negotiations, insurance carriers have agreed to turn over $10.3 million to help the Roman Catholic Archdiocese of Milwaukee, which is at the center of the longest running and most contentious diocesan bankruptcy to date, settle allegations of clergy sexual abuse. According to the report, the settlement, if approved by a bankruptcy judge, could more than double the compensation available to individuals who claim they were sexually abused by the archdiocese's priests. About Archdiocese of Milwaukee The Diocese of Milwaukee was established on Nov. 28, 1843, and was elevated to an Archdiocese on Feb. 12, 1875, by Pope Pius IX. The region served by the Archdiocese consists of 4,758 square miles in southeast Wisconsin which includes counties Dodge, Fond du Lac, Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan, Walworth, Washington and Waukesha. There are 657,519 registered Catholics in the Region. The Catholic Archdiocese of Milwaukee, in Wisconsin, filed for Chapter 11 bankruptcy protection (Bankr. E.D. Wis. Case No. 11- 20059) on Jan. 4, 2011, to address claims over sexual abuse by priests on minors. The Archdiocese became at least the eighth Roman Catholic diocese in the U.S. to file for bankruptcy to settle claims from current and former parishioners who say they were sexually molested by priests. Daryl L. Diesing, Esq., at Whyte Hirschboeck Dudek S.C., in Milwaukee, Wisconsin, serves as the Archdiocese's counsel. The Official Committee of Unsecured Creditors in the bankruptcy case has retained Pachulski Stang Ziehl & Jones LLP as its counsel, and Howard, Solochek & Weber, S.C., as its local counsel. The Archdiocese estimated assets and debts of $10 million to $50 million in its Chapter 11 petition. ASHER INVESTMENT: Goldstein Okayed to Assist in Litigation ---------------------------------------------------------- The Bankruptcy Court authorized Asher Investment Properties, LLC, to employ Neal M. Goldstein as special counsel to assist Gershuni & Katz, A Law Corporation, in representing the Debtor concerning the motion to dismiss the case filed by the Itkin Family Trust. On Aug. 20, 2014, the Court heard (1) the Debtor's application for an order employing G&K as its general bankruptcy counsel, and (2) the Debtor's application, as amended, to employ Michael F. Frank and Peggy A. Gross as special litigation counsel to represent the Debtor concerning the adversary proceeding filed by the Debtor against Garry Y. Itkin and Anna Charno as trustee for the Itkin Living Trust and all other litigation and contested matters. G&K currently employs two attorneys, Ira Benjamin Katz, and Gregory B. Gershuni. The Debtor has anticipated that Mr. Frank would be trying the motion to dismiss with Mr. Katz' assistance. To the best of the Debtor's knowledge, Goldstein is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Garry Itkin and Anna Charno, trustees of the Itkin Living Trust had opposed to the Debtor's motion stating that: 1. Bankruptcy Code Section 327(e)'s requirements for the hiring of special counsel have not been met. 2. the employment of Mr. Goldstein as special counsel at the eleventh hour will result in a substantial additional cost to the estate and is not in the estate's best interests under Section 327(e). 3. the Debtor's proposed special counsel, Mr. Goldstein, is neither a bankruptcy attorney nor a bankruptcy specialist. 4. as a practical matter, the Itkin Trust must oppose Debtor's proposed retention of special counsel because it is wholly inconsistent with the Itkin Trust's motion to dismiss and the arguments contained therein. The objectors are represented by: Andrew S. Pauly, Esq. Andrew J. Haley, Esq. GREENWALD, PAULY & MILLER, A Professional Corporation 1299 Ocean Avenue, Suite 400 Santa Monica, CA 90401-1007 Tel: (310) 451-8001 Fax: (310) 395-5961 E-mail: apauly@gpfm.com ahaley@gpfm.com About Asher Investment Asher Investment Properties, LLC, owner of a $10 million property in Beverly Hills, California, filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 14-21172) in Los Angeles, on June 6, 2014. Yossi Dina signed the petition as managing member. Asher, a Single Asset Real Estate as defined in 11 U.S.C. Sec. 101(51B), disclosed $11.5 million in assets and $10.7 million in liabilities. Gershuni & Kate, ALC, serves as the Debtor's counsel. Hon. Barry Russell presides over the case. ATOSSA GENETICS: Needs Capital to Cover Ongoing Losses ------------------------------------------------------ Atossa Genetics, Inc., filed its quarterly report on Form 10-Q, reporting a net loss of $3.25 million on $3,426 of total revenue for the three months ended Sept. 30, 2014, compared with a net loss of $3.50 million on $76,600 of total revenue for the same period in 2013. The Company's balance sheet at Sept. 30, 2014, showed $16.8 million in total assets, $1.54 million in total liabilities, and stockholders' equity of $15.23 million. "The Company has not yet established an ongoing source of revenue sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. These matters raise substantial doubt about the Company's ability to continue as a going concern for the foreseeable future. The accompanying condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern," according to the regulatory filing. A copy of the Form 10-Q is available at: http://is.gd/mMrA0b Atossa Genetics, Inc., is a Delaware corporation with principal executive offices located in Seattle, Washington. Atossa is a development-stage healthcare company. The Company is focused on the commercialization of cellular and molecular diagnostic risk assessment products and related services for the detection of pre- cancerous conditions that could lead to breast cancer, and on the development of second-generation products and services. AUXILIUM PHARMACEUTICALS: Provides Update on Actavis Litigation --------------------------------------------------------------- Auxilium Pharmaceuticals, Inc., and FCB I LLC (successor-in- interest to Bentley Pharmaceuticals, Inc.), as licensor of Testim, previously filed a lawsuit in the U.S. District Court for the District of New Jersey against Actavis, Inc. (then known as Watson Pharmaceuticals, Inc.) for infringement of FCB's 10 patents listed in the Orange Book as covering Testim(R) testosterone gel. The lawsuit was filed in response to a notice letter, dated April 12, 2012, sent by Actavis Laboratories, Inc. (NV) regarding its filing with the U.S. Food and Drug Administration of an Abbreviated New Drug Application for a generic 1% testosterone gel product. This letter also stated that the ANDA contained Paragraph IV certifications with respect to the nine patents listed in the Orange Book on that date as covering Testim. The Company's lawsuit filed against Actavis initially involved those nine patents, as well as a 10th patent covering Testim that was issued on May 15, 2012, and is listed in the Orange Book. By the time that the trial commenced in September 2014, the parties had agreed to remove all but one of those patents from the litigation, with the trial focused solely on claim 3 of U.S. Patent # 7,608,607 (the "'607 Patent"). The trial commenced in September 2014 and closing arguments occurred in November 2014. On Dec. 16, 2014, the Company learned that Judge Linares held that claim 3 of the '607 patent is invalid for obviousness. The Judge also found claim 3 invalid for derivation and improper inventorship, but he declined to rule on whether correction of inventorship would be appropriate because it would be futile in light of his ruling on obviousness. Auxilium believes that Actavis is now free to enter the market with its testosterone gel product once it obtains approval from the FDA. At this time, Auxilium is not aware of Actavis having received tentative approval or final approval from the FDA for its testosterone gel product. Auxilium is analyzing the District Court's opinion and will explore its available options with regard to this matter. Existing Generic Versions of Testim Already in the Marketplace As previously disclosed, in June 2014, Auxilium commenced marketing an authorized generic version of Testim through its distribution partner, Prasco, LLC. Also as previously disclosed, in June 2014, the FDA granted final approval to Upsher-Smith Laboratories, Inc.'s ("Upsher-Smith") testosterone gel product, VogelxoTM for which Upsher-Smith had filed a 505(b)(2) New Drug Application using Testim as the reference drug, and, in July 2014, Upsher-Smith launched Vogelxo and an authorized generic version of Vogelxo, known as testosterone gel. About Auxilium Auxilium Pharmaceuticals, Inc. -- http://www.Auxilium.com/-- is a fully integrated specialty biopharmaceutical company with a focus on developing and commercializing innovative products for specialist audiences. With a broad range of first- and second- line products across multiple indications, Auxilium is an emerging leader in the men's healthcare area and has strategically expanded its product portfolio and pipeline in orthopedics, dermatology and other therapeutic areas. Auxilium now has a broad portfolio of 12 approved products. Among other products in the U.S., Auxilium markets edex(R) (alprostadil for injection), an injectable treatment for erectile dysfunction, Osbon ErecAid(R), the leading device for aiding erectile dysfunction, STENDRATM (avanafil), an oral erectile dysfunction therapy, Testim(R) (testosterone gel) for the topical treatment of hypogonadism, TESTOPEL(R) (testosterone pellets) a long-acting implantable testosterone replacement therapy, XIAFLEX(R) (collagenase clostridium histolyticum or CCH) for the treatment of Peyronie's disease and XIAFLEX for the treatment of Dupuytren's contracture. The Company also has programs in Phase 2 clinical development for the treatment of Frozen Shoulder syndrome and cellulite. The Company's balance sheet at June 30, 2014, showed $1.11 billion in total assets, $936 million in total liabilities and $179 million in total stockholders' equity. * * * As reported by the TCR on May 7, 2014, Moody's Investors Service downgraded the ratings of Auxilium Pharmaceuticals, Inc., including the Corporate Family Rating to B3 from B2. "The downgrade reflects Moody's expectations that declines in Testim, Auxilium's testosterone gel, will materially reduce EBITDA in 2014, resulting in negative free cash flow, a weakening liquidity profile, and extremely high debt/EBITDA," said Moody's Senior Vice President Michael Levesque. The TCR reported on Sept. 23, 2014, that Standard & Poor's Ratings Services raised its corporate credit rating on Auxilium to 'CCC+' following the announced restructuring program and a $50 million add-on to its existing first-lien term loan. BRIGHT MOUNTAIN: Reports $345K Net Loss for Q3 of 2014 ------------------------------------------------------ Bright Mountain Acquisition Corp. filed its quarterly report on Form 10-Q, reporting a net loss of $345,000 on $277,000 of total revenue for the three months ended Sept. 30, 2014, compared with a net loss of $259,000 on $152,000 of total revenue for the same period in 2013. The Company's balance sheet at Sept. 30, 2014, showed $1.65 million in total assets, $224,000 in total liabilities, and a stockholders' equity of $1.43 million. The Company sustained a net loss attributable to common shareholders of $1.12 million and used cash in operating activities of $1.26 million for the nine months ended Sept. 30, 2014. The Company had an accumulated deficit of $4.08 million at Sept. 30, 2014. A copy of the Form 10-Q is available at: http://is.gd/qe6IQI Bright Mountain Acquisition Corp. engages in the developing of a personal website portal. It owns and manages websites which are customized to provide its niche users, including military, law enforcement and first responders with information and news that is of interest to them. The company sells various products through its website and third party portals such as Amazon.com and Ebay.com. The company was founded on May 20, 2010 and is headquartered in Boca Raton, FL. DANDRIT BIOTECH: Illiquidity, Losses Raise Going Concern Doubt -------------------------------------------------------------- DanDrit Biotech USA, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $535,243 on $nil of revenues for the three months ended Sept. 30, 2014, compared to a net loss of $371,546 on $925 of revenues for the same period during the prior year. The Company's balance sheet at Sept. 30, 2014, showed $2.55 million in total assets, $4.93 million in total liabilities and total stockholders' deficit of $2.38 million. The Company has incurred significant losses, has not yet been successful in establishing profitable operations and has current assets in excess of current liabilities. These factors raise substantial doubt about the ability of the Company to continue as a going concern as of Sept. 30, 2014, according to the regulatory filing. A copy of the Form 10-Q is available at: http://is.gd/hNOpta DanDrit Biotech USA, Inc., a biotechnology company, develops vaccine for the treatment of colorectal cancer primarily in the United States, Europe, and Asia. Its lead compound includes MelCancerVac(MCV), a cellular therapy, which is in a comparative Phase IIb/III clinical trial for advanced colorectal cancer. It also develops MelVaxin that is similar to the lysate component of MCV for injecting into the skin to promote natural dendritic cell responses that will attack the tumor expressing cancer/testis antigens. The company was founded in 2001 and is headquartered in Copenhagen, Denmark. DAUGHTERS OF CHARITY: Union Says Bankruptcy Option Unnecessary -------------------------------------------------------------- Healthcare workers emphasized on Dec. 17 that the bankruptcy or closure of any of the six hospitals owned by Daughters of Charity Health System is unnecessary because there is a stronger alternative buyer than the controversial Prime Healthcare. "As flawed as Prime Healthcare is, it would not be responsible for us to oppose the transaction unless there was an immediate, viable alternative available to continue the operation of DCHS in a manner that better serves the public interest," said Dave Regan, president of SEIU-United Healthcare Workers West, in a letter sent to California legislators who have publicly opposed the controversial transaction. "Fortunately, such an alternative exists in the form of Blue Wolf Capital." In fact, the Prime Healthcare bid contains a bankruptcy contingency, whereas the Blue Wolf bid disavows bankruptcy as an option. In his letter, Mr. Regan describes how Daughters of Charity passed over a stronger bid from Blue Wolf Capital, which dedicates $300 million to capital improvements -- twice as much as Prime Healthcare, preserves workers' pensions in a way that saves the system money without reducing benefits, and doesn't rely on junk bonds for financing. In addition, an $11.5 million windfall for executives at Daughters of Charity is understood to be a driving force behind the hospital system choosing Prime Healthcare to buy its six facilities. "It is outrageous that an individual who leads a safety-net, mission-driven hospital system should be paid the kind of money Mr. Issai has been paid to fail miserably, and then demand millions more as he exits the stage," said Mr. Regan, referring to Daughters CEO Robert Issai, whose last reported compensation is more than $3 million despite the system losing $10 million each month over the past year. "It ought to be illegal for such an individual to enrich himself and his favored bidder through the mismanagement and usurpation of vital community assets." According to the purchase agreement between Daughters of Charity and Prime, Mr. Issai stands to reap a large portion of his last reported compensation of $3 million, and the other top executives at Daughters would receive the remainder of the $11.5 million at the time of closing. California Attorney General Kamala Harris must approve or reject the deal before Feb. 12, 2015. Opponents of the sale include State Controller John Chiang, 18 members of the California Congressional delegation, 54 current or former state legislators, San Francisco Mayor Ed Lee, county and city elected officials, doctors, nurses, community organizations, and union members representing two million workers. Daughters of Charity announced Oct. 10 that it chose Prime Healthcare as the lead bidder for the six-hospital, safety-net system and would negotiate with Prime exclusively. Concern lies with Prime Healthcare's dismal record and business practices: Prime admitted that it is under federal investigation for allegedly overbilling the federal government; Prime paid $370,000 in federal and state fines after deliberately violating a patient's privacy by sharing her records with journalists and 800 employees; A group of doctors in San Bernardino County sued Prime Healthcare last year when the company denied them access to their own patients; The company's Desert Valley Hospital was sanctioned by the California Department of Public Health for improper care resulting in a patient's death; and Prime's Garden Grove hospital was cited by the State of California after a patient was administered a lethal dose of a powerful sedative. Daughters of Charity owns Seton Medical Center, Daly City; Seton Coastside, Moss Beach; O'Connor Hospital, San Jose; Saint Louise Regional Hospital, Gilroy; St. Vincent Medical Center, Los Angeles; and St. Francis Medical Center, Lynwood. About SEIU-United Healthcare Workers West SEIU-United Healthcare Workers West (SEIU-UHW) is the largest hospital and healthcare union in the western United States with more than 150,000 members. About The Daughters of Charity Health System The Daughters of Charity Health System (DCHS) is a regional health care system of six hospitals and two nursing colleges spanning the California coast from the San Francisco Bay Area to Los Angeles. DBSI INC: Another Executive Sentenced for Role in Fraud ------------------------------------------------------- Jacqueline Palank, writing for The Wall Street Journal, reported that Gary W. Bringhurst joins former DBSI Inc. President Douglas L. Swenson and three other former officials in receiving sentences for their roles in the fraud-driven collapse of the Idaho real- estate firm. According to the report, Mr. Bringhurst was sentenced to five years of probation, including 60 days of intermittent imprisonment, after he pleaded guilty to conspiracy to commit securities fraud. About DBSI Inc. Headquartered in Meridian, Idaho, DBSI Inc. and its affiliates were engaged in numerous commercial real estate and non-real estate projects and businesses. On Nov. 10, 2008, and other subsequent dates, DBSI and 180 of its affiliates filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 08-12687). DBSI estimated assets and debts between $100 million and $500 million as of the Chapter 11 filing. Lawyers at Young Conaway Stargatt & Taylor LLP represent the Debtors as counsel. The Official Committee of Unsecured Creditors tapped Greenberg Traurig, LLP, as its bankruptcy counsel. Kurtzman Carson Consultants LLC is the Debtors' notice claims and balloting agent. Joshua Hochberg, a former head of the Justice Department fraud unit, served as an Examiner and called the seller and servicer of fractional interests in commercial real estate an "elaborate shell game" that "consistently operated at a loss" in his report released in October 2009. McKenna Long & Aldridge LLP was counsel to the Examiner. On Sept. 11, 2009, the Honorable Peter J. Walsh entered an Order appointing James R. Zazzali as Chapter 11 trustee for the Debtors' estates. On Oct. 26, 2010, the trustee won confirmation of the Second Amended Joint Chapter 11 Plan of Liquidation for DBSI, paving the way for it to pay creditors and avoid years of expensive litigation over its complex web of affiliates. The plan, which was declared effective Oct. 29, 2010, was co-proposed by DBSI's unsecured creditors committee. Pursuant to the confirmed Chapter 11 plan, the DBSI Real Estate Liquidating Trust was established as of the effective date and certain of the Debtors' assets, including the Debtors' ownership interest in Florissant Market Place was transferred to the RE Trust. Mr. Zazzali and Conrad Myers were appointed as the post- confirmation trustees. Messrs. Zazzali and Myers are represented by lawyers at Blank Rime LLP and Gibbons P.C. dELiA*s INC: Seeks to Employ Clear Thinking as Financial Advisor ---------------------------------------------------------------- dELiA*s, Inc., et al., seek authority from the U.S. Bankruptcy Court for the Southern District of New York to employ Clear Thinking Group LLC as their financial advisor to provide financial advisory services and actively lead and manage the Debtors' Chapter 11 cases. CTG has provided and will provide on an ongoing basis the following services: (a) Assist in the evaluation of the Debtor's business and prospects; (b) Assist the Debtor in preparing marketing materials in conjunction with the sale or liquidation of some or all of the Debtor's assets; (c) Assist in the development of financial data and presentations to the Debtor's Board of Directors, secured lender, landlords, various creditors, the Court and other third parties; (d) Assist with the preparation of necessary schedules, budgets and court related reporting; (e) Analyze various liquidation scenarios and potential impact of these scenarios on the recoveries of those stakeholders impacted by the Debtor's partial or full liquidation; (f) Participate in negotiation among the Debtor and its creditors, suppliers, lessors, landlords and other parties-in-interest; (g) Assist in arranging debtor in possession financing for the Debtor, as requested; and (h) Provide other advisory services as customarily provided in connection with the proceedings under Chapter 11 of the Bankruptcy Code. The Debtors will pay CTG professionals the following hourly rates: Partner $350 Managing Director $300 Manager/Consultant $275 In addition to the fees, the Debtors have agreed to pay directly, or reimburse CTG directly, for all reasonable out-of-pocket expenses incurred in connection with CTG's engagement. The Debtors paid CTG a retainer of $75,000. In the 90 days prior to the Petition Date, CTG received $350,554. Lee A. Diercks, a partner of Clear Thinking Group LLC, assures the Court that his 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. Mr. Diercks, however, discloses that CTG is currently providing services to Wells Fargo Commercial Finance - Trade Capital Division, a factor of the Debtors, on a matter unrelated to the Debtors. CTG, Mr. Diercks adds, has provided past services to Tops & Downs, a vendor of the Debtors, in matters unrelated to the Debtors. Moreover, CTG has also provided past services to the following potential parties-in-interest in the past, all on matters unrelated to the Debtors: (i) Salus Capital Partners, (ii) Wells Fargo Commercial Finance, (iii) Wells Fargo Business Credit, (iv) CIT Group, (v) Capital Factors, and (vi) GE Capital. The Debtors will present their employment application for Court approval on Dec. 29, 2014, at 10:00 a.m. (Eastern Time). Objections are due Dec. 26. About DELIA*S INC. Launched in 1993, DELIA*S INC., is a retailer which sells apparel, accessories, footwear, and cosmetics marketed primarily to teenage girls and young women. The dELiA*s brand products are sold through the Company's mall-based retail stores, direct mail catalogs and e-commerce Web sites. As of the bankruptcy filing, dELiA*s owns and operates 92 stores in 29 states. On Dec. 7, 2014, dELiA*s and eight of its subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y.). The Debtors have requested that their cases be jointly administered under Case No. 14-23678. The Debtors have tapped Piper LLP (US) as counsel, Clear Thinking Group LLC, as restructuring advisor, Janney Montgomery Scott LLC, as investment banker, and Prime Clerk LLC as claims agent. As of the Petition Date, the Debtors had $47 million in total assets and $50.5 million in liabilities. The U.S. Trustee for Region 2 has appointed seven members to the Official Committee of Unsecured Creditors. dELiA*s INC: U.S. Trustee Names Bonnie Glantz Fatell as Ombudsman ----------------------------------------------------------------- William K. Harrington, U.S. Trustee for Region 2, appointed Bonnie Glantz Fatell as consumer privacy ombudsman in the Chapter 11 cases of dELiA*s, Inc., and its debtor affiliates. Under Section 332(b) of the Bankruptcy Code, the consumer privacy ombudsman will provide 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). The information may include presentation of: (1) the debtor's privacy policy; (2) the potential losses or gains of privacy to consumers if the sale or the lease is approved by the court; (3) the potential costs or benefits to consumers if the sale or lease is approved by the court; and (4) the potential alternatives that would mitigate potential privacy losses or potential costs to consumers. Ms. Fatell may be reached at: Bonnie Glantz Fatell, Esq. BLANK ROME LLP 1201 N. Market Street, Suite 800 Wilmington, DEL 19801 Tel: (302) 425-6423 E-mail: Fatell@BlankRome.com About DELIA*S INC. Launched in 1993, DELIA*S INC., is a retailer which sells apparel, accessories, footwear, and cosmetics marketed primarily to teenage girls and young women. The dELiA*s brand products are sold through the Company's mall-based retail stores, direct mail catalogs and e-commerce Web sites. As of the bankruptcy filing, dELiA*s owns and operates 92 stores in 29 states. On Dec. 7, 2014, dELiA*s and eight of its subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y.). The Debtors have requested that their cases be jointly administered under Case No. 14-23678. The Debtors have tapped Piper LLP (US) as counsel, Clear Thinking Group LLC, as restructuring advisor, Janney Montgomery Scott LLC, as investment banker, and Prime Clerk LLC as claims agent. As of the Petition Date, the Debtors had $47 million in total assets and $50.5 million in liabilities. The U.S. Trustee for Region 2 has appointed seven members to the Official Committee of Unsecured Creditors. dELiA*s INC: Has Interim OK to Assume Agency Agreement ------------------------------------------------------ Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York gave dELiA*s, Inc., et al., interim authority to assume the agency agreement they entered into with Gordon Brothers Retail Partners, LLC, and Hilco Merchant Resources, LLC, under which the agents will sell the retailer's assets through store closing sales. The Interim Order provides that it will not (A) prejudice or affect in any way any right or obligation of any of the Debtors or or dELiA*s Brand LLC under law or any agreement to seek the consent of JLP Daisy LLC in connection with the assumption or assignment to the Agent. The Court will convene a hearing on Dec. 23, 2014, at 10:00 a.m., to consider entry of an order approving the agency agreement on a final basis. Any objections to the continuation of the sale following the interim hearing or to the approval of the motion must be filed no later than Dec. 22. The Agents may be reached at: Gordon Brothers Retail Partners, LLC Prudential Tower 800 Boylston Street Boston, MA 02119 Attn: Michael Chartock Tel: (617) 210-7116 E-mail: mchartock@gordonbrothers.com -- and -- Hilco Merchant Resources, LLC 5 Revere Drive, Suite 206 Northbrook, IL 60062 Attn: Ian S. Fredericks Tel: (847) 418-2075 Email: ifredericks@hilcotrading.com The Agents are represented by: James F. Wallack, Esq. Gregory O. Kaden, Esq. GOULSTON & STORRS PC 400 Atlantic Avenue Boston, MA 02110-3333 Tel: (617) 482-1776 Fax: (617) 574-4112 E-mail: jwallack@goulstonstorrs.com gkaden@goulstonstorrs.com About DELIA*S INC. Launched in 1993, DELIA*S INC., is a retailer which sells apparel, accessories, footwear, and cosmetics marketed primarily to teenage girls and young women. The dELiA*s brand products are sold through the Company's mall-based retail stores, direct mail catalogs and e-commerce Web sites. As of the bankruptcy filing, dELiA*s owns and operates 92 stores in 29 states. On Dec. 7, 2014, dELiA*s and eight of its subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y.). The Debtors have requested that their cases be jointly administered under Case No. 14-23678. The Debtors have tapped Piper LLP (US) as counsel, Clear Thinking Group LLC, as restructuring advisor, Janney Montgomery Scott LLC, as investment banker, and Prime Clerk LLC as claims agent. As of the Petition Date, the Debtors had $47 million in total assets and $50.5 million in liabilities. The U.S. Trustee for Region 2 has appointed seven members to the Official Committee of Unsecured Creditors. dELiA*s INC: Court Extends Schedules Filing Date ------------------------------------------------ Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York extended the time within which dELiA*s, Inc., et al., must file their schedules of assets and liabilities and statements of financial affairs until the date that is three days before the date on which the U.S. Trustee holds the initial meeting of creditors under Section 341 of the Bankruptcy Code. About DELIA*S INC. Launched in 1993, DELIA*S INC., is a retailer which sells apparel, accessories, footwear, and cosmetics marketed primarily to teenage girls and young women. The dELiA*s brand products are sold through the Company's mall-based retail stores, direct mail catalogs and e-commerce Web sites. As of the bankruptcy filing, dELiA*s owns and operates 92 stores in 29 states. On Dec. 7, 2014, dELiA*s and eight of its subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y.). The Debtors have requested that their cases be jointly administered under Case No. 14-23678. The Debtors have tapped Piper LLP (US) as counsel, Clear Thinking Group LLC, as restructuring advisor, Janney Montgomery Scott LLC, as investment banker, and Prime Clerk LLC as claims agent. As of the Petition Date, the Debtors had $47 million in total assets and $50.5 million in liabilities. The U.S. Trustee for Region 2 has appointed seven members to the Official Committee of Unsecured Creditors. dELiA*s INC: Court Issues Joint Administration Order ---------------------------------------------------- Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York issued an order directing joint administration of the Chapter 11 cases of dELiA*s, Inc., and its debtor affiliates under lead case no. 14-23678. About DELIA*S INC. Launched in 1993, DELIA*S INC., is a retailer which sells apparel, accessories, footwear, and cosmetics marketed primarily to teenage girls and young women. The dELiA*s brand products are sold through the Company's mall-based retail stores, direct mail catalogs and e-commerce Web sites. As of the bankruptcy filing, dELiA*s owns and operates 92 stores in 29 states. On Dec. 7, 2014, dELiA*s and eight of its subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y.). The Debtors have requested that their cases be jointly administered under Case No. 14-23678. The Debtors have tapped Piper LLP (US) as counsel, Clear Thinking Group LLC, as restructuring advisor, Janney Montgomery Scott LLC, as investment banker, and Prime Clerk LLC as claims agent. As of the Petition Date, the Debtors had $47 million in total assets and $50.5 million in liabilities. The U.S. Trustee for Region 2 has appointed seven members to the Official Committee of Unsecured Creditors. DERMIRA INC: Expects to Incur Additional Losses in the Future ------------------------------------------------------------- Dermira Inc. filed its quarterly report on Form 10-Q, reporting a net loss of $7.85 million on $nil of total revenue for the three months ended Sept. 30, 2014, compared with a net loss of $4.67 million on $nil of total revenue for the same period in 2013. The Company's balance sheet at Sept. 30, 2014, showed $59.6 million in total assets, $20.5 million in total liabilities, convertible preferred stock of $113 million and a stockholders' deficit of $74.31 million. The Company expects to incur additional losses in the future as it conduct research and development and pre-commercialization activities, and potential commercialization and marketing activities, and to support the administrative and reporting requirements of a public company. A copy of the Form 10-Q is available at: http://is.gd/oeXBYC Redwood City, Calif.-based Dermira Inc. is a biopharmaceutical company focused on bringing medical dermatology products to dermatologists and their patients. The Company's portfolio of five product candidates includes three late-stage product candidates, Cimzia (certolizumab pegol), which the Company is developing in collaboration with UCB Pharma S.A. for the treatment of moderate-to-severe plaque psoriasis, DRM04, which the Company is developing for the treatment of hyperhidrosis, or excessive sweating, and DRM01, which the Company is developing for the treatment of acne. The Company also has two early-stage programs in preclinical development for the treatment of inflammatory skin diseases and acne. DOTS LLC: Court Approves Fifth Amendment to DIP Credit Facility --------------------------------------------------------------- Bankruptcy Judge Donald H. Steckroth signed off a consent order approving a fifth amendment to Dots, LLC, et al.'s DIP credit agreement. The Debtors are authorized, until the termination date to request extensions of credit solely in accordance with the Fifth Amendment and the approved budget. As reported in the Troubled Company Reporter on Jan. 24, 2014, the Debtors were authorized to enter into a senior secured, superpriority postpetition credit facility from Salus Capital Partners, LLC, as administrative and collateral agent, and other lenders in the aggregate amount of up to $36,000,000. As of the Petition Date, the Debtors have outstanding secured debt owed to senior lender Salus Capital Partners, LLC, of which $14.5 million remains outstanding under a revolving facility and $16.1 million is owed under a term facility. The Debtors also have not less than $10.35 million outstanding under a subordinated term loan agreement with Irving Place Capital Partners III L.P., Irving Place Capital III Feeder Fund, L.P., Irving Place Capital Partners III Coinvestors L.P. Other salient terms of the DIP facility are: -- The postpetition credit facility will consist of (i) a revolving loan in the maximum principal amount of $20,000,000 and (ii) a term loan in the amount of $16,000,000. -- All obligations under the DIP facility will constitute administrative expense of the loan parties. Subject only to the carve-out, the administrative claim will have priority over any and all administrative expense claims. -- There will be a carve-out of $350,000 with respect to counsel for the Debtors and $50,000 with respect to allowed professional fees of the Committee's case professionals. -- Interest pricing would be LIBO Rate + 8.50% for the DIP revolver and LIBO Rate + 9.25% for the DIP Term Loan. -- Upon the occurrence and during the continuance of an Event of Default, the interest rate and the letter of credit fees will be increased to 4% above the amounts otherwise applicable. About DOTS LLC Dots is a retailer of fashionable clothing, accessories, and footwear for price-conscious women. Dots provides missy and plus size choices to fashion savvy 25 to 35 year old women at approximately 400 retail stores throughout the Midwest, East, and South United States. Dots' workforce includes 3,500 individuals in their stores, distribution center, and corporate headquarters. Dots, LLC, and its affiliates sought bankruptcy protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 14-11016) on Jan. 20, 2014, to sell some or all of their assets. Lowenstein Sandler LLP serves as counsel to the Debtors. PricewaterhouseCoopers LLP is financial advisor and investment banker. Donlin, Recano & Company, Inc., is the claims and notice agent. As of the Petition Date, the Debtors have outstanding secured debt owed to senior lender Salus Capital Partners, LLC, of which $14.5 million remains outstanding under a revolving facility and $16.1 million is owed under a term facility. The Debtors also have not less than $17 million outstanding under subordinated term loan agreements with Irving Place Capital Partners III L.P. ("IPC") and related entities. Moreover, the Debtors have aggregate unsecured debts of $47.0 million. The Debtors disclosed $51,574,560 in assets and $85,442,656 in liabilities as of the Chapter 11 filing. Salus, the prepetition senior lender and the DIP lender, is represented by Morgan, Lewis & Bockius, LLP. The prepetition subordinated lenders are represented by Okin Hollander & DeLuca, LLP. The Company has arranged to borrow $36 million to keep operating as it reorganizes under court protection. Otterbourg P.C. serves as counsel to the Official Committee of Unsecured Creditors; and FTI Consulting, Inc., serves as its financial advisor. DYNASIL CORP: Posts $2.1 Million Net Income in Fiscal 2014 ---------------------------------------------------------- Dynasil Corporation of America filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K disclosing net income attributable to common stockholders of $2.07 million on $42.31 million of net revenue for the year ended Sept. 30, 2014, compared to a net loss attributable to common stockholders of $8.72 million on $42.75 million of net revenue for the year ended Sept. 30, 2013. As of Sept. 30, 2014, the Company had $26.37 million in total assets, $12.06 million in total liabilities and $14.31 million in total stockholders' equity. A full-text copy of the Form 10-K is available for free at: http://is.gd/nnBsMj About Dynasil Watertown, Mass.-based Dynasil Corporation of America (NASDAQ: DYSL) -- http://www.dynasil.com/-- develops and manufactures detection and analysis technology, precision instruments and optical components for the homeland security, medical and industrial markets. The Company incurred a net loss of $8.72 million for the year ended Sept. 30, 2013, as compared with a net loss of $4.30 million for the year ended Sept. 30, 2012. As of June 30, 2014, the Company had $26.47 million in total assets, $12.20 million in total liabilities and $14.26 million in total stockholders' equity. Going Concern/Bankruptcy Warning McGladrey LLP, in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2013. The independent auditors noted that the Company is in default with the financial covenants set forth in the terms of its outstanding loan agreements (and may enter into a forbearance arrangement with its lenders) and has sustained substantial losses from operations for the years ended Sept. 30, 2013 and 2012. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. "If our lenders were to accelerate our debt payments, our assets may not be sufficient to fully repay the debt and we may not be able to obtain capital from other sources at favorable terms or at all. If additional funding is required, this funding may not be available on favorable terms, if at all, or without potentially very substantial dilution to our stockholders. If we do not raise the necessary funds, we may need to curtail or cease our operations, sell certain assets and/or file for bankruptcy, which would have a material adverse effect on our financial condition and results of operations," the Company said in its annual report for the year ended Sept. 30, 2013. DYNAVOX INC: Texas Comptroller Balks at Plan Confirmation --------------------------------------------------------- The Texas Comptroller of Public Accounts objected to the confirmation of Dynavox Inc., et al.'s First Amended Plan of Liquidation, stating that must not confirm the Plan until the Plan and Liquidating Trust Agreements make clear that all future franchise tax returns due from the estates and Liquidating Estates are timely filed and all taxes are paid. The Texas Comptroller has potential administrative tax claims in the case for postpetition periods, and potentially for postconfirmation periods. These potential tax claims include franchise tax returns that will become due from the estates or the Liquidating Estates for Texas franchise taxes. As reported in the Troubled Company Reporter on Nov. 21, 2014, Judge Peter J. Walsh approved the disclosure statement explaining the Debtors' first amended joint plan of liquidation and scheduled a confirmation hearing for Dec. 22, 2014, at 2:00 p.m. Any party that objects to Confirmation of the Plan must file and serve its objection and evidence in support thereof by Dec. 15. The Debtors filed with the Bankruptcy Court a plan and accompanying disclosure statement following the sale of substantially all of their assets to Tobii Technology AB for $18 million. All classes of claims under the Plan are unimpaired and holders of the claims are deemed to accept the treatment of their claims. A full-text copy of the First Amended Disclosure Statement dated Nov. 17, 2014, is available at: http://bankrupt.com/misc/DYNAVOXds1117.pdf 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. The Troubled Company Reporter, on May 30, 2014, citing Bill Rochelle, the bankruptcy columnist for Bloomberg News, reported that the Bankruptcy Court approved the sale of DynaVox Inc.'s business for $18 million to Tobii Technology AB from Danderyd, Sweden. The price fully pays $14.5 million in secured debt owing to JEC-BR Partners LLC, a venture between FEC-BR Partners LLC and JEC Capital Partners LLC. EL POLLO LOCO: S&P Withdraws 'B' CCR at Company's Request --------------------------------------------------------- Standard & Poor's Ratings Services withdrew all its ratings on El Pollo Loco Holdings Inc., including the 'B' corporate credit rating and 'B' issue-level rating and '3' recovery rating on the senior secured credit facility, at the company's request. At the time of the withdrawal the outlook was stable. EMMAUS LIFE: Needs Additional Funds to Meet Obligations ------------------------------------------------------- Emmaus Life Sciences, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $3.73 million on $155,644 of net revenues for the three months ended Sept. 30, 2014, compared to a net loss of $4.33 million on $66,129 of net revenues for the same period in the prior year. The Company's balance sheet at Sept. 30, 2014, showed $3.66 million in total assets, $23.62 million in total liabilities and total stockholders' deficit of $19.96 million. The Company had losses for the nine months ended Sept.30, 2014, totaling $17.84 million. In addition, the Company has a significant amount of notes payable and other obligations due within the next twelve months and is projecting that its operating losses and expected capital needs, including the expected costs relating to the commercialization of the Company's pharmaceutical grade L-glutamine treatment for SCD, will exceed its existing cash balances and cash expected to be generated from operations for the foreseeable future. In order to meet the Company's expected obligations, management intends to raise additional funds through equity and debt financings and partnership agreements. However, there can be no assurance that the Company will be able to complete any additional equity or debt financings or enter into partnership agreements. Therefore, due to the uncertainty of the Company's ability to meet its current operating and capital expenses, there is substantial doubt about the Company's ability to continue as a going concern, as the continuation and expansion of its business is dependent upon obtaining further financing, receiving FDA and other regulatory approval of its products, successful and sufficient market acceptance of its products, and finally, achieving a profitable level of operations. A copy of the Form 10-Q is available at: http://is.gd/LvrXyg Emmaus Life Sciences, Inc., is engaged in the discovery, development, and commercialization of treatments and therapies primarily for rare and orphan diseases. This biopharmaceutical company's headquarters is in Torrance, California. ENERGY FUTURE: Authorized to Ink Deal on Comache Peak Venture ------------------------------------------------------------- The Bankruptcy Court authorized certain debtors in the Chapter 11 cases of Energy Future Holdings Corp., et al., to enter into agreements regarding Mitsubishi Heavy Industries, Ltd., et al.'s withdrawal from Comache Peak Joint Venture. Luminant is also authorized to pay (a) the costs associated with preserving the license application and (b) property taxes related to the site of the new units, together in the aggregate amount not to exceed $125,000 each calendar year. As reported in the Troubled Company Reporter on Nov. 28, 2014, the Debtors asked the Bankruptcy Court for authorization to enter into certain agreement providing for the withdrawal of the participation of Mitsubishi Heavy Industries, Ltd. and its affiliates, Mitsubishi Nuclear Energy Systems, Inc. and MHI Nuclear North America, Inc., from the Comanche Peak Joint Venture. By the motion, the Debtors also request that the Comanche Peak Joint Venture be wholly owned and controlled by the Debtors. Together with Luminant and Luminant's parent entity, EFH Corp., the entities formed a joint venture for the purposes of holding the assets of, and conducting the development, construction, and operating activities of, two new nuclear generation units and the use of an advanced type of nuclear reactor at the New Units called the US-Advanced Pressurized Water Reactor. The terms were memorialized in a limited liability company agreement, as amended in January 2009. The withdrawal agreements consist of, among other things redemption of MHI's Interests in the Comanche Peak Joint Venture. MHI will relinquish its membership interests in the Comanche Peak Joint Venture or claims related to the assets or operations of Comanche Peak LLC and existing and future nuclear units built by Comanche Peak LLC. 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. ENERGY FUTURE: Panel Has Until Feb. 12 to Challenge Stipulations ---------------------------------------------------------------- The Bankruptcy Court approved a stipulation and consent order extending certain the Official Committee of Unsecured Creditors' challenge deadline in the final order authorizing Energy Future Holdings Corp., et al. to use cash collateral. The stipulation provides that, among other things, the deadline established for parties-in-interest, including without limitation, the creditors committee, to challenge the stipulations and admissions contained in the final cash collateral order is extended to Feb. 12, 2015, subject to further extensions by written agreement. The stipulation was entered among the Debtors; Wilmington Trust, N.A., as successor collateral agent and successor administrative agent under that certain credit agreement dated as of Oct. 10, 2007, as amended; Delaware Trust Company formerly known as CSC Trust Company of Delaware, as successor indenture Trustee under that certain indenture dated April 19, 2011, for the 11.5% senior secured notes due Oct. 1, 2020, and the unofficial committee of certain unaffiliated holders of, inter alia, first lien senior secured claims against the TCEH Debtors. On June 6, 2014, the Court entered the final order authorizing the use of cash collateral for Texas Competitive Electric Holdings Company LLC and certain of its debtor affiliates. Thereafter, the Court entered several stipulation and consent orders extending certain deadline in the final cash collateral order. 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. EVERYWARE GLOBAL: Daniel Taylor Quits as SVP Operations ------------------------------------------------------- Daniel Taylor, senior vice president operations & Supply Chain of EveryWare Global, Inc., resigned from the Company effective Jan. 2, 2015, according to a regulatory filing with the U.S. Securities and Exchange Commission. Meanwhile, the Company entered into a confidential separation agreement and general release with Umberto Filice in connection with his previously announced departure. The Filice Agreement provides, among other things, that Mr. Filice' separation will be effective on Jan. 9, 2015, and the Company will pay a lump-sum payment in the amount of $50,000, less all applicable withholdings and taxes. In the Filice Agreement, Mr. Filice agreed to certain confidentiality and non-disparagement covenants with the Company and released and discharged past and present claims against the Company, its current, former, and successor affiliates (including without limitation its subsidiary, Anchor Hocking, LLC), and its current and former directors, officers, owners, employees, employee benefit plans and agents. About EveryWare EveryWare Global, Inc. is a global marketer of tabletop and food preparation products for the consumer and foodservice markets, with operations in the United States, Canada, Mexico, Latin America, Europe and Asia. Its global platform allows it to market and distribute internationally its total portfolio of products, including bakeware, beverageware, serveware, storageware, flatware, dinnerware, crystal, buffetware and hollowware; premium spirit bottles; cookware; gadgets; candle and floral glass containers; and other kitchen products, all under a broad collection of widely-recognized brands. For the six months ended June 30, 2014, the Company reported a net loss of $65.29 million on $194.63 millin of total revenues compared to a net loss of $2 million on $200.18 million of total revenues for the same period during the prior year. As of June 30, 2014, the Company had $274.33 million in total assets, $400.64 million in total liabilities and a $126.30 million total stockholders' deficit. * * * As reported by the TCR on Aug. 6, 2014, Standard & Poor's Ratings Services raised its corporate credit rating on EveryWare Global Inc. to 'CCC+' from 'CCC-'. "The upgrade reflects our view that a default scenario is less likely as a result of a $20 million investment from majority owner, Monomoy Capital Partners, in addition to a waiver received for the covenant default in the quarter ended March 2014 and the expected covenant default in the quarter ended June 2014. FOREST OIL: Sells Arkoma Assets to Camterra for $185 Million ------------------------------------------------------------ Forest Oil Corporation entered into an agreement for purchase and sale of assets with Camterra Resources Partners, Ltd, on Nov. 17, 2014. Pursuant to the purchase and sale agreement, Forest agreed to sell to Camterra natural gas properties located in the Arkoma Basin and various other related assets. The transaction closed on Dec. 15, 2014, according to a regulatory filing with the U.S. Securities and Exchange Commission. The sales price of the Arkoma Assets was approximately $185 million, subject to customary adjustments to reflect an economic effective date of Oct. 1, 2014. Forest received $9 million of the sales price as a deposit upon execution of the purchase and sale agreement and $175 million at closing. In a separate regulatory filing with the SEC, Forest Oil registered 20 million shares of common stock issuable under the Company's 2014 Long Term Incentive Plan for a proposed maximum aggregate offering price of $7.7 million. A full-text copy of the Form S-8 is available for free at http://is.gd/XRMb18 About Forest Oil Forest Oil is an independent oil and gas company engaged in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids ("NGLs") primarily in North America. Ernst & Young LLP, in Denver, Colorado, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent accounting firm noted that the Company has determined that it expects to fail a financial covenant in its Credit Facility sometime prior to the end of 2014, which could result in the acceleration of all borrowings thereunder and the Company's senior unsecured notes due 2019 and 2020. This raises substantial doubt about the Company's ability to continue as a going concern. The Company's balance sheet at Sept. 30, 2014, the Company had $927.48 million in total assets, $1.07 billion in total liabilities and a $148.03 million total shareholders' deficit. * * * As reported by the TCR on Aug. 25, 2014, Standard & Poor's Ratings Services said that its 'B-' corporate credit rating and its other ratings on Denver-based Forest Oil Corp. remain on CreditWatch with positive implications, pending the close of a merger transaction with Sabine Oil & Gas LLC. GREAT NORTHERN PAPER: Judge Approves Sale of Paper Mill ------------------------------------------------------- The Associated Press reported that U.S. Bankruptcy Judge Louis Kornreich in Bangor, Maine, has approved the $10.5 million sale of Great Northern Paper's shuttered paper mill to Wisconsin-based Expera Specialty Solutions that wants to reopen it and bring back about 200 workers by year's end. According to AP, the deal with Expera calls for the buyer to purchase for $7.3 million in cash and $3.2 million later. As previously reported by The Troubled Company Reporter, citing The Wall Street Journal, GNP was selling its assets for $5.4 million to Los Angeles-based Hackman Capital Partners, an investment firm that focuses on the purchase and sale of industrial real estate and equipment. Hackman has said it doesn't intend to operate the Great Northern mills themselves and isn't planning to hang onto the assets for long. Hackman's offer beat out a $2.6 million offer from Capital Recovery Group, which led the bidding, the Journal related. About Great Northern Paper Headquartered in Millinocket, Maine, Great Northern Paper, Inc., one of the largest producers of groundwood specialty papers in North America, filed for chapter 11 protection on January 9, 2003 (Bankr. Maine, Case No. 03-10048). Alex M. Rodolakis, Esq., and Harold B. Murphy, Esq., at Hanify & King, P.C., represented the Debtor. When the Company filed for chapter 11 protection, it listed debts and assets of more than $100 million each. In early 2003, Belgravia purchased substantially all of the Debtor's assets for approximately $75 million. The Maine Bankruptcy Court converted the Debtor's case to a chapter 7 liquidation proceeding on May 22, 2003. Gary M. Growe was the chapter 7 Trustee for the Debtor's estate. Jeffrey T. Piampiano, Esq., at Drummond Woodsum & MacMahon represented the chapter 7 Trustee. GNP Maine Holdings LLC, dba Great Northern Paper Company, filed a voluntary petition for Chapter 7 bankruptcy on Sept. 22 (Bankr. D. Del. Case No. 14-12179) in Wilmington, Delaware. The next day, three of Great Northern's trade creditors filed an involuntary Chapter 7 petition (Bankr. D. Maine Case No. 14-10756). GREEN MOUNTAIN: Dec. 23 Non-Government Claims Bar Date Set ---------------------------------------------------------- The Bankruptcy Court, in an amended and restated order, established Dec. 23, 2014, as the deadline for individuals or entities to file non-government proof of claims against Green Mountain Management, LLC. About Green Mountain Green Mountain Management, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 14-64287) on July 25, 2014. The petition was signed by Daniel B. Cowart, sole member of Georgia Flattop Partners, LLC, and chairman of Green Mountain Management, LLC. The case is assigned to Judge Barbara Ellis- Monro. The Debtor estimated $10 million to $50 million in assets and debt. Georgia Flattop Partners, LLC is the managing member and holders of 93% of the stock. The Debtor is represented by Sage M. Sigler, Esq., at Alston & Bird, LLP, in Atlanta. Daniel B. Cowart has retained as counsel Jimmy C. Luke II, of MARTIN BAGWELL LUKE, P.C. UMB Bank serves as Indenture Trustee. It has retained as counsel Kevin J. Walsh, Esq. and Colleen A. Murphy, Esq. of MINTZ, LEVIN, COHN, FERRIS, GLOVSKY & POPEO, P.C. In a Nov. 14, 2014 term sheet, the Debtor and UMB Bank agreed that Lee Katz will replace Dan Coward as "GMM Manager" with full decision making and operational authority over the Debtors. The agreement resolves UMB Bank's previous move for an appointment of a Chapter 11 trustee in the Debtor's case. GREEN MOUNTAIN: Gets Final Approval to Use Cash Collateral ---------------------------------------------------------- The Bankruptcy Court, in a final order dated Dec. 5, 2014, authorized Green Mountain Management, LLC, et al., to use cash collateral; and granting adequate protection to the indenture trustee. In a previous order, Bankruptcy Judge Barbara Ellis-Monro authorized the fourth interim access of the cash collateral. As reported in the Troubled Company Reporter on Aug. 19, 2014, Sherri Toub, substituting for Bill Rochelle, the bankruptcy columnist for Bloomberg News, reported that the Debtors were funded by $17 million in bonds issued by the Solid Waste Disposal Authority of the city of Adamsville, Alabama. About Green Mountain Green Mountain Management, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 14-64287) on July 25, 2014. The petition was signed by Daniel B. Cowart, sole member of Georgia Flattop Partners, LLC, and chairman of Green Mountain Management, LLC. According to the docket, the Debtor's Chapter 11 plan and disclosure statement are due Nov. 24, 2014. The Debtor estimated $10 million to $50 million in assets and debt. Georgia Flattop Partners, LLC is the managing member and holders of 93% of the stock. The case is assigned to Judge Barbara Ellis-Monro. The Debtor is represented by Sage M. Sigler, Esq., at Alston & Bird, LLP, in Atlanta. GREEN INNOVATIONS: Revenue Needed to Continue as Going Concern -------------------------------------------------------------- Green Innovations Ltd. filed its quarterly report on Form 10-Q, reporting a net loss of $2.06 million on $733,262 of total revenue for the three months ended Sept. 30, 2014, compared with a net loss of $2.28 million on $748,000 of total revenue for the same period in 2013. The Company's balance sheet at Sept. 30, 2014, showed $2.21 million in total assets, $10.9 million in total liabilities, and a stockholders' deficit of $8.74 million. According to the regulatory filing, the Company sustained net losses of $5,809,404 and used cash in operating activities of $800,755 for the nine months ended Sept. 30, 2014. The Company had working capital deficit, stockholders' deficiency and accumulated deficit of $4,030,889, $8,741,452 and $15,350,064, respectively, at Sept. 30, 2014. These factors raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The Company's continuation as a going concern is dependent upon its ability to generate revenues and its ability to continue receiving investment capital and loans from third parties to sustain its current level of operations. A copy of the Form 10-Q is available at: http://is.gd/lBBtsE About Green Innovations Cape Coral, Fla.-based Green Innovations Ltd. (OTC QB: GNIN) (OTC BB: GNIN) was formed to develop an Internet social website that catered to wine lovers. In August 2012, with the acquisition of Green Hygienics, Inc., the Company changed its operations to the business of importing and distributing bamboo-based hygienic products. The prior operations of the Company have been abandoned effective with the acquisition of Green Hygienics. GT ADVANCED: Goldman, Morgan Stanley Hit With Investor Suit ----------------------------------------------------------- Law360 reported that pension fund Norfolk County Retirement System slapped Goldman Sachs & Co., Morgan Stanley & Co. LLC and officers of bankrupt sapphire manufacturer GT Advanced Technologies Inc. with the latest shareholder class action in New Hampshire federal court stemming from its ill-fated $578 million contract with Apple Inc. According to the report, the pension fund accuses the defendants of violating federal securities laws by issuing false and misleading statements that hid the breadth of the cost overruns and delays plaguing a 1.4 million-square-foot Arizona sapphire production facility that GT began retrofitting after Apple put up a $578 million loan. About GT Advanced Technologies Headquartered in Merrimack, New Hampshire, GT Advanced Technologies Inc. -- http://www.gtat.com/-- produces materials and equipment for the electronics industry. On Nov. 4, 2013, GTAT announced a multiyear supply deal with Apple Inc. to produce sapphire glass material for use in consumer electronics products. Under the deal, Apple would provide GTAT with a prepayment of approximately $578 million paid in four installments and, starting in 2015, GTAT would reimburse Apple for the prepayment over a five-year period. GT is a publicly held corporation whose stock was traded on NASDAQ under the ticker symbol "GTAT." GTAT was de-listed from the NASDAQ stock exchange in October 2014. 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 eight 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 brought about by its issues with Apple. The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP as attorneys and Kurtzman Carson Consultants LLC as claims and noticing agent. The U.S. Trustee has named seven members to the Official Committee of Unsecured Creditors. The Committee' professionals are Kelley Drye as its bankruptcy counsel; Devine, Millimet & Branch, Professional Association as local counsel; EisnerAmper LLP as financial advisors; and Houlihan Lokey Capital, Inc. as investment banker. GTAT has reached a settlement with Apple. The settlement gives Apple an approved claim for $439 million secured by more than 2,000 sapphire furnaces that GT Advanced owns and has four years to sell, with proceeds going to Apple. In addition, Apple gets royalty-free, non-exclusive licenses for GTAT's technology. GYPSUM MANAGEMENT: S&P Assigns 'B' Corp. Credit Rating ------------------------------------------------------ Standard & Poor's Ratings Services said it assigned its 'B' corporate credit rating to Tucker, Ga.-based Gypsum Management & Supply Inc. The outlook is stable. At the same time, S&P assigned its 'B' issue-level rating (same as the corporate credit rating) and '3' recovery rating to GYP Holdings III Corp.'s $390 million first-lien term loan. The '3' recovery rating on the term loan indicates S&P's expectation for meaningful (50% to 70%) recovery in the event of payment default. In addition, S&P assigned its 'CCC+' issue-level rating (two notches below the corporate credit rating) and '6' recovery rating to GYP Holdings III Corp.'s $160 million second-lien term loan. The '6' recovery rating on the term loan indicates S&P's expectation for negligible (0% to 10%) recovery in the event of payment default. "The stable outlook reflects our expectation that Gypsum's forecast 2015 leverage and FFO to debt will be higher than 5x and lower than 12%, respectively, commensurate with a highly leveraged financial risk profile," said Standard & Poor's credit analyst Maurice Austin. "The outlook also reflects our expectation that liquidity will remain adequate to meet all of the company's obligations and that availability under the secured revolving credit facility will be adequate to fund working capital and capital spending requirements." S&P is unlikely to upgrade the company over the next year given its ownership by a private equity firm and high debt leverage. Based on S&P's criteria, it would continue to view financial risk as highly leveraged even if debt to EBITDA did drop below 5x for a period of time. S&P views a downgrade to be unlikely over the next 12 months based on its expectation for favorable market conditions for Gypsum's business over that timeframe. However, S&P would lower its rating if the U.S. housing recovery stalled, resulting in S&P's assessment of liquidity to be "less than adequate." This could occur if the ABL availability declined below $15 million. HAMPTON BAY DINER: Case Summary & 18 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Hampton Bay Diner Corp. 157 W Montauk Highway Hampton Bays, NY 11946 Case No.: 14-75577 Chapter 11 Petition Date: December 17, 2014 Court: United States Bankruptcy Court Eastern District of New York (Central Islip) Judge: Hon. Robert E. Grossman Debtor's Counsel: Lane M Bubka, Esq. BUBKA LAW GROUP 214 Roanoke Avenue Riverhead, NY 11901 Tel: 631-358-5775 Fax: 631-358-5775 Email: lane@bubkalawgroup.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Maria Vlahadamis, president. A list of the Debtor's 18 largest unsecured creditors is available for free at http://bankrupt.com/misc/nyeb14-75577.pdf HERCULES OFFSHORE: Files Fleet Status Report as of Dec. 16 ---------------------------------------------------------- Hercules Offshore, Inc., posted on its Web site at http://www.herculesoffshore.com/a report entitled "Hercules Offshore Fleet Status Report". The Fleet Status Report includes the Hercules Offshore Rig Fleet Status (as of Dec. 16, 2014), which contains information for each of the Company's drilling rigs, including contract dayrate and duration. The Fleet Status Report also includes the Hercules Offshore Liftboat Fleet Status Report, which contains information by liftboat class for November 2014, including revenue per day and operating days. The Fleet Status Report is available for free at http://is.gd/477R9O About Hercules Offshore Hercules Offshore Inc. (NASDAQ: HERO) -- http://www.herculesoffshore.com/-- provides shallow-water drilling and marine services to the oil and natural gas exploration and production industry in the United States, Gulf of Mexico and internationally. The Company provides these services to integrated energy companies, independent oil and natural gas operators and national oil companies. The Company operates in six business segments: Domestic Offshore, International Offshore, Inland, Domestic Liftboats, International Liftboats and Delta Towing. Hercules incurred a net loss of $68.11 million in 2013, a net loss of $127 million in 2012 and a net loss of $76.12 million in 2011. As of Sept. 30, 2014, the Company had $2.19 billion in total assets, $1.42 billion in total liabilities and $767.41 million in stockholders' equity. * * * The Troubled Company Reporter said on April 11, 2013, that Moody's Investors Service upgraded Hercules Offshore, Inc.'s Corporate Family Rating to B2 from B3. Hercules' B2 CFR is supported by its improved cash flow and lower leverage on the back of increased drilling activity and higher day-rates in the Gulf of Mexico (GOM) Standard & Poor's Ratings Services revised its outlook to negative from stable on Houston-based Hercules Offshore Inc. and affirmed its 'B' corporate credit rating on the company, the TCR reported on Nov. 3, 2014. "Our ratings on Hercules reflect our assessment of the company's 'vulnerable' business risk profile and 'aggressive' financial risk profile," said Standard & Poor's credit analyst Stephen Scovotti. Rating factors include the company's participation in the highly volatile and competitive shallow-water drilling and marine services segments of the oil and gas industry, the elevated age of the company's jack-up rig fleet, S&P's expectation of moderate free cash flow over the next 12 months, and Hercules' "adequate" liquidity position. HOSPITALITY STAFFING: Wants Case Dismissal, Payment of Fees OK'd ---------------------------------------------------------------- Hospitality Liquidation I, LLC, formerly known as HSS Holding, LLC, et al., ask the Bankruptcy Court to (i) approve the dismissal of their Chapter 11 cases; (ii) authorize the payment of accrued and unpaid administrative claims, including professional fees and all U.S. Trustee fees; (iii) authorize payment of all remaining funds toward satisfaction of the DIP financing, approved professional fees and all U.S. Trustee fees; and (iv) approve the dissolution of the Debtors. The Debtors propose that the Court consider the matter at a hearing on Jan. 2, 2015, at 9:30 a.m. Objections, if any, are due Dec. 26, 2014, at 4:00 p.m. About Hospitality Staffing Solutions Hospitality Staffing Solutions, LLC (HSS) -- http://www.hssstaffing.com-- is a hospitality staffing company. Established in 1990, the company's team of hotel industry experts works with 4 and 5 star properties in 35 states and 62 markets across the country. Hospitality Staffing Solutions and various affiliates filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead Case No. 13-12740) on Oct. 24, 2013, before Judge Brendan Linehan Shannon. The Debtors are represented by Mark Minuti, Esq., at Saul Ewing LLP, in Wilmington, Delaware; and Jeffrey C. Hampton, Esq., Monique Bair DiSabatino, Esq., and Ryan B. White, Esq., at Saul Ewing LLP, in Philadelphia, Pennsylvania. The Debtors' financial advisor is Conway Mackenzie, Inc., and their investment banker is Duff & Phelps Corp. Epiq Systems, Inc., is the Debtors' claims and noticing agent. HSS Holding disclosed assets of undetermined amount and liabilities of $22,910,994. The investor group is providing DIP financing. They are represented by Scott K. Charles, Esq., and Neil M. Snyder, Esq., at Wachtell, Lipton, Rosen & Katz, in New York; and Derek C. Abbott, Esq., at Morris, Nichols, Arsht & Tunnell LLP, in Wilmington, Delaware. Roberta A. DeAngelis, U.S. Trustee for Region 3, has notified the Bankruptcy Court that she was unable to appoint a committee of unsecured creditors in the Debtors' cases as there was insufficient response to the U.S. Trustee communication/contact for service on the committee. The Debtors filed for bankruptcy to facilitate a sale of the business to HS Solutions Corporation, an entity formed by LJC Investments I, LLC and a group of investors including Littlejohn Opportunities Master Fund, L.P., Caymus Equity Partners and Management, and SG Distressed Debt Fund LP. The investor group acquired $22.9 million of the secured bank debt on Oct. 11, 2013. That debt is in default. The asset purchase agreement with HS Solutions was approved by the Court on Dec. 13, 2013. The sale closed on Jan. 24, 2014. INFINITY ENERGY: Incurs $1.9 Million Net Loss in March 31 Qtr. -------------------------------------------------------------- Infinity Energy Resources, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a loss applicable to common shareholders of $1.91 million for the three months ended March 31, 2014, compared to a loss applicable to common shareholders of $2.14 million for the same period in 2013. As of March 31, 2014, the Company had $10.51 million in total assets, $12.69 million in total liabilities and a $2.18 million total stockholders' deficit. "We plan to raise long-term capital to satisfy the foregoing needs through an offering of our equity or debt securities and/or through a commercial relationship with other industry operators, which may involve the granting of revenue or other interests in the Nicaraguan Concessions in exchange for cash and a carried interest in exploration and development operations or the creation of a joint venture or other strategic partnership. There can be no assurance that we will obtain such funding or obtain it on terms acceptable to us. Further, if we cannot meet our obligations respecting the Nicaraguan Concessions, we will lose our rights to them. "Due to the uncertainties related to these matters, there exists substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should we be unable to continue as a going concern," the Company stated in the Quarterly Report. A full-text copy of the Form 10-Q is available at: http://is.gd/JR2E4i About Infinity Energy Overland Park, Kansas-based Infinity Energy Resources, Inc., and its subsidiaries, are engaged in the acquisition and exploration of oil and gas properties offshore Nicaragua in the Caribbean Sea. Infinity Energy disclosed net income of $2.90 million for the year ended Dec. 31, 2012, as compared with a net loss of $3.52 million during the prior year. Infinity Energy reported a net loss applicable to common shareholders of $5.58 million for the year ended Dec. 31, 2013, compared to net income applicable to common shareholders of $894,570 for the year ended Dec. 31, 2012. As of Dec. 31, 2013, the Company had $10.49 million in total assets, $11.71 million in total liabilities, $1.65 million in redeemable, convertible preferred stock, and a $2.87 million total stockholders' deficit. EKS&H LLLP, in Denver, Colorado, 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 losses, has no on-going operations, and has a significant working capital deficit, which raises substantial doubt about its ability to continue as a going concern. INVERSIONES ALSACIA: Reorganization Plan Declared Effective ----------------------------------------------------------- Inversiones Alsacia S.A. on Dec. 17 announced the successful completion of its restructuring process. On Dec. 17, the Effective Date of the prepackaged plan of reorganization, the Company issued new 8.0% Senior Secured Notes due 2018 pursuant to an Indenture, dated December 17, 2014, by and among the Company, The Bank of New York Mellon, as U.S. trustee, principal paying agent, transfer agent and registrar, and Banco Santander Chile, as Chilean trustee. The New Notes was set to be issued on Dec. 17, along with a cash payment in an amount equal to the interest accruing from and including October 1, 2014 through and excluding today, the issue date of the New Notes, on the aggregate of: (a) the principal amount of the Company's existing 8.0% Senior Secured Notes due 2018 and (b) the accrued and unpaid interest thereon at a rate of 8.0% per annum through and including September 30, 2014, to qualified holders of the Existing Notes that tendered their Existing Notes prior to December 11, 2014 in accordance with the procedures described in the Plan and on two subsequent distribution dates to qualified holders of the Existing Notes that complete the procedures described in the Plan (including submitting a Letter of Transmittal) prior to June 15, 2015. Non- qualified holders will receive certain cash payments, including the Catch-Up Cash Payment, as further described in the Plan. The Plan was previously confirmed by the United States Bankruptcy Court for the Southern District of New York on December 4, 2014. As a result of the issuance of the Notes and the satisfaction of the other conditions precedent in the Plan, the Effective Date has occurred. As previously announced, the Company did not experience during its reorganization process and does not expect to experience any disruptions in its operations. Specifically, the Company expects to continue to: * operate its full schedule of services to the citizens of Santiago; * provide its employees with wages, healthcare coverage, vacation days, and similar benefits without interruption; and * pay suppliers for goods and services received throughout the reorganization process. No other creditors or suppliers have been, or should be, affected by the restructuring of the Existing Notes implemented in accordance with the Plan. The Company remains current on all of its other obligations as of the date of this announcement. A Company spokesperson commented: "The Company is pleased to have completed the restructuring process, and looks forward to continuing to provide uninterrupted bus services to the citizens of Santiago and continuing to meet its obligations to its vendors and employees." About Alsacia Inversiones Alsacia, together with its affiliate, Express de Santiago Uno S.A., are collectively the largest operator in the Transantiago Transportation System, transporting approximately 800,000 passengers every day, throughout 35 communities in Santiago, Chile, which accounts for more than 30% of the passengers in Transantiago. Alsacia and Express have the right to provide the transportation services pursuant to concession agreements with Chile's Ministry of Transportation and Telecommunications, which agreements expire October 2018. Alsacia and Express belong to non-debtor Global Public Services S.A. ("GPS Group"), an international holding company with interests in public passenger transportation, environmental solutions, outsourcing services and real estate development in Chile, Colombia, Panama, Peru and the United States of America. The GPS Group is controlled by Carlos Mario Rios Velilla and Francisco Javier Rios Velilla and several of their affiliates. Alsacia and Express and three affiliates sought bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code in Manhattan, New York (Bankr. S.D.N.Y.) on Oct. 16, 2014, with a prepackaged plan that would restructure $347.3 million in senior secured notes but leave other creditors and the owners unimpaired. The cases are pending before the Honorable Martin Glenn and the Debtors have requested that their cases be jointly administered under Case No. 14-12896. The Debtors have tapped Cleary Gottlieb Steen & Hamilton, LLP, as bankruptcy counsel, FTI Consulting as financial advisor, and Prime Clerk LLC as claims and balloting agent. The Court will consider adequacy of disclosure materials and approval of the prepackaged Chapter 11 plan at a hearing schedules for Dec. 4. The Plan contemplates that the companies can implement a planned exchange offer with holders of $347.3 million in senior secured notes. INERGETICS INC: Israelian Has 9.9% Stake as of Dec. 12 ------------------------------------------------------ In a Schedule 13G filed with the U.S. Securities and Exchange Commission, John Israelian and Seahorse Enterprises LLC disclosed that as of Dec. 12, 2014, they beneficially owned 13,289,584 shares of common stock of Inergetics, Inc., representing 9.99 percent of the shares outstanding. A copy of the regulatory filing is available for free at http://is.gd/oXRiZw About Inergetics Inc. Paramus, N.J.-based Inergetics, Inc., formerly Millennium Biotechnologies Group, Inc., is a holding company for its subsidiary Millennium Biotechnologies, Inc. Millennium is a research based bio-nutraceutical corporation involved in the field of nutritional science. Millennium's principal source of revenue is from sales of its nutraceutical supplements, Resurgex Select(R) and Resurgex Essential(TM) and Resurgex Essential Plus(TM) which serve as a nutritional support for immuno-compromised individuals undergoing medical treatment for chronic debilitating diseases. Millennium has developed Surgex for the sport nutritional market. The Company's efforts going forward will focus on sales of Surgex in powder, bar and ready to drink forms. Inergetics reported a net loss applicable to common shareholders of $5.74 million in 2013 following a net loss applicable to common shareholders of $5.45 million in 2012. As of Sept. 30, 2014, the Company had $2.16 million in total assets, $15.78 million in total liabilities, $8.95 million in preferred stock, and a $22.57 million total stockholders' deficit. IPALCO ENTERPRISES: S&P Affirms 'BB+' ICR on Sale Agreement ----------------------------------------------------------- Standard & Poor's Ratings Services said it affirmed its 'BB+' issuer credit rating on IPALCO Enterprises Inc. and its operating subsidiary Indianapolis Power & Light. The outlook is stable. The rating affirmation follows AES' announcement that it has reached a definitive agreement to sell 15% of its ownership interest in AES US Investments Inc., a wholly owned subsidiary of AES that owns 100% of IPALCO Enterprises Inc., for $244 million to La Caisse de depot et placement du Quebec (CDPQ). In addition, CDPQ has agreed to invest approximately $349 million in IPALCO through 2016 in exchange for a 17.65% equity stake, bringing its total ownership interest to roughly 30% of IPALCO. S&P expects the proceeds to finance existing growth and environmental projects at Indianapolis Power & Light. S&P expects CDPQ to have adequate representation on the board along with an active economic interest in IPALCO and for the companies to keep structural protection measures in place that will enable us to continue to differentiate the ratings of IPALCO and AES. "The stable outlook on the ratings reflects our expectation that IPALCO Enterprises Inc. will maintain consistent financial policies and not issue additional debt to support dividends to The AES Corp.," said Standard & Poor's credit analyst Matthew O'Neill. "Should IPALCO Enterprises Inc. do so, our analysis of the company's financial policy would be significantly altered, and we would most likely lower the ratings." Under Standard & Poor's baseline forecast, S&P expects IPALCO's funds from operations (FFO) to debt to equal about 10% to 13% and debt to EBITDA of 5x over the next three years. Fundamental to S&P's forecast is the timing and the ultimate cost of the environmental capital spending and a gradual economic recovery. S&P would lower the ratings if it downgraded AES and no additional insulation measures were put in place. S&P could also downgrade IPALCO if the stand-alone credit profile were to weaken and financial measures such as FFO to debt weakened to less than 9% and debt to EBITDA rose to more than 5.5x on a sustained basis. Absent further enhancement to the insulation provisions, higher ratings at IPALCO and IP&L are unlikely at this time. S&P could raise the ratings if it raises the ratings on AES. IPC INTERNATIONAL: Jan. 15 Trust Claims Bar Date Set ---------------------------------------------------- The Bankruptcy Court set procedures and deadlines for filing claims against IPC International Corporation, et al., with respect to Known Trust Claims and Unknown Trust Claims. The bar date order requires all persons or entities that have or assert any claims for pre-closing Indemnity Obligations against the Trust Assets to file a Proof of Trust Claim with the third party administrator, Carl Warren & Company so that the Proof of Trust Claim is actually received by the TPA on or before the bar dates. The Trust Claims Bar Date Order established these deadlines for filing Proof of Trust Claims: a) the bar date to file a Proof of Trust Claim with respect to a Known Trust Claim, is Jan. 15, 2015, at 4:00 p.m. b) the last time for all persons and entities, to file a Proof of Trust Claim with respect to an Unknown Trust Claim is the earlier of (i) 45 days after the participant first has knowledge that there is a potential claim against it for which there may be a Trust Claim for Pre-Closing Indemnity Obligations, and (ii) Nov. 25, 2019. Proofs of Trust Claim will be filed either (i) by mailing or (ii) by delivering by hand or overnight courier the original Proof of Trust Claim to the TPA at this address: CSC-LAWYERS INCORPORATING SERVICE Attention: Carl Warren & Co.- IPC Claims Administration 2710 Gateway Oaks Drive, Suite 150N Sacramento, CA 95833-3505 About IPC International Based in Bannockburn, Illinois, IPC International Corp., a provider of security services for 350 shopping malls, filed a petition for Chapter 11 protection (Bankr. D. Del. Case No. 13-12050) on Aug. 9, 2013, in Delaware after signing a contract for Universal Protection Services LLC to buy the business, subject to higher and better offers at an auction. Bankruptcy was the result of losses on a U.K. affiliate that was sold, as well as competition and the cost of liability insurance. Scott M. Strong signed the petition as chief financial officer. The Debtor estimated assets and debts of at least $10 million. Jeremy William Ryan, Esq., and Etta R. Mayers, Esq., at Potter Anderson & Corroon, LLP, serves as local counsel. Paul V. Possinger, Esq., and Brandon W. Levitan, Esq., at Proskauer Rose, LLP, serve as the Debtor's general bankruptcy counsel. Silverman Consulting, LLC, acts as the Debtor's financial advisor and Livingstone Partners, LLP, serves as the Debtor's investment banker. KCC is the Debtor's noticing, claims and balloting agent. Judge Mary F. Walrath presides over the case. The Debtor disclosed $21,959,100 in assets and $31,056,575 in liabilities as of the Chapter 11 filing. Liabilities include $6.9 million on a revolving credit and $10.4 million on term loans owing to PrivateBank & Trust Co., as agent. PrivateBank also provided a $12 million loan to finance the Chapter 11 case. The DIP loan required quick sale. A three-member panel has been appointed as the official unsecured creditors committee in the case. The panel consists of Weinberg, Wheeler, Hudgins, Gunn & Dial, LLC; Mary Carmona-Rousse; and Drew Eckl & Farnham, LLP. In October 2013, IPC International won authorization to sell the business for $25.4 million to Universal Protection Services. Allied Security Holdings LLC, a competing bidder, forced Universal to raise the offer at an auction early in October. Universal initially offered $21.3 million plus assumption of specified liabilities. KIOR INC: Files Debt-for-Equity Chapter 11 Plan ----------------------------------------------- Kior Inc. filed with the U.S. Bankruptcy Court for the District of Delaware a Chapter 11 plan of reorganization and accompanying disclosure statement, which propose that all of the Debtor's existing equity interests will be cancelled and the Debtor will issue new equity interests to the holders of DIP Financing Claims and prepetition First Lien Claims in exchange for the cancellation of $16 million of indebtedness. Subject to the Auction, the Reorganized Debtor will be funded through an Exit Facility consisting of a new term loan and a conversion of $15,273,500 of the DIP Financing Claims and the Debtor's prepetition First Lien Claims. All general unsecured creditors whose Allowed claims total less than $5,000, or who agree to reduce all their Allowed unsecured claims to $5,000, will be entitled to opt in and receive, in lieu of the treatment accorded to the holders of general unsecured claims, a single payment equal to 50% of the total of their Allowed Claims; provided, however, that in no event will the aggregate amount of all payments on account of claims in this Class (Class 8) exceed $75,000. Sherri Toub, a bankruptcy columnist for Bloomberg News, reported that the Debtor has obtained approval of procedures governing the bidding of its assets. The "stalking-horse" lender group, which includes Khosla Ventures III LP, agreed at the outset of the case to consummate a comprehensive restructuring transaction involving largely all of the company assets through a plan to be filed by Kior, the Bloomberg report related. According to the Bloomberg report, other interested bidders have until Jan. 7 to submit competing offers with a cash component of at least $17.135 million, to be followed by an auction scheduled for Jan. 9. A full-text copy of the Disclosure Statement dated Dec. 15 is available at http://bankrupt.com/misc/KiORds1215.pdf About Kior Inc. KiOR, Inc., and wholly owned subsidiary KiOR Columbus, LLC, are development stage, renewable fuels companies based in Pasadena, Texas and Columbus, Mississippi, respectively. KiOR, Inc., was founded in 2007 as a joint venture between Khosla Ventures, LLC, and BIOeCon B.V. KiOR Inc.'s primary business is the development and commercialization of a ground-breaking proprietary technology designed to generate a renewable crude oil from non-food cellulosic biomass. KiOR, Inc. filed a Chapter 11 petition (Bankr. D. Del. Case No. 14-12514) on Nov. 9, 2014, in Delaware. Through the chapter 11 case, the Debtor intends to reorganize its business or sell substantially all of its assets so that it can continue its core research and development activities. KiOR Columbus did not seek bankruptcy protection. The Debtor disclosed $58.27 million in assets and $261.3 million in liabilities as of June 30, 2014. The Debtor is represented by Mark W. Wege, Esq., Edward L. Ripley, Esq., and Eric M. English, Esq., at King & Spalding, LLP, in Houston, Texas; and John Henry Knight, Esq., Michael Joseph Merchant, Esq., and Amanda R. Steele, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware. The Debtor's financial advisor is Alvarez & Marsal. Guggenheim Securities, LLC, is the Debtor's investment banker. Epiq Bankruptcy Solutions, LLC, is the Debtor's claims and noticing agent. Pasadena Investments, LLC, as administrative agent for a consortium of lenders, committed to provide up to $15,000,000 in postpetition financing. The DIP Agent is represented by Thomas E. Patterson, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, in Los Angeles, California, and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware. LAVA COMPANY: Case Summary & 14 Unsecured Creditors --------------------------------------------------- Debtor: The LAVA Company LLC dba Country Manor Apartments P.O. Box 6656 Mc Lean, VA 22106-6656 Case No.: 14-12936 Chapter 11 Petition Date: December 17, 2014 Court: United States Bankruptcy Court Western District of Louisiana (Shreveport) Judge: Hon. Jeffrey P. Norman Debtor's Counsel: Robert W. Raley, Esq. ROBERT W. RALEY & ASSOCIATES 290 Benton Road Spur Bossier City, LA 71111 Tel: (318) 747-2230 Fax: (318) 747-0106 Email: rraley52@bellsouth.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by John R. Jones, Jr., managing member. A list of the Debtor's 14 largest unsecured creditors is available for free at http://bankrupt.com/misc/lawb14-12936.pdf LIGHTSQUARED INC: Files Restructuring Plan ------------------------------------------ Lightsquared Inc., et al., filed with the U.S. Bankruptcy Court for the Southern District of New York a joint plan and disclosure statement, which contemplate, among other things, (A) new money investments by the New Investors in exchange for a combination of preferred and common equity, (B) the conversion of the Prepetition LP Facility Claims into new second lien debt obligations, (C) the repayment in full, in cash, of the Inc. Facility Prepetition Inc. Facility NonSubordinated Claims immediately following confirmation of the Plan, (D) the payment in full, in cash, of LightSquared?s general unsecured claims, (E) the provision of $1.25 billion in new money working capital for the Reorganized Debtors, (F) the assumption of certain liabilities, (G) the resolution of all inter-Estate disputes, and (H) the contribution by Harbinger of the Harbinger Litigations. On December 10, 2014, Fortress Credit Opportunities Advisors LLC; Centerbridge Partners, L.P.; Harbinger Capital Partners LLC, and the JPM Inc. Investment Parties entered into a plan support agreement, pursuant to which each party thereto agreed to support the Plan to the exclusion of any other contemplated plan. Contemporaneously with the execution of the Plan Support Agreement, Fortress and Centerbridge purchased the Prepetition LP Facility Claims held by (a) Capital Research and Management Company, in its capacity as investment manager to certain funds that are holders of Prepetition LP Facility Claims, and (b) Cyrus Capital Partners, L.P., in its capacity as investment manager to certain funds that are holders of Prepetition LP Facility Claims. A full-text copy of the Disclosure Statement dated Dec. 18, 2014, is available for free at http://bankrupt.com/misc/LSds1218.pdf About LightSquared Inc. LightSquared Inc. and 19 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 12-12080) on May 14, 2012, to resolve regulatory issues that have prevented it from building its coast-to-coast integrated satellite 4G wireless network. LightSquared had invested more than $4 billion to deploy an integrated satellite-terrestrial network. In February 2012, however, the U.S. Federal Communications Commission told LightSquared the agency would revoke a license to build out the network as it would interfere with global positioning systems used by the military and various industries. In March 2012, the Company's partner, Sprint, canceled a master services agreement. LightSquared's lenders deemed the termination of the Sprint agreement would trigger cross-defaults under LightSquared's prepetition credit agreements. LightSquared and its prepetition lenders attempted to negotiate a global restructuring that would provide LightSquared with liquidity and runway necessary to resolve its issues with the FCC. Despite working diligently and in good faith, however, LightSquared and the lenders were not able to consummate a global restructuring on terms acceptable to all interested parties. Lawyers at Milbank, Tweed, Hadley & McCloy LLP serve as counsel to the Debtors. Alvarez & Marsal North America, LLC, is the financial advisor. Kurtzman Carson Consultants LLC serves as claims and notice agent. MGM RESORTS: Signs Settlement Agreement With Perini Building ------------------------------------------------------------ MGM Resorts International and CityCenter Holdings, LLC, which is 50% owned by a wholly owned subsidiary of the Company and 50% owned by Infinity World Development Corp (a wholly owned subsidiary of Dubai World), entered into a Settlement Agreement with Perini Building Company, Inc., general contractor for CityCenter, the remaining Perini subcontractors and relevant insurers to resolve all outstanding project lien claims and CityCenter's counterclaims relating to the Harmon Hotel and Spa. The settlement is subject to execution of a global settlement agreement by all parties by Dec. 31, 2014, and CityCenter's procurement by Jan. 15, 2015, of acceptable insurance to replace the general liability policies which comprised the Owner Controlled Insurance Program for construction-related and workers compensation claims. The Perini Settlement Agreement, combined with prior Harmon- related insurance settlement proceeds of about $85 million, will result in total settlement proceeds to CityCenter of approximately $195 million on its Harmon construction defect claims, approximately $20 million of which will be a Company contribution pursuant to the third amended and restated completion and cost overrun guarantee, among other sources of funds. Under the Perini Settlement Agreement, together with previous settlement agreements relating to the non-Harmon related lien claims, the Company has made or will make cash payments of approximately $153 million to Perini to resolve the non-Harmon-related lien claims, which is also a Completion Guarantee obligation. The Company's obligation will be offset by the $72 million of condominium proceeds received and held in escrow by CityCenter, which are available to fund construction lien claims upon final resolution of the Perini litigation. The Perini Settlement Agreement, together with previous settlement agreements relating to the non-Harmon related lien claims, resolves all of Perini's and the subcontractors' lien claims against CityCenter, MGM Resorts International Design (formerly known as MGM MIRAGE Design Group) and certain direct or indirect subsidiaries of CityCenter, and all of CityCenter's claims against Perini and the Harmon subcontractors. The Perini Settlement Agreement was entered into solely by way of compromise and settlement and is not in any way an admission of liability or fault by the Company or CityCenter. About MGM Resorts MGM Resorts International (NYSE: MGM) a global hospitality company, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50% of CityCenter in Las Vegas, which features ARIA resort and casino. For more information about MGM Resorts International, visit the Company's Web site at www.mgmresorts.com. MGM Resorts reported a net loss attributable to the Company of $156.60 million in 2013 following a net loss attributable to the Company of $1.76 billion in 2012. Bankruptcy Warning The Company stated in its 2013 Annual Report, "The agreements governing our senior secured credit facility and other senior indebtedness contain restrictions and limitations that could significantly affect our ability to operate our business, as well as significantly affect our liquidity, and therefore could adversely affect our results of operations. Covenants governing our senior secured credit facility and certain of our debt securities restrict, among other things, our ability to: * pay dividends or distributions, repurchase or issue equity, prepay certain debt or make certain investments; * incur additional debt; * incur liens on assets; * sell assets or consolidate with another company or sell all or substantially all assets; * enter into transactions with affiliates; * allow certain subsidiaries to transfer assets; and * enter into sale and lease-back transactions. Our ability to comply with these provisions may be affected by events beyond our control. The breach of any such covenants or obligations not otherwise waived or cured could result in a default under the applicable debt obligations and could trigger acceleration of those obligations, which in turn could trigger cross defaults under other agreements governing our long-term indebtedness. Any default under our senior secured credit facility or the indentures governing our other debt could adversely affect our growth, our financial condition, our results of operations and our ability to make payments on our debt, and could force us to seek protection under the bankruptcy laws." * * * As reported by the TCR on Nov. 14, 2011, Standard & Poor's Ratings Services raised its corporate credit rating on MGM Resorts International to 'B-' from 'CCC+'. In March 2012, S&P revised the outlook to positive from stable. "The revision of our rating outlook to positive reflects strong performance in 2011 and our expectation that MGM will continue to benefit from the improving performance trends on the Las Vegas Strip," S&P said. In March 2012, Moody's Investors Service affirmed its B2 corporate family rating and probability of default rating. The affirmation of MGM's B2 Corporate Family Rating reflects Moody's view that positive lodging trends in Las Vegas will continue through 2012 which will help improve MGM's leverage and coverage metrics, albeit modestly. Additionally, the company's declaration of a $400 million dividend ($204 million to MGM) from its 51% owned Macau joint venture due to be paid shortly will also improve the company's liquidity profile. The ratings also consider MGM's recent bank amendment that resulted in about 50% of its $3.5 billion senior credit facility being extended one year from 2014 to 2015. As reported by the TCR on Sept. 29, 2014, Fitch Ratings has upgraded MGM Resorts International's (MGM) and MGM China Holdings Ltd's (MGM China) IDRs to 'B+' from 'B' and 'BB' from 'BB-', respectively. Fitch's upgrade of MGM's IDR to 'B+' and the Positive Outlook reflect the company's strong performance on the Las Vegas Strip and in Macau as well as Fitch's longer-term positive outlooks for these markets. MINERAL PARK: Has Until March to Make Lease-Related Decisions ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware entered an order extending by 120 days through and including March 23, 2015, the time within which Mineral Park, Inc., et al., must assume or reject unexpired non-residential real property leases. The Debtors related that they have not yet concluded their evaluation as to which leases they will assume and which leases they will reject. The Debtors do not anticipate that they will be able to make a determination as to which leases to assume or reject by the current Dec. 23, 2014 deadline. About Mineral Park Mineral Park, Inc., Bluefish Energy Corp. and two affiliates commenced proceedings under Chapter 11 of the Bankruptcy Code in Delaware on Aug. 25, 2014. The cases are pending before the Honorable Kevin J. Carey and are jointly administered under Case No. 14-11996. Mineral Park and its affiliated debtors are subsidiaries of Mercator Minerals Ltd. ("MML"), a mineral resource company engaged through various subsidiaries in the mining, exploration, development and operation of its mineral properties in Mohave County, Arizona, and Sonora, Mexico. Mineral Park's principal asset is the Mineral Park Mine, a producing copper-molybdenum mine located near Kingman, Arizona. Bluefish is the owner and operator of the industrial gas turbine power generator at the Mine. British Columbia, Canada-based MML, which has shares trading on the Toronto Stock Exchange under the trading symbol "ML", is not included in the bankruptcy filing. The Debtors have tapped Pachulski Stang Ziehl & Jones LLP as counsel, Evercore Group LLC as investment banker, FTI Consulting, Inc., as financial advisor, FTI's David J. Beckman as CRO, and FTI's Paul Hansen as assistant CRO. Prime Clerk LLC is the claims and noticing agent. The U.S. Trustee for Region 3 appointed three creditors of Mineral Park, Inc. and its affiliates to serve on the official committee of unsecured creditors. The Committee selected Stinson Leonard Street LLP and Hiller & Arban LLC as its counsel. Mineral Park reported $286,362,131 in total assets and $266,035,508 in total liabilities. MOORE FREIGHT: Court Closes Chapter 11 Bankruptcy Case ------------------------------------------------------ The Hon. Keith M. Lundin of the U.S. Bankruptcy Court for the Middle District of Tennessee issued a final decree and order closing the Chapter 11 cases of Moore Freight Service Inc. and G.R.E.A.T. Logistics Inc. About Moore Freight Service and G.R.E.A.T. Logistics Moore Freight Service, Inc. and G.R.E.A.T. Logistics Inc. sought Chapter 11 protection (Bankr. M.D. Tenn. Case Nos. 12-08921 and 12-08923) in Nashville on Sept. 28, 2012. Moore Freight is a freight service company specializing in flat gas transportation. Founded in 2001, Moore is the largest commercial flat glass logistics firm in the U.S. It operates in the U.S., Canada and Mexico. GLI does not have any operations other than the limited, occasional freight brokerage services currently provided to Moore Freight. Bankruptcy Judge Keith M. Lundin oversees the cases. LTC Advisory Services LLC serves as the Debtor's financial advisors. Moore Freight estimated assets and debts of $10 million to $50 million. CEO Dan R. Moore signed the petitions. Counsel for the Debtor's pre-bankruptcy and DIP lender, Marquette Transportation Finance, Inc., are Linda W. Knight, Esq., at Gullett, Sanford, Robinson & Martin, PLLC; and Thomas J. Lallier, Esq., at Foley & Mansfield PLLP. On Sept. 17, 2013, the Court approved Moore Freight Service, Inc., et al.'s Amended Disclosure Statement describing the Debtors' Amended Plan of Reorganization dated Sept. 16, 2013. The Amended Plan contemplates the continuation of the Debtors' business, payment in full of Allowed Secured Claims, and a fair distribution to unsecured creditors, which distribution Debtor believe far exceeds the amount unsecured creditors would receive in the event of a Chapter 7 liquidation. MORGANS HOTEL: TO Sell Light Group to Hakkasan for $36 Million -------------------------------------------------------------- Morgans Hotel Group Co. has entered into a definitive agreement to sell its 90% controlling interest in The Light Group, a leading lifestyle food & beverage company, to Hakkasan Group, a worldwide dining, entertainment, and hospitality company, for a total enterprise value of $36 million. The purchase price includes the remaining 10% equity interest in TLG held by Andrew Sasson, TLG's founder, and Andy Masi, TLG's chief executive officer. The transaction was approved by the Company's Board of Directors as a part of its ongoing review of strategic alternatives to maximize value for stockholders. As part of the transaction, Morgans Hotel Group will assume control of the food & beverage offerings from TLG at its iconic Delano South Beach hotel. The Company will also retain its leasehold interests in the three Mandalay Bay restaurants that will continue to be managed by TLG, as well as an option to buy a minority interest in TLG for a period of up to 18 months post- closing. Hakkasan Group's restaurant portfolio includes the flagship Hakkasan Restaurant with 12 locations worldwide, as well as Yauatcha, HKK, Sake no Hana, Herringbone, Searsucker and Social House. Under the nightlife & daylife umbrella of brands are Hakkasan Nightclub, Wet Republic and Omnia Nightclub (opening in Las Vegas and in San Diego, Spring 2015). Herringbone's Los Angeles location is currently located in Morgans Hotel Group's Mondrian hotel in West Hollywood. Jason T. Kalisman, Chairman of the Board and interim chief executive officer of Morgans Hotel Group, stated: "The sale of The Light Group allows us to deliver significant value to stockholders and demonstrates the success of the Special Transaction Committee's ongoing strategic review process. Not only does the transaction strengthen Morgans Hotel Group's financial position, but we will also have an enhanced focus on our core assets. Under Andy Masi's direction, The Light Group has established itself as a strong brand, and we expect the business will thrive as part of Hakkasan Group." "We are thrilled to be bringing The Light Group and its unrivaled nightlife, daylife and restaurant offerings under Hakkasan Group's umbrella," said Neil Moffitt, chief executive officer of Hakkasan Group. "The acquisition of a majority stake in The Light Group is another step forward in our ambitious investment strategy to deliver exceptional guest experiences. The agreement increases our dining and entertainment portfolio with an additional 22 nightlife, daylife and restaurant properties, making Hakkasan Group Las Vegas' largest non-gaming dining, entertainment and hospitality company. Hakkasan Group and The Light Group are highly complementary businesses and we intend to assume and maintain the vast majority of The Light Group's contracts, licenses and events." The transaction is subject to customary closing conditions and is expected to close in January 2015. Following the successful completion of the sale, Morgans Hotel Group will continue to own, operate, manage, franchise or license its 14 hotel properties around the world. Additionally, the Company's Special Transaction Committee continues to work with its financial adviser, Morgan Stanley & Co., to identify all additional potential strategic alternatives, including capital raising, asset sales, strategic partnerships, a sale of the entire Company, a sale of component parts of the Company, acquisitions and other alternatives. Morgan Stanley & Co. served as financial advisor to Morgans Hotel Group and Ropes & Gray LLP served as its legal advisor. Greenberg Traurig LLP served as legal advisor to Hakkasan. Additional information is available for free at: http://is.gd/Ut4cKT About Morgans Hotel Group Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) -- http://www.morganshotelgroup.com/-- is widely credited as the creator of the first "boutique" hotel and a continuing leader of the hotel industry's boutique sector. Morgans Hotel Group operates and owns, or has an ownership interest in, Morgans, Royalton and Hudson in New York, Delano and Shore Club in South Beach, Mondrian in Los Angeles and South Beach, Clift in San Francisco, Ames in Boston, and Sanderson and St Martins Lane in London. Morgans Hotel Group and an equity partner also own the Hard Rock Hotel & Casino in Las Vegas and related assets. Morgans Hotel Group also manages hotels in Isla Verde, Puerto Rico and Playa del Carmen, Mexico. Morgans Hotel Group has other property transactions in various stages of completion, including projects in SoHo, New York and Palm Springs, California. Morgans Hotel has been in the red the past five years. It reported a net loss attributable to common stockholders of $57.48 million on $236.48 million of total revenues for the year ended Dec. 31, 2013, as compared with a net loss attributable to common stockholders of $66.81 million on $189.91 million of total revenues in 2012. Morgans Hotel posted a net loss of $87.95 million on $207.33 million of total revenues in 2011, a net loss of $83.64 million on $236.37 million of total revenues in 2010, and a net loss of $101.60 million on $225.05 million of total revenues in 2009. NAVISTAR INTERNATIONAL: Incurs $619 Million Net Loss in 2014 ------------------------------------------------------------ Navistar International Corporation filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss attributable to the Company of $619 million on $10.80 billion of net sales and revenues for the year ended Oct. 31, 2014, compared to a net loss attributable to the Company of $898 million on $10.77 billion of net sales and revenues for the year ended Oct. 31, 2013. Navistar reported a net loss attributable to the Company of $72 million on $3 billion of net sales and revenues for the three months ended Oct. 31, 2014, compared to a net loss attributable to the Company of $154 million on $2.75 billion of net sales and revenues for the same period during the prior year. As of Oct. 31, 2014, the Company had $7.44 billion in total assets, $12.06 billion in total liabilities and a $4.62 billion total stockholders' deficit. "Our fourth quarter results -- and the results for the entire fiscal year -- reflect our continued progress improving business operations across the enterprise and positive trends in the North American industry," said Troy A. Clarke, Navistar president and chief executive officer. "In 2014, we increased our production, chargeouts and order backlog; continued to reduce warranty spend; and achieved structural cost savings that further lowered our breakeven point." "We continue to make the necessary changes to improve the company and we're entering 2015 in a much stronger position than we were one year ago," Clarke added. "We've restructured our core North American business, have the right products in place, and established the right leadership team. We are well-positioned to meet our 8-10 percent EBITDA margin run rate target exiting 2015." A full-text copy of the Form 10-K is available for free at: http://is.gd/Aq4PN8 About Navistar International Navistar International Corporation (NYSE: NAV) -- http://www.Navistar.com/-- is a holding company whose subsidiaries and affiliates subsidiaries produce International(R) brand commercial and military trucks, MaxxForce(R) brand diesel engines, IC Bus(TM) brand school and commercial buses, Monaco RV brands of recreational vehicles, and Workhorse(R) brand chassis for motor homes and step vans. It also is a private-label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. The Company also provides truck and diesel engine parts and service. Another affiliate offers financing services. * * * In the Oct. 9, 2013, edition of the TCR, Moody's Investors Service affirmed the ratings of Navistar International Corporation, including the B3 Corporate Family Rating (CFR). The ratings reflect Moody's expectation that Navistar's successful incorporation of Cummins engines throughout its product line up will enable the company to regain lost market share, and that progress in addressing component failures in 2010 vintage-engines will significantly reduce warranty expenses. As reported by the TCR on Oct. 9, 2013, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Illinois-based truckmaker Navistar International Corp. (NAV) to 'CCC+' from 'B-'. "The rating downgrades reflect our increased skepticism regarding NAV's prospects for achieving the market shares it needs for a successful business turnaround," said credit analyst Sol Samson. In January 2013, Fitch Ratings affirmed the Issuer Default Ratings (IDR) for Navistar International Corporation and Navistar Financial Corporation at 'CCC' and removed the Negative Outlook on the ratings. The removal reflects Fitch's view that immediate concerns about liquidity have lessened, although liquidity remains an important rating consideration as NAV implements its selective catalytic reduction (SCR) engine strategy. Other rating concerns are already incorporated in the 'CCC' rating. NEW ENGLAND COMPOUNDING: Owners, Employees Arrested Over Outbreak ----------------------------------------------------------------- Hagens Berman Sobol Shapiro LLP disclosed that federal law enforcement officials on Dec. 17 arrested 14 owners and employees of New England Compounding Center (NECC) for charges including second-degree murder, racketeering, criminal contempt and mail fraud, in connection with the deadly 2012 fungal meningitis outbreak, according to attorneys at Hagens Berman Sobol Shapiro, lead counsel for plaintiffs in the multi-district litigation against NECC. Arrests included owners Barry Cadden and Greg Conigliaro and pharmacist Glenn Chin, among others. Messrs. Cadden and Chin are charged with second-degree murder, and changes also include RICO counts. The charges reportedly include racketeering with 25 predicate acts of second-degree murder in eight states. Arraignments were expected on Dec. 17. "We applaud the federal government's efforts to bring all responsible for this tragic outbreak to justice," said Tom Sobol, lead counsel for the Plaintiffs' Steering Committee and partner at Hagens Berman. "It is our sincere hope that the results achieved by the federal government include additional contributions to the growing victims' compensation fund." Hagens Berman represents victims who were exposed to tainted epidural steroid injections manufactured by the Framingham, Massachusetts compounding pharmacy, NECC, that the Center for Disease Control (CDC) reports caused 64 deaths nationwide. Following the outbreak, hundreds of lawsuits were filed across the country, alleging that NECC and affiliated companies ignored safety procedures in their facilities, resulting in the tainted steroid injections. The company filed for bankruptcy in December of 2012. A proposed Chapter 11 Plan and related Disclosure Statement in the Chapter 11 bankruptcy of NECC are pending approval from Judge Henry J. Boroff in the United States Bankruptcy Court for the District of Massachusetts. If the plan is confirmed, at least $117 million is expected to be available for distributions to individuals with personal injury or wrongful death claims against NECC. NECC's owners and insurers already have contributed nearly $50 million to the NECC estate for eventual distribution, and are expected to contribute additional sums through tax refunds and the sale of a related business. Other third parties are expected to contribute an additional $56.8 million. These parties include NECC's insurers and insurers of its affiliates, a company that provided product sample testing services to NECC, a company that installed ventilation systems at NECC, and certain clinics and health care providers that administered tainted NECC drugs. The 2012 outbreak was the worst such outbreak in U.S. history. In addition to 64 fatalities, the CDC reported 751 cases of fungal meningitis, stroke or serious infection in 20 different states, linked to tainted drugs compounded and distributed by NECC. For the CDC's case count map, visit http://www.cdc.gov/hai/outbreaks/meningitis-map-large.html Individuals with additional questions about the settlement may contact meningitis@hbsslaw.com or visit http://www.hbsslaw.com/cases-and-investigations/cases/meningitis- lawyers About Hagens Berman Hagens Berman Sobol Shapiro LLP -- http://www.hbsslaw.com-- is a consumer-rights class-action law firm with offices in nine cities. 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. NORTEL NETWORKS: U.S. Unit Wins Court OK for Bondholder Deal ------------------------------------------------------------ Peg Brickley, writing for Daily Bankruptcy Review, reported that a $1 billion pact between Nortel Networks Corp.'s U.S. unit and bondholders won court approval over the protests of the one-time Canadian technology giant. According to the report, the ruling from Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Del., means distressed-debt investors could stand to recover as much as $5 billion from Nortel 's collapse in 2009, including more than $1 billion in interest on $4 billion worth of debt. About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation and its various affiliated entities provided next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel did business in more than 150 countries around the world. Nortel Networks Limited was the principal direct operating subsidiary of Nortel Networks Corporation. On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent Nortel Networks Corporation, NNI's direct corporate parent Nortel Networks Limited and certain of their Canadian affiliates commenced a proceeding with the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (Canada) seeking relief from their creditors. Ernst & Young was appointed to serve as monitor and foreign representative of the Canadian Nortel Group. That same day, the Monitor sought recognition of the CCAA Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No. 09-10164) under Chapter 15 of the U.S. Bankruptcy Code. That same day, NNI and certain of its affiliated U.S. entities filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 09-10138). In addition, the High Court of England and Wales placed 19 of NNI's European affiliates into administration under the control of individuals from Ernst & Young LLP. Other Nortel affiliates have commenced and in the future may commence additional creditor protection, insolvency and dissolution proceedings around the world. On May 28, 2009, at the request of administrators, the Commercial Court of Versailles, France, ordered the commencement of secondary proceedings in respect of Nortel Networks S.A. On June 8, 2009, Nortel Networks UK Limited filed petitions in U.S. Bankruptcy Court for recognition of the English Proceedings as foreign main proceedings under Chapter 15. U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and 15 cases. Mary Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as Chapter 15 petitioner's counsel. In the Chapter 11 case, James L. Bromley, Esq., and Howard S. Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serve as the U.S. Debtors' general bankruptcy counsel; Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware counsel. The Chapter 11 Debtors' other professionals are Lazard Freres & Co. LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims and notice agent. The U.S. Trustee appointed an Official Committee of Unsecured Creditors in respect of the U.S. Debtors. Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, and Christopher M. Samis, Esq., and Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, represent the Unsecured Creditors Committee. An ad hoc group of bondholders also was organized. An Official Committee of Retired Employees and the Official Committee of Long- Term Disability Participants tapped Alvarez & Marsal Healthcare Industry Group as financial advisor. The Retiree Committee is represented by McCarter & English LLP as Delaware counsel, and Togut Segal & Segal serves as the Retiree Committee. The Committee retained Alvarez & Marsal Healthcare Industry Group as financial advisor, and Kurtzman Carson Consultants LLC as its communications agent. Several entities, particularly, Nortel Government Solutions Incorporated and Nortel Networks (CALA) Inc., have material operations and are not part of the bankruptcy proceedings. As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated assets of $11.6 billion and consolidated liabilities of $11.8 billion. The Nortel Companies' U.S. businesses are primarily conducted through Nortel Networks Inc., which is the parent of majority of the U.S. Nortel Companies. As of Sept. 30, 2008, NNI had assets of about $9 billion and liabilities of $3.2 billion, which do not include NNI's guarantee of some or all of the Nortel Companies' about $4.2 billion of unsecured public debt. Since the commencement of the various insolvency proceedings, Nortel has sold its business units and other assets to various purchasers. Nortel has collected roughly $9 billion for distribution to creditors. Of the total, $4.5 billion came from the sale of Nortel's patent portfolio to Rockstar Bidco, a consortium consisting of Apple Inc., EMC Corporation, Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In Motion Limited, and Sony Corporation. The consortium defeated a $900 million stalking horse bid by Google Inc. at an auction. The deal closed in July 2011. Nortel has filed a proposed plan of liquidation in the U.S. Bankruptcy Court. The Plan generally provides for full payment on secured claims with other distributions going in accordance with the priorities in bankruptcy law. The trial on how to divide proceeds among creditors in the U.S., Canada, and Europe commenced on Sept. 22, 2014. NORTHERN BERKSHIRE: Trustee Recovers $10MM Toward Debt ------------------------------------------------------ Scott Stafford, writing for The Berkshire Eagle, reported that Harold Murphy of Murphy & King, the trustee overseeing the bankruptcy of Northern Berkshire Healthcare, so far has recovered roughly $10 million against more than $35 million in secured debt. According to the report, the trustee is seeking, including expenses, fees and commission, more than $1 million for the work completed since the March 28 closing of the North Adams Regional Hospital and the subsequent filing for Chapter 7 bankruptcy by its parent company, Northern Berkshire Healthcare. About Northern Berkshire Healthcare Northern Berkshire Healthcare, Inc., a non-profit healthcare corporation in northern Berkshire County, Massachusetts, filed for Chapter 7 bankruptcy on April 3, 2014, days after closing the North Adams Regional Hospital on March 28. The Board of Trustees cited a worsening financial status following Chapter 11 bankruptcy in 2011, financial restructuring and the closing of its psychiatric facility in January. Berkshire Medical Center has been appointed to resume operation of NARH's ER. NBH emerged from Chapter 11 bankruptcy proceedings in June 2012. NBH, together with affiliates, operated the North Adams Regional Hospital and a visiting nurse association and hospice in North Adams, Massachusetts. Northern Berkshire Healthcare, Inc., North Adams Regional Hospital, Inc., Visiting Nurse Association & Hospice of Northern Berkshire, Inc., Northern Berkshire Healthcare Physicians Group, Inc., and Northern Berkshire Realty, Inc., filed for Chapter 11 bankruptcy (Bankr. D. Mass. Case No. 11-31114) on June 13, 2011, to address their overleveraged balance sheet and effect a reorganization of their operations. On the same day, Northern Berkshire Community Services, Inc., filed a petition for Chapter 7 relief also in the District of Massachusetts bankruptcy court. Judge Henry J. Boroff presided over the Chapter 11 cases. He also oversees the Chapter 7 case. Steven T. Hoort, Esq., James A. Wright, III, Esq., Jonathan B. Lackow, Esq., and Matthew F. Burrows, Esq., at Ropes & Gray LLP, in Boston, Mass., served as bankruptcy counsel in the Chapter 11 cases. The Debtors' Financial Advisors were Carl Marks Advisory Group LLC. GCG Inc. served as claims and noticing agent. NBH disclosed $22,957,933 in assets and $53,379,652 in liabilities as of the Chapter 11 filing. The petition was signed by William F. Frado, Jr., president. William K. Harrington, the U.S. Trustee for Region 1, appointed five members to the official unsecured creditors' committee in the Debtors' cases. The Committee tapped Duane Morris LLP as its counsel. The Debtors obtained confirmation of their Chapter 11 plan on April 10, 2012. According to the Troubled Company Reporter on June 8, 2012, Northern Berkshire Healthcare said on June 5, 2012, it has emerged from Chapter 11 reorganization. ONE SOURCE: Section 341(a) Meeting Set for February 6 ----------------------------------------------------- A meeting of creditors in the bankruptcy case of One Source Industrial Holdings, LLC, will be held on Feb. 6, 2015, at 10:30 AM at FTW 341 Rm 7A24. Proofs of Claims due by May 7, 2015. 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. One Source Industrial Holdings, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Tex. Case No. 14-44996) on Dec. 16, 2014. The petition was signed by Scott Jordan as manager. The Debtor estimated assets of $10 million to $50 million and liabilities of $10 million to $50 million. Robert Forshey, Esq., at Forshey & Prostok, LLP, serves as the Debtor's counsel. The Debtor holds equipment utilized by various related entities which provide rental equipment and industrial services to businesses in the oil and gas, refining, manufacturing, pipeline, shipping, and construction industries. OW BUNKER: Former Manager Arrested Over Suspected Fraud ------------------------------------------------------- Anna Molin, writing for Daily Bankruptcy Review, reported that a former manager of bankrupt shipping-fuel supplier OW Bunker AS has been arrested by Danish police on a warrant issued by Italian authorities for suspected fraud, the Danish prosecutor's office said. According to the report, Denmark's OW Bunker filed for bankruptcy in November after it alleged there had been a $125 million fraud at its Singapore unit, Dynamic Oil Trading. About OW Bunker OW Bunker A/S is a Danish shipping fuel provider. On Nov. 7, 2014, OW Bunker A/S, which went public in March, declared bankruptcy and reported two employees at its Singapore unit to the police following allegations of fraud. It owes 15 banks a total of about US$750 million. OW Bunker said on Nov. 5 it had lost US$275 million through a combination of fraud committed by senior executives at its Singapore office and poor risk management. Trading in its shares was suspended on Nov. 5 and the company said its banks had refused to provide more credit. OW Bunker's U.S. businesses, which opened in 2012 as part of its global expansion, filed for Chapter 11 bankruptcy protection on Nov. 13, 2014, in the U.S. Bankruptcy Court for the District of Connecticut. The U.S. subsidiaries have assets worth as much as US$50 million and debt of as much as US$100 million. OZ GAS: John F. Kroto Authorized to Appear in the Case ------------------------------------------------------ The Bankruptcy Court authorized John F. Kroto, Esq., at Knox McLaughlin Gornall & Sennett, P.C., to appear in the Chapter 11 case of John D. Oil and Gas Company. Guy C. Fustine, Esq., Chapter 11 Trustee for the Debtors said that Attorney Kroto is an associate attorney at Knox and works primarily in the area of bankruptcy and creditors rights. Attorney Fustine is chairman of the firm's Bankruptcy and Creditors Rights Department and is Attorney Kroto's immediate supervisor. Attorney Kroto can be reached at: John F. Kroto, Esq. KNOX McLAUGHLIN GORNALL & SENNETT, P.C. 120 West Tenth Street Erie, PA 16501-1461 Tel: (814) 459-2800 E-mail: jkroto@kmgslaw.com About John D. Oil & Gas; OZ Gas; and Great Plains Exploration Mentor, Ohio-based John D. Oil & Gas Co., is in the business of acquiring, exploring, developing, and producing oil and natural gas in Northeast Ohio. The Company has 58 producing wells. The Company also has one self storage facility located in Painesville, Ohio. The self-storage facility is operated through a partnership agreement between Liberty Self-Stor Ltd. and the Company. John D. Oil's affiliated entities -- Oz Gas, LTD., and Great Plains Exploration, LLC -- filed voluntary Chapter 11 petitions (Bankr. W.D. Pa. Case Nos. 12-10057 and 12-10058) on Jan. 11, 2012. Two days later, John D. Oil filed its own Chapter 11 petition (Bankr. W.D. Pa. Case No. 12-10063). On Nov. 21, 2011, at the request of the lender RBS Citizens, N.A., dba Charter One, a receiver was appointed for all three corporate Debtors, in the United States District Court for the Northern District of Ohio at case No. 11-cv-2089-CAB. District Judge Christopher A. Boyko issued an order appointing Mark E. Dottore as receiver. The Receivership Order was appealed to the Sixth Circuit Court of Appeals on Dec. 19, 2011, and the appeal is currently pending. Judge Thomas P. Agresti oversees the Chapter 11 cases. Robert S. Bernstein, Esq., at Bernstein Law Firm P.C., serves as counsel to the Debtors. Each of Great Plains and Oz Gas estimated $10 million to $50 million in assets and debts. John D. Oil's balance sheet at Dec. 31, 2011, showed $6.98 million in total assets, $13.26 million in total liabilities, and a stockholders' deficit of $6.28 million. The petitions were signed by Richard M. Osborne, CEO. The United States Trustee said a committee under 11 U.S.C. Sec. 1102 has not been appointed because no unsecured creditor responded to the U.S. Trustee's communication for service on the committee. PHOENIX PAYMENT: Rival Fights Bid to Cut Software Claim by $9.5M ---------------------------------------------------------------- Law360 reported that card transaction company Post Integration, Inc., which is embroiled in a software dispute with bankrupt rival Phoenix Payment Systems Inc., urged a Delaware judge to reject the debtor's move to cap its $10 million claim at $500,000, saying that the sum it seeks cannot be reduced by estimation. According to the report, Post Integrations, which contends it owns software included in Phoenix Payment's $50 million Chapter 11 sale, said in a filing in Delaware bankruptcy court that the $10 million it seeks stems from a property interest in the software and is thus not subject to estimation under the Bankruptcy Code. About Phoenix Payment Founded in 2004, Phoenix Payment Systems, Inc., aka Electronic Payment Systems, aka EPX, is an international payment processor with corporate headquarters in Wilmington, Delaware, and technology headquarters in Phoenix, Arizona. It provides acceptance, processing, support, authorization and settlement services for credit card, debit card and e-check payments. Providing processing services at more than 8,700 locations worldwide, PPS processed, in multiple currencies, 280 million transactions in 2013 and expects to process 400 million in 2014. Phoenix Payment Systems sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 14-11848) on Aug. 4, 2014, to quickly sell its assets. As of the Petition Date, the Debtor had total outstanding liabilities and other obligations of $16.6 million and 9.8 million shares of outstanding preferred and common stock. Debt to secured creditor The Bancorp Bank is estimated at $6.2 million. The Debtor disclosed $7,230,399 in assets and $14,083,645 in liabilities as of the Chapter 11 filing. Judge Mary F. Walrath presides over the case. The Debtor's attorneys are Richard J. Bernard, Esq., at Foley & Lardner LLP, in New York; and Mark D. Collins, Esq., Russell Siberglied, Esq., Zachary I Shapiro, Esq., and Marisa A. Terranova, Esq., at Richards Layton & Finger, P.A., in Wilmington, Delaware. The Debtor's banker and financial advisor is Raymond James & Associates, Inc., while Bederson, LLC, is the Debtor's accountant. PMCM, LLC, provides advisory services and executive leadership to the Debtor. The Debtor's claims and noticing agent is Omni Management Group, LLC. The U.S. Trustee for Region 3 has appointed three members to the Official Committee of Unsecured Creditors. The Committee tapped to retain Lowenstein Sandler LLP, and White and Williams LLP as its co-counsel; Alvarez & Marsal North America, LLC as its financial consultant. PHOTOMEDEX INC: Obtains $1.4 Million From Private Placement ----------------------------------------------------------- PhotoMedex, Inc., completed a private placement and sold 645,000 shares of its common stock at a price of $2.19 per share and issued Warrants to purchase 322,500 shares of its common stock with an exercise price of $2.25 per share. The Private Placement resulted in gross proceeds of $1,412,550 to the Company before deducting the transaction expenses payable by the Company. The Warrants are exercisable beginning on Dec. 12, 2015, until Dec. 12, 2017. The Purchasers include members of the Company's board of directors. On Dec. 12, 2014, the Company also entered into a Registration Rights Agreement with the Purchasers. Pursuant to the Registration Rights Agreement, the Company has agreed to file with the Securities and Exchange Commission a resale registration statement on Form S-3 covering the Shares and the shares of common stock underlying the Warrants as soon as practicable following the date of closing of the Private Placement (but within 30 days of the date of closing). Pursuant to the Registration Rights Agreement, the Company agreed to use its commercially reasonable efforts to cause the Registration Statement to be declared effective under the Securities Act of 1933 not later than 90 days after the closing date of the Private Placement (including within five (5) business days of the date that the Company is notified by the Commission that a Registration Statement will not be "reviewed," or not be subject to further review). In addition, the Company must use its commercially reasonable efforts to keep the Registration Statement continuously effective under the Securities Act until such date as is the earlier of the date when all Registrable Securities covered by the Registration Statement have been sold or such time as all Registrable Securities may be sold without any restriction pursuant to Rule 144 of the Securities Act. About PhotoMedex PhotoMedex, Inc. is a global Health products and services company providing integrated disease management and aesthetic solutions to dermatologists, professional aestheticians, ophthalmologists, optometrists, consumers and patients. The Company provides proprietary products and services that address skin conditions including psoriasis, vitiligo, acne, actinic keratosis, photo damage and unwanted hair, as well as fixed-site laser vision correction services at our LasikPlus(R) vision centers. As reported by the TCR on Nov. 11, 2014, PhotoMedex, Inc., had entered into an Amended and Restated Forbearance Agreement with respect to its Credit Agreement dated May 12, 2014, and the Initial Forbearance Agreement dated Aug. 25, 2014, by and among the Company, as borrower and the lenders, and JPMorgan Chase Bank, N.A., acting on behalf of secured creditors as the administrative agent. Subject to the terms of the Amended Forbearance Agreement, for a period until Feb. 28, 2015, the Administrative Agent will forbear from exercising any remedies relating to specified defaults by the Company under the Credit Agreement. The Company's balance sheet at Sept. 30, 2014, showed $277.47 million intotal assets, $137.56 million in total liabilities and $139.90 million in total stockholders' equity. Q4 PROPERTIES: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Q4 Properties, LLC. 7610 NE 4th Court Miami, Fl 33138 Case No.: 14-37540 Chapter 11 Petition Date: December 17, 2014 Court: United States Bankruptcy Court Southern District of Florida (Miami) Judge: Hon. Robert A Mark Debtor's Counsel: Scott Alan Orth, Esq. LAW OFFICES OF SCOTT ALAN ORTH, P.A. 3880 Sheridan St. Hollywood, FL 33021 Tel: 305.757.3300 Fax: 305.757.0071 Email: scott@orthlawoffice.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ofer Mizrahi, managing member. The Debtor did not file a list of its largest unsecured creditors when it filed the petition. QUICKSILVER RESOURCES: Darden Has 20.2% Stake as of Dec. 5 ---------------------------------------------------------- Thomas F. Darden, Jr., disclosed in a regulatory filing with the U.S. Securities and Exchange Commission that as of Dec. 5, 2014, he beneficially owned 36,718,003 shares of common stock of Quicksilver Resources Inc. representing 20.2 percent of the shares oustanding. A copy of the regulatory filing is available at: http://is.gd/TY0TEV About Quicksilver Quicksilver Resources Inc. is an exploration and production company engaged in the development and production of long-lived natural gas and oil properties onshore North America. Based in Fort Worth, Texas, the company is widely recognized as a leader in the development and production from unconventional reservoirs including shale gas, and coal bed methane. Following more than 30 years of operating as a private company, Quicksilver became public in 1999 and is listed on the New York Stock Exchange under the ticker symbol KWK. The company has U.S. offices in Fort Worth, Texas; Glen Rose, Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank, Montana. The Company's Canadian subsidiary, Quicksilver Resources Canada Inc., is headquartered in Calgary, Alberta. Quicksilver Resources posted net income of $161.61 million in 2013 following a net loss of $2.35 billion in 2012. The Company's balance sheet at Sept. 30, 2014, showed $1.26 billion in total assets, $2.36 billion in total liabilities and a $1.09 billion total stockholders' deficit. * * * As reported by the TCR on Sept. 30, 2014, Moody's Investors Service downgraded Quicksilver Resources Inc.'s Corporate Family Rating (CFR) to Caa3 from Caa1. "The downgrade to Caa3 reflects Moody's view that Quicksilver Resources' risk of default has further increased," said Pete Speer, Moody's Senior Vice President. The TCR reported on Oct. 7, 2014, that Standard & Poor's Ratings Services lowered its corporate credit rating on Quicksilver Resources Inc. to 'CCC-' from 'CCC+'. "The downgrade reflects our view that Quicksilver could undertake a distressed exchange for its $350 million subordinated notes due 2016 within the next six months," said Standard & Poor's credit analyst Carin Dehne-Kiley. QUALITY DISTRIBUTION: Issues Redemption Notice for $10MM Notes -------------------------------------------------------------- Quality Distribution, Inc., disclosed that its wholly-owned subsidiaries, Quality Distribution, LLC, and QD Capital Corporation, have issued notice that they will redeem $10 million in aggregate principal amount of their 9.875% Second-Priority Senior Notes due 2018 on Jan. 15, 2015. The redemption price for the 2018 Notes will be equal to 104.938% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to but not including the Redemption Date. Borrowings under QD LLC's existing revolving ABL credit facility or cash on hand will be used to fund the redemption. "This redemption is a further step in achieving our previously discussed goal of reducing our cost of debt, while maintaining strong liquidity," commented Joe Troy, executive vice president and chief financial officer. "As previously noted, we continue to evaluate opportunities to refinance our outstanding 2018 Notes and remain committed to reducing balance sheet leverage with our strong free cash flow." About Quality Distribution Quality Distribution, LLC, and its parent holding company, Quality Distribution, Inc., are headquartered in Tampa, Florida. The company is a transporter of bulk liquid and dry bulk chemicals. The company's 2010 revenues are approximately $686 million. Apollo Management, L.P., owns roughly 30 percent of the common stock of Quality Distribution, Inc. Quality Distribution reported a net loss of $42.03 million on $929.81 million of total operating revenues for the year ended Dec. 31, 2013, as compared with net income of $50.07 million on $842.11 million of total operating revenues in 2012. The Company's balance sheet at Sept. 30, 2014, showed $439.63 million in total assets, $470.01 million in total liabilities and a $30.38 million total shareholders' deficit. Bankruptcy Warning The Company had consolidated indebtedness and capital lease obligations, including current maturities, of $383.3 million as of Dec. 31, 2013. The Company must make regular payments under the ABL Facility, including the $17.5 million senior secured term loan facility that was fully funded on July 15, 2013, and the Company's capital leases and semi-annual interest payments under its 2018 Notes. "The ABL Facility matures August 2016. Obligations under the Term Loan mature on June 14, 2016 or the earlier date on which the ABL Facility terminates. The maturity date of the ABL Facility, including the Term Loan, may be accelerated if we default on our obligations. If the maturity of the ABL Facility and/or such other debt is accelerated, we may not have sufficient cash on hand to repay the ABL Facility and/or such other debt or be able to refinance the ABL Facility and/or such other debt on acceptable terms, or at all. The failure to repay or refinance the ABL Facility and/or such other debt at maturity would have a material adverse effect on our business and financial condition, would cause substantial liquidity problems and may result in the bankruptcy of us and/or our subsidiaries. Any actual or potential bankruptcy or liquidity crisis may materially harm our relationships with our customers, suppliers and independent affiliates," the Company said in the Annual Report for the year ended Dec. 31, 2013. * * * As reported in the TCR on June 28, 2013, Moody's Investors Service upgraded Quality Distribution, LLC's Corporate Family Rating to B2 from B3 and Probability of Default Rating to B2-PD from B3-PD. The upgrade of Quality's CFR to B2 was largely driven by the expectation that credit metrics will improve over the next twelve to eighteen months, through a combination of EBITDA growth and debt paydowns, to levels consistent with the B2 rating level. The company is in the process of integrating the bolt-on acquisitions made in its Energy Logistics business sector since 2011. QUANTUM FUEL: Inks Debt Repayment Agreement With Advanced Green --------------------------------------------------------------- Quantum Fuel Systems Technologies Worldwide, Inc., entered into a debt repayment agreement, effective as of Dec. 10, 2014, with Advanced Green Innovations, LLC, ZHRO Solutions, LLC, and Advanced Green Technologies, LLC. AGI and ZHRO are customers of the Company and owe the Company approximately $2.2 million (Outstanding Balance) for engineering, design and development services invoiced by the Company through Oct. 3, 2014. Under the terms of the Debt Repayment Agreement, AGI and ZHRO jointly and severally agreed to pay the Outstanding Balance, plus interest at 5% per annum, over a ten month period with the first payment in the amount of $300,000 due on or before Dec. 25, 2014. In the event that AGI and ZHRO fail to make any payment prior to the expiration of any applicable cure period, then the remaining Outstanding Balance is immediately due and payable and the interest rate is increased to 18% per annum. AGT, an affiliate of AGI and ZHRO, provided the Company with a limited non-recourse guaranty of AGI's and ZHRO's payment of the Outstanding Balance and interest. To secure AGI's and ZHRO's performance of its obligations under the Debt Repayment Agreement and AGT's performance under its limited non-recourse guaranty, AGI and AGT pledged all of their ownership interests in East Camelback, LLC, consisting in the aggregate of 510 voting units (51.0%), 474 non-voting units and 47.5% of the participation rights in East Camelback, pursuant to the terms of a Pledge Agreement between the Company, AGI and AGT. East Camelback indirectly owns 100% of a commercial building, consisting of approximately 23,700 square feet of office space, located in Phoenix, Arizona. About Quantum Fuel Lake Forest, Cal.-based Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) develops and produces advanced vehicle propulsion systems, fuel storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes electronic and software controls, hybrid electric drive systems, natural gas and hydrogen storage and metering systems and other alternative fuel technologies and solutions that enable fuel efficient, low emission, natural gas, hybrid, plug-in hybrid electric and fuel cell vehicles. Quantum Fuel reported a net loss attributable to stockholders of $23.04 million in 2013, a net loss attributable to stockholders of $30.91 million in 2012 and a net loss attributable to common stockholders of $38.49 million in 2011. RADIOSHACK CORP: Taps Restructuring Advisors from FTI ----------------------------------------------------- RadioShack Corporation entered into an agreement for advisory and interim management services with FTI Consulting on Dec. 15, 2014. In connection with this agreement, RadioShack appointed Carlin Adrianopoli as interim chief financial officer. Effective with the appointment of Mr. Adrianopoli, Ms. Holly Etlin will no longer serve as interim chief financial officer of RadioShack. Carlin Adrianopoli, 39, has been a senior managing director in the FTI Consulting Corporate Finance/Restructuring practice since 2010 and joined FTI in 2002. Mr. Adrianopoli has more than 16 years of experience serving as financial advisor and providing interim management and performance improvement services to corporations, various creditor classes, equity owners and directors of underperforming companies. Mr. Adrianopoli's services to RadioShack are billed by FTI Consulting. He is not separately compensated by RadioShack for his services as Interim Chief Financial Officer. About Radioshack Corporation RadioShack (NYSE: RSH) -- http://www.radioshackcorporation.com/-- is a national retailer of innovative mobile technology products and services, as well as products related to personal and home technology and power supply needs. RadioShack's retail network includes more than 4,300 company-operated stores in the United States, 270 company-operated stores in Mexico, and approximately 1,000 dealer and other outlets worldwide. Radioshack reported a net loss of $400.2 million in 2013, a net loss of $139.4 million in 2012, and net income of $72.2 million in 2011. The Company's balance sheet at Aug. 2, 2014, showed $1.14 billion in total assets, $1.21 billion in total liabilities and a $63 million total shareholders' deficit. * * * As reported by the TCR on Sept. 15, 2014, Standard & Poor's Ratings Services lowered its corporate credit rating on Fort Worth, Texas-based RadioShack Corp. to 'CCC-' from 'CCC'. "The downgrade comes as the company announced it will seek capital, and that such a transaction could include a debt restructuring in addition to store closures and other measures," said Standard & Poor's credit analyst Charles Pinson-Rose. In the Sept. 16, 2014, edition of the TCR, the TCR reported that Fitch Ratings had downgraded the Long-term Issuer Default Rating (IDR) for RadioShack Corporation (RadioShack) to 'C' from 'CC'. The downgrade reflects the high likelihood that RadioShack will need to restructure its debt in the next couple of months. The TCR reported on March 13, 2014, that Moody's Investors Service downgraded RadioShack Corporation's corporate family rating to Caa2 from Caa1. "The continuing negative trend in RadioShack's sales and margins has resulted in a precipitous drop in profitability causing continued deterioration in credit metrics and liquidity," Mickey Chadha, Senior Analyst at Moody's said. REICHHOLD HOLDINGS: Sale Put Noteholders Closer to Takeover ----------------------------------------------------------- Sherri Toub, a bankruptcy columnist for Bloomberg News, reported that U.S. Bankruptcy Judge Mary F. Walrath in Delaware signed an order approving the procedures governing the sale of the assets of Reichhold Inc. to senior secured noteholders through non-bankrupt affiliate Reichhold Acquisitions Holdings LLC, unless a higher or better offer is received by Jan. 6. According to the report, the sale procedures were geared toward selling the business to the noteholders in exchange for debt, while they took over affiliates through consensual foreclosure, as contemplated at the outset of the Chapter 11 reorganization in September. As previously reported by The Troubled Company Reporter, an auction will be held on Jan. 8, 2015, at 10:00 a.m., at the offices of Hahn & Hassen LLP, lead counsel to the Official Committee of Unsecured Creditors, 488 Madison Avenue, 14th Floor, New York City. The Court will convene a hearing on Jan. 9, at 2:00 p.m., to consider the sale of assets to the winning bidder. Objections, if any, are due, Jan. 2, at 4:00 p.m. About Reichhold Founded in 1927, Reichhold, with its world headquarters and technology center in Durham, North Carolina, USA, is one of the world's largest manufacturer of unsaturated polyester resins and a leading supplier of coating resins for the industrial, transportation, building and construction, marine, consumer and graphic arts markets. Reichhold -- http://www.Reichhold.com/-- has manufacturing operations throughout North America, Latin America, the Middle East, Europe and Asia. As of June 30, 2014, the Reichhold companies had consolidated assets of $538 million and liabilities of $631 million. In 2013, the companies generated $1.08 billion in net revenue, and as of the year-to-date August 2014, $750 million in net revenues. Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S. affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 14-12237) on Sept. 30, 2014. The Reichhold Companies are pursuing a sale transaction that has two elements: (i) a consensual foreclosure by the holders of senior secured notes on their security interests in the common and preferred stock in Reichhold Holdings Luxembourg, S.a.r.l. ("RHL"), the ultimate holding company of all of the non-debtor affiliates that operate outside the U.S., and (ii) a purchase of certain assets of the Debtors by Reichhold Holdings International B.V. through a credit bid pursuant to Section 363 of the Bankruptcy Code. Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and CDG Group LLC (financial advisor) are representing Reichhold, Inc. Latham & Watkins LLP (legal advisor) and Moelis & Company (investment banker) are serving Reichhold Industries, Inc. Logan & Company is the company's claims and noticing agent. The cases are assigned to Judge Mary F. Walrath. The U.S. Trustee for Region 3 appointed seven creditors of Reichhold Holdings US, Inc. to serve on the official committee of unsecured creditors. The Creditors' Committee retains Hahn & Hessen LLP as lead counsel, Blank Rome LLP as co-counsel, and Capstone Advisory Group, LLC and Capstone Valuation Services, LLC, as financial advisor. An Ad Hoc Committee of Asbestos Claimants also appears in the case. The Ad Hoc Committee consists of three plaintiff law firms, Cooney & Conway, Gori Julian & Associates, P.C., and Simmons Hanly Conroy LLC, each in their capacity as tort counsel for clients of their firms who have asbestos-related personal injury or wrongful death claims against the Debtors. The Committee is represented by Mark T. Hurford, Esq., at Campbell & Levine, LLC; and Caplin & Drysdale, Chartered's James P. Wehner, Esq. and Jeffrey A. Liesemer, Esq. RESPONSE BIOMEDICAL: Closes Private Placement of 1.8-Mil. Shares ---------------------------------------------------------------- Response Biomedical Corp. announced the closing of a non-brokered private placement with two entities related to Hangzhou Joinstar Biomedical Technology Co. Ltd. for 1,800,000 common shares of Response at a price of $1.21 per share for total gross proceeds of $2,178,000. The Company intends to use the net proceeds of the Private Placement to fund capital equipment purchases related to the previously announced Joinstar funded development program, research and development and operating expenses and for general working capital purposes. The Private Placement was made on a non-brokered private placement basis, exempt from prospectus and registration requirements of applicable securities laws. About Response Biomedical Based in Vancouver, Canada, Response Biomedical Corporation develops, manufactures and sells diagnostic tests for use with its proprietary RAMP(R) System, a portable fluorescence immunoassay- based diagnostic testing platform. The RAMP(R) technology utilizes a unique method to account for sources of error inherent in conventional lateral flow immunoassay technologies, thereby providing the ability to quickly and accurately detect and quantify an analyte present in a liquid sample. Consequently, an end-user on-site or in a point-of-care setting can rapidly obtain important diagnostic information. Response Biomedical currently has thirteen tests available for clinical and environmental testing applications and the Company has plans to commercialize additional tests. Response Biomedical reported a net loss and comprehensive loss of $5.99 million in 2013, a net loss and comprehensive loss of $5.28 million in 2012 and a net loss and comprehensive loss of $5.37 million in 2011. PricewaterhouseCoopers LLP, in Vancouver, British Columbia, 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 incurred recurring losses from operations and has an accumulated deficit at Dec. 31, 2013, which raises substantial doubt about its ability to continue as a going concern. RETROPHIN INC: Expects More Losses in the Immediate Future ---------------------------------------------------------- Retrophin, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $19.6 million on $8.35 million of net product sales for the three months ended Sept. 30, 2014, compared with a net loss of $10.9 million on $nil of net product sales for the same period in 2013. The Company's balance sheet at Sept. 30, 2014, showed $146 million in total assets, $156 million in total liabilities, and a stockholders' deficit of $10.2 million. Management believes that the Company will continue to incur losses for the immediate future. For the nine months ended Sept. 30, 2014, the Company has generated revenue and is trying to achieve positive cash flow from operations. The Company's future depends on the costs, timing, and outcome of regulatory reviews of its product candidates, ongoing research and development, the funding of planned or potential acquisitions, other planned operating activities, and the costs of commercialization activities, including ongoing, product marketing, sales and distribution. The Company expects to finance its cash needs from results of operations and depending on the results of operations, the Company may need additional private and public equity offerings and debt financings, corporate collaboration and licensing arrangements and grants from patient advocacy groups, foundations and government agencies. Although management believes that the Company has access to capital resources, there are no commitments for financing in place at this time, nor can management provide any assurance that such financing will be available on commercially acceptable terms, if at all. These conditions 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/c2vKe6 Retrophin, Inc., develops, acquires and commercializes therapies for the treatment of serious, catastrophic or rare diseases. The Company offers Chenodal(R), a treatment for gallstones; Vecamyl(R), a treatment for moderately severe to severe essential hypertension and uncomplicated cases of malignant hypertension; and Thiola, for the prevention of kidney stone formation in patients with severe homozygous cystinuria. SALIX PHARMACEUTICALS: S&P Affirms 'B' CCR; Off CreditWatch Neg. ---------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and issue-level ratings on Salix Pharmaceuticals Ltd. and removed them from CreditWatch, where they were placed with negative implications on Nov. 7, 2014. The outlook is stable. S&P had lowered the rating to 'B' from 'B+' and placed the ratings on CreditWatch negative on Nov. 7, 2014, when it learned that inventory levels were significantly higher than previously expected and that the company planned to work that inventory down in 2015 and 2016. That led S&P to revise its revenue and EBITDA xpectations lower and raised questions about the level of end- market demand for Salix's products. "The rating affirmation and assignment of a stable outlook is based on recent company revenue and EBITDA guidance for 2015 and 2016," said Standard & Poor's credit analyst David Kaplan. This guidance indicates still robust end-market demand for Salix's products and supports the conclusion that sales levels in recent quarters were not grossly inflated by inventory build at distributers and that the build occurred over an extended period. Although the company's updated plan to accelerate the reduction of distributer inventory enables the company to normalize sales and inventory sooner, S&P believes this will weigh on liquidity in the near term. S&P expects a substantial EBITDA loss in the fourth quarter to constrain availability of the revolver for the next few quarters, that inventory will build at Salix as the company pares back sales to work down inventory at distributers without slowing its purchases from contract manufacturers, and that the company is constrained from share-settling the $345 million convertible notes maturing in May 2015. Also, as part of Salix's entering into inventory management agreements with its main distributors, S&P expects the company to negotiate better accounts-receivable collection terms or to pursue other solutions to meet liquidity needs through 2015. The stable outlook reflects S&P's expectation that revenues and margins will rise significantly in 2016, once the excess inventory at distributers has been reduced to target levels. S&P also expects the company to generate positive free cash flow and to remain highly leveraged through 2015. S&P could lower the rating if the company is unable to generate free cash flow, if liquidity needs are not adequately addressed in coming months, or if product demand falls materially short of S&P's expectations. S&P could raise the rating once adjusted leverage declines below 5x and FFO to debt rises above 12%, providing that S&P is convinced the company is committed to sustaining those measures on an ongoing basis. SONOMA CHICKEN: Case Summary & 8 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Sonoma Chicken Coop Skyport, Inc. 90 Skyport Drive, #100 San Jose, CA 95110-1358 Case No.: 14-54962 Chapter 11 Petition Date: December 17, 2014 Court: United States Bankruptcy Court Northern District of California (San Jose) Judge: Hon. Stephen L. Johnson Debtor's Counsel: David S. Henshaw, Esq. HENSHAW LAW OFFICE 1871 The Alameda #333 San Jose, CA 95126 Tel: (408) 533-1075 Email: david@henshawlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Peter A. Smith, member of Board of Directors. A list of the Debtor's eight largest unsecured creditors is available for free at http://bankrupt.com/misc/canb14-54962.pdf SOUZA PROPANE: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Souza Propane, Inc. P.O. Box 615 Denair, CA 95316-0615 Case No.: 14-91633 Chapter 11 Petition Date: December 17, 2014 Court: United States Bankruptcy Court Eastern District of California (Modesto) Judge: Hon. Ronald H. Sargis Debtor's Counsel: David C. Johnston DAVID C. JOHNSTON 1600 G Street, Suite 102 Modesto, CA 95354 Tel: 209-579-1150 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Lawrence J. Souza, president. The Debtor did not file a list of its largest unsecured creditors when it filed the petition. SUNRISE REAL ESTATE: Incurs $1.9 Million Net Loss in Fiscal 2013 ---------------------------------------------------------------- Sunrise Real Estate Group, Inc., filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $1.93 million on $12.76 million of net revenues for the year ended Dec. 31, 2013, compared to a net loss of $3.47 million on $8.52 million of net revenues for the year ended Dec. 31, 2012. As of Dec. 31, 2013, the Company had $61.69 million in total assets, $58.09 million in total liabilities and $3.60 million in total stockholders' equity. Finesse CPA, P.C., in Chicago, Illinois, 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 a working capital deficiency, accumulated deficit from recurring net losses for the current and prior years, and significant short-term debt obligations currently in default or maturing in less than one year. These conditions raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/NawNn6 About Sunrise Real Estate Headquartered in Shanghai, the People's Republic of China, Sunrise Real Estate Group, Inc. was initially incorporated in Texas on Oct. 10, 1996, under the name of Parallax Entertainment, Inc. On Dec. 12, 2003, Parallax changed its name to Sunrise Real Estate Development Group, Inc. On April 25, 2006, Sunrise Estate Development Group, Inc., filed Articles of Amendment with the Texas Secretary of State, changing the name of Sunrise Real Estate Development Group, Inc. to Sunrise Real Estate Group, Inc., effective from May 23, 2006. The Company and its subsidiaries are engaged in the property brokerage services, real estate marketing services, property leasing services and property management services in China. TRIGEANT HOLDINGS: Court Terminates Exclusive Periods ----------------------------------------------------- The Hon. Erik P. Kimball of the U.S. Bankruptcy Court for the Southern District of Florida granted BTB Refining LLC's request to terminate the periods within which Trigeant Holdings Ltd. and its debtor-affiliates have the exclusive right to file a Chapter 11 plan and solicit acceptances of that plan. Confirmation of the BTB Plan shall be considered on a parallel track to the Debtors' Plan. The Court's order dated Oct. 30, 2014 setting various deadlines in respect of the Debtors' Plan will be applicable to both the Debtors' Plan and the BTB Plan and modified as follows: Debtors' Plan BTB Plan ------------- -------- Deadline for Filing of Plan Completed Dec. 15, 2014 Deadline for Fee Applications Feb. 10, 2015 Feb. 10, 2015 Deadline for Filing Ballots Feb. 12, 2015 Not Applicable Accepting or Rejecting the Plan Deadline for Objections to Feb. 13, 2015 Feb. 13, 2015 Confirmation Deadline for Objections to Feb. 13, 2015 Not Applicable Final Approval of Disclosure Statement Proponent's Deadline for Feb. 13, 2015 Feb. 13, 2015 Filing Proponent's Report and Confirmation Affidavit Proponent's Deadline for Feb. 17, 2015 Feb. 17, 2015 Filing Response to Any Objection Deadline for Delivery of Satisfied Jan. 30, 2015 Binding Commitment Letter (With No Due Diligence Condition), Delivery of $1.5 Million Deposit which will be nonrefundable in case of breach by proposed buyer, and elimination of financing and due diligence contingencies in asset purchase agreement Hearing on final approval of Feb. 19-20, Feb. 19-20, disclosure statement (If 2015; Feb. 23- 2015; Feb. 23- applicable), confirmation 24, 2015 24, 2015 of Plan, and fee applications Discovery in respect of the BTB plan shall be conducted on a parallel track as discovery in respect of the Debtors' Plan. The discovery deadlines set forth in the Court's order dated Oct. 29, 2014, will be applicable to both the Debtors' Plan and the BTB Plan and modified as follows: Debtors' Plan BTB Plan ------------- -------- Deadline to Serve Any Written Dec. 15, 2014 Dec. 15, 2014 Discovery (Including Requests for Production of Documents, Interrogatories, and Requests for Admission, Collectively, the "Written Discovery") Last date for depositions Feb. 12, 2015 Feb. 12, 2015 About Trigeant Holdings Trigeant Holdings, Ltd., and Trigeant, LLC, filed separate Chapter 11 bankruptcy petitions (Bankr. S.D. Fla. Case Nos. 14-29027 and 14-29030, respectively) on Aug. 25, 2014. Berger Singerman LLP serves as the Debtor's counsel. Trigeant Holdings estimated both assets and liabilities of $50 million to $100 million. The Debtors filed on Sept. 16, 2014, their Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code. The Plan is premised on the sale of substantially all of the Debtors' assets to Gravity Midstream Corpus Christi, LLC. The Plan provides that holders of Allowed Claims will be paid in full, in cash. The U.S. Trustee for Region 21 has not appointed a committee of unsecured creditors. TRUMP ENTERTAINMENT: Union Says Deal to Save Casino Fell Apart -------------------------------------------------------------- Peg Brickley, writing for Daily Bankruptcy Review, reported that the union representing more than 1,000 workers at the Trump Taj Mahal casino accused billionaire Carl Icahn of backing out of a deal that would have saved the endangered Atlantic City gambling hall. According to the report, Mr. Icahn said he's willing to provide up to $20 million to keep the casino operating while it works out its troubles in bankruptcy, but confirmed that he could not put together the hoped-for global settlement. 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. The U.S. Trustee for Region 3 on Sept. 23 appointed seven creditors of Trump Entertainment Resorts, Inc., to serve on the official committee of unsecured creditors. The Committee tapped Gibbons P.C. as its co-counsel, the Law Office of Nathan A. Schultz, P.C., as co-counsel, and PricewaterhouseCoopers LLP as its financial advisor. TRUMP ENTERTAINMENT: Firm Gets $1.25MM Fees But Sits Behind Icahn ----------------------------------------------------------------- Law360 reported that a Chapter 11 judge rejected Trump Entertainment Resorts Inc.'s attempt to invalidate a lien for $1.25 million in fees that Levine Staller Sklar Chan & Brown PA never received for work on a property tax dispute but subordinated the law firm below some $300 million held by Trump's secured lender, Carl Icahn. According to the report, in a written opinion, U.S. Bankruptcy Judge Kevin Gross upheld Levine Staller's statutory charging lien on the fees under New Jersey law and called out Trump for mounting an "unsettling" attack on the law firm's ethical conduct in protecting its claim. The decision can only come as bad news for Trump as it heads toward a critical Dec. 11 hearing to determine if it should liquidate instead of continuing in Chapter 11, the report related. 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. The U.S. Trustee for Region 3 on Sept. 23 appointed seven creditors of Trump Entertainment Resorts, Inc., to serve on the official committee of unsecured creditors. The Committee tapped Gibbons P.C. as its co-counsel, the Law Office of Nathan A. Schultz, P.C., as co-counsel, and PricewaterhouseCoopers LLP as its financial advisor. TRUMP ENTERTAINMENT: Wants Plan Filing Date Extended to April 7 --------------------------------------------------------------- Trump Entertainment Resorts, Inc., et al., ask the U.S. Bankruptcy Court for the District of Delaware to extend their exclusive plan filing date through and including April 7, 2015, and their exclusive solicitation date through and including June 8, 2015. According to the Debtors, they are in the process of modifying the reorganization plan that they have already submitted to address concerns raised by the Court, as well as to address certain of the concerns raised by the Official Committee of Unsecured Creditors. The Debtors tell the Court that they expect to present the modified plan to the Court for solicitation at the hearing scheduled to take place on December 22, 2014. The Debtors state that although they believe they will be able to confirm a plan of reorganization in short order and within their initial Exclusive Solicitation Period, out of an abundance of caution, they seek an extension of the Exclusive Periods in the event that the plan currently on file requires further modifications and amendments. The Debtors' initial Exclusive Filing Period extends through and including Jan. 7, 2015, while their initial Exclusive Solicitation Period extends through and including March 9, 2015. A hearing on the extension request is scheduled for Jan. 6, 2015, at 10:00 a.m. (ET). Objections are due Dec. 30. 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. The U.S. Trustee for Region 3 on Sept. 23 appointed seven creditors of Trump Entertainment Resorts, Inc., to serve on the official committee of unsecured creditors. The Committee tapped Gibbons P.C. as its co-counsel, the Law Office of Nathan A. Schultz, P.C., as co-counsel, and PricewaterhouseCoopers LLP as its financial advisor. ULTIMATE NUTRITION: Section 341(a) Meeting Set for Jan. 14 ---------------------------------------------------------- A meeting of creditors in the bankruptcy cases of Ultimate Nutrition, Inc., and ProStar, Inc., is scheduled for Jan. 14, 2015, at 1:00 p.m. at Office of the UST. Creditors have until April 14, 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. Ultimate Nutrition, Inc., and ProStar, Inc. (Bankr. D. Conn. Case Nos. 14-22402 and 14-22403, respectively) on Dec. 17, 2014. The petitions were signed by Brian Rubino as president. Ultimate Nutrition disclosed estimated assets of $10 million to $50 million and liabilities of $10 million to $50 million. Pullman & Comley, LLC, serves as the Debtors' counsel. Laquerre Michaud & Company LLC is the Debtors' accountant. Marcum LLP acts as the Debtors' financial advisor. The cases are assigned to Judge Albert S. Dabrowski. The Debtors are engaged in the development, sale and distribution of high quality nutritional supplements for bodybuilding, enhanced athletic performance and fitness. ULTIMATE NUTRITION: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Ultimate Nutrition, Inc. 14-22402 21 Hyde Rd Farmington, CT 06032 ProStar, Inc. 14-22403 7 Corporate Avenue Farmington, CT 06032 Nature of Business: Engaged in the development, sale and distribution of high quality nutritional supplements for bodybuilding, enhanced athletic performance and fitness. Chapter 11 Petition Date: December 17, 2014 Court: United States Bankruptcy Court District of Connecticut (Hartford) Judge: Hon. Albert S. Dabrowski Debtors' Counsel: Irve J Goldman, Esq. Jessica Grossarth, Esq. PULLMAN & COMLEY, LLC 850 Main Street PO Box 7006 Bridgeport, CT 06601 Tel: 203-330-2000 Fax: 203-576-8888 Email: igoldman@pullcom.com jgrossarth@pullcom.com Debtors' LAQUERRE MICHAUD & COMPANY LLC Accountant: Debtors' MARCUM, LLP Financial Advisor: Estimated Estimated Assets Liabilities ----------- ----------- Ultimate Nutrition $10MM-$50MM $10MM-$50MM ProStar, Inc. $1MM-$10MM $10MM-$50MM The petitions were signed by Brian Rubino, president. A. List of Ultimate Nutrition's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Fonterra $452,387 Attn: Officer, General or Managing Agent 9525 Bryn Mawr Ave #700 Des Plaines, IL 60018 Saputo $349,385 Attn: Officer, General or Managing Agent One Overlook Point #300 Lincolnshire, IL 60069 Robinson & Cole, LLP $326,001 Attn: Officer, General or Managing Agent 280 Trumbull Street Hartford, CT 06103 Bactolac Pharmaceutical, Inc $271,777 Attn: Officer, General or Managing Agent 7 Oser Ave Hauppauge, NY 11788 Shimadzu Scientific Instruments, Inc. $229,386 Vyse Gelatin Company $180,960 Multi Packaging Solutions $93,425 Pretium Packaging $85,027 Virginia Dare $82,250 ADH Health Products, Inc. $68,239 American Media, Inc. $66,800 Kyowa Hakko USA, Inc. $58,750 Cargill, Inc. $57,222 The Hershey Company $53,613 Crossroad Ingredients $50,400 IPL $37,350 Arnold & Porter LLP $25,332 Fighters Only Limited $20,000 Darter Specialties $19,152 Fortune Bridge Co., Inc. $19,000 B. List of Prostar Inc.'s seven Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Hamilton $70,000 Cintas Corporation $15,000 Grainger $10,000 Aeroteck $5,000 Chemstation $3,000 Tri-Lift $3,000 J&J Paving $507 UNITEK GLOBAL: Young Conaway Approved as Bankruptcy Counsel ----------------------------------------------------------- The Bankruptcy Court authorized UniTek Global Services, Inc., et al., to employ Young Conaway Stargatt & Taylor, LLP as counsel. Young Conaway was retained by the Debtors pursuant to an engagement agreement dated July 28, 2014. In preparing for the Chapter 11 cases, Young Conaway has become familiar with the Debtors' business and affairs and many of the potential legal issues that may arise in the context of these chapter 11 cases. Accordingly, the Debtors believe that Young Conaway is uniquely qualified to represent them as bankruptcy co-counsel in the chapter 11 cases. The principal attorneys and paralegal presently designated to represent the Debtors, and their current standard hourly rates, are: Position Rate Range -------- ---------- Robert S. Brady $765 M. Blake Cleary $670 Kenneth J. Enos $430 Justin P. Duda $350 Debbie Laskin (paralegal) $240 As of the Petition Date, the firm holds a retainer in the amount of $93,706. Robert S. Brady, a partner at Young Conaway Stargatt, asserts that Young Conaway is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. About UniTek Global Services UniTek Global Services, Inc., based in Blue Bell, Pennsylvania, provides fulfillment and infrastructure services to media and telecommunication companies in the United States and Canada. As of Sept. 30, 2014, the Debtors have 2,500 employees, substantially all of whom are full-time. On Nov. 3, 2014 UniTek Global and nine subsidiary companies filed petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under chapter 11 of the United States Bankruptcy Code, with Lead Case No. 14-12471. The Debtors' cases have been assigned to Judge Judge Peter J. Walsh. UniTek Global reported a net loss of $52.07 million on $472 million of revenues for the year ended Dec. 31, 2013, as compared with a net loss of $77.7 million on $438 million of revenues in 2012. The Debtors have tapped Morgan, Lewis & Bockius LLP as counsel; Young, Conaway, Stargatt & Taylor, LLP, as co-counsel; Miller Buckfire & Co. LLC, as financial advisor; Protiviti Inc., and Epiq Bankruptcy Solutions, LLC, as claims and noticing agent. The Company's balance sheet at March 29, 2014, showed $250 million in total assets against $257 million in total liabilities. * * * The Debtors filed a joint prepackaged Chapter 11 plan of reorganization on the Petition Date. The Plan contemplates confirmation and consummation within 45 days and provides for the payment in full of all general unsecured claims in the ordinary course of business. Before the bankruptcy date, holders of ABL Facility Claims and Term Loan Claims voted unanimously to accept the Plan. UNITEK GLOBAL: Morgan Lewis Approved as Bankruptcy Co-Counsel ------------------------------------------------------------- The Bankruptcy Court authorized UniTek Global Services, Inc., et al., to employ Morgan, Lewis & Bockius LLP as their co-counsel, nunc pro tunc to the Petition Date. As reported in the Troubled Company Reporter on Dec. 11, 2014, MLB has routinely advised the Debtors on general corporate and securities matters, employment matters, executive compensation and employee benefits matters and litigation; and MLB was retained as the Debtors' restructuring counsel in the months leading up to the Petition Date. The Debtors will pay for Morgan Lewis' services according to the Firm's standard rates, which are: Position Rate Range -------- ---------- Partners $655 to $985 Counsel $695 Associates $310 to $605 Legal Assistant $315 The firm will also bill the Debtors for actual and necessary out- of-pocket expenses incurred and to be incurred in connection with the engagement. Neil E. Herman, Esq., a partner at Morgan Lewis, assures the Court that the Firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. About UniTek Global Services UniTek Global Services, Inc., based in Blue Bell, Pennsylvania, provides fulfillment and infrastructure services to media and telecommunication companies in the United States and Canada. As of Sept. 30, 2014, the Debtors have 2,500 employees, substantially all of whom are full-time. On Nov. 3, 2014 UniTek Global and nine subsidiary companies filed petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under chapter 11 of the United States Bankruptcy Code, with Lead Case No. 14-12471. The Debtors' cases have been assigned to Judge Judge Peter J. Walsh. UniTek Global reported a net loss of $52.07 million on $472 million of revenues for the year ended Dec. 31, 2013, as compared with a net loss of $77.7 million on $438 million of revenues in 2012. The Debtors have tapped Morgan, Lewis & Bockius LLP as counsel; Young, Conaway, Stargatt & Taylor, LLP, as co-counsel; Miller Buckfire & Co. LLC, as financial advisor; Protiviti Inc., and Epiq Bankruptcy Solutions, LLC, as claims and noticing agent. The Company's balance sheet at March 29, 2014, showed $250 million in total assets against $257 million in total liabilities. * * * The Debtors filed a joint prepackaged Chapter 11 plan of reorganization on the Petition Date. The Plan contemplates confirmation and consummation within 45 days and provides for the payment in full of all general unsecured claims in the ordinary course of business. Before the bankruptcy date, holders of ABL Facility Claims and Term Loan Claims voted unanimously to accept the Plan. UNITEK GLOBAL: Protiviti, et al OK'd as Bankruptcy Professionals ---------------------------------------------------------------- The Bankruptcy Court authorized UniTek Global Services, Inc., to employ: 1. Miller Buckfire & Co., LLC as financial advisor and investment banker; and 2. Protiviti, Inc., as restructuring consultant. To the best of the Debtors' knowledge, Miller Buckfire and Protiviti are "disinterested persons" as that term is defined in Section 101(14) of the Bankruptcy Code. About UniTek Global Services UniTek Global Services, Inc., based in Blue Bell, Pennsylvania, provides fulfillment and infrastructure services to media and telecommunication companies in the United States and Canada. On Nov. 3, 2014 UniTek Global and nine subsidiary companies filed petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors' cases have been assigned to Judge Judge Peter J. Walsh. The Debtors are seeking to have their cases jointly administered for procedural purposes, with pleadings to be maintained on the case docket for UniTek Global Services, Inc., Case No. 14-12471. The Debtors have tapped Morgan, Lewis & Bockius LLP as counsel; Young, Conaway, Stargatt & Taylor, LLP, as co-counsel; Miller Buckfire & Co. LLC, as financial advisor; Protiviti Inc., and Epiq Bankruptcy Solutions, LLC, as claims and noticing agent. As of Sept. 30, 2014, the Debtors have 2,500 employees, substantially all of whom are full-time. UniTek Global reported a net loss of $52.07 million on $472 million of revenues for the year ended Dec. 31, 2013, as compared with a net loss of $77.7 million on $438 million of revenues in 2012. The Company's balance sheet at March 29, 2014, showed $250 million in total assets against $257 million in total liabilities. UNIVERSAL COOPERATIVES: Has Until March 2015 to File Plan --------------------------------------------------------- Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware extending the plan filing period for Universal Cooperatives, Inc., et al., through and including March 9, 2015, and their solicitation period through and including May 6, 2015. About Universal Cooperatives As an inter-regional farm supply cooperative, Universal Cooperatives, Inc. consolidates the purchasing power of its members to procure, and/or manufacture, and distribute high quality products at competitive prices. Universal has 14 voting members and over 50 associate members. Eagan, Minnesota-based Universal Cooperatives and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 14- 11187) on May 11, 2014. The debtor-affiliates are Heritage Trading Company, LLC; Bridon Cordage LLC; Universal Crop Protection Alliance, LLC; Agrilon International, LLC; and Pavalon, Inc. UCI do Brasil, a majority-owned subsidiary located in Brazil, is not a debtor in the Chapter 11 cases The cases are assigned to Judge Mary F. Walrath. Universal estimated $1 million to $10 million in assets and $10 million to $50 million in debt. Heritage estimated less than $10 million in assets and debt. The Debtors have tapped Travis G. Buchanan, Esq., Robert S. Brady, Esq., Andrew L. Magaziner, Esq., and Travis G. Buchanan, Esq., at Young Conaway Stargatt & Taylor, LLP; and Mark L. Prager, Esq., Michael J. Small, Esq., and Emil P. Khatchatourian, Esq., at Foley & Lardner LLP, as counsel; The Keystone Group, as financial advisor and Prime Clerk as notice and claims agent. Bank of America, N.A., as agent for the DIP Lenders, is represented by Daniel J. McGuire, Edward Kosmowski, Esq., and Gregory M. Gartland, Esq., at Winston & Strawn, LLP. The United States Trustee for Region 3 has appointed seven members to the Official Committee of Unsecured Creditors, which is represented by Sharon Levine, Esq., Bruce S. Nathan, Esq., and Timothy R. Wheeler, Esq., at LOWENSTEIN SANDLER LLP, in Roseland, New Jersey; and Jamie L. Edmonson, Esq., and Daniel A. O'Brien, Esq., at VENABLE LLP, in Wilmington, Delaware. W.E. YODER: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: W.E. Yoder, Inc. 41 South Maple Street Kutztown, PA 19530 Case No.: 14-19893 Chapter 11 Petition Date: December 18, 2014 Court: United States Bankruptcy Court Eastern District of Pennsylvania (Reading) Judge: Hon. Richard E. Fehling Debtor's Counsel: David B. Smith, Esq. SMITH KANE HOLMAN, LLC 112 Moores Road, Suite 300 Malvern, PA 19355 Tel: (610) 407-7217 Fax: (610) 407-7218 Email: dsmith@smithkanelaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by William E. Yoder, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/paeb14-19893.pdf WESTMORELAND COAL: Closes $350 Million Notes Offering ----------------------------------------------------- Westmoreland Coal Company announced the closing of its private offering of $350 million in aggregate principal amount of 8.75% Senior Secured Notes due 2022 and its previously announced $350 million Senior Secured Term Loan due 2020. Westmoreland also announced the final results of its tender offer and consent solicitation commenced on Nov. 17, 2014, for its 10.75% Senior Secured Notes due 2018. The Tender Offer expired at 12:00 a.m., New York City time, on Dec. 15, 2014. An aggregate of $664,960,000, representing 98.44% of the principal amount of the 10.75% Notes outstanding, was validly tendered and not withdrawn as of the Expiration Date. Westmoreland funded the consideration paid to the tendering holders of the 10.75% Notes using proceeds from its offering of the New Notes and the Term Loan, and with available cash on hand. On Dec. 16, 2014, in connection with a satisfaction and discharge of the indenture governing the 10.75% Notes, Westmoreland issued a notice of redemption notifying holders of any remaining 10.75% Notes that, on Feb. 1, 2015, Westmoreland will redeem all of the 10.75% Notes that remained outstanding following the Tender Offer under the terms of the related indenture. Concurrently with the closing of the offering of the New Notes and the Term Loan, Westmoreland also entered into a second amended and restated revolving credit facility with The PrivateBank and Trust Company. About Westmoreland Coal Colorado Springs, Colo.-based Westmoreland Coal Company (NYSE AMEX: WLB) -- http://www.westmoreland.com/-- is the oldest independent coal company in the United States. The Company's coal operations include coal mining in the Powder River Basin in Montana and lignite mining operations in Montana, North Dakota and Texas. Its power operations include ownership of the two-unit ROVA coal-fired power plant in North Carolina. Westmoreland Coal incurred a net loss applicable to common shareholders of $6.05 million in 2013, a net loss applicable to common shareholders of $8.58 million in 2012 and a net loss applicable to common shareholders of $34.46 million in 2011. * * * As reported by the TCR on Nov. 20, 2014, Standard & Poor's Rating Services raised its corporate credit rating on Westmoreland Coal Co. one-notch to 'B' from 'B-'. "The stable outlook is supported by Westmoreland's committed sales position over the next year, which should result in stable cash flows," said Standard & Poor's credit analyst Chiza Vitta. Moody's upgraded the corporate family rating (CFR) of Westmoreland Coal Company to B3 from Caa1, and assigned Caa1 rating to the company's proposed new $300 million First Lien Term Loan, the TCR reported on Nov. 20, 2014. The upgrade of the CFR reflects the company's successful integration of the Canadian mines acquired in April 2014, and Moody's expectation that the company's Debt/ EBITDA will track at around 5x in 2015 and 2016 and that the company will be break-even to modestly free cash flow positive over the same time period. WORLD SURVEILLANCE: Signs Asset Purchase Agreement With Orbital --------------------------------------------------------------- World Surveillance Group Inc. entered into an asset purchase agreement with Great West Resources, Inc. ("Parent"), Orbital Satcom Corp., a wholly owned subsidiary of Parent ("Purchaser"), and Global Telesat Corp., a wholly owned subsidiary of the Company. Pursuant to the APA, GTC sold to the Purchaser certain of its contracts with Globalstar, Inc., and Globalstar LLC as well as certain customers but only as to their business that is directly and exclusively related to the Globalstar Contracts in return for a cash purchase price of $250,000. GTC specifically retained all assets and its business other than the Globalstar Contracts, including the appliqu's acquired under the Globalstar Contracts, its e-commerce mobile satellite solutions portal through which it resells satellite telecommunications equipment and services offered by other leading satellite network providers such as Inmarsat, Iridium, Globalstar and Thuraya, its Amazon and E-Bay online stores, and its subscription based online tracking portal called GTCTrack, designed to attract new satellite and GSM tracking customers by offering an easy-to-use interface and compatibility with a wide range of devices. The Company intends to use the funds received to focus on the continued growth of GTC's business following this deal and for other general working capital purposes. On Dec. 10, 2014, the Company entered into a Non-Exclusive License Agreement with GTC, Parent and the Purchaser whereby GTC granted to Purchaser a fully-paid, irrevocable and non-exclusive license to use its appliqu's for a 10 year period in return for a license fee equal to $2,000,000 of common stock of Parent, with the shares being valued on the basis of the closing price of Parent's stock on the day immediately preceding closing, or 2,222,222 shares of Parent's common stock. GTC has granted Purchaser (i) a right of first refusal to purchase some or all of the appliqu's at their depreciated book value as set forth in the Company's most recent filing with the Securities and Exchange Commission upon a bankruptcy event, and (ii) a right to receive notice if GTC receives a third party offer to purchase any of the appliqu's and the right to make a competing offer which may not be below the Depreciated Book Value Price. GTC, Parent and Purchaser also agreed to enter into a value added reseller agreement for a ten (10) year period whereby GTC will receive a discount of 25% off the standard pricing given to any of the Purchaser's or Parent's VARs or distributors on messaging air-time. On Dec. 10, 2014, the Company and GTC entered into a Separation Agreement with David Phipps whereby he resigned his employment and all positions as an officer or director with GTC but agreed to provide, among other things, various transitional services to the Company to assist in the running of the business of GTC on initially a full-time basis, but then on a part-time as needed basis, in return for a transitional services payment of $25,000. In the Separation Agreement, Mr. Phipps agreed to waive his rights to all amounts owed to him by GTC or the Company other than fifty percent of any employment compensation owed at the time of the deal, and in return for that and a full release of the Company and GTC, GTC and the Company released Mr. Phipps from various obligations, including his non-competition obligations, pursuant to his employment agreement and a Stock Purchase Agreement dated May 25, 2011. On Dec. 10, 2014, the Company and GTC entered into a Consulting Agreement with Trident Aerial Recon LLC to assist the Company with the operation of the business of GTC for a consulting fee of $5,000 per month. The Company also entered into certain Stock Purchase Agreements with various purchasers for the sale of an aggregate of 7,000,000 shares of Series D Convertible Preferred Stock, par value $0.0001 per share, of Drone Aviation Holding Corp. held by the Company for an aggregate purchase price of $475,000. The Company intends to use the funds received to continue the development of the Argus One airship and for other general working capital purposes. On Dec. 10, 2014, the Company entered into a Share Cancellation and Assignment Agreement with Denville and Dover Fund LLC. Pursuant to the Share Cancellation Agreement, Denville (i) returned 31,428,571 shares of the Company's common stock for cancellation, (ii) terminated its right of first refusal on future financings, its registration rights, certain anti-dilution rights, and various other rights pursuant to a Stock Purchase Agreement dated May 5, 2014, between the parties, and (iii) terminated a Consulting Agreement between the parties dated May 5, 2014. In return for the rights given up by Denville in the Share Cancellation Agreement, the Company agreed to transfer 3,000,000 shares of Preferred Stock of Drone Aviation Holding Corp. held by the Company to Denville. About World Surveillance World Surveillance Group Inc. designs, develops, markets and sells autonomous lighter-than-air (LTA) unmanned aerial vehicles (UAVs) capable of carrying payloads that provide persistent security and/or wireless communication from air to ground solutions at low, mid and high altitudes. The Company's airships, when integrated with electronics systems and other high technology payloads, are designed for use by government-related and commercial entities that require real-time intelligence, surveillance and reconnaissance or communications support for military, homeland defense, border control, drug interdiction, natural disaster relief and maritime missions. The Company is headquartered at the Kennedy Space Center, in Florida. World Surveillance reported a net loss of $3.41 million on $558,574 of net revenues for the year ended Dec. 31, 2013, as compared with a net loss of $3.36 million on $272,201 of net revenues for the year ended Dec. 31, 2012. Rosen Seymour Shapss Martin & Company LLP, in New York, 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 experienced significant losses and negative cash flows, resulting in decreased capital and increased accumulated deficits. These conditions raise substantial doubt about its ability to continue as a going concern. As of Sept. 30, 2014, the Company had $6.14 million in total assets, $17.29 million in total liabilities, all current, and a $11.14 million total stockholders' deficit. Bankruptcy Warning "We have incurred substantial indebtedness and may be unable to service our debt. "Our total indebtedness at September 30, 2014 was $17,292,275. A portion of such indebtedness reflects judicial judgments against us that could result in liens being placed on our bank accounts or assets. We are continuing to review our ability to reduce this debt level due to the age and/or settlement of certain payables but we may not be able to do so. This level of indebtedness could, among other things: * make it difficult for us to make payments on this debt and other obligations; * make it difficult for us to obtain future financing; * require us to redirect significant amounts of cash from operations to servicing the debt; * require us to take measures such as the reduction in scale of our operations that might hurt our future performance in order to satisfy our debt obligations; and * make us more vulnerable to bankruptcy or an unwanted acquisition on terms unsatisfactory to us," the Company stated in its quarterly report for the period ended Sept. 30, 2014. WPCS INTERNATIONAL: To Amend Certificate of Incorporation --------------------------------------------------------- WPCS International Incorporated has determined that an error was made in a prior reduction of its authorized shares that was accomplished by the filing of a Certificate of Amendment to the Certificate of Incorporation of the Company filed on May 16, 2013. The Certificate of Amendment had effectuated a one-for-seven reverse split of the Company's issued and outstanding shares of common stock, par value $0.0001 per share, as of May 28, 2013, and at the same time, erroneously reduced the number of authorized shares of Common Stock by the same ratio, from 100,000,000 to 14,285,715. The Company has determined that it did not have the authority to decrease the number of authorized shares pursuant to the Certificate of Amendment because it lacked stockholder approval. The Company's stockholders had previously approved the Reverse Split as well as an increase in the number of authorized shares of Common Stock to 100,000,000 at the Company's annual meeting of stockholders on Feb. 28, 2013. Following the Annual Meeting, on March 4, 2013, the Company filed a Certificate of Amendment to its Certificate of Incorporation increasing the number of authorized shares of Common Stock to 100,000,000. The amendment became effective on filing. Subsequently, on May 16, 2013, the Company filed the Certificate of Amendment, which purported to reduce the authorized shares of Common Stock effective May 28, 2013. The Company has determined, with the advice of counsel, to file a Certificate of Correction to the Certificate of Amendment in order that the Company's Certificate of Incorporation accurately reflects that the total number of authorized shares of Common Stock is 100,000,000. The Certificate of Correction will obviate the need to continue to seek stockholder approval to increase the number of authorized shares of Common Stock. Accordingly, the Company will cancel the special meeting of the Company's stockholders that was adjourned on Dec. 12, 2014, until Jan. 8, 2015. About WPCS International Incorporated WPCS -- http://www.wpcs.com-- operates in two business segments including: (1) providing communications infrastructure contracting services to the public services, healthcare, energy and corporate enterprise markets worldwide; and (2) developing a Bitcoin trading platform. As reported by the TCR on Feb. 7, 2014, WPCS appointed Marcum LLP as its new independent registered public accounting firm. CohnReznick LLP resigned on Dec. 20, 2013. WPCS International incurred a net loss attributable to common shareholders of $11.16 million for the year ended April 30, 2014, as compared with a net loss attributable to common shareholders of $6.91 million for the year ended April 30, 2013. As of April 30, 2014, the Company had $22.02 million in total assets, $16.05 million in total liabilities and $5.96 million in total equity. Marcum LLP, in New York, NY, issued a "going concern" qualification on the consolidated financial statements for the year ended April 30, 2014. The independent auditing firm noted that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. XTREME POWER: Directed to File Corrected Disclosure Statement ------------------------------------------------------------- The Bankruptcy Court directed Xtreme Power Inc., et al., to file a corrected disclosure statement explaining the Amended Joint Plan of Reorganization. The case docket stated that an order is due by Dec. 29, 2014. Notrees Windpower, LP and Duke Energy Transmission Holding Company, LP, creditors and parties-in-interest, filed a limited objection to the Disclosure Statement accompanying the First Amended Joint Chapter 11 Plan of Liquidation. Duke Energy requested that the Bankruptcy Court sustain the limited objection and require the Debtors to include the position statement to any approved disclosure statement distributed to creditors and parties in interest. Notrees is the owner of a wind turbine electric generating facility located in Ector and Winkler Counties, Texas. In order to provide for the development, installation, maintenance, and operation of a 36 MW hybrid energy storage system, Notrees entered into certain agreements with Xtreme Power Systems, LLC. The Plan As reported in the Troubled Company Reporter on Nov. 28, 2014, according to the Disclosure Statement, the Plan provides that the assets of the Debtors' estates will fund the plan trust that will in turn pay allowed administrative claims and then make certain distributions in accordance with the terms of a mediated settlement agreement. The distributions will be based on the allocation of sales proceeds from sales of the Debtors' assets and litigation rights. The Plan appoints Angelo A. DeCaro, Jr., to serve as plan trustee for the plan trust. The mediation settlement reflects a compromise of many disputed claims by multiple parties. A copy of the Disclosure Statement dated Nov. 7, 2014, is available for free at: http://bankrupt.com/misc/Xtreme_Power_1_Am_Plan_DS.pdf About Xtreme Power Founded in November 2006, Xtreme Power Inc. and its affiliates designed, installed, and monitored energy storage and power management systems. Xtreme Power was headquartered in Kyle, Texas, with operations throughout the U.S. Xtreme Power Inc. and two affiliates filed Chapter 11 bankruptcy petitions (Bankr. W.D. Tex. Lead Case No. 14-10096) in Austin, Texas, on Jan. 22, 2014. Judge Christopher H. Mott presides over the case. The Debtors have tapped Shelby A. Jordan, Esq., at Jordan, Hyden, Womble, Culbreth & Holzer, P.C., as bankruptcy counsel. The Debtors engaged Gordian Group, LLC, as investment banker and financial advisor. In addition, Baker Botts LP is serving as special counsel for transactions; Bracewell & Giuliani LLP is special counsel for certain litigation matters; Griggs & Spivey is special Counsel for the ECI litigation; Fish & Richardson P.C. is special counsel for patents and trademarks; and The Wenmohs Group has been tapped tax returns Debtor Power Inc. scheduled $7,004,915 in total assets and $65,743,283 in total liabilities. Debtor Power Grove scheduled $5,179,692 in total assets and $31,882,277 in total liabilities. Power Systems scheduled $4,303,921 in total assets and $87,666,873 in total liabilities. The Creditors' Committee is represented by Eric J. Taube, Esq., Mark C. Taylor, Esq., and Morris D. Weiss, Esq., at Hohmann, Taube & Summers, LLP, in Austin, Texas. Younicos was the winning bidder at an auction with a $14 million for the substantially all of the assets of the Debtors. The Court approved the sale by Order dated April 11, 2014, and the transaction closed on April 14, 2014. Upon consummation of the sale to Younicos all the Debtors employees were hired by Younicos. YSC INC: Hearing Today on Request for Final Decree Closing Case --------------------------------------------------------------- The Hon. Marc Barreca of the U.S. Bankruptcy Court for the Western District of Washington will hold a hearing at 9:30 a.m. on Dec. 19, 2014, to consider approval of YSC Inc.'s request for final decree closing its Chapter 11 case. According to the Debtor, its plan was confirmed Oct. 7, 2014, and thus became effective after Oct. 21, 2014. The accompanying declaration of Sang Yim sets forth a detailed report of the status of payments under the plan. As evidenced in the declaration, the Debtor has substantially consummated the approved plan as defined in 11 U.S.C. section 1101(2) through commencement of payments. The Debtor says no adversary proceedings were filed in connection with this case. About YSC Inc. YSC Inc., owner of a Comfort Inn in Federal Way, Washington, and a Ramada Inn in Olympia, Washington, filed a petition for Chapter 11 protection (Bankr. W.D. Wash. Case No. 13-17946) on Aug. 30, 2013, in Seattle. The owner listed the hotels as worth $17.9 million. Total debt is $18.5 million, including $18 million in secured debt. Among mortgage holders, Whidbey Island Bank is owed $13.3 million. Bankruptcy Judge Marc L. Barreca presides over the case. Wells and Jarvis, P.S., serves as YSC's counsel. Scott Hutchison, Esq., represents Whidbey Island Bank. YSC's principals Sang Kil Yim and Chan Sook Yim filed for personal Chapter 11 bankruptcy (Case No. 14-10897). ZAZA ENERGY: Has Insufficient Liquidity for Next Six Months ----------------------------------------------------------- ZaZa Energy Corporation filed its quarterly report on Form 10-Q, reporting net income of $10.12 million on $2.69 million of total revenue for the three months ended Sept. 30, 2014, compared with a net loss of $20.6 million on $1.1 million of total revenue for the same period in 2013. The Company's balance sheet at Sept. 30, 2014, showed $69.5 million in total assets, $125.1 million in total liabilities, and a stockholders' deficit of $55.7 million. As of Sept. 30, 2014, the Company had $11.8 million in cash and cash equivalents and working capital deficit of $6.8 million. Over the next six months, the Company intend to fund cash general and administrative expenses, cash interest payments, and capital expenditures from cash currently on hand of $11.8 million and net cash flows from operations, if any. Zaza Energy does not currently generate sufficient cash flows to maintain positive liquidity to fund operating and debt service requirements throughout the next six months. A copy of the Form 10-Q is available at: http://is.gd/oeXBYC About ZaZa Energy Corporation Headquartered in Houston, Texas, ZaZa Energy Corporation -- http://www.ZaZaEnergy.com/-- is a publicly traded exploration and production company with primary assets in the Eagle Ford and Eagle Ford East resource plays in Texas. * Jury Convicts Ex-Detroit Treasurer of Pension Fund Fraud ---------------------------------------------------------- Law360 reported that a Michigan federal jury has found Detroit's ex-treasurer and two former pension officials guilty of conspiring to defraud retirees through a far-reaching bribery and kickback scheme that allegedly cost Detroit's retirement systems more than $97 million and preceded its bankruptcy declaration last year. According to the report, following a two-month trial, the jurors decided that former Treasurer Jeffrey Beasley, 45; Ronald Zajac, 70, the former general counsel of Detroit's two pension systems, the General Retirement System and the Police and Fire Retirement System; and Paul Stewart, 57, a trustee of the latter system, conspired to defraud the city's pensioners by accepting bribes in a scheme that took place between January 2006 and September 2008. The case is USA v. Jeffrey Beasley et al., case number 2:12-cr- 20030, in the U.S. District Court for the Eastern District of Michigan, Southern Division. * Sec. 363 Reforms Could Have Big Implications in Ch. 11s --------------------------------------------------------- Stephen J. Lubben, writing for The New York Times' DealBook, reported that one of the American Bankruptcy Institute's reform proposal that asset sales should be subject to the same basic rules as a formal plan under Chapter 11 of the Bankruptcy Code could have big implications for bankruptcy cases. According to the report, the ABI suggested that sales under Section 363 of the Bankruptcy Code should be required to comply with the "cramdown" rules of Chapter 11, but the suggestion, Mr. Lubben, says is a head scratcher as there are no creditor classes and votes yet when a court considers an asset sale under Section 363. Moreover, Mr. Lubben points out that it is not typically the debtor violating the absolute priority rule that is an issue in 363 sales, but, rather it's the asset buyer making side payments to buy post-closing peace who often surface as violators of the rule. * BOOK REVIEW: Landmarks in Medicine - Laity Lectures of the New York Academy of Medicine ----------------------------------------------------- Introduction by James Alexander Miller, M.D. Publisher: Beard Books Softcover: 355 pages List Price: $34.95 Review by Henry Berry Order your own personal copy today at http://bit.ly/1sTKOm6 As the subtitle points out, the seven lectures reproduced in this collection are meant especially for general readers with an interest in medicine, including its history and the cultural context it works within. James Miller, president of the New York Academy of Medicine which sponsored the lectures, states in his brief "Introduction" that this leading medical organization "has long recognized as an obligation the interpretation of the progress of medical knowledge to the public." The lectures collected here succeed admirably in fulfilling this obligation. The authors are all doctors, most specialists in different areas of medicine. Lewis Gregory Cole, whose lecture is "X-ray Within the Memory of Man," is a consulting roentgenologist at New York's Fifth Avenue Hospital. Harrison Stanford Martland is a professor of forensic medicine at New York University College of Medicine. Many readers will undoubtedly find his lecture titled "Dr. Watson and Mr. Sherlock Holmes" the most engrossing one. Other doctor- authors are more involved in academic areas of medicine and teaching. Reginald Burbank is the chairman of the Section of Historical and Cultural Medicine at the New York Academy of Medicine. He lectured on "Medicine and the Progress of Civilization." Raymond Pearl, whose selection is "The Search for Longevity," is a professor of biology at Johns Hopkins University. The authors' high professional standing and involvement in specialized areas do not get in the way of their aim to speak to a general audience. They are all skilled writers and effective communicators. As the titles of some of the lectures noted in the previous paragraph indicate, the seven selections of "Landmarks in Medicine" focus on the human-interest side of medicine rather than the scientific or technological. Even the two with titles which seem to suggest concern with technical aspects of medicine show when read to take up the human-interest nature of these topics. "The Meaning of Medical Research", by Dr. Alfred E. Cohn of the Rockefeller Institute for Medical Research, is not so much about methods, techniques, and equipment of medical research, but is mostly about the interinvolvement of medical research, the perennial concern of individuals with keeping and recovering good health, and social concerns and pressures of the day. "The meaning of medical research must regard these various social and personal aspects," Cohn writes. In this essay, the doctor does answer the questions of what is studied in medical research and how it is studied. And he answers the related question of who does the research. But his discussion of these questions leads to the final and most significant question "for what reason does the study take place?" His answer is "to understand the mechanisms at play and to be concerned with their alleviation and cure." By "mechanisms," Cohn means the natural--i. e., biological--causes of disease and illness. The lay person may take it for granted that medical research is always principally concerned with finding cures for medical problems. But as Cohn goes into in part of his lecture, competition for government grants or professional or public notoriety, the lure of novel experimentation, or research mainly to justify a university or government agency can, and often do, distract medical researchers and their associates from what Cohn specifies should be the constant purpose of medical research. Such purpose gives medicine meaning to humankind. The second lecture with a title sounding as if it might be about a technical feature of medicine, "X-ray Within the Memory of Man," is a historical perspective on the beginnings of the use of x-ray in medicine. Its author Lewis Cole was a pioneer in the development of x-rays in the late 1800s and early1900s. He mostly talks about the development of x-ray within his memory. In doing so, he also covers the work of other pioneers, notably William Konrad Roentgen and Thomas Edison. Roentgen was a "pure scientist" who discovered x-rays almost by accident and at first resented the application of his discovery to practical uses such as medical diagnosis. Edison, the prodigious inventor who was interested only in the practical application of scientific discoveries, and his co-worker Clarence Dally enthusiastically investigated the practical possibilities of the discoveries in the new field of radiation. Dally became so committed to his work in this field that he shortly developed an illness and died. At the time, no on knew about the dangers of prolonged exposure to x-rays. But sensing some connection between his co-worker's untimely death and his work with x-rays, Edison stopped his own investigations. Cole himself became involved in work with x-rays during his internship at Roosevelt Hospital in New York City in 1898 and 1899. His contribution to this important field was in the area of interpretation of what were at the time primitive x-rays and diagnosis of ailments such as tuberculosis and kidney stones. Cole writes in such a way that the reader feels she or he is right with him in the steps he makes in improving the use of x-rays. He adds drama and human interest to the origins of this important medical technology. The lecture "Dr. Watson and Mr. Sherlock Holmes" uses the popular mystery stories of Arthur Conan Doyle to explore the role of medicine in solving crimes, particularly murder. In some cases, medical tests are required to figure out if a crime was even committed. This lecture in particular demonstrates the fundamental role played by medicine in nearly all major areas of society throughout history. The seven collected lectures have broad appeal. All of them are informative and educational in an engaging way. Each is on an always interesting topic taken up by a professional in the field of medicine obviously skilled in communicating to the general reader. The authors seem almost mind readers in picking out the most fascinating aspects of their subjects which will appeal to the lay readers who are their intended audience. While meant mainly for lay persons, the lectures will appeal as well to doctors, nurses, and other professionals in the field of medicine for putting their work in a broader social context and bringing more clearly to mind the interests, as well as the stake, of the public in medicine. ********* 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. 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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. 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